new investor presentation · 2020. 8. 13. · investor presentation august 2020. disclaimer....

Investor PresentationAugust 2020

INVESTOR PRESENTATION AUGUST 2020

Disclaimer

Forward-Looking StatementsThis presentation contains forward-looking statements These forward-looking statements reflect our current views with respect to among other things future events and our financial performance These statements are often but not always made through the use of words or phrases such as ldquomayrdquo ldquoshouldrdquo ldquocouldrdquo ldquopredictrdquo ldquopotentialrdquo ldquobelieverdquo ldquowill likely resultrdquo ldquoexpectrdquo ldquocontinuerdquo ldquowillrdquo ldquoanticipaterdquo ldquoseekrdquo ldquoestimaterdquo ldquointendrdquo ldquoplanrdquo ldquoprojectionrdquo ldquowouldrdquo and ldquooutlookrdquo or the negative version of those words or other comparable words or phrases of a future or forward-looking nature These forward-looking statements are not historical facts and are based on current expectations estimates and projections about our industry managementrsquos beliefs and certain assumptions made by management many of which by their nature are inherently uncertain and beyond our control Accordingly we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks assumptions and uncertainties that are difficult to predict Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made actual results may prove to be materially different from the results expressed or implied by the forward-looking statements

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements including but not limited to the following the ultimate duration and impact of the ongoing COVID-19 pandemic our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships existing and future laws and regulations affecting the health insurance market changes in health insurance products offered by our insurance carrier partners and the health insurance market generally insurance carriers offering products and services directly to consumers changes to commissions paid by insurance carriers and underwriting practices competition with brokers exclusively online brokers and carriers who opt to sell policies directly to consumers competition from government-run health insurance exchanges developments in the US health insurance system our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life automotive and home insurance industries our ability to develop new offerings and penetrate new vertical markets risks from third-party products failure to enroll individuals during the Medicare annual enrollment period our ability to attract integrate and retain qualified personnel our dependence on lead providers and ability to compete for leads failure to obtain andor convert sales leads to actual sales of insurance policies access to data from consumers and insurance carriers accuracy of information provided from and to consumers during the insurance shopping process cost-effective advertisement through internet search engines ability to contact consumers and market products by telephone global economic conditions disruption to operations as a result of future acquisitions significant estimates and assumptions in the preparation of our financial statements impairment of goodwill potential litigation and claims including IP litigation our existing and future indebtedness developments with respect to LIBOR access to additional capital failure to protect our intellectual property and our brand fluctuations in our financial results caused by seasonality accuracy and timeliness of commissions reports from insurance carriers timing of insurance carriersrsquo approval and payment practices factors that impact our estimate of the constrained lifetime value of commissions per policyholder changes in accounting rules tax legislation and other legislation disruptions or failures of our technological infrastructure and platform failure to maintain relationships with third-party service providers cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers our ability to protect consumer information and other data and failure to market and sell Medicare plans effectively or in compliance with laws For a further discussion of these and other risk factors that could impact our future results and performance see the section entitled ldquoRisk Factorsrdquo in the most recent registration statement on Form S-1 (the ldquoProspectusrdquo) filed by us with the Securities Exchange Commission Accordingly you should not place undue reliance on any such forward-looking statements Any forward-looking statement speaks only as of the date on which it is made and except as otherwise required by law we do not undertake any obligation to publicly update or review any forward-looking statement whether as a result of new information future developments or otherwise

Certain information contained in this presentation and statements made orally during this presentation relates to or is based on publications and other data obtained from third-party sources While we believe these third-party sources to be reliable as of the date of this presentation we have not independently verified and make no representation as to the adequacy fairness accuracy or completeness of any information obtained from such third-party sources

No Offer or Solicitation Further InformationThis presentation is for informational purposes only and is not an offer to sell with respect to any securities This presentation should be read together with ldquoManagementrsquos Discussion and Analysis of Financial Condition and Results of Operationsrdquo and the consolidated financial statements and the related notes thereto included in the Prospectus

Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures intended to supplement not substitute for comparable GAAP measures Numbers in this presentation may not sum due to rounding

2

Company Overview

3


Life 25

Senior Health 66

Auto amp Home

8

4

Notes1 As of 33120202 Based on past company experience average agent productivity increases by ~40 in an agentrsquos second AEP3 Adjusted EBITDA and Adjusted EBITDA Margin are Non-GAAP financial measures used to measure operating performance We define Adjusted EBITDA as income before interest expense income tax expense depreciation and amortization and certain

addbacks for non-cash or non-recurring expenses including restructuring and share-based compensation expenses

SelectQuote at a Glance

46LTM 3312020YoY Revenue Growth

30+Years inOperation

100InternalAgents

~1000Licensed Agents(1)

$180Bn+Total Addressable Market

2MM+Policyholders Served

1 Billion+ Data points collected

$464MMLTM 3312020 Revenue

29LTM 3312020 Adjusted EBITDA(3) Margin

$133MMLTM 3312020 Adjusted EBITDA(3)

We are a leading technology-enabled direct-to-consumer (ldquoDTCrdquo) distribution platform

