eHealth Inc (EHTH) 2024 Q2 法說會逐字稿

Please standby, we're about to begin. Good morning everyone and welcome to eHealth Inc's conference call to discuss the company's second quarter financial, excuse me, second quarter 2024 Financial Results. (Operator Instructions)

請稍候，我們即將開始。大家早安，歡迎參加 eHealth Inc 的電話會議，討論該公司第二季的財務狀況，請問，2024 年第二季的財務表現。（操作員說明）

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, Fran Soistman, eHealth’s Chief Executive Officer; and John Stelben, Chief Financial Officer, will discuss our second quarter 2024 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 Fran Soistman 出席了今天的電話會議；財務長 John Stelben 將討論我們 2024 年第二季的財務表現。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. Forward-looking statements on this call represent eHealth’s views as of today and actual results could differ materially.

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，這些聲明是基於管理層目前對影響公司以及我們未來財務或經營業績的未來事件的信念和預期。本次電話會議的前瞻性陳述代表了 eHealth 截至目前的觀點，實際結果可能存在重大差異。

We undertake no obligation to publicly address or update any forward-looking statements except as required by law. The 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.

除法律要求外，我們不承擔公開發表或更新任何前瞻性聲明的義務。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以及我們最新的 10-K 表格年度報告和我們隨後向SEC 提交的文件。

We will also be discussing certain non-GAAP financial measures on this call. Management’s definitions of these non-GAAP measures and reconciliations 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 Fran Soistman.

這樣，我會將電話轉給 Fran Soistman。

Thank you, Eli. Good morning and thank you to everyone joining us today. Before we dive deeper into the discussion of the second quarter, I wanted to address the news we announced last night. I will be retiring from my role as CEO by or before the second quarter of 2025 once a successor is on board. As you may recall, I came out of retirement three years ago to take on the

謝謝你，伊萊。早安，感謝今天加入我們的所有人。在我們深入討論第二季度之前，我想先談談我們昨晚宣布的消息。一旦繼任者上任，我將在 2025 年第二季或之前辭去執行長職務。你可能還記得，三年前我從退休狀態走出來，承擔起

CEO role in November of 2021. It has been a privilege to lead this company during this time. Since then, I am proud of the leadership team we’ve assembled during my tenure and the progress we have made transforming eHealth by creating a healthy and vibrant culture, evolving carrier relationships, enhancing focus on member retention and deploying new technologies to name a few.

2021 年 11 月擔任執行長。在這段期間領導這家公司是我的榮幸。從那時起，我為我們在我任職期間組建的領導團隊以及我們通過創建健康而充滿活力的文化、發展運營商關係、加強對會員保留和部署新技術來命名電子醫療轉型所取得的進展感到自豪。

Over the past two years, we’ve achieved tremendous progress across key profitability metrics, including GAAP net income, adjusted EBITDA and operating cash flow. With the business on solid footing and advancing steadily towards our three-year growth and profitability goals, now is the right time to announce my intention to retire as CEO in 2025.

過去兩年，我們在關鍵獲利指標方面取得了巨大進步，包括 GAAP 淨利潤、調整後 EBITDA 和營運現金流。隨著業務基礎穩固並朝著我們的三年成長和獲利目標穩步推進，現在是宣布我打算在 2025 年辭去執行長職務的最佳時機。

There are a few reasons that I made the decision to inform the Board of my plans to retire. First, it was important for me to disclose this ahead of the start of the annual enrollment period on October 15. I will continue to oversee the AEP and OEP as I have always done in the past and intend to stay close to our consumers and carrier partners during this time.

我決定向董事會通報我的退休計畫有幾個原因。首先，在 10 月 15 日年度招生期開始之前披露這一點對我來說很重要。我將像過去一樣繼續監督 AEP 和 OEP，並打算在此期間與我們的消費者和營運商合作夥伴保持密切聯繫。

Importantly, I’m focused on continuing our work to position the business to achieve our long-term financial and operating goals, including enhancing eHealth’s capital structure. Further, making this decision now provides the Board the time it needs to cast a broad net and thoughtfully evaluate both internal and external candidates. I have full confidence in the eHealth team and I look forward to continuing to serve on the eHealth Board and helping guide our accomplishments in the years to come.

重要的是，我專注於繼續我們的工作，以實現我們的長期財務和營運目標，包括增強 eHealth 的資本結構。此外，現在做出這項決定為董事會提供了廣泛撒網並深思熟慮評估內部和外部候選人所需的時間。我對電子醫療團隊充滿信心，並期待繼續在電子醫療委員會任職，並幫助指導我們在未來幾年所取得的成就。

With that, I’ll now cover some of the recent industry developments, our second quarter performance highlights as well as the important work we are doing in preparation for the upcoming annual enrollment period. John Stelben will follow my remarks and walk you through our quarterly results and discuss annual guidance.

接下來，我將介紹一些最新的行業發展、我們第二季度的業績亮點以及我們為即將到來的年度招生期所做的重要準備工作。約翰·斯特爾本（John Stelben）將跟隨我的講話，向您介紹我們的季度業績並討論年度指導。

eHealth delivered another quarter of strong execution and performance, including significant growth in application volume across our core agency model and carrier dedicated Amplify platform. Our existing book of business continued to generate positive tail revenue driven by favorable retention and cash collection trends.

eHealth 又一個季度實現了強勁的執行力和業績，包括我們的核心代理模式和營運商專用 Amplify 平台的申請量顯著增長。在有利的保留和現金回籠趨勢的推動下，我們現有的業務繼續產生積極的尾部收入。

On the expense side, we continue to find savings within our fixed cost base and improved per member acquisition costs in our Medicare Agency business compared to Q2 a year ago. Excluding tail revenue in both periods, second quarter revenue grew 13% year-over-year, accompanied by a significant improvement in adjusted EBITDA and earnings on the same basis.

在費用方面，與一年前第二季相比，我們繼續在固定成本基礎上節省開支，並提高了醫療保險代理業務的每位會員獲取成本。剔除兩個時期的尾部收入，第二季營收年增 13%，調整後 EBITDA 和獲利也較去年同期顯著改善。

As we move into the second half of 2024, preparations for the AEP are now in full swing. We have begun training our new adviser classes, are adding innovative features to our consumer-facing online platform and are rolling out new customer retention strategies and capabilities. We also continue to fine-tune our brand-driven messaging and marketing materials, including new TV ads featuring eHealth spokesperson, Eve.

