Record 2015 Revenue of $104.7 Million, Up
18% From 2014
Health Insurance Innovations, Inc. (HII) (NASDAQ:HIIQ), a leading
developer, distributor, and virtual administrator of affordable
health plans, today announced financial results for the fourth
quarter ended December 31, 2015. The Company will host a live
conference call on Friday, March 4, 2016 at 8:30 a.m. EST.
Fourth Quarter 2015 Consolidated Financial
Highlights
- Record revenue was $33.6 million, an increase of 26.7% over
$26.5 million in the fourth quarter of 2014.
- Record total collections from customers, which our industry
refers to as premium equivalents, of $55.6 million, an
increase of 21.7% over $45.7 million in the fourth quarter of
2014.
- Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization) was $2.6 million, compared to $2.8 million in the
fourth quarter of 2014.
- Adjusted EPS, also referred to as Adjusted Net Income per
Share, was $0.10 in the fourth quarter of 2015 compared to $0.12 in
the fourth quarter of 2014.
- Net Income per diluted share for the fourth quarter of 2015 was
$0.02, compared to $0.01 in the fourth quarter of 2014.
- Record policies in force as of December 31, 2015, totaled
approximately 195,100, an 84% increase from 106,200 as of December
31, 2014.
See the reconciliations for premium equivalents, adjusted
EBITDA, and adjusted EPS within this press release.
2016 Full Year Guidance
For the full year 2016 we expect Revenue to grow 24% to 30%
year-over-year ($130 million to $136 million) and Adjusted EPS to
grow 26% to 41% ($0.34 to $0.38).
"We were pleased that we exceeded our annual revenue and
adjusted earnings per share guidance with a record revenue quarter
and strong profit growth as well. Our sales accelerated in
the 2016 open enrollment period, driven by our strong sales effort
across our existing and new channels. Our on-line ecommerce
site, AgileHealthInsurance.com, delivered strong volume and is
rapidly becoming our top distributor,” said Patrick McNamee,
HII's Chief Executive Officer and President.
“We had record policies in force at the end of 2015 – 195,100
policies, representing an 84% YOY increase. During the
quarter, we also had our all-time record of submitted policies –
153,300, representing a 174% YOY increase. Our strategy to
diversify our distribution is working; open enrollment is now a
tailwind to our growth,” said McNamee.
Full Year 2015 Consolidated Financial
Highlights
- Record annual revenues of $104.7 million, representing an
18.0% increase from fiscal year 2014, exceeding guidance of $98 to
$103 million.
- Record total collections from customers, which our industry
refers to as premium equivalents of $175.8 million,
representing a 12.7% increase from fiscal year 2014.
- Adjusted EPS or Net Income per Share was $0.27 for
the year ended in 2015, exceeding guidance of $0.18 to $0.25 per
share.
- Adjusted gross margin of $48.7 million, representing 10%
growth from $44.1 million in 2014.
- Net Income per diluted share of $0.08, compared to $(0.06) for
the fiscal year ended 2014.
- Adjusted EBITDA of $6.6 million, with $2.6 million
contributed in the fourth quarter.
- Record policies in force as of December 31, 2015, totaled
approximately 195,100, an 84% increase from 106,200 as of December
31, 2014.
Fourth Quarter Financial Discussion
Fourth quarter revenues of $33.6 million increased by 26.7%, as
compared to the fourth quarter of 2014, driven primarily by an
increase in policies in force and accelerating sales in the fourth
quarter through the ACA open enrollment period.
Adjusted gross margin, which is calculated starting with
revenues and then adjusted for third party commissions, and credit
card and ACH fees, decreased to 26.2% of premium equivalents for
the fourth quarter of 2015, compared to 30.3% of premium
equivalents in the same period in 2014. The decrease in adjusted
gross margin is largely due to a higher mix of sales from non-owned
call centers.
