Ehealth, Inc. · NASDAQ:EHTH

Ehealth — Investor Presentation (May 2025)

27 slides from Ehealth's investor presentation, May 2025

Slide 1: Investor Presentation
Your Medicare MatchmakerTM Investor Presentation May 2025 ©2025 eHealthInsurance Services, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this
Slide 3: eHealth is a Leading Omnichannel Health Insurance Marketplace
eHealth is a Leading Omnichannel Health Insurance Marketplace I N V E S T M E N T TH E S I S KEY STATISTICS Deliver sustainable adjusted EBITDA and cash flow production via: $923M ~1.2M Commissions Estimated  Scaled differentiation in Medicare Advantage Receivable(1) Membership(1)  Focused Diversi
Slide 4: eHealth's Business Transformation Has Yielded Meaningful Improvements in Key Metrics
eHealth’s Business Transformation Has Yielded Meaningful Improvements in Key Metrics Following the implementation of our Business Transformation in 2022, eHealth has driven consistent improvements in earnings and cash flow. Cash flow for the trailing twelve months (“TTM”) ended March 31, 2025 reflec
Slide 5: On Track to Achieve our Previously Issued Revenue and Adjusted EBITDA Targets
On Track to Achieve our Previously Issued Revenue and Adjusted EBITDA(1) Targets We plan to refresh our 3-year targets before the end of FY25. Continue to focus on profitable growth and positive cash flow production. 3-year revenue and adjusted EBITDA(1) targets, issued August 2024: Operating Levers
Slide 6: As Medicare Grows with our Aging Population, Consumers Are Desperate For Real Help
As Medicare Grows with our Aging Population, Consumers Are Desperate For Real Help. Consumers feel industry advertising is not helpful “ Every year I look at all the garbage that comes in the mail and stuff on “ Imaster’s feel like you must have a degree to get the Every year new regulations and pla
Slide 7: Large, Growing Medicare Opportunity Supported by Powerful Tailwinds
Large, Growing Medicare Opportunity Supported by Powerful Tailwinds eHealth is positioned to grow in a market with no dominant market share leader Large and Growing Over-65 Market Medicare Advantage (“MA”) and Medicare Supplement (“MS”) Total policies Significant under-65 (1) growth opportunity 14M
Slide 9: eHealth's branded marketing strategy is a differentiator
eHealth’s branded marketing strategy is a differentiator eHealth’s direct to consumer brand is improving marketing efficiency Q4 Medicare Advantage sent application total by marketing source Branded Partner & Affiliate eHealth branded Q4 marketing drove 52% 48% 80% of Medicare 2023 applications duri
Slide 10: Digital Capabilities Help eHealth Stand Out
Digital Capabilities Help eHealth Stand Out Consumers are increasingly expecting online comparison-shopping experience. eHealth’s omni- channel platform is driving increases in online unassisted and hybrid online-assisted enrollments. % of Total MA Applications Submitted Online MA Online Unassisted
Slide 11: eHealth Continues to Invest in Technology Leadership
eHealth Continues to Invest in Technology Leadership • In April 2025, eHealth launched a pilot using artificial intelligence to help streamline and improve how consumers comparison shop for health plans • AI-based voice agents are now handling some incoming calls to eHealth, with the goal of supplem
Slide 12: eHealth Offers Industry Gold Standard for Health Insurance Distribution
eHealtheHealth Offers Industry Gold Standard is the gold for Health Insurance Distribution eHealth Publicly-Traded Peers Carriers Broad Plan / Carrier Selection  Limited — Consumer Advocate / Carrier Agnostic   — Licensed Advisers    End-to-end Online Enrollment  —  Innovative Omni-Channel 
Slide 14: eHealth Platform Supports Significant Growth Opportunities Through Scaling MA and Diversification
eHealth Platform Supports Significant Growth Opportunities Through Scaling MA and Diversification Agency Model Carrier Dedicated Model Medicare Medicare Employer and Advantage Supplement Individual Amplify • Completed Transformation & • Significant growth • Shifting transformational • Launched in 20
Slide 15: FY25 Strategic Objectives
FY25 Strategic Objectives 1. Continue to grow our distinct consumer brand across all direct marketing channels and beyond our Medicare Advantage products. 2. Evolve and optimize consumer-centric retention efforts from policy submission to effectuation and through subsequent renewals with a goal to i
Slide 17: Financial Performance Summary
Financial Performance Summary Total Revenue GAAP Net Income (Loss) Adjusted EBITDA(1) ($, MM) ($, MM) ($, MM) High: $550 $10.1 $69.3 $532.4 High: $15 Mid: $530 Mid: $2.5 High: $60 $452.9 Low: $510 Low: ($10) Mid: $47.5 $405.4 Low: $35 $14.1 ($28.2) ($41.7) ($88.7) FY22 FY23 FY24 FY25 FY22 FY23 FY24
Slide 18: Medicare unit margins continue to expand
Medicare unit margins continue to expand Q4-FY22 Q4-FY23 Q4-FY24 $1,174 $1,151 $1,033 ($220) ($243) ($307) $583 ($371) $388 $320 ($456) ($470) 50% 31% 34% MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA-Equiv. (1) marketing cost marketing cost
Slide 19: Unlocking Value from our Contract Asset Receivable
Unlocking Value from our Contract Asset Receivable EHTH trades at a $923M significant discount commissions $398M to our commissions receivable (1) enterprise receivable balance value (2) Cumulative tail revenue recognized ($MM) MA LTV ($) Reflects appropriate conservatism of LTV models LTV trend poi
Slide 20: Key Takeaways
Key Takeaways Our Expertly guide consumers through their health insurance purpose and related options, when, where and how they prefer. Where we Scaled Core Diversification focus Amplify, Medicare Supplemental, Medicare Advantage agency Employer & Individual How we Sustainable competitive Focused in
Slide 22: Seasoned senior leadership propels eHealth's growth strategy
Seasoned senior leadership propels eHealth’s growth strategy Fran Soistman John Dolan Michelle Barbeau Ketan Babaria Gavin Galimi Chief Executive Officer Chief Financial Officer Chief Revenue Officer Chief Digital Officer General Counsel & & Director Started May 2022 Started Sept 2022 Started Jan 20
Slide 23: Agency and Amplify fulfillment models
Agency Amplify choice carrier dedicated eHealth marketing engine carrier demand generation efforts National & local Online marketplace Dedicated benefit advisors market advisors Two distinct Proprietary plan recommendation algorithm Expert match with best plan from that carrier fulfillment models Pr
Slide 24: Non-GAAP Financial Measure Definitions
Non-GAAP Financial Measure Definitions Non-GAAP financial measures within this presentation are defined as follows: • Adjusted EBITDA is calculated by excluding dividends for preferred stock and change in preferred stock redemption value (together the “impact from preferred stock”), provision for (b
Slide 25: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to slide 24 for the definition of non-GAAP financial measures. ©2025 eHealthInsurance Services, Inc. 25
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to slide 24 for the definition of non-GAAP financial measures. ©2025 eHealthInsurance Services, Inc. 26
Slide 27: Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA
Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA(1) (1) Refer to slide 24 for the definition of non-GAAP financial measures. ©2025 eHealthInsurance Services, Inc. 27

