eHealth Inc (EHTH) 2022 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the eHealth, Inc.'s conference call to discuss the company's third quarter 2022 financial results. (Operator Instructions) It is my pleasure to turn the floor over to Eli Newbrun-Mintz, Senior Investor Relations Manager. Please go ahead.

大家下午好，歡迎參加 eHealth, Inc. 的電話會議，討論公司 2022 年第三季度的財務業績。 （操作員說明）我很高興將發言權交給高級投資者關係經理 Eli Newbrun-Mintz。請繼續。

Good afternoon, and thank you all for joining eHealth, Inc.'s Third Quarter 2022 Financial Results Call. Joining me today are Fran Soistman, Chief Executive Officer and Christine Janofsky, Chief Financial Officer. After management's prepared remarks, we will open the lines for questions.

下午好，感謝大家參加 eHealth, Inc. 的 2022 年第三季度財務業績電話會議。今天加入我的是首席執行官 Fran Soistman 和首席財務官 Christine Janofsky。在管理層準備好發言後，我們將開通提問熱線。

As a reminder, today's conference call is being recorded and webcast from the Investor Relations section of our website. A replay of the call will be available on our website following the call.

提醒一下，今天的電話會議正在我們網站的投資者關係部分進行錄製和網絡直播。通話後，我們的網站上將提供通話重播。

We will be making forward-looking statements on this call that includes statements regarding future events, beliefs, and expectations, including statements relating to our expectations regarding the Medicare market and individual and family plan market, including current market and enrollment trends, consumer demand, our competitive advantage and market opportunities, our investments in enrollment quality initiatives, our omnichannel capabilities and call center operations and expected impact of these investments on customer conversion, customer retention and other quality metrics, our expectations regarding our marketing and member acquisition strategies and sales channels, our expectations regarding our business strategy, operating plan and financial performance, including the profitability of our business, cost savings, cash flows, conversion rates, customer retention, lifetime values, acquisition costs, member estimates and fixed and operating expenses and our full year 2022 financial guidance.

我們將在本次電話會議上發表前瞻性聲明，其中包括有關未來事件、信念和預期的聲明，包括與我們對醫療保險市場和個人及家庭計劃市場的預期相關的聲明，包括當前市場和註冊趨勢、消費者需求、我們的競爭優勢和市場機會，我們對註冊質量計劃的投資，我們的全渠道能力和呼叫中心運營以及這些投資對客戶轉化、客戶保留和其他質量指標的預期影響，我們對我們的營銷和會員獲取策略和銷售渠道的期望，我們對我們的業務戰略、運營計劃和財務業績的期望，包括我們業務的盈利能力、成本節約、現金流量、轉化率、客戶保留率、生命週期價值、收購成本、會員估計以及固定和運營費用以及我們的全年2022年金融真正的指導。

Forward-looking statements on this call represent eHealth's views as of today. You should not rely on these statements as representing our views in the future. We undertake no obligation or duty to update information contained in these forward-looking statements, whether as a result of new information, future events or otherwise.

關於此次電話會議的前瞻性陳述代表了 eHealth 截至今日的觀點。您不應依賴這些陳述來代表我們未來的觀點。我們不承擔更新這些前瞻性陳述中包含的信息的義務或義務，無論是由於新信息、未來事件或其他原因。

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in our forward-looking statements. We describe these and other risks and uncertainties in our earnings release, annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, which you may access through the SEC website or from the Investor Relations section of our website.

前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們前瞻性陳述中預測的結果存在重大差異。我們在向美國證券交易委員會提交的收益發布、10-K 表格年度報告和 10-Q 表格季度報告中描述了這些風險和其他風險和不確定性，您可以通過 SEC 網站或我們網站的投資者關係部分訪問這些信息.

We will also be presenting certain non-GAAP financial measures on this call. For a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure, please refer to the information included in our press release and in our SEC filings, which you may access from the Investor Relations section of our website.

我們還將在此次電話會議上提出某些非公認會計原則的財務指標。如需將每項非 GAAP 財務指標與最直接可比的 GAAP 財務指標進行核對，請參閱我們的新聞稿和我們向美國證券交易委員會提交的文件中包含的信息，您可以從我們網站的投資者關係部分訪問這些信息。

I will now turn the call over to Fran Soistman.

我現在將電話轉給 Fran Soistman。

Thanks, Eli. Good afternoon, and thank you to everyone joining us for our Third Quarter '22 Earnings Call. Today, I will review our third quarter results and provide an update on our execution, as we prepare for the important enrollment season, which started on October 15 in the Medicare market and November 1 in the individual and family plan market.

謝謝，伊萊。下午好，感謝大家加入我們的第三季度 22 財報電話會議。今天，我將回顧我們的第三季度業績，並提供我們執行情況的最新情況，因為我們正在為重要的註冊季節做準備，該季節在 Medicare 市場於 10 月 15 日開始，在個人和家庭計劃市場於 11 月 1 日開始。

I began my tenure at eHealth just about 1 year ago this month. Since then, we've assembled a new leadership team and developed a comprehensive long-range strategic plan for returning the company to sustainable profitable growth, while delivering a differentiated value proposition to carrier partners and customers. Significant operational changes were implemented across all critical areas of the organization this year as we started to execute against the plan with additional initiatives roadmap for 2023 and beyond.

大約一年前的這個月，我開始了在 eHealth 的任期。從那時起，我們組建了一個新的領導團隊並製定了一項全面的長期戰略計劃，以使公司恢復可持續的盈利增長，同時為運營商合作夥伴和客戶提供差異化的價值主張。今年我們在組織的所有關鍵領域都實施了重大的運營變革，因為我們開始根據 2023 年及以後的額外舉措路線圖執行該計劃。

Our initial achievements will be tested and leveraged for success during this important time when millions of customers shop for individual and Medicare plans. During this enrollment period, our company will assist tens of thousands of Americans to shop and enroll into plans that represent an optimal match for their personal preferences, health needs, and budgets.

在數百萬客戶購買個人和 Medicare 計劃的這一重要時期，我們的初步成就將得到檢驗並取得成功。在此註冊期間，我們公司將協助數以萬計的美國人購買和註冊最符合他們個人喜好、健康需求和預算的計劃。

Our sales agents and product teams are performing the critical work of assisting customers and navigating a complex landscape of health plan options, guiding beneficiaries through planned features and key selection criteria, as well as providing the enrollment method that are most convenient for the beneficiary or their caregivers. This important service provided in a multi-carrier choice environment that meets beneficiaries when, where, and how they want to be served.

我們的銷售代理和產品團隊正在執行協助客戶和瀏覽複雜的健康計劃選項的關鍵工作，通過計劃的功能和關鍵選擇標準指導受益人，以及提供對受益人或其他們最方便的註冊方法照顧者。這項重要服務在多運營商選擇環境中提供，滿足受益人希望在何時何地以何種方式獲得服務。

We give consumers the ability to shop and enroll through a host of different methods, including telephonically, online using their personal computers, laptops, tablets or mobile devices through live chat, or fully unassisted using our digital tools.

我們為消費者提供了通過多種不同方式購物和註冊的能力，包括通過電話、在線使用個人電腦、筆記本電腦、平板電腦或移動設備通過實時聊天，或完全獨立使用我們的數字工具。

Our omnichannel shop, educate, buy, and enroll capabilities are also critically important for our carrier partners who depend on health insurance advisers like eHealth to generate quality enrollments at scale. eHealth, in particular, provides carriers with access to beneficiaries to value comparison shopping and more technologically savvy. We continue to place the utmost emphasis on our relationships with carrier partners as we work together to provide customers with exceptional and memorable experiences with the intention of establishing lifelong relationships.

