Record Revenue of $55.9 million, up 32%
YOYRecord Diluted Earnings per Share of $0.58, up
385% YOYRecord Adjusted Earnings per Share of
$0.36, up 112% YOYRecord Policies in force totaled
approximately 345,000, up 34% YOYRevised 2017
earnings guidance upwards
Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading
developer, distributor, and cloud-based administrator of affordable
health insurance and supplemental plans announced financial results
for the first quarter ended March 31, 2017. The Company will
host a live conference call on Thursday, May 4, 2017 at 8:30 A.M.
EDT.
First Quarter 2017 Consolidated Financial
Highlights
- Record revenue was $55.9 million, an increase of 31.5% over
$42.5 million in the first quarter of 2016.
- Record total collections from customers (premium equivalents)
of $90.9 million, an increase of 28.6% over $70.7 million in
the first quarter of 2016.
- Net Income attributable to Health Insurance Innovations, Inc
was $5.8 million, an increase of 545.2% over $0.9 million in the
first quarter of 2016.
- Record adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization) was $9.7 million, compared to $4.2
million in the first quarter of 2016, an increase of 127.1%.
- GAAP diluted earnings per share was $0.58, compared to $0.12 in
first quarter 2016, an increase of 385.2%.
- Record adjusted earnings per share also referred to as Adjusted
Net Income per Share, was $0.36 compared to $0.17 in the first
quarter of 2016, an increase of 111.8%.
- Record policies in force as of March 31, 2017, totaled
approximately 345,000, a 33.8% increase from 257,900 as of March
31, 2016.
Premium equivalents, adjusted EBITDA, and adjusted EPS are
non-GAAP financial measures. See the reconciliations of these
measures to their respective most directly comparable GAAP measure
below in this press release.
Revised 2017 Full Year Guidance
We are revising our guidance upwards for the full year
2017. We expect Revenue to grow 15% to 20% year-over-year
($212 million to $222 million), Adjusted EBITDA to grow 30% to 40%
year-over-year ($36 million to $39 million) and Adjusted EPS to
grow 25% to 35% ($1.40 to $1.50). Previously we guided to Revenue
of $210 million to $220 million, Adjusted EBITDA of $33 million to
$36 million and Adjusted EPS of $1.35 to $1.45.
"Our record first quarter performance demonstrated continued
strong demand for our products and solid execution as we continue
to meet the affordable health care needs of our consumers. We will
continue to focus on earnings growth and product innovation,”
said Gavin Southwell, HIIQ's Chief Executive Officer and
President.
First Quarter 2017 Financial Discussion
First quarter revenues of $55.9 million increased 31.5%,
compared to the first quarter of 2016, driven primarily by an
increase in policies in force and accelerating IFP sales in the
fourth quarter of 2016 and first quarter of 2017 through the ACA
open enrollment period.
Total SG&A expenses were $15.3 million (27.3% of revenues)
in the first quarter of 2017, compared to $12.0 million (28.2% of
revenues) in the same period in 2016. Our core SG&A for the
quarter – total SG&A less marketing leads and advertising,
stock compensation, transaction, severance, restructuring and other
costs – was $9.8 million (17.6% of revenues) in the first quarter
of 2017, compared to $8.5 million (20.1% of revenues) in the same
period of 2016.
EBITDA was $8.0 million in the first quarter of 2017, compared
to $3.5 million in the same period in 2016, an increase of
131.0%.
Adjusted EBITDA was $9.7 million in the first quarter of 2017,
an increase of 127.1% over $4.2 million in the same period in
2016. Adjusted EBITDA as a percentage of revenue was 17.3% in
the first quarter of 2017, compared to 10.0% in the same period in
2016. Adjusted EBITDA is calculated as EBITDA, adjusted for
items that are not part of regular operating activities, including
restructuring costs, tax receivable adjustments and other non-cash
items such as stock-based compensation. A reconciliation of
net income to EBITDA and adjusted EBITDA for the three months
ending March 31, 2017 and 2016 is included within this press
release.
GAAP diluted earnings per share for the first quarter was $0.58,
compared to $0.12 in the first quarter of 2016. Included in our
GAAP earnings per diluted share is a $0.14 benefit that resulted
from the early adoption of an accounting policy related to
share-based payment transactions.
Adjusted EPS for the first quarter of 2017 was $0.36, compared
to $0.17 in the prior year. A reconciliation of net income to
adjusted net income per share is included within this press
release.