Selling, general and administrative (“SG&A”) expenses were
$14.9 million (44.5% of Revenues) in the fourth quarter of 2015,
compared to $12.0 million (45.2% of Revenues) in 2014. During
the quarter, we restructured our owned call centers and recognized
the accelerated expenses of $2.6 million relating to those
restructurings. Additionally, we capitalized approximately
$420,000 in Internally Developed Software at our consumer division,
further enhancing our technology advantage. Improvements in
the core SG&A for the quarter as percentage of revenue were
realized due to management efficiencies that occurred in Q3
2015.
EBITDA was ($0.4) million in the fourth quarter of 2015,
compared to $1.4 million in the same period in 2014. Adjusted
EBITDA is calculated starting with EBITDA, which is then further
adjusted for items that are not part of regular operating
activities, including restructuring costs and other non-cash items
such as stock-based compensation. EBITDA for the quarter was
negatively impacted by the restructuring of our owned call centers
and the up-front cost of acquisition at Agile. Adjusted
EBITDA was $2.6 million in the fourth quarter of 2015, compared to
$2.8 million in the same period in 2014. A reconciliation of
net (loss) income to EBITDA and adjusted EBITDA for the year ended
December 31, 2015 and 2014 is included within this press
release.
Adjusted EPS for Q4 2015 was $0.10 compared with $0.12 last
year. For total 2015, GAAP EPS or net income per diluted
share was $0.08 compared with ($0.06) last year.
The company makes short term loans to our distributors based on
actual sales that we refer to as advance commissions. These
advance commissions assist our distributors with cost of lead
acquisition and provide working capital. We recover the
advanced commissions from future commissions earned on premiums
collected over the period in which policies renew. In the
fourth quarter, we experienced a $10.0 million increase in the
advanced commission loan balance, taking the year-end balance to
$24.5 million.
Cash and short-term investments totaled $7.7 million at the end
of the fourth quarter of 2015. Cash decreased by $0.2 million
during the quarter. We borrowed an additional $5.0 million on our
bank line of credit in the fourth quarter of 2015, primarily to
fund the advance commission loans.
Conference Call and Webcast
The company will host an earnings conference call on March 4,
2016 at 8:30 a.m. Eastern time. All interested parties can
join the call by dialing (877) 407-9039; or (201) 689-8470;
the conference ID is 13631116. A webcast of the call
may be accessed in the Investor Relations section of Health
Insurance Innovations’ website at
http://investor.hiiquote.com/events.com. An archive of the
call will be available for 30 days through the same website.
About Health Insurance Innovations, Inc.
(HII)
HII is a market leader in developing innovative health insurance
products that are affordable and meet the needs of health insurance
plan shoppers. HII develops insurance products through partnerships
with best-in-class insurance companies and markets them via its
broad distribution network of licensed insurance agents across the
nation, its call center network and its unique online
capability. Additional information about HII can be found at
HiiQuote.com. HII’s Consumer Division includes
AgileHealthInsurance.com, a website for researching, comparing and
purchasing short-term health insurance products online and
HealthPocket.com, a free website that compares and ranks all health
insurance plans, and uses objective data to publish unbiased health
insurance market analyses and other consumer advocacy
research.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements other than
historical fact, and may include statements relating to goals,
plans and projections regarding new markets, products, services,
growth strategies, anticipated trends in our business and
anticipated changes and developments in the United States health
insurance system and laws. Forward-looking statements are based on
HII’s current assumptions, expectations and beliefs are generally
identifiable by use of words “may,” “might,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue,” or similar expressions and
involve significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements. These risks and
uncertainties include, among other things, our ability to maintain
relationships and develop new relationships with health insurance
carriers and distributors, our ability to retain our members, the
demand for our products, the amount of commissions paid to us or
changes in health insurance plan pricing practices, our ability to
integrate our acquisitions (including our July 2014 acquisition of
HealthPocket, Inc.), competition, changes and developments in the
United States health insurance system and laws, and HII’s ability
to adapt to them, the ability to maintain and enhance our name
recognition, difficulties arising from acquisitions or other
strategic transactions, and our ability to build the necessary
infrastructure and processes to maintain effective controls over
financial reporting. These and other risk factors that could cause
actual results to differ materially from those expressed or implied
in our forward-looking statements are discussed in HII's Annual
Report on Form 10-K for the year ended December 31, 2015 and
subsequent Quarterly Report on Form 10-Q, all as filed with the
Securities and Exchange Commission as well as other documents that
may be filed by HII from time to time with the Securities and
Exchange Commission. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. You
should not rely on any forward-looking statement as representing
our views in the future. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future developments or otherwise.
