Greetings, ladies and gentlemen, and welcome to Benefitfocus Third Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] It is now my pleasure to introduce your host, Ms. Patti Leahy. Thank you. You may begin.

Thank you, operator. Good afternoon, and welcome to Benefitfocus’ third quarter 2021 earnings call. Joining me today are Matt Levin, President and Chief Executive Officer; and Alpana Wegner, Chief Financial Officer. Matt and Alpana will offer some prepared remarks, and then we’ll open up the call for questions. Before we begin, let me remind you that today’s discussion will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements, including integration and reliance on key personnel, impacts of COVID-19 and the development of our market and business, including our growth strategy. For more information, please refer to risk factors discussed in our most recent Form 10-K filed with the SEC. During today’s call, we will also refer to certain non-GAAP financial measures. You can find important disclosures about those measures in today’s earnings press release. I’d also like to make note of a couple of upcoming investor events. We’ll be participating next week in the Credit Suisse Virtual Healthcare Conference. And later in the quarter, we’ll also be virtual at the Piper Sandler Healthcare Conference. We’re looking forward to these events and hope to interact with many of you then. Further information about these events will be available on our Investor Relations webpage. With that, I’ll now turn the call over to Matt.

Thank you, Patti. Good afternoon, and thank you for joining us. Let me start by sharing three objectives we have for today’s call. First, I’ll provide a preview of the growth strategy the team and I are working on, which you’ll hear a lot more about early next year. Second, we’ll recap some of the actions we’ve taken to strengthen our foundation and return the company to growth. And third, we delivered a solid quarter, which Alpana will cover in detail, along with our outlook for the remainder of the year. Let’s begin with a preview of our growth strategy. The team and I are actively working through the details of our growth opportunities and overall plan. We intend to share more on our plan starting with our next call. For today, it’s important you know that we have a methodology we are acting on to drive operational excellence and improve performance. I expect this discipline, coupled with the experience and sense of urgency our leadership team brings to return the company to sustainable growth. Of course, all good strategies start with a compelling mission. Our mission at Benefitfocus is to improve lives with benefits. This is an enduring mission and serves as our guiding light as we think about the job to be done for our customers. This mission has taken on an increased level of importance in light of how the pandemic has impacted all of us over the past 18 months. I, along with all of our associates take our responsibilities very seriously, and it’s on our mind every day. Our mission is underpinned by core values. Our values were tested and refined about three years ago with collective input from our associates. I’ll highlight a couple of them for you today. First, anticipate. This means we…

Thanks, Matt. Before I share our results to the quarter, I’ll start with an update on the two key markets we serve to help you better understand the size of each market and the drivers influencing each market. I’ll discuss employer first, which represents roughly two-third of our revenue today. I’ll then cover health plan, which is the remaining third of our revenue. The employer market has been a healthy growing market that represents the large majority of our TAM. Included in our employer market are our State Health Plan customers, which we continue to see success in most recently with the win in Wisconsin earlier this quarter. We are also pleased with the strength of our relationship with SAP, which serves the employer market and continues to be a terrific partner. While we are seeing the employer market gain traction, we haven’t seen the level of buying decisions from new customers return to pre-COVID levels. We continue to believe in the strength and the large opportunity of this market given our customers’ needs to manage complex compliance and optimize their employee benefits, which represents, on average, about one-third of total compensation costs. In the health plan market, which represents a smaller percentage of our revenue, we have a strong heritage and have been an industry leader for group enrollment. Our customer relationships are durable with contracts that are typically multiyear, with historically low attrition. As we’ve shared before, we are expecting this part of our business to experience discrete instances of lower renewals in the near term. We are also seeing tempered levels of demand because health plans are redirecting spend on initiatives such as individual marketplaces instead of group enrollment, where we are focused today. Our quote-to-pay solution remains a compelling value proposition, especially for regional plans and…

Thank you. [Operator Instructions] It appears there are no questions today. I would like to turn the floor back to Matt for closing comments.

Thank you. In closing, we are working diligently to return our business to growth. We’re investing substantial time and resources to be a safe set of hands for our customers. This starts with delivering service excellence, especially during open enrollment, as we’re focused on strengthening our relationships with the important influencers in our industry. We have our work cut out for us, but I believe our focus is on the right things, and we’re making good progress. I’d also like to offer a personal thanks to all our associates who are working so hard to deliver to our customers during our busiest time of year. Your dedication, passion and energy inspires all of us, and I’m grateful for all you’re doing. With that, I just wanted to say thanks for joining us today, and we’ll see you in February.

Thank you. Ladies and gentlemen, this concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.