[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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46-1282634
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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15438 N. Florida Avenue, Suite 201, Tampa FL
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33613
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A Common Stock, $0.001 par value
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HIIQ
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Nasdaq Global Market
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Large accelerated filer
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[ ]
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Emerging growth company
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[ ]
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Accelerated filer
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[X]
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Non-accelerated filer
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[ ]
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(Do not check if a smaller reporting company)
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Smaller reporting company
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[ ]
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HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Balance Sheets
($ in thousands, except share and per share data)
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|||||||
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September 30, 2019
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December 31, 2018
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||||
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(unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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9,160
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$
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9,321
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Restricted cash
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17,607
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16,678
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Accounts receivable, net, prepaid expenses and other current assets
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3,352
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2,108
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Advanced commissions, net
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29,233
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29,867
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Income taxes receivable
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15,012
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—
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Contract asset, net
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158,083
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165,494
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Total current assets
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232,447
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223,468
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Long-term contract asset, net
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153,193
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132,566
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Property and equipment, net
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4,788
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5,134
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Goodwill
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119,399
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41,076
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Intangible assets, net
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36,905
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4,217
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Deferred tax assets
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5,959
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25,967
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Other assets
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522
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61
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Total assets
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$
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553,213
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$
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432,489
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Liabilities and stockholders’ equity
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Current liabilities:
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Accounts payable and accrued expenses
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$
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33,136
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$
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32,397
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Commissions payable, net
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85,652
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106,608
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Income taxes payable
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—
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15,586
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Short-term debt, net
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7,795
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—
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Due to member
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1,312
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7,978
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Other current liabilities
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359
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422
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Total current liabilities
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128,254
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162,991
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Long-term commissions payable, net
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75,594
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84,716
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Long-term contingent consideration
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57,176
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—
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Long-term debt, net
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150,617
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15,000
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Due to member
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29,091
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25,693
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Other liabilities
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1,340
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621
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Total liabilities
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442,072
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289,021
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Commitments and contingencies
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Stockholders’ equity:
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Class A common stock (par value $0.001 per share, 100,000,000 shares authorized; 16,219,217 and 14,425,824 shares issued as of September 30, 2019 and December 31, 2018, respectively; 12,287,657 and 12,387,349 shares outstanding as of September 30, 2019 and December 31, 2018, respectively)
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16
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14
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Class B common stock (par value $0.001 per share, 20,000,000 shares authorized; 1,916,667 and 2,541,667 shares issued and outstanding as of September 30, 2019 and December 31, 2018 respectively)
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2
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3
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Preferred stock (par value $0.001 per share, 5,000,000 shares authorized; no shares issued and outstanding as of September 30, 2019 and December 31, 2018)
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—
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—
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Additional paid-in capital
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116,203
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94,194
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Treasury stock, at cost (3,931,560 and 2,038,475 shares as of September 30, 2019 and December 31, 2018, respectively)
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(127,489
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)
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(67,185
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)
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Retained earnings
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89,222
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80,804
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Total Health Insurance Innovations, Inc. stockholders’ equity
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77,954
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107,830
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Noncontrolling interests
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33,187
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35,638
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Total stockholders’ equity
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111,141
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143,468
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Total liabilities and stockholders' equity
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$
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553,213
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$
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432,489
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HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Statements of Income (unaudited)
($ in thousands, except share and per share data)
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2019
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2018
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2019
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2018
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Revenues
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$
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75,272
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$
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71,467
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$
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220,954
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$
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219,180
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Operating expenses:
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Third-party commissions
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35,187
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48,669
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122,768
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139,832
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Credit card and ACH fees
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1,473
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1,570
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4,578
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4,318
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Selling, general and administrative
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30,765
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18,260
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70,797
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54,197
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Depreciation and amortization
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4,805
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1,270
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7,576
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3,655
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Total operating expenses
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72,230
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69,769
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205,719
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202,002
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Income from operations
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3,042
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1,698
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15,235
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17,178
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Other expense (income):
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Interest expense (income)
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1,999
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15
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3,693
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(39
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)
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TRA (income) expense
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(212
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)
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721
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(212
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)
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721
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Other expense
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—
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29
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—
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88
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|
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Net income before income taxes
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1,255
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933
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11,754
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16,408
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(Benefit) provision for income taxes
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(3,584
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)
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(559
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)
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1,503
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5,737
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|
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Net income
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4,839
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1,492
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10,251
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10,671
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|
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Net income attributable to noncontrolling interests
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39
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353
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1,833
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3,125
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Net income attributable to Health Insurance Innovations, Inc.
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$
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4,800
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$
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1,139
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$
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8,418
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$
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7,546
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Per share data:
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Net income per share attributable to Health Insurance Innovations, Inc.
