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Employee Benefit Services

ebsincms.com

Stage

Acquired | Acquired

About Employee Benefit Services

Employee Benefit Services is a third-party administrator (TPA) providing administration services and employee benefit plan design and solutions to employers throughout the Southeast.On January 19th, 2021, Employee Benefit Services was acquired by HUB International. Terms of the transaction were not disclosed.

Headquarters Location

Jackson, Mississippi, 39236,

United States

601-353-004

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Latest Employee Benefit Services News

Benefit One : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022

Aug 12, 2022

07/29 07/28 08/12/2022 | 12:09am EDT Message : *Required fields Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (Q1 FY03/23) [Based on Japanese GAAP] July 28, 2022 August 12, 2022 Quarterly results supplementary material: Yes Quarterly results briefing: No 1. Q1 FY03/23 consolidated operating performance (April 1, 2022 to June 30, 2022) (1) Consolidated operating results (cumulative) (% shows increase/decrease rate from Q1 of FY03/22) Net income Net income per share 3. Consolidated operating performance forecasts for FY03/23 (April 1, 2022 to March 31, 2023) (% shows QoQ and YoY increase/decrease rate, respectively.) Net income ―1― : Yes New: - company (Name) Exclusion: 1 company (Name) JTB BENEFIT SERVICE, Inc Note: For details, please see "2. Quarterly consolidated financial statements and major notes, (3) Notes on the quarterly consolidated financial statements (Important change to a subsidiary company during the cumulative quarterly consolidated accounting period)" on page 10 of the appendix. (2) Application of the entry under accounting methods specific to the : No (3) Changes of the accounting policy, changes to accounting estimates, and restatement 1) : : 1) Number of issued shares (including Q1 FY03/23 159,190,900 Q1 FY03/23 Q1 FY03/23 shares Note: 1. The Company has introduced "the Japanese version of the Employee Stock Ownership Plan (J-ESOP)" and "Board Benefit Trust (BBT)." Treasury shares remaining in "the Japanese version of the Employee Stock Ownership Plan (J-ESOP)" and "Board Benefit Trust (BBT)" that are recorded as treasury shares in shareholders' equity are included in treasury shares deducted in the calculation of the average number of shares during the period for the calculation of quarterly net income per share. 2. Based on the resolution of the Board of Directors meeting held on May 10, 2022, the Company acquired 779,100 treasury shares between May 12, 2022 and June 8, 2022 (trade date basis) and cancelled 779,100 treasury shares on June 30, 2022. The total number of issued shares of the Company after the cancellation is 159,190,900 shares. The summary of quarterly financial results is not subject to the quarterly review by a certified public accountant or an auditing firm. Explanation on the appropriate use of performance forecasts and other notable matters ・Descriptions about the future, including performance forecasts, in this document are based on information that the Company has at present and certain assumptions judged as reasonable. The Company does not intend to promise to achieve them. Actual performance, etc. could significantly differ depending on various factors. For conditions on which performance forecasts are based and notes for the use of performance forecasts, etc. see "1. Qualitative information regarding the quarterly financial results, (3) Qualitative information regarding consolidated operating performance forecasts" on page 5 of the appendix. ・The Company plans to post its supplementary material on quarterly financial results on the company website( https://corp.benefit-one.co.jp/ir/library/index.html) . ―2― Qualitative information regarding consolidated operating results …………………………………………P.4 Qualitative information regarding consolidated financial position …………………………………………P.5 Qualitative information regarding consolidated operating performance forecasts ………………………P.5 2. Quarterly consolidated financial statements and major notes …………………………………………………P.6 Quarterly Consolidated Balance Sheet ………………………………………………………………………P.6 Quarterly consolidated profit and loss statements and quarterly consolidated comprehensive income statements ………………………………………………………………………………………………………P.8 Quarterly consolidated comprehensive income statements ………………………………………………P.9 …………………………………………………P.10 (Notes on substantial changes in the amount of shareholders' equity) ……………………………………P.10 (Important change to a subsidiary company during the cumulative quarterly consolidated accounting period) ……………………………………………………………………………………………P.10 (Application of the entry under accounting methods specific to the preparation of quarterly consolidated financial statements) …………………………………………………………………………P.10 (Changes of the accounting policy) …………………………………………………………………………P.10 (Changes to accounting estimates) ……………………………………………………………………………P.10 (Restatement) ……………………………………………………………………………………………………P.10 Qualitative information regarding consolidated operating results During the Q1 FY03/23 accounting period, the Japanese economy began to show signs of recovery from the adverse circumstances caused by the COVID-19 pandemic. In the second year of our medium-term management plan announced on May 12, 2021, our Group continues to implement a membership expansion strategy centered on HRDX support, as well as a growth strategy focused on bold expansion into the payment business. Membership expansion strategy centered on HRDX support Since the beginning of FY03/23, we have migrated and registered data on approximately 210,000 members (cumulative total of 5.1 million members) to and on the Bene ONE PLATFORM. While continuing efforts aimed at ensuring stable system operation and functional enhancement, we will gradually expand our integration of various HR services (employee benefit services, etc.) with the Bene ONE PLATFORM and promote the use of "Bene Account," an ID that can be used with various HR services. Data on approximately two-thirds of the members previously associated with JTB Benefit Service (absorbed on April 1, 2022) have been migrated to the Bene ONE PLATFORM, and general progress related to this platform has been commensurate with projections. With regard to promotional investments announced along with performance projections for FY03/23 in anticipation of medium- to long-term recovery in our surrounding business environment, we