eHealth Inc (EHTH) 2024 Q3 法說會逐字稿

Good morning, everyone and welcome to Ehealth Inc conference call to discuss the company's third quarter, 2024 financial results. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the prepared remarks. I will now turn the floor over to Eli Newbrun- Mintz, senior Investor relations manager. Please go ahead.

大家早安，歡迎參加 Ehealth Inc 電話會議，討論該公司 2024 年第三季的財務表現。此時，所有參與者都已進入只聽模式，在準備好的發言後將開放供您提問。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.

早安，感謝大家今天加入我們。

The call today, Fran Soistman, e Health Chief Executive Officer and John Stelben, Chief Financial Officer will discuss our third 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. Today's press release, our historical financial news releases and our filings with the SEC are also available on our investor relations website.

e Health 執行長 Fran Soistman 和財務長 John Stelben 在今天的電話會議上將討論我們 2024 年第三季的財務表現。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，以提醒您，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。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取得。

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 e health views as of today and actual results could differ materially. 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, 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. With that. I'll turn the call over to Fran Soistman.

我們將在本次電話會議上就某些事項做出前瞻性陳述，這些事項基於管理層對未來事件的當前信念和預期，影響公司和我們未來的財務或經營業績，本次電話會議的前瞻性陳述代表了電子健康的觀點截至今天，實際結果可能存在重大差異。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聲明受到許多不確定性和風險的影響，包括但不限於今天新聞稿中所述的內容。在我們最新的 10-K 表格年度報告以及隨後向 SEC 提交的文件中，我們還將在本次電話會議上討論某些非 GAAP 財務措施。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。就這樣。我會把電話轉給弗蘭索伊斯特曼。

Thank you Eli. Good morning and thank you all for joining us today.

謝謝伊萊。早安，感謝大家今天加入我們。

In the third quarter, eHealth achieved our revenue and profitability targets, delivered significant growth in Medicare application volume and completed final preparations for the annual enrollment period.

第三季度，eHealth實現了收入和盈利目標，醫保申請量大幅增長，並完成了年度參保期的最後準備工作。

We successfully scaled and trained our agent force, finalized our brand driven marketing materials and made further enhancements to the online consumer experience.

我們成功地擴大和培訓了我們的代理商隊伍，最終確定了我們的品牌驅動的行銷材料，並進一步增強了線上消費者體驗。

We also entered this critical selling season with a pipeline of appointments for new and existing members that was materially larger than it was at the same time last year, we maintained a strong momentum in the first weeks of the AP with call volume and online visits to our platform up meaningfully year over year.

我們也進入了這個關鍵的銷售季節，新會員和現有會員的預約管道比去年同期要多得多，我們在美聯社的頭幾週保持了強勁的勢頭，電話量和在線訪問量我們的平台逐年顯著提升。

The early indicators also point to increased effectiveness of our Telesales Organization as we are converting demand at greater rates compared to a year ago, we stand ready to assist our existing members to ensure they continue to be enrolled in plans that best fit their needs.

早期指標也顯示我們電話銷售組織的效率有所提高，因為與一年前相比，我們以更高的速度轉換需求，我們隨時準備協助我們現有的會員，以確保他們繼續加入最適合其需求的計劃。

We are pleased with these early results while recognizing that much of our AEP performance rides in the final weeks and even days of AEP before I review our third quarter operational highlights. It is worth reemphasizing the differentiated value proposition that E health brings to our carrier partners and beneficiaries on the carrier side. E health delivers quality enrollment volume at scale across our agency and amplify fulfillment models.

我們對這些早期結果感到滿意，同時也意識到，在我回顧第三季營運亮點之前，我們的 AEP 業績大部分是在 AEP 的最後幾週甚至幾天內實現的。值得再次強調的是，E健康為我們的營運商合作夥伴以及營運商側的受益者帶來了差異化的價值主張。E health 在我們的機構內大規模提供優質的註冊量，並擴大履行模式。

We supplement these standout capabilities with local market focus and access to actionable data on how carrier plans perform against their peers and which plan features are especially important to beneficiaries as they select coverage for beneficiaries we offer among the broadest selection of plans relative to our peers. While remaining truly carrier agnostic.

我們透過以本地市場為重點來補充這些出色的能力，並獲取可操作的數據，了解承運人計劃相對於同行的表現如何，以及哪些計劃功能對受益人特別重要，因為他們在我們提供的相對於在同業的最廣泛的計劃選擇中為受益人選擇承保範圍。同時保持真正的運營商不可知論。

We are also differentiated in our delivery of exceptional customer experience.

我們在提供卓越的客戶體驗方面也與眾不同。

E health expert teams of licensed benefit advisers and rich suite of omni channel enrollment tools including our unique end to end online enrollment engine, provide our customers guidance through a complex and high stakes plan selection process in a pressure free environment with respect to the broader Medicare advantage environment. Some of the key trends we have highlighted over the course of this year are clearly materializing.

由持牌福利顧問組成的電子健康專家團隊和豐富的全通路註冊工具（包括我們獨特的端到端線上註冊引擎），在更廣泛的醫療保險的無壓力環境中透過複雜且高風險的計劃選擇流程為我們的客戶提供指導優勢環境。我們在今年強調的一些主要趨勢顯然正在成為現實。

We've seen meaningful changes in plan benefits and star ratings as well as changes in carrier strategies that are becoming increasingly market and product specific.

我們已經看到計劃福利和星級評級發生了有意義的變化，以及營運商策略的變化，這些變化正變得越來越針對市場和產品。

Our choice model is especially important during a dynamic enrollment period such as this one e health performance is not tied to any specific carrier. And our key objective is to match each customer with the best possible coverage from the wide selection of national and regional plans. We offer our value proposition as a trusted unbiased advisor is resonating with beneficiaries as they evaluate their coverage options as a with an expected increase in consumer shopping. We believe we are well positioned to take market share in an industry with decreasing competitive capacity.