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||||||
Basic
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$
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0.43
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$
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0.09
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$
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0.74
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$
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0.62
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Diluted
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$
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0.40
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$
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0.08
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$
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0.68
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$
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0.57
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Weighted average Class A common shares outstanding
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Basic
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11,156,747
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12,853,739
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11,404,200
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12,130,722
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Diluted
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11,903,992
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14,060,453
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12,311,676
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13,302,811
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HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited)
($ in thousands, except share data)
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Three Months Ended
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Nine Months Ended
|
||||||||||||
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September 30, 2019
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September 30, 2018
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September 30, 2019
|
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September 30, 2018
|
||||||||
Total Equity, Beginning of Period
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$
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97,349
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$
|
189,547
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$
|
143,468
|
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$
|
107,001
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Class A Share Capital:
|
|
|
|
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|
||||||||
Beginning balance
|
16
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|
|
14
|
|
|
14
|
|
|
13
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|
||||
Issuance of Class A common stock in a private offering
|
—
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|
—
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|
1
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|
|
1
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|
||||
Issuance of Class A common stock for acquisition consideration
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Ending balance
|
$
|
16
|
|
|
$
|
14
|
|
|
$
|
16
|
|
|
$
|
14
|
|
|
|
|
|
|
|
|
|
||||||||
Class B Share Capital:
|
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|
|
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|
||||||||
Beginning balance
|
$
|
2
|
|
|
$
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3
|
|
|
$
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3
|
|
|
$
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4
|
|
Exchange of Series B Membership interests and exchange and cancellation of Class B common stock
|
—
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|
—
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(1
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)
|
|
(1
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)
|
||||
Ending balance
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
||||||||
Additional paid-in capital:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
107,781
|
|
|
$
|
87,469
|
|
|
$
|
94,194
|
|
|
$
|
71,770
|
|
Issuance of Class A common stock in a private offering
|
6,047
|
|
|
57
|
|
|
7,895
|
|
|
9,231
|
|
||||
Issuance of Class A common stock for acquisition consideration
|
—
|
|
|
—
|
|
|
11,783
|
|
|
—
|
|
||||
Issuance of Class A common stock under equity compensation plan
|
—
|
|
|
3
|
|
|
—
|
|
|
6
|
|
||||
Issuance of Class A common stock from treasury
|
—
|
|
|
—
|
|
|
(402
|
)
|
|
—
|
|
||||
Issuance of restricted shares from treasury
|
(730
|
)
|
|
—
|
|
|
(5,926
|
)
|
|
—
|
|
||||
Forfeitures of restricted stock held in treasury
|
—
|
|
|
—
|
|
|
587
|
|
|
—
|
|
||||
Stock-based compensation
|
3,105
|
|
|
4,431
|
|
|
8,072
|
|
|
10,936
|
|
||||
Contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
||||
Ending balance
|
$
|
116,203
|
|
|
$
|
91,960
|
|
|
$
|
116,203
|
|
|
$
|
91,960
|
|
|
|
|
|
|
|
|
|
||||||||
Treasury Stock:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
(127,979
|
)
|
|
$
|
(11,998
|
)
|
|
$
|
(67,185
|
)
|
|
$
|
(6,887
|
)
|
Repurchases of Class A common stock
|
—
|
|
|
(15,701
|
)
|
|
(63,916
|
)
|
|
(19,502
|
)
|
||||
Class A common stock withheld in Treasury from restricted share vesting
|
(240
|
)
|
|
(2,160
|
)
|
|
(2,129
|
)
|
|
(3,470
|
)
|
||||
Forfeitures of restricted stock held in treasury
|
—
|
|
|
—
|
|
|
(587
|
)
|
|
—
|
|
||||
Issuance of restricted shares from treasury
|
730
|
|
|
—
|
|
|
5,926
|
|
|
—
|
|
||||
Issuance of Class A common stock from treasury
|
—
|
|
|
—
|
|
|
402
|
|
|
—
|
|
||||
Ending balance
|
$
|
(127,489
|
)
|
|
$
|
(29,859
|
)
|
|
$
|