The Company makes short-term loans to our distributors, based on
actual sales, that we refer to as advanced commissions. These
advanced commissions assist our distributors with cost-of-lead
acquisition and provide working capital. We recover the loans
from future commissions earned on premiums collected over the
period in which policies renew. The first quarter advanced
commission balance of $35.7 million is a decrease of $1.3 million
from the fourth quarter of 2016.
Cash and cash equivalents totaled $15.8 million at March 31,
2017, an increase of $3.6 million from December 31st 2016.
During the quarter, the Company announced a secondary
underwritten public offering of 3,000,000 shares of its Class A
common stock. All such shares were offered and sold by
certain stockholders of the Company, which stockholders are
entities owned and controlled by Michael Kosloske, the founder,
Chief of Product Innovation, and a director of the Company.
The selling stockholders received all of the net proceeds from the
offering. The Company did not sell any shares in the
offering. The offering closed on March 13, 2017. This
transaction resulted in an $18.6 million increase in our deferred
tax assets which was fully offset by a corresponding liability for
future payments required under the tax receivable agreement as the
Company recognizes sufficient income to utilize the deferred tax
asset.
Conference Call and Webcast
The Company will host an earnings conference call on May 4, 2017
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 13660546. A webcast of the call may
be accessed in the Investor Relations section of Health Insurance
Innovations’ website at
http://investor.hiiquote.com/events.cfm. An archive of the
call will be available for 30 days through the same website.
About Health Insurance Innovations, Inc.
(HIIQ)
HIIQ is a market leader in developing innovative health
insurance products that are affordable and meet the needs of health
insurance plan shoppers. HIIQ develops 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 HiiQuote.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.
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
HIIQ’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, state regulatory oversight and
examinations of us and our carriers and distributors, legal and
regulatory compliance by our carriers and distributors, the amount
of commissions paid to us or changes in health insurance plan
pricing practices, competition, changes and developments in the
United States health insurance system and laws, and HIIQ’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 HIIQ's most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (SEC) as well as other documents that may be
filed by HIIQ from time to time with the Securities and Exchange
Commission, which are available at www.sec.gov. 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. |
Condensed Consolidated Balance
Sheets |
($ in thousands, except share and per share
data) |
|
|
|
March 31, 2017 |
|
December 31, 2016 |
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
15,827 |
|
|
$ |
12,214 |
|
Restricted cash |
|
|
13,992 |
|
|
|
11,938 |
|
Accounts
receivable, net, prepaid expenses and other current assets |
|
|
2,477 |
|
|
|
2,815 |
|
Advanced
commissions, net |
|
|
35,714 |
|
|
|
37,001 |
|
Income
taxes receivable |
|
|
1,645 |
|
|
|
— |
|
Total
current assets |
|
|
69,655 |
|
|
|
63,968 |
|
Property and equipment,
net |
|
|
4,278 |
|
|
|
4,022 |
|
Goodwill |
|
|
41,076 |
|
|
|
41,076 |
|
Intangible assets,
net |
|
|
7,396 |
|
|
|
7,907 |
|
Deferred tax asset |
|
|
28,604 |
|
|
|
8,181 |
|
Other assets |
|
|
240 |
|
|
|
193 |
|
Total
assets |
|
$ |
151,249 |
|
|
$ |
125,347 |
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
28,958 |
|
|
$ |
29,680 |
|
Deferred
revenue |
|
|
476 |
|
|
|
430 |
|
Income
taxes payable |
|
|
— |
|
|
|
2,121 |
|
Due to
member |
|
|
3,844 |
|
|
|
3,282 |
|
Other
current liabilities |
|
|
76 |