HEALTH INSURANCE
INNOVATIONS, INC. |
|
Consolidated
Balance Sheets (Unaudited) |
($ in thousands,
except share and per share data) |
|
|
December 31, |
|
|
2015 |
|
|
|
2014 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
7,695 |
|
|
$ |
15,985 |
|
Cash held on behalf of others |
|
7,906 |
|
|
|
5,913 |
|
Short-term investments |
|
– |
|
|
|
461 |
|
Accounts receivable, net, prepaid
expenses and other current assets |
|
1,778 |
|
|
|
2,332 |
|
Advanced commissions |
|
24,531 |
|
|
|
5,973 |
|
Income taxes receivable |
|
591 |
|
|
|
12 |
|
Total current
assets |
|
42,501 |
|
|
|
30,676 |
|
Property and equipment,
net |
|
2,004 |
|
|
|
526 |
|
Goodwill |
|
41,076 |
|
|
|
41,076 |
|
Intangible assets,
net |
|
10,061 |
|
|
|
13,565 |
|
Other assets |
|
142 |
|
|
|
329 |
|
Total assets |
$ |
95,784 |
|
|
$ |
86,172 |
|
Liabilities and
stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable and accrued
expenses |
$ |
17,847 |
|
|
$ |
11,397 |
|
Deferred revenue |
|
384 |
|
|
|
64 |
|
Current portion of contingent
consideration |
|
532 |
|
|
|
2,647 |
|
Deferred tax liability |
|
– |
|
|
|
13 |
|
Due to member |
|
342 |
|
|
|
229 |
|
Other current liabilities |
|
203 |
|
|
|
189 |
|
Total current
liabilities |
|
19,308 |
|
|
|
14,539 |
|
Revolving line of
credit |
|
7,500 |
|
|
|
– |
|
Contingent acquisition
consideration |
|
– |
|
|
|
1,753 |
|
Deferred tax
liability |
|
358 |
|
|
|
2,287 |
|
Due to member |
|
406 |
|
|
|
387 |
|
Other liabilities |
|
158 |
|
|
|
494 |
|
Total liabilities |
|
27,730 |
|
|
|
19,460 |
|
Commitments and
contingencies |
|
|
|
Stockholders’
equity: |
|
|
|
Class A common
stock (par value $0.001 per share, 100,000,000 shares authorized;
7,910,085 and 7,900,085 shares issued, respectively; and, 7,759,092
and 7,852,941 outstanding, respectively) |
|
8 |
|
|
|
8 |
|
Class B common stock
(par value $0.001 per share, 20,000,000 shares authorized;
6,841,667 and 6,841,667 shares issued and outstanding,
respectively) |
|
7 |
|
|
|
7 |
|
Preferred stock (par
value $0.001 per share, 5,000,000 shares authorized; no shares
issued and outstanding) |
|
– |
|
|
|
– |
|
Additional paid-in
capital |
|
44,592 |
|
|
|
42,647 |
|
Treasury stock, at cost
(150,993 and 47,144 shares, respectively) |
|
(1,542 |
) |
|
|
(347 |
) |
Accumulated
deficit |
|
(3,093 |
) |
|
|
(3,694 |
) |
Total Health Insurance Innovations,
Inc. stockholders' equity |
|
39,972 |
|
|
|
38,621 |
|
Noncontrolling
interests |
|
28,082 |
|
|
|
28,091 |
|
Total stockholders' equity |
|
68,054 |
|
|
|
66,712 |
|
Total liabilities and stockholders'
equity |
$ |
95,784 |
|
|
$ |
86,172 |
|
HEALTH INSURANCE INNOVATIONS, INC. |
|
Consolidated Statements of Operations
(Unaudited) |
($ in