我們的選擇模型在動態註冊期間尤其重要，例如此電子健康績效不依賴任何特定營運商。我們的主要目標是從廣泛的國家和地區計劃中為每位客戶提供盡可能最佳的覆蓋範圍。我們提供我們的價值主張，因為一個值得信賴的公正顧問與受益人產生共鳴，因為他們評估他們的保險選項作為消費者購物的預期成長。我們相信，我們有能力在競爭力不斷下降的行業中佔據市場份額。

At the same time, this environment also necessitates a focus on protecting our existing Book of Business.

同時，這種環境也需要重點保護我們現有的業務名冊。

To that end, we have introduced several adviser and technology driven retention initiatives which I will describe shortly moving now to our annual enrollment period preparations. In 2023 we launched our rebranding strategy and the integrated marketing campaign. Your Medicare matchmaker.

為此，我們推出了幾項顧問和技術驅動的保留計劃，我將很快介紹這些計劃，現在轉向我們的年度註冊期準備工作。2023 年，我們啟動了品牌重塑策略和整合行銷活動。您的醫療保險媒人。

These initiatives centered around our customers and delivered significant uplift to our direct channels. Last AP this year, we have built on this initial success across every touch point.

這些舉措以我們的客戶為中心，並為我們的直接管道帶來了顯著的提升。今年的上一次美聯社，我們在每個接觸點都取得了初步成功。

Our materials reinforce our value proposition while also layering in new messaging that acknowledges the specifics of this enrollment period and highlights our real advisers as consumers unbiased transparent Medicare matchmakers.

我們的材料強化了我們的價值主張，同時也融入了新的訊息，承認這一註冊期的具體情況，並強調我們真正的顧問是消費者公正透明的醫療保險媒人。

During the AP, we plan to continue growing our key direct branded channels while remaining agile in terms of geographic and channel based marketing dollar deployments.

在美聯社期間，我們計劃繼續發展我們的關鍵直接品牌管道，同時在地理和基於渠道的營銷資金部署方面保持敏捷。

We're also placing increased emphasis on lead nurturing to better monetize the significant call volume and online traffic that we are seeing on our platform.

我們也更加重視潛在客戶的培育，以更好地利用我們平台上看到的大量通話量和線上流量來貨幣化。

We expect this integrated marketing strategy to drive better quality and higher converting leads as well as greater brand recognition and loyalty from the members. We enroll further. Our local market approach is especially relevant to say as carriers have telegraphed, they will be precise in the marketing and benefit structure strategies.

我們預期這種整合行銷策略將帶來更好的品質和更高的轉換率以及會員更高的品牌認知度和忠誠度。我們進一步報名。我們的本地市場方法尤其重要，正如營運商已電報的那樣，他們將在行銷和利益結構策略方面保持精確。

In support of that, we have launched messaging targeting areas that are experiencing the most planned disruption year over year.

為了支持這一點，我們針對每年經歷最多計畫中斷的區域啟動了訊息傳遞。

Another important area of focus ahead of the AP was positioning ourselves for greater conversion rates across our omni channel enrollment platform.

美聯社先前關注的另一個重要領域是定位自己，以提高我們全通路註冊平台的轉換率。

The call center side, we successfully reached our hiring goals with an adviser mix that is more tenured relative to last year.

在呼叫中心方面，我們成功地實現了招募目標，顧問組合的任期比去年更長。

Additionally, in Q3, our 1st year license advisers performed better than the equivalent classes in Q3 of last year driven by enhanced training protocols and new agent facing sales tools.

此外，在第三季度，由於增強的培訓協議和麵向代理商的新銷售工具，我們第一年的許可顧問的表現優於去年第三季度的同等課程。

This AP we're employing a larger number of screeners than we have in the past. Screeners conduct a preliminary needs assessment and ensure callers are routed to an appropriate licensed agent or our customer service team dedicated to helping existing members.

與過去相比，本次美聯社我們僱用了更多的安檢員。篩選人員進行初步需求評估，並確保將來電者轉接至適當的持牌代理商或我們致力於協助現有會員的客戶服務團隊。

This function improves customer experience by reducing hold times and enhances the efficiency of our licensed advisers to screen calls, convert a significantly higher rates than on screen calls on our online platform. We continue to advance the personalization and simplicity of the E health digital consumer experience with a EP we expect to benefit from our differentiated tech enabled features such as match monitor, live advise, which is our one way video enrollment experience, license, agent chat, co browsing our proprietary plan recommendation tool and others.

此功能透過減少等待時間來改善客戶體驗，並提高我們的授權顧問篩選通話的效率，轉換率明顯高於我們在線上平台上的篩選通話。我們繼續透過EP 推進電子健康數位消費者體驗的個人化和簡單性，我們希望從我們差異化的技術支援功能中受益，例如比賽監控、即時建議，這是我們的單向視訊註冊體驗、許可證、代理商聊天、共同瀏覽我們專有的計劃推薦工具和其他工具。

Ehealth was a pioneer and remains a leader in digital consumer experience when it comes to shopping for and enrolling into health insurance.

在購買和投保健康保險方面，Ehealth 是數位消費者體驗的先驅，並且仍然是領導者。

Given the significant amount of shopping that we anticipate and the back end loaded nature of the A EP.

考慮到我們預期的大量購物以及 A EP 的後端加載性質。

Our end to end online capabilities represent a significant advantage in absorbing peaks and consumer demand.

