eHealth Inc (EHTH) 2025 Q1 法說會逐字稿

Good morning everyone and welcome to eHealth Inc's conference call to discuss the company's first quarter, 2025 financial results. (Operator Instructions).

大家早安，歡迎參加 eHealth Inc 的電話會議，討論公司 2025 年第一季的財務表現。（操作員指令）。

I will now turn the floor over to Eli Newbrun-Mintz, senior investor relations manager. Please go ahead.

現在我將把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 Dolan, Chief Financial Officer, will discuss our first quarter 2025 financial results. Following these prepared remarks, we will open the line for a Q&A session with industry analysts.

早安，感謝大家今天的參加。在今天的電話會議上，eHealth 執行長 Fran Soistman 和財務長 John Dolan 將討論我們 2025 年第一季的財務表現。在這些準備好的發言之後，我們將開啟與產業分析師的問答環節。

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 site.

提醒一下，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，我們的網站將提供此通話的重播。今天的新聞稿、我們的歷史財務新聞稿以及我們向美國證券交易委員會提交的文件也可在我們的投資者關係網站上查閱。

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

我們將在本次電話會議上就某些事項做出前瞻性陳述，這些陳述是基於管理層對影響公司和我們未來財務或經營業績的未來事件的當前信念和預期。本次電話會議中的前瞻性陳述代表了 eHealth 截至今天的觀點，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。

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 10k and our subsequent filings with the SEC.

我們在本次電話會議中所做的前瞻性陳述受多種不確定因素和風險的影響，包括但不限於今天的新聞稿、我們最近的 10k 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不確定因素和風險。

We will also be discussing certain non-GAAP financial measures on this call. Management's definitions of these non-gap measures and reconciliation 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.

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層對這些非差距指標的定義以及與最直接可比較的 GAAP 財務指標的調整。說完這些，我將把電話轉給弗蘭。

Thank you, Eli, and good morning, everyone. eHealth delivered another quarter of strong execution, driving significant revenue and profitability growth year over year.

謝謝 Eli，大家早安。 eHealth 又一個季度表現強勁，營收和獲利能力較去年同期大幅成長。

Medicare beneficiaries are navigating a complex and evolving planned landscape with significant benefit changes that became effective January 1 of this year. In this environment, our customer centric choice model is more relevant than ever.

醫療保險受益人正在應對複雜且不斷變化的計劃環境，其中重大福利變化於今年 1 月 1 日生效。在這種環境下，我們以客戶為中心的選擇模式比以往任何時候都更重要。

During the first quarter, we increased our Medicare submissions 22% compared to a year ago, while also expanding enrollment margins, reflecting ongoing progress and optimizing our sales and marketing processes and growing consumer awareness of our brand.

在第一季度，我們的醫療保險提交量與去年同期相比增加了 22%，同時還擴大了註冊率，這反映了我們正在持續取得的進步以及銷售和行銷流程的優化以及消費者對我們品牌的認知度的提高。

First quarter revenue of $113.1 million grew 22%. GAAP net income was $2 million and adjusted EBITDA was $12.5 million.

第一季營收 1.131 億美元，成長 22%。GAAP 淨收入為 200 萬美元，調整後 EBITDA 為 1,250 萬美元。

We ended the quarter with $155.6 million in cash, cash equivalents, and short-term marketable securities, reflecting strong collections from new Medicare enrollments.

本季末，我們擁有 1.556 億美元的現金、現金等價物和短期有價證券，這反映了新醫療保險登記帶來的強勁收入。

The most recent enrollment cycle encompassing the fourth quarter AEP and the first quarter AEP served as a testament to the critical value of our services. Our omnichannel marketplace empowered hundreds of thousands of Medicare beneficiaries to explore their coverage choices, a complicated and highly consequential decision.

最新的招生週期涵蓋了第四季度 AEP 和第一季 AEP，證明了我們服務的關鍵價值。我們的全通路市場使數十萬名醫療保險受益人能夠探索他們的保險選擇，這是一個複雜且影響深遠的決定。

During these critical months, eHealth was positioned to leverage elevated consumer demand due to our superior market positioning built on several key differentiators, including comprehensive and leading omnichannel capabilities, and unwavering commitment to gold standard customer service that we believe sets us apart from industry alternatives, and our distinctive consumer brand that resonates with Medicare beneficiaries.

在這關鍵的幾個月裡，eHealth 憑藉其優越的市場定位，充分利用了不斷增長的消費者需求，這些定位建立在幾個關鍵的差異化因素之上，包括全面和領先的全通路能力，堅定不移地致力於提供黃金標準的客戶服務，我們相信這使我們有別於行業其他公司，以及我們與醫療受益人產生共鳴的獨特消費者品牌。

Beyond driving new enrollment growth, providing exceptional service to our existing members, including the record breaking cohort enrolled last AEP, remains a strategic priority.

除了推動新入學人數的成長之外，為現有會員（包括上屆 AEP 創紀錄的入學人數）提供卓越的服務仍然是我們的策略重點。

During the first quarter, we strengthened our retention initiatives, nearly doubling the size of our dedicated retention and customer service team. Despite the strategic investment, our acquisition cost per approved Medicare member, encompassing marketing and call center related expenses, decreased by 10% year over year.

在第一季度，我們加強了留任舉措，專門的留任和客戶服務團隊的規模幾乎增加了一倍。儘管進行了策略性投資，但我們每位獲批准的醫療保險會員的獲取成本（包括行銷和呼叫中心相關費用）比去年同期下降了 10%。

In April, our industry saw two important developments, the release of final Medicare Advantage and PDP rules and the final Medicare Advantage reimbursement rates for planned year 2026. We see the final rules as striking the appropriate balance between protecting beneficiaries and acknowledging the value that quality, reputable brokers such as eHealth offer seniors.

