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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Health Insurance Innovations Inc | NASDAQ:HIIQ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.39 | 27.30 | 27.75 | 0 | 01:00:00 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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
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(I.R.S. Employer
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incorporation or organization)
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|
Identification No.)
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15438 N. Florida Avenue, Suite 201
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||
Tampa, FL 33613
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||
(Address of Principal Executive Offices)
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Large accelerated filer
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[ ]
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Emerging growth company
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[X]
|
Accelerated filer
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[ ]
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Non-accelerated filer
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[ ]
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(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
[X]
|
|
|
|
|
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September 30, 2017
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December 31, 2016
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||||
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(unaudited)
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|
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||||
Assets
|
|
|
|
|
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Current assets:
|
|
|
|
|
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||
Cash and cash equivalents
|
$
|
43,060
|
|
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$
|
12,214
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Restricted cash
|
13,747
|
|
|
11,938
|
|
||
Accounts receivable, net, prepaid expenses and other current assets
|
2,585
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|
|
2,815
|
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||
Advanced commissions, net
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27,010
|
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37,001
|
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||
Total current assets
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86,402
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|
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63,968
|
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Property and equipment, net
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4,909
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4,022
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Goodwill
|
41,076
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41,076
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Intangible assets, net
|
6,405
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7,907
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||
Deferred tax assets
|
27,834
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|
|
8,181
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Other assets
|
110
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|
|
193
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Total assets
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$
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166,736
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$
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125,347
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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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31,516
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|
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$
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29,680
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|
Deferred revenue
|
257
|
|
|
430
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|
||
Income taxes payable
|
1,186
|
|
|
2,121
|
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||
Due to member
|
521
|
|
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3,282
|
|
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Other current liabilities
|
3
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|
|
126
|
|
||
Total current liabilities
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33,483
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|
|
35,639
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Due to member
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28,078
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9,460
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Other liabilities
|
43
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170
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Total liabilities
|
61,604
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45,269
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Commitments and contingencies
|
|
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|
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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; 12,700,986 and 8,156,249 shares issued as of September 30, 2017 and December 31, 2016, respectively; and 12,559,552 and 8,036,705 shares outstanding as of September 30, 2017 and December 31, 2016, respectively)
|
13
|
|
|
8
|
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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 September 30, 2017 and December 31, 2016, respectively)
|
4
|
|
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7
|
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Preferred stock (par value $0.001 per share, 5,000,000 shares authorized; no shares issued and outstanding as of September 30, 2017 and December 31, 2016)
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—
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—
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Additional paid-in capital
|
68,802
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47,849
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Treasury stock, at cost (141,434 and 119,544 shares as of September 30, 2017 and December 31, 2016, respectively)
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(1,570
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)
|
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(1,122
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)
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Retained earnings
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15,522
|
|
|
1,420
|
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Total Health Insurance Innovations, Inc. stockholders’ equity
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82,771
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48,162
|
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Noncontrolling interests
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22,361
|
|
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31,916
|
|
||
Total stockholders’ equity
|
105,132
|
|
|
80,078
|
|
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Total liabilities and stockholders' equity
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$
|
166,736
|
|
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$
|
125,347
|
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Three Months Ended September 30,
|
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Nine Months Ended September 30,
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||||||||||||
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2017
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2016
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2017
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2016
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||||||||
Revenues (premium equivalents of $99,407 and $78,548 for the three months ended September 30, 2017 and 2016, respectively and $289,243 and $226,265 for the nine months ended September 30, 2017 and 2016, respectively)
|
$
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63,335
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$
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46,108
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$
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180,986
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$
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133,092
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Operating expenses:
|
|
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Third-party commissions
|
36,603
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25,860
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103,146
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77,709
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Credit card and ACH fees
|
1,289
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|
|
921
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3,704
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2,778
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Selling, general and administrative
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15,503
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11,853
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45,457
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35,520
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Depreciation and amortization
|
1,028
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|
|
835
|
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|
2,958
|
|
|
2,367
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||||
Total operating expenses
|
54,423
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39,469
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155,265
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118,374
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Income from operations
|
8,912
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6,639
|
|
|
25,721
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|
|
14,718
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||||
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||||||||
Other expense:
|
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||||||
Interest (income) expense
|
(2
|
)
|
|
(102
|
)
|
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(2
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)
|
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53
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|
||||
Tax Receivable Agreement expense
|
—
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|
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—
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|
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—
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|
|
429
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|
||||
Fair value adjustment to contingent acquisition consideration
|
—
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|
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—
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|
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—
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15
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||||
Other expense
|
23
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|
27
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|
27
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|
|
30
|
|
||||
Income before income taxes
|
8,891
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6,714
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25,696
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|
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14,191
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|
||||
Provision for income taxes
|
2,889
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1,580
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4,220
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2,501
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Net income
|
6,002
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5,134
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21,476
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11,690
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Net income attributable to noncontrolling interests
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2,117
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3,195
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7,374
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6,989
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Net income attributable to Health Insurance Innovations, Inc.
