eHealth Inc (EHTH) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to eHealth Inc., conference call to discuss the company's fourth quarter and fiscal 2023 financial results. At this time, all participants have been placed in a listen-only mode and the floor will open for your questions. Following the prepared remarks.

大家早安，歡迎參加 eHealth Inc. 的電話會議，討論該公司第四季和 2023 財年的財務表現。此時，所有參與者均已處於僅聽模式，將開放供您提問。依照準備好的發言。

I will now turn the floor over to Eli Newbrun-Mintz, Senior Investor Relations Manager. Please go ahead.

我現在將發言權交給高級投資者關係經理 Eli Newbrun-Mintz。請繼續。

Good morning, and thank you all for joining us today. On the call today, Francis Soistman, eHealth's Chief Executive Officer; and John Stelben, Chief Financial Officer, will discuss our fourth quarter and fiscal year 2023 financial results. Following these prepared remarks, we will open up the line for a Q&A session with industry analysts. As a reminder, this 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 later today.

早安，感謝大家今天加入我們。eHealth 執行長 Francis Soistman 出席了今天的電話會議；財務長 John Stelben 將討論我們第四季和 2023 財年的財務表現。在這些準備好的發言之後，我們將開通與產業分析師的問答環節。謹此提醒，本次電話會議正在我們網站的投資者關係部分進行錄音和網路直播。今天晚些時候，我們的網站上將提供電話會議的重播。

Today's press release, our historical financial news releases and our filings with the SEC are also available on our Investor Relations site. We will be making forward-looking statements on this call about certain matters that are based upon management's current beliefs and expectations relating to future events impacting the company and our future financial or operating performance.

今天的新聞稿、我們的歷史財務新聞稿以及我們向 SEC 提交的文件也可以在我們的投資者關係網站上查看。我們將在本次電話會議上就某些事項做出前瞻性聲明，這些聲明基於管理層對影響公司以及我們未來財務或經營業績的未來事件的當前信念和預期。

Forward-looking statements on this call represent eHealth's views as of today, and actual results could differ materially. We undertake no obligation to publicly address or update any forward looking statements in future filings or communications regarding our business or results. Forward-looking statements we will be making during this call are subject to a number of uncertainties and risks, including but not limited to those described in today's press release and in our most recent annual report on Form 10-K and our subsequent filings with the SEC.

本次電話會議的前瞻性聲明代表 eHealth 截至目前的觀點，實際結果可能存在重大差異。我們沒有義務在未來的文件或通訊中公開處理或更新任何有關我們業務或績效的前瞻性聲明。我們將在本次電話會議中做出的前瞻性陳述受到許多不確定性和風險的影響，包括但不限於今天的新聞稿、我們最新的10-K 表格年度報告以及我們隨後向美國證券交易委員會提交的文件中所描述的內容。美國證券交易委員會。

We will also be discussing certain non-GAAP financial measures on this call. Management's definitions of those non-GAAP measures and reconciliation to the most directly comparable GAAP financial measures are included in today's press release.

我們也會在本次電話會議上討論某些非公認會計準則財務指標。今天的新聞稿中包含了管理階層對這些非公認會計準則衡量標準的定義以及與最直接可比較的公認會計準則財務衡量標準的調節。

With that, I'll turn the call over to Francis Soistman.

這樣，我會將電話轉給法蘭西斯‧索伊斯特曼。

Thank you, Eli, and good morning, everyone. Today we will discuss our fourth quarter and fiscal year 2023 results and 2024 outlook. Our fourth quarter results demonstrate the success of our transformation program and our company-wide AEP preparedness efforts. One of our primary goals this year was to return to fourth quarter Medicare enrollment growth on a profitable basis and a substantially enhanced operational foundation. I am pleased to announce that we have successfully accomplished this objective, delivering strong growth in Medicare enrollment and revenue as well as a significant improvement in our profitability metrics compared to Q4 of 2022.

謝謝你，伊萊，大家早安。今天我們將討論我們第四季和 2023 財年的業績以及 2024 年的展望。我們第四季的業績證明了我們的轉型計劃和全公司 AEP 準備工作的成功。我們今年的主要目標之一是在盈利的基礎上恢復第四季度醫療保險註冊人數的成長，並大幅增強營運基礎。我很高興地宣布，我們已經成功實現了這一目標，與 2022 年第四季度相比，醫療保險參保人數和收入強勁增長，盈利指標顯著改善。

Our execution in 2023 has positioned us well for this year with an expanded and more productive telesales organization, supported by technology enhancements and continuous reinforcement of training, positive momentum in our brand-building initiatives, a wider and more diversified portfolio of marketing channels and a promising start for amplify. Our new dedicated carrier business. We are excited to continue building on this foundation in 2024 as we plan to drive growth further enhance our profitability metrics and pursue business diversification.

2023 年的執行使我們在今年處於有利地位，在技術增強和持續強化培訓的支持下，我們的電話銷售組織規模擴大且更加高效，品牌建設舉措的積極勢頭，更廣泛、更多元化的營銷頻道組合以及放大的有希望的開始。我們新的專用承運人業務。我們很高興能夠在 2024 年繼續在此基礎上發展，因為我們計劃推動成長，進一步提高我們的獲利指標並追求業務多元化。

Before diving into our operational performance, I want to share some thoughts on the current industry landscape. Medicare Advantage has proven to be highly valued by seniors with over $30 million Americans enrolled and continuous share gains relative to the traditional Medicare program.

在深入探討我們的營運績效之前，我想先分享一些對當前產業格局的想法。事實證明，Medicare Advantage 受到老年人的高度重視，而投保金額超過 3000 萬美元的美國人，並且相對於傳統的 Medicare 計劃持續獲得份額增長。

During this AEP carriers continued to offer robust plan selection, strong provider networks and attractive benefits. In fact, the average beneficiary had access to 43 Medicare Advantage plans, the largest number of options ever as of January 2024, the individual MA market grew 2.3% sequentially and 9.4% year-over-year, representing a slight acceleration from last January when it grew 1.1% and 9.2%, respectively.

在此 AEP 期間，營運商繼續提供強大的計劃選擇、強大的提供者網路和有吸引力的福利。事實上，平均受益人可以享受 43 個 Medicare Advantage 計劃，這是截至 2024 年 1 月以來選擇數量最多的一次，個人 MA 市場環比增長 2.3%，同比增長 9.4%，比去年 1 月略有加速。分別成長1.1%和9.2%。

The agnostic nature of our platform allows the health to succeed by providing great selection and plan match advisory to our customers regardless of competitive and market share dynamics. This was evident in our fourth quarter MA enrollments, which grew 22% year-over-year, ahead of overall market growth.

我們平台的不可知論性質使健康能夠透過為我們的客戶提供優質的選擇和計劃匹配諮詢而取得成功，無論競爭和市場份額動態如何。這在我們第四季的 MA 入學人數中顯而易見，該入學人數年增 22%，領先整體市場成長。

eHealth value proposition is rooted in our customer centric marketplace that provides beneficiaries with free access to data power tools and our staff of full-time benefit advisors who are licensed agents to help them find health insurance that best fits their needs. The increasingly local market focus of our sales and marketing strategies further enhances our ability to find optimal plan matches. Specifically, we are improving our ability to use the unique aspects of each market such as provider and pharmacy networks to give beneficiaries tailored plan recommendations.

電子醫療價值主張植根於我們以客戶為中心的市場，該市場為受益人提供免費訪問數據動力工具的機會，以及我們的全職福利顧問員工的授權代理，幫助他們找到最適合其需求的健康保險。我們的銷售和行銷策略日益關注本地市場，這進一步增強了我們尋找最佳計劃匹配的能力。具體來說，我們正在提高利用每個市場的獨特方面（例如提供者和藥房網路）的能力，為受益人提供量身定制的計劃建議。

Moving into 2024. Several national carriers have publicly commented on their plans to emphasize profit over enrollment growth this year. While it's premature to speculate on final planned filings for next AEP, we do expect changes in benefit structure and potential market exits by carriers. This sets the stage for more shopping and creates an opportunity for eHealth and our carrier agnostic choice platform. We are fully prepared to assist beneficiaries in evaluating their options and choosing the right plans should their networks or benefits change.