在四月份，我們的行業見證了兩項重要發展，即最終醫療保險優勢計劃和 PDP 規則的發布以及計劃年度 2026 的最終醫療保險優勢計劃報銷率。我們認為最終規則在保護受益人和承認優質、信譽良好的經紀人（如電子健康）為老年人提供的價值之間取得了適當的平衡。

The private sector can effectively provide critical Medicare advisory and distribution services at no cost to taxpayers, unlike government sponsored channels with budgets often measured in the hundreds of millions.

私營部門可以有效地為納稅人免費提供關鍵的醫療保險諮詢和分配服務，這與政府資助的管道不同，後者的預算通常高達數億美元。

But final Medicare Advantage carrier reimbursement rates exceeded market expectations and were substantially higher than the preliminary rates indicated earlier this year. This adjustment provides much needed relief to the broader Medicare advantage industry, which has faced challenges from regulatory changes, increased medical costs, and elevated plan utilization.

但最終的醫療保險優勢保險公司報銷率超出了市場預期，並且大幅高於今年稍早公佈的初步報銷率。此次調整為更廣泛的醫療保險優勢產業提供了急需的緩解，該行業面臨著監管變化、醫療成本增加和計劃利用率提高的挑戰。

While maximum broker commission rates have not yet been announced, they have historically correlated with movements in the final Medicare advantage rates. It remains premature to predict the landscape of the next annual enrollment period.

雖然最高經紀人佣金率尚未公佈，但從歷史上看，該佣金率與最終醫療保險優勢率的變動呈相關性。現在預測下一年度招生情況還為時過早。

Carriers are currently developing their 2026 bid strategies, including benefit structures and geographic market strategies for Medicare Advantage offerings. We anticipate gaining a more comprehensive understanding of the upcoming AEP cycle once bids are submitted.

營運商目前正在製定 2026 年的競標策略，包括醫療保險優勢計畫的福利結構和地理市場策略。我們期望在提交投標後對即將到來的 AEP 週期有更全面的了解。

Nevertheless, we firmly believe the CMS announcements constitute an important positive development for the entire Medicare Advantage ecosystem, and we commend the administration for its continued support of this program, which has been shown to deliver superior health outcomes compared to traditional Medicare.

儘管如此，我們堅信 CMS 的公告對於整個 Medicare Advantage 生態系統而言是一個重要的積極發展，我們讚揚政府對該計劃的持續支持，該計劃已被證明比傳統醫療保險能夠帶來更優質的健康結果。

Moving now to our first quarter operational performance. Total Medicare submissions across fulfillment models grew 22% year over year.

現在來看看我們第一季的營運表現。各種履行模式的醫療保險總提交量年增 22%。

Within our agency procurement model, we maintain strong momentum with submitted MA applications of 26% year over year, driven by our effective marketing strategies and improvements in telephonic and online conversion rates.

在我們的代理商採購模式中，我們保持強勁勢頭，提交的 MA 申請同比增長 26%，這得益於我們有效的營銷策略以及電話和線上轉換率的提高。

We recognize that the annual notice of change for Aox can be confusing to seniors. In fact, not all beneficiaries who experienced coverage for provider network changes, which became effective January 1, fully understood the impact until they started utilizing their plans. Anticipating this, we retained a larger number of licensed advisors going into AEP and were able to effectively support this continued strength and demand for our services.

我們認識到 Aox 的年度變更通知可能會讓老年人感到困惑。事實上，並非所有經歷了供應商網路變更（該變更於 1 月 1 日生效）的受益人，在開始使用他們的計劃之前都完全了解其影響。預見到這一點，我們保留了更多進入 AEP 的持牌顧問，並能夠有效地支持我們服務的持續成長和需求。

During the quarter, we generated robust growth across all fulfillment channels spanning telephonic, pure enrollment, and online assisted. Hybrid enrollments where seniors utilize a combination of our proprietary online tools and licensed advisory support, experience the strongest growth at 38% year over year for submitted MA applications.

在本季度，我們透過電話、純註冊和線上輔助等所有履行管道實現了強勁成長。在混合式招生中，高年級學生結合使用我們專有的線上工具和授權的諮詢支持，提交的 MA 申請數量同比增長最快，達到 38%。

This demonstrates the advantage of our unique omnichannel features such as live advised video conversations, online agent chat, plan tax proposals, and other integrated capabilities.

這體現了我們獨特的全通路功能的優勢，例如即時建議視訊對話、線上代理聊天、規劃稅務建議和其他整合功能。

Our branded messaging continues to resonate with Medicare beneficiaries, helping to drive another meaningful year over year increase in contribution from direct channels compared to third party lead sources.

我們的品牌訊息持續引起醫療保險受益人的共鳴，有助於推動直接管道與第三方主導來源相比貢獻的同比增長。

To date, our brand strategy has primarily emphasized the adviser-driven customer experience highlighted by our Medicare matchmaker TV advertisements that received excellent reception among target demographics.

到目前為止，我們的品牌策略主要強調顧問驅動的客戶體驗，我們的醫療保險媒人電視廣告突出了這一點，在目標人群中獲得了極好的反響。

We believe further opportunity remains in harnessing this brand momentum toward our online experience. As we approach next AEP, we will implement comprehensive initiatives to extend our brand identity to create a stronger, more visible connection between our trusted brand, our gold standard advisors, and our sophisticated online consumer platform.

