Ehealth, Inc. · NASDAQ:EHTH
Ehealth — Q4 2024 Earnings Presentation
17 slides from Ehealth's earnings presentation, Feb 26, 2025
Slide 1: Q4 & FY 2024 Financial Results
Q4 & FY 2024 Financial Results ©2025 eHealthInsurance Services, Inc. 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: Q4 2024 Earnings Highlights
Q4 2024 Earnings Highlights Record-high quarter for total revenue, net income, and ending commissions receivable balance in Company’s history after strong AEP performance. Q4 2024 total Medicare submissions(1) across our core agency and carrier-dedicated Amplify platforms grew 38% compared to Q4 2
Slide 4: Strong Progress in Scale and Profitability
Strong Progress in Scale and Profitability ($, MM) $315.2 $243.5 $247.7 $196.3 Q4-FY21 Q4-FY22 Q4-FY23 Q4-FY24 31% GAAP Net 38% 28% Income Margin Adj. EBITDA 21% $121.3 Margin (1) 25% Adj. EBITDA Margin (1) Adj. EBITDA GAAP Net $97.5 12% 11% Margin (1) Income Margin Adj. EBITDA Margin(1) GAAP Net $6
Slide 5: Significant Medicare Segment Growth Driven by MA Submissions
Significant Medicare Segment Growth Driven by MA Submissions Total Medicare Submissions 38% 288,648 y/y Total Medicare 209,241 growth 26,176 21,488 11,863 42% y/y Medicare 250,609 10,927 176,826 Advantage growth Q4-2023 Q4-2024 Medicare Advantage Medicare Supplement Medicare Part D • Q4 FY24 enrollm
Slide 6: AEP Catalysts
AEP Catalysts Operational Drivers Macro Factors • Meaningful increase in eHealth brand recognition • Higher medical costs and regulatory pressure resulted in material changes to Medicare • Strategic expansion of direct marketing channels Advantage plan offerings driving higher-quality leads • In add
Slide 7: 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) ($470) 50% 31% 34% MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA LTV CC&E per Variable Per Unit MA-Equiv. (1) marketing cost marketing cost
Slide 8: Financial Performance Summary
Financial Performance Summary Total Revenue GAAP Net Income (Loss) Adjusted EBITDA(1) ($, 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) ($88.7) FY22 FY23 FY24 FY25 FY22 FY23 FY24
Slide 9: On Track to Deliver on our 3-year Financial Targets
On Track to Deliver on our 3-year Financial Targets Total Revenue ($, MM) Adjusted EBITDA(1) ($, MM) 3-year targets as of August 2024: $69.3 High: $550 $532.4 Mid: $530 High: $60 8-10% revenue $452.9 Low: $510 CAGR ‘23 to ‘26 ON TRACK Mid: $47.5 $405.4 Low: $35 8-10% $14.1 adjusted EBITDA ON TRACK m
Slide 10: 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 11: FY25 Guidance
FY25 Guidance 2025 guidance includes an estimate for positive net adjustment revenue in the range of $0 to $20 million. 2025 Full Year Guidance Guidance Range (in millions) Total Revenue $510 – $550 GAAP Net Income (Loss) ($10) – $15 Adjusted EBITDA(1) $35 – $60 Operating Cash Flow ($25) – $10 (1)
Slide 12: Appendix
Appendix ©2025 eHealthInsurance Services, Inc. 12
Slide 13: Non-GAAP Financial Measure Definitions
Non-GAAP Financial Measure Definitions 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 revenu
Slide 14: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to the appendix for definitions of our non-GAAP financial measures and reconciliations to the most comparable GAAP measure. ©2025 eHealthInsurance Services, Inc. 14
Slide 15: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to the appendix for definitions of our non-GAAP financial measures and reconciliations to the most comparable GAAP measure. ©2025 eHealthInsurance Services, Inc. 15
Slide 16: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to the appendix for definitions of our non-GAAP financial measures and reconciliations to the most comparable GAAP measure. ©2025 eHealthInsurance Services, Inc. 16
Slide 17: Reconciliation of Guidance GAAP to Non-GAAP Financial Measures
Reconciliation of Guidance GAAP to Non-GAAP Financial Measures (1) Refer to the appendix for definitions of our non-GAAP financial measures and reconciliations to the most comparable GAAP measure. ©2025 eHealthInsurance Services, Inc. 17