進入 2024 年。幾家全國性航空公司已公開評論了他們今年強調利潤而非入學人數增長的計劃。雖然現在推測下一個 AEP 的最終計劃申請還為時過早，但我們確實預計福利結構會發生變化，營運商可能會退出市場。這為更多購物奠定了基礎，並為電子醫療和我們與營運商無關的選擇平台創造了機會。我們已做好充分準備，幫助受益人評估他們的選擇，並在他們的網路或福利發生變化時選擇正確的計劃。

This may involve transitioning to a different plan or remaining with their coverage depending on their individual needs. Given our differentiated value proposition, we expect to grow in 2024 by gaining market share. What we see as a more rational marketplace as reflected in our outlook.

這可能涉及根據他們的個人需求過渡到不同的計劃或保留其承保範圍。鑑於我們差異化的價值主張，我們預計在 2024 年透過獲得市場份額來實現成長。我們認為市場更理性，這反映在我們的前景中。

I also want to comment on the CMS' proposal for Medicare policy and technical changes for contract here 2025. First and foremost, eHealth fully supports CMS's efforts to increase transparency and provide protections for Medicare beneficiaries.

我還想對 CMS 的 Medicare 政策提案和 2025 年合約技術變更發表評論。首先，eHealth 全力支持 CMS 提高透明度並為 Medicare 受益人提供保護的努力。

With respect to this specific proposal the full scope and practical implications are not yet clear. Industry participants, including yourself, have already submitted comments seeking clarifications in raising important questions and concerns. Given the complexity and ambiguity of the proposal, combined with the nature of the commentary we are seeing the implementation timeline and scope is uncertain as we and other industry participants await clarification on many of the questions we have raised. It is plausible that this will not be finalized and implemented in '24. Especially as it pertains to compensation issues.

關於這項具體提案，其全部範圍和實際影響尚不清楚。包括您在內的行業參與者已經提交了評論，尋求澄清以提出重要的問題和疑慮。鑑於該提案的複雜性和模糊性，結合評論的性質，我們看到實施時間表和範圍是不確定的，因為我們和其他行業參與者正在等待我們提出的許多問題的澄清。這似乎不會在 24 年完成並實施。尤其是涉及到賠償問題。

It appears that at least one of the issues that CMS is trying to solve is Medicare market share consolidation with certain national carriers getting larger. However, in our view, the manner in which they are approaching this trend may not result in CMS's desired impact.

看來 CMS 試圖解決的問題之一至少是醫療保險市場份額的整合，某些國家營運商的規模不斷擴大。然而，我們認為，他們應對這一趨勢的方式可能不會產生 CMS 預期的影響。

Brokers and agents bring choice to consumers. eHealth, in particular represents over 55 Medicare carriers, whether carriers are gaining or losing share on our platform speaks to the strength of their plan offerings and that their payments to yield. For example, stronger stars performance yields larger CMS rebates for carriers, allowing them to offer rich planned benefits and potentially attract more customers.

經紀人和代理商為消費者帶來選擇。 eHealth 尤其代表了超過 55 家醫療保險營運商，無論營運商在我們平台上的份額增加還是減少，都說明了他們的計劃產品的實力以及他們的支付收益。例如，更強的星級表現可以為營運商帶來更大的 CMS 回扣，使他們能夠提供豐富的計劃福利並有可能吸引更多客戶。

National carriers have disproportionately larger geographic footprints in comparison to local and regional health plans. Similarly, we have observed that plan featuring value-based care typically experienced greater provider network stability and as a result, our more attractive to beneficiaries. It's important to note that eHealth recommendation algorithm is blind to carrier payment arrangements.

與地方和區域衛生計劃相比，國家航空公司的地理足跡要大得多。同樣，我們觀察到，以價值為基礎的護理的計劃通常具有更高的提供者網絡穩定性，因此，我們對受益者更具吸引力。值得注意的是，電子醫療推薦演算法對營運商的支付安排是無視的。

Further, it is essential to assess the impact of the significant MA regulations implemented over the past two years around sales and marketing practices. We believe it is prudent to give the existing regulations an opportunity to demonstrate their effectiveness and evaluate their impact before introducing further changes based on the public comments we've reviewed, other industry players agree with our assessment.

此外，有必要評估過去兩年圍繞銷售和行銷實踐實施的重要 MA 法規的影響。我們認為，在根據我們審查過的公眾意見（其他行業參與者同意我們的評估）引入進一步的變化之前，給現有法規一個展示其有效性並評估其影響的機會是謹慎的。

Moving now to our fourth quarter operational performance. Throughout AEP, we emphasized agility in our execution. We made dynamic resource shifts into the best performing areas, allowing us to deliver strong growth at attractive margins despite what many characterize as a challenging AEP environment. Specifically, we saw great results and leaned into our branded marketing channels, including TV, paid search, social media and emails. A major contributor to the success of our direct marketing channels was our rebranding initiative featuring an effective messaging strategy to support our efforts to cut through the clutter that we launched ahead of AEP.

現在轉向我們第四季的營運業績。在整個 AEP 中，我們強調執行的敏捷性。我們將動態資源轉移到表現最佳的領域，使我們能夠以有吸引力的利潤實現強勁增長，儘管許多人認為 AEP 環境充滿挑戰。具體來說，我們看到了很好的結果，並傾向於我們的品牌行銷管道，包括電視、付費搜尋、社交媒體和電子郵件。我們直銷管道成功的一個主要因素是我們的品牌重塑計劃，該計劃採用有效的訊息傳遞策略來支持我們在 AEP 之前推出的消除混亂的努力。

Our new TV campaigns had a particularly powerful impact. We believe our branding efforts, combined with audience segmentation and targeting strategies can create a flywheel effect in future enrollment periods as we focus on increasing eHealth recognition nationwide as a trusted and unbiased Medicare matchmaker. During AEP, our telesales organization benefited from our enhanced training protocol and earlier hiring ramp. We were also pleased to witness the continued success of our local market model.

我們的新電視活動產生了特別強大的影響。我們相信，我們的品牌推廣工作與受眾細分和定位策略相結合，可以在未來的註冊期間產生飛輪效應，因為我們專注於提高電子醫療在全國範圍內的認可度，作為值得信賴和公正的醫療保險媒人。在 AEP 期間，我們的電話銷售組織受益於我們增強的培訓協議和早期的招募規模。我們也很高興見證我們本地市場模式的持續成功。

This success further reinforces our belief that health care is local and that by specializing our benefit, advisers can serve customer needs more effectively. Fourth quarter telephonic conversion rates were slightly down year-over-year, reflecting a significant mix shift towards non tenured advisers controlling for length of tenure, though telephonic conversion rate increased compared to last AEP.

這項成功進一步強化了我們的信念：醫療保健是在地化的，透過專業化我們的福利，顧問可以更有效地滿足客戶需求。第四季的電話轉換率同比略有下降，反映出控制任期長度的非終身顧問的顯著組合轉變，儘管電話轉換率與上一年度 AEP 相比有所增加。

With the most substantial year-over-year conversion rate increases seen with our newly hired advisers. We attribute this success to the implementation of our redesigned training program, enhanced advisor, Scripps and ongoing professional development initiative called Sales Mastery University. In '24, we planned for tenured advisers to represent a larger percentage of our total advisor mix, which we expect to have a favorable impact on our telephonic conversions.