我們相信，利用這項品牌動能來提升我們的線上體驗仍有更多機會。隨著我們接近下一個 AEP，我們將實施全面的舉措來擴展我們的品牌形象，以在我們值得信賴的品牌、我們的黃金標準顧問和我們先進的線上消費者平台之間建立更強大、更明顯的聯繫。

eHealth remains committed to maintaining our position as a technological leader in our industry. Last week we announced an innovative pilot program integrating artificial intelligence across components of our telephonic enrollment funnel.

eHealth 始終致力於維持我們在業界的技術領先地位。上週，我們宣布了一項創新試點計劃，將人工智慧融入我們的電話招生管道的各個組成部分。

Initial results and customer feedback have been positive. AI represents a powerful tool that has allowed us to provide valuable assistance to customers after hours and could enable us to deliver more timely customer service during peak enrollment days when industry-wide telephonic wait times are typically long. We plan to continue evaluating and refining these capabilities in preparation for the upcoming AEP.

初步結果和客戶回饋都是正面的。人工智慧是一種強大的工具，它使我們能夠在下班後為客戶提供寶貴的幫助，並使我們能夠在高峰註冊日（整個行業的電話等待時間通常很長）提供更及時的客戶服務。我們計劃繼續評估和完善這些功能，為即將到來的 AEP 做準備。

In Q1, we maintained our proactive approach to member retention. Overall, we are encouraged by early indicators, particularly our enhanced ability to recapture members who transition between plans while remaining on our platform. We will have a more comprehensive view of our retention performance in time for our next earnings call.

在第一季度，我們繼續採取積極主動的方式來保留會員。總體而言，早期指標令我們感到鼓舞，特別是我們增強了重新吸引在我們平台上轉換計劃的會員的能力。在下次收益電話會議中，我們將對我們的保留表現有更全面的了解。

eHealth continues to receive positive feedback from carrier partners regarding our quality scores, our strategic investments and retention initiatives, and the consistent enrollment volume growth we've delivered in recent quarters.

eHealth 繼續收到來自營運商合作夥伴的正面回饋，這些回饋涉及我們的品質評分、我們的策略投資和保留計劃，以及我們最近幾季實現的持續註冊量成長。

Several carriers have specifically highlighted the superior quality metrics associated with enrollments generated through our branded marketing channels. We remain bullish on our diversification opportunities outside of our core MA capabilities.

一些營運商特別強調了透過我們的品牌行銷管道產生的註冊量具有卓越的品質指標。我們仍然看好核心 MA 能力以外的多元化機會。

In Q1, we drove strong growth in our ancillary insurance products anchored by hospital indemnity and dental insurance plans. Further, we achieved Medicare supplement submission growth of 32% within our agency fulfillment model.

第一季度，我們以住院補償和牙科保險計劃為主的輔助保險產品實現了強勁增長。此外，我們在代理履行模式下實現了醫療保險補充提交量成長 32%。

We also continue to believe in the long-term potential of the individual coverage health reimbursement arrangement or ICA market. This product area is still very small in terms of its financial impact but is expected to become a more meaningful contributor in 2026 and beyond as we work to create a best in class seamless process for B2B customers to gain value from our services.

我們也繼續相信個人保險健康報銷安排或 ICA 市場的長期潛力。就其財務影響而言，該產品領域仍然很小，但隨著我們致力於為 B2B 客戶創建一流的無縫流程以從我們的服務中獲得價值，預計該產品領域將在 2026 年及以後成為更有意義的貢獻者。

The first quarter represents a strong start to the year. While we exceeded our expectations with respect to earnings, we're not making any changes to guidance as it's simply too early in the annual cycle.

第一季是今年的一個強勁開端。雖然我們的獲利超出了預期，但我們不會對指導做出任何改變，因為現在還處於年度週期的早期階段。

AEP remains our key volume quarter despite the increased significance of Q1 this year. Additionally, we are awaiting several important data points pertaining to the industry outlook, including carrier benefit designs, their AEP strategies, and brokered commission rates, among others.

儘管今年第一季的重要性日益增加，但 AEP 仍然是我們的主要銷售季度。此外，我們正在等待與行業前景相關的幾個重要數據點，包括承運人福利設計、他們的 AEP 策略和經紀佣金率等。

As we transition into Q2, we anticipate challenging year over year comparisons to the regulatory changes in special need plans or DSN enrollment rules. These factors are fully incorporated into our forecast for Q2 and Q3, as well as our comprehensive 2025 guidance.

隨著我們進入第二季度，我們預計特殊需求計劃或 DSN 登記規則的監管變化將面臨同比挑戰。這些因素已完全納入我們對第二季和第三季的預測以及我們對 2025 年的全面指導中。

New to Medicare enrollments will constitute an especially important consumer segment for us in Q2 and Q3. We believe we are well positioned to succeed with these beneficiaries given our advanced technological capabilities and sophisticated audience targeting strategies.

新加入醫療保險的消費者將構成我們第二季和第三季特別重要的消費者群體。我們相信，憑藉我們先進的技術能力和完善的受眾定位策略，我們完全有能力為這些受益者帶來成功。

Other eligible audiences who can enroll outside the standard AEP and OEP windows, such as beneficiaries qualifying for chronic special needs plans or CSIs, and seniors who have recently relocated or retired, will also be important for our enrollment volume throughout the next two quarters.

其他可以在標準 AEP 和 OEP 窗口之外註冊的合格受眾，例如符合慢性特殊需求計劃或 CSI 資格的受益人，以及最近搬遷或退休的老年人，對於我們未來兩個季度的註冊量也將發揮重要作用。

With our eye on the critical fourth quarter, we are already starting our preparations for the next AEP, including ramping and training our adviser force, developing the marketing and media plans to continue to scale our brand, and meeting with carriers to discuss how we can best support their strategies this year.