進入2024年下半年，AEP的準備工作正在緊鑼密鼓地進行。我們已經開始培訓新的顧問課程，正在為面向消費者的線上平台添加創新功能，並推出新的客戶保留策略和功能。我們也持續微調我們的品牌驅動的訊息和行銷資料，包括由 eHealth 發言人 Eve 主演的新電視廣告。

As we approach this AEP, we continue to hear commentary from large carriers about their focus on Medicare margins amid regulatory and medical cost pressures. We expect for this trend to result in substantial changes to benefit packages, premiums, geographic coverage and other key planned strategies. It is also important to note that there remains several important meetings with our large carrier partners to learn more details about their 2025 planned strategies.

當我們接近此 AEP 時，我們繼續聽到大型承運商關於在監管和醫療成本壓力下關注醫療保險利潤的評論。我們預計這一趨勢將導致福利方案、保費、地理覆蓋範圍和其他關鍵計劃策略發生重大變化。還需要注意的是，我們仍將與大型營運商合作夥伴舉行幾次重要會議，以了解有關其 2025 年計畫策略的更多詳細資訊。

In this fluid environment, I want to emphasize that eHealth’s value proposition as a trusted adviser to beneficiaries and our omnichannel choice model are more relevant than ever. Combined with the continuing reduction in fulfillment capacity with two new competitor exits in the past few months, we believe this creates an opportunity to drive strong consumer demand to our platform during the enrollment season.

在這種多變的環境中，我想強調，eHealth 作為受益人值得信賴的顧問的價值主張以及我們的全通路選擇模式比以往任何時候都更加重要。再加上過去幾個月兩家新競爭對手退出導致履行能力持續下降，我們相信這創造了一個機會，可以在招生季節推動我們平台的強勁消費者需求。

The anticipated Medicare plan changes that I just described could have a substantial impact on beneficiaries. Considering this, I have personally sent a letter to CMS advocating for proactive steps to ensure seniors have adequate time to review their options, understanding the modifications to their coverage and provider networks and find plans that best fit their needs.

我剛才描述的預期的醫療保險計劃變化可能會對受益人產生重大影響。考慮到這一點，我親自致函CMS，主張採取積極主動的措施，以確保老年人有足夠的時間來審查他們的選擇，了解他們的覆蓋範圍和提供者網絡的修改，並找到最適合他們需求的計劃。

Combined with the distracting election season and the late Thanks giving holiday this year, we believe CMS should consider extending the AEP or establishing an incremental special enrollment period. With respect to recent regulatory activity in our space, earlier this year, eHealth joined a lawsuit filed by the counsel for Medicare Choice, that resulted in a temporary stay on key broker compensation provisions of the CMS 2025 Medicare rule.

結合今年令人分心的選舉季和遲來的感恩節假期，我們認為 CMS 應該考慮延長 AEP 或建立增量特別註冊期。關於我們領域最近的監管活動，今年早些時候，eHealth 加入了 Medicare Choice 律師提起的訴訟，導致 CMS 2025 Medicare 規則的關鍵經紀人補償條款暫時擱置。

While we believe that these provisions do not apply to our business, we view this as a positive outcome as it signals to CMS that it has overstepped its authority and potentially discourages them from doing so in the future. We believe the stay also helps avoid a wide range of interpretations of the rule by our carrier partners as they oversee compliance of their distribution channels based on their own interpretation of CMS regulations.

雖然我們認為這些規定不適用於我們的業務，但我們認為這是一個積極的結果，因為它向 CMS 發出信號，表明它已經越權，並可能阻止他們將來這樣做。我們相信，中止還有助於避免我們的營運商合作夥伴對規則進行廣泛的解釋，因為他們根據自己對 CMS 法規的解釋來監督其分銷管道的合規性。

Moving now to our second quarter operational overview. In our Medicare segment, hiring and training of our new license benefit advisor classes is progressing well. This year’s hiring ramp is not as steep compared to last year. As we enter 2024 with a greater number of tenured advisers who will be staying on year round. We are targeting closer to a 50-50 mix of tenured versus newly hired benefit advisers for this AEP. This compares to approximately 30% tenured and 70% new advisers last year. This mix shift has positive implications for our conversion rates.

現在轉向我們的第二季營運概覽。在我們的醫療保險部門，我們新的許可福利顧問課程的招募和培訓進展順利。與去年相比，今年的招募增幅並不大。進入 2024 年，我們將有更多的終身顧問全年留任。我們的目標是讓本 AEP 的終身福利顧問與新聘用的福利顧問的比例接近 50-50。相較之下，去年約有 30% 是終身顧問，70% 是新顧問。這種組合轉變對我們的轉換率產生正面影響。

Further, this year, we are supplementing our advisory capacity through the introduction of [1099] contracted licensed agents. As we prepare our organization for AEP, we continue to build on our brand initiatives and audience targeting strategies, leveraging important learnings from last year. This includes further emphasis on the channels and audiences that work best for us as well as the introduction of new partners and audiences such as the growing chronic special need plans or C-SNPs population. Brand initiatives will again be front and center for our marketing organization.

此外，今年，我們透過引入 [1099] 簽約許可代理來補充我們的諮詢能力。當我們為 AEP 做好準備時，我們將繼續利用去年的重要經驗教訓，完善我們的品牌計畫和受眾定位策略。這包括進一步強調最適合我們的管道和受眾，以及引入新的合作夥伴和受眾，例如不斷增長的長期特殊需求計劃或 C-SNP 人群。品牌舉措將再次成為我們行銷組織的前沿和中心。

We believe our newly launched brand was a key differentiator last AEP, helping us gain immediate traction with beneficiaries who are typically inundated by repetitive, generic messages and saw our ads as a breath of fresh air. In year two of deployment, we expect our branded messaging to grow even more impactful across our direct channels as we reinforce our consumer-centric image as a remarkably transparent shop, educate, buy and enroll platform.

我們相信，我們新推出的品牌是去年 AEP 的關鍵差異化因素，幫助我們立即吸引受益人，他們通常被重複、通用的信息淹沒，並將我們的廣告視為一股新鮮空氣。在部署的第二年，我們預期我們的品牌訊息將在我們的直接管道中變得更具影響力，因為我們強化了以消費者為中心的形象，成為一個非常透明的商店、教育、購買和註冊平台。

On the product side, we continue to enhance user experience across our omnichannel platform. We are updating our planned comparison tools to include a more extensive needs analysis upfront and a simplified recommendation output aligned to customer-specific needs. We are also adding features that simplify saving application progress online, so the beneficiaries can return at their convenience to finish their enrollment. Our platform updates also have a particular focus on improving our mobile experience as we are observing an increased number of seniors engaging with our site using their smartphones and tablets.