eHealth — Investor Presentation (May 2025) on 6ix

Ehealth — Investor Presentation (May 2025)

Slide 1: Investor Presentation

Slide 2: Safe Harbor Statement

Slide 3: eHealth is a Leading Omnichannel Health Insurance Marketplace

Slide 4: eHealth's Business Transformation Has Yielded Meaningful Improvements in Key Metrics

Slide 5: On Track to Achieve our Previously Issued Revenue and Adjusted EBITDA Targets

Slide 6: As Medicare Grows with our Aging Population, Consumers Are Desperate For Real Help

Slide 7: Large, Growing Medicare Opportunity Supported by Powerful Tailwinds

Slide 8: eHealth Differentiation

Slide 9: eHealth's branded marketing strategy is a differentiator

Slide 10: Digital Capabilities Help eHealth Stand Out

Slide 11: eHealth Continues to Invest in Technology Leadership

Slide 12: eHealth Offers Industry Gold Standard for Health Insurance Distribution

Slide 13: Growth Strategy

Slide 14: eHealth Platform Supports Significant Growth Opportunities Through Scaling MA and Diversification

Slide 15: FY25 Strategic Objectives

Slide 16: Financial Profile

Slide 17: Financial Performance Summary

Slide 18: Medicare unit margins continue to expand

Slide 19: Unlocking Value from our Contract Asset Receivable

Slide 20: Key Takeaways

Slide 21: Appendix

Slide 22: Seasoned senior leadership propels eHealth's growth strategy

Slide 23: Agency and Amplify fulfillment models

Slide 24: Non-GAAP Financial Measure Definitions

Slide 25: Reconciliation of GAAP to Non-GAAP Financial Measures

Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures

Slide 27: Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA