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Ehealth, Inc. (EHTH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Ehealth, Inc.

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CIK: 1333493 Ticker: EHTH

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eHealth, Inc. Announces First Quarter 2021 Results

SANTA CLARA, California — April 29, 2021 —
eHealth, Inc. (Nasdaq: EHTH), a leading private online health insurance marketplace, today announced its financial results for the first quarter ended March 31, 2021.

$134.2M$17.3M$(0.8)M$42.8M
REVENUE
ADJUSTED EBITDA(1)(2)
GAAP NET LOSSNET CASH PROVIDED BY OPERATING ACTIVITIES
(12)%YoY+65%YoY35%
ACQUISITION COSTS PER APPROVED MEDICARE MEMBERMEDICARE ADVANTAGE APPROVED MEMBERS
MAJOR MEDICAL MEDICARE APPLICATION ONLINE SUBMISSION(3)
First Quarter 2021 Overview
•Revenue for the first quarter of 2021 was $134.2 million, a 26% increase compared to $106.4 million for the first quarter of 2020.
•GAAP net loss for the first quarter of 2021 was $0.8 million compared to GAAP net income of $3.5 million for the first quarter of 2020.
•Adjusted EBITDA(1)(2) was $17.3 million for the first quarter of 2021 compared to $12.6 million for the first quarter of 2020.
•First quarter 2021 approved members for Medicare Advantage products of 106,884, a 65% increase compared to 64,898 for the first quarter of 2020.
•Agent cost per member for the first quarter of 2021 decreased 24% compared to the first quarter of 2020, resulting in a 12% reduction in marketing and customer care & enrollment costs per approved Medicare member compared to the first quarter of 2020.
•Increased online application submissions with 35% of major medical Medicare applications submitted online in the first quarter of 2021 compared to 24% in the first quarter of 2020.(3)
•Customer Center accounts topped 130,000 since it was launched in October of 2020.

CEO Comments
We had a strong start to 2021 with first quarter Medicare enrollment growth significantly exceeding our expectations. Improved agent productivity allowed us to generate this enrollment growth while at the same time reducing total acquisition costs per approved Medicare member by 12% with agent cost per member declining 24% compared to the first quarter of 2020. First quarter performance benefited from a number of operational and technology enhancements that we introduced over the past several months. Importantly, we have successfully resolved the call center-related issues that negatively impacted our enrollment volumes in the fourth quarter of 2020, and will continue building on this momentum as we scale our agent headcount and prepare for the annual enrollment period. With these operational enhancements in place, eHealth is well-positioned to deliver on our goals for 2021.
_____________

(1)See Non-GAAP Financial Information section for definitions of our non-GAAP financial measures.
(2)Effective with the first quarter of 2021, we modified our calculation of adjusted EBITDA to exclude the amortization of capitalized software development costs. The amortization of capitalized software development costs was $2.8 million and $1.5 million for the first quarter of 2021 and 2020, respectively. The modified calculation is intended to more closely align with how our peer companies calculate this non-GAAP financial measure. See Revised Adjusted EBITDA Reconciliation for additional information.
(3)Major Medicare plans include Medicare Advantage and Medicare Supplement plans; Online submission % represents a combination of unassisted and partially agent-assisted online enrollments.
1
The following information was filed by Ehealth, Inc. (EHTH) on Thursday, April 29, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ehealth, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Details)
Equity
Equity (Tables)
Equity - Narrative (Details)
Equity - Schedule Of Stock-Based Compensation Expense (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Contractual Maturities (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Summary Of Financial Assets (Details)
Fair Value Measurements - Unrealized Gains And Losses (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Summary Of Income Tax Benefit (Details)
Leases
Leases (Tables)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Information (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Computation Of Basic And Diluted Net Income Per Share (Details)
Net Income (Loss) Per Share - Schedule Of Anti-Dilutive Shares Excluded From Computation Of Net Income Per Share (Details)
Restructuring
Restructuring (Details)
Revenue
Revenue (Tables)
Revenue - Commission Revenue By Segment (Details)
Revenue - Disaggregation Of Revenue (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Schedule Of Long-Lived Assets By Geographical Area (Details)
Segment And Geographic Information - Schedule Of Revenue By Major Customers (Details)
Segment And Geographic Information - Segment Operating Results (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Business And Significant Accounting Policies
Summary Of Business And Significant Accounting Policies (Policies)
Summary Of Business And Significant Accounting Policies - Narrative (Details)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (Tables)
Supplemental Financial Statement Information - Narrative (Details)
Supplemental Financial Statement Information - Schedule Of Allowance For Credit Loss (Details)
Supplemental Financial Statement Information - Schedule Of Commissions Receivable (Details)
Supplemental Financial Statement Information - Schedule Of Credit Risk (Details)
Supplemental Financial Statement Information - Schedule Of Prepaid Expenses And Other Current Assets (Details)
Supplemental Financial Statement Information- Schedule Of Cash, Cash Equivalents And Restricted Cash (Details)
Ticker: EHTH
CIK: 1333493
Form Type: 10-Q Quarterly Report
Accession Number: 0001333493-21-000069
Submitted to the SEC: Mon May 10 2021 5:00:12 PM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: Insurance Agents Brokers And Service

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