(127,489
|
)
|
|
$
|
(29,859
|
)
|
|
|
|
|
|
|
|
|
||||||||
Retained Earnings:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
84,422
|
|
|
$
|
74,217
|
|
|
$
|
80,804
|
|
|
$
|
19,305
|
|
Adjustments due to adoption of ASC 606
|
—
|
|
|
—
|
|
|
—
|
|
|
48,505
|
|
||||
Net income
|
4,800
|
|
|
1,139
|
|
|
8,418
|
|
|
7,546
|
|
||||
Ending balance
|
$
|
89,222
|
|
|
$
|
75,356
|
|
|
$
|
89,222
|
|
|
$
|
75,356
|
|
|
|
|
|
|
|
|
|
||||||||
Equity Attributable to Non-controlling Interests:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
33,107
|
|
|
$
|
39,842
|
|
|
$
|
35,638
|
|
|
$
|
22,796
|
|
Adjustments due to adoption of ASC 606
|
—
|
|
|
—
|
|
|
—
|
|
|
23,866
|
|
||||
Net income attributable to non-controlling interest
|
39
|
|
|
353
|
|
|
1,833
|
|
|
3,125
|
|
||||
Exchange of Series B Membership interest and exchange and cancellation of Class B common stock
|
(6,858
|
)
|
|
—
|
|
|
(8,615
|
)
|
|
(8,047
|
)
|
||||
Contribution (distribution)
|
6,899
|
|
|
(654
|
)
|
|
4,331
|
|
|
(2,199
|
)
|
||||
Ending balance
|
33,187
|
|
|
39,541
|
|
|
33,187
|
|
|
39,541
|
|
||||
Total Equity, End of Period
|
$
|
111,141
|
|
|
$
|
177,015
|
|
|
$
|
111,141
|
|
|
$
|
177,015
|
|
HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Continued)
(unaudited)
|
|||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||
Class A Common Shares Outstanding:
|
|
|
|
|
|
|
|
||||
Beginning balance
|
11,778,253
|
|
|
13,707,715
|
|
|
12,387,349
|
|
|
12,350,981
|
|
Repurchases of Class A common stock
|
|
|
(310,890
|
)
|
|
(1,981,241
|
)
|
|
(426,135
|
)
|
|
Issuance of Class A common stock in a private offering
|
500,000
|
|
|
—
|
|
|
625,000
|
|
|
1,300,000
|
|
Issuance of Class A common stock for acquisition consideration
|
—
|
|
|
—
|
|
|
630,000
|
|
|
—
|
|
Issuance of Class A common stock under equity compensation plan
|
—
|
|
|
163,775
|
|
|
538,393
|
|
|
374,066
|
|
Issuance of Class A common stock from treasury
|
—
|
|
|
—
|
|
|
12,236
|
|
|
—
|
|
Issuance of restricted shares from treasury
|
22,500
|
|
|
—
|
|
|
179,500
|
|
|
—
|
|
Class A common stock withheld in treasury from restricted share vesting
|
(13,096
|
)
|
|
(45,397
|
)
|
|
(81,641
|
)
|
|
(83,709
|
)
|
Forfeitures of restricted stock held in treasury
|
—
|
|
|
—
|
|
|
(21,939
|
)
|
|
—
|
|
Ending balance
|
12,287,657
|
|
|
13,515,203
|
|
|
12,287,657
|
|
|
13,515,203
|
|
|
|
|
|
|
|
|
|
||||
Class B Common Shares Outstanding:
|
|
|
|
|
|
|
|
||||
Beginning balance
|
2,416,667
|
|
|
2,541,667
|
|
|
2,541,667
|
|
|
3,841,667
|
|
Exchange of Series B Membership interests and exchange and cancellation of Class B common stock
|
(500,000
|
)
|
|
—
|
|
|
(625,000
|
)
|
|
(1,300,000
|
)
|
Ending balance
|
1,916,667
|
|
|
2,541,667
|
|
|
1,916,667
|
|
|
2,541,667
|
|
|
|
|
|
|
|
|
|
||||
Treasury Shares Outstanding:
|
|
|
|
|
|
|
|
||||
Beginning balance
|
3,940,964
|
|
|
534,334
|
|
|
2,038,475
|
|
|
380,777
|
|
Repurchases of Class A common stock
|
—
|
|
|
310,890
|
|
|
1,981,241
|
|
|
426,135
|
|
Issuance of Class A common stock from treasury
|
—
|
|
|
—
|
|
|
(12,236
|
)
|
|
—
|
|
Issuance of restricted shares from treasury
|
(22,500
|
)
|
|
—
|
|
|
(179,500
|
)
|
|
—
|
|
Forfeitures of restricted stock held in treasury
|
—
|
|
|
—
|
|
|
21,939
|
|
|
—
|
|
Class A common stock withheld in Treasury from restricted share vesting
|
13,096
|
|
|
45,397
|
|
|
81,641
|
|
|
83,709
|
|
Ending balance
|
3,931,560
|
|
|
890,621
|
|
|
3,931,560
|
|
|
890,621
|
|
HEALTH INSURANCE INNOVATIONS, INC.
Condensed Consolidated Statements of Cash Flows (unaudited)
($ in thousands)
|
|||||||
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
10,251
|
|
|
$
|
10,671
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
|
|
||
Stock-based compensation
|
7,720
|
|
|
10,503
|
|
||
Depreciation and amortization
|
7,576
|
|
|
3,655
|
|
||
Deferred income taxes
|
22,899
|
|
|
460
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Increase in accounts receivable, prepaid expenses and other assets
|
(1,873
|
)
|
|
(398
|
)
|
||
(Increase) decrease in advanced commissions
|
(210
|
)
|
|
8,187
|
|
||
Increase in income taxes receivable
|
(15,012
|
)
|
|
(2,542
|
)
|
||
Decrease (increase) in contract asset, net
|
290
|
|
|
(5,693
|
)
|
||
(Decrease) increase in income taxes payable
|
(15,586
|
)
|
|
193
|
|
||
(Decrease) increase in accounts payable, accrued expenses and other liabilities
|
(1,432
|
)
|
|
6,376
|
|
||
Decrease in commissions payable, net
|
(29,056
|
)
|
|
(12,058
|
)
|
||
(Decrease) increase in due to member pursuant to tax receivable agreement
|
(212
|
)
|
|
721
|
|
||
Net cash (used in) provided by operating activities
|
(14,645
|
)
|
|
20,075
|
|
||
Investing activities:
|
|
|
|
|
|
||
Business acquisition, net of cash acquired
|
(49,895
|
)
|
|
—
|
|
||
Acquisition of digital asset
|
(8,133
|
)
|
|
—
|
|
||
Capitalized internal-use software
|
(1,232
|
)
|
|
(1,290
|
)
|
||
Purchases of property and equipment
|
(359
|
)
|
|
(534
|
)
|
||
Net cash used in investing activities
|
(59,619
|
)
|
|
(1,824
|
)
|
||
Financing activities:
|
|
|
|
|
|
||
Proceeds from borrowing of debt, net of issuance costs
|
208,412
|
|
|
—
|
|
||
Repayment on borrowings of debt
|
(65,000
|
)
|
|
—
|
|
||
Payments related to tax withholding for share-based compensation
|
(2,129
|
)
|
|
(3,470
|
)
|
||
Issuances of Class A common stock under equity compensation plans
|
—
|
|
|
6
|
|
||
Purchases of Class A common stock pursuant to share repurchase plan
|
(63,916
|
)
|
|
(19,502
|
)
|
||
Distributions to member
|
(2,335
|
)
|
|
(2,837
|
)
|
||
Net cash provided by (used in) financing activities
|
75,032
|
|
|
(25,803
|
)
|
||
Net increase (decrease) in cash and cash equivalents, and restricted cash
|
768
|
|
|
(7,552
|
)
|
||
Cash and cash equivalents, and restricted cash at beginning of period
|
25,999
|
|
|
55,827
|
|
||
Cash and cash equivalents, and restricted cash at end of period
|
$
|
26,767
|
|
|
$
|
48,275
|
|
Health Insurance Innovations, Inc.