我們的全渠道商店、教育、購買和註冊功能對於我們的運營商合作夥伴也至關重要，他們依賴像 eHealth 這樣的健康保險顧問來大規模產生高質量的註冊。尤其是電子健康，為承運人提供了接觸受益人的機會，以進行價值比較購物和更精通技術。我們繼續高度重視與運營商合作夥伴的關係，因為我們共同努力為客戶提供卓越而難忘的體驗，旨在建立終身關係。

EHealth's relationships with our carrier partners have been strengthened throughout the last year and I believe our partnerships have never been healthier. During the quarter, eHealth continued to execute against the 6-point operating plan that we've outlined on our prior earnings calls and which can be found on Slide 11 of our earnings presentation.

EHealth 與我們的運營商合作夥伴的關係在去年得到了加強，我相信我們的合作夥伴關係從未像現在這樣健康。在本季度，eHealth 繼續執行我們在之前的財報電話會議上概述的 6 點運營計劃，這些計劃可以在我們的財報幻燈片 11 中找到。

Improving our cost structure is an important element of the plan and we are now on track to deliver more than $90 million in year-over-year cost savings in 2022. These savings are coming from (inaudible) variable cost reductions with the largest impact expected in Q4 as well as rationalizing our fixed cost base. In addition to improving our profitability and cash flow profile this year, the cost reduction program underway will also allow us to enter 2023 on a much stronger foundation.

改善我們的成本結構是該計劃的一個重要組成部分，我們現在有望在 2022 年實現超過 9000 萬美元的同比成本節省。這些節省來自（聽不清）可變成本削減，預計影響最大在第四季度以及合理化我們的固定成本基礎。除了今年改善我們的盈利能力和現金流狀況外，正在進行的成本削減計劃還將使我們能夠以更強大的基礎進入 2023 年。

As you recall, the cost transformation execution began in April. The full annualized impact will be realized in 2023, supplemented by additional cost eliminations and reductions that we expect to execute on in the early part of the new year.

您還記得，成本轉型的執行始於 4 月。全部年化影響將在 2023 年實現，並輔之以我們預計在新年年初執行的額外成本消除和削減。

While enhancing cash flow and profitability is an important part of the operating plan, our transformation is clearly not limited to cost eliminations and cost reductions. In the past year, we have made significant changes to our leadership team, most recently announcing the appointment of our new Chief Marketing Officer, Michelle Barbeau; and our Chief People Officer, Jana Brown. Internally, we promoted Bill Billings to Senior Vice President of Engineering and Information Security.

雖然提高現金流和盈利能力是運營計劃的重要組成部分，但我們的轉型顯然不僅限於消除成本和降低成本。在過去的一年裡，我們對領導團隊進行了重大調整，最近宣布任命新任首席營銷官 Michelle Barbeau；以及我們的首席人事官 Jana Brown。在內部，我們將 Bill Billings 提拔為工程和信息安全高級副總裁。

The entire leadership team is aligned around our operating plan and broader strategic goals and is fully dedicated to the success of this company and our mission of connecting customers with quality, affordable health insurance coverage. The work on reconstituting the leadership team is near completion and I believe we are assembling a truly special group of executives that have experience, passion and determination to lead eHealth towards our important mission of helping Americans find affordable health insurance coverage, while exceeding our Board and shareholders' expectations.

整個領導團隊圍繞我們的運營計劃和更廣泛的戰略目標保持一致，並全力致力於該公司的成功以及我們將客戶與優質、負擔得起的健康保險聯繫起來的使命。重組領導團隊的工作即將完成，我相信我們正在組建一個真正特殊的高管團隊，他們擁有豐富的經驗、熱情和決心，將領導 eHealth 實現我們幫助美國人找到負擔得起的健康保險的重要使命，同時超越我們的董事會和股東的期望。

Last month, eHealth's leadership team signed a pledge, outlining our commitment to Medicare beneficiaries and caregivers and the experience they can expect when they work with eHealth. It is comprised of 6 statements covering everything from our offering of a wide range of high-quality plans to making customer satisfaction the top criteria behind our planned recommendations to providing expert guidance in a friendly, easy-to-use shopping and enrollment process, as well as always acting with the highest degree of ethics and integrity.

上個月，eHealth 的領導團隊簽署了一項承諾，概述了我們對 Medicare 受益人和護理人員的承諾，以及他們在與 eHealth 合作時可以期待的體驗。它由 6 條聲明組成，涵蓋了從我們提供範圍廣泛的高質量計劃到將客戶滿意度作為我們計劃建議背後的首要標準，再到在友好、易於使用的購物和註冊流程中提供專家指導的方方面面，作為以及始終以最高程度的道德和誠信行事。

As we have another example of the new eHealth, an organization that strives to provide customers with exceptional and memorable experiences as they shop for health insurance plans. The pledge was shared with our carrier partners, CMS and is proudly displayed on all of our websites.

我們還有另一個新電子健康的例子，該組織致力於在客戶購買健康保險計劃時為他們提供卓越而難忘的體驗。該承諾已與我們的運營商合作夥伴 CMS 分享，並自豪地展示在我們所有的網站上。

Operationally, one of the most important third quarter achievement has been a year-over-year increase in conversion rate from Medicare sales and enrollment calls. This is a critical metric that determines the effectiveness of our Medicare telesales organization and impacts not only the enrollment volumes, but also the per enrollment acquisition cost, one of the key drivers of member profitability.

在運營方面，第三季度最重要的成就之一是 Medicare 銷售和註冊電話的轉化率同比增長。這是決定我們的 Medicare 電話銷售組織有效性的關鍵指標，不僅會影響註冊量，還會影響每次註冊的獲取成本，這是會員盈利能力的關鍵驅動因素之一。

This year-over-year step-up in conversion rates have continued through the first weeks of the AEP, where improvements to conversion are even more consequential given significantly larger number of incoming calls compared to the rest of the year. We are seeing this year-over-year productivity improvement for our tenured agent as well as the agents newly hired for this AEP.

轉換率的同比上升一直持續到 AEP 的前幾週，考慮到與今年剩餘時間相比，來電數量明顯增加，轉換率的提高更為重要。我們看到我們的終身代理人以及為此 AEP 新聘用的代理人的生產率逐年提高。

As a reminder, the introduction of our enrollment quality initiatives about a year ago, which included call verifications, resulted in a significant reduction of our telephonic conversion rates and impacted our financial performance. While over the past 12 months, we have had to sacrifice enrollment volume as a result of these quality initiatives, it was the right decision. It allowed us to achieve significantly better CTM scores and improved our standing with major carriers, some of which now refers to eHealth as the gold standard in enrollment quality.

提醒一下，大約一年前我們引入了包括呼叫驗證在內的註冊質量計劃，導致我們的電話轉換率顯著降低，並影響了我們的財務業績。雖然在過去 12 個月中，由於這些質量舉措，我們不得不犧牲入學人數，但這是正確的決定。它使我們能夠獲得更好的 CTM 分數，並提高了我們在主要運營商中的地位，其中一些運營商現在將 eHealth 視為註冊質量的黃金標準。

We are excited to see a year-over-year increase in conversions in Q3 that was accomplished while maintaining enhanced enrollment quality standards. Q3 revenue of $53.4 million, decreased 16% year-over-year, reflecting a 37% reduction in Medicare variable acquisition costs compared to last year, which contributed to reduced lead volume, partially offset by enhanced marketing effectiveness and improved conversion rates.

我們很高興看到第三季度的轉化率同比增長，同時保持了更高的註冊質量標準。第三季度收入為 5340 萬美元，同比下降 16%，反映出醫療保險可變購置成本與去年相比下降了 37%，這導致潛在客戶數量減少，但部分被增強的營銷效果和提高的轉化率所抵消。

Adjusted EBITDA loss was $33.1 million compared to a loss of $55.2 million in Q3 of 2021. Both revenue and adjusted EBITDA were in line with our internal plan. Third quarter marketing and agent cost per acquired Medicare member improved year-over-year, and we expect this trend to continue and be even more pronounced in the AEP, driving meaningful expansion in LTV to CAC spread.