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$
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3,885
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$
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1,939
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$
|
14,102
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$
|
4,701
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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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|
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||||||
Basic
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$
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0.33
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|
$
|
0.25
|
|
|
$
|
1.31
|
|
|
$
|
0.62
|
|
Diluted
|
$
|
0.30
|
|
|
$
|
0.25
|
|
|
$
|
1.21
|
|
|
$
|
0.61
|
|
Weighted average Class A common shares outstanding
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
11,700,941
|
|
|
7,614,252
|
|
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10,724,750
|
|
|
7,590,347
|
|
||||
Diluted
|
12,742,952
|
|
|
7,723,196
|
|
|
11,692,755
|
|
|
7,724,168
|
|
|
Health Insurance Innovations, Inc.
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Class A Common Stock
|
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Class B Common Stock
|
|
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Treasury Stock
|
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|||||||||||||||||||||||
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Shares
|
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Amount
|
|
Shares
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Shares
|
|
Amount
|
|
(Accumulated Deficit) Retained Earnings
|
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Noncontrolling Interests
|
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Stockholders’ Equity
|
|||||||||||||||||
Balance as of January 1, 2016
|
7,759,092
|
|
|
$
|
8
|
|
|
6,841,667
|
|
|
$
|
7
|
|
|
$
|
44,591
|
|
|
150,993
|
|
|
$
|
(1,542
|
)
|
|
$
|
(3,093
|
)
|
|
$
|
28,083
|
|
|
$
|
68,054
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,513
|
|
|
8,596
|
|
|
13,109
|
|
|||||||
Issuance of Class A common stock under equity compensation plans
|
246,164
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||||
Class A common stock withheld in Treasury from restricted share vesting
|
(21,397
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,397
|
|
|
(160
|
)
|
|
—
|
|
|
—
|
|
|
(160
|
)
|
|||||||
Forfeiture of restricted stock held in Treasury
|
(43,600
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
345
|
|
|
43,600
|
|
|
(345
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuances of restricted shares from treasury
|
75,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(721
|
)
|
|
(75,749
|
)
|
|
721
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuances of Class A common stock from treasury
|
20,697
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(183
|
)
|
|
(20,697
|
)
|
|
204
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,792
|
|
|||||||
Contributions (Distributions)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,763
|
)
|
|
(4,757
|
)
|
|||||||
Balance as of December 31, 2016
|
8,036,705
|
|
|
$
|
8
|
|
|
6,841,667