|
|
|
126 |
|
Total
current liabilities |
|
|
33,354 |
|
|
|
35,639 |
|
Due to member |
|
|
27,451 |
|
|
|
9,460 |
|
Other liabilities |
|
|
217 |
|
|
|
170 |
|
Total
liabilities |
|
|
61,022 |
|
|
|
45,269 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Class A common
stock (par value $0.001 per share, 100,000,000 shares
authorized;11,948,354 and 8,156,249 shares issued as of March 31,
2017 and December 31,2016, respectively; and 11,817,183 and
8,036,705 shares outstanding as of March 31,2017 and December 31,
2016, respectively) |
|
|
12 |
|
|
|
8 |
|
Class B common stock
(par value $0.001 per share, 20,000,000 shares authorized;3,841,667
and 6,841,667 shares issued and outstanding as of March 31, 2017
andDecember 31, 2016, respectively) |
|
|
4 |
|
|
|
7 |
|
Preferred stock (par
value $0.001 per share, 5,000,000 shares authorized; no
sharesissued and outstanding as of March 31, 2017 and December 31,
2016, respectively) |
|
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
|
65,164 |
|
|
|
47,849 |
|
Treasury stock, at cost
(131,171 and 119,544 shares as of March 31, 2017 andDecember 31,
2016, respectively) |
|
|
(1,307 |
) |
|
|
(1,122 |
) |
Retained earnings |
|
|
7,254 |
|
|
|
1,420 |
|
Total
Health Insurance Innovations, Inc. stockholders’ equity |
|
|
71,127 |
|
|
|
48,162 |
|
Noncontrolling
interests |
|
|
19,100 |
|
|
|
31,916 |
|
Total
stockholders’ equity |
|
|
90,227 |
|
|
|
80,078 |
|
Total
liabilities and stockholders' equity |
|
$ |
151,249 |
|
|
$ |
125,347 |
|
HEALTH INSURANCE INNOVATIONS,
INC. |
|
Condensed Consolidated Statements of Income
(unaudited) |
($ in thousands, except share and per share
data) |
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
Revenues (premium
equivalents of $90,940 and $70,740 for the three monthsended March
31, 2017 and 2016, respectively) |
|
$ |
55,868 |
|
|
$ |
42,490 |
Operating
expenses: |
|
|
|
|
Third-party commissions |
|
|
31,435 |
|
|
|
25,990 |
Credit
card and ACH fees |
|
|
1,183 |
|
|
|
883 |
Selling,
general and administrative |
|
|
15,257 |
|
|
|
11,970 |
Depreciation and amortization |
|
|
938 |
|
|
|
735 |
Total
operating expenses |
|
|
48,813 |
|
|
|
39,578 |
Income
from operations |
|
|
7,055 |
|
|
|
2,912 |
|
|
|
|
|
Other (income)
expense: |
|
|
|
|
Interest
(income) expense |
|
|
(1 |
) |
|
|
55 |
TRA
expense |
|
|
— |
|
|
|
185 |
Other
expense |
|
|
3 |
|
|
|
2 |
Net income before
income taxes |
|
|
7,053 |
|
|
|
2,670 |
(Benefit)
provision for income taxes |
|
|
(1,469 |
) |
|
|
384 |
Net income |
|
|
8,522 |
|
|
|
2,286 |
Net
income attributable to noncontrolling interests |
|
|
2,688 |
|
|
|
1,381 |
Net income attributable
to Health Insurance Innovations, Inc. |
|
$ |
5,834 |
|
|
$ |
905 |
|
|
|
|
|
Per share
data: |
|
|
|
|
Net income per
share attributable to Health Insurance Innovations,
Inc. |
|
|
|
|
Basic |
|
$ |
0.66 |
|
|
$ |
0.12 |
Diluted |
|
$ |
0.58 |
|
|
$ |
0.12 |
Weighted
average Class A common shares outstanding |
|
|
|
|
Basic |
|
|
8,892,239 |
|
|
|
7,563,555 |
Diluted |
|
|
10,051,369 |
|
|
|
7,699,866 |
HEALTH INSURANCE INNOVATIONS,
INC. |
|
Condensed Consolidated Statements of Cash Flows
(unaudited) |
($ in thousands, except share and per share
data) |
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
Operating
activities: |
|
|
|
|
Net income |
|
$ |
8,522 |
|
|
$ |
2,286 |
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: |
|
|
|
|
Stock-based compensation |
|
|
821 |
|
|
|
486 |
|
Depreciation and amortization |
|
|
938 |
|
|
|
735 |
|
Deferred
income taxes |
|
|
309 |
|
|
|
(110 |
) |
Changes in operating
assets and liabilities: |
|
|
|
|
Increase
in restricted cash |
|
|
(2,054 |
) |
|
|
(4,145 |
) |
Decrease
in accounts receivable, prepaid expenses and other assets |
|
|
291 |
|
|
|
91 |
|
Decrease
(increase) in advanced commissions |
|
|
1,287 |
|
|
|
(12,050 |
) |
(Increase) decrease in income taxes receivable |
|
|
(1,645 |
) |
|
|
495 |
|
Decrease
in income taxes payable |
|
|