調整後的 EBITDA 虧損為 3310 萬美元，而 2021 年第三季度為虧損 5520 萬美元。收入和調整後的 EBITDA 均符合我們的內部計劃。第三季度每個收購的 Medicare 會員的營銷和代理成本同比有所改善，我們預計這一趨勢將持續下去，並在 AEP 中更加明顯，從而推動 LTV 到 CAC 價差的顯著擴張。

Based on Q3 results and initial AEP observations, we are reaffirming the full year 2022 guidance ranges we provided on last quarter's call. In preparation for the AEP, we made changes to sales and marketing strategies and implemented new processing, based on learnings from prior enrollment periods.

根據第三季度的結果和初步的 AEP 觀察，我們重申我們在上一季度的電話會議上提供的 2022 年全年指導範圍。在準備 AEP 的過程中，我們根據之前註冊期間的經驗，對銷售和營銷策略進行了更改，並實施了新的流程。

At top of the funnel, we focused our marketing budgets on channel and customer segments that drive higher ROI enrollments and on specific days and times associated with stronger consumer response based on our data analytics. We are prepared to be opportunistic with portions of our budget that can be shifted on shorter notice, leading into the top-performing initiatives and campaigns as we progress through the AEP.

在漏斗的頂部，我們將營銷預算集中在渠道和客戶群上，以推動更高的投資回報率註冊，以及根據我們的數據分析與更強烈的消費者反應相關的特定日期和時間。我們準備好投機取巧地處理可以在更短時間內轉移的部分預算，從而在我們通過 AEP 取得進展的過程中引入表現最佳的計劃和活動。

As I shared with you on the last call, we did pull back from some of our historic channels, including DIRECTV and some of the lead aggregator partners, as we reevaluate our programs in these areas for '23. In recognition of the dynamic nature of our end markets, we planned to test new channels with a small percentage of marketing budget allocated to test every quarter.

正如我在上次電話會議上與您分享的那樣，我們確實退出了一些歷史頻道，包括 DIRECTV 和一些領先的聚合合作夥伴，因為我們重新評估了 23 年在這些領域的節目。認識到我們終端市場的動態特性，我們計劃每季度分配一小部分營銷預算來測試新渠道。

One of the channels we are starting to lead into this year is our dedicated carrier arrangements to drive volume to our enrollment platform without the associated marketing spend, allowing us to preserve valuable member acquisition budget. This is becoming an important supplement to our core lead generation strategy. eHealth's omnichannel shopping and enrollment capabilities remain a key differentiator of our business model.

我們今年開始引入的渠道之一是我們專門的運營商安排，以在沒有相關營銷支出的情況下增加我們註冊平台的數量，從而使我們能夠保留寶貴的會員獲取預算。這正在成為我們核心潛在客戶生成戰略的重要補充。 eHealth 的全渠道購物和註冊功能仍然是我們業務模式的關鍵差異化因素。

We aim to provide a fluid, consistent experience as customers move across online and in-person interactions with our platform with an overarching goal to increase the total conversion rates from top of the funnel. In the past quarters, we made a number of investments to further augment enrollment options available to eHealth customers. The introduction of live agent chat and co-browsing has made it easier for beneficiaries to progress through the shopping and enrollment process in a way that fits their specific preferences, including the degree of agent assistance they want.

我們的目標是在客戶通過我們的平台進行在線和麵對面互動時提供流暢、一致的體驗，其首要目標是提高漏斗頂部的總轉化率。在過去的幾個季度中，我們進行了大量投資，以進一步增加 eHealth 客戶可用的註冊選項。實時代理聊天和共同瀏覽的引入使受益人更容易以適合他們特定偏好的方式在購物和註冊過程中取得進展，包括他們想要的代理協助程度。

For example, beneficiaries can begin the enrollment process online, hold their progresses they talk to their family and consider plan options and then call in for a co-browsing session with a licensed agent to answer any remaining questions they might have and to complete the enrollment.

例如，受益人可以在線開始註冊過程，保留他們與家人交談的進度並考慮計劃選項，然後致電與持牌代理人進行共同瀏覽會議以回答他們可能有的任何遺留問題並完成註冊.

Again, the key goal is to increase the overall demand conversion on all of our platforms, regardless of how the final submission is made. As a result, you might see a mix shift of new enrollments into the hybrid online assisted category.

同樣，關鍵目標是提高我們所有平台的整體需求轉化率，無論最終提交的方式如何。因此，您可能會看到新註冊混合轉移到混合在線輔助類別。

Over the past year, we made significant enhancements to our call center operations, which are already driving a meaningful year-over-year increase in telephonic conversion rates. This included reengineering of our agent hiring and training processes, increased agent specialization by region and plan type, expansion of dedicated carrier and partner arrangements and the introduction of the new agent-facing technology tools.

在過去的一年裡，我們對呼叫中心的運營進行了重大改進，這已經推動了電話轉換率同比顯著增長。這包括重新設計我們的代理人招聘和培訓流程，按地區和計劃類型提高代理人的專業化程度，擴大專門的承運人和合作夥伴安排，以及引入新的面向代理人的技術工具。

The telesales model is composed predominantly of full-time, in-house agents that we plan to retain year round with the goal of increasing average agent tenure and creating attractive career path for our best-performing sales professionals. Outside of the AEP, we expect the optimization post-utilization through sales of ancillary products and providing value-added services to our members and carrier partners.

電話銷售模式主要由全職內部代理組成，我們計劃全年保留這些代理，目的是增加代理的平均任期並為我們表現最好的銷售專業人員創造有吸引力的職業道路。在 AEP 之外，我們希望通過銷售輔助產品和為我們的會員和運營商合作夥伴提供增值服務來優化後期使用。

In summary, we took the following steps over the past year to prepare for this AEP. We reduced our sales headcount compared to a year ago, while meaningfully improving agent productivity to reengineered agent recruiting and training processes.

總而言之，我們在過去一年中採取了以下步驟來準備此 AEP。與一年前相比，我們減少了銷售人員，同時顯著提高了代理人的生產力，以重新設計代理人招聘和培訓流程。

We launched dedicated carrier and local market telesales, we made changes to marketing strategies focused on optimizing channel mix, increasing return on our acquisition costs and fostering customer loyalty. And we introduced new omnichannel pools, including co-browsing and agent chat to increase overall lead conversion rates on our platform.

我們啟動了專門的運營商和本地市場電話銷售，我們改變了營銷策略，重點是優化渠道組合、提高我們的購置成本回報率和培養客戶忠誠度。我們還引入了新的全渠道池，包括共同瀏覽和代理聊天，以提高我們平台上的整體潛在客戶轉化率。

These improvements to our omnichannel shopping enrollment engine and marketing strategies are having a positive impact on our performance in the first fleet of the AEP. Compared to last year, we entered the selling season with a stronger pipeline and preset appointments with Medicare beneficiaries, which represents high intent needs.

我們對全渠道購物註冊引擎和營銷策略的這些改進正在對我們在 AEP 第一支艦隊中的表現產生積極影響。與去年相比，我們以更強大的管道和與 Medicare 受益人的預設約會進入了銷售季節，這代表了高意願需求。

Our targeted demand generation campaign combined with stronger telephonic conversions are driving enrollments that are being made at significantly lower per member acquisition costs compared to the same time a year ago. While we are still in the early stages of the AEP, we are pleased with our performance to-date and believe it's a reflection of significant operational improvements put in place over the past year.