在產品方面，我們持續增強全通路平台的使用者體驗。我們正在更新計劃中的比較工具，以包括更廣泛的前期需求分析和符合客戶特定需求的簡化推薦輸出。我們還添加了簡化線上保存申請進度的功能，以便受益人可以在方便時返回完成註冊。我們的平台更新也特別注重改善我們的行動體驗，因為我們觀察到越來越多的老年人使用智慧型手機和平板電腦參與我們的網站。

Further, in Q2, we expanded the pilot of our video enrollment tool, Live Advise, to additional benefit advisers. We have had encouraging anecdotal feedback on the product from both advisers and beneficiaries as a way to combine the convenience of a telephone enrollment with a personal touch of video interaction that helps build rapport and trust. We also expect this new capability to support our retention objectives by creating a more memorable experience and first impressions.

此外，在第二季度，我們將視訊註冊工具 Live Advise 的試點範圍擴大到更多福利顧問。我們從顧問和受益人那裡得到了關於該產品的令人鼓舞的軼事反饋，認為這是一種將電話註冊的便利性與個人風格的視頻交互相結合的方式，有助於建立融洽和信任。我們也希望這項新功能能創造更難忘的體驗和第一印象，從而支持我們的保留目標。

Turning to execution highlights, our Medicare agency model delivered an outstanding second quarter, generating 9% year-over-year Medicare Advantage submission growth. This was driven by strong performance within our direct and affiliate marketing channels combined with an increase in telephonic conversion rates.

說到執行亮點，我們的 Medicare 代理模式在第二季度表現出色，Medicare Advantage 提交量同比增長 9%。這是由於我們的直接和聯盟行銷管道的強勁表現以及電話轉換率的提高所推動的。

Our agency choice model remains a core offering for eHealth as we strive to be the gold standard in health insurance distribution. Our ability to serve customers nationwide, supported by unbiased carrier-agnostic recommendations sets eHealth apart. We believe this differentiation will be especially valuable in this upcoming enrollment cycle.

我們的機構選擇模式仍然是電子醫療的核心產品，因為我們努力成為健康保險分銷的黃金標準。我們有能力為全國範圍內的客戶提供服務，並得到與運營商無關的公正建議的支持，這使 eHealth 脫穎而出。我們相信這種差異化在即將到來的招生週期中尤其有價值。

Moving now to amplify our carrier-dedicated model continues to scale. The second quarter saw strong enrollment volumes and conversion rates for our Amplify partners. We onboarded a new customer during the second quarter and have a robust pipeline of new partnerships, some of which we expect to launch ahead of this year’s AEP.

現在我們將繼續擴大我們的營運商專用模型。第二季我們的 Amplify 合作夥伴的註冊量和轉換率強勁。我們在第二季引入了一位新客戶，並擁有強大的新合作夥伴關係，其中一些我們預計將在今年的 AEP 之前推出。

This is a small industry and the high level of service we provide to our partners and their customers is resonating with carriers, creating additional opportunities for us to grow. Amplify generated $4.1 million in total revenue in Q2 and was the largest driver behind the 37% year-over-year growth in our non-commission or other revenue. This serves as a strong testament to the success of our business diversification strategy.

這是一個小型行業，我們為合作夥伴及其客戶提供的高水準服務引起了營運商的共鳴，為我們的發展創造了更多機會。Amplify 在第二季度創造了 410 萬美元的總收入，是我們的非佣金收入或其他收入同比增長 37% 的最大推動力。這有力地證明了我們業務多元化策略的成功。

Putting a bow on the discussion of our agency and Amplify models, the two offerings provide a breadth of distribution services for our carrier partners. Our agency platform drives high volume, high-quality enrollments from beneficiaries who value choice, comparison shopping and omnichannel tools. This is a target market that carriers cannot reach through their internal direct-to-consumer sales.

結束對我們的代理商和 Amplify 模式的討論，這兩種產品為我們的營運商合作夥伴提供了廣泛的分銷服務。我們的代理平台吸引了重視選擇、比較購物和全通路工具的受益人的大量、高品質的註冊。這是營運商無法透過內部直接面向消費者的銷售來達到的目標市場。

On the other side, Amplify augments carrier fulfillment organizations in an efficient and compliant manner which is critical in this highly regulated and seasonal industry. Both models offer carriers real-time insight into shopping and demand trends, what is important to consumers and planned selections and how their offerings track against competition by local market.

另一方面，Amplify 以高效、合規的方式增強承運商履行組織，這對於這個高度監管的季節性產業至關重要。這兩種模型都可以讓營運商即時了解購物和需求趨勢、對消費者重要的內容和計劃選擇，以及他們的產品如何應對當地市場的競爭。

Now I will turn to retention, including our key initiatives in this area. Across our book of MA business, we are seeing stable to slightly improved member retention which represents our ability to retain members on the eHealth platform regardless of whether they stay on the same plan or switch to a new one. Member level retention represents an increasingly important operational focus as we anticipate greater levels of planned shopping and switching this AEP. This year, we are rolling out several new retention initiatives.

現在我將談談保留問題，包括我們在這一領域的關鍵舉措。在我們的 MA 業務中，我們看到會員保留率穩定到略有提高，這表明我們有能力保留 eHealth 平台上的會員，無論他們是繼續使用相同的計劃還是轉向新的計劃。會員等級的保留代表著越來越重要的營運重點，因為我們預計計劃購物和更換此 AEP 的水平會更高。今年，我們推出了幾個新的保留計劃。

First, we introduced a new tool called Match monitor. This allows members to easily understand the implications of the annual notice of changes which carriers send out ahead of the AEP, check if any of their critical benefits are impacted and compare their current plans to other options in the area.

首先，我們引入了一個名為「匹配監視器」的新工具。這使得會員能夠輕鬆了解營運商在 AEP 之前發出的年度變更通知的影響，檢查他們的任何關鍵福利是否受到影響，並將他們當前的計劃與該地區的其他選項進行比較。

Second, we continue to expand our loyalty program, ePerks, by adding new partners to the platform. This program is designed to provide value to our members beyond their health insurance coverage while building a stronger relationship with eHealth. Third, we recognize that the waiting period between an application and when a policy becomes effective, can frequently be a source of anxiety.

其次，我們透過在平台上添加新的合作夥伴來繼續擴大我們的忠誠度計劃 ePerks。該計劃旨在為我們的會員提供超出其健康保險範圍的價值，同時與 eHealth 建立更牢固的關係。第三，我們體認到，從申請到政策生效之間的等待期常常會引起焦慮。

To address this, we’re introducing eHealth application tracker, a tracking tool that displays to beneficiaries for real-time status of their applications as they progress from the initial sent phase to approval by carrier. Finally, we continue to support a dedicated retention team that serves our existing members and offers tailored programs for dual special need plans, or D-SNPs and other customer audiences identified as having elevated churn risk.