thousands, except share and per share data) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenues (premium equivalents of $175,768, and
$156,039 for the years ended December 31, 2015 and 2014,
respectively) |
$ |
|
33,617 |
|
|
$ |
26,530 |
|
$ |
|
104,704 |
|
|
$ |
|
88,758 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Third-party commissions |
|
|
18,363 |
|
|
|
12,183 |
|
|
|
53,700 |
|
|
|
|
42,760 |
|
Credit card and ACH fees |
|
|
706 |
|
|
|
496 |
|
|
|
2,287 |
|
|
|
|
1,863 |
|
Selling, general and administrative |
|
|
14,964 |
|
|
|
12,020 |
|
|
|
47,324 |
|
|
|
|
39,895 |
|
Depreciation and amortization |
|
|
699 |
|
|
|
644 |
|
|
|
2,954 |
|
|
|
|
2,367 |
|
Total operating expenses |
|
|
34,732 |
|
|
|
25,343 |
|
|
|
106,265 |
|
|
|
|
86,885 |
|
(Loss) income from operations |
|
|
(1,115 |
) |
|
|
1,187 |
|
|
|
(1,561 |
) |
|
|
|
1,873 |
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
3 |
|
|
|
4 |
|
|
|
(22 |
) |
|
|
|
(13 |
) |
Fair value adjustment of contingent
consideration |
|
|
(441 |
) |
|
|
164 |
|
|
|
(1,265 |
) |
|
|
|
1,103 |
|
Other expense |
|
|
353 |
|
|
|
252 |
|
|
|
183 |
|
|
|
|
270 |
|
Net (loss) income loss before income taxes |
|
|
(1,030 |
) |
|
|
767 |
|
|
|
(457 |
) |
|
|
|
513 |
|
(Benefit) provision for income taxes |
|
|
(1,258 |
) |
|
|
295 |
|
|
|
(1,922 |
) |
|
|
|
90 |
|
Net income |
|
|
228 |
|
|
|
472 |
|
|
|
1,465 |
|
|
|
|
423 |
|
Net income attributable to noncontrolling
interests |
|
|
85 |
|
|
|
398 |
|
|
|
864 |
|
|
|
|
762 |
|
Net income (loss) attributable to Health
Insurance Innovations, Inc. |
$ |
|
144 |
|
|
$ |
74 |
|
$ |
|
601 |
|
|
$ |
|
(339 |
) |
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable
to Health Insurance Innovations, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.02 |
|
|
$ |
0.01 |
|
$ |
|
0.08 |
|
|
$ |
|
(0.06 |
) |
Diluted |
$ |
|
0.02 |
|
|
$ |
0.01 |
|
$ |
|
0.08 |
|
|
$ |
|
(0.06 |
) |
Weighted average Class A shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
7,534,780 |
|
7,597,868 |
|
7,524,566 |
|
6,057,516 |
Diluted |
7,616,164 |
|
7,628,496 |
|
7,601,789 |
|
6,057,516 |
|
|
|
|
|
|
|
|
Restructuring Expense
During the last quarter of the year ended December 31, 2015, the
company committed to and communicated a plan to restructure its
operations at ICE and Secured. The company determined certain
processes and cost centers of ICE and Secured to be duplicative and
recognized that efficiencies could be gained by leveraging these
operations with other owned call centers. The reorganization is
expected to improve profitability and scalability. As of December
31, 2015, the restructuring plan was communicated to employees and
substantially complete.