Condensed Consolidated Statements of Cash Flows (Continued)
Supplemental Cash Flow Information
($ in thousands)
|
|||||||
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Income taxes, net
|
$
|
9,210
|
|
|
$
|
7,651
|
|
Interest
|
3,250
|
|
|
6
|
|
||
Non-cash investing activities:
|
|
|
|
||||
Business acquisition - equity consideration
|
$
|
11,784
|
|
|
$
|
—
|
|
Business acquisition - contingent consideration
|
18,438
|
|
|
—
|
|
||
Business acquisition - cash withheld by HIIQ to fund post-closing adjustments
|
2,600
|
|
|
—
|
|
||
Capitalized stock-based compensation
|
352
|
|
|
433
|
|
||
Non-cash financing activities:
|
|
|
|
||||
Change in due to member related to Exchange Agreement
|
$
|
3,610
|
|
|
$
|
10,476
|
|
Change in deferred tax asset related to Exchange Agreement
|
(2,891
|
)
|
|
(11,661
|
)
|
||
Issuance of Class A common stock in a private offering related to Exchange Agreement
|
7,896
|
|
|
9,232
|
|
||
Exchange of Class B membership interests related to Exchange Agreement
|
(8,616
|
)
|
|
(8,048
|
)
|
||
Reversal of accrued distribution to member of Health Plan Intermediaries Holdings, LLC due to adoption of Sec. 451 (b) proposed regulations (Note 11).
|
(6,901
|
)
|
|
—
|
|
Cash consideration(1)
|
$
|
49,852
|
|
Class A common stock, at fair value(2)(4)
|
11,783
|
|
|
Earnout consideration, at fair value(3)(4)
|
49,298
|
|
|
Settlement of intercompany balances
|
(560
|
)
|
|
Total consideration
|
$
|
110,373
|
|
(1)
|
Cash consideration was $50.0 million, of which $2.5 million was withheld by HPIH for the payment of post-closing adjustments. Measurement period adjustments resulted in $148,000 for working capital adjustments.
|
(2)
|
The fair value of the Class A common stock derived from the market price of the stock, adjusted to include a discount for lack of marketability due to the trading restrictions pursuant to the Agreement.
|
(3)
|
Represents the updated fair value estimate of income-based contingent consideration, which may be realized by the sellers incrementally over five years after the closing date of the acquisition. The preliminary fair value of the contingent consideration arrangement at the acquisition date was estimated using a risk-adjusted probability analysis as of the acquisition date. Changes to the fair value of the earn out were $35.9 million and relate to accounting for ASC 606 and evaluating the lifetime value of polices. Management estimates the payments to be approximately $57.2 million over the five years however the maximum cash payout is unlimited.
|
(4)
|
Management is currently awaiting additional information to complete the valuation. As additional information, as of the purchase date, becomes available and as management completes its evaluation, the preliminary purchase price allocation may be revised during the remainder of the re-measurement period (which will not exceed 12 months from the purchase acquisition date). Any such revisions or changes to the fair values of tangible and intangible assets acquired or liabilities assumed could be material.
|
Cash
|
$
|
179
|
|
Accounts receivable and other assets(1)
|
333
|
|
|
Contract asset(2)(3)
|
13,506
|
|
|
Property, plant and equipment(1)
|
34
|
|
|
Intangible asset - brand(2)(4)
|
430
|
|
|
Intangible asset - BPO relationship(2)(5)
|
23,800
|
|
|
Goodwill(2)(6)
|
72,852
|
|
|
Accounts payable, accrued expenses, and other liabilities(1)
|
(761
|
)
|
|
Total
|
$
|
110,373
|
|
(1)
|
The carrying value of accounts receivable, property, plant and equipment, accounts payable and accrued expenses approximated fair value; as such, no adjustments to the accounts were recorded in association with the acquisition.
|
(2)
|
Management is currently awaiting additional information to complete the valuation. As additional information, as of the purchase date, becomes available and as management completes its evaluation, the preliminary purchase price allocation may be revised during the remainder of the re-measurement period (which will not exceed 12 months from the purchase acquisition date). Any such revisions or changes to the fair values of tangible and intangible assets acquired or liabilities assumed could be material.
|
(3)
|
Contract asset increased $5.7 million due to updates related to the accounting for ASC 606 and evaluating lifetime value of polices.
|
(4)
|
Brand decreased by $330,000 due to changes in valuation inputs and assumptions. The impact on amortization expense was $37,000.
|
(5)
|
The value allocated to the BPO relationship increased by $11.6 million due to changes in valuation inputs and assumptions. Amortization expense increased by $1.9 million as a result of the change in value.
|
(6)
|
Goodwill decreased by $18.2 million as a result of the above measurement period adjustments.
|
|
($ in thousands, except per share data)
Unaudited
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
$
|
75,272
|
|
|
$
|
78,981
|
|
|
$
|
240,639
|
|
|
$
|
239,193
|
|
Net income before income taxes
|
1,255
|
|
|
1,223
|
|
|
16,862
|
|
|
16,336
|
|
||||
Net income
|
4,839
|
|
|
1,713
|
|
|
14,238
|
|
|
10,617
|
|
||||
Net income attributable to Health Insurance Innovations, Inc.