我們的端到端在線能力在吸收高峰和消費者需求方面具有顯著優勢。

Instead of waiting on hold an industry wide phenomenon that is typical during the last days of any AP what could be especially pronounced this year, customers can transact on our platform right away using the same plan recommendation engine available to our licensed agents.

客戶可以使用與我們的授權代理商相同的計劃推薦引擎，立即在我們的平台上進行交易，而不是等待任何 AP 最後幾天的行業普遍現象（今年可能特別明顯）。

Ultimately, we are ready to serve customers through the enrollment channel that best matches their preference, whether by phone or online or hybrid and believe we are well positioned to efficiently convert within a wide range of demand patterns.

最終，我們準備透過最符合客戶偏好的註冊管道（無論是透過電話、線上還是混合方式）為客戶提供服務，並相信我們處於有利位置，可以在廣泛的需求模式下進行高效轉換。

I also want to highlight our retention strategy with significant plan changes underway. We are laser focused on engaging ehealth customers to ensure their plans fit their individual health and financial needs.

我還想強調我們的保留策略以及正在進行的重大計劃變更。我們專注於吸引電子醫療客戶，以確保他們的計劃適合他們的個人健康和財務需求。

In addition to carrying a dedicated team of agents to take calls from existing e health members. We are proactively reaching out to current members whose coverage might be changing.

除了配備專門的代理團隊來接聽現有電子醫療會員的電話。我們正在積極主動聯繫其覆蓋範圍可能會發生變化的現有會員。

Our goal is for beneficiaries to feel supported, heard and empowered to make the right decision for their unique circumstances.

我們的目標是讓受益者感受到支持、傾聽和授權，以便根據他們的獨特情況做出正確的決定。

Using our data models, we identify members who will be impacted by the upcoming changes and invite them to use our self service tool match monitor.

使用我們的資料模型，我們確定將受到即將發生的變化影響的會員，並邀請他們使用我們的自助服務工具來匹配監視器。

This new tool summarizes lengthy and often confusing annual notice of change or an to create a concise summary of key plan changes and features match monitor also provides a short list of alternative plans recommended by our proprietary algorithm and compares these plans side by side versus the beneficiary's current coverage to date. We've seen a strong response to the outreach. We have done turning to amplify our new and growing carrier dedicated fulfillment model and an important area of diversification.

這個新工具總結了冗長且經常令人困惑的年度變更通知，或者創建了關鍵計劃變更和功能匹配監視器的簡明摘要，還提供了我們專有演算法推薦的替代計劃的簡短列表，並將這些計劃與受益人的計劃並排比較迄今為止的當前報告。我們看到了外展活動的強烈迴響。我們已經轉向擴大我們新的、不斷發展的承運商專用履行模式和多元化的重要領域。

We expect amplify will play an important role during a ep supplementing our core agency business with attractive margin and cash payback cycles.

我們預計 Amplify 將在 EP 期間發揮重要作用，以有吸引力的利潤和現金回報週期補充我們的核心代理商業務。

Carriers choose amplify because of our high level of service, strong conversion rates and the deep expertise of our adviser base in the lead up to the fourth quarter. We implemented learnings from last AP to deliver even better performance for our carrier partners and their customers.

營運商選擇 Amplify 是因為我們的高水準服務、強勁的轉換率以及截至第四季度的顧問基礎的深厚專業知識。我們吸取了上一次 AP 的經驗教訓，為我們的營運商合作夥伴及其客戶提供更好的效能。

We believe this model offers broad potential for expansion in 2025 and 26 as we continue to add new partners and grow within our existing dedicated arrangements.

我們相信，隨著我們不斷增加新的合作夥伴並在現有的專門安排中成長，這種模式在 2025 年和 26 年提供了廣闊的擴張潛力。

Last month, we reached an important milestone, obtaining high trust certification, a globally recognized certification that demonstrates an organization's compliance with rigorous security and privacy requirements.

上個月，我們達到了一個重要的里程碑，並獲得了高信任認證，這是一項全球認可的認證，表明組織遵守嚴格的安全和隱私要求。

Many carriers require that their BP O partners are high trust certified in order to serve as an extension of their internal telesales operations. And this achievement widens the universal potential amplify customers.

許多業者要求其 BPO 合作夥伴經過高度信任認證，以便作為其內部電話銷售業務的延伸。這項成就擴大了客戶的普遍潛力。

Furthermore, last month, we also announced our certification from great place to work. A global leader in workplace culture recognition.

此外，上個月，我們也宣布了最佳工作場所認證。工作場所文化認可的全球領導者。

This certification was based entirely on information gathered from our current employees about their experience working for. We see it as a key indicator of the success of our completed business transformation.

此認證完全基於從我們現有員工收集的有關其工作經驗的資訊。我們將其視為我們已完成業務轉型成功的關鍵指標。

We know that company culture supports business performance and are deeply proud of this important achievement as a whole. We are seeing the fruits of the operational cultural and technological improvements. I've been discussing in the third quarter. Medicare Advantage submitted applications across both of our fulfillment models grew 46% year over year total. Medicare submitted applications including medsup and prescription drug plans grew 43% excluding tail revenue in both periods. Third quarter revenue grew 9% year over year accompanied by improvement in adjusted EBITA and GAAP earnings on the same basis.

我們知道公司文化支持業務績效，並為整個這項重要成就深感自豪。我們正在看到營運文化和技術改進的成果。我在第三季就一直在討論。Medicare Advantage 透過我們的兩種履行模式提交的申請總數年增了 46%。醫療保險提交的申請（包括 Medsup 和處方藥計劃）增加了 43%（不包括這兩個時期的尾部收入）。第三季營收年增 9%，調整後 EBITA 和 GAAP 收益也較去年同期成長。

Outside of the Medicare supplement market represents an important option for seniors in areas without robust ma plan offerings as well as for specific socioeconomic audiences.