我們新聘用的顧問的轉換率年增幅最為顯著。我們將這一成功歸功於重新設計的培訓計劃、增強的顧問、斯克里普斯以及名為「銷售大師大學」的持續專業發展計劃的實施。24 年，我們計劃讓終身顧問在我們的顧問總數中佔據更大的比例，我們預計這將對我們的電話轉換產生有利的影響。

In terms of online performance, our fourth quarter unassisted conversion rate increased more than 20% year-over-year, driven by further enhancements to our online user tools and stronger alignment between audience driven marketing campaigns and landing page experience.

就在線表現而言，我們第四季度的獨立轉換率同比增長了 20% 以上，這得益於我們在線用戶工具的進一步增強以及受眾驅動的營銷活動和登陸頁面體驗之間的更緊密結合。

Another important development during the AEP was the successful expansion of our new dedicated carrier business, amplified. Amplify as a revenue diversification initiative within our broader strategy of supplementing our core Medicare Advantage Agency business with new margin accretive initiatives.

AEP 期間的另一個重要發展是我們新的專用承運人業務的成功擴展。在我們更廣泛的策略中擴大收入多元化計劃，透過新的利潤增值計劃來補充我們的核心醫療保險優勢代理業務。

Within the Amplify model, carriers generate and drive inbound calls to our dedicated advisors. This reduces variable marketing investment needed to grow our revenue and earnings and improves our cash flow profile. It is also an opportunity to expand our value proposition to carrier partners. While we delivered outstanding customer experience to our Amplify partners and set successful foundations for this business. Volumes that we expected in this channel came in below forecast. This was reflective of a [vary] peak performance for those Amplify carrier partners.

在 Amplify 模型中，營運商會產生呼入電話並將其發送給我們的專業顧問。這減少了增加我們的收入和收益所需的可變行銷投資，並改善了我們的現金流狀況。這也是向營運商合作夥伴擴展我們價值主張的機會。我們為 Amplify 合作夥伴提供了出色的客戶體驗，並為這項業務奠定了成功的基礎。我們對該通路的預期銷售低於預期。這反映了這些 Amplify 營運商合作夥伴的[不同]峰值表現。

During the quarter, we opportunistically shifted some of our resources, including call center advisors towards our best-performing channels in our agency model mitigating volume shortfall in amplified. Importantly, we came away with meaningful takeaway for forecasting and growing this business and have already added a significant new carrier contracts for 2024. Amplify remains an attractive growth and diversification opportunity for eHealth.

在本季度，我們機會主義地將我們的一些資源（包括呼叫中心顧問）轉移到我們代理模式中表現最好的管道，從而緩解了放大的數量短缺。重要的是，我們為預測和發展這項業務得出了有意義的結論，並且已經為 2024 年增加了重要的新承運人合約。對於電子醫療來說，Amplify 仍然是一個有吸引力的成長和多元化機會。

Moving now to our retention initiatives. Through AEP, we maintained our steadfast focus on enrollment, quality and customer experience. We continued to make progress in our member retention program through the onboarding engagement and renewal phases of the customer journey strategies introduced this year included overhauling the onboarding experience to be more tailored to each customer's circumstances,

現在轉向我們的保留計劃。透過 AEP，我們堅定不移地專注於招生、品質和客戶體驗。透過今年推出的客戶旅程策略的入職參與和更新階段，我們繼續在會員保留計劃方面取得進展，包括徹底改革入職體驗，以更加適合每個客戶的情況，

The establishment of a loyalty program and increasingly intentional year-round outreach to our existing members. The impact can be seen and 11% year-over-year improvements to our fourth quarter MA LTVs, which reflects positive retention trends for last year's AEP cohort among other factors. It is also seen in the positive net adjustment revenue of just under $50 million that we recognized in 2023. John will cover these metrics in greater detail.

建立忠誠度計劃，並越來越有意識地全年向現有會員進行推廣。其影響是顯而易見的，我們第四季度的 MA LTV 同比提高了 11%，這反映出除其他因素外，去年 AEP 群體的正向保留趨勢。我們在 2023 年確認的近 5,000 萬美元的正淨調整收入也反映了這一點。John 將更詳細地介紹這些指標。

In terms of the early indicators of our enrollment quality for the cycle, we are experiencing stable trends relative to this time last year in terms of CTM performance and carrier feedback. Generally, we are performing in line with internal call centers for some of our top carrier partners, which we view as a very positive indicator in our earnings presentation, you can find our updated operational priorities for 2024.

就本週期招生品質的早期指標而言，與去年同期相比，我們在 CTM 表現和營運商回饋方面呈現出穩定的趨勢。一般來說，我們的表現與一些頂級運營商合作夥伴的內部呼叫中心一致，我們認為這是我們收益演示中的一個非常積極的指標，您可以找到我們更新的 2024 年營運優先事項。

I'll briefly address each of them now. First, grow revenues year-over-year by gaining share in the Medicare market and continuing our push for diversification. We also remain committed to increasing adjusted EBITDA profitability and building on last year's cash flow achievements. This will be accomplished through greater operational efficiencies and further reductions in our fixed cost through opportunities we identified as part of our '24 planning process.

現在我將簡要介紹它們。首先，透過擴大醫療保險市場份額並繼續推動多元化來逐年增加收入。我們也持續致力於提高調整後的 EBITDA 獲利能力，並在去年現金流成果的基礎上再接再厲。這將透過提高營運效率並透過我們在 24 世紀規劃流程中確定的機會進一步降低固定成本來實現。

Second, advance our local market focused omni-channel enrollment engine to drive higher conversions and greater LTV to cap ratio in our Medicare Choice model. Specifically, we will continue working towards building a distinctive consumer brand, a major competitive advantage in a sector where no distributor enjoys strong brand awareness. This has become increasingly important given recent regulatory changes in the industry, lead generation practices. We plan to continue diversifying our marketing channel mix with emphasis on scaling our direct branded channels as well as our best performing strategic partnerships.

其次，推進我們以本地市場為中心的全通路註冊引擎，以在我們的 Medicare Choice 模型中推動更高的轉換率和更高的 LTV 與上限比率。具體來說，我們將繼續努力打造獨特的消費品牌，這是在沒有經銷商擁有強大品牌知名度的行業中的主要競爭優勢。鑑於最近行業監管變化和潛在客戶開發實踐，這一點變得越來越重要。我們計劃繼續實現行銷管道組合多元化，重點是擴大我們的直接品牌管道以及表現最佳的策略合作夥伴關係。

eHealth digital organization is constantly exploring ways of enhancing our beneficiaries experience with the goal of driving greater adoption of our online unassisted and omnichannel tools. Our broader objective is to maintain the personal touch of an in-person interaction between an adviser and beneficiary while increasing efficiency through the use of technology.

電子醫療數位組織不斷探索增強受益者體驗的方法，目標是推動更多人採用我們的線上無協助和全通路工具。我們更廣泛的目標是保持顧問和受益者之間面對面互動的個人風格，同時透過使用科技提高效率。

We were pioneers in introducing co-browsing technology in our industry, and we're now thrilled to announce our newest innovation which builds on that capability with plans to pilot in the second quarter. Advisor in the room or Air will allow beneficiaries to see their adviser via video as they navigate the platform and look at available plan options together. Establishing connectivity to beneficiaries is often the key to building credibility, confidence and trust, ultimately leading to stronger conversion performance. Looking ahead, we plan to continue building out our competitive moat, advancing our position as a technology leader in the space.