|
4,800
|
|
|
1,307
|
|
|
11,012
|
|
|
7,525
|
|
||||
Weighted average Class A common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Net income per share - basic
|
0.43
|
|
|
0.10
|
|
|
0.97
|
|
|
0.59
|
|
||||
Net income per share - diluted
|
0.40
|
|
|
0.09
|
|
|
0.89
|
|
|
0.54
|
|
||||
Weighted average Class A common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
11,156,747
|
|
|
13,483,739
|
|
|
11,404,200
|
|
|
12,760,722
|
|
||||
Diluted
|
11,903,992
|
|
|
14,690,453
|
|
|
12,311,676
|
|
|
13,932,811
|
|
Cash paid within operating cash flows
|
$
|
549
|
|
Weighted-average remaining lease term
|
2.3 years
|
|
Weighted-average discount rate
|
4.41
|
%
|
Balance as of December 31, 2018
|
$
|
41,076
|
|
Goodwill acquired
|
78,323
|
|
|
Balance as of September 30, 2019
|
$
|
119,399
|
|
|
Weighted-Average Useful Lives Amortization (years)
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, net
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, net
|
|||||||||||||
Brand(1)
|
11.0
|
|
$
|
1,879
|
|
|
$
|
(542
|
)
|
|
$
|
1,337
|
|
|
$
|
1,377
|
|
|
$
|
(481
|
)
|
|
$
|
896
|
|
Carrier network
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
(40
|
)
|
|
—
|
|
||||||
Distributor relationships
|
0.6
|
|
4,059
|
|
|
(3,957
|
)
|
|
102
|
|
|
4,059
|
|
|
(3,896
|
)
|
|
163
|
|
||||||
Noncompete agreements
|
—
|
|
45
|
|
|
(45
|
)
|
|
—
|
|
|
987
|
|
|
(987
|
)
|
|
—
|
|
||||||
Customer relationships(1)
|
2.3
|
|
29,896
|
|
|
(4,563
|
)
|
|
25,333
|
|
|
1,484
|
|
|
(1,183
|
)
|
|
301
|
|
||||||
Capitalized software
|
7.0
|
|
8,000
|
|
|
(6,000
|
)
|
|
2,000
|
|
|
8,571
|
|
|
(5,714
|
)
|
|
2,857
|
|
||||||
Total definite lived intangible assets
|
|
|
43,879
|
|
|
(15,107
|
)
|
|
28,772
|
|
|
16,518
|
|
|
(12,301
|
)
|
|
4,217
|
|
||||||
Digital asset
|
|
|
8,133
|
|
|
—
|
|
|
8,133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total intangible assets
|
|
|
$
|
52,012
|
|
|
$
|
(15,107
|
)
|
|
$
|
36,905
|
|
|
$
|
16,518
|
|
|
$
|
(12,301
|
)
|
|
$
|
4,217
|
|
(1)
|
Amounts reported as of September 30, 2019 are subject to measurement period adjustments for intangible assets acquired as described in Note 2.
|
Remainder of 2019
|
$
|
3,922
|
|
2020
|
15,628
|
|
|
2021
|
7,947
|
|
|
2022
|
534
|
|
|
2023
|
114
|
|
|
2024
|
114
|
|
|
Thereafter
|
513
|
|
|
Total
|
$
|
28,772
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
Carriers and vendors payable
|
$
|
16,575
|
|
|
$
|
17,352
|
|
Accrued wages
|
3,654
|
|
|
5,045
|
|
||
Accounts payable
|
47
|
|
|
688
|
|
||
Accrued professional fees
|
3,842
|
|
|
1,676
|
|
||
Accrued interest
|
109
|
|
|
28
|
|
||
Accrued credit card/ACH fees
|
463
|
|
|
550
|
|
||
Other accrued expenses
|
8,446
|
|
|
7,058
|
|
||
Total accounts payable and accrued expenses
|
$
|
33,136
|
|
|
$
|
32,397
|
|
|
|
|
|
|
As of
|
|
|
|||||||
|
Issuance Date
|
|
Maturity Date
|
|
September 30, 2019
|
|
December 31, 2018
|
|
Rate
|
|||||
Line of credit
|
June 2019
|
|
2022
|
|
$
|
12,000
|
|
|
$
|
15,000
|
|
|
4.24
|
%
|
Non-current portion of term loan
|
June 2019
|
|
2020 - 2022
|
|
139,688
|
|
|
—
|
|
|
4.10
|
%
|
||
Non-current portion of unamortized debt issuance costs
|
|
|
|
|
(1,071
|
)
|
|
—
|
|
|
|
|||
|
|
|
|
|
$
|
150,617
|
|
|
$
|
15,000
|
|
|
|
|
Current portion of term loan
|
June 2019
|
|
2019 - 2020
|
|
8,438
|
|
|
—
|
|
|
4.10
|
%
|
||
Current portion of unamortized debt issuance costs
|
|
|
|
|
(643
|
)
|
|
—
|
|
|
|
|||
Total
|
|
|
|
|
$
|
158,412
|
|
|
$
|
15,000
|
|
|
|
|
Remainder of 2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
||||||||||||
Debt repayments
|
$
|
1,875
|
|
|
$
|
9,375
|
|
|
$
|
13,125
|
|
|
$
|
135,750
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended September 30, 2019
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||
|
Sales and marketing services
|
|
Member management
|
|
Total
|
|
Sales and marketing services
|
|
Member management
|
|
Total
|
||||||||||||
Revenue by Source
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commission revenue(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
STM
|
$
|
21,617
|
|
|
$
|
996
|
|
|
$
|
22,613
|
|
|
$
|
12,083
|
|
|
$
|
665
|
|
|
$
|
12,748
|
|
HBIP
|
19,222
|
|
|
1,443
|
|
|
20,665
|
|
|
33,009
|
|
|
2,074
|
|
|
35,083
|
|
||||||
Supplemental
|
19,471
|
|
|
1,073
|
|
|
20,544
|
|
|
18,756
|
|
|
1,144
|
|
|
19,900
|
|
||||||