在醫療保險補充市場之外，對於沒有強大的醫療保險計劃產品的地區的老年人以及特定的社會經濟受眾來說，這是一個重要的選擇。

Medicare supplement could also gain greater adoption in markets where carriers have scaled back their benefits this year.

醫療保險補充計劃也可能在營運商今年縮減福利的市場中獲得更多採用。

As ehealth has focused broadly on Medicare advantage distribution over the past several years, we've not made corresponding investments in our medsup business. This is now changing.

由於過去幾年 ehealth 廣泛關注 Medicare 優勢分配，因此我們沒有對 medsup 業務進行相應的投資。現在這種情況正在改變。

Given that medsup can be sold year round. We believe it to be an attractive complementary business area for us.

鑑於medsup可以全年銷售。我們相信這對我們來說是一個有吸引力的互補業務領域。

This year, we've introduced a dedicated medsup sales team, expanded our carrier options and are optimizing our marketing strategies to reach this distinct audience more effectively.

今年，我們引入了專門的 medsup 銷售團隊，擴大了我們的營運商選擇，並正在優化我們的行銷策略，以更有效地接觸到這個獨特的受眾。

During the third quarter, we also launched an end to end online enrollment experience for medsup customers and offering that we plan to expand next year with respect to our balance sheet. We recently reached an agreement with our term lender blue torch to extend the maturity of our $70 million loan by one year under slightly more favorable terms which could further improve depending on the interest rate environment.

在第三季度，我們也為 medsup 客戶推出了端到端線上註冊體驗，並計劃明年在資產負債表方面擴大該服務。我們最近與定期貸款機構 Blue Torch 達成協議，將 7000 萬美元貸款的期限延長一年，條件稍微優惠一些，具體情況可能會根據利率環境進一步改善。

We continue to work with our advisers towards improving the overall capital structure of our business.

我們繼續與顧問合作，改善我們業務的整體資本結構。

In our view, the company has more than sufficient liquidity to continue executing on our strategy in 2025 and 2026 which provides us leverage as we assess our options.

我們認為，該公司擁有足夠的流動性來繼續執行我們 2025 年和 2026 年的策略，這為我們評估我們的選擇提供了槓桿。

In conclusion, I believe this team has positioned e help for another successful. I am proud of all the effort and cross functional collaboration, which went into this process.

總之，我相信這個團隊已經為另一個成功者提供了幫助。我為這過程中付出的所有努力和跨職能協作感到自豪。

Last day, we returned to enrollment growth on a profitable foundation after rebuilding our sales and marketing functions and enacting a comprehensive cost transformation program.

昨天，在重建銷售和行銷職能並製定全面的成本轉型計劃後，我們在盈利的基礎上恢復了入學人數增長。

We are now prepared to build on these achievements by delivering above market ma enrollment growth while maintaining enterprise wide cost discipline and focus on cash flow generation.

我們現在準備在這些成就的基礎上再接再厲，實現高於市場的入學人數增長，同時保持企業範圍內的成本控制並專注於現金流的產生。

With three weeks of AP completed. We've gotten off to a strong start both in terms of enrollment volume and with respect to our multi faceted plan to serve e health existing members.

完成三週的AP。無論是在註冊量方面，還是在為電子醫療現有會員提供服務的多方面計劃方面，我們都取得了良好的開端。

We look forward to updating you on our full AP performance during our Q4 earnings call. We will also be meeting with investors at the upcoming U BS health care conference in Southern California. Next week.

我們期待在第四季的財報電話會議上向您通報我們完整的 AP 業績狀況。我們也將在即將於南加州舉行的瑞銀集團醫療保健會議上與投資者會面。下週。

With that, I will turn the call over to our CFO John Stelbon, John.

接下來，我會將電話轉給我們的財務長 John Stelbon，約翰。

Thank you, Francis and good morning everyone.

謝謝弗朗西斯，大家早安。

I'm excited to have my first earnings call be one where we discuss our continued strong momentum which is reflected in our third quarter results.

我很高興能召開第一次財報電話會議，討論我們第三季業績中反映的持續強勁勢頭。

Our third quarter, financial results were driven by strong execution in our Medicare business and continued improvements in our cost structure.

我們第三季的財務表現是由醫療保險業務的強勁執行力和成本結構的持續改善所推動的。

They also reflect our investments in a preparedness a major part of our third quarter operations.

它們也反映了我們對準備工作的投資，這是我們第三季營運的主要部分。

Third quarter revenue excluding net adjustment revenue or tail was $57.2 million. An increase of 9% year over year triggered primarily by strong Medicare enrollments and partially offset by a decline in our employer and individual revenue.

不包括淨調整收入或尾部的第三季收入為 5,720 萬美元。年比成長 9%，主要是由於醫療保險參保人數強勁，但部分被我們雇主和個人收入的下降所抵消。

Third quarter tail revenue was $1.2 million as compared to $12.2 million in Q3 of 2023 including tail revenue. Third quarter revenue was $58.4 million or a 10% decrease year over year.

第三季尾部收入為 120 萬美元，而 2023 年第三季（包括尾部收入）為 1,220 萬美元。第三季營收為 5,840 萬美元，年減 10%。

Medicare segment revenue excluding sale revenue grew 13% year over year including tail revenue. Our Medicare segment generated $53.2 million in revenue compared to $55.5 million in Q3 of 2023.

不包括銷售收入（包括尾部收入）的醫療保險部門收入年增 13%。我們的醫療保險部門產生了 5,320 萬美元的收入，而 2023 年第三季為 5,550 萬美元。

During the quarter, we recognized $1.1 million in positive sale revenue from our Medicare segment compared to $9.3 million a year ago.