我們是在業界引入協同瀏覽技術的先驅，現在我們很高興地宣布我們基於該功能的最新創新，並計劃在第二季度進行試點。房間或空中的顧問將允許受益人在瀏覽平台並一起查看可用的計劃選項時透過影片看到他們的顧問。與受益人建立聯繫通常是建立可信度、信心和信任的關鍵，最終會帶來更強的轉換績效。展望未來，我們計劃繼續打造我們的競爭護城河，並提升我們作為該領域技術領導者的地位。

Third, launched the next phase of our member loyalty and retention strategy. As I covered earlier, we made encouraging progress on our retention goals and are beginning to reap the rewards of that progress in the form of higher LTVs and positive net adjustment revenue.

第三，啟動下一階段的會員忠誠度和保留策略。正如我之前提到的，我們在保留目標方面取得了令人鼓舞的進展，並開始以更高的生命週期價值和正的淨調整收入的形式獲得這種進展的回報。

The second phase of our retention strategy involves developing a single unified view of the member across their full journey with eHealth. This includes tracking all channels and interactions with our platform, including: lead nurturing, service, support and value added programs. We will be making our retention initiatives increasingly personalized to each member's unique situation and needs.

我們保留策略的第二階段涉及在會員的整個電子醫療旅程中建立一個統一的視野。這包括追蹤所有管道以及與我們平台的互動，包括：潛在客戶培育、服務、支援和增值計劃。我們將根據每位會員的獨特情況和需求，使我們的保留計劃更加個人化。

Fourth, drive our B2B strategy and fortify the organizational foundation that supports our strategic partners and direct to employer opportunities. This includes scaling our dedicated carrier business, expanding our value proposition for strategic partners and growing our employer offering from our legacy focus on small businesses to a broader audience of employers that can benefit from our services.

第四，推動我們的 B2B 策略並鞏固支持我們的策略夥伴並直接為雇主提供機會的組織基礎。這包括擴大我們的專用承運商業務，擴大我們對策略合作夥伴的價值主張，以及將我們的雇主服務從我們傳統的專注於小型企業擴大到可以從我們的服務中受益的更廣泛的雇主受眾。

Fifth and finally, enhanced eHealth comprehensive product portfolio beyond Medicare Advantage Agency business to drive year-round growth. The business transformation that we launched two years ago, focused primarily on our core Medicare Advantage business, investing in new revenue streams and innovative products is an important part of our future growth strategy.

第五，也是最後一點，除了醫療保險優勢代理業務之外，還增強了電子醫療綜合產品組合，以推動全年成長。我們兩年前啟動的業務轉型主要專注於我們的核心醫療保險優勢業務，投資新的收入來源和創新產品是我們未來成長策略的重要組成部分。

Specifically, we plan to scale existing products and services, including MedSup Medicare ancillaries across an employer and individual plans. eHealth was originally established as an online insurance marketplace, catering to individuals under the age of 65 and small businesses. However, our strategy shifted rapidly towards Medicare after the implementation of the Affordable Care Act.

具體來說，我們計劃擴展現有的產品和服務，包括跨雇主和個人計劃的 MedSup Medicare 輔助服務。 eHealth 最初是作為一個線上保險市場建立的，針對 65 歲以下的個人和小型企業。然而，在《平價醫療法案》實施後，我們的策略迅速轉向醫療保險。

The landscape now is rapidly evolving presenting us with a compelling opportunity to reclaim our leadership position through our employer and individual business segment. There are a few particular themes that drive our conviction and our non-MA business lines. The first, is growth trends within individual exchanges fueled by Medicaid redetermination, expanded product offerings from leading carriers and attractive pricing and subsidies.

現在的情況正在迅速發展，為我們提供了一個絕佳的機會，可以透過我們的雇主和個人業務部門重新奪回我們的領導地位。有一些特定的主題推動著我們的信念和我們的非 MA 業務線。首先是醫療補助重新確定、領先營運商擴大產品供應以及有吸引力的定價和補貼推動的個別交易所的成長趨勢。

Next, we see [eCERA] or individual coverage health reimbursement arrangements as a potential significant opportunity lifted by rising premiums for employer coverage and the growing consumerization of health care. Within Medicare, we believe that Medicare supplement is an additional diversification opportunity, as we may see an uptick in demand for these plans in certain demographics as carriers pare down their MA benefits and focus on margins in that product line. In conclusion when I joined the company in November of 2021, we established a set of important goals and commitments through the successful implementation of our business transformation and cost reduction programs. We have effectively fulfilled these commitments as evidenced by our 2023 results.

接下來，我們認為 [eCERA] 或個人保險健康報銷安排是一個潛在的重大機遇，因雇主保險保費上漲和醫療保健消費化不斷增長而帶來。在醫療保險範圍內，我們認為醫療保險補充是一個額外的多元化機會，因為隨著運營商削減其MA 福利並專注於該產品線的利潤，我們可能會看到某些人群對這些計劃的需求上升。總之，當我於 2021 年 11 月加入公司時，我們透過成功實施業務轉型和成本削減計劃，制定了一系列重要目標和承諾。我們有效地履行了這些承諾，2023 年的表現證明了這一點。

As we move forward, we are setting new commitments aligned with our strategic priorities in 2024 financial guidance. I look forward to reporting on our achievement of these objectives. Additionally, I want to recognize the strong culture that we have fostered here at eHealth and the significant contributions made by our employees and management team.

隨著我們的前進，我們正在製定與 2024 年財務指導中的策略重點一致的新承諾。我期待著報告我們實現這些目標的情況。此外，我想認可我們在 eHealth 培養的強大文化以及我們的員工和管理團隊所做的重大貢獻。

And now I will turn the call over to John, who will cover our financial performance in greater detail and discuss our 2024 guidance. Jon?

現在我將把電話轉給約翰，他將更詳細地介紹我們的財務表現並討論我們的 2024 年指導。喬恩？

Thank you, Fran, and good morning. Fourth quarter results reflect significant year-over-year improvements across our critical financial and operating metrics. Medicare segment profit, consolidated GAAP net income and adjusted EBITDA all improved significantly compared to Q4 a year ago. Importantly, fourth quarter and full year 2023 operating cash flow exceeded our expectations, reflecting favorable retention trends in our Medicare book of business among other factors.

謝謝你，弗蘭，早安。第四季業績反映出我們的關鍵財務和營運指標較去年同期顯著改善。與去年第四季相比，醫療保險部門利潤、綜合公認會計準則淨利潤和調整後 EBITDA 均顯著改善。重要的是，2023 年第四季和全年營運現金流超出了我們的預期，反映出我們的醫療保險業務帳簿中有利的保留趨勢等因素。

Fourth quarter '23 revenue was $247.7 million, representing 26% year-over-year growth, driven by strong performance within our Medicare segment. Fourth quarter Medicare segment revenue was $233.7 million, up 30% year-over-year, reflecting approved member growth increase in our MA LTVs and positive net adjustment or tail revenue. Excluding tail revenue in both periods, Q4 '23 total revenue grew 25% and Medicare segment revenue grew 28% compared to Q4 of '22.

23 年第四季的營收為 2.477 億美元，年成長 26%，這得益於我們醫療保險部門的強勁業績。第四季醫療保險部門營收為 2.337 億美元，年增 30%，反映出我們的 MA LTV 批准的會員成長增加以及正淨調整或尾部收入。排除這兩個時期的尾部收入，與 22 年第 4 季相比，23 年第 4 季總收入成長了 25%，醫療保險部門收入成長了 28%。

Fourth quarter Medicare Advantage approved members were approximately 160,000, an increase of 22% year-over-year. Total Medicare approved members grew 16% year-over-year to approximately 187,000, reflecting growth in Medicare Advantage and Medicare Supplement enrollments and the decline in Part D applications, which we view as part of a continued market wide shift away from standalone drug plans.