著眼於關鍵的第四季度，我們已經開始為下一個 AEP 做準備，包括擴充和培訓我們的顧問隊伍、制定營銷和媒體計劃以繼續擴大我們的品牌，以及與運營商會面討論如何才能最好地支持他們今年的戰略。

Before I turn the call over to our CFO, I would like to acknowledge and comment on the Department of Justice complaint announced last week, naming eHealth and several other players in our industry.

在將電話轉給我們的財務長之前，我想確認並評論司法部上周宣布的投訴，其中點名了 eHealth 和我們行業的其他幾位參與者。

Disclosed the government's investigation into this matter in early 2022. Since then, the company has fully cooperated with the Department of Justice to demonstrate that we are conducting and have in the past conducted our business affairs consistently with federal regulations.

2022年初披露政府對此事的調查。自那時起，該公司一直與司法部充分合作，以證明我們現在和過去的業務經營活動都符合聯邦法規。

Our legal team has spent the last week reviewing the complaint, and we strongly believe the key claims of the claim are without merit, and we intend to challenge that vigorously in court.

我們的法律團隊花了上週的時間審查該投訴，我們堅信該索賠的關鍵主張毫無根據，我們打算在法庭上對此提出有力挑戰。

It's also important to note that the claims asserted in the complaint are allegations only. There have been no determinations of liability and eHealth has not taken a litigation loss reserve related to this matter as of today.

也要注意的是，投訴中提出的說法只是指控。截至今天，尚未確定責任，且 eHealth 尚未就此事提取訴訟損失準備金。

Finally, I want to reemphasize eHealth's steadfast commitment to our customers to provide free, unbiased expert advice as they navigate the complexities of the healthcare environment.

最後，我想再次強調 eHealth 對客戶的堅定承諾，即在客戶應對複雜的醫療保健環境時提供免費、公正的專家建議。

We are an organization that places a high value of integrity and transparency. Our mission to expertly guide consumers through their health insurance and related options when, where, and how they prefer is critical to what we do at eHealth and contributes to our operational decisions on a daily basis.

我們是一個高度重視誠信和透明度的組織。我們的使命是按照消費者偏好的時間、地點和方式，專業地指導他們選擇健康保險和相關選項，這對於我們在 eHealth 的工作至關重要，並有助於我們日常的營運決策。

I'll now turn the call over to John Dolan, who will cover our financial results in greater detail, John.

現在我將電話轉給約翰多蘭 (John Dolan)，他將更詳細地介紹我們的財務業績，約翰。

Thank you, Fran. Good morning, everyone.

謝謝你，弗蘭。大家早安。

Our first quarter results reflect strong Medicare volume growth accompanied by year over year enrollment margin expansion. This performance allowed us to achieve significant improvements in our key profitability metrics, including GAAP net income, adjusted EBITDA, and Medicare segment profit compared to the first quarter of 2024.

我們的第一季業績反映出醫療保險數量的強勁成長，同時伴隨入學人數的逐年擴大。與 2024 年第一季相比，這項業績使我們的關鍵獲利指標取得了顯著改善，包括 GAAP 淨收入、調整後 EBITDA 和醫療保險部門利潤。

As I review our first quarter results, all comparisons will be on a year over year basis unless otherwise specified. First quarter revenue of $113.1 million grew 22%, driven primarily by increased Medicare enrollments and positive net adjustment revenue, or tail revenue of $10.5 million compared to $2.5 million in the prior year.

當我回顧我們的第一季業績時，除非另有說明，所有比較都將以同比為基礎。第一季營收為 1.131 億美元，成長 22%，主要原因是醫療保險登記人數增加和淨調整收入為正，即尾部收入為 1,050 萬美元，而去年同期為 250 萬美元。

Medicare segment revenue was $103.7 million. It increased 26%. Medicare submissions across agency and amplified fulfillment models grew 22%, with our agency model delivering particularly strong submission growth of 25%.

醫療保險部門收入為 1.037 億美元。增加了26%。跨機構和擴大履行模式的醫療保險提交量增長了 22%，其中我們的代理模式實現了尤其強勁的 25% 的提交量增長。

Our Medicare segment generated $8 million of tail revenue, the majority of which was generated by our Meds up and PDP books of Business. Medicare noncommissioned revenue was $13.9 million a 20% increase driven mostly by greater fee-based revenue from Amplify compared to last year as we transitioned the majority of that business to a non-broker record fee-based payment model in March of 2024.

我們的醫療保險部門產生了 800 萬美元的尾部收入，其中大部分來自我們的 Meds up 和 PDP 業務帳簿。醫療保險非委託收入為 1,390 萬美元，成長 20%，主要原因是 Amplify 的收費收入較去年同期增加，因為我們在 2024 年 3 月將大部分業務轉變為非經紀人記錄收費支付模式。

Medicare's segment gross profit of $35.7 million represented an exceptional increase of 62% powered by revenue growth and enhanced unit economics.

醫療保險部門的毛利為 3,570 萬美元，得益於收入成長和單位經濟效益的提高，實現了 62% 的顯著成長。

Our Medicare per unit acquisition costs continue to decline year over year, demonstrating our ongoing ability to refine and optimize our customer acquisition approach. Notably, our direct channels, particularly our branded marketing campaigns, have consistently delivered premium lead quality.