(2,121 |
) |
|
|
— |
|
(Decrease) increase in accounts payable, accrued expenses and other
liabilities |
|
|
(677 |
) |
|
|
4,685 |
|
Increase
in deferred revenue |
|
|
46 |
|
|
|
67 |
|
Increase
in due to member |
|
|
— |
|
|
|
185 |
|
Net cash provided by
(used in) operating activities |
|
|
5,717 |
|
|
|
(7,275 |
) |
Investing
activities: |
|
|
|
|
Capitalized internal-use software and website development
costs |
|
|
(669 |
) |
|
|
(746 |
) |
Purchases
of property and equipment |
|
|
(14 |
) |
|
|
(4 |
) |
Net cash used in
investing activities |
|
|
(683 |
) |
|
|
(750 |
) |
Financing
activities: |
|
|
|
|
Proceeds
from borrowings under revolving line of credit |
|
|
— |
|
|
|
7,500 |
|
Payments
for contingent acquisition consideration |
|
|
— |
|
|
|
(273 |
) |
Payments
for noncompete obligation |
|
|
(48 |
) |
|
|
(48 |
) |
Class A
common stock withheld in treasury from restricted share
vesting |
|
|
(185 |
) |
|
|
(25 |
) |
Issuances
of Class A common stock under equity compensation plans |
|
|
9 |
|
|
|
— |
|
Issuances
of Class A common stock from treasury |
|
|
— |
|
|
|
14 |
|
(Distributions to) contributions from member |
|
|
(1,197 |
) |
|
|
7 |
|
Net cash (used)
provided by financing activities |
|
|
(1,421 |
) |
|
|
7,175 |
|
Net increase (decrease)
in cash and cash equivalents |
|
|
3,613 |
|
|
|
(850 |
) |
Cash and cash
equivalents at beginning of period |
|
|
12,214 |
|
|
|
7,695 |
|
Cash and cash
equivalents at end of period |
|
$ |
15,827 |
|
|
$ |
6,845 |
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing activities: |
|
|
|
|
Capitalized software and website development costs included in
accounts payable |
|
|
— |
|
|
|
14 |
|
Supplemental
disclosure of non-cash financing activities: |
|
|
|
|
Change in
due to member related to Exchange Agreement |
|
|
18,619 |
|
|
|
— |
|
Change in
deferred tax asset related to Exchange Agreement |
|
|
(20,732 |
) |
|
|
— |
|
Issuance
of Class A common stock in a private offering related to Exchange
Agreement |
|
|
16,484 |
|
|
|
— |
|
Exchange
of Class B membership interests related to Exchange Agreement |
|
|
(14,371 |
) |
|
|
— |
|
Declared
but unpaid distribution to member of Health Plan Intermediaries
Holdings, LLC |
|
|
2,695 |
|
|
|
— |
|
Reconciliation of Net Income to EBITDA and
Adjusted EBITDA |
(unaudited) |
($ in thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
Net income |
|
$ |
8,522 |
|
|
$ |
2,286 |
Interest (income)
expense |
|
|
(1 |
) |
|
|
55 |
Depreciation and
amortization |
|
|
938 |
|
|
|
735 |
(Benefit) provision for
income taxes |
|
|
(1,469 |
) |
|
|
384 |
EBITDA |
|
|
7,990 |
|
|
|
3,460 |
Non-cash stock-based
compensation |
|
|
821 |
|
|
|
486 |
Transaction costs |
|
|
306 |
|
|
|
— |
Tax receivable
agreement liability adjustment |
|
|
— |
|
|
|
185 |
Severance,
restructuring and other charges |
|
|
533 |
|
|
|
119 |
Adjusted
EBITDA |
|
$ |
9,650 |
|
|
$ |
4,250 |
Reconciliation of Net Income to Adjusted Net
Income per Share |
(unaudited) |
($ in thousands except per share
data) |
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
Net income |
|
$ |
8,522 |
|
|
$ |
2,286 |
|
Interest (income)
expense |
|
|
(1 |
) |
|
|
55 |
|
Amortization |
|
|
511 |
|
|
|
557 |
|
Provision (benefit) for
income taxes |
|
|
(1,469 |
) |
|
|
384 |
|
Non-cash stock-based
compensation |
|
|
821 |
|
|
|
486 |
|
Transaction costs |
|
|
306 |
|
|
|
— |
|
Tax receivable
agreement liability adjustment |
|
|
— |
|
|
|
185 |
|
Severance,
restructuring and other charges |
|
|
533 |
|
|
|
119 |
|
Adjusted
pre-tax income |
|
|
9,223 |
|
|
|
4,072 |
|
Pro forma income
taxes |
|
|
(3,505 |
) |
|
|
(1,547 |
) |
Adjusted
net income |
|
$ |
5,718 |
|
|
$ |
2,525 |
|
Total weighted average
diluted share count |
|
|
16,093 |
|
|
|
14,542 |
|
Adjusted net income per
share |
|
$ |
0.36 |
|
|
$ |
0.17 |
|
(1) EBITDA is defined as net 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.
(2) 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.