本季度，我們確認醫療保險部門的正銷售收入為 110 萬美元，而去年同期為 930 萬美元。

We also saw a year over year improvement of $5.6 million in Medicare submit profitability excluding sale revenue driven primarily by increased application volume and favorable member acquisition costs including sale revenue. Medicare segment loss was $17.9 million. Reflecting our investment in hiring and training Medicare advisors for our agency and carrier dedicated platforms ahead of the significant shopping volume. We anticipate this AEP as a reminder within our Medicare segment, we generate two different types of enrollments between agency and amplified fulfillment models for virtually all of our agency enrollments. Ehealth is the broker of record resulting in commission revenue that is booked based on constrained lifetime value estimates at the time of approval and cash collected over the lifetime of the policy.

我們還看到，醫療保險提交盈利能力同比增長了 560 萬美元（不包括銷售收入），這主要是由於申請量增加和有利的會員獲取成本（包括銷售收入）推動的。醫療保險部門虧損 1,790 萬美元。反映了我們在大量購物量之前為我們的代理商和承運人專用平台招聘和培訓醫療保險顧問的投資。我們預計此 AEP 將作為我們醫療保險部門的一個提醒，我們在機構之間產生兩種不同類型的註冊，並為幾乎所有機構註冊提供放大的履行模型。Ehealth 是記錄在案的經紀人，其佣金收入是根據批准時有限的終身價值估計以及保單有效期內收取的現金來記錄的。

Amplify our carrier dedicated model, generates a combination of broker record and fee based enrollments for fee based enrollment. E health does not become the broker record.

擴大我們的營運商專用模型，產生經紀人記錄和收費註冊的組合，以實現收費註冊。E健康不會成為經紀人記錄。

Instead carriers pay us a one time success fee for each enrollment. In addition to ongoing payments to support dedicated sales teams as we ramp our fee based business, it is expected to drive growth in other revenues but will not impact our approved membership metrics across both fulfillment platforms. Ehealth drove a 22% increase in Medicare submissions year over year.

相反，運營商會為每次註冊向我們支付一次性成功費用。除了在我們擴大收費業務時持續支付支援專門銷售團隊之外，預計還將推動其他收入的成長，但不會影響我們在兩個履行平台上批准的會員指標。Ehealth 推動醫療保險申請量年增 22%。

Medicare advantage submissions grew 26%. Medicare supplement submitted applications grew 5% year over year. While standalone prescription drug plan volume continued to decline reflecting broader market dynamics.

醫療保險優勢提交量增加了 26%。醫療保險補充提交的申請年增 5%。而獨立處方藥計劃數量持續下降，反映了更廣泛的市場動態。

As I mentioned, some of that volume is reflected in our reported approved members. While enrollments transacted under fee based arrangements within amplify flow through other revenue, which grew 36% year over year.

正如我所提到的，其中一些數量反映在我們報告的批准成員中。雖然在收費安排下進行的註冊交易擴大了其他收入的流量，較去年同期成長 36%。

Total acquisition costs per approved Medicare member improved 16% year over year, reflecting a 24% decrease in aging costs and a 4% decrease in marketing costs per approved member as a reminder. 2nd and 3rd quarters are characterized by higher variable costs per approved member relative to Q4 and Q1. As we start to prepare our sales and marketing organization for the upcoming annual enrollment period.

每個批准的 Medicare 會員的總獲取成本同比提高了 16%，反映出老化成本下降了 24%，每個批准的會員的營銷成本下降了 4%。相對於第四季和第一季度，第二季和第三季的特點是每個核准成員的變動成本較高。當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時。

This investment is spread over seasonally low enrollment volumes but is already yielding an attractive return for us in the fourth quarter.

這項投資分佈在季節性較低的入學量中，但已在第四季度為我們帶來了有吸引力的回報。

Medicare advantage lifetime value $909 roughly flat with last year's persistency on our Medicare Advantage book of business on a trailing 12 month basis was in line with our expectations and also in line with last year's observations.

Medicare Advantage 終身價值為 909 美元，與去年 Medicare Advantage 業務賬簿上過去 12 個月的持續性基本持平，這符合我們的預期，也符合去年的觀察結果。

As Fran describes member retention is an important area of our operations and is especially critical during this AEP when some beneficiaries will experience significant changes to their coverage in this environment. We remain confident in our commissions receivable assets.

正如 Fran 所描述的，會員保留是我們營運的一個重要領域，在本 AEP 期間尤其重要，因為一些受益人在此環境中的承保範圍將經歷重大變化。我們對應收佣金資產仍充滿信心。

As mentioned on previous calls, we regularly assess whether changes in assumptions or evolving trends will result in a change in the estimate of expected cash collections.

如同先前電話會議中所提到的，我們定期評估假設或變化趨勢的變化是否會導致預期現金回款估計的變化。

We only recognize positive adjustments to revenue when it is probable that a significant reversal will not occur as such. There are significant positive adjustments that have not yet been recognized, including but not limited to our initial constraints in our employer and individual segment revenue was $5.2 million with a segment loss of 800,000.

我們僅在很可能不會發生重大逆轉時才確認收入的積極調整。有一些尚未確認的重大積極調整，包括但不限於我們對雇主和單一部門收入的最初限制為 520 萬美元，部門虧損為 80 萬美元。

This compares to segment revenue of $9.2 million and a segment of profit of $4.8 million in Q3 of 2023.

相較之下，2023 年第三季的部門收入為 920 萬美元，部門利潤為 480 萬美元。

The year over year decline in segment revenue and profit primarily reflect $2.8 million in lower tail revenue.

部門收入和利潤年減主要反映了尾部收入較低280萬美元。

Group members also decline off a low base as this business unit continues to undergo transformation.