我們有針對性的需求生成活動與更強大的電話轉換相結合，正在推動以與一年前同期相比顯著降低的每位會員獲取成本進行的註冊。雖然我們仍處於 AEP 的早期階段，但我們對迄今為止的表現感到滿意，並相信這反映了過去一年中實施的重大運營改進。

In the individual and family plan segment, we remain cautiously optimistic about the growing ICHRA opportunity. ICHRA, which stands for Individual Coverage Health Reimbursement Arrangement, allows employers to fund IFT premiums for their workforce as an affordable alternative to small business coverage.

在個人和家庭計劃領域，我們對不斷增長的 ICHRA 機會保持謹慎樂觀。 ICHRA 是 Individual Coverage Health Reimbursement Arrangement 的縮寫，允許雇主為其員工支付 IFT 保費，作為小企業保險的負擔得起的替代方案。

The health insurance programs typically take time to gain awareness at scale and ICHRA will likely follow the same path. We do believe though, that health insurance inflation continues to be a big driver of broader inflation in the country, ICHRA will be a benefactor as it provides employers with an opportunity to reduce their financial exposure and provides employees greater affordability of their health insurance (inaudible) In preparation for the fourth quarter open enrollment period, we have launched a number of new partnerships, including some of the leading benefit administrators in the ICHRA market.

健康保險計劃通常需要時間才能大規模獲得知名度，而 ICHRA 可能會走同樣的路。不過，我們確實相信，健康保險通脹仍然是該國更廣泛通脹的主要驅動力，ICHRA 將成為一個恩人，因為它為雇主提供了減少財務風險的機會，並為員工提供了更大的健康保險負擔能力（聽不清) 為準備第四季度的開放註冊期，我們推出了許多新的合作夥伴關係，包括 ICHRA 市場上一些領先的福利管理機構。

Looking back at my first year at eHealth, I am satisfied with the progress we've made and believe this organization underwent a tremendous amount of positive change. The improvements we have made to our sales and marketing organizations are already making a significant positive impact and are important step on our path towards sustainable profitable growth.

回顧我在 eHealth 的第一年，我對我們取得的進步感到滿意，並相信這個組織經歷了巨大的積極變化。我們對銷售和營銷組織所做的改進已經產生了重大的積極影響，並且是我們邁向可持續盈利增長道路上的重要一步。

EHealth has a broader sector performance as AEP will inform our operational decisions for 2023. We will be finalizing next years plans shortly after the AEP conclusion and plan to provide '23 guidance as part of our fourth quarter earnings release. We also plan to hold an Investor Day in early 2023, and we'll be sharing more details when we report Q4 earnings.

EHealth 具有更廣泛的行業表現，因為 AEP 將為我們的 2023 年運營決策提供信息。我們將在 AEP 結束後不久完成明年的計劃，併計劃在第四季度收益發布中提供 '23 指導。我們還計劃在 2023 年初舉辦投資者日，我們將在報告第四季度收益時分享更多細節。

Above all, I would like to stress my conviction in eHealth's mission and the Medicare Advantage opportunity we are pursuing. Medicare Advantage continues to be a large and growing market with favorable demographic trends and I believe eHealth provides unique value to beneficiaries by offering a broad selection of plans nationwide, along with tools and advisory to short-term plans and the ability to enroll through a license -- online unassisted or anywhere in between.

最重要的是，我想強調我對 eHealth 的使命和我們正在追求的 Medicare Advantage 機會的信念。 Medicare Advantage 仍然是一個龐大且不斷增長的市場，具有有利的人口趨勢，我相信 eHealth 通過在全國范圍內提供廣泛的計劃選擇、短期計劃的工具和諮詢以及通過許可證註冊的能力，為受益人提供獨特的價值-- 在線獨立或介於兩者之間的任何地方。

With that, I will turn the call to our CFO, Christine Janofsky, for some additional color on our financials. Christine?

有了這個，我將把電話轉給我們的首席財務官 Christine Janofsky，以了解我們的財務狀況。克里斯汀？

Thank you, Fran and good afternoon, everyone. Our third quarter results reflect a reduction in member acquisition costs, pursuant to our cost transformation plan combined with a significant improvement in Medicare agent productivity. During the quarter, we generated similar Medicare enrollment volume compared to third quarter a year ago, while reducing variable acquisition spend in that segment by 37%.

謝謝你，弗蘭，大家下午好。根據我們的成本轉型計劃以及 Medicare 代理生產力的顯著提高，我們第三季度的業績反映了會員獲取成本的降低。在本季度，與去年第三季度相比，我們產生了類似的 Medicare 註冊量，同時將該部分的可變收購支出減少了 37%。

Third quarter Medicare revenue was $45.1 million, down 3% from Q3, 2021. Medicare commission revenue was $41.3 million, down 3% year-over-year. During the quarter, we recognized $1.7 million of positive adjustments or tail revenue in our Medicare business, reflective of positive cash collection trends on some of our older member cohorts.

第三季度醫療保險收入為 4510 萬美元，比 2021 年第三季度下降 3%。醫療保險佣金收入為 4130 萬美元，同比下降 3%。本季度，我們確認了 170 萬美元的積極調整或我們醫療保險業務的尾部收入，反映了我們一些年長會員群體的積極現金收款趨勢。

Third quarter Medicare non-commission revenue of $3.8 million was flat year-over-year and is comprised predominantly of carrier advertising revenue. Medicare segment loss was $23 million in the third quarter, compared to a loss of $52.9 million a year ago, reflecting the impact of our cost transformation program and increased conversion rates in our telesales organization.

第三季度 Medicare 非佣金收入為 380 萬美元，同比持平，主要由運營商廣告收入組成。醫療保險部門第三季度虧損 2300 萬美元，而一年前虧損 5290 萬美元，反映了我們的成本轉型計劃的影響以及我們電話銷售組織轉換率的提高。

Medicare Advantage approved enrollment were approximately 37,800, a year-over-year increase of 3%. Total Medicare enrollment, including Medicare Supplement and Medicare Part D approved members were approximately 44,900, or a 4% decline relative to Q3 of '21. The year-over-year decline in Med Sup and Part D enrollment are driven by secular shifts in consumer demand, favoring MA and MAPD product, as well as our more targeted deployment of marketing spend on MA leads.

Medicare Advantage 批准的入學人數約為 37,800 人，同比增長 3%。醫療保險註冊總人數，包括醫療保險補充計劃和醫療保險 D 部分批准的成員，約為 44,900 人，與 21 年第三季度相比下降了 4%。 Med Sup 和 Part D 註冊人數的同比下降是由於消費者需求的長期變化，有利於 MA 和 MAPD 產品，以及我們更有針對性地部署 MA 線索的營銷支出。

We ended the third order with an estimated total Medicare Advantage paying membership of $582,000, which represents year-over-year growth of 4%. Total estimated Medicare membership was $905,000 or an increase of 3% compared to a year ago.

我們以 Medicare Advantage 付費會員總額估計為 582,000 美元結束了第三次訂單，同比增長 4%。估計 Medicare 會員總額為 905,000 美元，與一年前相比增長了 3%。

MA LTV for third quarter was $953, down 2% on a year-over-year basis, reflecting stable turn observations on our historic third quarter cohort and a product mix impact. The third quarter is typically characterized by seasonally elevated per member acquisition costs as we hire and train agents who are not yet fully productive during the quarter. And also invest in early marketing campaigns in preparation for the AEP.

第三季度的 MA LTV 為 953 美元，同比下降 2%，反映出對我們歷史性的第三季度隊列的穩定轉變觀察以及產品組合的影響。第三季度的典型特點是每名會員的獲取成本季節性上升，因為我們僱用和培訓在本季度尚未充分發揮作用的代理商。並且還投資於早期營銷活動，為 AEP 做準備。

At the same time, through our transformation program, the improvement to our sales and marketing operations resulted in a year-over-year decline of 35% in per member acquisition costs. As we enter the AEP, we expect to see a meaningful drop in our acquisition cost per approved Medicare member and a favorable LTV to tax spread compared to Q3 of this year, as demand and conversion rates pick up.