我們的醫療保險單位採購成本逐年下降，顯示我們有能力不斷改進和優化我們的客戶獲取方法。值得注意的是，我們的直接管道，特別是我們的品牌行銷活動，始終如一地提供優質的潛在客戶。

As total lead volume contributed from direct channels has increased, we've seen a corresponding positive impact on our online and telephonic conversion rates.

隨著直接通路貢獻的總銷售線索量的增加，我們看到線上和電話轉換率也產生了相應的正面影響。

First quarter, total acquisition costs for MA equivalent approved member improved 10% year over year. Within this metric we achieved a 14% improvement in CC&E costs per MA equivalent approved member despite increased investments in member retention initiatives which largely have little contribution to new enrollment volume.

第一季度，MA 同等核准會員的總收購成本較去年同期改善了 10%。在這個指標內，儘管我們在會員保留計畫上的投資增加了，但對新註冊量的貢獻卻很小，但我們每位 MA 同等核准會員的 CC&E 成本還是提高了 14%。

We also saw a 5% improvement in first quarter variable marketing costs for MA equivalent approved member. MALTV declined 5%, primarily influenced by retention trends in prior Q1 cohorts. Medicare supplement LTV grew 31% year over year, reflecting a favorable shift in carrier mix.

我們也發現，MA 同等核准會員第一季的變動行銷成本改善了 5%。MALTV 下降了 5%，主要受到先前第一季群體保留趨勢的影響。醫療保險補充 LTV 年成長 31%，反映出承運商組合的有利轉變。

First quarter ratio of LTV to variable marketing costs per approved Medicare member was 2.3x. Our fully allocated LTV to attack ratio, which also includes all of our call center expenses with 1.2x. Both ratios were flat on a year over year basis.

第一季度，每位獲準的聯邦醫療保險 (Medicare) 會員的 LTV 與可變行銷成本比為 2.3 倍。我們完全分配的 LTV 與攻擊成本之比（其中還包括所有呼叫中心費用）為 1.2 倍。這兩個比率與去年同期持平。

Retention remains a key strategic initiative, and we are allocating resources to support our existing member base during this dynamic period in the MA industry. While we will not have a full view into our post-OEP member retention until later this year, we can share early insights on the dynamics we're observing.

保留仍然是一項關鍵的策略舉措，我們正在分配資源以在 MA 行業的這個動態時期支持我們現有的會員基礎。雖然我們要到今年晚些時候才能全面了解 OEP 之後的會員保留情況，但我們可以分享我們觀察到的動態的早期見解。

As anticipated, we've seen increased switching activity during this AEP and OEP cycle. These trends align with our expectations, and we remain confident that our commission receivable asset incorporates sufficient conservatism to account for this volatility.

正如預期的那樣，我們看到 AEP 和 OEP 週期內的轉換活動增加。這些趨勢與我們的預期一致，我們仍然相信我們的應收佣金資產包含足夠的保守性來應對這種波動。

We are also encouraged by better-than-expected cash collections from our book of business we've seen year-to-date. With respect to tail revenue, we have not encountered any developments that alter our expectations for the full year.

我們也對今年迄今的業務現金回籠情況好於預期感到鼓舞。就尾部收入而言，我們尚未遇到任何改變全年預期的情況。

Accordingly, we are raising the low end of our 2025 range for tail revenue to reflect our first quarter performance. Our updated 2025 tail revenue range is $11 million to $20 million.

因此，我們提高了 2025 年尾部收入範圍的下限，以反映我們第一季的業績。我們更新後的 2025 年尾部收入範圍為 1,100 萬美元至 2,000 萬美元。

Our cumulative tail revenue recognized from Q1 of 2018 to Q1 of this year now stands at $234 million a testament to the strength and reliability of our receivable. Our employer and individual segment produced revenue of $9.4 million in Q1 with a segment gross profit of $6 million. Both segment revenue and gross profit were down year over year.

我們從 2018 年第一季到今年第一季確認的累計尾部收入目前已達到 2.34 億美元，證明了我們應收帳款的實力和可靠性。我們的雇主和個人部門在第一季創造了 940 萬美元的收入，部門毛利為 600 萬美元。分部收入和毛利均較去年同期下降。

Within this segment we are seeing concurrent trends of encouraging signs within ancillary and ICRA opportunities while at the same time legacy products remained in decline on larger revenue basis than the smaller but growing products.

在這一領域，我們看到輔助產品和 ICRA 機會中同時出現了令人鼓舞的跡象，而與此同時，傳統產品的收入基礎仍比規模較小但不斷增長的產品下降幅度更大。

Moving on to consolidated key profitability metrics. First quarter net income was $2 million compared to a net loss of $17 million a year ago. Adjusted EBITDA is $12.5 million compared to negative $1.7 million in Q1 of 2024.

繼續討論合併的關鍵獲利指標。第一季淨收入為 200 萬美元，而去年同期淨虧損為 1,700 萬美元。調整後的 EBITDA 為 1,250 萬美元，而 2024 年第一季為負 170 萬美元。

Adjusted EBITDA exceeded our expectations, both excluding and including the tail revenue we recognized in the quarter, driven partially by favorable enrollment margins as well as timing benefits related to operating expense recognition.

調整後的 EBITDA 超出了我們的預期，包括和不包括我們在本季度確認的尾部收入，部分原因是有利的入學利潤率以及與營運費用確認相關的時間效益。

Non-GAAP operating expense was $104.5 million, up 6%. Total non-GAAP marketing and advertising expense increased by just 7% relative to Medicare volume growth of nearly 3 times that rate. Non-GAAP technology and content decreased by 3% while non-GAAP general and administrative decreased by 8%. This positive trend in operating expense performance provides strategic flexibility for the remainder of the year.