為了解決這個問題，我們推出了電子醫療應用程式追蹤器，這是一種追蹤工具，可以在受益人從初始發送階段到運營商批准階段顯示其應用程式的即時狀態。最後，我們繼續支持專門的保留團隊，為我們現有的會員提供服務，並為雙重特殊需求計劃或 D-SNP 和其他被認為流失風險較高的客戶受眾提供量身定制的計劃。

Moving to our balance sheet we continue to make progress with our advisers towards improving our capital structure. This continues to be one of our most important priorities this year and we recognize that our investors have great interest in seeing us achieve this objective. We believe we have more than sufficient liquidity to execute on our three-year plan and continue to target positive free cash flow generation for the trailing 12-month period ending March 2025. We also believe we are well positioned to refinance or replace our Blue Torch term loan at equal or favorable rates before it becomes due early next year.

轉向我們的資產負債表，我們繼續與顧問一起在改善資本結構方面取得進展。這仍然是我們今年最重要的優先事項之一，我們認識到我們的投資者非常有興趣看到我們實現這一目標。我們相信，我們有足夠的流動性來執行我們的三年計劃，並繼續以截至 2025 年 3 月的過去 12 個月期間產生正自由現金流為目標。我們也相信，我們有能力在明年初到期之前以同等或優惠的利率再融資或替換我們的藍火炬定期貸款。

Based on our strong performance year-to-date, we are raising our guidance ranges for Fiscal Year 2024, as John will discuss shortly. ORC is now underway to prepare our sales and marketing organization for what is expected to be a highly dynamic fourth quarter with significant consumer shopping. We expect to be in a strong position to take advantage of this opportunity.

基於我們今年迄今為止的強勁表現，我們正在提高 2024 財年的指導範圍，約翰很快就會討論這一點。ORC 目前正在為我們的銷售和行銷組織做好準備，迎接預計將是充滿活力、消費者購物量龐大的第四季。我們希望能夠充分利用這個機會。

Before I turn the floor over to John Stelben to provide his remarks, I would like to comment on the CFO transition process underway. This is John Stelben’s last earnings call and I want to publicly acknowledge his important contributions to this organization. John came out of retirement two years ago to help implement our business transformation plan.

在我請約翰·斯特爾本發表講話之前，我想對正在進行的首席財務官過渡過程發表評論。這是 John Stelben 的最後一次財報電話會議，我想公開承認他對本組織的重要貢獻。約翰兩年前退休，幫助實施我們的業務轉型計劃。

It brought new and important financial rigor and discipline that has greatly contributed to the operational and financial progress we’ve achieved over the past two years. It’s been a pleasure and a privilege to have worked with John for more than 25 years and I wish him all the best of the he enters retirement.

它帶來了新的、重要的財務嚴謹和紀律，為我們過去兩年所取得的營運和財務進展做出了巨大貢獻。與約翰共事超過 25 年是我的榮幸，我祝他在退休後一切順利。

As we previously shared with you, John Dolan, who is currently eHealth’s Chief Accounting Officer, will be succeeding John Stelben as our CFO effective August 31. The transition is going beautifully as anticipated and I have great confidence that John Dolan’s leadership will be instrumental in sustaining the momentum of our financial performance.

正如我們之前與您分享的那樣，現任 eHealth 首席會計官的 John Dolan 將接替 John Stelben 擔任我們的首席財務官，該職位於 8 月 31 日生效。過渡正如預期的那樣順利進行，我堅信約翰·多蘭的領導力將有助於維持我們財務表現的勢頭。

With that, I will turn the call over to John Stelben for financial remarks. John?

接下來，我將把電話轉給約翰·斯特爾本（John Stelben），請其發表財務評論。約翰？

Thank you, Fran. Second quarter results were driven by strong execution in our Medicare segment and continued operating cost discipline across our organization. Based on our financial performance year-to-date, we are increasing our 2024 annual guidance ranges. Across our agency choice and carrier dedicated platforms, eHealth drove a 16% increase in Medicare submissions year-over-year.

謝謝你，弗蘭。第二季的業績得益於我們醫療保險部門的強勁執行力以及整個組織持續的營運成本紀律。根據我們今年迄今的財務業績，我們正在提高 2024 年年度指導範圍。在我們的機構選擇和營運商專用平台上，eHealth 推動醫療保險提交量年增 16%。

Some of that volume is reflected in our approved membership metrics, while enrollments transacted under fee-based arrangements within Amplify, our carrier dedicated platform, flow through our non-commission or other revenue which grew 37% year-over-year. I will elaborate on this in just a moment.

其中一些交易量反映在我們批准的會員指標中，而我們的營運商專用平台 Amplify 內的收費安排下的註冊交易則透過我們的非佣金或其他收入實現，同比增長 37%。我稍後會詳細闡述這一點。

Total second quarter revenue was $65.9 million, a decline of 1% year-over-year. Tail revenue across all products was $11.5 million which compares to $18.7 million in Q2 of last year. Excluding tail, total revenue for the quarter increased 13% year-over-year. Our Medicare segment generated $59.2 million in revenue, an increase of 7% compared to the second quarter of 2023. During the quarter, we recognized $10.7 million in positive net adjustment or tail revenue from our Medicare segment compared to $13.4 million a year ago.

第二季總營收為 6,590 萬美元，年減 1%。所有產品的尾部收入為 1,150 萬美元，而去年第二季為 1,870 萬美元。不計尾部，該季總營收年增 13%。我們的醫療保險部門產生了 5,920 萬美元的收入，與 2023 年第二季相比成長了 7%。在本季度，我們確認醫療保險部門的正淨調整或尾部收入為 1,070 萬美元，而去年同期為 1,340 萬美元。

Excluding tail, Medicare revenue grew 16% year-over-year. Second quarter Medicare segment profit of $1.3 million improved from segment loss of $2.1 million last year as we scale Medicare revenue and improve member economics. Excluding the impact of tail revenue, Medicare segment loss improved by $6.1 million year-over-year.

排除尾部費用，醫療保險收入年增 16%。隨著我們擴大醫療保險收入並改善會員經濟效益，第二季醫療保險部門利潤從去年的 210 萬美元部門虧損改善至 130 萬美元。排除尾部收入的影響，醫療保險部門虧損年減 610 萬美元。

Tuning to Medicare enrollment. Last year, we launched our carrier dedicated fulfillment platform Amplify. During the second quarter, we started to shift some of the Amplify arrangements that were structured as broker of record, LTV-based enrollments, to fee-based BPO arrangements. With BPO arrangements, eHealth does not become a broker of record and instead gets paid a combination of base compensation to cover call center costs and conversion success fees upfront which improved the timing of our cash flow.

