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Ehealth, Inc. (EHTH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Ehealth, Inc.

CIK: 1333493 Ticker: EHTH
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eHealth, Inc. Announces Fourth Quarter and Fiscal Year 2021 Results

SANTA CLARA, California — March 1, 2022 —
eHealth, Inc. (Nasdaq: EHTH), a leading private online health insurance marketplace, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Overview
$243.5M$(32.2)M$28.2M
REVENUEGAAP NET LOSS
ADJUSTED EBITDA (1) (2)
(18)%
YoY+53%YoY$908M
MEDICARE ADVANTAGE APPROVED MEMBERS
MAJOR MEDICARE (3) APPLICATIONS SUBMITTED ONLINE UNASSISTED
COMMISSIONS RECEIVABLE BALANCE
Fourth Quarter 2021 Highlights
Fourth quarter financial results reflected the impact of our enrollment quality initiatives on telephonic conversion rates.
Revenue for the fourth quarter of 2021 was $243.5 million, a 17% decrease compared to $293.3 million for the fourth quarter of 2020.
Medicare Advantage constrained LTVs increased 7% compared to the fourth quarter of 2020. The independent actuarial experts validated our quarter-end commissions receivable balance and were comfortable with our process for estimating product LTVs.
GAAP net loss for the fourth quarter of 2021 was $32.2 million reflecting a $46.3 million impairment charge related to our goodwill and intangible assets.
Adjusted EBITDA(1)(2) was $28.2 million for the fourth quarter of 2021 compared to $86.7 million for the fourth quarter of 2020.
Online unassisted business continued to scale with 53% growth in approved members for Medicare Advantage and Medicare Supplement combined, accompanied by an increase in online conversion rates compared to the fourth quarter of 2020.
Estimated Medicare Advantage membership and total Medicare membership as of December 31, 2021 grew 19% and 10%, respectively, compared to December 31, 2020.
Cash collections per Medicare member grew 19% in 2021 compared to 2020.
2022 Transformation Initiatives
We plan to implement a multi-year transformation initiative to right-size our cost structure and drive future profitability. These initiatives include targeted reductions in fixed expenses and vendor-related spend outside of mission critical areas, as well as changes to variable cost management. Through this program, we expect to achieve ongoing significant cost savings while preserving our competitive edge and focusing on initiatives with highest in-period returns on investment.
CEO Comments
Today marks four months since I became CEO of eHealth. My conviction in the company’s value proposition and mission of connecting Americans with quality, affordable health insurance remains steadfast. And I continue to believe that we have a tremendous opportunity ahead of us and the ability to capture it. At the same time, after completing a thorough review of the company’s operations, I see many opportunities for significant improvement in critical areas. We are implementing a number of changes to make our demand generation and fulfillment model more effective and profitable while continuing to perform within the new framework of heightened focus on enrollment quality. The cost transformation program, combined with the infusion of capital that we announced yesterday, are important elements in ensuring our success as we implement these critical initiatives to course correct eHealth’s business in 2022 and return to profitable growth on a substantially improved operational foundation in 2023.

_____________

(1)See the Non-GAAP Financial Information section for definitions of our non-GAAP financial measures. We revised the definition of Non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA in the second quarter of 2021 to exclude the impact from the convertible preferred stock issued on April 30, 2021.
(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 were $3.8 million and $2.4 million for the fourth quarter 2021 and 2020, respectively, and $12.9 million and $7.8 million for the year ended December 31, 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.
1

The following information was filed by Ehealth, Inc. (EHTH) on Tuesday, March 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ehealth, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Future Minimum Obligations) (Details)
Commitments And Contingencies (Tables)
Convertible Preferred Stock
Convertible Preferred Stock (Narrative) (Details)
Convertible Preferred Stock (Summary Of Stock) (Details)
Convertible Preferred Stock (Tables)
Debt
Debt (Details)
Equity
Equity (Narrative) (Details)
Equity (Schedule Of Option Activity Under Stock Plans) (Details)
Equity (Schedule Of Restricted Stock Unit Activity Under Stock Plans) (Details)
Equity (Schedule Of Shares Reserved) (Details)
Equity (Schedule Of Stock Plan Activity) (Details)
Equity (Schedule Of Stock-Based Compensation Expense) (Details)
Equity (Schedule Valuation Assumptions) (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Contractual Maturity) (Details)
Fair Value Measurements (Earnout Activity) (Details)
Fair Value Measurements (Financial Assets And Liabilities) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Fair Value Measurements (Unrealized Gains And Losses) (Details)
Income Taxes
Income Taxes (Changes In Valuation Allowance) (Details)
Income Taxes (Income Tax Rate Reconciliation Schedule) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Net Operating Losses And Tax Credit Carryforwards) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits Schedule) (Details)
Income Taxes (Schedule Of Components Of Pre-Tax Income) (Details)
Income Taxes (Schedule Of Current And Deferred Income Taxes) (Details)
Income Taxes (Schedule Of Deferred Tax Assets, Net) (Details)
Income Taxes (Tables)
Leases
Leases (Balance Sheet Information) (Details)
Leases (Narrative) (Details)
Leases (Operating Lease Maturities) (Details)
Leases (Supplemental Information) (Details)
Leases (Tables)
Net Income (Loss) Per Share Attributable To Common Stockholders
Net Income (Loss) Per Share Attributable To Common Stockholders (Schedule Of Anti-Dilutive Shares Excluded From Computation Of Net Income Per Share) (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders (Schedule Of Computation Of Basic And Diluted Net Income Per Share) (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders (Tables)
Restructuring And Reorganization
Restructuring And Reorganization (Details)
Restructuring And Reorganization (Tables)
Revenue
Revenue (Commission Revenue By Segment) (Details)
Revenue (Disaggregated Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
Segment And Geographic Information
Segment And Geographic Information (Details)
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 (Tables)
Summary Of Business And Significant Accounting Policies
Summary Of Business And Significant Accounting Policies (Asu 2016-13) (Details)
Summary Of Business And Significant Accounting Policies (Narrative) (Details)
Summary Of Business And Significant Accounting Policies (Policies)
Summary Of Business And Significant Accounting Policies (Property And Equipment) (Details)
Summary Of Business And Significant Accounting Policies (Tables)
Summary Of Business And Significant Accounting Policies - Changes In Goodwill (Details)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (Accounts Receivable Concentration Risk) (Details)
Supplemental Financial Statement Information (Narrative) (Details)
Supplemental Financial Statement Information (Schedule Of Accounts Receivable) (Details)
Supplemental Financial Statement Information (Schedule Of Cash, Cash Equivalents And Restricted Cash) (Details)
Supplemental Financial Statement Information (Schedule Of Changes In Allowance For Credit Losses) (Details)
Supplemental Financial Statement Information (Schedule Of Commissions Receivable) (Details)
Supplemental Financial Statement Information (Schedule Of Intangible Assets) (Details)
Supplemental Financial Statement Information (Schedule Of Prepaid Expenses And Other Current Assets) (Details)
Supplemental Financial Statement Information (Schedule Of Property And Equipment) (Details)
Supplemental Financial Statement Information (Tables)
Ticker: EHTH
CIK: 1333493
Form Type: 10-K Annual Report
Accession Number: 0001333493-22-000023
Submitted to the SEC: Tue Mar 01 2022 4:52:46 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Insurance Agents Brokers And Service

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