WHO WE ARE

50+ carriers entrust us to sell their ldquomust ownrdquo insurance products

WHAT WE DO

Our ldquoFly Wheelrdquo is enhanced by over 1 billion data points and 30+ years of experience

WHY WE ARE DIFFERENT

Our proprietary purpose-built marketing technology optimizes lead delivery to our 100 internal agent force maximizing marketing ROI

HOW WE DO IT~40Tenured Agent YoY Productivity Increase(2)

93Level 1 Agent Retention

KPIs40xFYrsquo19 Revenue CAC

LTM 3312020 Revenue Mix



Consolidated Senior


Key Investment Highlights

Large and Growing End Markets Shifting to Meet Evolving Consumer Preferences

Purpose-Built Technology Empowering Our Highly Skilled Internal Agent Network

Unique Company Culture Developed by Experienced Management Team

Simple and Attractive Business Model Driving Profitable Growth and Industry Leading LTV

5

Self-Reinforcing Feedback Loop from Strong Carrier Relationships and Favorable Consumer Outcomes


Demographic Trends Are Supercharging Our Growth Trajectory

Source National Bureau of Economic Research CSG Actuarial

High Degree of Visibility to Accelerating Growth of Senior Population

6

MA MS Enrollment Other Medicare Enrollment MA MS Enrollment as of Total Medicare Enrollment

(MM)

MA MS Enrollment and Penetration Are Growing

200 261 357 447 534

255 264

242 237

233

455 525

599 684

767

4450

6065

70

202008A 2013A 2018A 2023E 2028E

Senior Health

$47Bn

Auto amp Home Life

Total Addressable Market $180Bn+

$30Bn

$105Bn

Current share lt1

Current share lt1

Current share lt1

Source CSG Actuarial

599MM

357MM

03MM

Total Medicare Enrollment

MA MS Enrollment

SelectQuote Enrollment

Notes1 Total Medicare enrollment grew 24 from 2017 to 2018 SelectQuote MS MA active policy count grew 375 over the same timeframe

SelectQuote has grown at 156x the market growth rate (1)

Other DTCMA MS Enrollment


Market Demands Have Evolved DramaticallyConsumers Desire Expertise Simplicity Specialized Service for Complex Purchasing Decisions

Industry Norm What the Market Wants

Face-to-face and time-intensive

Limited coverage options and agent expertise

Limited transparency

Few alternatives

ldquoOne size fits allrdquo advice based on unknown factors(ie sales commissions)

Over the phone convenient and efficient

Knowledgeable and experienced agents

Fully transparent and unbiased

Broad product offering

Advice tailored to meet individual needs clientsrsquobest interests

Cumbersome Easy

7

The Challenge Address evolving purchasing behavior of the consumer in a market for very complex products


We Have Addressed the Challenge with a Unique Approach

Agents enhance lead conversion and maximize revenue opportunity

Highly trained 100 internal agents

Conduct personalized needs-based analysis

Incented to place customer in the best policy

Pre-hire assessment through seasonal Flex program

Our AgentsTechnology optimizes our lead acquisition intelligently matches leads to agents and maximizes our return on marketing spend

Proprietary data-driven and purpose-built solutions

Intelligent lead acquisition

Real time lead-to-agent matching and routing

Post-sale client engagement

Our Technology

Our Purpose-Built Technology Empowers Our Agents with Tools to Maximize Customer Satisfaction and Optimize Policyholder Lifetime Value

8

Our Foundational Pillars


Our Approach is Rooted in Sophisticated Technology

9

Robust fully-integrated technology platform drives customer lifetime value ROI

Lead Acquisition

Lead Management amp Routing

Sales Customer Engagementamp Lifecycle Management

SelectCareCore proprietary CRM and parent system with sales enablement workflow optimization tools

including lead scoring lead distribution customer service and cross-sell capabilities

All functions wrapped with Data Science Machine Learning to constantly optimize outcomes

Proprietary purpose-built technology platform

SelectBidAdvanced lead scoring and purchasing tools

Get A Lead (ldquoGALrdquo)Unique performance and

availability-based lead routing

Workflow TechProprietary consumer lifecycle management

(ldquoCLMrdquo) tool

ARC AQEReal-time quoting and underwriting by carrier

SRTSProprietary revenue

tracking and ASC 606 financial reporting tool

Sophisticated compliance processes Tools and systems

to audit calls Logged and retrievable

customer interactions

Rich data assets Over 30 years of data

across millions of transactions

Over 1 billion consumer and third-party data points

Scalable Proprietary Technology Solutions from End-to-End


OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio

We Engage in Omni-Channel Lead Acquisition

Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin

High Potential for Close

Dat

a Te

ch

Buy

ing

Leads AcquiredLeads Foregone

Our Philosophy

SelectBid allows for a dynamic omni-channel approach to lead acquisition

Our agents only receive thehighest quality leads

Scoring

Acquired LeadsPotential Leads

10


Illustrative Senior Health Monthly Production

SelectQuote is able to dynamically manage the allocation ofits agents across seasons

Our Product Diversification and Flex Model Impact Retention

Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun

Medicare Advantage Medicare Supplement

AEP OEP

AEP creates seasonal upswing in business volumes with~50 of MA and MS policies written in this window

Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP

Agent Lifecycle Management

Senior Health

Auto ampHome Life

+Flex Agents

Agents Are Able to Flex from One Segment to Another in a Highly Seasonal Business

Business Segments

12


SelectQuote Senior Health ndash Overview

SelectQuote Business Mix by Approved Policies

Provides the 65+ Senior market with leading online comparison shopping and expert advice

Medicare Advantage

71

Medicare Supplement

5

Dental Vision and Hearing

18

Prescription Drug Plan4

Other1

LTM 3312020A Approved Policies

267K

13

Skilled agents guide seniors through complex sales and enrollment process (primarily MA and MS)

SelectQuote automatically earns a recurring commission as long as the policy is in place

Segment serves a market with strong demographic tailwinds

Represents 15 leading nationally-recognized insurance carrier partners

Avg LTV of Commissions Per Policy($ per policy)

50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267

FY 2018A FY 2019A LTM 3312020AMA MS DVH PDP Other

Senior Health Division Approved Policies(000s of policies)

1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other

FY 2018A FY 2019A 9 months ended 33120


SelectQuote Life ndash Overview

bull Leading distributor of term life insurance founded in 1985bull SelectQuote was the first term life insurance exchange platform in the US

Over 175MM plans sold nationwide since inception

Career agents provide consultative sale to drive longer term and higher face amount

Places policies on behalf of 15 leading nationally recognized insurance carrier partners (primarily Term and Permanent Life)

SelectQuote Life Premium Mix

Core Premiums77

Ancillary Premiums23

LTM 3312020A Life Premiums

$100MM

14

Life Core and Ancillary Premium

72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A

Core Premium Ancillary Premium

103

15

4

FY lsquo18A ndash LTM 3312020A CAGR

($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A

SelectQuote Auto amp Home ndash Overview

Licensed agents providing expert advice to 30000+ customers annually(1)

Provides unbiased online comparison shopping platform for auto home and specialty insurance lines

ldquoMust haverdquo nature of personal lines PampC creates a large and growing market

Frequently bundle products to deliver customer value and drive retention

Notes1 Customer count for FYrsquo19A2 Bundle rate as of FYrsquo19A

National Carrier Partners25+

15

Bundle Rate(2)47

Total Premium($MM)

Strategic Priorities and Financial Overview

16


Strategic Focus and Competitive Differentiators

17

bull Our strategy is to maximize absolute profitability at attractive returns on invested capital

bull Predictable cash flows are driven by high quality of policies written

bull Our choice model paired with highly trained in-house agents and dedicated customer care teams was purpose-built to ensure customers buy the right plan for their specific needs which leads to high retention rates

bull Our market-leading Lifetime Value and EBITDA per policy are a function of the way we have built and refined our business over 30 years

bull We have a strong record of attractive returns on invested capital and have a long runway to replicate those returns at scale


PolicyholderLifetimeRevenue

Costs ofAcquisition

PolicyholderLifetimeValue

Production Bonus and Other Revenues

Other CommissionsMA MS Commissions

What Is Policyholder Lifetime ValueUnder ASC 606 SelectQuote Recognizes the Upfront Commission and the Estimated Value of Renewal Commissions as Revenue in the Period in Which the Policy Is Approved

Policyholder Lifetime Value from a MA MS Policy

Components of Policyholder Lifetime

Revenue Include

18


How We Maximize Policyholder Lifetime Value

SelectQuote Seeks to Optimize all Components of Policyholder Lifetime Value

Acquisition Costs Lead Close Rates Commissions Customer Retention

Economies of scale

Optimizedmarketing spend

Multi-channellead scoring

Agent levelingsystem

Higher qualityleads

Sophisticatedanalytics

Production bonuses

ldquoPodsrdquo established with select carriers

Favorablecommission structures

DedicatedldquoCustomer Carerdquo

team

Tailored retention strategies

Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600

Revenue per approved MAMS policy(1) Cost per approved MAMS policy(2) Adj EBITDA per approved MAMS policy(3)

SelectQuote Peer A Peer B

Industry Leading Unit Economics

NotesSource Analysis based on publicly filed documents Financials based on Medicare Senior Operating Segment 1 Segment Revenue divided by approved MA and MS policies2 Cost represents Segment Revenue minus Segment Adj EBITDAProfit divided by approved MA and MS policies3 Segment Adj EBITDAProfit divided by approved MA and MS policies4 Medicare Segment policies and financials include both Internal and External segments5 Excludes $423m one time tail adjustment in 4Q 20196 Represents MedicareSenior division revenues and cost only

20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost

SLQT Peer A Peer B17x 17x 14x=

102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A

Senior Health Life Auto amp Home

We Have a High-Growth Scalable Business Model(1)

Notes1 SelectQuotersquos fiscal year ends 6302 Excludes ~$05MM from Corporate amp Eliminations3 Adjusted EBITDA and Adjusted EBITDA Margin are Non-GAAP financial measures used to measure operating performance We define Adjusted EBITDA as income before interest expense income tax expense depreciation and amortization and certain


Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133

FY 2018A FY 2019A LTM 3312020ASenior Health Life Auto amp Home Corporate

Adj EBITDA(3)

($MM)

21 31

21

Adj EBITDA Margin(3)