調整醫療保險登記。去年，我們推出了承運商專用履行平台 Amplify。在第二季度，我們開始將一些 Amplify 安排轉變為基於收費的 BPO 安排，這些安排的結構是記錄經紀人、基於 LTV 的註冊。透過 BPO 安排，eHealth 不會成為記錄經紀人，而是獲得基本薪酬的組合，以支付呼叫中心成本和預先轉換成功費用，這改善了我們現金流的時間安排。

During this transition period, we will provide a view into submitted applications across both platforms which we define as an application sent by eHealth to a carrier regardless of whether it comes from our agency choice or Amplify fulfillment model. As more Amplified partnerships transition to fee-based arrangements, our success there can be best measured through growth of non-commission revenue.

在此過渡期間，我們將提供跨兩個平台提交的申請的視圖，我們將其定義為由 eHealth 發送給運營商的申請，無論它來自我們的代理選擇還是 Amplify 履行模式。隨著越來越多的放大合作夥伴關係轉向收費安排，我們在這方面的成功可以透過非佣金收入的成長來最好地衡量。

Total second quarter Medicare submissions grew 16%, including 17% growth for the Medicare Advantage plans, 25% growth for Med -- and a 4.9% decline for prescription drug plans. Separating only commission-based enrollments, including our agency model and those amplified partnerships where we still operate as a broker of record, Medicare submissions increased 5% year-over-year, including 12% growth in MA submission.

第二季 Medicare 申請總數增加了 16%，其中 Medicare Advantage 計劃增加了 17%，Med 增加了 25%，處方藥計劃下降了 4.9%。僅將基於佣金的註冊人數分開，包括我們的代理模式和我們仍作為記錄經紀人運營的擴大合作夥伴關係，醫療保險提交量同比增長 5%，其中 MA 提交量增長 12%。

Medicare supplement submissions declined 44% year-over-year, reflecting a shift of a major Med Supp partner to a BPO model. Q2 Medicare Advantage lifetime value of 927 increased 4% year-over-year, reflective of continued improvement in commission payments per approved member, as well as a reduction from 7% to 5.5% and constraint that we apply to estimated lifetime commissions for these plans.

醫療保險補充提交量年減 44%，反映出主要 Med Supp 合作夥伴轉向 BPO 模式。第二季 Medicare Advantage 終身價值為 927，年增 4%，反映出每位核准會員的佣金支付持續改善，以及從 7% 減少至 5.5%，以及我們對這些計畫的估計終身佣金所施加的限制。

As you know, we recognize revenue for our commission-based products in accordance with US GAAP under ASC 606, where we record our initial revenue in a manner that makes significant negative reversals in future periods not probable. In order to satisfy that guideline, we, among other factors, apply a constraint to our LTVs generated by our actuarial models.

如您所知，我們根據 ASC 606 下的美國公認會計原則確認基於佣金的產品的收入，其中我們記錄初始收入的方式使得未來期間不太可能出現重大負逆轉。為了滿足該準則，除其他因素外，我們對精算模型產生的 LTV 施加了約束。

During the second quarter, we performed our annual constraint review for all commission-based products. Our analysis concluded that we could reduce the constraint for Medicare Advantage products. This analysis produced a range of potential outcomes and the decrease to 5.5% from 7% is at the more conservative end of the range that this process yielded.

在第二季度，我們對所有基於佣金的產品進行了年度限制審查。我們的分析得出的結論是，我們可以減少對 Medicare Advantage 產品的限制。該分析產生了一系列潛在結果，從 7% 降至 5.5% 是該過程產生的範圍中較為保守的結果。

We believe this revision constraint reflects improvements in our revenue recognition process and will continue to produce initial revenue estimates that satisfy the requirements of ASC 606. Long term, we expect this change to bring our initial revenue recognition more in line with the lifetime cash collections of our MA approved members and reduce the amount of adjustment revenue we recognize in future periods.

我們相信這項修訂限制反映了我們收入確認流程的改進，並將繼續產生滿足 ASC 606 要求的初始收入估計。從長遠來看，我們預計這項變更將使我們的初始收入確認更加符合 MA 批准會員的終身現金收款，並減少我們在未來期間確認的調整收入金額。

Turning to Medicare member retention. Q2 is the most important quarter for understanding retention trends in our book of business following the key enrollment and switching periods, AEP and OEP. Ultimately, our goal is to increase member persistency on our platform regardless of whether a beneficiary remains on the same policy, or switches plans as their needs evolve. Overall retention across all Medicare Advantage member cohorts improved slightly for the trailing 12 months ended 6/30 compared to the trailing 12-month period ended 6/30/2023.

轉向醫療保險會員保留。第二季度是了解我們業務中的保留趨勢最重要的季度，緊接著關鍵的註冊和轉換期、AEP 和 OEP。最終，我們的目標是提高會員在我們平台上的持久性，無論受益人是否保持相同的保單，或隨著需求的變化而改變計劃。與截至 2023 年 6 月 30 日的過去 12 個月相比，截至 6 月 30 日的過去 12 個月，所有 Medicare Advantage 會員群體的整體保留率略有改善。

In addition to the broader market dynamics and our proactive retention efforts that Fran described earlier, our marketing channel mix also has an impact on our retention. For example, we are observing a trend of retention improvement from our direct branded channels. This could be an early indicator of the positive impact of our brand strategies. Total acquisition costs per approved Medicare member improved 4% year-over-year, in line with our expectations.

除了弗蘭之前描述的更廣泛的市場動態和我們積極主動的保留努力之外，我們的行銷管道組合也對我們的保留產生影響。例如，我們觀察到直接品牌通路的保留率提高的趨勢。這可能是我們品牌策略產生正面影響的早期指標。每個核准的 Medicare 會員的總獲取成本年減 4%，符合我們的預期。

As a reminder, second and third quarters are characterized by higher variable costs per approved member relative to Q4 and Q1 as we start to prepare our sales and marketing organizations for the upcoming annual enrollment period. This investment is spread over seasonally low enrollment volumes in Q2 but we expect it will yield an attractive return for us later in the year.

提醒一下，第二季和第三季的特點是每個批准會員的可變成本相對於第四季度和第一季度更高，因為我們開始為即將到來的年度註冊期準備我們的銷售和行銷組織。這項投資分佈在第二季季節性較低的入學量中，但我們預計它將在今年稍後為我們帶來有吸引力的回報。

Member level metrics we provide, including acquisition cost per member, excludes submissions and associated costs under our BPO model where eHealth is not the broker of record. With respect to our employer individual segment, second quarter revenue was $6.6 million with segment profit of $900,000. This compares to segment revenue of $11.3 million and segment profit of $6.9 million in Q2 2023. One of the main drivers of the year-over-year decrease in segment revenue and profit was the decline in tail revenue of $4.5 million year-over-year.