Medicare
|
7,798
|
|
|
—
|
|
|
7,798
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
||||||
Services revenue
|
—
|
|
|
855
|
|
|
855
|
|
|
—
|
|
|
2,209
|
|
|
2,209
|
|
||||||
Brokerage Revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
1,210
|
|
|
—
|
|
|
1,210
|
|
||||||
Consumer engagement revenue
|
2,581
|
|
|
—
|
|
|
2,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other revenue
|
216
|
|
|
—
|
|
|
216
|
|
|
298
|
|
|
—
|
|
|
298
|
|
||||||
Total revenue
|
$
|
70,905
|
|
|
$
|
4,367
|
|
|
$
|
75,272
|
|
|
$
|
65,356
|
|
|
$
|
6,111
|
|
|
$
|
71,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Timing of Revenue Recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Transferred at a point in time
|
$
|
70,905
|
|
|
$
|
—
|
|
|
$
|
70,905
|
|
|
$
|
65,356
|
|
|
$
|
—
|
|
|
$
|
65,356
|
|
Transferred over time
|
—
|
|
|
4,367
|
|
|
4,367
|
|
|
—
|
|
|
6,111
|
|
|
6,111
|
|
||||||
Total revenue
|
$
|
70,905
|
|
|
$
|
4,367
|
|
|
$
|
75,272
|
|
|
$
|
65,356
|
|
|
$
|
6,111
|
|
|
$
|
71,467
|
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
|
Sales and marketing services
|
|
Member management
|
|
Total
|
|
Sales and marketing services
|
|
Member management
|
|
Total
|
||||||||||||
Revenue by Source
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commission revenue(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
STM
|
$
|
75,474
|
|
|
$
|
2,894
|
|
|
$
|
78,368
|
|
|
$
|
40,955
|
|
|
$
|
2,082
|
|
|
$
|
43,037
|
|
HBIP
|
61,702
|
|
|
4,932
|
|
|
66,634
|
|
|
101,378
|
|
|
6,138
|
|
|
107,516
|
|
||||||
Supplemental
|
56,608
|
|
|
3,328
|
|
|
59,936
|
|
|
58,716
|
|
|
3,384
|
|
|
62,100
|
|
||||||
Medicare
|
9,001
|
|
|
—
|
|
|
9,001
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
||||||
Services revenue
|
—
|
|
|
2,979
|
|
|
2,979
|
|
|
—
|
|
|
3,096
|
|
|
3,096
|
|
||||||
Brokerage revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
2,821
|
|
|
—
|
|
|
2,821
|
|
||||||
Customer engagement revenue
|
3,820
|
|
|
—
|
|
|
3,820
|
|
|
553
|
|
|
—
|
|
|
553
|
|
||||||
Other
|
216
|
|
|
—
|
|
|
216
|
|
|
|
|
|
|
|
|||||||||
Total revenue
|
$
|
206,821
|
|
|
$
|
14,133
|
|
|
$
|
220,954
|
|
|
$
|
204,423
|
|
|
$
|
14,757
|
|
|
$
|
219,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Timing of Revenue Recognition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Transferred at a point in time
|
$
|
206,821
|
|
|
$
|
—
|
|
|
$
|
206,821
|
|
|
$
|
204,423
|
|
|
$
|
—
|
|
|
$
|
204,423
|
|
Transferred over time
|
—
|
|
|
14,133
|
|
|
14,133
|
|
|
—
|
|
|
14,757
|
|
|
14,757
|
|
||||||
Total revenue
|
$
|
206,821
|
|
|
$
|
14,133
|
|
|
$
|
220,954
|
|
|
$
|
204,423
|
|
|
$
|
14,757
|
|
|
$
|
219,180
|
|
(1)
|
For the purposes of disaggregated revenue presentation, when additional Discount Benefit products are sold with an STM, HBIP, or supplemental product, the associated revenue for the Discount Benefit products are reported within the STM, HBIP, or supplemental product category depicted within the table.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Restricted shares
|
23
|
|
|
50
|
|
|
507
|
|
|
63
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Restricted shares
|
$
|
2,943
|
|
|
$
|
4,165
|
|
|
$
|
7,566
|
|
|
$
|
8,940
|
|
SARs
|
162
|
|
|
268
|
|
|
506
|
|
|
1,996
|
|
||||
Less amounts capitalized for internal-use software
|
(118
|
)
|
|
(89
|
)
|
|
(352
|
)
|
|
(433
|
)
|
||||
Total
|
$
|
2,987
|
|
|
$
|
4,344
|
|
|
$
|
7,720
|
|
|
$
|
10,503
|
|
|
Unrecognized Expense
|
|
Weighted Average Remaining Years
|
||
Restricted shares
|
$
|
13,149
|
|
|
2.1
|
SARs
|
496
|
|
|
1.4
|
|
Total
|
$
|
13,645
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Basic net income attributable to Health Insurance Innovations, Inc.
|
$
|
4,800
|
|
|
$
|
1,139
|
|
|
$
|
8,418
|
|
|
$
|
7,546
|
|
Weighted average shares—basic
|
11,156,747
|
|
|
12,853,739
|
|
|
11,404,200
|
|
|
12,130,722
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
||||||
Restricted shares
|
435,349
|
|
|
573,047
|
|
|
503,130
|
|
|
597,012
|
|
||||
SARs
|
310,394
|
|
|
629,038
|
|
|
402,453
|
|
|
568,692
|
|
||||
Stock options
|
1,502
|
|
|
4,629
|
|
|
1,893
|
|
|
6,385
|
|
||||
Weighted average shares—diluted
|
11,903,992
|
|
|
14,060,453
|
|
|
12,311,676
|
|
|
13,302,811
|
|
||||
Basic net income per share attributable to Health Insurance Innovations, Inc.