與此同時，通過我們的轉型計劃，我們的銷售和營銷運營得到改善，導致每位會員的獲取成本同比下降 35%。當我們進入 AEP 時，隨著需求和轉換率的回升，我們預計與今年第三季度相比，每位獲批 Medicare 會員的購置成本將大幅下降，並且 LTV 與稅差將有所下降。

Third quarter Medicare Advantage online unassisted submitted applications grew 18% on a year-over-year basis and partially assisted applications grew 39%, as we continue to invest in omnichannel tools on our platform.

隨著我們繼續在平台上投資全渠道工具，第三季度 Medicare Advantage 在線獨立提交申請同比增長 18%，部分輔助申請增長 39%。

Individual, Family and Small Business segment revenue was $8.2 million with segment profit of $2.7 million, compared to 17.5 and $12.5 million respectively in Q3 2021. The year-over-year decline in segment revenue and profitability is attributable mostly to lower tail revenue, in Q3 of this year, positive tail revenue in this segment was $1.8 million compared to $10 million in Q3 2021.

個人、家庭和小型企業部門收入為 820 萬美元，部門利潤為 270 萬美元，而 2021 年第三季度分別為 1750 萬美元和 1250 萬美元。部門收入和盈利能力同比下降主要是由於尾部收入下降，在今年第三季度，該部門的正尾部收入為 180 萬美元，而 2021 年第三季度為 1000 萬美元。

We continue to observe favorable retention trends in our IFP business. Lifetime values of our non-QHP product grew 20% year-over-year. LTVs for QHP plans were down 2% after growing in double digits in 2021 and Q2 of this year. Total Q3 revenue was $53.4 million, a decline of 16% year-over-year.

我們繼續觀察到 IFP 業務中有利的保留趨勢。我們非 QHP 產品的生命週期價值同比增長 20%。 QHP 計劃的 LTV 在 2021 年和今年第二季度實現兩位數增長後下降了 2%。第三季度總收入為 5340 萬美元，同比下降 16%。

GAAP net loss for Q3 was $39.1 million, compared to a loss of $53 million in Q3 2021. Adjusted EBITDA loss was $33.1 million compared to negative $55.2 million in Q3 of 2021.

第三季度的 GAAP 淨虧損為 3910 萬美元，而 2021 年第三季度為虧損 5300 萬美元。調整後的 EBITDA 虧損為 3310 萬美元，而 2021 年第三季度為負 5520 萬美元。

Moving now to our expenses. In the third quarter, total GAAP operating expense was $101.6 million, down 22% from $130 million in Q3 2021. The decrease in total operating expense was driven by a decrease of 40% or $20 million in GAAP CC&E expense and a decrease of 29% or $12.8 million in total GAAP marketing and advertising spend from Q3 of 2021.

現在轉到我們的費用。第三季度，GAAP 運營費用總額為 1.016 億美元，比 2021 年第三季度的 1.3 億美元下降 22%。總運營費用下降的原因是 GAAP CC&E 費用下降了 40% 或 2000 萬美元，並且下降了 29%或 2021 年第三季度的 GAAP 營銷和廣告總支出為 1280 萬美元。

On the fixed cost side, GAAP tech and content spend declined 5% year-over-year, while G&A increased 4% compared to Q3 a year ago. The year-over-year increase in GAAP G&A costs is primarily related to higher stock-based compensation expense. Last year, stock-based comp was positively impacted by a $4.1 million credit due to a reversal of a prior stock grant to our former CEO, who departed a year ago.

在固定成本方面，GAAP 技術和內容支出同比下降 5%，而 G&A 與去年第三季度相比增長 4%。 GAAP G&A 成本的同比增長主要與更高的股票補償費用有關。去年，基於股票的薪酬受到 410 萬美元信貸的積極影響，原因是之前對一年前離職的前任首席執行官的股票授予被撤銷。

Third quarter operating costs also include a $3.7 million non-cash charge primarily related to the subleasing agreements we signed on our Santa Clara office, leading to the recognition of a lease impairment. The sublease of our Santa Clara property as part of the remote first strategy we announced earlier this year and is expected to have a positive impact on our fixed cost structure over time.

第三季度運營成本還包括 370 萬美元的非現金費用，主要與我們在聖克拉拉辦公室簽署的轉租協議有關，導致確認租賃減值。轉租我們的 Santa Clara 物業是我們今年早些時候宣布的遠程優先戰略的一部分，預計隨著時間的推移將對我們的固定成本結構產生積極影響。

For the full year, we are now targeting total cost savings in excess of $90 million relative to 2021. These savings will be weighted towards variable spend as you saw in Q3 and will have the highest impact in terms of absolute dollar amount in the fourth quarter. We ended the quarter with approximately $165 million in cash, cash equivalents and marketable securities, and $66 million in debt.

對於全年，我們現在的目標是相對於 2021 年節省超過 9000 萬美元的總成本。正如您在第三季度看到的那樣，這些節省將被加權到可變支出中，並將在第四季度的絕對金額方面產生最大影響.本季度結束時，我們擁有大約 1.65 億美元的現金、現金等價物和有價證券，以及 6600 萬美元的債務。

Our balance sheet also reflects a commissions receivable balance of approximately $786 million that is comprised of $208 million that we expect to collect over the next 12 months, and $578 million in long-term commissions receivable.

我們的資產負債表還反映了約 7.86 億美元的應收佣金餘額，其中包括我們預計在未來 12 個月內收取的 2.08 億美元和 5.78 億美元的長期應收佣金。

Operating cash flow for the second quarter was negative $29.6 million, compared to negative $71 million a year ago. This represents a year-over-year improvement of more than $41 million.

第二季度的運營現金流為負 2960 萬美元，而一年前為負 7100 萬美元。這表示同比增長超過 4100 萬美元。

On a year-to-date basis, for the 9 months ended September 30, 2022, net cash used in operating activities was $8.3 million, which compares to cash use of $60.3 million for the first 9 months of 2021, or an improvement of $52 million. These improvements in cash used represent the initial results of our cost transformation program and significant operational improvements, implemented over the past year, and we believe we can make further improvements in the coming quarters. Trailing 12-month Medicare commission cash collections were $331.1 million, an increase of 1% compared to a year ago.

從年初至今，截至 2022 年 9 月 30 日的 9 個月，經營活動使用的現金淨額為 830 萬美元，而 2021 年前 9 個月的現金使用額為 6030 萬美元，增加了 52 美元百萬。這些現金使用的改進代表了我們在過去一年實施的成本轉型計劃和重大運營改進的初步結果，我們相信我們可以在未來幾個季度進一步改進。過去 12 個月的 Medicare 佣金現金收入為 3.311 億美元，比去年同期增長 1%。

Turning to our full year 2022 guidance, we are reaffirming the ranges we gave last quarter. I am encouraged by our execution in the first weeks of the AEP. The progress we have made towards increasing the efficiency of our telesales and marketing organizations over the last year can be clearly seen in the initial enrollment metrics and is a positive sign for the trajectory of the business in both the near and longer term.

談到我們的 2022 年全年指引，我們重申上個季度給出的範圍。我們在 AEP 的前幾週內執行，令我感到鼓舞。我們在過去一年中在提高電話銷售和營銷組織效率方面取得的進展可以從初始註冊指標中清楚地看出，這對於近期和長期的業務發展軌跡都是一個積極的跡象。

In summary, we are well positioned to execute against our 2022 plan, while continuing to drive towards the cost and operations related transformational commitments we have made to our investors.

總之，我們有能力執行我們的 2022 年計劃，同時繼續推動我們向投資者做出的與成本和運營相關的轉型承諾。

With that, I'll turn it back over to the operator to open up the line for questions.