我們提供的會員等級指標，包括每位會員的獲取成本，不包括我們的 BPO 模式下的提交和相關成本，其中 eHealth 不是記錄經紀人。至於我們的雇主個人部門，第二季營收為 660 萬美元，部門利潤為 90 萬美元。相較之下，2023 年第二季的部門收入為 1,130 萬美元，部門利潤為 690 萬美元。部門收入和利潤年減的主要驅動因素之一是尾部收入年減450萬美元。

Enrollment volumes also declined year-over-year, partially offset by greater LTVs in qualified individual health plans, ancillary and small business products. Excluding tail, revenue was down 4% year-over-year and segment profitability decreased by $1.5 million. Recall from the Q1 earnings call, similar to the Medicare transformation begun in Q2 of 2022, we are taking the same approach to our employer individual business with a goal of returning to growth in Q4 of 2024.

註冊人數也較去年同期下降，部分被合格的個人健康計劃、輔助和小型企業產品的生命週期價值增加所抵消。不包括尾部，營收年減 4%，部門獲利能力下降 150 萬美元。回顧第一季的財報電話會議，與 2022 年第二季開始的醫療保險轉型類似，我們對雇主個人業務採取相同的方法，目標是在 2024 年第四季恢復成長。

Moving to our fixed costs, non-GAAP [TNC] decreased 8% and non-GAAP G&A decreased 10%. These year-over-year savings were driven by our disciplined approach to expense management. Fixed cost leverage is expected to be one of the several key drivers for adjusted EBITDA growth over the next three years as we scale our business. On the GAAP side, Q2 reflects $3 million in restructuring and impairment charges. This includes $1.9 million in lease impairments as we continue to reduce our physical footprint as part of our remote first strategy as well as $1.1 million in severance costs related to personnel reductions.

至於固定成本，非 GAAP [TNC] 下降了 8%，非 GAAP G&A 下降了 10%。這些同比節省是由我們嚴格的費用管理方法所推動的。隨著我們業務規模的擴大，固定成本槓桿預計將成為未來三年調整後 EBITDA 成長的幾個關鍵驅動因素之一。在 GAAP 方面，第二季反映了 300 萬美元的重組和減損費用。其中包括 190 萬美元的租賃減損（作為遠端優先策略的一部分），以及 110 萬美元的與裁員相關的遣散費。

On a consolidated basis, second quarter GAAP net loss of $28 million compared to a loss of $23.5 million a year ago and adjusted EBITDA of negative $15.5 million compares to a negative $14.8 million in Q2 of 2023. Excluding the impact of restructuring and impairment charges and tail, net loss improved by $3.4 million and adjusted EBITDA improved $6.5 million on a year-over-year basis.

綜合來看，第二季 GAAP 淨虧損為 2,800 萬美元，而去年同期為虧損 2,350 萬美元，調整後 EBITDA 為負 1,550 萬美元，而 2023 年第二季為負 1,480 萬美元。排除重組和減損費用及尾部的影響，淨虧損年減 340 萬美元，調整後 EBITDA 年減 650 萬美元。

Operating cash flow was negative $32.2 million compared to negative $9.4 million in Q2 2023. Change in cash flow was primarily driven by higher payouts of previously accrued performance bonus relative to what was accrued in 2022 and paid in 2023 as well as timing related to deferred revenue. Recall that in Q1, our deferred revenue was up over $8 million versus the prior year quarter. After achieving positive operating cash flow for the trailing 12 month ended March 2024, we continue to target positive free cash flow for the trailing 12-month period ending March 2025.

營運現金流為負 3,220 萬美元，而 2023 年第二季為負 940 萬美元。現金流變動主要是由於先前應計績效獎金相對於 2022 年應計和 2023 年支付的績效獎金的支付較高以及與遞延收入相關的時間安排所致。回想一下，第一季度，我們的遞延收入比去年同期增加了 800 萬美元以上。在截至 2024 年 3 月的過去 12 個月實現正營運現金流後，我們繼續以截至 2025 年 3 月的過去 12 個月實現正自由現金流為目標。

eHealth ended the quarter with $151.1 million in cash, cash equivalents and marketable securities on our balance sheet. Our combined short- and long-term commissions receivable balance of $831.9 million, as of June 30 of this year compared to $789.6 million as of June 30, 2023. Total cash collections, including commission and non-commission are up $15.7 million

eHealth 本季末的資產負債表上有 1.511 億美元的現金、現金等價物和有價證券。截至今年 6 月 30 日，我們的短期和長期應收佣金餘額總計為 8.319 億美元，而截至 2023 年 6 月 30 日為 7.896 億美元。包括佣金和非佣金在內的現金收取總額增加了 1,570 萬美元

on a year-to-date basis compared to the same period a year ago. Commission cash collections continue to exceed initial estimates, resulting in cumulative tail revenue and related contract asset increase of $215 million since 2018. Going forward, as amplified fee-based enrollments become a larger proportion of our enrollment mix, we will be adding fewer dollars to our commission receivable line item while at the same time, taking advantage of a more favorable cash flow profile of these arrangements.

今年迄今與去年同期相比。佣金現金收取繼續超出最初估計，導致自 2018 年以來累積尾部收入和相關合約資產增加 2.15 億美元。展望未來，隨著擴大的收費招生在我們的招生組合中所佔的比例越來越大，我們將在應收佣金項目中增加更少的美元，同時利用這些安排的更有利的現金流狀況。

Moving now to our 2024 outlook. We are raising our guidance ranges to reflect strong performance and greater tail revenue year-to-date. As is our typical approach to guidance, we are not making any changes to our underlying expectations for the rest of the year, given the significant impact of the eight weeks of the AEP on the overall financial results. We see a significant opportunity ahead of us this enrollment cycle with favorable industry dynamics underway as described by Fran. We feel confident about our progress in preparing the organization for this important selling season.

現在轉向我們的 2024 年展望。我們正在提高指導範圍，以反映年初至今的強勁業績和更大的尾部收入。正如我們典型的指引方法一樣，鑑於八週的 AEP 對整體財務表現的重大影響，我們不會對今年剩餘時間的基本預期做出任何改變。正如 Fran 所描述的那樣，我們在這個招生週期中看到了一個重大的機會，並且正在出現有利的行業動態。我們對組織為這個重要銷售季節做好準備所取得的進展充滿信心。

We are reserving the option to reinvest some of our expected revenue upside during this AEP given unique opportunities this macro environment might offer. As a result, we are increasing our adjusted EBITDA ranges by a lower amount relative to revenue. Our new guidance ranges are as follows. Total revenue for 2024 is now expected to be in the range of $470 million to $495 million compared to our prior guidance range of $450 million to $475 million. GAAP net loss for 2024 is now expected to be in the range of negative $36.5 million to negative $22 million compared to our prior guidance of negative $40 million to negative $20 million.