非公認會計準則營運費用為 1.045 億美元，成長 6%。非公認會計準則行銷和廣告費用總額僅增加了 7%，而醫療保險量成長率幾乎是該成長率的 3 倍。非公認會計準則技術和內容下降了 3%，而非公認會計準則一般和管理下降了 8%。營運費用表現的正面趨勢為今年剩餘時間提供了策略靈活性。

Depending on the selling environment in the second half, we may elect to reinvest some of this upside into customer acquisition. Operating cash flow in Q1 was $77.1 million, up from $70.8 million last year. The 12 months ended March 30, 2025. Operating cash flow was negative $12 million, reflecting our decision to lean into strong consumer demand in the fourth quarter of last year and again in this first quarter.

根據下半年的銷售環境，我們可能會選擇將部分收益再投資於客戶獲取。第一季的經營現金流為 7,710 萬美元，高於去年的 7,080 萬美元。截至 2025 年 3 月 30 日的 12 個月。經營現金流為負 1,200 萬美元，反映了我們決定在去年第四季和今年第一季依靠強勁的消費者需求。

Following the robust cash collections of the first quarter, eHealth ended March with cash, cash equivalents, and short-term marketable securities of $155.6 million.

繼第一季強勁的現金回籠之後，eHealth 截至 3 月底的現金、現金等價物和短期有價證券總額達到 1.556 億美元。

Combining short-term and long-term receivables, our ending commissions receivable balance is $923.3 million. This compares to $845.3 million as of March 31, 2024.

結合短期和長期應收款，我們的期末佣金應收餘額為 9.233 億美元。相比之下，截至 2024 年 3 月 31 日，這一數字為 8.453 億美元。

Looking ahead, we are reiterating our annual guidance ranges for fiscal 2025. Our first quarter enrollments came in within our expectations, while revenue and earnings benefited from timing of tail revenue recognized during the quarter and favorable operating expenses relative to our expectations.

展望未來，我們重申 2025 財政年度的年度指引範圍。我們第一季的入學人數符合我們的預期，而收入和收益受益於本季度確認的尾部收入的時間以及相對於我們的預期有利的營運費用。

As Fran mentioned, while we have seen positive early signs for the Medicare macro environment thus far in the year, it is too early to tell how this upcoming enrollment cycle, including plan offerings and the amount of consumer shopping will compared to last year's. We also want to maintain the flexibility to reinvest a part or all of the first quarter expense favorability later in the year, depending on what we see in the market.

正如弗蘭所提到的，雖然今年迄今為止我們已經看到了醫療保險宏觀環境的積極早期跡象，但現在判斷即將到來的註冊週期（包括計劃提供和消費者購物量）與去年相比如何還為時過早。我們還希望保持靈活性，以便在今年稍後重新投資第一季的部分或全部費用優惠，這取決於我們對市場的觀察。

In terms of our outlook for second quarter, as we discussed on the last earnings call, our typical seasonality will be amplified by newly implemented restrictions on DSN enrollments outside of the main enrollment periods.

就我們對第二季度的展望而言，正如我們在上次收益電話會議上所討論的那樣，由於在主要註冊期之外對 DSN 註冊實施新限制，我們的典型季節性將得到放大。

Q2 earnings will also reflect increased costs associated with our initial advisor ramp and other preparations ahead of the AEP.

第二季的收益也將反映與我們最初的顧問提升和 AEP 之前的其他準備工作相關的成本增加。

Further, a meaningful portion of the tail revenue we recognized in Q1 with the timing shift from Q2 relative to our forecast. As a result, we currently expect second quarter revenue to be in the mid-40s in millions of dollars, with adjusted EBITDA loss in the mid-30s in millions of dollars.

此外，我們在第一季確認了相當一部分尾部收入，相對於我們的預測，第二季的時間有所變動。因此，我們目前預計第二季營收將達到 4 千萬美元左右，調整後的 EBITDA 虧損將達到 3 千萬美元左右。

As we look forward, we are highly encouraged by the underlying strength of our Q1 results. We believe these achievements, coupled with our strategic initiatives focused on brand development, retention optimization, technological advancement, and call center operations, positions us exceptionally well to achieve our goals for this year and beyond. Operator, please open the line for questions.

展望未來，我們對第一季業績的潛在強勁表現感到非常鼓舞。我們相信，這些成就，加上我們專注於品牌發展、保留優化、技術進步和呼叫中心營運的策略性舉措，將使我們非常有希望實現今年及以後的目標。接線員，請打開熱線以回答問題。

Thank you, ladies and gentlemen. We will now begin the question and answer session.

謝謝各位，女士們、先生們。我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

One moment for your first question. Your first question comes from Ben Hendrix with RBC Capital Markets. Please go ahead.

請稍等片刻，回答您的第一個問題。您的第一個問題來自 RBC Capital Markets 的 Ben Hendrix。請繼續。

Great, thank you very much and congrats on a strong quarter. I just wanted to ask a question about kind of the MA landscape. We saw that carrier Evan may have taken, I guess, the non-raid action, removing all of its Medicare. Advantage plans from online marketing platforms effective here in May. Just wanted to get your take on that move, how impactful it's going to be to the remainder of the year, if that impacts at all and how common is that type of action among the MA carriers in this environment. Thanks.

太好了，非常感謝，恭喜本季業績強勁。我只是想問一個有關 MA 景觀的問題。我們看到，埃文保險公司可能採取了非突襲行動，取消了所有的醫療保險。線上行銷平台的優勢計劃將於五月生效。只是想聽聽您對這項舉措的看法，它對今年剩餘時間的影響有多大，如果有的話，以及在這種環境下，這種行動在 MA 運營商中有多普遍。謝謝。

Morning, Ben. Thanks for the question.

