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Ehealth, Inc. (EHTH) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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CIK: 1614067 Ticker: EHTH
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eHealth, Inc. Announces Fourth Quarter and Fiscal Year 2022 Results

SANTA CLARA, California — February 28, 2023 —
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, 2022.
Fourth Quarter 2022 Overview
$196.3M$20.7M$49.5M
TOTAL REVENUEGAAP NET INCOME
ADJUSTED EBITDA(1)
$(18.6)M25% YoY$144.4M
OPERATING CASH FLOWIMPROVEMENT TO TELEPHONIC CONVERSION RATEENDING CASH, CASH EQUIVALENTS & MARKETABLE SECURITIES
Fourth Quarter and Fiscal Year 2022 Highlights
•Outperformed the high end of all FY 2022 guidance metrics ranges.
•Realized $114 million in net operating cost savings compared to FY 2021.
•Q4 2022 net income was $20.7 million compared to net loss of $32.2 million in Q4 2021.
–Q4 2022 net income margin was 10.5% compared to net loss margin of 13.2% Q4 2021.
•Q4 2022 adjusted EBITDA improved 76% compared to Q4 2021 on lower revenue base.
–Q4 2022 adjusted EBITDA margin(1) of 25% more-than-doubled from 12% in Q4 2021.
•Significant improvements to Q4 2022 operating efficiency compared to Q4 2021 include:
–Telephonic conversion rate increased by 25%.
–Q4 2022 Medicare segment profit margin was 29%, up from 15% in Q4 2021.
•Achieved significant improvements in quality related metrics including Complaint Tracking Module, or CTM, scores.
•Q4 2022 Medicare Advantage LTV increased to $1,033 from $1,017 in Q4 2021, a 2% improvement.
•Expect to have sufficient liquidity to support our business needs and objectives in FY 2023.
–Ended FY 2022 with $144.4 million in cash, cash equivalents and marketable securities and $884.3 million of total commissions receivable.
•FY 2022 estimated Medicare Advantage membership and total estimated Medicare membership each grew 2% compared to FY 2021, despite lower Medicare approved enrollments in FY 2022.
•Midpoint of 2023 annual guidance implies return to revenue growth at 6% while achieving GAAP net loss of roughly $45.0 million and year-over-year improvement in adjusted EBITDA of roughly $37.0 million.
CEO Comments
“eHealth delivered strong FY 2022 results that came in ahead of the high end of our guidance for each of the metrics we guided to. Our strong Annual Enrollment Period performance was driven by significant improvements to the efficiency of our call center and marketing operations. We believe we are steadily moving towards our goal of becoming the gold standard in enrollment quality within our sector while also achieving and exceeding our financial targets. While we are pleased with the operational achievements we have made over the course of last year, we believe we still have many improvement opportunities as we progress toward producing sustainable profitable growth.” – Fran Soistman
_____________

(1)See Non-GAAP Financial Information for definitions of our non-GAAP financial measures.

1
The following information was filed by Ehealth, Inc. (EHTH) on Tuesday, February 28, 2023 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 (Tables)
Commitments And Contingencies - Schedule Of Future Minimum Obligations (Details)
Convertible Preferred Stock
Convertible Preferred Stock (Tables)
Convertible Preferred Stock - Narrative (Details)
Convertible Preferred Stock - Summary Of Stock (Details)
Debt
Debt (Details)
Equity
Equity (Tables)
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 Of Stock-Based Compensation Expense By Award Type (Details)
Equity - Schedule Of Valuation Assumptions (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Contractual Maturity (Details)
Fair Value Measurements - Financial Assets And Liabilities (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Unrealized Gains And Losses (Details)
Impairment, Restructuring And Other Charges
Impairment, Restructuring And Other Charges (Tables)
Impairment, Restructuring And Other Charges - Impairment, Restructuring And Other Charges (Details)
Impairment, Restructuring And Other Charges - Narrative (Details)
Impairment, Restructuring And Other Charges - Restructuring And Other Liabilities (Details)
Income Taxes
Income Taxes (Tables)
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 - Schedule Of Current And Deferred Income Taxes (Details)
Income Taxes - Schedule Of Deferred Tax Assets, Net (Details)
Income Taxes -Reconciliation Of Unrecognized Tax Benefits Schedule (Details)
Income Taxes -Schedule Of Components Of Pre-Tax Income (Loss) (Details)
Leases
Leases (Narrative) (Details)
Leases (Tables)
Leases - Operating Lease Maturities (Details)
Leases - Supplemental Information (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders
Net Income (Loss) Per Share Attributable To Common Stockholders (Tables)
Net Income (Loss) Per Share Attributable To Common Stockholders - Computation Of Basic And Diluted Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule Of Anti-Dilutive Shares Excluded From Computation Of Net Income (Loss) Per Share (Details)
Revenue
Revenue (Commission Revenue By Segment) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
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)
Summary Of Business And Significant Accounting Policies
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)
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 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 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: 0001333493-23-000018
Submitted to the SEC: Wed Mar 01 2023 5:26:19 PM EST
Accepted by the SEC: Wed Mar 01 2023
Period: Saturday, December 31, 2022
Industry: Insurance Agents Brokers And Service

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