(3) To calculate adjusted net income, we calculate net income
then add back amortization (but not depreciation), interest, tax
expense and other items that are not part of regular operating
activities, including acquisition costs, restructuring costs,
contract termination costs, tax receivable agreement liability
adjustments, and other non-cash items such as non-cash stock-based
compensation and fair value adjustment to contingent consideration.
From adjusted pre-tax net income we apply a pro forma tax expense
calculated at an assumed rate of 38%. We believe that when
measuring Company and executive performance against the adjusted
net income measure, applying a pro forma tax rate better reflects
the performance of the Company without regard to the Company’s
organizational tax structure. We have included adjusted net income
in this report because it is a key performance 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 their
evaluation of our company. 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.
(4) 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 |
(unaudited) |
($ in thousands) |
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
2016 |
Premium
equivalents |
|
$ |
90,940 |
|
$ |
70,740 |
Less risk
premium |
|
|
33,541 |
|
|
26,882 |
Less
amounts earned by third party obligors |
|
|
1,531 |
|
|
1,368 |
Revenues |
|
$ |
55,868 |
|
$ |
42,490 |
(1) Premium equivalents is defined as our total collections,
including the combination of premiums, fees for discount benefit
plans, enrollment fees, and third-party commissions and referral
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 generally accepted accounting principles in the
United States of America (“GAAP”) and should not be used as, and is
not an alternative to, revenues as a measure of our operating
performance.
Summary of selected metrics |
(unaudited) |
($ in thousands) |
|
|
|
Submitted Applications during ThreeMonths Ended
March 31, |
|
|
|
2017 |
|
2016 |
|
Change (%) |
IFP |
|
|
117,100 |
|
95,400 |
|
23 |
% |
Supplemental
products |
|
|
88,300 |
|
96,800 |
|
(9 |
%) |
Total |
|
|
205,400 |
|
192,200 |
|
7 |
% |
|
Policies in Force Three MonthsEnded March
31, |
|
|
|
2017 |
|
|
2016 |
|
|
Change (%) |
|
IFP |
|
|
173,700 |
|
|
|
115,300 |
|
|
|
51 |
% |
|
Supplemental
products |
|
|
171,300 |
|
|
|
142,600 |
|
|
|
20 |
% |
|
Total |
|
|
345,000 |
|
|
|
257,900 |
|
|
|
34 |
% |
|
|
|
Submitted IFP Applications by
Channel |
|
|
Q1'16 |
|
Q2'16 |
|
Q3’16 |
|
Q4’16 |
|
Q1’17 |
Agile |
|
23,100 |
|
16,000 |
|
21,100 |
|
22,400 |
|
31,800 |
All Others |
|
72,300 |
|
49,000 |
|
45,700 |
|
62,900 |
|
85,300 |
Total |
|
95,400 |
|
65,000 |
|
66,800 |
|
85,300 |
|
117,100 |
|
|
|
|
|
|
|
|
|
|
Core SG&A as a Percentage of
Revenue |
|
|
Q1'16 |
|
Q2’16 |
|
Q3’16 |
|
Q4’16 |
|
Q1’17 |
Total
SG&A |
|
$ |
11,970 |
|
|
$ |
11,697 |
|
|
$ |
11,853 |
|
|
$ |
16,007 |
|
|
$ |
15,257 |
|
Less:
Stock-based compensation |
|
|
486 |
|
|
|
482 |
|
|
|
393 |
|
|
|
2,430 |
|
|
|
821 |
|
Less:
Transaction costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
306 |
|
Less:
Severance, restructuring and other charges |
|
|
119 |
|
|
|
103 |
|
|
|
224 |
|
|
|
2,163 |
|
|
|
533 |
|
Less:
Marketing and Advertising |
|
|
2,820 |
|
|
|
2,449 |
|
|
|
2,875 |
|
|
|
2,912 |
|
|
|
3,787 |
|
Core
SG&A |
|
$ |
8,545 |
|
|
$ |
8,663 |
|
|
$ |
8,361 |
|
|
$ |
8,502 |
|
|
$ |
9,810 |
|
% of
Revenue |
|
|
20.1 |
% |
|
|
19.5 |
% |
|
|
18.1 |
% |
|
|
16.5 |
% |
|
|
17.6 |
% |
Contacts:
Health Insurance Innovations, Inc.:
Michael Hershberger
Chief Financial Officer
(813) 397-1187
mhershberger@hiiquote.com
Investor Contact:
Investor Relations office
(813) 397-1187
IR@hiiquote.com
Media Contact for AgileHealthInsurance.com & HealthPocket.com:
Amy Fletcher
(720) 350-3144
info@afmcommunications.com
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