隨著該業務部門持續轉型，集團成員數也從低基數下降。

Moving to our operating expenses, Non GAAP technology and content expense declined 4% and Non-GAAP general administrative expense declined 8% compared to Q3 2023.

至於營運費用，與 2023 年第三季相比，非 GAAP 技術和內容費用下降了 4%，非 GAAP 一般管理費用下降了 8%。

This was driven by our targeted cost reduction including additional office closures in the first half of the year in line with our remote first model with respect to variable costs. Nongaap customer care and enrollment increased 2% year over year and Nongaap marketing and advertising increased 3% year over year. Well below the rate of growth in our Medicare submissions, Q3 GAAP net loss $42.5 million compared to $37 million in Q3 of 2023 adjusted EBITA excluding T revenue with negative $36 million, an improvement of $4.3 million compared to Q3 a year ago, including sale revenue adjusted even though was negative $34.8 million compared to negative $28.1 million last year operating cash flow was negative $29.3 million compared to negative $24.7 million in Q3 of 2023. Driven by the timing of certain cash receipts and cash compensation dynamics. As we carried a larger advisor account this quarter than a year ago, moving to our balance sheet, we ended the quarter with $117.8 million in cash equivalents and short term marketable securities. This compares to $160.6 million. At the end of Q3 2023.

這是由於我們有目標的成本削減，包括根據我們在可變成本方面的遠端第一模型，在今年上半年關閉了更多辦事處。Nongaap 客戶服務和註冊人數年增 2%，Nongaap 行銷和廣告年增 3%。第三季GAAP 淨虧損遠低於我們的醫療保險提交的成長率，為4,250 萬美元，而2023 年第三季調整後的EBITA 淨虧損為3,700 萬美元，不包括T 收入，為負3,600 萬美元，與去年第三季（包括銷售收入）相比增加了430 萬美元調整後的營運現金流為負3,480 萬美元，而去年為負2,810 萬美元，而2023 年第三季營運現金流為負2,930萬美元，而2023 年第三季為負2,470 萬美元。受某些現金收入和現金補償動態的時間所驅動。由於本季我們的顧問帳戶比一年前更大，因此我們的資產負債表顯示，本季末我們的現金等價物和短期有價證券為 1.178 億美元。相比之下，這一數字為 1.606 億美元。2023 年第三季末。

His friend mentioned we believe we have sufficient liquidity to meet our operational needs for 2025 and 2026.

他的朋友提到，我們相信我們有足夠的流動性來滿足 2025 年和 2026 年的營運需求。

We ended the quarter with total commissions receivable balance of $814 million, which compares to $780.6 million at the same time last year, this year, over year increase reflects the continued growth we have generated in our broker of record application volume, as well as the positive adjustments we have recognized over the past year net cash collections as a reminder fee based enrollments transacted on our Amplify platform, do not increase our conditions receivable balance. Given that we are paid a one time success fee.

截至本季末，我們的應收佣金餘額總額為 8.14 億美元，而去年同期為 7.806 億美元，今年的同比增長反映了我們創紀錄的經紀人申請量的持續增長，以及我們在過去一年中確認了淨現金收款作為在我們的Amplify 平台上進行的基於註冊費用的提醒的積極調整，但不會增加我們的條件應收餘額。鑑於我們支付了一次性成功費。

These enrollments are characterized by more favorable cash flow timing relative to our agency business.

與我們的代理業務相比，這些註冊的特點是現金流時機更有利。

As grand noted, we continue to work with our advisers towards the longer term solution for improving our overall capital structure of our business.

正如格蘭德所指出的，我們將繼續與我們的顧問合作，制定長期解決方案，以改善我們業務的整體資本結構。

In conclusion, we are pleased with our third quarter financial results and the early read of the AEP data.

總之，我們對第三季的財務表現和 AEP 數據的提前讀取感到滿意。

While we've had a very strong start to the AP the most critical weeks of the selling season remain ahead of us as such. We are reiterating the 2024 Dods ranges that we provided as part of second quarter earnings.

雖然我們在美聯社有了一個非常強勁的開局，但銷售季節最關鍵的幾週仍然在前方。我們重申我們在第二季度收益中提供的 2024 年 Dods 範圍。

You can reference our guidance for the third quarter earnings release and slides posted on the industrial relations section of our website.

您可以參考我們網站勞資關係部分發布的第三季收益發布指南和投影片。

I look forward to connecting with our investors and analysts during the follow up calls and now operator, please open the line to questions.

我期待在後續電話會議中與我們的投資者和分析師聯繫，現在請營運商撥打電話提問。

Certainly at this time, if you would like to ask a question, please press Star one on your telephone keypad. You may withdraw your question at any time by pressing Star Two. Once again, that is star one for your questions. We'll pause a moment to allow any questions to queue and we will take our first question from George Sutton with Craig Hallum. Please go ahead.

當然，此時，如果您想提問，請按電話鍵盤上的星號一。您可以隨時按星二鍵撤回您的問題。這又是你問題中的第一顆星。我們將暫停片刻，讓任何問題排隊，我們將接受喬治·薩頓和克雷格·哈勒姆提出的第一個問題。請繼續。

Thank you John, welcome to your first call and your first AP. So I'm curious Fran, if you could quantify a little bit, what you're referencing in terms of the larger pipeline early in the AP and also your ability or what you're seeing in terms of the converting that demand. It, what you're saying is a greater rate than a year ago. Just curious if we can get a little more detail on those.

