Health Insurance Innovations, Inc. Expands Share Repurchase Program by Additional $100 Million
14 Março 2019 - 6:08PM
Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading
cloud-based technology platform and distributor of affordable
health insurance, life insurance and supplemental plans, today
announced that its Board of Directors has increased the amount of
the authorized repurchase of the Company's Class A common stock
from $100 million up to $200 million and extended the
authorization through October 2020. Through March 14, 2019,
the Company has repurchased an aggregate of approximately $77.3
million in shares of Class A Common Stock under the previous Share
Repurchase Authorization.
Gavin Southwell, HIIQ's Chief Executive Officer and President,
said, "The increase and extension of the HIIQ share repurchase
program underscores our confidence in our business strategy,
financial performance, and the long-term prospects of our company.
We believe that, in view of our current and anticipated cash
position, this buy-back is both an effective use of our capital and
a benefit to our shareholders. HIIQ continues to be a leading
technology platform and distributor of affordable health and life
insurance products that meet the demands and needs of our
consumers."
The new share repurchase authorization permits the Company to
periodically repurchase shares for cash in open market purchases,
block transactions and privately negotiated transactions in
accordance with applicable federal securities laws and extends the
authorization through October 2020. The actual timing,
number and value of shares repurchased under the program will be
determined by management at its discretion and will depend on
several factors, including the market price of the Company's common
stock, general market and economic conditions, regulatory
requirements, capital availability and compliance with the terms of
the Company's credit facility. Repurchases under the program
will be funded from one or a combination of existing cash balances,
future free cash flow, and indebtedness. There is no guarantee as
to the number of shares that will be repurchased, and the
repurchase program may be extended, suspended or discontinued at
any time without notice at the Company's discretion.
Under the stock repurchase program, the Company may elect to
adopt a Rule 10b5-1 share repurchase plan under the Securities
Exchange Act of 1934 (the "Plan"). The Plan would allow the Company
to repurchase its shares at times when it otherwise might be
prevented from doing so under insider trading laws or because of
self-imposed trading blackout periods. Because repurchases under
the Plan are anticipated to be subject to certain pricing
parameters, there is no guarantee as to the exact number of shares
that will be repurchased under the Plan or that there will be any
repurchases pursuant to the Plan. Subject to applicable
regulations, HIIQ may elect to amend or cancel the Plan at its
discretion.
About Health Insurance Innovations,
Inc. (HIIQ)
HIIQ is a market leading cloud-based technology platform and
distributor of innovative health insurance products that are
affordable and meet the needs of health insurance plan shoppers.
HIIQ helps develop insurance products through our relationships
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 HIIQ can be found at HiiQ.com.
HIIQ'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.
Investor ContactsMike Hershberger, Health
Insurance Innovations, Inc. 1-877-376-5831John Evans,
Investor Relations, PIR Communications, 415-309-0230,
ir@hiiquote.com
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