鑑於此一宏觀環境可能提供的獨特機會，我們保留在本次 AEP 期間將部分預期收入成長進行再投資的選擇。因此，我們調整後的 EBITDA 範圍相對於收入的增幅較低。我們的新指導範圍如下。目前預計 2024 年的總收入將在 4.7 億至 4.95 億美元之間，而我們先前的指導範圍為 4.5 億至 4.75 億美元。目前預計 2024 年 GAAP 淨虧損將在負 3,650 萬美元至負 2,200 萬美元之間，而我們先前的指引為負 4,000 萬美元至負 2,000 萬美元。

Adjusted EBITDA for 2024 is now expected to be in the range of $7.5 million to $25 million compared to our prior guidance range of negative $5 million to positive $20 million. Operating cash flow for 2024 is now expected to be in the range of negative $10 million to break even compared to our prior guidance range of negative $15 million to negative $5 million.

2024 年調整後 EBITDA 目前預計在 750 萬美元至 2,500 萬美元之間，而我們先前的指引範圍為負 500 萬美元至正 2,000 萬美元。目前預計 2024 年的營運現金流將在負 1,000 萬美元的範圍內實現損益平衡，而我們先前的指導範圍為負 1,500 萬美元至負 500 萬美元。

With respect to tail revenue, initial guidance for 2024 included a range of [0] to $15 million. As of June 30, 2024, we have recognized $14 million of tail which is near the high end of our range. While we cannot predict future tail with certainty, it is fair to project we could see another [0] to $6 million of tail recognized in the back half of the year. As such, we are updating the range for total 2024 positive net adjustment revenue to be between $14 million and $20 million.

關於尾部收入，2024 年的初步指導範圍為 [0] 至 1500 萬美元。截至 2024 年 6 月 30 日，我們已確認尾部價值 1,400 萬美元，接近我們範圍的上限。雖然我們無法準確預測未來的尾部，但可以公平地預測，我們可能會在今年下半年看到另一個 [0] 至 600 萬美元的尾部。因此，我們將 2024 年正淨調整所得總額的範圍更新為 1,400 萬美元至 2,000 萬美元之間。

Looking ahead to Q3, excluding tail revenue, we expect revenue to grow in the mid-single-digit percentage range and for adjusted EBITDA to also improve in the mid-single-digit percentage range as we continue to ramp up our adviser force and make other preparations for the AEP.

展望第三季度，不包括尾部收入，我們預計收入將在中個位數百分比範圍內增長，調整後的EBITDA 也將在中個位數百分比範圍內改善，因為我們將繼續加強我們的顧問隊伍並讓AEP 的其他準備工作。

As eHealth moves into the critical second half of the year, we are doing so from a position of strength and preparedness. I am proud of the tremendous progress this company achieved in the past two years and the management team Fran brought together. As this will be my final earnings call with eHealth, I will add that I’m also completely confident in our incoming CFO, John Dolan’s ability to continue to lead our finance organization and support the strategic plan.

隨著電子醫療進入今年關鍵的下半年，我們正以充分的準備和充分的準備來做到這一點。我為這家公司在過去兩年中取得的巨大進步以及 Fran 所領導的管理團隊感到自豪。由於這將是我與 eHealth 的最後一次財報電話會議，我想補充一點，我對即將上任的首席財務官約翰·多蘭 (John Dolan) 繼續領導我們的財務組織和支持戰略計劃的能力充滿信心。

He brings a wealth of financial expertise and leadership ability that sets him up well to be a successful CFO through this transition and beyond. He is on the call this morning and will be participating in Q&A. I would also like to thank all my finance colleagues for their support and results during my tenure at eHealth.

他擁有豐富的財務專業知識和領導能力，這使他能夠在這次過渡及以後成為一名成功的財務長。他今天早上接聽電話並將參加問答。我還要感謝所有財務同事在我任職 eHealth 期間的支持和成果。

Operator, please open up the line for Q&A.

接線員，請開通問答線。

Gentlemen, thank you for your remarks. (Operator Instructions) George Sutton, Craig-Hallum.

先生們，謝謝你們的發言。（操作員說明）George Sutton，Craig-Hallum。

Thank you. Fran and John, congrats on your moves. They say AEP seasons are like dog years. So I think we’ve all proven that. So, I wanted to talk, Fran, if we could, about the political spend within the context of how you’re going to go to market this AEP. Obviously, there typically will be a bit of a crowding out of marketing dollars. How do you shift your budgets to try to deal with that? And have you gotten any feedback from your letters to CMS to really encourage a longer shopping season?

謝謝。弗蘭和約翰，恭喜你們的舉動。他們說 AEP 季節就像狗年。所以我認為我們都已經證明了這一點。因此，弗蘭，如果可以的話，我想談談您將如何推銷此 AEP 的政治支出。顯然，行銷資金通常會被擠出一點。您如何調整預算來解決這個問題？您是否從寫給 CMS 的信中得到任何回饋，以真正鼓勵更長的購物季？

Good morning, George. Thank you. Let me start with the first question regarding the national election. We’ve experienced this before, even went back and looked at how this played out four years ago. And because of our omnichannel capabilities, we use multiple channels for each beneficiary. EV is problematic in those first three weeks of AEP because of the national election and then it opens up.

早上好，喬治。謝謝。首先我想談談關於全國選舉的第一個問題。我們以前經歷過這種情況，甚至在四年前回頭看看這是如何發生的。由於我們的全通路能力，我們為每個受益人使用多個管道。由於全國大選，電動車在 AEP 的前三週會出現問題，然後它就會開放。

So, we’ll shift more of our dollars to direct mail and SEO and SEM and paid search and other channels that generally aren’t as affected by the national election as TV is. And as far as CMS’s reaction I’ve had two communications with CMS on this topic. They’ve acknowledged what I outlined as sort of the proverbial perfect storm with more shopping likely to occur this year and the national election and Thanksgiving coming late in November and AEP ending on a Saturday.

因此，我們將把更多的資金轉移到直郵、SEO 和 SEM 以及付費搜尋和其他管道上，這些管道通常不會像電視那樣受到全國大選的影響。至於 CMS 的反應，我已經就這個主題與 CMS 進行了兩次溝通。他們已經承認我所概述的那種眾所周知的完美風暴，今年可能會發生更多的購物，全國大選和感恩節將在 11 月底到來，AEP 將在周六結束。

I mean it’s all those factors, I think, are going to make it a little more challenging for beneficiaries to get through. So, adding five or six days on the back end, just sort of makes sense. We know we can’t go too much beyond that because carriers need to get ID cards out in advance of January 1. So, there’s a natural cut-off in order to avoid unintended consequences.

我的意思是，我認為所有這些因素都會使受益者的渡過難關變得更具挑戰性。因此，在後端增加五到六天是有道理的。我們知道我們不能超出這個範圍，因為營運商需要在 1 月 1 日之前發放身分證。因此，為了避免意外後果，存在自然中斷。

They’ve listened, they’ve acknowledged, unclear whether they’re going to act. So, I will continue to encourage that and there’ll be a byline coming out in the next few weeks from me encouraging action sooner rather than later.