第四季 Medicare Advantage 核准會員約 16 萬人，較去年同期成長 22%。醫療保險批准會員總數年增 16%，達到約 187,000 名，反映出 Medicare Advantage 和 Medicare Supplement 註冊人數的增長以及 D 部分申請的下降，我們認為這是市場範圍內持續從獨立藥物計劃轉向的一部分。

Fourth quarter Medicare Advantage lifetime value increased 11% year-over-year to [$1,151]. The increase in our MA LTV is primarily reflective of improved retention on the AEP cohort we enrolled in Q4 of '22 as well as favorable carrier mix and contract mix positive persistency dynamics on our existing book of business, along with strong cash collections also drove positive tailed revenue during the quarter.

第四季 Medicare Advantage 終身價值年增 11%[1,151 美元]。我們的MA LTV 的增加主要反映了我們在22 年第四季度註冊的AEP 隊列的保留率的提高，以及有利的承運商組合和合約組合對我們現有業務的積極持久性動態，以及強勁的現金回款也推動了積極的發展本季的尾部收入。

I'd now like to spend a moment explaining the interdependencies between several important metrics of our business. Member retention, lifetime values, net adjustment or tail revenue and cash flow. In accordance with US GAAP, specifically accounting standard [6O6], we record our initial revenue in a manner that makes significant negative reversals in future periods, not probable.

現在我想花點時間解釋我們業務的幾個重要指標之間的相互依賴性。會員保留率、終身價值、淨調整或尾部收入和現金流。根據美國公認會計原則，特別是會計準則[6O6]，我們記錄初始收入的方式不會在未來期間出現重大負逆轉。

In order to satisfy this guideline. We, among other factors, apply a 7% constraint to the Medicare Advantage LTVs generated by our actuarial models. That means if future cash receipts are in line with initial unconstrained estimates, we would expect to recognize tail revenue over the life of that cohort. While there may be other factors in our initial revenue estimates that could lead to future tail, meaning adjustments that are either positive or negative. These are the basics of our revenue recognition process.

為了滿足這項準則。除其他因素外，我們對精算模型產生的 Medicare Advantage LTV 施加 7% 的限制。這意味著，如果未來的現金收入符合最初不受限制的估計，我們預計將在該群體的整個生命週期中確認尾部收入。雖然我們最初的收入估計中可能還有其他因素可能導致未來的尾部，這意味著調整要么是積極的，要么是消極的。這些是我們收入確認流程的基礎。

Between 2021 and 2023. Initial revenue was constrained by approximately $90 million across all products, which is the difference between our revenue recorded on a constrained basis over that period and what we would've estimated on an unconstrained basis, some of that has already come through its tail in 2023 and prior years. And based on my previous statements, we see a high likelihood of future recovery stemming from these constraints, assuming cohort performance in line with our unconstrained expectations.

2021 至 2023 年間。所有產品的初始收入均受到約9000 萬美元的限制，這是我們在該期間在受限基礎上記錄的收入與我們在無約束基礎上估計的收入之間的差異，其中一些收入已經在2023 年結束和前幾年。根據我先前的陳述，假設隊列表現符合我們不受約束的預期，我們認為未來恢復的可能性很高。

Again, given our accounting policy to book initial revenue in a constrained manner in accordance with US GAAP under ASC 6O6, positive tail is an expected outcome of this process. Positive tail revenue in a given year speaks to stable or improving retention trends and commission rates within our member base. And this is a testament to the high quality of our contract asset receivable.

同樣，鑑於我們的會計政策是根據 ASC 6O6 下的美國公認會計原則以有限的方式登記初始收入，因此該過程的預期結果是正尾部。特定年份的正尾部收入顯示我們的會員群中的保留趨勢和佣金率保持穩定或改善。這證明了我們的合約應收帳款資產的高品質。

In '23, we recognized total tail revenue of $48.1 million, including $15.6 million in the fourth quarter. This compares to tail of $6.4 million in fiscal year '22 and $11.1 million in Q4 of '22.

23 年，我們確認尾部總收入為 4,810 萬美元，其中第四季為 1,560 萬美元。相比之下，22 財年的尾部費用為 640 萬美元，22 年第四季的尾部費用為 1,110 萬美元。

The strong cash performance of our existing book of business, combined with continued cost discipline also drove our outperformance and operating cash flow, which came in well above guidance range for the full year 2023. In some tailed revenue is a reflection of key operational trends in our business and not simply an accounting notion.

我們現有業務的強勁現金表現，加上持續的成本控制，也推動了我們的優異表現和營運現金流，遠高於 2023 年全年的指導範圍。在某些情況下，尾部收入反映了我們業務的主要營運趨勢，而不僅僅是會計概念。

Strong enrollment quality also contributed to the increased fourth quarter MA unit margin measured as the spread between LTV and total variable marketing and CC&E costs per approved member. As you can see in our earnings presentation, we achieved significant margin expansion in Q4 of '22 and built on that improvement in the fourth quarter of '23.

出色的註冊品質也促進了第四季度 MA 單位利潤率的增長，該利潤率以 LTV 與每個批准會員的總可變營銷和 CC&E 成本之間的差額來衡量。正如您在我們的收益報告中看到的，我們在 22 年第四季實現了利潤率的顯著擴張，並在 23 年第四季取得了進步。

Taking a closer look at enrollment margins, fourth quarter CC&E per MA equivalent approved member increased 25% year-over-year. This was driven by a meaningfully larger advisor base relative to last year, including a larger contribution from non-tender digitizers, coupled with lower volumes than anticipated in our carrier dedicated and strategic partner channels. While our year-over-year Q4 approved apps grew 16% overall for Medicare and 22% for Medicare Advantage, we are staffed in anticipation of even higher volumes.

仔細觀察入學率，第四季每名 MA 同等批准會員的 CC&E 年比成長 25%。這是由於與去年相比顧問基礎明顯擴大，包括非招標數位化儀的更大貢獻，以及我們的營運商專用和策略合作夥伴管道的數量低於預期。雖然第四季度批准的 Medicare 應用程式總體同比增長 16%，Medicare Advantage 批准的應用程式總體增長 22%，但我們的人員配備預計會出現更高的數量。

Medicare variable marketing cost per MA equivalent approved member decreased by 3% year-over-year. This was a result of a more measured approach to spend and the high-quality leads from our direct channels, which we believe is indicative of the positive impact of our rebrand. This AEP also saw a greater coordination between our marketing campaigns and online customer experience, which was one of the drivers behind an increase of more than 20% in online unassisted conversions.

每個 MA 同等批准會員的 Medicare 可變行銷成本年減 3%。這是我們採取更謹慎的支出方式以及來自我們的直接管道的高品質潛在客戶的結果，我們認為這表明了我們品牌重塑的正面影響。此 AEP 也見證了我們的行銷活動和線上客戶體驗之間的更好協調，這是線上無協助轉換率成長超過 20% 的驅動因素之一。

Overall, fourth quarter total acquisition cost per MA equivalent approved member was $779, an increase of 7% year-over-year. Q4 '23 enrollment margin was 32% compared to 29% in Q4 of '22 and 12% in Q4 of '21. We expect to make further improvements in this metric going forward. A combination of enrollment, margin expansion, fixed cost savings and tail revenue contributed to a $27.1 million year-over-year increase in our fourth quarter Medicare segment profit, which was $80.3 million compared to $53.2 million in Q4 of '22.

總體而言，第四季度每個 MA 同等批准成員的總採購成本為 779 美元，年增 7%。23 年第 4 季的入學率為 32%，而 22 年第 4 季為 29%，21 年第 4 季為 12%。我們預計未來將進一步改進該指標。入組人數、利潤率擴張、固定成本節省和尾部收入共同推動我們第四季度醫療保險部門利潤年增 2,710 萬美元，從 2022 年第四季的 5,320 萬美元增至 8,030 萬美元。

I'll now move to our E&I segment. As Fran discussed, we are investing in this area to reset the foundation of our legacy business and are broadening its scope. Fourth quarter segment revenue was $14 million, a decrease of 12% year-over-year, driven primarily by a decline in enrollments year-over-year and roughly flat LTVs.