|
$
|
0.43
|
|
|
$
|
0.09
|
|
|
$
|
0.74
|
|
|
$
|
0.62
|
|
Diluted net income per share attributable to Health Insurance Innovations, Inc.
|
$
|
0.40
|
|
|
$
|
0.08
|
|
|
$
|
0.68
|
|
|
$
|
0.57
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Restricted shares
|
188
|
|
|
50
|
|
|
42
|
|
|
50
|
|
SARs
|
—
|
|
|
—
|
|
|
5
|
|
|
105
|
|
|
Carrying Value
|
|
Fair Value Measurement as of September 30, 2019
|
||||||||||||
|
as of
September 30, 2019 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent acquisition consideration
|
$
|
57,176
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,176
|
|
|
$
|
57,176
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,176
|
|
|
Three Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
13,424
|
|
|
$
|
—
|
|
Increase in contingent consideration liability
|
7,878
|
|
|
—
|
|
||
Increase due to measurement period adjustments
|
35,874
|
|
|
—
|
|
||
Ending balance
|
$
|
57,176
|
|
|
$
|
—
|
|
•
|
Revenue was $75.3 million compared to revenue of $71.5 million, an increase of 5.3%.
|
•
|
Net income of $4.8 million compared to net income of $1.5 million, an increase of 220.0%.
|
•
|
Adjusted EBITDA was $12.8 million compared to Adjusted EBITDA of $9.5 million, an increase of 34.7%.
|
•
|
Diluted net income per share was $0.40 compared to diluted net income per share of $0.08, an increase of 400.0%.
|
|
Expected Duration Units by Product Type(1)
|
||||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
2019
|
|
2018
|
|
Change (%)
|
|
2019
|
|
2018
|
|
Change (%)
|
||||||
IFP
|
496,700
|
|
|
511,700
|
|
|
(2.9
|
)%
|
|
1,693,200
|
|
|
1,600,400
|
|
|
5.8
|
%
|
Medicare
|
301,700
|
|
|
—
|
|
|
—
|
|
|
385,400
|
|
|
—
|
|
|
—
|
|
Total
|
798,400
|
|
|
511,700
|
|
|
56.0
|
%
|
|
2,078,600
|
|
|
1,600,400
|
|
|
29.9
|
%
|
(1)
|
Excludes de-emphasized products where the Company outsourced all sales and marketing obligations and some member management services.
|
|
Submitted Applications by Product Type(1)
|
||||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
2019
|
|
2018
|
|
Change (%)
|
|
2019
|
|
2018
|
|
Change (%)
|
||||||
IFP
|
56,700
|
|
|
75,300
|
|
|
(24.7
|
)%
|
|
192,800
|
|
|
232,000
|
|
|
(16.9
|
)%
|
Medicare
|
7,800
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
Total
|
64,500
|
|
|
75,300
|
|
|
(14.3
|
)%
|
|
202,800
|
|
|
232,000
|
|
|
(12.6
|
)%
|
(1)
|
Excludes de-emphasized products where the Company outsourced all sales and marketing obligations and some member management services.
|
(1)
|
Revenue per submitted application for Medicare is net of CC&E expenses related to one of our Medicare BPO partners who is deemed a customer under ASC 606.
|
|
Nine Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2018
|
||||||||||
|
Revenue per Submitted Application
|
|
# of Submitted Applications
|
|
Revenue per Submitted Application
|
|
# of Submitted Applications(1)
|
||||||
Short Term Medical <12 months
|
$
|
343
|
|
|
26,900
|
|
|
$
|
256
|
|
|
100,700
|
|
Short Term Medical ≥12 months
|
948
|
|
|
72,000
|
|
|
305
|
|
|
1,100
|
|
||
Total STM
|
784
|
|
|
98,900
|
|
|
256
|
|
|
101,800
|
|
||
Health Benefit Insurance Plans
|
760
|
|
|
91,600
|
|
|
577
|
|
|
130,100
|
|
||
Supplemental
|
324
|
|
|
176,200
|
|
|
288
|
|
|
179,700
|
|
||
Medicare(2)
|
828
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
||
Total
|
$
|
564
|
|
|
376,700
|
|
|
$
|
371
|
|
|
411,600
|
|
(1)
|
Excludes policies from the block of business that the Company obtained in June 2018. These policies were excluded as the revenue was recognized as part of the member management obligation only.
|
(2)
|
Revenue per submitted application for Medicare is net of CC&E expenses related to one of our Medicare BPO partners who is deemed a customer under ASC 606.