|
|
|
$
|
7
|
|
|
$
|
47,849
|
|
|
119,544
|
|
|
$
|
(1,122
|
)
|
|
$
|
1,420
|
|
|
$
|
31,916
|
|
|
$
|
80,078
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,102
|
|
|
7,374
|
|
|
21,476
|
|
|||||||
Issuance of Class A common stock in private offering
|
3,000,000
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
16,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,487
|
|
|||||||
Exchange of Series B Membership interest and exchange and cancellation of Class B common stock
|
—
|
|
|
—
|
|
|
(3,000,000
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,371
|
)
|
|
(14,374
|
)
|
|||||||
Issuance of Class A common stock under equity compensation plans
|
1,544,737
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|||||||
Class A common stock withheld in Treasury from restricted share vesting
|
(21,890
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,890
|
|
|
(448
|
)
|
|
—
|
|
|
—
|
|
|
(448
|
)
|
|||||||
Stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,437
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,437
|
|
|||||||
Contributions (distributions)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,558
|
)
|
|
(2,556
|
)
|
|||||||
Balance as of September 30, 2017 (unaudited)
|
12,559,552
|
|
|
$
|
13
|
|
|
3,841,667
|
|
|
$
|
4
|
|
|
$
|
68,802
|
|
|
141,434
|
|
|
$
|
(1,570
|
)
|
|
$
|
15,522
|
|
|
$
|
22,361
|
|
|
$
|
105,132
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
21,476
|
|
|
$
|
11,690
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Stock-based compensation
|
4,437
|
|
|
1,362
|
|
||
Depreciation and amortization
|
2,958
|
|
|
2,367
|
|
||
Fair value adjustments to contingent acquisition consideration
|
—
|
|
|
15
|
|
||
Deferred income taxes
|
1,079
|
|
|
(276
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Increase in restricted cash
|
(1,809
|
)
|
|
(2,551
|
)
|
||
Decrease in accounts receivable, prepaid expenses and other assets
|
313
|
|
|
130
|
|
||
Decrease (increase) in advanced commissions
|
9,991
|
|
|
(6,162
|
)
|
||
Decrease in income taxes receivable
|
—
|
|
|
591
|
|
||
(Decrease) increase in income taxes payable
|
(935
|
)
|
|
1,286
|
|
||
Increase in accounts payable, accrued expenses and other liabilities
|
1,682
|
|
|
3,549
|
|
||
Decrease in deferred revenue
|
(173
|
)
|
|
(158
|
)
|
||
Increase in due to member
|
—
|
|
|
458
|
|
||
Net cash provided by operating activities
|
39,019
|
|
|
12,301
|
|
||
Investing activities:
|
|
|
|
|
|
||
Capitalized internal-use software and website development costs
|
(2,104
|
)
|
|
(2,362
|
)
|
||
Purchases of property and equipment
|
(239
|
)
|
|
(40
|
)
|
||
Net cash used in investing activities
|
(2,343
|
)
|
|
(2,402
|
)
|
||
Financing activities:
|
|
|
|
|
|
||
Proceeds from borrowings under revolving line of credit
|
—
|
|
|
7,500
|
|
||
Payments on borrowings under revolving line of credit
|
—
|
|
|
(10,000
|
)
|
||
Payments for contingent acquisition consideration
|
—
|
|
|
(547
|
)
|
||
Payments for noncompete obligation
|
(96
|
)
|
|
(144
|
)
|
||
Class A common stock withheld in treasury from restricted share vesting
|
(448
|
)
|
|
(75
|
)
|
||
Issuances of Class A common stock under equity compensation plans
|
32
|
|
|
—
|
|
||
Issuances of Class A common stock from treasury
|
—
|
|
|
17
|
|
||