29


Predictable Cash Flow amp Attractive ReturnsAnnual Customer Cohorts Added as Recently as 2018 Are Already Cash Flow Positive

bull All cost incurred in year 1 of customer lifebull Per ASC 606 anticipated lifetime revenue recognized in year 1bull On a cash basis cohorts typically breakeven in year 2-3bull Significant cash returns generated thereafter

2015 Cost 2015Revenue





Upfront Cost First Year Cash ReceivedRenewal Cash Received to Date Cash to be received from polices that have already renewedFuture Expected Cash from Renewals

22

ROADSHOW PRESENTATION

Our Attractive and Scalable Platform Is GrowinghellipOur Platform Provides Ample Support for Future Years of Growth with Minimal Ongoing Working Capital Requirements

23

Maximize policyholder lifetime value

Increase size and enhance productivity of agent force

Deepen consumer penetration and drive cross-sell opportunities

Deepen and broaden insurance carrier partnerships

Introduce new products

Our Drivers of Continued Growth

As Our Platform Has Grown So Has Our Value Proposition



hellipand Can Be Leveraged to Introduce New Product Offerings

Features of the SelectQuote Platform

SelectQuote Currently Offers Over 20 Products and Continuously Evaluates New Opportunities

Est 1985 Est 2010 Est 2011

Life Senior Health Auto amp Home

Developed relationship with blue-chip carriers

Broad multi-channel customer reach

Scalable model with nimble approach

24

Examples of New Product Opportunities

Simplified Annuities

Retirement Solutions or theNon-Insurance Space


Appendix

25

FY 2019 Reconciliation of GAAP Net Income to Adj EBITDA($rsquos in thousands)

Senior Life Auto amp Home Corp amp Elims Consolidated

Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469 Operating expenses (102083) (84672) (27237) (18184) (232175)Other expenses 0 0 0 (15) (15)

Adjusted EBITDA 90174 25821 7817 (18533) 105279

Loss on disposal of property equipment and software (221)Share-based compensation expense (86)Restructuring (2305)Non-recurring expenses (1691)Depreciation and amortization (4702)Income tax expense (22034)Interest expense (1660)Net Income $ 72579

INVESTOR PRESENTATION AUGUST 2020 26

SEC Adj EBITDA FY 2019


SEC Adj EBITDA LTM March 2020




Adjusted EBITDA 36688 22971 9221 (18953) 49928






LTM March 2020 Reconciliation of GAAP Net Income to Adj EBITDA($rsquos in thousands)



Adjusted EBITDA 125347 24652 7870 (24464) 133406

Loss on disposal of property equipment and software (404)Share-based compensation expense (9301)Restructuring 73Non-recurring expenses (3538)Depreciation and amortization (6529)Income tax expense (22943)Interest expense (16778)Net Income $ 73985





Legal Disclaimer

copy Morgan Stanley andor certain of its affiliates All rights reserved

Investor Presentation

Disclaimer

Company Overview




Market Demands Have Evolved Dramatically





Business Segments






What Is Policyholder Lifetime Value




Predictable Cash Flow amp Attractive Returns

Our Attractive and Scalable Platform Is Growinghellip


Appendix

FY 2019 Reconciliation of GAAP Net Income to Adj EBITDA


LTM March 2020 Reconciliation of GAAP Net Income to Adj EBITDA

Slide Number 29

GAAP 606

YES

Sub Group New

ACTUALS ACTUALS ACTUALS ACTUALS ACTUALS ACTUALS CHECK ACTUALS ACTUALS

All SENIOR LIFE AUTO AND HOME CORP amp Elims Consolidated All CORP ELIMINATION

LTM March 2020 LTM March 2020 LTM March 2020 LTM March 2020 LTM March 2020 LTM March 2020 LTM March 2020 LTM March 2020

1110 - FY COMMISSIONS INCOME $102577022 $98552971 $8903691 $0 $210033684 $210033684 $0 $0 $0

1120 - RENEWAL COMMISSIONS INCOME $204641488 $12002955 $28876450 $0 $245520893 $245520893 $0 $0 $0

1130 - PROVISION FOR UNCOLLECTABILITY ($20615759) ($14349073) ($1421845) $0 ($36386677) ($36386677) $0 $0 $0

1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)

12 - PRODUCTION BONUSES $20886746 $22150521 $2506797 $0 $45544064 $45544064 $0 $0 $0

01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0

03 - COGS - FULFILLMENT ($20807942) ($8876039) ($3994057) $0 ($33678037) ($33678037) $0 $0 $0

01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)

04 - SALES AND MARKETING ($92243781) ($52679817) ($10614781) $470260 ($155068120) ($155068120) $0 $0 $470260

05 - TECHNICAL DEVELOPMENT $0 $0 $0 ($10813553) ($10813553) ($10813553) $0 ($10813553) $0

06 - GENERAL AND ADMINISTRATIVE ($2243437) ($907657) ($891614) ($13623631) ($17666340) ($17666340) $0 ($13623631) $0

02 - OPERATING EXPENSE ($94487219) ($53587474) ($11506395) ($23966924) ($183548013) ($183548013) $0 ($24437184) $470260

08 - OTHER INCOME (EXPENSE) $0 $0 $0 ($26737) ($26737) ($26737) $0 ($26737) $0

Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New

ACTUALS ACTUALS ACTUALS ACTUALS ACTUALS

All All

LTM March 2020

6820 - GAINLOSS ON DISPOSAL OF FA ($404354)