In connection with the restructuring, the total amount expected
to be incurred can be aggregated into six categories: severance,
asset write off, lease cancellation, legal fees, travel, and
miscellaneous expense. Estimated total costs expected to be
incurred by category is as follows ($ in thousands):
Severance |
$ |
1,401 |
|
Asset write off |
|
1,013 |
|
Lease cancellation
|
|
138 |
|
Legal fees |
|
21 |
|
Travel |
|
15 |
|
Misc. |
|
7 |
|
Total |
$ |
2,595 |
|
|
The amount of expense incurred as of December 31, 2015 for the
restructuring activities that occurred in the fourth quarter of
2015 is $2.6 million and is included in the consolidated statement
of operations in selling, general and administrative. The company
has recorded a liability at December 31, 2015, of $1.2 million
which is included in the consolidated balance sheet as accounts
payable and accrued expenses.
In connection with the restructuring, intangible assets were
reviewed for impairment and as a result of our assessment, we have
recorded a loss on intangibles related to distributors of $878,000.
This amount is included in the asset write off category above and
the associated loss is included with restructuring expenses in
consolidated statement of operations as selling, general and
administrative. See Notes 5 and 8 of the accompanying audited
financial statements for further information about our intangible
assets and restructuring activities.
All liabilities associated with the restructuring approximate
their fair values. All recorded liabilities are classified as
current within the consolidated balance sheet.
Reconciliation of Net (Loss) Income to EBITDA and Adjusted
EBITDA |
(Unaudited) |
($ in thousands) |
|
|
|
Year Ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
Net income (loss) |
|
$ |
1,465 |
|
|
$ |
|
423 |
|
|
Interest income |
|
|
(22 |
) |
|
|
|
(13 |
) |
|
Depreciation and amortization |
|
|
2,954 |
|
|
|
|
2,367 |
|
|
Benefit for income taxes |
|
|
(1,922 |
) |
|
|
|
90 |
|
|
EBITDA |
|
|
2,475 |
|
|
|
|
2,867 |
|
|
Non-cash stock-based compensation |
|
|
1,364 |
|
|
|
|
2,454 |
|
|
Fair value adjustment to contingent consideration
|
|
|
(1,265 |
) |
|
|
|
1,103 |
|
|
Transaction costs |
|
|
24 |
|
|
|
|
776 |
|
|
Tax receivable agreement liability
adjustment |
|
|
361 |
|
|
|
|
— |
|
|
Other non-recurring charges |
|
|
3,623 |
|
|
|
|
863 |
|
|
Adjusted EBITDA |
|
$ |
6,583 |
|
|
$ |
|
8,063 |
|
|
|
Reconciliation of Adjusted EBITDA to Adjusted Net Income
per Share |
(Unaudited) |
($ in thousands except per share data) |
|
|
|
Year Ended
December 31, |
|
|
|
2015 |
|
|
2014 |
|
Adjusted EBITDA |
|
$ |
6,583 |
|
|
$ |
8,063 |
|
Less depreciation |
|
|
329 |
|
|
|
160 |
|
Adjusted pre-tax income |
|
|
6,254 |
|
|
|
7,903 |
|
Less income tax
expense |
|
|
2,377 |
|
|
|
3,003 |
|
Adjusted net income |
|
$ |
3,878 |
|
|
$ |
4,900 |
|
Total weighted average
diluted share count
|
|
|
14,443 |
|
|
|
12,899 |
|
Adjusted net income per
share |
|
$ |
0.27 |
|
|
$ |
0.38 |
|
|
- EBITDA is defined as net (loss) income before interest expense,
income taxes and depreciation and amortization. We have included
EBITDA in this report because it is a key measure used by our
management and Board of Directors to understand and evaluate our
core operating performance and trends, to prepare and approve our
annual budget and to develop short- and long-term operational
plans. In particular, the exclusion of certain expenses in
calculating EBITDA can provide a useful measure for
period-to-period comparisons of our business. However, EBITDA does
not represent, and should not be considered as, an alternative to
net income or cash flows from operations, each as determined in
accordance with generally accepted accounting principles in the
United States of America (“GAAP”). Other companies may calculate
EBITDA differently than we do. EBITDA has limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of our results as reported under
GAAP.