我現在將轉到我們的 E&I 部分。正如 Fran 所討論的，我們正在這一領域進行投資，以重置我們傳統業務的基礎並擴大其範圍。第四季部門營收為 1,400 萬美元，年減 12%，這主要是由於入學人數同比下降以及生命週期價值大致持平。

The segment did generate $4.8 million in tail revenue as we continue observing favorable retention trends on our major medical IFP products. Fourth quarter segment profit was $7.1 million compared to $9.2 million a year ago, despite a smaller contribution to our overall revenue relative to Medicare. This segment continues to generate attractive margins that we believe can be scaled going forward.

隨著我們繼續觀察主要醫療 IFP 產品的良好保留趨勢，該部門確實產生了 480 萬美元的尾部收入。第四季部門利潤為 710 萬美元，而去年同期為 920 萬美元，儘管相對於 Medicare 對我們整體收入的貢獻較小。該細分市場持續產生有吸引力的利潤，我們相信未來可以擴大規模。

Moving to our operating expenses and consolidated profitability metrics. Total fourth quarter non-GAAP operating expense, which excludes stock-based compensation and impairment and restructuring charges, was $182.8 million, a 20% increase compared to Q4 of '22. This reflects roughly flat fixed costs, which we define as the combination of technology and content, fixed marketing and general administrative.

轉向我們的營運費用和綜合獲利指標。第四季非 GAAP 營運費用總額（不包括以股票為基礎的薪酬以及減損和重組費用）為 1.828 億美元，比 22 年第四季成長 20%。這反映了大致持平的固定成本，我們將其定義為技術和內容、固定行銷和一般管理的組合。

And on the variable cost side, our investments in demand generation and adviser compensation as we return to enrollment growth in our Medicare segment. Increase in our non-GAAP marketing and advertising expense was smaller than our year-over-year increase in MA enrollment growth, reflecting greater effectiveness of our demand generation strategies.

在變動成本方面，隨著我們的醫療保險部門的註冊人數恢復成長，我們對需求產生和顧問薪酬的投資。我們的非 GAAP 行銷和廣告費用的增幅小於 MA 入學人數的同比增幅，反映出我們的需求產生策略更加有效。

Total Q4 non-GAAP CC&E expense grew 47%, reflecting an increase in adviser headcount within our agency and dedicated carrier businesses. On a consolidated basis, fourth quarter GAAP net income was $52.2 million compared to $20.7 million in Q4 a year ago. Fourth quarter adjusted EBITDA was $69.6 million, an increase of 41% from $49.5 million in Q4 of '22.

第四季非 GAAP CC&E 費用總額增加了 47%，反映出我們的代理商和專用承運人業務中顧問人數的增加。綜合來看，第四季 GAAP 淨利潤為 5,220 萬美元，而去年同期第四季為 2,070 萬美元。第四季調整後 EBITDA 為 6,960 萬美元，比 2022 年第四季的 4,950 萬美元成長 41%。

For the full year 2023, total revenue was $452.9 million, a 12% increase year-over-year and 1% increase ex-tail. Total 2023 Medicare Advantage approved members were 291,000, representing a decrease of 4% and total 2023, Medicare approved members were 337,000, representing a decrease of 7%. Recall that we entered 2023 on a much lower run rate in terms of our adviser headcount and demand generation spend versus prior year.

2023 年全年總收入為 4.529 億美元，年增 12%，稅後成長 1%。2023 年 Medicare Advantage 核准會員總數為 291,000 人，減少 4%；2023 年 Medicare 核准會員總數為 337,000 人，減少 7%。回想一下，進入 2023 年，我們的顧問人數和需求產生支出與前一年相比，運作率要低得多。

This is reflective of our significant cost reductions implemented in April of '22 and our focus on execution of the business transformation plan while temporarily pulling back on growth. As a result, the first quarters of the year showed year-over-year enrollment declines combined with improved profitability on both an adjusted EBITDA and GAAP net income basis.

這反映了我們在 2022 年 4 月實施的大幅成本削減，以及我們在暫時放緩成長的同時專注於執行業務轉型計畫。因此，今年第一季的入學人數較去年同期下降，但調整後 EBITDA 和 GAAP 淨利潤基礎上的獲利能力均有所改善。

On a year-over-year basis, fiscal year '23 GAAP net income improved $60.5 million to a GAAP net loss of $28.2 million and adjusted EBITDA improved $55.7 million to $14.1 million compared to fiscal year '22 or improvements of $29.1 million and $14.1 million, respectively, when excluding channel revenue.

與去年同期相比，'23 財年GAAP 淨利潤增加了6050 萬美元，GAAP 淨虧損為2820 萬美元，調整後的EBITDA 比'22 財年增加了5570 萬美元，增加到1410 萬美元，增加了2910 萬美元和1410 萬美元。 ，分別是排除通路收入時的情況。

Moving to cash flow. Fiscal year '23, operating cash flow was a negative-$6.7 million, well ahead of the high end of our guidance range and a significant improvement relative to fiscal '22 operating cash flow of negative-$26.9 million. As I mentioned earlier, it is critical to understand the increases in LTV estimates in recognition of tail revenue are a direct result of collecting cash at or above our constrained expectations.

轉向現金流。23 財年，營運現金流為負 670 萬美元，遠高於我們指導範圍的上限，並且相對於 22 財年負 2,690 萬美元的營運現金流有了顯著改善。正如我之前提到的，了解 LTV 估算的成長至關重要，因為尾部收入是收取現金達到或高於我們的限制預期的直接結果。

Fourth quarter operating cash flow was negative-$33.4 million versus a negative $18.6 million in Q4 of '22. As a reminder, fourth quarter reflects our investment in AEP related enrollment growth. While the majority of initial commission payments from these policies come in during Q1.

第四季營運現金流為負 3,340 萬美元，而 2022 年第四季為負 1,860 萬美元。提醒一下，第四季度反映了我們對 AEP 相關入學人數成長的投資。雖然這些保單的大部分初始佣金是在第一季支付的。

We ended the year with $121.7 million in cash, cash equivalents, and marketable securities. We believe we have more than sufficient liquidity to continue delivering on our operational and financial objectives. The ending position of combined short and long term contract asset receivable was $918 million, up from $884 million a year ago. This reflects Q4 enrollment growth and the upward revisions to our contract asset that flowed through our income statement in the form of tail revenue.

年底，我們擁有 1.217 億美元的現金、現金等價物和有價證券。我們相信我們有足夠的流動性來繼續實現我們的營運和財務目標。短期和長期合約資產應收帳款期末總額為 9.18 億美元，高於一年前的 8.84 億美元。這反映了第四季度入學人數的增長以及我們以尾部收入形式流經損益表的合約資產的向上修正。

I'll now review our financial guidance for 2024. We expect total revenue to be in the range of $450million to $475 million. We expect GAAP net loss to be in the range of $40 million to $20 million. We expect adjusted EBITDA to be in the range of negative-$5 million to positive-$20 million. Operating cash flow is expected to be in the range of negative-$15 million to negative-$5 million

我現在將回顧我們 2024 年的財務指引。我們預計總收入將在 4.5 億至 4.75 億美元之間。我們預計 GAAP 淨虧損將在 4,000 萬至 2,000 萬美元之間。我們預計調整後的 EBITDA 將在負 500 萬美元至正 2000 萬美元之間。營運現金流預計在負 1,500 萬美元至負 500 萬美元之間

These ranges are based on our plans to continue growing Medicare enrollments across our agency and carrier dedicated platforms. Our guidance also reflects the positive impact from adviser mix shift towards a greater percentage of tenured advisers as the large cohort of first year advisors we hired in '23 enters their second year with eHealth. We are also expecting a positive impact from the expansion of our best-performing marketing channels and continued traction of our brand strategy.

