eHealth Inc (EHTH) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to eHealth, Inc's conference call to discuss the company's first quarter 2026 financial results (Operator Instructions).

各位下午好，歡迎參加 eHealth, Inc 的電話會議，討論公司 2026 會計年度第一季財務業績(接線員指示)。

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

現在我將把會議交給資深投資人關係經理 Eli Newbrun-Mintz，請開始。

Good afternoon, and thank you all for joining us.

各位下午好，感謝大家加入我們。

On the call today, Derrick Duke, eHealth's Chief Executive Officer, and John Dolan, Chief Financial Officer, will discuss our first quarter 2026 financial results.

今天的電話會議中，eHealth 執行長 Derrick Duke 與財務長 John Dolan 將討論我們 2026 會計年度第一季的財務業績。

Following these prepared remarks, we will open 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.

在這些事先準備的發言之後，我們將開放產業分析師進行問答。提醒各位，本次電話會議將錄音，並透過我們網站「投資人關係」專區進行網路直播。

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.

本次電話會議的重播將於今日稍晚在我們網站提供。今日新聞稿、我們過往的財務新聞稿，以及向美國證券交易委員會（SEC）提交的文件，也可在我們的投資人關係網站上查閱。

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.

在本次電話會議中，我們將就若干事項發表前瞻性陳述，這些陳述係基於管理層目前對於影響公司之未來事件，以及我們未來財務或營運表現的信念與預期。

Forward-looking statements on this call represent eHealth's views as of today, and actual results could differ materially. We undertake no obligation to publicly address or update any forward-looking statements except as required by law.

本次電話會議中的前瞻性陳述代表 eHealth 截至今日的觀點，實際結果可能存在重大差異。除法律要求外，我們不承擔公開處理或更新任何前瞻性陳述之義務。

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 10-K and our subsequent filings with the SEC. We will also be discussing certain non-GAAP financial measures on this call.

我們在本次電話會議中所作的前瞻性陳述，受多項不確定性與風險影響，包括但不限於今日新聞稿所述者。以及我們最近一期 Form 10-K 年度報告與其後向 SEC 提交的文件中所述者。我們也將在本次電話會議中討論若干非 GAAP 財務衡量指標。

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, except where such reconciliation has been omitted in reliance on this unreasonable efforts exception provided under item 10E1 IB of Regulation SK.

管理層對這些非 GAAP 指標的定義，以及與最直接可比之 GAAP 財務衡量指標的調節表，已載於今日新聞稿；惟在依據 S-K 規則（Regulation S-K）第 10E1 IB 項所提供之「不合理努力」例外而省略該等調節者除外。

With that, I will turn the call over to Derek Duke.

接下來，我把電話交給 Derek Duke。

Thank you, Eli.

謝謝你，Eli。

Good afternoon, and thank you for joining us today.

各位下午好，感謝今天加入我們。

We're pleased with our first-quarter results, which came in ahead of expectations, driven by stronger-than-anticipated Medicare enrollment volume at favorable unit economics.

我們對第一季的業績感到滿意，結果優於預期，主要受惠於 Medicare 投保量強於預期，且單位經濟效益表現有利。

During the quarter, we made meaningful progress towards the strategic initiatives we outlined on our last earnings call, including implementing targeted cost reductions and completing critical build and readiness work for initiatives that launched in April.

本季我們在上次財報電話會議所提出的策略性計畫上取得實質進展，包括推動具針對性的成本削減，並完成於 4 月上線之計畫所需的關鍵建置與就緒工作。

Most notably, we prepared for the rollout of our lifetime advisory model and the introduction of our new final expense insurance product. We are also encouraged by recent industry developments. Last month, CMS finalized the 2027 Medicare Advantage rate, which came in above the initial proposal.

最值得一提的是，我們為「終身顧問模式」的推出以及全新「終身費用（final expense）」保險產品的導入做好準備。我們也對近期產業發展感到鼓舞。上個月，CMS 最終敲定 2027 年 Medicare Advantage 費率，結果高於最初提案。

While this is just one variable in the system, we believe it is an important signal that CMS leadership is responsive to industry feedback and focused on long-term program sustainability. That said, we are early in the planning cycle for the upcoming annual enrollment period.

雖然這只是體系中的一個變數，但我們認為這是重要訊號，顯示 CMS 領導層願意回應產業回饋，並聚焦於計畫的長期可持續性。不過，我們仍處於即將到來的年度投保期（AEP）規劃週期的早期階段。

Carriers are currently developing their 2027 bids, including benefit structures and geographic market strategies. We anticipate gaining a more comprehensive understanding of the upcoming AEP cycle and individual carrier approaches once bids are submitted.