Distributions to member
|
(5,318
|
)
|
|
(86
|
)
|
||
Net cash used in financing activities
|
(5,830
|
)
|
|
(3,335
|
)
|
||
Net increase in cash and cash equivalents
|
30,846
|
|
|
6,564
|
|
||
Cash and cash equivalents at beginning of period
|
12,214
|
|
|
7,695
|
|
||
Cash and cash equivalents at end of period
|
$
|
43,060
|
|
|
$
|
14,259
|
|
|
|
|
|
||||
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
|
16,487
|
|
|
—
|
|
||
Exchange of Class B membership interests related to Exchange Agreement
|
(14,374
|
)
|
|
—
|
|
||
Declared but unpaid distribution to member of Health Plan Intermediaries, LLC
|
—
|
|
|
3,442
|
|
|
Weighted-average Amortization (years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, net
|
||||||
Brand
|
14.1
|
|
$
|
1,377
|
|
|
$
|
(375
|
)
|
|
$
|
1,002
|
|
Carrier network
|
5.0
|
|
40
|
|
|
(40
|
)
|
|
—
|
|
|||
Distributor relationships
|
6.8
|
|
4,059
|
|
|
(3,279
|
)
|
|
780
|
|
|||
Noncompete agreements
|
4.7
|
|
987
|
|
|
(987
|
)
|
|
—
|
|
|||
Customer relationships
|
5.8
|
|
1,484
|
|
|
(1,147
|
)
|
|
337
|
|
|||
Capitalized software
|
6.7
|
|
8,571
|
|
|
(4,285
|
)
|
|
4,286
|
|
|||
Total intangible assets
|
|
|
$
|
16,518
|
|
|
$
|
(10,113
|
)
|
|
$
|
6,405
|
|
|
Weighted-average Amortization (years)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Intangible Assets, net
|
||||||
Brand
|
14.1
|
|
$
|
1,377
|
|
|
$
|
(311
|
)
|
|
$
|
1,066
|
|
Carrier network
|
5.0
|
|
40
|
|
|
(40
|
)
|
|
—
|
|
|||
Distributor relationships
|
6.8
|
|
4,059
|
|
|
(2,831
|
)
|
|
1,228
|
|
|||
Noncompete agreements
|
4.7
|
|
987
|
|
|
(881
|
)
|
|
106
|
|
|||
Customer relationships
|
5.8
|
|
1,484
|
|
|
(1,125
|
)
|
|
359
|
|
|||
Capitalized software
|
6.7
|
|
8,571
|
|
|
(3,423
|
)
|
|
5,148
|
|
|||
Total intangible assets
|
|
|
$
|
16,518
|
|
|
$
|
(8,611
|
)
|
|
$
|
7,907
|
|
Remainder of 2017
|
$
|
463
|
|
2018
|
1,725
|
|
|
2019
|
1,338
|
|
|
2020
|
1,338
|
|
|
2021
|
685
|
|
|
2022
|
114
|
|
|
Thereafter
|
742
|
|
|
Total
|
$
|
6,405
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Carriers and vendors payable
|
$
|
13,643
|
|
|
$
|
11,385
|
|
Commissions payable
|
5,896
|
|
|
5,710
|
|
||
Accrued wages
|
5,888
|
|
|
4,206
|
|
||
Accrued refunds
|
1,746
|
|
|
3,238
|
|
||
Accounts payable
|
624
|
|
|
928
|
|
||
Accrued professional fees
|
1,755
|
|
|
910
|
|
||
Accrued credit card/ACH fees
|
403
|
|
|
430
|
|
||
Accrued restructuring
|
—
|
|
|
3
|
|
||
Other accrued expenses
|
1,561
|
|
|
2,870
|
|
||
Total accounts payable and accrued expenses
|
$
|
31,516
|
|
|
$
|
29,680
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Restricted shares
|
—
|
|
|
28
|
|
|
855
|
|
|
54
|
|
SARs
|
100
|
|
|
104
|
|
|
185
|
|
|
703
|
|
Stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Restricted shares
|
$
|
2,246
|
|
|
$
|
(41
|
)
|
|
$
|
3,306
|
|
|
$
|
254
|
|
SARs
|
434
|
|
|
415
|
|
|
1,116
|
|
|
1,019
|
|
||||
Stock options
|
3
|
|
|
19
|
|
|
15
|
|
|
89
|
|
||||
|
$
|
2,683
|
|
|
$
|
393
|
|
|
$
|
4,437
|
|
|
$
|
1,362
|
|
|
Unrecognized Expense
|
|
Weighted Average Remaining Years
|
||
Restricted shares
|
$
|
13,310
|
|
|
2.1
|
SARs
|
2,734
|
|
|
2.2
|
|
Stock options
|
1
|
|
|
0.2
|
|
|
$
|
16,045
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic net income attributable to Health Insurance Innovations, Inc.