- To calculate adjusted EBITDA, we calculate EBITDA, which is
then further adjusted for items that are not part of regular
operating activities, including acquisition costs, and other
non-cash items such as non-cash stock-based compensation. Adjusted
EBITDA does not represent, and should not be considered as, an
alternative to net income or cash flows from operations, each as
determined in accordance with GAAP. We have presented adjusted
EBITDA because we consider it an important supplemental measure of
our performance and believe that it is frequently used by analysts,
investors and other interested parties in the evaluation of
companies. Other companies may calculate adjusted EBITDA
differently than we do. Adjusted EBITDA has limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of our results as reported under
GAAP.
- Adjusted net income is computed by subtracting depreciation
(but not amortization of intangible assets) from adjusted EBITDA to
determine adjusted pre-tax income, from which an assumed tax
expense calculated at the 38% federal statutory rate is deducted.
We have included adjusted net income in this report because it is a
key measure used by our management to understand and evaluate our
core operating performance and trends and because we believe it is
frequently used by analysts, investors and other interested parties
in the evaluation of companies. Other companies may calculate this
measure differently than we do. Adjusted net income has limitations
as an analytical tool, and you should not consider it in isolation
or substitution for earnings per share as reported under
GAAP.
- Adjusted net income per share is computed by dividing adjusted
net income by the total number of diluted Class A and Class B
shares of our common stock for each period. We have included
adjusted net income per share in this report because it is a key
measure used by our management to understand and evaluate our core
operating performance and trends and because we believe it is
frequently used by analysts, investors and other interested parties
in the evaluation of companies. Other companies may calculate this
measure differently than we do. Adjusted net income per share has
limitations as an analytical tool, and you should not consider it
in isolation or as a substitute for earnings per share as reported
under GAAP.
Reconciliation of Premium Equivalents to Revenues & Adjusted
Gross Margin |
(Unaudited) |
($ in
thousands) |
|
|
Year Ended December
31, |
|
2015 |
|
2014 |
Premium
equivalents |
$ |
175,768 |
|
|
$ |
156,039 |
|
Less risk premium |
|
67,445 |
|
|
|
63,900 |
|
Less amounts earned by third party
obligors |
|
3,619 |
|
|
|
3,381 |
|
Revenues |
|
104,704 |
|
|
|
88,758 |
|
Third-party commissions |
|
53,700 |
|
|
|
42,760 |
|
Credit card and ACH fees |
|
2,287 |
|
|
|
1,863 |
|
Adjusted gross
margin |
$ |
48,717 |
|
|
$ |
44,135 |
|
|
- Premium equivalents is defined as the combination of premiums,
fees for discount benefit plans, and enrollment fees. All amounts
not paid out as risk premium to carriers or paid out to other
third-party obligors are considered to be revenues for financial
reporting purposes. We have included premium equivalents in this
report because it is a key measure used by our management to
understand and evaluate our core operating performance and trends,
to prepare and approve our annual budget and to develop short- and
long-term operational plans. In particular, the inclusion of
premium equivalents can provide a useful measure for
period-to-period comparisons of our business. This financial
measurement is considered a non-GAAP financial measure and is not
recognized under GAAP and should not be used as, and is not an
alternative to, revenues as a measure of our operating
performance.
- Adjusted gross margin is defined as revenue less third party
commissions and credit card and ACH fees. Adjusted gross
margin does not represent, and should not be considered as, an
alternative to revenues, as determined in accordance with GAAP.
Adjusted gross margin is a key measure used by our management to
understand and evaluate our core operating performance and trends,
to prepare and approve our annual budget and to develop short-term
and long-term operational plans. In particular, adjusted gross
margin can provide a useful measure for period-to-period
comparisons of our business. Adjusted gross margin has limitations
as an analytical tool, and you should not consider it in isolation
or as a substitute for analysis of our results as reported under
GAAP.