42 - OTHER INCOME (EXPENSE) $0

2160 - STOCK BASED COMP ($9301413)

6917 - RESTRUCTURING EXPENSES $73175

2170 - SEVERANCE ($804389)

6916 - NON-RECURRING ADD BACK ($1242661)

6918 - SALARIES AND WAGES ($660176)

6919 - CORPORATE DEVELOPMENT ($831198)

3 - DEPRECIATION AND AMORTIZATION ($6529291)

43 - INCOME TAXES ($22943223)

41 - INTEREST INCOME (EXPENSE) ($16777575) All

YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948

Operating expenses (182260388) (93798977) (31008884) (23966924) (331035174)

Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038

Loss on disposal of property equipment and software ($404354)

Share-based compensation expense ($9301413)

Restructuring $73175

Non-recurring expenses ($3538423)

Depreciation and amortization ($6529291)

Income tax expense ($22943223)

Interest expense ($16777575)

Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468


Other expenses 0 0 0 (27) (27)

Adjusted EBITDA 125347 24652 7870 (24464) 133406

Loss on disposal of property equipment and software (404)

Share-based compensation expense (9301)

Restructuring 73

Non-recurring expenses (3538)

Depreciation and amortization (6529)

Income tax expense (22943)

Interest expense (16778)

Net Income $ 73985

GAAP 606

YES

Sub Group New



FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 FY 2018




1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0

03 - COGS - FULFILLMENT ($5815806) ($11214142) ($3278839) ($0) ($20308787) ($20308787) ($0) ($0) $0

01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)


05 - TECHNICAL DEVELOPMENT $7770 $5426 ($129663) ($9521709) ($9638177) ($9638177) $0 ($9521709) $0




Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018

6820 - GAINLOSS ON DISPOSAL OF FA $0

42 - OTHER INCOME (EXPENSE) ($700123)


6917 - RESTRUCTURING EXPENSES ($2808633)

2170 - SEVERANCE ($191442)


6918 - SALARIES AND WAGES $0

6919 - CORPORATE DEVELOPMENT $0


43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595



Restructuring ($2808633)





Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928



Restructuring (2809)





Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0

03 - COGS - FULFILLMENT ($11456105) ($8677955) ($3528802) ($0) ($23662862) ($23662862) $0 ($0) $0

01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)

04 - SALES AND MARKETING ($51913737) ($47798159) ($8690104) $334540 ($108067461) ($108067461) ($0) $0 $334540



02 - OPERATING EXPENSE ($53486527) ($48696977) ($9652187) ($18183557) ($130019249) ($130019249) ($0) ($18518097) $334540


Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579


Disclaimer

Forward-Looking StatementsThis presentation contains forward-looking statements These forward-looking statements reflect our current views with respect to among other things future events and our financial performance These statements are often but not always made through the use of words or phrases such as ldquomayrdquo ldquoshouldrdquo ldquocouldrdquo ldquopredictrdquo ldquopotentialrdquo ldquobelieverdquo ldquowill likely resultrdquo ldquoexpectrdquo ldquocontinuerdquo ldquowillrdquo ldquoanticipaterdquo ldquoseekrdquo ldquoestimaterdquo ldquointendrdquo ldquoplanrdquo ldquoprojectionrdquo ldquowouldrdquo and ldquooutlookrdquo or the negative version of those words or other comparable words or phrases of a future or forward-looking nature These forward-looking statements are not historical facts and are based on current expectations estimates and projections about our industry managementrsquos beliefs and certain assumptions made by management many of which by their nature are inherently uncertain and beyond our control Accordingly we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks assumptions and uncertainties that are difficult to predict Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made actual results may prove to be materially different from the results expressed or implied by the forward-looking statements

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements including but not limited to the following the ultimate duration and impact of the ongoing COVID-19 pandemic our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships existing and future laws and regulations affecting the health insurance market changes in health insurance products offered by our insurance carrier partners and the health insurance market generally insurance carriers offering products and services directly to consumers changes to commissions paid by insurance carriers and underwriting practices competition with brokers exclusively online brokers and carriers who opt to sell policies directly to consumers competition from government-run health insurance exchanges developments in the US health insurance system our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life automotive and home insurance industries our ability to develop new offerings and penetrate new vertical markets risks from third-party products failure to enroll individuals during the Medicare annual enrollment period our ability to attract integrate and retain qualified personnel our dependence on lead providers and ability to compete for leads failure to obtain andor convert sales leads to actual sales of insurance policies access to data from consumers and insurance carriers accuracy of information provided from and to consumers during the insurance shopping process cost-effective advertisement through internet search engines ability to contact consumers and market products by telephone global economic conditions disruption to operations as a result of future acquisitions significant estimates and assumptions in the preparation of our financial statements impairment of goodwill potential litigation and claims including IP litigation our existing and future indebtedness developments with respect to LIBOR access to additional capital failure to protect our intellectual property and our brand fluctuations in our financial results caused by seasonality accuracy and timeliness of commissions reports from insurance carriers timing of insurance carriersrsquo approval and payment practices factors that impact our estimate of the constrained lifetime value of commissions per policyholder changes in accounting rules tax legislation and other legislation disruptions or failures of our technological infrastructure and platform failure to maintain relationships with third-party service providers cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers our ability to protect consumer information and other data and failure to market and sell Medicare plans effectively or in compliance with laws For a further discussion of these and other risk factors that could impact our future results and performance see the section entitled ldquoRisk Factorsrdquo in the most recent registration statement on Form S-1 (the ldquoProspectusrdquo) filed by us with the Securities Exchange Commission Accordingly you should not place undue reliance on any such forward-looking statements Any forward-looking statement speaks only as of the date on which it is made and except as otherwise required by law we do not undertake any obligation to publicly update or review any forward-looking statement whether as a result of new information future developments or otherwise