早安，本。謝謝你的提問。

The macro environment continues to evolve, Not to get into the specifics with Evans, but I think it really speaks to why eHealth strategy has really been focused on significant choice. So we're not solely dependent on one carrier or two carriers to drive our performance. We have nearly 50 Medicare Advantage carrier relationships across the country, great representation in all geographies.

宏觀環境不斷發展，我不想與埃文斯討論具體細節，但我認為這確實說明了為什麼電子健康策略真正關注重大選擇。因此，我們並非單單依賴一家或兩家業者來推動我們的業績。我們與全國近 50 家 Medicare Advantage 承運商建立了合作關係，在各個地區都具有很高的代表性。

So it, I would concede it's somewhat unusual to see this kind of action or activity at this state of the season, but these are seasonally low quarters, historically, Q2 and Q3, and I would in vision that, they'll revisit their decision in preparation for the 2026 AEP. Thank you very much.

因此，我承認，在本賽季的這個階段看到這種行動或活動有些不尋常，但從歷史上看，這是季節性的低迷時期，即第二季度和第三季度，我預計他們會重新審視他們的決定，為 2026 年 AEP 做準備。非常感謝。

Your next question comes from George Sutton with Craig Hallam. Please go ahead.

您的下一個問題來自克雷格·哈勒姆 (Craig Hallam) 的喬治·薩頓 (George Sutton)。請繼續。

Hey, good morning, guys. This is Logan I'm for George. Thanks for taking my question. Maybe one for you, Fran, to start, obviously you've talked about a better regulatory environment for a while now, and the reimbursement rate notice last month certainly seems to be our first indication of that. I'd be curious to get your thoughts on like beyond that maybe what do you look for, in terms of more specific to you guys with those final rule notices that, you guys think would help you guys kind of from an operational standpoint. Kind of improving the experience for beneficiaries and also, obviously we don't see that fall through the financials, but just what do you look for next?

嘿，大家早安。我是洛根，我支持喬治。感謝您回答我的問題。弗蘭，也許首先你要問的是，顯然你已經談論過更好的監管環境有一段時間了，而上個月的報銷率通知似乎是我們第一次意識到這一點。我很好奇地想聽聽您的想法，除此之外，您還在尋找什麼，更具體地說，對於這些最終規則通知，您認為這會從運營的角度對您有所幫助。在某種程度上改善受益人的體驗，而且，顯然我們不認為這會對財務產生影響，但您接下來會尋找什麼呢？

Good morning, Logan. Thanks for the question. We're cautiously optimistic of the evolving events going back to the combination of the regulatory, more certainty and not seeing a consecutive year of new regulation requirements.

早上好，洛根。謝謝你的提問。我們對事態發展持謹慎樂觀的態度，認為未來將回歸到監管的結合、更多的確定性，並且不會連續一年出現新的監管要求。

It's, I think it's great to see that the administration, the new administration has followed through with its commitment to look at the regulatory environment and to see opportunities to diminish the regulatory requirements in businesses whether it's in our industry or others.

我很高興看到新政府履行了其承諾，審視監管環境，並尋找機會減少企業監管要求，無論是在我們行業還是其他行業。

So the fact that there was new and that some of the proposed regulations were not adopted was very encouraging. Similarly, on the rate environment, the past four years have been a tough rate environment for the carrier industry, and the increase was beyond what was expected, but probably still falls short of their full requirements. That said, we expect that they'll they'll be less volatility in the 2026 AEP season, but you know again that remains to be seen as we get closer to understanding their bid strategies and what they've actually done.

因此，出現新情況並且一些提議的法規未被採納這一事實是非常令人鼓舞的。同樣，在費率環境方面，過去四年對於航運業來說是一個艱難的費率環境，漲幅超出了預期，但可能仍未達到其全部要求。話雖如此，我們預計 2026 年 AEP 賽季的波動性會較小，但您知道，隨著我們越來越了解他們的競標策略以及他們實際所做的事情，這還有待觀察。

Lastly, our commission rates are also determined by CMS, and the time frame for those changes typically falls in the month of June. I don't expect that to change this year. Rates oftentimes aligned with what's happening on the carrier rate side, so that could be encouraging news. We've not built that into our budget or forecast. So, that remains to be seen, but, clearly some important check-in points, most importantly, by far, would be the bid strategy.

最後，我們的佣金率也是由 CMS 決定的，這些變動的時間範圍通常在六月。我預計今年這種情況不會改變。費率通常與承運人費率的情況一致，因此這可能是令人鼓舞的消息。我們還沒有將其納入預算或預測中。所以，這還有待觀察，但顯然一些重要的檢查點，迄今為止最重要的是競標策略。

Okay, understood. And then maybe a quick follow up to that in an environment where we get maybe a few positive rates in a row, does that change your thoughts about amplifier maybe where that could go, and then maybe just in general, can you give us an update on that front, anything you've changed or any updates you've made?

好的，明白了。然後也許我們可以快速跟進一下這個問題，在這種環境下，我們可能會連續獲得幾個正利率，這是否會改變您對放大器的想法，也許會改變放大器的發展方向，然後也許只是一般而言，您能否向我們提供有關這方面的最新消息，您做了哪些更改或更新？

Yeah, great question, Logan, thanks. Amplify was the creation of that was based on what we saw with mainly some of the large and mid-size Medicare Advantage organizations that didn't want to have to create their own internal capability for what we have demonstrated we're very good at.

