Vijay Kotte: No, it’s something that we are very excited about as I closed with here today. The PlanFit Safe compensation model really based upon the fact that we have proven to our health plan partners that we can do the right thing and in these markets where retention and continuous engagements are extremely important to the health plans and valuable to consumers. We have, again, this quarter open enrollment period, did 94,000. So between AEP and OEP, we have done just about 200 – over 200,000 PlanFit Saves already. So, as we think about that and the good high quality conversation we have had with nearly every major health plan, we are expecting to be launching some of these programs to be tested here in Q2 and Q3, and looking to have them substantively in operations as we go into the annual enrollment period.
So, we are excited about that. I am not ready to get into the economics of those arrangements, but needless to say, the cost is already born in our model today. And so anything coming from those will be additive and incremental in the way we think about them.
Pat McCann: Great. Thanks so much.
Operator: Thank you. [Operator Instructions] And our next question comes from the line of Jim Sidoti from Sidoti. Your line is open.
Jim Sidoti: Hi. Good morning. Thank you for taking the questions. I am looking at the revenue breakdown and non-agency revenue. It looks like it’s about 45%, 46% of revenue, up from about 24% last year. Can we assume from this that there is a much lower risk of having any revenue reversals going forward?
Vijay Kotte: Yes. I would say that on the business that we have written under that model, again, you should always think about it for the book that you just wrote, where you would have any kind of look back potential exposures. And as you move away from agency to non-agency, and then it’s also a little bit more nuanced. It’s also how much you have left in agency that is related to high quality stable plans versus others. So, there is a little bit of a mixed question there as well. But in short, the simple answer is yes, when you write more non-agency, you have less intrinsic market risk for those things about tenure or churn rates, etcetera, that would impact back book values.
Jim Sidoti: Okay. And you generated more free cash in the quarter, I think its third quarter in a row with positive free cash. You are paying down some debt and you talked about refinancing. Can you talk about what are your options with regards to refinancing? Are you looking at a straight debt? And how do the rates compare to what the existing debt is at now?
Vijay Kotte: It’s a great question. We were obviously very focused on it. Let me just first talk about those cash flow dynamics. We are so regimented. I am very proud of our team. Mike Hargis, our COO, and Jason Schulz, our CFO here, work day-in and day-out to find opportunities to drive efficiency, really invest in both our agent experience as well as the obvious consumer experience in the process. And we have been able to be very thoughtful as to how we make investments in our technology to really support that overall model that is the true driver of the cash dynamics of our business. It is that consistent workflow that’s focused on standardization and less unnecessary variation in the pool. As we have been able to deliver that high confidence cash flow, as we have also been able to consistently show rigor around our operations, it has enabled us to make those debt pay-downs that we have done and open the door for us to have substantive thoughts around refinancing that debt to get to better interest rates and carrying cost levels for our debt.
So, we are exploring all of those alternatives right now, looking at refinancing, looking at any other market tools that could be there that help us utilize our assets to enhance our debt position so that we can decrease the interest expense that we have and continue to more differentially invest in growing the business. We think we are in a great spot to continue to invest in our current state in growth, via our technology and the encompassed workflow we put in place. But as we look at the refinancing markets, as we look at those tools, no doubt our cash position and the stability that we have had there and our ability to continuously pay down that debt without taking even a dollar really from our revolvers in over 2 years has enabled us to have some really good progress on the path of what we hope to speak more to you about over the coming months around our refinancing and finding ways to optimize our debt structure.
Jim Sidoti: Alright. I guess let me put it a different way. Would you be disappointed if after refinancing, you didn’t have a better rate than you have today?
Vijay Kotte: Yes, I would be very disappointed in that. I would expect that to be highly unlikely, but obviously possible. But that is not. That is very, very succinct. Yes, I would be very disappointed by that.
Jim Sidoti: Okay. Alright. Thank you.
Vijay Kotte: Thanks Jim. Really appreciate it. Any other questions from you, Jim? Alright. Well, thank you so much. I really appreciate Ben, Pat, Jim, your questions, very thoughtful. We are going to close the call here, but I just want to highlight a couple of things. This is one of the most unique years we have seen as we approach this annual enrollment period. We will continuously be experimenting this for Q2, the remainder of Q2, and Q3, as we think about all the different ways that we can serve an expanding population of shoppers who need our services more than ever. We have a number of different tactics and tools to continue to build and enhance the trust of being that engagement company as opposed to just an enrollment company.
