Ehealth, Inc. · NASDAQ:EHTH

Ehealth — Investor Presentation (August 2024)

28 slides from Ehealth's investor presentation, August 2024

Slide 1: Investor Presentation
Your Medicare MatchmakerTM Investor Presentation August 2024 ©2024 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 ST M E NT TH E SI S Deliver sustainable EBITDA and cash flow production via:  Scaled differentiation in Medicare Advantage  Focused Diversification Significant value 3-year target of 8-10% proposition to both revenue CAGR with m
Slide 4: eHealth Effectuated Critical Operational Changes through Business Transformation
eHealth Effectuated Critical Operational Changes through Business Transformation  Launched differentiated  Removed more than $100 consumer brand COST million from cost structure  Implemented audience REDESIGNED RATIONALIZATION and continue to implement targeting strategy MARKETING targeted cost r
Slide 5: Operational Transformation Resulted in Tremendous Improvement in Profitability and Cash Flow
Operational Transformation Resulted in Tremendous Improvement in Profitability and Cash Flow $50 Apr ’22: Business Transformation initiated $- $(50) $(100) $(150) $(200) Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 (1) (1) Adjusted EBITDA - TTM Cash From Operations - TTM Free Ca
Slide 6: Significant Upside Remains
Significant Upside Remains Building on our Business Transformation success, we will drive sustainable cash flow and profitability 3-Year Financial Operating Levers Targets Topline Expansion Revenue  8-10% CAGR (‘23-’26) • Scaling the core business  8-10% adjusted EBITDA Adjusted margin(1) by ‘26 •
Slide 7: 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 new regulations and plans restart the cycle of consumer confusion and anxiety High stakes decision with significant consequence “ Every year I look at all
Slide 8: A Transformed eHealth Offers a Solution
A Transformed eHealth Offers a Solution Verification Branding Curated Experience Name, DOB, Zip Cohesive & consistent raises Meeting consumers how, when and where performance across all channels they like to engage Retention One way video with an Advisor Efficiency advisor builds trust and confidenc
Slide 9: eHealth is Positioned to Lead Industry Growth in Markets with Significant Share Opportunity
eHealth is Positioned to Lead Industry Growth in Markets with Significant Share Opportunity Positioned to lead over-65 growth Significant under-65 growth (Total policies, millions of lives) opportunity (1) (1) 15.4M • From 2023 to 2024, Marketplace 14.3M signups grew by 30% or 5 million lives(3) MS
Slide 11: eHealth rebrand is improving marketing efficiency
eHealth rebrand is improving marketing efficiency “Matchmaker” campaign was integrated across channels and drove unprecedented performance during the 2024 AEP Total AEP “Medicare” eHealth.com visits 5X Three months after launch, online searches grew 8% higher during AEP than aided brand awareness Yo
Slide 12: Technology Platform as One of the Key Competitive Differentiators
Technology Platform as One of the Key Competitive Differentiators Customers Omni-channel Tech-driven Live Agent enrollment retention Advise Chat tools with Video Our Competition: • Limited functionality & scale AI-driven quality control • Basic plan quoting features Data • No end-to-end online enrol
Slide 13: eHealth Offers Industry Leading Health Insurance Distribution
eHealth eHealth is the gold Offers Industry Leading Health Insurance Distribution ©2024 eHealthInsurance Services, Inc. 13
Slide 15: 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 16: Our Growth Strategy is Driving Strong Results
Our Growth Strategy is Driving Strong Results 2-year change Updated 2024 Long-term targets (FY21 to FY23) guidance $85M cumulative 8-10% CAGR decline as we pursued $470M – $495M ‘23 to ‘26 Revenue Business Transformation $37M 8-10% adjusted EBITDA Adj. EBITDA(1) cumulative $7.5M – $25M margin(1) by
Slide 18: Business Transformation has Helped eHealth Return to Revenue Growth While Improving Profitability
Business Transformation has Helped eHealth Return to Revenue Growth While Improving Profitability TTM Revenue ($MM) (incl. tail) Total Revenue ($MM) $509 $483 +$30M $472 $483 $453 $17 $463 $471 $453 $453 $48 $405 $402 $466 $390 $374 $405 +$61M (1) FY2023 FY2024 (Projected) (2) Q1-FY22 Q2-FY22 Q3-FY2
Slide 19: Unlocking Value from our Contract Asset Receivable
Unlocking Value from our Contract Asset Receivable EHTH trades at a $832M significant discount commissions $365M to our commissions receivable (1) enterprise receivable balance value (2) Cumulative tail revenue recognized ($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 inv
Slide 22: Seasoned senior leadership guides eHealth's growth strategy
Seasoned senior leadership guides eHealth’s growth strategy Fran Soistman John Stelben Michelle Barbeau Ketan Babaria Gavin Galimi Chief Executive Officer Chief Financial Officer Chief Revenue Officer Chief Digital Officer General Counsel & & Director Started Nov 2022 Started Sept 2022 Started Jan 2
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: Our differentiation drives improved agency unit economics
Our differentiation drives improved agency unit economics Medicare Advantage MA LTV/CAC Q4 ‘23 Conversion Rate MA LTV 1.5x HeadlineTwo Performance YoY $1,151 1.4x Telephonic Online +6% Point One • Support unassisted • Support Point+20% tenured advisors $1,033 1.1x $1,017 Two +11% Support • new advis
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP financial measures within this presentation are defined as follows: • Non-GAAP total revenue excluding net adjustment revenue is calculated by excluding the effect of net commission revenue from members approved in prior periods (“net adjustment revenue”) from to
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to slide 25 for the definition of non-GAAP financial measures. ©2024 eHealthInsurance Services, Inc. 26
Slide 27: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to slide 25 for the definition of non-GAAP financial measures. ©2024 eHealthInsurance Services, Inc. 27
Slide 28: Guidance GAAP Net Loss to Adjusted EBITDA
Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA(1) (1) Refer to slide 25 for the definition of non-GAAP financial measures. ©2024 eHealthInsurance Services, Inc. 28