Certain information contained in this presentation and statements made orally during this presentation relates to or is based on publications and other data obtained from third-party sources While we believe these third-party sources to be reliable as of the date of this presentation we have not independently verified and make no representation as to the adequacy fairness accuracy or completeness of any information obtained from such third-party sources

No Offer or Solicitation Further InformationThis presentation is for informational purposes only and is not an offer to sell with respect to any securities This presentation should be read together with ldquoManagementrsquos Discussion and Analysis of Financial Condition and Results of Operationsrdquo and the consolidated financial statements and the related notes thereto included in the Prospectus

Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures intended to supplement not substitute for comparable GAAP measures Numbers in this presentation may not sum due to rounding

2

Company Overview

3


Life 25

Senior Health 66

Auto amp Home

8

4






100InternalAgents









WHO WE ARE


WHAT WE DO










Consolidated Senior







5






6


(MM)


200 261 357 447 534

255 264

242 237

233

455 525

599 684

767

4450

6065

70

202008A 2013A 2018A 2023E 2028E

Senior Health

$47Bn

Auto amp Home Life


$30Bn

$105Bn

Current share lt1

Current share lt1

Current share lt1


599MM

357MM

03MM


MA MS Enrollment











Few alternatives







Cumbersome Easy

7














Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

Company Overview

3


Life 25

Senior Health 66

Auto amp Home

8

4






100InternalAgents









WHO WE ARE


WHAT WE DO










Consolidated Senior







5






6


(MM)


200 261 357 447 534

255 264

242 237

233

455 525

599 684

767

4450

6065

70

202008A 2013A 2018A 2023E 2028E

Senior Health

$47Bn

Auto amp Home Life


$30Bn

$105Bn

Current share lt1

Current share lt1

Current share lt1


599MM

357MM

03MM


MA MS Enrollment











Few alternatives







Cumbersome Easy

7














Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579


Life 25

Senior Health 66

Auto amp Home

8

4






100InternalAgents









WHO WE ARE


WHAT WE DO










Consolidated Senior







5






6


(MM)


200 261 357 447 534

255 264

242 237

233

455 525

599 684

767

4450

6065

70

202008A 2013A 2018A 2023E 2028E

Senior Health

$47Bn

Auto amp Home Life


$30Bn

$105Bn

Current share lt1

Current share lt1

Current share lt1


599MM

357MM

03MM


MA MS Enrollment











Few alternatives







Cumbersome Easy

7














Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579







5






6


(MM)


200 261 357 447 534

255 264

242 237

233

455 525

599 684

767

4450

6065

70

202008A 2013A 2018A 2023E 2028E

Senior Health

$47Bn

Auto amp Home Life


$30Bn

$105Bn

Current share lt1

Current share lt1

Current share lt1


599MM

357MM

03MM


MA MS Enrollment











Few alternatives







Cumbersome Easy

7














Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579





6


(MM)


200 261 357 447 534

255 264

242 237

233

455 525

599 684

767

4450

6065

70

202008A 2013A 2018A 2023E 2028E

Senior Health

$47Bn

Auto amp Home Life


$30Bn

$105Bn

Current share lt1

Current share lt1

Current share lt1


599MM

357MM

03MM


MA MS Enrollment











Few alternatives







Cumbersome Easy

7














Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579







Few alternatives







Cumbersome Easy

7














Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579













Our Technology


8




9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579



9


Lead Acquisition























OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579


OUR PHILOSOPHY

Search Engines

Lead GenClick

Networks

DirectSEO

BrandAwareness

TV Radio


Sele

ctB

id|

Sele

ctSe

arch

| At

trib

utio

n M

odel

s

Tiering

Leveling

Routing

Revenue CAC

Minimum Margin


Dat

a Te

ch

Buy

ing


Our Philosophy



Scoring


10





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579





Policies Placed

11

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Apr

May Jun


AEP OEP


Auto ampHome Life

Senior Health

AEP

amp O

EPN

on-A

EP

OEP


Senior Health

Auto ampHome Life

+Flex Agents


Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

Business Segments

12





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579





Medicare Advantage

71

Medicare Supplement

5


18


Other1


267K

13






50108

190

19

17

14

20

29

48

10

12

12

7

4

3

107

169

267



1235 1184

141285

362

1279 1312

152267

621

1297 1372

146229

99

MA MS DVH PDP Other









Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579








Core Premiums77



$100MM

14


72 76 77

7 14

23 78

90 100

FY 2018A FY 2019A LTM 3312020A


103

15

4


($MM)