謝謝約翰，歡迎您的第一次來電和您的第一個 AP。所以我很好奇弗蘭，如果你能稍微量化一下，你在美聯社早期的更大管道方面所引用的內容，以及你在轉換需求方面的能力或你所看到的內容。你所說的比率比一年前高。只是好奇我們是否能獲得更多細節。

Good morning George. Thanks for the question, the pipeline, we built the pipeline in 2023 but we put it on steroids this year and we have greater visibility obviously with the degree of changes that are occurring where either beneficiaries were losing their current Medicare Advantage organization because of a market exit or service area reduction. Or their plan was withdrawn. We saw, you know, a number of PPO plans that have been withdrawn in, in different parts of the country.

早上好喬治。謝謝你的問題，管道，我們在 2023 年建立了管道，但今年我們加大了力度，顯然，我們對受益人因市場而失去當前 Medicare Advantage 組織而發生的變化程度有了更大的了解。或服務區減少。或者他們的計劃被撤回了。你知道，我們看到許多 PPO 計劃已在該國不同地區被撤銷。

So we know those folks have to make change, they don't have an option and we, we certainly don't want them to enter January without having health insurance coverage. So we went on offense. We, you know, to the extent that we had email addresses, phone numbers we started a very robust outreach program. And we didn't give up on the first call, the second call, third call, we continued to dial and make other efforts to, to outreach that has provided us with an opportunity to hit the ground running on October 15th. So we were able to begin taking care of those needs right out of the gate. So I applaud the team for outstanding execution.

所以我們知道這些人必須做出改變，他們別無選擇，我們當然不希望他們在沒有健康保險的情況下進入一月。所以我們繼續進攻。你知道，只要我們有電子郵件地址、電話號碼，我們就啟動了一個非常強大的外展計劃。我們沒有放棄第一通電話、第二通電話、第三通電話，我們繼續撥打電話並做出其他努力，以進行外展，這為我們提供了在 10 月 15 日開始運作的機會。因此，我們能夠立即開始滿足這些需求。因此，我對團隊出色的執行力表示讚賞。

As far as more specifics on, I'm not going to provide you a metric. We'll have to, you'll have to bear with us until we complete the A EP and prepare to announce Q4 earnings. But, you know, we had a very significant growth last year. And in the first three weeks of the A EP, we have not only surpassed our internal forecast in a meaningful way but certainly also a very high base. So again, we're looking at this holistically in terms of our retention and new opportunities, you know, millions of people, current Medicare advantage members were affected by plan withdrawals and service area reduction. So I think there is a greater sense of urgency, higher motivation for Medicare advantage, beneficiaries to shop this year. So we're being opportunistic in meeting those needs, both for retention and with new opportunities.

至於更多細節，我不會提供您一個指標。我們必須這樣做，您必須忍受我們，直到我們完成 A EP 並準備宣布第四季度的收益。但是，你知道，我們去年取得了非常顯著的成長。在 A EP 的前三週，我們不僅以有意義的方式超出了我們的內部預測，而且基數肯定非常高。因此，我們再次從保留和新機會的角度全面考慮這一問題，您知道，數以百萬計的人，當前的醫療保險優勢成員受到計劃撤銷和服務區域縮小的影響。因此，我認為今年醫療保險受益者購物的緊迫感和動力更高。因此，我們會抓住機會滿足這些需求，無論是保留人才或是新機會。

So it's particularly encouraging, given what I would have thought early in the season was going to be limited ability to get in front of people, given all the political advertising. I'm just curious the rest of the season relative to changes in advertising you might be doing. I'm curious if I'll see a lot more of ease for the rest of the season. And, would you expect that the AP could get extended?

所以這特別令人鼓舞，因為我在賽季初期就認為，考慮到所有的政治廣告，在人們面前展示的能力將受到限制。我只是好奇本季剩下的時間你可能會做的廣告方面的變化。我很好奇在本賽季剩餘的比賽中我是否會看到更多的輕鬆。而且，您認為美聯社可以延長嗎？

Okay, let me break those down. You have three very good questions there. As far as the concerns with the national election that we, you know, the industry would have difficulty getting that message through. We've not experienced that particularly with our Dr TV. People have been glued to the TV. S over the last few weeks and, you know, leading up to last night's conclusions or August to say early this morning's conclusions.

好吧，讓我來分解一下。你提出了三個非常好的問題。就我們對全國選舉的擔憂而言，您知道，該行業很難傳達這一訊息。我們還沒有經歷過這種情況，特別是在我們的 Dr TV 上。人們已經沉迷於電視。過去幾週，你知道，導致昨晚的結論或八月今天早上的結論。

We buy our Dr TV on a national basis. A lot of the political messaging advertisements are done on a local market basis. So we were able to get our message across if you tuned into, you know, CNN box you know we make sure we represent both sides of the aisle and our outreach is you would have seen us those messages. We, we all get calls from our family members when they see us on TV. So we know people are watching all of our channels right now are performing above our expectations leading to lower coas a higher conversion rate. So we're generating quality leads. That's really, you know, it, it's success to get success and it invokes more confidence with particularly our less tenured agents. You know they're enjoying success in closing customers which I think is going to serve us well for the balance of AP and into January is always, I can't tell you anything new as far as whether, you know, C MS will grant an extension or offer a special enrollment period. I stayed reasonably close contact with a few people at C MS. I'll be outreaching to them in a follow up to a meeting we had in person a few weeks back, just giving them some, some metrics in terms of what we're observing. And we have a very transparent relationship with C MS and it's not uncommon for them to either confirm that they're seeing similar kinds of higher volumes with their calls, call center. So, my guess though, George and I don't have any inside information, but my prediction would be if there is to be a special enrollment period CM SS would not likely communicate that until after Thanks giving as we get closer to the end of December 7th.

我們在全國範圍內購買 Dr TV。許多政治訊息廣告都是在當地市場製作的。因此，如果您收聽 CNN 盒子，我們就能傳達我們的訊息，您知道我們確保我們代表兩黨，而我們的外展活動是您會看到我們這些訊息。當我們的家人在電視上看到我們時，我們都會接到電話。因此，我們知道人們現在正在觀看我們所有頻道的表現都超出了我們的預期，從而導致更低的 coa 和更高的轉換率。所以我們正在產生高品質的潛在客戶。這真的是，你知道，它，獲得成功就是成功，它激發了更多的信心，特別是我們任期較短的代理人。你知道他們在關閉客戶方面取得了成功，我認為這將對我們的 AP 平衡和一月份的平衡有好處，我不能告訴你任何新的信息，至於 C MS 是否會授予延長或提供特殊註冊期。我與 C MS 的一些人保持著相當密切的聯繫。在幾週前我們親自舉行的一次會議的後續活動中，我將與他們聯繫，只是根據我們所觀察到的情況向他們提供一些指標。我們與 C MS 有著非常透明的關係，他們確認他們的呼叫中心的呼叫量也出現了類似的增長，這並不罕見。所以，我的猜測是，喬治和我沒有任何內幕消息，但我的預測是，如果有一個特殊的註冊期，CM SS 不太可能傳達這一信息，直到感恩節之後，因為我們接近結束了12月7 日。

Got you just one other thing for John, if I could. We saw, you had reduced the constraint recently and you saw your tail revenues come in much more limited than in the past, is this. Do we feel really good about the constraint change we made? Is are we going to see relatively small tail revenues ahead?

如果可以的話，我還為約翰準備了另一件事。我們看到，你最近減少了限制，你看到你的尾部收入比過去更加有限，是這樣的嗎？我們對所做的約束改變真的感覺良好嗎？我們未來會看到相對較小的尾部收入嗎？

Thanks George. You know, I think we, you know, we continue to analyze our performance volatility and the LTB trends that we've seen over time and we remain confident the change that we made was the right change.

謝謝喬治。你知道，我認為我們，你知道，我們繼續分析我們的業績波動性和我們隨著時間的推移看到的 LTB 趨勢，我們仍然相信我們所做的改變是正確的。

Yeah, we, you know, when we analyzed it, we did have a range of various outcomes and we actually, you know, we chose the conservative route and booked more at the lower end. So there was opportunity to actually take the constraint down lower. You know, we considered the current environment, how we chose our constraint and we maintain the appropriate level of conservatism in our process.

是的，我們，你知道，當我們分析它時，我們確實有一系列不同的結果，實際上，你知道，我們選擇了保守的路線，並在低端預訂了更多。因此，有機會真正降低限制。您知道，我們考慮了當前的環境、我們如何選擇約束條件以及我們在流程中保持適當程度的保守主義。

You know, when we look at our first tail, we, you know, we have over $200 million accumulated, accumulated positive tail over the, since the adoption of 606 and we've seen 26 out of the last 27 quarters since the adoption that we said positive tail adjustments.

你知道，當我們看第一個尾部時，我們，你知道，自從採用606 以來，我們已經積累了超過2 億美元的正尾部，並且自採用以來的過去27 個季度中，我們已經看到了26個季度的尾部。

Again, we, we do feel very confident and we make sure that we're you know, staying compliant with our 6 to 6 guidance.

再說一遍，我們確實非常有信心，並確保我們遵守我們的 6 到 6 指導方針。

Beautiful. Thank you guys. Appreciate it.

美麗的。謝謝你們。欣賞它。

Thank you.

謝謝。

Thank you. And again, as a reminder to ask a question today, that is star one, you may withdraw your question at any time by pressing Star two. Again, that's star one. We'll pause another moment to allow any further questions to queue and there appear to be no further questions at this time. I'll turn the call to Francis for any closing remarks.

謝謝。再次提醒大家，今天要問一個問題，即星號一，您可以隨時按星號二撤回您的問題。再說一次，這是明星一號。我們將暫停一會兒，以便讓任何其他問題排隊，目前似乎沒有其他問題。我將把電話轉給弗朗西斯，請其作結束語。

Thank you, operator.

謝謝你，接線生。

Well, I imagine many on the call this morning had a very late night. So thank you for joining. I really appreciate that as we close out this third quarter, I'd like to reiterate our commitment to delivering long term value and navigating this dynamic environment with resilience and focus e health transformation journey and business performance progress has been nothing short of remarkable and I remain optimistic about our ability to sustain this momentum through the end of this year. And throughout 2025 none of this would be possible without strong management team and our employees who have contributed to achieving a healthy and vibrant workplace. We're laser focused on achieving a successful a further enhancing the capital structure and unlocking shareholder value.

嗯，我想今天早上接到電話的許多人都度過了很晚。感謝您的加入。我真的很感激，在我們結束第三季時，我想重申我們致力於提供長期價值，並以韌性和專注力駕馭這個動態環境，電子健康轉型之旅和業務績效進展都是令人矚目的，我我們對今年年底保持這勢頭的能力保持樂觀。如果沒有強大的管理團隊和我們的員工為實現健康和充滿活力的工作場所所做的貢獻，到 2025 年，這一切都不可能實現。我們專注於成功進一步增強資本結構並釋放股東價值。

The stage is set for continued success in 2025 to core strength and our exciting diversification initiatives. So we appreciate the continued support of our shareholders partners, our employees as we drive forward on our strategic priorities and we're confident in our path and remain committed to executing on our goals for sustained profitable growth.

我們的核心優勢和令人興奮的多元化舉措已為 2025 年繼續取得成功做好了準備。因此，我們感謝股東合作夥伴和員工在我們推進策略重點時的持續支持，我們對我們的道路充滿信心，並繼續致力於實現持續獲利成長的目標。

So, thank you. Once again, we look forward to updating on our progress in the quarters ahead.

所以，謝謝你。我們再次期待更新未來幾季的進展。