eHealth — Investor Presentation (August 2024) on 6ix

Ehealth — Investor Presentation (August 2024)

Slide 1: Investor Presentation

Slide 2: Safe Harbor Statement

Slide 3: eHealth is a Leading Omnichannel Health Insurance Marketplace

Slide 4: eHealth Effectuated Critical Operational Changes through Business Transformation

Slide 5: Operational Transformation Resulted in Tremendous Improvement in Profitability and Cash Flow

Slide 6: Significant Upside Remains

Slide 7: As Medicare Grows with our Aging Population, Consumers Are Desperate For Real Help

Slide 8: A Transformed eHealth Offers a Solution

Slide 9: eHealth is Positioned to Lead Industry Growth in Markets with Significant Share Opportunity

Slide 10: eHealth Differentiation

Slide 11: eHealth rebrand is improving marketing efficiency

Slide 12: Technology Platform as One of the Key Competitive Differentiators

Slide 13: eHealth Offers Industry Leading Health Insurance Distribution

Slide 14: Growth Strategy

Slide 15: eHealth Platform Supports Significant Growth Opportunities Through Scaling MA and Diversification

Slide 16: Our Growth Strategy is Driving Strong Results

Slide 17: Financial Profile

Slide 18: Business Transformation has Helped eHealth Return to Revenue Growth While Improving Profitability

Slide 19: Unlocking Value from our Contract Asset Receivable

Slide 20: Key Takeaways

Slide 21: Appendix

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

Slide 23: Agency and Amplify fulfillment models

Slide 24: Our differentiation drives improved agency unit economics

Slide 25: Non-GAAP Financial Measures

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

Slide 27: Reconciliation of GAAP to Non-GAAP Financial Measures

Slide 28: Guidance GAAP Net Loss to Adjusted EBITDA