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579


50

57

66

FY 2018A FY 2019A LTM 3312020A








15

Bundle Rate(2)47

Total Premium($MM)


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579


16



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579



17








Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579



Costs ofAcquisition







Revenue Include

18





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579





Economies of scale




Higher qualityleads


Production bonuses




team


Cross-sell

19


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579


$1505

$891

$614

$0

$200

$400

$600

$800

$1000

$1200

$1400

$1600





20

LTM March 31 2020

(4) (5)

Total Revenue (6)

Total Cost


102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

102

192

30898

110

118

33

35

39

234

337

464

FY 2018A FY 2019A LTM 3312020A





Revenue(2)

($MM)

37

90

125

23

26

25

9

8

8

(19) (19) (24)

50

105

133


Adj EBITDA(3)

($MM)

21 31

21



29










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579










22



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579



23













Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579





Est 1985 Est 2010 Est 2011





24





Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

Appendix

25




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579




Adjusted EBITDA 90174 25821 7817 (18533) 105279









Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579




Adjusted EBITDA 36688 22971 9221 (18953) 49928









Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579




Adjusted EBITDA 125347 24652 7870 (24464) 133406






Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME $118064 $94080 $14100 ($470260) ($244016) ($244016) $0 $0 ($470260)


01 - NET REVENUE $307607562 $118451453 $38879193 ($470260) $464467948 $464467948 $0 $0 ($470260)

02 - COGS - SALES ($66965228) ($31335464) ($15508432) $0 ($113809124) ($113809124) ($0) $0 $0


01 - GROSS PROFIT $219834392 $78239951 $19376704 ($470260) $316980787 $316980787 $0 $0 ($470260)






Adj EBITDA $125347173 $24652477 $7870309 ($24463921) $133406038 $133406038 $0 ($24463921) $0

GAAP 606

NO

Sub Group New


All All

LTM March 2020





2170 - SEVERANCE ($804389)





43 - INCOME TAXES ($22943223)


YES

$7398493444 $73984934 ($000)


Revenue $ 307607562 $ 118451453 $ 38879193 $ (470260) $ 464467948


Other expenses 0 0 0 (26737) (26737)

Adjusted EBITDA 125347173 24652477 7870309 (24463921) 133406038








Net Income $ 73984934 ($000)


Revenue $ 307608 $ 118451 $ 38879 $ (470) $ 464468



Adjusted EBITDA 125347 24652 7870 (24464) 133406



Restructuring 73





Net Income $ 73985

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($143734) $286080 $460 ($286380) ($143574) ($143574) $0 $0 ($286380)


01 - NET REVENUE $102408499 $98219494 $33347703 ($286380) $233689316 $233689316 $0 $0 ($286380)

02 - COGS - SALES ($25376510) ($24457250) ($11692678) ($100) ($61526537) ($61526537) ($0) ($100) $0


01 - GROSS PROFIT $71216183 $62548103 $18376186 ($286480) $151853992 $151853992 $0 ($100) ($286380)






Adj EBITDA $36688447 $22970842 $9220977 ($18952672) $49927595 $49927595 $0 ($18952672) $0

GAAP 606

NO

Sub Group New


All All

FY 2018





2170 - SEVERANCE ($191442)





43 - INCOME TAXES ($6618911)


YES

$3489920991 $34899210 $000


Revenue $ 102408499 $ 98219494 $ 33347703 $ (286380) $ 233689316


Other expenses 0 0 143 (9429) (9286)

Adjusted EBITDA 36688447 22970842 9220977 (18952672) 49927595








Net Income $ 34899210 $000


Revenue $ 102408 $ 98219 $ 33348 $ (286) $ 233689



Adjusted EBITDA 36688 22971 9221 (18953) 49928








Net Income $ 34899

GAAP 606

YES

Sub Group New







1140 - OTHER INCOME ($3379) $120320 $1860 ($334540) ($215739) ($215739) $0 $0 ($334540)


01 - NET REVENUE $192257037 $110492871 $35053948 ($334540) $337469315 $337469315 $0 $0 ($334540)

02 - COGS - SALES ($37139944) ($27296860) ($14056201) $0 ($78493005) ($78493005) $0 $0 $0


01 - GROSS PROFIT $143660988 $74518056 $17468944 ($334540) $235313449 $235313449 ($0) ($0) ($334540)






Adj EBITDA $90174462 $25821079 $7816757 ($18533097) $105279200 $105279200 ($0) ($18533097) $0

GAAP 606

NO

Sub Group New


All All

FY 2019





2170 - SEVERANCE ($397427)





43 - INCOME TAXES ($22033741)


YES

$7257944992 $72579450 $000


Revenue $ 192257037 $ 110492871 $ 35053948 $ (334540) $ 337469315


Other expenses 0 0 0 (15000) (15000)