Summary of
selected metrics |
(Unaudited) |
($ in
thousands) |
|
|
Submitted Applications during Three Months
Ended December 31, |
|
|
|
|
Submitted Applications during Year Ended December
31, |
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
|
Change (%) |
|
2015 |
|
2014 |
|
|
Change (%) |
IFP |
|
69,200 |
|
|
|
30,900 |
|
|
|
123 |
% |
|
|
176,900 |
|
|
131,200 |
|
|
|
35 |
% |
Supplemental products |
|
84,100 |
|
|
|
25,100 |
|
|
|
236 |
% |
|
|
186,700 |
|
|
98,300 |
|
|
|
90 |
% |
Total |
|
153,300 |
|
|
|
56,000 |
|
|
|
174 |
% |
|
|
363,600 |
|
|
229,500 |
|
|
|
58 |
% |
|
|
Policies in Force as of December
31, |
|
|
|
|
2015 |
|
|
2014 |
|
|
Change (%) |
|
IFP |
|
84,500 |
|
|
|
50,800 |
|
|
|
65 |
% |
|
Supplemental products
|
|
110,600 |
|
|
|
55,400 |
|
|
|
102 |
% |
|
Total |
|
195,100 |
|
|
|
106,200 |
|
|
|
84 |
% |
|
|
|
Submitted IFP Applications by
Channel |
|
Q1'15 |
|
Q2'15 |
|
Q3'15 |
|
Q4'15 |
|
2015 |
|
2014 |
|
Agile |
- |
|
300 |
|
5,800 |
|
11,300 |
|
17,400 |
|
- |
|
All Others |
30,700 |
|
31,700 |
|
39,100 |
|
57,900 |
|
159,500 |
|
131,200 |
|
Total |
30,700 |
|
32,000 |
|
44,900 |
|
69,200 |
|
176,900 |
|
131,200 |
|
|
|
SG&A Expense |
|
Q1'15 |
|
Q2'15 |
|
Q3'15 |
|
Q4'15 |
|
|
2015 |
|
|
|
2014 |
|
Total SG&A |
$ |
11,165 |
|
|
$ |
10,350 |
|
|
$ |
10,845 |
|
|
$ |
14,964 |
|
|
$ |
47,324 |
|
|
$ |
39,895 |
|
Less: Stock-based compensation |
|
61 |
|
|
|
626 |
|
|
|
313 |
|
|
|
363 |
|
|
|
1,363 |
|
|
|
2,454 |
|
Less: Other non-recurring
charges |
|
(69 |
) |
|
|
468 |
|
|
|
273 |
|
|
|
2,952 |
|
|
|
3,623 |
|
|
|
863 |
|
Less: Marketing and
Advertising |
|
2,659 |
|
|
|
1,809 |
|
|
|
2,305 |
|
|
|
3,046 |
|
|
|
9,818 |
|
|
|
8,525 |
|
Core SG&A |
|
8,514 |
|
|
|
7,448 |
|
|
|
7,954 |
|
|
|
8,604 |
|
|
|
32,519 |
|
|
|
28,054 |
|
% of Revenue |
|
37.8 |
% |
|
|
32.7 |
% |
|
|
30.8 |
% |
|
|
25.6 |
% |
|
|
31.1 |
% |
|
|
31.6 |
% |
CONTACTS:
Health Insurance Innovations, Inc.:
Michael Hershberger
Chief Financial Officer
(877) 376-5831 ext. 282
mhershberger@hiiquote.com
Investor Contact:
Investor Relations office
(813) 452-5221
IR@hiiquote.com
Media Contact for HealthPocket.com:
Kevin McVicker
Shirley & Banister Public Affairs
(703) 739-5920 or (800) 536-5920
kmcvicker@sbpublicaffairs.com
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