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Health Insurance Innovations Reports Fourth Quarter and Full Year 2012 Financial and Operating Results
- Company to Host Conference Call and Webcast at 8:30 a.m. EDT, Today, March 14, 2013 -
TAMPA, Fla., March 14, 2013 Health Insurance Innovations, Inc. (NASDAQ: HIIQ) (HII or Company), a leading developer and administrator of affordable, cloud-based individual health insurance plans and ancillary products, today reported financial and operating results for the fourth quarter and full year ended December 31, 2012. The results are for Health Plan Intermediaries, LLC and Subsidiaries, which was the reporting entity for the business before completion of the initial public offering. The Company will host a conference call and webcast at 8:30 a.m. EDT, today.
2012 has been a year of great success and achievement for HII, said Michael Kosloske, Chairman, President and Chief Executive Officer of HII. During the year, we set the stage for the commencement of our initial public offering, which we successfully completed on February 7, 2013, raising $60.8 million after underwriters discount and fees. We used a portion of the proceeds to repay all of our outstanding debt under our term loan. We expect to use the remaining proceeds to advance our business by adding distribution channels to more broadly place our products. We are optimistic about our growth opportunities and our plans to expand awareness of our brand in this fast changing and growing market place for affordable individual health plans and ancillary products.
2012 Financial Highlights
Revenue increased 40.1% on a year over year basis to $41.9 million during 2012, compared to $29.9 million in 2011. Revenue in the fourth quarter of 2012 increased 45.7% to $11.8 million compared to $8.1 million in the fourth quarter of 2011.
EBITDA (earnings before interest, taxes, depreciation and amortization) was $4.5 million for the full year 2012, representing 10.7% of revenue, compared to $2.7 million of EBITDA in 2011, representing 9.0% of revenue. For the fourth quarter of 2012, EBITDA was $1.0 million representing 8.5% of revenue compared to $0.9 million for the same period in 2011. EBITDA as a percentage of revenue is lower in the fourth quarter of 2012 compared to the year ended 2012, primarily due to professional fees related to our reorganization and other actions leading up to our initial public offering in the first quarter of 2013. A reconciliation of net income to EBITDA for the three months and years ended December 31, 2012 and 2011is included in the financial supplement included in this press release.
Premium equivalents increased 42.7% to $75.9 million in 2012, compared to $53.2 million in 2011. Premium equivalents in the fourth quarter of 2012 increased 43.0% to $21.3 million, compared to $14.9 million for the same period in 2011. A reconciliation of premium equivalents to revenues for the three months and years ended December 31, 2012 and 2011 is included in the financial supplement included in this press release.
Net income increased 37.5% to $3.3 million in 2012, compared to $2.4 million in 2011. Net income in the fourth quarter of 2012 increased 40.0% to $0.7 million, compared to $0.5 million in the fourth quarter of 2011.
Operating cash flow increased140.9% to $5.3 million in 2012, compared to $2.2 million in 2011. Operating cash flow in the fourth quarter of 2012 increased 16.7% to $0.7 million, compared to $0.6 million in the fourth quarter of 2011.
The following information was filed by Health Insurance Innovations, Inc. (HIIQ) on Thursday, March 14, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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