有了這個，我會把它轉回給接線員打開問題熱線。

(Operator Instructions) And our first question will come from Tobey Sommer of Truist Securities.

（操作員說明）我們的第一個問題將來自 Truist Securities 的 Tobey Sommer。

I was wondering if you could give us a perspective that you have both from your own business and appetite for marketing spend and sort of pricing out in the -- as well as the market perspective, we've heard from some other players that everything seems to be a bit more rational with competition down somewhat. Would love (technical difficulty)?

我想知道您是否可以從您自己的業務和對營銷支出的興趣以及某種程度上定價的角度給我們一個觀點 - 以及市場觀點，我們從其他一些參與者那裡聽說一切似乎在競爭有所減少的情況下變得更加理性。會愛（技術難度）？

Tobey, nice to hear from you. Thanks for the question, of course. I would describe the environment as continue to be competitive. It's at least through the first 3-plus weeks of the AEP. It's hard to predict what will happen in the remaining 4.5 weeks. That said, I would say that looking at things from the eHealth perspective, the team has done a really good job in managing our [CAC]. And again, every day is a new adventure, but I attribute that to the good leadership that we brought onboard here in managing our channels as effectively as possible. So rational is all relative. So let's start there. And I think it all depends on how each marketing organization is performing relative to their own goals and objectives. And if they're performing consistent with their goals and objectives, it probably does remain rational, if they're not, they may do irrational things. So let's see how it all plays out through December 7.

托比，很高興收到你的來信。當然，謝謝你的問題。我會將環境描述為繼續具有競爭力。至少在 AEP 的前 3 個多星期。很難預測在剩下的 4.5 週內會發生什麼。也就是說，我想說的是，從電子健康的角度來看，團隊在管理我們的 [CAC] 方面做得非常好。再一次，每一天都是一次新的冒險，但我將這歸功於我們在盡可能有效地管理我們的渠道方面所帶來的良好領導。所以理性都是相對的。讓我們從這裡開始吧。我認為這完全取決於每個營銷組織相對於他們自己的目標和目標的表現。如果他們的表現與他們的目標和目標一致，它可能仍然是理性的，如果不是，他們可能會做非理性的事情。因此，讓我們看看這一切在 12 月 7 日之前是如何發生的。

Sure. So maybe to kind of dig into that from a pricing perspective for -- out in the market for both selling leads, have those prices changed? And I know that's not the preponderance of the business, nor the focal point of growth, but that (technical difficulty) expectations were out in the market.

當然。因此，也許可以從定價的角度深入研究——在市場上尋找兩種銷售線索，這些價格是否發生了變化？而且我知道這不是業務的優勢，也不是增長的焦點，但（技術困難）預期在市場上消失了。

You broke up at the end. Can you say the last part of your question again, please?

你最後分手了。你能再說一遍你問題的最後一部分嗎？

Yes. If we talk about pricing specifically, then it may distill and kind of get around that need for understanding any particular competitor's expectations and plans and whether or not they're living up to them or not.

是的。如果我們專門談論定價，那麼它可能會提煉並有點繞過了解任何特定競爭對手的期望和計劃以及他們是否達到這些期望和計劃的需要。

It's -- let's just say this. We obviously keep a very close eye on what our competitors are doing, to the extent that we have that visibility. Our channels are a little different. We have a very robust online capability. Our competitors don't necessarily have that same capability. So our online channel, we do more search engine optimization, search engine marketing. We do more of our paid search activity. So ours is a little different strategy. On the direct mail, it's hard to really get visibility as to what they may be spending there than what we're spending. But I would say that we're satisfied where we are to date. We're satisfied with what we're spending relative to where we were this time last year. But again, it's a point in time. And so, we can't -- we don't get too up, we don't get too down. We're just -- it's November 7, and we got another 30 days less in the AEP. So could be a different answer tomorrow, Tobey. So I think that's where we are today.

這是——讓我們這麼說吧。我們顯然密切關注我們的競爭對手在做什麼，只要我們有這種知名度。我們的頻道有點不同。我們擁有非常強大的在線能力。我們的競爭對手不一定具有相同的能力。所以我們的在線渠道，我們做更多的搜索引擎優化，搜索引擎營銷。我們做了更多的付費搜索活動。所以我們的策略有點不同。在直郵上，很難真正了解他們可能在那里花的錢，而不是我們花的錢。但我會說我們對迄今為止的情況感到滿意。與去年這個時候相比，我們對我們的支出感到滿意。但同樣，這是一個時間點。所以，我們不能——我們不會太興奮，我們也不會太沮喪。我們只是 - 現在是 11 月 7 日，我們在 AEP 中又少了 30 天。托比，明天可能會有不同的答案。所以我認為這就是我們今天所處的位置。

Okay. You referenced scheduling an Investor Day in early 2023. Could you talk -- and you also, I think, cited the sort of harvestable receivables over the next 12 months or so. Speak to the cash flow position of the company as we get into next year. And I know AEP is a big variable in that equation. So the extent to which you can comment on that would be helpful.

好的。你提到了在 2023 年初安排投資者日。你能談談嗎——我想你也提到了未來 12 個月左右的可收割應收賬款。在我們進入明年時談談公司的現金流狀況。我知道 AEP 是該等式中的一個大變量。因此，您可以對此發表評論的程度會有所幫助。

Sure. I'll let Christine talk a little bit more about the cash flow. I would say, at a very general level, we're pleased with where we are from a cash flow perspective. From Investor Day, the goal there, of course, is really multi-dimensional and that we want to present this leadership team to our investors and to analysts, share much more about the longer range strategic objectives for the organization and provide more insight as to how we continue to see this business unfold and where we're going to take the company and it's a very different company today than it was a year ago, and that will continue to evolve between now and even the time when we schedule our Investor Day in late first quarter, early second quarter.

當然。我會讓克里斯汀多談談現金流。我會說，在非常普遍的層面上，我們對現金流的角度感到滿意。從投資者日開始，那裡的目標當然是多方面的，我們希望向我們的投資者和分析師介紹這個領導團隊，分享更多關於組織的長期戰略目標，並提供更多關於我們如何繼續看到這項業務的發展以及我們將把公司帶到哪裡，今天它是一家與一年前截然不同的公司，從現在到我們安排投資者日的時間，這將繼續發展第一季度末，第二季度初。

Cash flow, I'll ask Christine, if she wants to share a little bit more.

現金流，我會問克里斯汀，她是否想分享更多。

Sure. Thank you, Fran, and nice to talk to you again, Tobey. As we've talked about, certainly being cash flow positive is critical to this management team, and that's been 1 of our goals as we revised our operating plan for 2022 is to really reduce our cash burn. And as part of our revised '22 guidance that we talked about on the Q2 earnings call, we increased our cash flow ranges by $30 million. And then also, as you think about our results for Q3, we're seeing that initial impact from our efforts through those operating cash flows and the outflows improving by $52 million on a year-to-date basis as compared to the first 3 quarters of 2021. And then we think about heading into 2023 in Q1, we will be at a significantly lower cost basis on both the fixed and variable cost side.

當然。謝謝你，弗蘭，很高興再次與你交談，托比。正如我們所討論的那樣，現金流為正對這個管理團隊來說至關重要，這是我們修訂 2022 年運營計劃時的目標之一，目的是真正減少現金消耗。作為我們在第二季度財報電話會議上討論的修訂後的 '22 指南的一部分，我們將現金流量範圍增加了 3000 萬美元。然後，當你考慮我們第三季度的業績時，我們看到我們通過這些運營現金流和流出所做的努力的初步影響與前三個季度相比，年初至今增加了 5200 萬美元2021 年。然後我們考慮在第一季度進入 2023 年，我們將在固定成本和可變成本方面都處於顯著較低的成本基礎上。

One moment please for our next question. Our next question will come from George Hill of Deutsche Bank.