這些範圍是基於我們在我們的機構和承運人專用平台上繼續增加醫療保險註冊人數的計劃。我們的指導也反映了顧問組合轉向更大比例的終身顧問所帶來的積極影響，因為我們在 23 年僱用的大量第一年顧問進入了電子醫療的第二年。我們也期望擴大我們表現最佳的行銷管道和持續推動我們的品牌策略產生正面影響。

2024 revenue guidance ranges include an estimate for positive net adjustment revenue in the range of $0 million to $15 million, reflective of potential tail revenue that was previously constrained. This again speaks to the stability of our member cohorts and ultimately the quality of our enrollments. Excluding the impact of tail in both years. The midpoint of our 2024 guidance reflects approximately 12% year-over-year revenue growth and a substantial improvement in GAAP net income and adjusted EBITDA.

2024 年收入指導範圍包括 000 萬美元至 1500 萬美元範圍內的正淨調整收入估計，反映了先前受到限制的潛在尾部收入。這再次證明了我們會員群體的穩定性以及最終的註冊品質。剔除這兩年尾部的影響。我們 2024 年指引的中位數反映了約 12% 的年收入成長以及 GAAP 淨利潤和調整後 EBITDA 的大幅改善。

Similar to last year. We expect that all our positive adjusted EBITDA will be generated in the fourth quarter of '24, reflecting the seasonality of the Medicare business. Fiscal year 2024 cash flow guidance reflects our investment in Medicare enrollment growth and business diversification.

與去年類似。我們預計所有正調整後的 EBITDA 將在 2024 年第四季產生，反映了醫療保險業務的季節性。2024 財年現金流指引反映了我們對醫療保險參保人數成長和業務多元化的投資。

We expect to be around breakeven operating cash flow for the trailing 12 months ended March 2024, and you generate positive operating cash flow for the trailing 12 months ending March of '25. This compares to negative $13.2 million we reported for the trailing 12 months ended March of 2023. Looking ahead to Q1 of '24 on an x-tail basis, we expect revenue to increase in the [teens] relative to the first quarter of '23, reflecting our larger benefit adviser count and enrollment volume. We also expect a slight year-over-year improvement in profitability.

我們預計截至 2024 年 3 月的過去 12 個月的營運現金流量將達到損益平衡，截至 2025 年 3 月的過去 12 個月將產生正營運現金流。相比之下，我們報告的截至 2023 年 3 月的過去 12 個月的虧損為 1,320 萬美元。展望 24 年第一季的 x 尾，我們預計收入將比 23 年第一季增加[十幾歲]，這反映了我們更大的福利顧問數量和註冊量。我們也預計獲利能力將較去年同期略有改善。

Operator, please open the line for Q&A.

接線員，請開通問答線。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Thank you. And I appreciate all the details on the call. I'm Fran, you wrote a very interesting open letter to CMS, and I'm just curious what sort of response you got from both carriers and if any from CMS relative to the thought that let's give some of these changes a chance to actually be able to evaluate if they work before we make a lot of other changes. You had some other interesting ideas. Just curious the response you got?

謝謝。我很欣賞通話中的所有細節。我是Fran，您給CMS 寫了一封非常有趣的公開信，我只是好奇您從兩家運營商以及CMS 那裡得到了什麼樣的回复（如果有的話），相對於讓我們給其中一些更改一個實際機會的想法在我們做出許多其他改變之前能夠評估它們是否有效。你還有其他一些有趣的想法。只是好奇你得到的回應？

Good morning, George. Good to hear you. Thanks for the question. That letter was really think of that as sort of a hotbed and we use a social media and it got a lot of attention and overwhelming support for being a very solid number one, addressing. Addressing the concerns about the AEP process, and then secondly, the regulatory environment, where more regulatory changes follow before for the new year before those that were put in place in the previous year had time to really affect outcome.

早上好，喬治。很高興聽到你的聲音。謝謝你的提問。那封信確實被認為是一種溫床，我們使用社交媒體，它得到了很多關注和壓倒性的支持，成為非常可靠的第一名，地址。解決對 AEP 流程的擔憂，其次是監管環境，在前一年實施的監管變化有時間真正影響結果之前，新的一年會出現更多的監管變化。

I haven't received anything from CMS. I didn't expect to carriers largely supported because they face the same challenges in terms of year after year. Their surgery, it's the question of is a major surgery or less invasive surgery. But nevertheless, it's disruptive. It's expensive. And in the end there tends to be unintended consequences to beneficiary, usually for more confusion. So it doesn't clear things out that actually oftentimes muddies the waters, some more -- data like beneficiaries don't like about three minutes of disclaimers right out of the gate. I mean, think about it. That's the world we live in right now, and it's not very customer friendly.

我沒有收到 CMS 的任何資訊。我沒想到營運商會得到大力支持，因為他們年復一年地面臨著同樣的挑戰。他們的手術，問題是大手術還是微創手術。但儘管如此，它還是具有破壞性的。它的價格昂貴。最終往往會給受益人帶來意想不到的後果，通常會造成更多混亂。因此，它並沒有澄清實際上經常使事情變得混亂的事情，還有更多的事情——像受益人這樣的數據不喜歡一開始就發表大約三分鐘的免責聲明。我想說的是，考慮一下。這就是我們現在生活的世界，對客戶不太友善。

I am a senior. I think you know that. I can -- I have a lot of friends who are my same age bands and I talk with them frequently about their experiences. And so it's not just one person's opinion. It's fairly widespread, but my goal was to start a dialogue. I didn't expect a [seismic] shift initially, but I do think it has been received well by carriers. I will let you know that our Public Policy Advisory Council, we have two former governors that [serve] on that advisory council and they have paid an op-ed that will follow mine.

我是一名前輩。我想你知道這一點。我可以——我有很多和我同齡的朋友，我經常和他們談論他們的經歷。所以這不只是一個人的觀點。它相當普遍，但我的目標是開始對話。我最初並沒有預料到會發生[地震]轉變，但我確實認為它受到了運營商的好評。我會讓你知道我們的公共政策諮詢委員會，我們有兩位前州長在該諮詢委員會任職，他們已經支付了我的專欄文章的費用。

So that will be becoming out likely this week. And these are two highly respected former governors. One representing Democratic Policy, one representing Republican policy, but they're absolutely in lockstep on this regulatory environment and giving regulations a chance to effect before new ones follow. let me see if that answers your question

所以這可能會在本周成為現實。這是兩位德高望重的前州長。一位代表民主黨政策，一位代表共和黨政策，但它們絕對與這種監管環境保持同步，並在新法規出台之前讓法規有機會生效。讓我看看這是否能回答你的問題

That's great. I'll just -- I'm here to tell you that I think you would be relatively young for a US presidential candidate is worth what it's worth. I did want to talk about your comment about profitability over enrollments from the carriers, which is obviously something they've been clear about.

那太棒了。我只是——我來這裡是想告訴你，我認為你相對年輕，因為美國總統候選人是有價值的。我確實想談談您對運營商註冊盈利能力的評論，這顯然是他們已經清楚的事情。

You can read that as carriers are planning to spend less money to trying to go after a larger audience, which I wouldn't see as positive for you, I believe you are suggesting that it could increase the amount of shopping because the quality of the options for the beneficiaries would not necessarily be as exciting and therefore, more moving around? Is that effectively what you're saying?

你可以讀到，由於運營商計劃花更少的錢來吸引更多的受眾，我認為這對你來說不是積極的，我相信你是在建議這可能會增加購物量，因為產品的質量受益人的選擇不一定會那麼令人興奮，因此會更加移動？你說的這句話有效嗎？

I think you've captured it largely George. You know, I spent most of my career on the carrier side. And I sort of know the playbook for when these situations occur and I think it'll likely play itself out again. And that is still very disciplined about how where they grow and how they are. So I think that win rates get tough margins, get pressured.