Adjusted EBITDA 90174462 25821079 7816757 (18533097) 105279200








Net Income $ 72579450 $000


Revenue $ 192257 $ 110493 $ 35054 $ (335) $ 337469



Adjusted EBITDA 90174 25821 7817 (18533) 105279








Net Income $ 72579

Legal Disclaimer



Disclaimer

Company Overview









Business Segments













Appendix




Slide Number 29

GAAP 606

YES

Sub Group New

	ACTUALS		ACTUALS		ACTUALS		ACTUALS		ACTUALS			ACTUALS		CHECK		ACTUALS		ACTUALS


All		SENIOR		LIFE		AUTO AND HOME		CORP amp Elims		Consolidated			All			CORP		ELIMINATION

	LTM March 2020		LTM March 2020		LTM March 2020		LTM March 2020		LTM March 2020			LTM March 2020			LTM March 2020		LTM March 2020

1110 - FY COMMISSIONS INCOME		$102577022		$98552971		$8903691		$0		$210033684			$210033684		$0		$0		$0

1120 - RENEWAL COMMISSIONS INCOME		$204641488		$12002955		$28876450		$0		$245520893			$245520893		$0		$0		$0

1130 - PROVISION FOR UNCOLLECTABILITY		($20615759)		($14349073)		($1421845)		$0		($36386677)			($36386677)		$0		$0		$0

1140 - OTHER INCOME		$118064		$94080		$14100		($470260)		($244016)			($244016)		$0		$0		($470260)

12 - PRODUCTION BONUSES		$20886746		$22150521		$2506797		$0		$45544064			$45544064		$0		$0		$0

01 - NET REVENUE		$307607562		$118451453		$38879193		($470260)		$464467948			$464467948		$0		$0		($470260)


02 - COGS - SALES		($66965228)		($31335464)		($15508432)		$0		($113809124)			($113809124)		($0)		$0		$0

03 - COGS - FULFILLMENT		($20807942)		($8876039)		($3994057)		$0		($33678037)			($33678037)		$0		$0		$0

01 - GROSS PROFIT		$219834392		$78239951		$19376704		($470260)		$316980787			$316980787		$0		$0		($470260)


04 - SALES AND MARKETING		($92243781)		($52679817)		($10614781)		$470260		($155068120)			($155068120)		$0		$0		$470260

05 - TECHNICAL DEVELOPMENT		$0		$0		$0		($10813553)		($10813553)			($10813553)		$0		($10813553)		$0

06 - GENERAL AND ADMINISTRATIVE		($2243437)		($907657)		($891614)		($13623631)		($17666340)			($17666340)		$0		($13623631)		$0

02 - OPERATING EXPENSE		($94487219)		($53587474)		($11506395)		($23966924)		($183548013)			($183548013)		$0		($24437184)		$470260


08 - OTHER INCOME (EXPENSE)		$0		$0		$0		($26737)		($26737)			($26737)		$0		($26737)		$0


Adj EBITDA		$125347173		$24652477		$7870309		($24463921)		$133406038			$133406038		$0		($24463921)		$0


GAAP 606

NO

Sub Group New

	ACTUALS		ACTUALS		ACTUALS		ACTUALS		ACTUALS


All						All

					LTM March 2020

6820 - GAINLOSS ON DISPOSAL OF FA						($404354)

42 - OTHER INCOME (EXPENSE)						$0

2160 - STOCK BASED COMP						($9301413)

6917 - RESTRUCTURING EXPENSES						$73175

2170 - SEVERANCE						($804389)

6916 - NON-RECURRING ADD BACK						($1242661)

6918 - SALARIES AND WAGES						($660176)

6919 - CORPORATE DEVELOPMENT						($831198)

3 - DEPRECIATION AND AMORTIZATION						($6529291)

43 - INCOME TAXES						($22943223)

41 - INTEREST INCOME (EXPENSE)						($16777575)				All

								YES

					$7398493444				$73984934		($000)



	Senior		Life		Auto amp Home		Corp amp Elims		Consolidated

Revenue		$ 307607562		$ 118451453		$ 38879193		$ (470260)		$ 464467948

Operating expenses		(182260388)		(93798977)		(31008884)		(23966924)		(331035174)

Other expenses		0		0		0		(26737)		(26737)


Adjusted EBITDA		125347173		24652477		7870309		(24463921)		133406038

Loss on disposal of property equipment and software						($404354)

Share-based compensation expense						($9301413)

Restructuring						$73175

Non-recurring expenses						($3538423)

Depreciation and amortization						($6529291)

Income tax expense						($22943223)

Interest expense						($16777575)


Net Income						$ 73984934					($000)





	Senior		Life		Auto amp Home		Corp amp Elims		Consolidated


Revenue		$ 307608		$ 118451		$ 38879		$ (470)		$ 464468

Operating expenses		(182260)		(93799)		(31009)		(23967)		(331035)

Other expenses		0		0		0		(27)		(27)


Adjusted EBITDA		125347		24652		7870		(24464)		133406

Loss on disposal of property equipment and software						(404)

Share-based compensation expense						(9301)

Restructuring						73

Non-recurring expenses						(3538)

Depreciation and amortization						(6529)

Income tax expense						(22943)

Interest expense						(16778)

Net Income						$ 73985

new investor presentation · 2020. 8. 13. · investor presentation august 2020. disclaimer....

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