請稍等一下我們的下一個問題。我們的下一個問題將來自德意志銀行的喬治希爾。

I kind of just have 2 topics I wanted to touch on. So, the first is, you have CMS implementing the advanced marketing rules, I'm sorry, the advanced market recording rules for this year's AEP. I guess, can you talk about what changes that creates for you guys, if any? I mean, I know from the call center business you guys have always been recording calls, but I don't know if the changes -- CMS has implemented has created any changes in your work flow?

我有點想談兩個話題。所以，首先是，你有 CMS 實施高級營銷規則，對不起，今年 AEP 的高級市場記錄規則。我想，如果有的話，你能談談給你們帶來了什麼變化嗎？我的意思是，我從呼叫中心業務中了解到你們一直在記錄電話，但我不知道 CMS 實施的變化是否對你們的工作流程產生了任何變化？

George, thanks for the question. It really hasn't changed anything for us. I mean, we've always recorded call quality is critically important to us. It's really for beneficiary protection. And it's actually certainly grateful for us to continue to advance proficiency of our sales agents. The one nuance I would say this year is that, there was a requirement -- a disclaimer requirement that we -- third-party marketing organizations were required to within the first 60 seconds of a call, share with beneficiaries that we don't offer all plans within their geographic area. And -- but it hasn't resulted in any issues for us as far as directing calls to CMS. So we -- our conversion rates are higher than they were last year. Our telesales is robust. So we're doing just fine and our call qualities are very high as well. So nothing -- no concerns on the CMS side.

喬治，謝謝你的提問。它真的沒有為我們改變任何東西。我的意思是，我們一直記錄通話質量對我們來說至關重要。這真的是為了保護受益人。實際上，我們當然很感激能夠繼續提高我們銷售代理的熟練程度。我今年要說的一個細微差別是，有一項要求——免責聲明要求我們——第三方營銷組織必須在通話的前 60 秒內與受益人分享我們不提供的信息其地理區域內的所有計劃。並且 - 但就將呼叫定向到 CMS 而言，它沒有給我們帶來任何問題。所以我們 - 我們的轉化率高於去年。我們的電話銷售很強勁。所以我們做得很好，我們的通話質量也非常高。所以沒什麼——CMS 方面不用擔心。

Okay. And then, I guess, my follow-up would be is, there has been a bunch of -- a little bit of concern at the margin, I guess, that combined with the changes in the TV marketing ads is likely to drive down churn for this selling season, which I would assume is good for you guys, but could also slow market growth at the margin. So, I guess, I would just ask, I know we're only a couple of weeks in with it, maybe kind of do you see anything that could impact the market from a macro level as opposed to anything we see help specific?

好的。然後，我想，我的後續行動是，我想，在邊緣有一些擔憂，再加上電視營銷廣告的變化可能會降低客戶流失率對於這個銷售季節，我認為這對你們有好處，但也可能在邊際上減緩市場增長。所以，我想，我只想問，我知道我們只有幾週的時間，也許你看到任何可能從宏觀層面影響市場的事情，而不是我們看到的具體幫助？

Well, I think the -- what you're referring to is the 45-day approval process for TV advertising at CMS and post the new (technical difficulty) filing use, but they have 45 days to review TV commercial that carriers or any marketing organization wants to utilize. And we're not utilizing DIRECTV this year, so it doesn't impact us as much as it might impact others. Look, churn is one of our top priorities, meaning reducing churn, increasing persistency. And I think what CMS has been concerned about are some of the commercials that have featured some celebrities that really is aimed at beneficiaries who might be eligible for Part B rebate. They promote that. And they [brought] those down quite a bit, because they're only available on a very limited number of geographic areas in the country, and I think they were probably over-promoted in the past, CMS, to the credit really got after the organization to change the way they were promoted. And I think that's been a good thing. It's not good for the industry to create any kind of messaging that can be easily misinterpreted. So we're very supportive of CMS efforts there to make sure that all communications are done in a way that is a good reflection on the industry.

好吧，我認為 - 你指的是 CMS 電視廣告的 45 天審批流程和發布新的（技術難度）備案用途，但他們有 45 天的時間來審查運營商或任何營銷的電視廣告組織想利用。我們今年沒有使用 DIRECTV，因此它對我們的影響不如對其他人的影響大。看，流失是我們的首要任務之一，這意味著減少流失，增加持久性。我認為 CMS 一直關注的是一些以名人為特色的商業廣告，這些廣告真正針對可能有資格獲得 B 部分回扣的受益人。他們提倡這一點。他們[降低]了很多，因為它們只在該國非常有限的地理區域可用，而且我認為它們在過去可能被過度推廣，CMS，真正得到了讚譽組織改變他們晉升的方式。我認為這是一件好事。創建任何類型的容易被誤解的消息傳遞對行業來說都是不利的。因此，我們非常支持 CMS 在那裡所做的努力，以確保所有通信都以能夠很好地反映行業的方式進行。

One moment for our next question. Our next question will come from Ben Hendrix of RBC Capital Markets.

稍等一下我們的下一個問題。我們的下一個問題將來自 RBC Capital Markets 的 Ben Hendrix。

I just wanted a quick question -- ask a quick question on the $90 million of cost savings this year. It makes sense the variable costs were mostly accrue to 4Q. But I was wondering if you could give us some more color on how that's manifesting here in the early weeks of AEP. We're seeing that, for example, an increased online penetration both in unassisted and assisted mix there in terms of enrollment, kind of just a little bit more color on how that's accruing?

我只是想問一個簡單的問題——問一個關於今年 9000 萬美元成本節省的快速問題。可變成本主要計入第四季度是有道理的。但我想知道你是否可以給我們更多關於 AEP 最初幾週在這裡表現的顏色。例如，我們看到，在註冊方面，無輔助和輔助混合的在線滲透率都有所增加，這只是如何累積的更多色彩？

Ben, thanks for the question. The cost savings, the cost transformation activities have been across a wide area of activity so I'm going to ask Christine to join me in this part of our conversation. But we've been at it since April, that's when we first launched our cost transformation initiatives. And there's still more opportunities that we've already identified for the balance of this year and certainly into 2023. So, these are efficiencies and they're both fixed and variable opportunities. They're intended to be executed in ways that are really aimed at efficiencies and minimally disruptive in terms of what they mean for the organization and what they mean for certainly our customers as well as our carrier partners.

本，謝謝你的提問。成本節約、成本轉型活動涉及廣泛的活動領域，所以我將邀請克里斯汀加入我們的這一部分對話。但我們從 4 月份就開始了，那是我們首次啟動成本轉型計劃的時候。我們已經確定了今年餘下時間以及 2023 年的更多機會。因此，這些都是效率，它們既是固定機會，也是可變機會。它們旨在以真正旨在提高效率的方式執行，並且就它們對組織的意義以及它們對我們的客戶以及我們的運營商合作夥伴的意義而言，破壞性最小。

So as far as assisted and unassisted online, we look at all our channels as equal opportunities to support our growth objectives. We don't favor one over the other. It's -- the objective here is to meet customers where they want to be met. And in fact, we've even taken it to new levels by introducing live agent chat. What perhaps was in the past, the bias towards unassisted, we can actually improve the throughput on our top of the funnel by having the live agent chat capability. We're here before those were in completed sales. And now by having a live chat capability, they're now converted to an assisted and that was unproductive before, right, because people weren't completing the transaction, because they didn't have the ability to click on for help and now that changes. So, it's just a different philosophy now. We -- if it increases the acquisition cost incrementally, so be it. It results in a customer and a customer that we intend to keep for the lifetime. That's the goal. So, it's a different philosophy at eHealth today. The platform, there's other ways to create efficiency. We want that top of the funnel to be a source for lifetime value as far as much of the throughput as possible by introducing live agent chat, we think that there's greater opportunity for throughput.