|
$
|
3,885
|
|
|
$
|
1,939
|
|
|
$
|
14,102
|
|
|
$
|
4,701
|
|
Weighted average shares—basic
|
11,700,941
|
|
|
7,614,252
|
|
|
10,724,750
|
|
|
7,590,347
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|||||
Restricted shares
|
466,581
|
|
|
67,798
|
|
|
258,218
|
|
|
87,155
|
|
||||
SARs
|
561,788
|
|
|
—
|
|
|
685,583
|
|
|
5,226
|
|
||||
Stock options
|
13,642
|
|
|
41,146
|
|
|
24,204
|
|
|
41,440
|
|
||||
Weighted average shares—diluted
|
12,742,952
|
|
|
7,723,196
|
|
|
11,692,755
|
|
|
7,724,168
|
|
||||
Basic net income per share attributable to Health Insurance Innovations, Inc.
|
$
|
0.33
|
|
|
$
|
0.25
|
|
|
$
|
1.31
|
|
|
$
|
0.62
|
|
Diluted net income per share attributable to Health Insurance Innovations, Inc.
|
$
|
0.30
|
|
|
$
|
0.25
|
|
|
$
|
1.21
|
|
|
$
|
0.61
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Restricted shares
|
—
|
|
|
31
|
|
|
405
|
|
|
42
|
|
SARs
|
16
|
|
|
131
|
|
|
—
|
|
|
88
|
|
Stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Carrying Value
|
|
Fair Value Measurement as of December 31, 2016
|
||||||||||||
|
as of
December 31, 2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noncompete obligation
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Premium equivalents
|
$
|
99,407
|
|
|
$
|
78,548
|
|
|
$
|
289,243
|
|
|
$
|
226,265
|
|
Less risk premium
|
34,502
|
|
|
31,056
|
|
|
103,545
|
|
|
88,880
|
|
||||
Less amounts earned by third party obligors
|
1,570
|
|
|
1,384
|
|
|
4,712
|
|
|
4,293
|
|
||||
Revenues
|
$
|
63,335
|
|
|
$
|
46,108
|
|
|
$
|
180,986
|
|
|
$
|
133,092
|
|
|
As of September 30,
|
|
|
|||||
|
2017
|
|
2016
|
|
Change (%)
|
|||
IFP
|
176,088
|
|
|
120,901
|
|
|
45.6
|
%
|
Supplemental products
|
171,838
|
|
|
131,241
|
|
|
30.9
|
%
|
Total
|
347,926
|
|
|
252,142
|
|
|
38.0
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
6,002
|
|
|
$
|
5,134
|
|
|
$
|
21,476
|
|
|
$
|
11,690
|
|
Interest (income) expense
|
(2
|
)
|
|
(102
|
)
|
|
(2
|
)
|
|
53
|
|
||||
Depreciation and amortization
|
1,028
|
|
|
835
|
|
|
2,958
|
|
|
2,367
|
|
||||
Provision for income taxes
|
2,889
|
|
|
1,580
|
|
|
4,220
|
|
|
2,501
|
|
||||
EBITDA
|
9,917
|
|
|
7,447
|
|
|
28,652
|
|
|
16,611
|
|
||||
Non-cash stock-based compensation
|
2,682
|
|
|
393
|
|
|
4,437
|
|
|
1,362
|
|
||||
Fair value adjustment to contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Transaction costs
|
5
|
|
|
—
|
|
|
761
|
|
|
—
|
|
||||
Tax receivable agreement liability adjustment
|
—
|
|
|
29
|
|
|
—
|
|
|
458
|
|
||||
Severance, restructuring and other charges
|
238
|
|
|
224
|
|
|
1,133
|
|
|
446
|
|
||||
Adjusted EBITDA
|
$
|
12,842
|
|
|
$
|
8,093
|
|
|
$
|
34,983
|
|
|
$
|
18,892
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
6,002
|
|
|
$
|
5,134
|
|
|
$
|
21,476
|
|
|
$
|
11,690
|
|