|
|
As of September 30,
|
|
|
|||||
|
2019
|
|
2018
|
|
Change
|
|||
IFP
|
171,342
|
|
|
192,666
|
|
|
(11.1
|
)%
|
Supplemental products
|
161,050
|
|
|
185,271
|
|
|
(13.1
|
)%
|
Medicare
|
14,305
|
|
|
—
|
|
|
—
|
|
Total
|
346,697
|
|
|
377,937
|
|
|
(8.3
|
)%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
4,839
|
|
|
$
|
1,492
|
|
|
$
|
10,251
|
|
|
$
|
10,671
|
|
Interest expense (income)
|
1,999
|
|
|
15
|
|
|
3,693
|
|
|
(39
|
)
|
||||
Depreciation and amortization
|
4,805
|
|
|
1,270
|
|
|
7,576
|
|
|
3,655
|
|
||||
(Benefit) provision for income taxes
|
(3,584
|
)
|
|
(559
|
)
|
|
1,503
|
|
|
5,737
|
|
||||
EBITDA
|
8,059
|
|
|
2,218
|
|
|
23,023
|
|
|
20,024
|
|
||||
Stock-based compensation and related costs
|
2,987
|
|
|
4,500
|
|
|
7,836
|
|
|
10,766
|
|
||||
Transaction costs
|
331
|
|
|
64
|
|
|
1,691
|
|
|
283
|
|
||||
Tax receivable agreement liability adjustment
|
(212
|
)
|
|
721
|
|
|
(212
|
)
|
|
721
|
|
||||
Indemnity and other related legal costs
|
1,615
|
|
|
1,301
|
|
|
3,190
|
|
|
2,334
|
|
||||
Severance, restructuring and other charges
|
—
|
|
|
706
|
|
|
341
|
|
|
3,658
|
|
||||
Adjusted EBITDA
|
$
|
12,780
|
|
|
$
|
9,510
|
|
|
$
|
35,869
|
|
|
$
|
37,786
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
4,839
|
|
|
$
|
1,492
|
|
|
$
|
10,251
|
|
|
$
|
10,671
|
|
Interest expense (income)
|
1,999
|
|
|
15
|
|
|
3,693
|
|
|
(39
|
)
|
||||
Amortization
|
4,024
|
|
|
464
|
|
|
5,223
|
|
|
1,391
|
|
||||
(Benefit) provision for income taxes
|
(3,584
|
)
|
|
(559
|
)
|
|
1,503
|
|
|
5,737
|
|
||||
Stock-based compensation and related costs
|
2,987
|
|
|
4,500
|
|
|
7,836
|
|
|
10,766
|
|
||||
Transaction costs
|
331
|
|
|
64
|
|
|
1,691
|
|
|
283
|
|
||||
Tax receivable agreement liability adjustment
|
(212
|
)
|
|
721
|
|
|
(212
|
)
|
|
721
|
|
||||
Indemnity and other related legal costs
|
1,615
|
|
|
1,301
|
|
|
3,190
|
|
|
2,334
|
|
||||
Severance, restructuring and other charges
|
—
|
|
|
706
|
|
|
341
|
|
|
3,658
|
|
||||
Adjusted pre-tax income
|
11,999
|
|
|
8,704
|
|
|
33,516
|
|
|
35,522
|
|
||||
Pro forma income taxes
|
(2,880
|
)
|
|
(2,089
|
)
|
|
(8,044
|
)
|
|
(8,525
|
)
|
||||
Adjusted net income
|
$
|
9,119
|
|
|
$
|
6,615
|
|
|
$
|
25,472
|
|
|
$
|
26,997
|
|
Total weighted average diluted share count
|
13,832
|
|
|
16,602
|
|
|
14,242
|
|
|
16,592
|
|
||||
Adjusted net income per share
|
$
|
0.66
|
|
|
$
|
0.40
|
|
|
$
|
1.79
|
|
|
$
|
1.63
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash (used in) provided by:
|
|
|
|
||||
Operating activities
|
$
|
(14,645
|
)
|
|
$
|
20,075
|
|
Investing activities
|
(59,619
|
)
|
|
(1,824
|
)
|
||
Financing activities
|
75,032
|
|
|
(25,803
|
)
|
Periods
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans
|
|
Dollar Value of Shares That May Yet Be Purchased Under the Plan(2)
|
|||||
July 1, 2019 through July 31, 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,277,082
|
|
|
August 1, 2019 through August 31, 2019
|
|
873
|
|
|
$
|
24.90
|
|
|
—
|
|
|
75,277,082
|
|
September 1, 2019 through September 30, 2019
|
|
12,223
|
|
(1)
|
$
|
17.81
|
|
|
—
|
|
|
75,277,082
|
|
Total
|
|
13,096
|
|
|
|
|
—
|
|
|
|
(1)
|
Includes shares that were surrendered by employees to satisfy statutory tax withholding obligations in connection with the vesting or exercise of stock-based compensation awards.
|
(2)
|
Maximum dollar value of shares that may yet be repurchased under the repurchase program reflects the remaining authorized repurchase amount of $39.2 million at January 1, 2019 then adjusted by repurchase activity and the Board authorized increase on March 14, 2019.
|
Exhibit No.
|
|
Description
|
|
Office lease agreement between Buschwood Tampa LLC and Health Insurance Innovations, Inc. dated August 23, 2019.
|
|
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a).
|
|
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a).
|
|
|
Section 1350 Certifications
|
|
100.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Definition Document
|
|
HEALTH INSURANCE INNOVATIONS, INC.
|
|
|
November 12, 2019
|
/s/ Gavin D. Southwell
|
|
GAVIN D. SOUTHWELL
|
|
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
|
(PRINCIPAL EXECUTIVE OFFICER)
|
|
|
November 12, 2019
|
/s/ Michael D. Hershberger
|
|
MICHAEL D. HERSHBERGER
|
|
CHIEF FINANCIAL OFFICER, SECRETARY, AND TREASURER
|
|
(PRINCIPAL FINANCIAL OFFICER)
|
/s/ Gavin D. Southwell
|
|
GAVIN D. SOUTHWELL
|
|
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
|
(Principal Executive Officer)
|
|
|
|
/s/ Michael D. Hershberger
|
|
MICHAEL D. HERSHBERGER
|
|
CHIEF FINANCIAL OFFICER, SECRETARY, AND TREASURER
|
|
(Principal Financial Officer)
|
|
|
|
/s/ Gavin D. Southwell
|
|
GAVIN D. SOUTHWELL
|
|
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
|
(Principal Executive Officer)
|
|
/s/ Michael D. Hershberger
|
|
MICHAEL D. HERSHBERGER
|
|
CHIEF FINANCIAL OFFICER, SECRETARY, AND TREASURER
|
|
(Principal Financial Officer)
|
|
|