因此，就在線輔助和非輔助在線而言，我們將所有渠道視為支持我們增長目標的平等機會。我們不偏袒另一個。這是——這裡的目標是在他們想要見面的地方會見客戶。事實上，我們甚至通過引入實時代理聊天將其提升到一個新的水平。過去可能是對無幫助的偏見，我們實際上可以通過擁有實時代理聊天功能來提高漏斗頂部的吞吐量。我們在完成銷售之前就到了這裡。現在通過實時聊天功能，他們現在轉換為輔助功能，而這在以前是沒有效率的，對吧，因為人們沒有完成交易，因為他們沒有點擊尋求幫助的能力，而現在變化。所以，現在只是一種不同的哲學。我們 - 如果它逐漸增加購置成本，那就這樣吧。它會產生一個客戶和一個我們打算終生保留的客戶。這就是目標。因此，今天的 eHealth 是一種不同的理念。平台，還有其他創造效率的方法。我們希望漏斗的頂部成為生命週期價值的來源，通過引入實時代理聊天，盡可能多地獲得吞吐量，我們認為吞吐量有更大的機會。

So, Christine, anything you want to add on the cost efficiency side?

那麼，克里斯汀，你想在成本效率方面補充什麼嗎？

I think you covered a lot of it, Fran. I think there's a couple of things that I'll mention. As we think about the cost transformation, we're looking at all costs, both variable and fixed. On the variable side, certainly, that will be the largest portion of our cost reduction for this year, mainly certainly from lower marketing spend and really focusing on the right channels that are going to provide us that right ROI and then having that corresponding reduction in the agent headcount to match that on a year-over-year basis. And then on the fixed side, really looking at all of our fixed expenses and making sure that we have that right cost structure in play. And starting 2023 at a better cost basis than we did entering into 2022. And we're continuing to look at additional opportunities both on the variable as we continue to hone in on what are the right areas of focus. And then on the fixed side as well, one of the things that we mentioned was the Santa Clara lease. So we did a sublease on one of our office spaces, and that is something, as we have that remote first strategy from a people side, that is an area that we'll continue to look at opportunities as well as other fixed cost expenses.

我想你涵蓋了很多，弗蘭。我想我會提到幾件事。當我們考慮成本轉型時，我們正在考慮所有成本，包括可變成本和固定成本。在可變方面，當然，這將是我們今年成本削減的最大部分，主要肯定是來自較低的營銷支出和真正專注於為我們提供正確投資回報率的正確渠道，然後相應地減少代理商人數與去年同期相匹配。然後在固定方面，真正查看我們所有的固定費用，並確保我們擁有正確的成本結構。從 2023 年開始，我們的成本基礎比我們進入 2022 年時要好。隨著我們繼續關注正確的重點領域，我們將繼續在變量上尋找更多機會。然後在固定方面，我們提到的其中一件事是聖克拉拉租約。因此，我們對我們的一個辦公空間進行了轉租，這就是我們從人員方面製定的遠程優先策略，這是一個我們將繼續尋找機會以及其他固定成本支出的領域。

And one moment for our next question. Our next question will come from Daniel Grosslight of Citi.

請稍等一下我們的下一個問題。我們的下一個問題將來自花旗銀行的 Daniel Grosslight。

One of your competitors noted that there is more MA planned differential, this AEP, which is leading to more shopping. I'm curious, if you're seeing the same thing off of your platform. And what that may mean for, one, you approved policies of AEP? And then 2, churn in older cohorts in your ability to recapture those seniors?

您的一位競爭對手指出，有更多的 MA 計劃差異，即此 AEP，這會導致更多的購物。我很好奇，如果你在你的平台上看到同樣的東西。這可能意味著什麼，第一，你批准了 AEP 的政策？然後 2，在你奪回那些老年人的能力中流失老年人？

Daniel, thanks for the question. I don't know if I would refer to it as more planned differential or just greater value proposition, whether it's in the core or in the supplemental plans, but I'd also say there's greater economic pressure in general, just because inflation in America is being felt by those with fixed income. So -- and I wouldn't focus entirely on those who have MA plan today, right, because there is -- think about the 60% of Americans who are in original Medicare or who have an original Medicare and have supplemental -- Medicare supplemental that are shopping for Medicare Advantage because it does provide a much greater value proposition and can reduce the financial exposure that they're subjected to an original Medicare with coinsurance, deductibles, where they have that protection on a Medicare Advantage plan in large part with a $0 monthly premium. So, I know there's concern about people switching and there could be people switching, but they could also be switching and staying with the same carrier, right, because carriers offer multiple plan options in the same geography, that doesn't necessarily result in beneficiaries having to switch the relationship with the carrier as well.

丹尼爾，謝謝你的提問。我不知道我是否會將其稱為更多計劃差異或只是更大的價值主張，無論是在核心計劃還是補充計劃中，但我也想說總體經濟壓力更大，只是因為美國的通貨膨脹那些有固定收入的人正在感受到。所以——我不會完全關注那些今天有 MA 計劃的人，對吧，因為有——想想 60% 的美國人有原始醫療保險，或者有原始醫療保險並有補充——醫療保險補充購買 Medicare Advantage 是因為它確實提供了更大的價值主張，並且可以減少他們受到具有共同保險、免賠額的原始 Medicare 的財務風險，他們在 Medicare Advantage 計劃中獲得的保護在很大程度上是$0 月保費。所以，我知道有人擔心人們會轉換，可能會有人轉換，但他們也可能會轉換並留在同一家運營商，對吧，因為運營商在同一地區提供多種計劃選項，這不一定會導致受益者還必須轉換與運營商的關係。

So, I just want to provide some perspective there that, first and foremost, those in original Medicare gain a lot of protection by considering a Medicare Advantage alternative, even those with Medicare supplemental oftentimes because they're paying frequently a pretty high monthly premium, and from a fixed income that can be challenging, particularly now with higher inflation. So -- but back to your original point about differential, I think, it's just a value proposition is really very, very attractive for American beneficiaries today.

所以，我只想在那裡提供一些觀點，首先，那些在原始 Medicare 中的人通過考慮 Medicare Advantage 替代方案獲得了很多保護，即使是那些經常有 Medicare 補充的人，因為他們經常支付相當高的每月保費，以及可能具有挑戰性的固定收入，尤其是在通貨膨脹率較高的情況下。所以——但回到你最初關於差異的觀點，我認為，這只是一個價值主張，對今天的美國受益人來說真的非常、非常有吸引力。

Yes. Makes sense. Okay. And then on the ISP segment, the Inflation Reduction Act extended subsidies, ACA subsidies to 2024. I'm just curious, I know you're not overly indexed to the qualified [plans], but I'm curious, if you think that will translate into faster ISP growth this year and next.

是的。說得通。好的。然後在 ISP 部分，《降低通貨膨脹法案》將補貼、ACA 補貼延長至 2024 年。我很好奇，我知道你沒有過度索引合格的 [plans]，但我很好奇，如果你認為將在今年和明年轉化為更快的 ISP 增長。

I don't necessarily think it's going to be accelerated growth, I would call it more moderate growth. That's our thinking right now.

我不一定認為它會加速增長，我會稱之為更溫和的增長。這就是我們現在的想法。

Thank you. And this will end the Q&A portion of the conference. I would now like to turn the conference back to Fran Soistman for closing remarks.

謝謝你。這將結束會議的問答部分。我現在想把會議轉回給 Fran Soistman 作閉幕詞。

Well, thank you, operator, and thank you all very much for joining us this afternoon. Thanks for your -- thank you all.

好吧，謝謝接線員，非常感謝大家今天下午加入我們。謝謝你——謝謝大家。

This will conclude today's conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.

這將結束今天的電話會議。謝謝大家的參與。您現在可以斷開連接，並度過愉快的一天。