是的，羅根，這個問題問得很好，謝謝。Amplify 的創建是基於我們所看到的情況，主要是一些大型和中型醫療保險優勢組織，這些組織不想為我們已經證明我們非常擅長的事情創建自己的內部能力。

So I think it will continue to evolve. I believe that there'll continue to be new opportunities irrespective of the rate environment. It's operating call centers is quite complex and it's also very seasonal. So, given the changes with the special election periods for these nips in Q2 and Q3, I think frankly it would motivate organizations to look at an outsource solution so they're not carrying that fixed cost. And, in low seasonal orders, so I actually think it will continue to evolve nicely.

所以我認為它將繼續發展。我相信無論利率環境如何，都會繼續出現新的機會。它的營運呼叫中心相當複雜，而且季節性很強。因此，考慮到第二季和第三季這些 nips 的特殊選舉期的變化，我認為坦白說，這會促使組織尋找外包解決方案，這樣他們就不會承擔固定成本。而且，由於季節性訂單較少，所以我實際上認為它會繼續順利發展。

Got it appreciate the color that's all for me.

明白了，我很欣賞這顏色，對我來說就夠了。

Thanks, Logan.

謝謝，洛根。

Your next question comes from Jonathan Young with UBS. Please go ahead.

您的下一個問題來自瑞銀的喬納森楊。請繼續。

Hey, thanks for taking the question here. I guess kind of going to the litigation, I guess, have you seen any change in carrier discussions in terms of what they are going to do in terms of marketing just given kind of the focus from the DOJ and you know some of the commentary from the administration in regards to this and what this may mean for you?

嘿，感謝您在這裡提出這個問題。我想，有點像訴訟，我想，考慮到司法部的關注，您是否看到運營商在營銷方面將採取什麼行動的討論發生了任何變化，您是否知道政府對此的一些評論以及這對您意味著什麼？

Good morning, Jonathan. Thanks for the question. It's really too soon.

早安，喬納森。謝謝你的提問。確實太早了。

As this news broke last Thursday, and there clearly will be conversations that they typically are. We talk with our carrier partners with great frequency, but nothing to report as of now, look, the It's important to point out that some carriers are very supportive of sponsorship programs. Others don't participate in sponsorship programs, so it's not an industry-wide situation.

由於這一消息是上週四爆出的，因此顯然會引發人們通常的討論。我們與我們的承運商合作夥伴頻繁交談，但截至目前還沒有任何值得報告的消息，值得指出的是，一些承運商非常支持贊助計畫。其他人不參與贊助計劃，因此這不是整個行業的情況。

So I think that I would say the call out, it's limited to really a handful of carriers that have historically utilized sponsorship programs.

所以我認為，我要說的是，這種呼籲僅限於少數幾家歷史上曾利用贊助計畫的營運商。

Okay, and then, just in terms of kind of ancillary services, obviously you have amplify, there are you providing other services to the carriers that may help, drive attention or kind of move away from the kind of the core commission stream product, again just given some of the focus on this from CMS just broadly, thanks.

好的，然後，就輔助服務而言，顯然你已經擴大了，你為運營商提供了其他服務，這些服務可能會有所幫助，引起人們的注意，或者讓他們擺脫核心佣金流產品，再次強調，CMS 對此給予了廣泛的關注，謝謝。

Yes, a great question. I would characterize what we do today is still in its infancy and it's limited to a few carriers and programs can consist of onboarding assistance, some provider scheduling services, some HRA services, nothing widespread and nothing of great significance, so you know it's not a very meaningful component of our revenue structure today.

是的，這是一個很好的問題。我認為我們今天所做的事情仍處於起步階段，僅限於少數運營商，而專案可能包括入職協助、一些提供者調度服務、一些 HRA 服務，沒有普及，也沒有重大意義，所以你知道它不是我們今天收入結構中非常重要的組成部分。

As far as retention, we have found it's really a great question. The more things you can do for beneficiaries, the more memorable you become, particularly if they see it as adding great value. So it does play a role, but it's small at this point, so I can't say that it's moved the needle with respect to retention, but theoretically we believe it does help.

就保留而言，我們發現這確實是一個很好的問題。您為受益人做的事情越多，他們就越難忘，特別是當他們覺得這很有價值時。所以它確實發揮了作用，但目前作用很小，所以我不能說它在保留方面起了作用，但理論上我們相信它確實有幫助。

Okay, great, thanks.

好的，太好了，謝謝。

There are no further questions at this time. I'd now like to turn the call back to Fran Soistman for some closing remarks. Please go ahead.

目前沒有其他問題。現在我想請 Fran Soistman 做最後的總結發言。請繼續。

Thanks, operator. Well, thank you all again for your time. Thanks for the questions and your continued support.

謝謝，接線生。好吧，再次感謝大家抽出時間。感謝您的提問與持續的支持。

We're very pleased with our strong performance in the first quarter, which reflects the hard work and dedication of our entire team. The progress we've made across our strategic priorities reinforces our confidence in the path ahead.

我們對第一季的強勁表現感到非常滿意，這反映了我們整個團隊的辛勤工作和奉獻精神。我們在策略重點方面取得的進展增強了我們對未來道路的信心。

As we look to the rest of the year, we remain focused, very committed, and confident in our ability to continue delivering value for our customers, our employees, and our shareholders. So again, we appreciate this important partnership and look forward to updating you again next quarter. Thank you.

展望今年剩餘時間，我們將繼續專注、全力以赴，並有信心繼續為我們的客戶、員工和股東創造價值。因此，我們再次感謝這項重要的合作關係，並期待下個季度再次向您通報最新情況。謝謝。

Goodbye. Ladies and gentlemen, this now concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.

再見。女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。祝你有美好的一天。