他們曾傾聽過，也承認過，但不清楚是否會採取行動。因此，我將繼續鼓勵這一點，並且在接下來的幾週內我將發表署名文章，鼓勵儘早採取行動。

Good luck with that. And I’m just curious, John, you had mentioned you reserve the right to reinvest some upside that you could see from this AEP. Is that a -- are you effectively saying that we see a lot of shopping that will occur and we want to be prepared with potentially more marketing dollars to take advantage of that. Is that effectively what you’re saying?

祝你好運。我只是好奇，約翰，您曾提到您保留對您可以從本 AEP 中看到的一些優勢進行再投資的權利。您是否有效地表示，我們將看到大量的購物活動，並且我們希望準備更多的行銷資金來利用這一點。這真的是你所說的嗎？

George. Yes, I would say that plus depending on how this AEP unfolds, you could potentially see acquisition costs rise due to some of the factors that you mentioned in your first question of Fran. So we’re going to be as a company, we’re going to be nimble as we see opportunities where we can lean into channels, we will. And we look at this and Michelle can expand on this but we really look at how we spend the money in the channels based on LTV to tax or POAs. And so it’s possible we could see profitable growth coming up in channels with potentially slightly lower but still very positive LTV to cash.

喬治.是的，我想說的是，根據該 AEP 的展開方式，您可能會看到收購成本因您在 Fran 的第一個問題中提到的一些因素而上升。因此，作為一家公司，我們將變得靈活，因為我們看到了可以利用管道的機會，我們會的。我們會考慮這一點，米歇爾可以對此進行擴展，但我們會真正考慮如何在基於 LTV 的管道中花錢，以徵稅或 POA。因此，我們可能會看到生命週期價值比現金比可能略低但仍然非常積極的管道出現獲利成長。

So fourth quarter is the earnings in fourth quarter are multiples of what our annual earnings are. And so we’re just going to be nimble and be prepared and we’re trying to give guidance out there that provides for a range of opportunity, profitable growth opportunity.

所以第四季的收益是我們年收益的倍數。因此，我們要保持靈活性並做好準備，並努力提供指導，以提供一系列機會、獲利成長機會。

Understand. Okay. John, that’s been good to work with you. Thanks, guys.

理解。好的。約翰，很高興與你合作。謝謝，夥計們。

(Operator Instructions) George Hill, Deutsche Bank.

（操作員指令）喬治·希爾，德意志銀行。

Hey, good morning, guys. Fran, I just wanted to wish you well. I appreciate you guys taking the question and I’ll confess during a blistering earnings morning, I missed a good portion of the prepared commentary. I just was wondering if you guys would be willing to comment on kind of the expected churn that you guys think you’re going to see for the 2025 AEP.

嘿，早上好，夥計們。弗蘭，我只是想祝你一切順利。我感謝你們提出這個問題，我承認，在一個令人興奮的財報早上，我錯過了很大一部分準備好的評論。我只是想知道你們是否願意對你們認為 2025 年 AEP 中將看到的預期流失發表評論。

Like all the Medicare plans are clearly talking about a lot of disruption in the market with a lot of the plans talking about high single digit, maybe even low double-digit member attrition. And just kind of like thinking about how do you -- and then my follow-up on that would be like how do you guys think about gaining share and looks to be a volatile market coming up in October? Thanks.

就像所有醫療保險計劃一樣，這些計劃顯然都在談論市場的大量混亂，其中許多計劃都在談論高個位數甚至低兩位數的會員流失率。就像想想你們如何 - 然後我的後續行動就像你們如何看待獲得份額以及 10 月份即將到來的一個動蕩的市場？謝謝。

Good morning, George. Thanks for the good wishes and thanks for the question. We have made retention one of our key strategic priorities and work was underway 18 months ago to start that journey. We’re making good progress. The introduction of a loyalty program. We’ve got special initiatives around the annual notice of change in being proactive and helping beneficiaries navigate that.

早上好，喬治。感謝您的良好祝愿並感謝您的提問。我們已將保留作為我們的關鍵策略優先事項之一，並於 18 個月前開始進行此旅程。我們正在取得良好進展。推出忠誠度計劃。我們圍繞年度變更通知制定了特別舉措，積極主動地幫助受益人應對這項變化。

We have new tools that I think are going to be very helpful to address what will likely be a large demand for shopping this year. So protecting the book is critically important. No one is confused about that here at eHealth. So proactivity is the key. We do think there’s an opportunity to grow share. A combination of capacity lowering in our industry and we think we’re going to see significantly more shopping this year.

我們擁有新工具，我認為這些工具將非常有助於解決今年可能出現的大量購物需求。因此，保護書籍至關重要。在 eHealth，沒有人對此感到困惑。所以主動性是關鍵。我們確實認為存在擴大份額的機會。由於我們行業的產能下降，我們認為今年的購物量將會顯著增加。

There will be market exits which are typically disruptive but opportunistic for us to make sure that beneficiaries have a soft landing with an alternative plan. So we’re all over it. I don’t want to understate the importance, you’re absolutely right, retention is critical. But I also feel confident in the strategies and the tools that we develop to prepare for this event.

市場退出通常具有破壞性，但對我們來說是機會主義的，可以確保受益人透過替代計劃實現軟著陸。所以我們已經全力以赴了。我不想低估其重要性，你說得完全正確，留住人才至關重要。但我也對我們為準備這次活動而開發的策略和工具充滿信心。

Thank you.

謝謝。

(Operator Instructions) It appears we have no signals from our phone audience. I am pleased to turn the floor back to Mr. Soistman for any additional or closing remarks.

（操作員說明）看來我們沒有收到電話觀眾的訊號。我很高興請索伊斯特曼先生發表補充或結束語。

Thank you, operator. Thank you, again, everyone. I know it’s a busy morning for you all. Appreciate your participation. I appreciate the continued interest in eHealth. You’ve heard today, evidence of strong momentum that started multiple quarters ago and continues to this day. The energy level and the intensity of our focus for a successful AEP is great and I remain confident that we’ll be prepared for the opportunities that lie ahead. So, thank you once again.

謝謝你，接線生。再次謝謝大家。我知道這對你們來說是一個忙碌的早晨。感謝您的參與。我感謝大家對電子醫療的持續關注。您今天已經聽到了多個季度前開始並持續至今的強勁勢頭的證據。我們對 AEP 成功的精力水平和關注強度是巨大的，我仍然相信我們將為未來的機會做好準備。所以，再次感謝您。

Ladies and gentlemen, this does conclude today's teleconference, and we thank you all for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束，我們感謝大家的參與。現在您可以斷開線路。