我想你已經很大程度上理解喬治了。你知道，我職業生涯的大部分時間都是在運營商方面度過的。我大概知道這些情況發生時的應對策略，我認為它很可能會再次上演。對於它們在哪裡生長以及如何生長，這仍然是非常嚴格的。所以我認為勝率的利潤率很低，受到壓力。

You'll see end markets where star scores are closer to 3.5 so I'd say that versus 4, 4.5. You're going to see more benefit changes there. That's going to create some volatility with beneficiaries and an opportunity to see if there's a 4.5 [five] star plan alternatives that they should consider and that still preserves the rich supplemental benefits that they've grown accustomed to over the last few years.

您會看到終端市場的星級評分接近 3.5，所以我想說的是，與 4、4.5 相比。您將在那裡看到更多福利變化。這將為受益者帶來一些波動，並有機會看看是否有他們應該考慮的 4.5 [五] 星級計劃替代方案，並且仍然保留了他們在過去幾年中已經習慣的豐富補充福利。

I think that the national carriers will be very strategic in where they focus the growth and where they can see share because there could be the provider dynamics have changed if they don't have the unit cost favorability that they may have had previously. So I think we'll see some -- [you have] seen some market exits. I do think that preservation of the $0 premium products will continue to be paramount. It is it eliminates the barrier to sales and introducing a premium to someone that heretofore has had $0 monthly premium would be a very disruptive, and I think carriers will avoid that at all costs.

我認為，國家營運商在關注成長和份額方面將非常具有戰略意義，因為如果他們沒有以前可能擁有的單位成本優惠，那麼供應商的動態可能會發生變化。所以我認為我們會看到一些——[你們已經]看到了一些市場退出。我確實認為，保留 0 美元的優質產品將繼續至關重要。它消除了銷售障礙，並向迄今為止每月保費為 0 美元的人引入保費將是非常具有破壞性的，我認為運營商將不惜一切代價避免這種情況。

Perfect. Thanks for the thoughts.

完美的。謝謝你的想法。

And our next question.

我們的下一個問題。

Ben Hendricks, RBC Capital.

本‧亨德里克斯，加拿大皇家銀行資本。

This is Michael Murray on for Ben. So you guys saw declines in MA approved members this year. Just given lower agent headcount. And I'm sorry if I missed this, but do you anticipate increasing headcount this year?

這是本的邁克爾·默里。所以你們看到今年 MA 批准的會員數量有所下降。只是代理人數較少。如果我錯過了這一點，我很抱歉，但您預計今年的員工人數會增加嗎？

Micrel, we actually grew year-over-year in the fourth quarter. So and that's when the full effect of our marketing re-engineering went in place. We were our marketing was the last area of transformation by design because it started with bringing on a new leader of in November of '22 [shelve our ball].

麥克雷爾，我們第四季度實際上同比增長了。就在那時，我們的行銷重組發揮了全部作用。我們的行銷是設計轉型的最後一個領域，因為它始於 22 年 11 月引入新的領導者[擱置我們的球]。

So rebuilding our team, implementing new strategies. We saw that play out very, very nicely in the fourth quarter. So I'm thrilled with that demonstration of great progress. The [agent] count, it's going to be a little different in '24 than '23 because of our Amplify business. So we will be growing our agent resources for Amplify because we're bringing on four business new, a nice new customer. But will be on the agency side will be relatively flat.

因此，重建我們的團隊，實施新的策略。我們在第四節看到了非常非常好的表現。因此，我對所取得的巨大進步感到非常興奮。[代理] 計數，由於我們的 Amplify 業務，24 年與 23 年會略有不同。因此，我們將增加 Amplify 的代理資源，因為我們將帶來四個新業務、一個不錯的新客戶。但在代理方面會比較平淡。

Okay. And then --

好的。進而--

(inaudible) let me also point out, Michael, that while we will be relatively flat to modest increase. The tenured relationship to new agents will be much better in other words, we'll have a larger proportion of our agent base with more experienced than what we had in 2023, where we had a large influx of new agents. So that's deliberate. And we believe that's going to help with conversion performance at the upcoming AEP.

（聽不清楚）邁克爾，讓我也指出，雖然我們將相對持平到適度增長。換句話說，與新代理商的終身關係將會更好，換句話說，我們將擁有比 2023 年更經驗豐富的代理商基礎，當時我們有大量新代理商湧入。所以這是故意的。我們相信這將有助於提高即將到來的 AEP 的轉換效能。

Yeah, Michael. So expect enrollments to grow again this year and probably very similar to the midpoint of the revenue growth that we provided in the guidance. We don't break our harvest will be spread between Amplify, which is the dedicated carrier unit and our agents, the choice for the overall growth will be sort of in that ballpark.

是的，邁克爾。因此，預計今年的入學人數將再次增長，並且可能與我們在指南中提供的收入增長的中點非常相似。我們不會打破我們的收穫將在專門的運營商 Amplify 和我們的代理商之間分配，整體成長的選擇將在這個範圍內。

Okay. That's that's really helpful. And then just a quick one on the cost side regarding customer care and enrollment that increased those costs increased throughout the year. I wanted to see how we should be thinking about that for 2024?

好的。這真的很有幫助。然後，在成本方面，我們簡單介紹一下有關客戶服務和註冊的費用，這些費用全年都在增加。我想看看 2024 年我們應該如何考慮這個問題？

John?

約翰？

Yeah. In the 2024 guidance. Again, as Fran mentioned earlier on the agency side, and while the agent counts arm will be up a little bit year-over-year on it, the growth is predominantly in the Amplify business due to the new customer contract and some other dynamics in there, I would say that year-over-year, the absolute increase in CC&E will be less than what you saw in absolute terms in '23 over '22.

是的。在2024年的指導中。同樣，正如 Fran 之前在代理方面提到的那樣，雖然代理數量將同比略有增加，但由於新的客戶合約和其他一些動態，增長主要集中在 Amplify 業務中。在那裡，我想說，與去年同期相比，CC&E 的絕對成長將低於23 年和22 年的絕對成長。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

I would it's just going to say you should expect -- we do expect to see continued expansion in our LTV to cap on MA in fourth quarter '24 versus fourth quarter '23.

我想說的是，您應該期待 - 我們確實預計我們的 LTV 會持續擴張，以在 24 年第四季度與 23 年第四季度相比對 MA 進行限制。

Okay, thank you.

好的謝謝。

(Operator Instructions) And with no further questions, I'd like to turn the call back to Francis Soistman for any additional or closing remarks.

（操作員說明）沒有其他問題，我想將電話轉回弗朗西斯·索伊斯特曼（Francis Soistman），詢問任何補充或結束語。

Well, thank you, operator. I want to thank everyone again for joining our earnings call. As we continue to build momentum in 2024, I am confident in this organization's ability to navigate our dynamic industry and sees new opportunities throughout the year. This is a battle-tested team that brings discipline to everything we do with the courage to make changes when necessary as eHealth builds on our foundation of steady profitable growth, we will continue to innovate to reflect the needs of beneficiaries and our carrier partners. We look forward to updating you on our progress in the coming quarters. Thank you very much.

好的，謝謝你，接線生。我想再次感謝大家參加我們的財報電話會議。隨著我們在 2024 年繼續保持發展勢頭，我對本組織駕馭充滿活力的行業的能力充滿信心，並在這一年中看到新的機會。這是一支久經考驗的團隊，我們所做的一切都遵守紀律，並勇於在必要時做出改變，因為電子醫療建立在我們穩定的盈利增長的基礎上，我們將繼續創新，以反映受益人和我們的運營商合作夥伴的需求。我們期待向您通報我們未來幾季的最新進展。非常感謝。

And that will conclude today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。