Ehealth, Inc. · NASDAQ:EHTH
Ehealth — Q2 2023 Earnings Presentation
14 slides from Ehealth's earnings presentation, Aug 8, 2023
Slide 1: Q2 2023 Financial Results
Q2 2023 Financial Results Conference Call Slides 2023 Copyright eHealth Insurance. 1
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: Q2 2023 Highlights
Q2 2023 Highlights Second quarter revenue growth and strong earnings performance driven primarily by positive tail revenue of $18.7 million. Improved earnings compared to prior year: Q2 2023 GAAP net loss of $23.5 million improved from Q2 2022 GAAP net loss of $37.5 million. Q2 2023 adjusted
Slide 4: Year-over-Year Improvements in Q2 Revenue & Profitability
Year-over-Year Improvements in Q2 Revenue & Profitability Q2 ’23 revenue increased Total Revenue ($MM) GAAP Net Loss ($MM) by 32% year-over-year, driven primarily by positive net adjustment $ 66.8 or tail revenue. Positive 32% ($23.5) tail revenue also drove large year-over-year $ 50.4 ($37.5) impro
Slide 5: Tail Revenue & Commissions Receivable Asset Strength
Tail Revenue & Commissions Receivable Asset Strength After recognizing an additional $18.7 million in positive tail revenue this quarter, eHealth’s cumulative tail revenue since transitioning to ASC 606 in 2018 now amounts to more than $170 million. Cumulative tail revenue recognized ($, MM) $173 $1
Slide 6: Q2 Medicare Segment Performance
Q2 Medicare Segment Performance (1) Q2 ‘23 Medicare Medicare Segment Revenue ($MM) Medicare Segment Loss ($MM) approved members $55.4 35% declined 30% driven $41.1 by a 33% decline in ($4.7) variable advertising spend year-over-year. ($25.3) Segment revenue and Q2-FY22 Q2-FY23 Q2-FY22 Q2-FY23 segmen
Slide 7: Q2 Individual, Family and Small Business Segment Performance
Q2 Individual, Family and Small Business Segment Performance Q2 ‘23 Individual, Individual, Family and Small Business Individual, Family and Small Business (1) Family and Small Segment Revenue ($MM) Segment Profit ($MM) Business segment $11.3 $9.3 21% $6.7 revenue and segment 54% $4.3 profit (1) inc
Slide 8: Cash Flow & Liquidity Metrics
Cash Flow & Liquidity Metrics For the twelve-month period ended June 30th, 2023, operating cash flow was positive $3.2 million. We reached this important milestone ahead of schedule and continue to expect to be at or above breakeven on operating cash flow for the twelve months ending March 31, 2024.
Slide 9: Total Cash Collected by Revenue Type
Total Cash Collected by Revenue Type Total Q2 2023 cash collections of $81.1M declined 1% year-over-year driven by our decision to slow down our enrollment growth over the past 12 months and partially offset by strong commissions collections on our existing book of business. $8.1 $14.6 $46.1 $42.0 $
Slide 10: FY 2023 Operational Priorities
FY 2023 Operational Priorities 1 2 3 4 Build on our Improve Introduce the next Further diversify progress within conversion rates evolution of our eHealth’s revenue eHealth’s across our entire customer retention streams omnichannel enrollment strategy marketing and lead platform generation engine 20
Slide 11: FY 2023 Guidance
FY 2023 Guidance We are revising our guidance ranges for total revenue, GAAP net loss, and adjusted EBITDA to reflect the impact of the $18.7 million in positive tail revenue we recognized in the second quarter, net of incremental bonus accrual of $7 million. We are reiterating our original operatin
Slide 12: Appendix
Appendix 2023 Copyright eHealth Insurance. 12
Slide 13: GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA Reconciliation
GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA Reconciliation 2023 Copyright eHealth Insurance. 13
Slide 14: Reconciliation of Non-GAAP Financial Measures to Guidance
Reconciliation of Non-GAAP Financial Measures to Guidance 2023 Copyright eHealth Insurance. 14