began placing ads in taxi cabs and airing TV commercials in Q1. Bold expansion into the payment business Aiming to develop the payment business into a new core earnings pillar over the medium to long term, our Group is providing the Kyutokubarai service, which utilizes a payroll deduction system. For the foreseeable future, we will prioritize expansion of compelling content while also focusing on cultivating member stores and restaurants primarily in the categories of lifestyle infrastructure and flat-rate services. During Q1 FY03/23, 30 services (for a cumulative total of 217) were newly selected to be included under Kyutokubarai. Moving forward, we will continue striving to cultivate member stores and restaurants as we aim to swiftly establish a lineup of killer content that will generate an increase in our handling volume in the payment business. As it implemented initiatives pursuant to these medium- to long-term strategies, our Group generated strong performance in Q1 FY03/23 thanks to M&A-related impact and recovery in its surrounding business environment. Sales generated through the Employee Benefit Services business grew 39.5% YoY as we achieved both internal and external growth, with the latter stemming primarily from M&A. Although we observed a YoY increase in rebate-related expenditures caused by recovery in service utilization among Employee Benefit Services members and booked approximately ¥140 million in upfront expenses associated with major promotional investments, impact from these two factors was within the expected scope of our projections. With regard to the Healthcare business, progress associated with health checkups and guidance services was generally commensurate with our projections while in the COVID-19 vaccination support business, we observed strong acquisition of orders associated with the third round of COVID-19 shots. Additionally, we relocated our head office effective from July 1, 2022 and recorded a corresponding one-time expense of approximately ¥150 million in Q1. As a result of the above, consolidated sales in Q1 FY03/23 were ¥10,583 million (up 24.8% YoY), consolidated operating income was ¥2,899 million (up 1.9% YoY), consolidated ordinary income was ¥2,943 million (up 2.3% YoY), and net income attributable to owners of parent was ¥1,999 million (down 2.6% YoY). ―4― Our Group operates a membership services business, mainly providing outsourced employee benefit services in Japan. As a result of consolidating our business segments, we have omitted disclosure of segment information as our only reportable segment is the Membership Services business. Note: Bene ONE PLATFORM is designed to manage and utilize corporate HR and health data, enhance employee performance, and revitalize organizations through centralized management, visualization, and analysis of all employee data. At the same time, its construction enables it to raise the efficiency of HR department management through the utilization of "Bene Account," an ID that is issued exclusively to members and can be used with various HR services. (2) Qualitative information regarding consolidated financial position Status of assets, liabilities, and net assets (Assets) Total assets at the end of the Q1 FY03/23 consolidated accounting period were ¥49,783 million, a decrease of ¥8,263 million from the end of the previous consolidated fiscal year. Current assets were ¥23,793 million, a decrease of ¥8,355 million. This is primarily because of a decrease in cash and deposits (¥6,750 million), a decrease in notes receivable - trade, accounts receivable - trade and contract assets (¥1,002 million), a decrease in inventories (¥408 million), etc. Non-current assets increased by ¥91 million to ¥25,990 million. (Liabilities) Total liabilities at the end of the Q1 FY03/23 consolidated accounting period were ¥30,407 million, a decrease of ¥2,726 million from the end of the previous consolidated fiscal year. Current liabilities decreased by ¥2,616 million to ¥18,741 million. This is primarily because of a decrease in accounts payable - trade (¥1,935 million), a decrease in income taxes payable (¥1,706 million) as a result of income taxes payment, an increase in deposits received (¥917 million), etc. Non-current liabilities decreased by ¥109 million to ¥11,666 million. (Net assets) Net assets at the end of the Q1 FY03/23 consolidated accounting period were ¥19,375 million, a decrease of ¥5,537 million from the end of the previous consolidated fiscal year. This is primarily due to quarterly net income attributable to owners of the parent during the Q1 FY03/23 consolidated cumulative accounting period (¥1,999 million), dividends paid (¥5,742 million), acquisition of treasury shares based on a resolution of the Board of Directors (¥1,499 million), etc. As a result, the equity ratio slightly decreased to 38.9% from 42.9% at the end of the previous consolidated fiscal year. Qualitative information regarding consolidated operating performance forecasts As described in "1. Qualitative information regarding the quarterly financial results, (1) Qualitative information regarding consolidated operating results" on page 2 of the appendix, progress achieved during Q1 FY03/23 varied by business, but overall performance was generally strong. Depending on socioeconomic trends stemming from subsequent waves of COVID-19, the Company could, moving forward, observe fluid fluctuation in impact from factors such as recovery in service utilization among members in the Employee Benefit Services business and in the Healthcare business, circumstances surrounding administration of the fourth and following rounds of COVID-19 vaccines. However, forecasting the impact of fluctuations in these factors is prohibitively difficult at this point in time, so we have maintained our operating performance projections for 1H and full-year FY03/23 as previously announced on May 10, 2022. ―5― This is an excerpt of the original content. To continue reading it, access the original document here . Attachments

Employee Benefit Services Frequently Asked Questions (FAQ)

  • Where is Employee Benefit Services's headquarters?

    Employee Benefit Services's headquarters is located at Jackson.

  • What is Employee Benefit Services's latest funding round?

    Employee Benefit Services's latest funding round is Acquired.

  • Who are the investors of Employee Benefit Services?

    Investors of Employee Benefit Services include Hub International.

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