Interest (income) expense
|
(2
|
)
|
|
(102
|
)
|
|
(2
|
)
|
|
53
|
|
||||
Amortization
|
479
|
|
|
527
|
|
|
1,502
|
|
|
1,642
|
|
||||
Provision for income taxes
|
2,889
|
|
|
1,580
|
|
|
4,220
|
|
|
2,501
|
|
||||
Non-cash stock-based compensation
|
2,682
|
|
|
393
|
|
|
4,437
|
|
|
1,362
|
|
||||
Fair value adjustment to contingent consideration
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Transaction costs
|
5
|
|
|
—
|
|
|
761
|
|
|
—
|
|
||||
Tax receivable agreement liability adjustment
|
—
|
|
|
29
|
|
|
—
|
|
|
458
|
|
||||
Severance, restructuring and other charges
|
238
|
|
|
224
|
|
|
1,133
|
|
|
446
|
|
||||
Adjusted pre-tax income
|
12,293
|
|
|
7,785
|
|
|
33,527
|
|
|
18,167
|
|
||||
Pro forma income taxes
|
(4,671
|
)
|
|
(2,958
|
)
|
|
(12,740
|
)
|
|
(6,903
|
)
|
||||
Adjusted net income
|
$
|
7,622
|
|
|
$
|
4,827
|
|
|
$
|
20,787
|
|
|
$
|
11,264
|
|
Total weighted average diluted share count (1)
|
16,585
|
|
|
14,565
|
|
|
16,260
|
|
|
14,566
|
|
||||
Adjusted net income per share
|
$
|
0.46
|
|
|
$
|
0.33
|
|
|
$
|
1.28
|
|
|
$
|
0.77
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total SG&A
|
$
|
15,503
|
|
|
$
|
11,853
|
|
|
$
|
45,457
|
|
|
$
|
35,520
|
|
Less Stock-based compensation
|
2,682
|
|
|
393
|
|
|
4,437
|
|
|
1,362
|
|
||||
Less Transaction costs
|
5
|
|
|
—
|
|
|
761
|
|
|
—
|
|
||||
Less Severance, restructuring and other charges
|
238
|
|
|
224
|
|
|
1,133
|
|
|
446
|
|
||||
Less Marketing and Advertising
|
2,249
|
|
|
2,875
|
|
|
7,798
|
|
|
8,144
|
|
||||
Core SG&A
|
$
|
10,329
|
|
|
$
|
8,361
|
|
|
$
|
31,328
|
|
|
$
|
25,568
|
|
Periods
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Program
|
|||||
July 1, 2017 through July 31,2017
|
3,300
|
|
(1
|
)
|
—
|
|
|
—
|
|
|
—
|
|
August 1, 2017 through August 31, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
September 1, 2017 through September 30, 2017
|
6,963
|
|
(1
|
)
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
10,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Exhibit No.
|
|
Description
|
|
Credit Agreement dated July 17, 2017 among Health Plan Intermediaries Holdings, LLC, as borrower, certain affiliates and subsidiaries, as guarantors, and SunTrust Bank, as lender
(Incorporated herein by reference to Exhibit 10.1 to the Form 8-K filed on July 19, 2017)
|
|
|
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 2, 2017
|
/s/ Gavin D. Southwell
|
|
GAVIN D. SOUTHWELL
|
|
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
|
(PRINCIPAL EXECUTIVE OFFICER)
|
|
|
November 2, 2017
|
/s/ Michael D. Hershberger
|
|
MICHAEL D. HERSHBERGER
|
|
CHIEF FINANCIAL OFFICER, SECRETARY AND TREASURER
|
|
(PRINCIPAL FINANCIAL OFFICER)
|
1 Year Health Insurance Innovat... Chart |
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