保險公司目前正在制定其 2027 年投標方案（bids），包括給付結構與地理市場策略。我們預期在投標提交後，將能更全面地了解即將到來的 AEP 週期以及各家保險公司的做法。

While some carriers may prioritize market share capture this AEP, we believe margin will remain the primary focus for most, and the Medicare Advantage reset cycle will continue.

雖然部分保險公司可能在本次 AEP 優先搶占市占率，但我們認為多數公司仍將以利潤率為主要重點，而 Medicare Advantage 的重置週期也將持續。

This means further adjustments to plan benefits and service areas, as well as additional plan eliminations. As a result, we expect consumer demand to remain strong and carrier inventory dynamics to remain complex, similar to last year.

這意味著保單給付與服務區域將進一步調整，並且會有更多方案被取消。因此，我們預期消費者需求將維持強勁，而保險公司方案庫存的動態也將如同去年一樣保持複雜。

We believe this environment underscores eHealth's value proposition as we help consumers navigate the evolving Medicare landscape. Against this backdrop, we are intentionally evolving eHealth's operating model to foster deeper, longer-lasting relationships between members and advisors.

我們認為，這樣的環境凸顯 eHealth 的價值主張，因為我們協助消費者在不斷演變的 Medicare 市場中做出選擇。在此背景下，我們正有意識地演進 eHealth 的營運模式，以促進會員與顧問之間更深、更長久的關係。

Our goal is to ensure consumers see eHealth not as a one-time enrollment platform but as a trusted ally throughout their healthcare journey. Central to this evolution is our lifetime advisory model, which I will discuss shortly.

我們的目標是確保消費者將 eHealth 視為不只是一次性的投保平台，而是在其醫療照護旅程中值得信賴的夥伴。此一演進的核心是我們的終身顧問模式，我稍後將進一步說明。

From a financial standpoint, our priorities this year are achieving break-even or better operating cash flow and positioning the company for sustainable, profitable growth once the Medicare Advantage reset cycle is complete.

從財務角度來看，我們今年的優先事項是達成營運現金流損益兩平或更佳，並在 Medicare Advantage 重置週期完成後，讓公司具備可持續且獲利的成長定位。

Our revised three-year outlook, which we published today in our earnings slides, reflects a return to revenue growth in 2027, alongside adjusted EBITDA margin expansion, positive operating cash flow, and break-even or better free cash flow.

我們今日在財報簡報中發布的修訂版三年展望，反映 2027 年營收恢復成長，同時調整後 EBITDA 利潤率擴張、營運現金流轉正，以及自由現金流達到損益兩平或更佳。

First quarter revenue was $88 million, ahead of our expectations.GAAP net loss was $4.7 million, and adjusted EBITDA was $9 million, exceeding our internal plan. Revenue performance was driven by Medicare enrollment volume, as well as better-than-expected revenue outside of core MA agency sales, reflecting progress in our diversification efforts.

第一季營收為 8,800 萬美元，高於我們的預期。GAAP 淨損為 470 萬美元，調整後 EBITDA 為 900 萬美元，超出我們的內部計畫。營收表現主要由 Medicare 投保量帶動，同時核心 MA 代理銷售以外的營收也優於預期，反映我們在多元化努力上的進展。

This includes providing ancillary and post-enrollment services. During the quarter, we implemented headcount reductions and vendor consolidation initiatives. These actions are expected to reduce our fixed operating cost base by approximately $30 million in 2026 compared to 2025, representing roughly a 20% reduction.

其中包括提供附加（ancillary）與投保後服務。本季我們推動人力精簡與供應商整併計畫。預期這些行動將使我們 2026 年的固定營運成本基礎相較 2025 年降低約 3,000 萬美元，約相當於 20% 的降幅。

While we realized some savings in the first quarter, the full impact is expected to become more apparent as we move through the year. Quarter one results also reflect our strategic decision to reduce variable marketing and agent-related spend, focusing investment on our best-performing channels.

雖然我們在第一季已實現部分節省，但隨著年度推進，其完整影響預期將更為明顯。第一季結果亦反映我們的策略性決策：降低變動性的行銷與代理人相關支出，將投資聚焦於表現最佳的通路。

First quarter MA LTV increased 3%, while total acquisition cost per MA equivalent approved member declined 10% compared to a year ago. In the first quarter, we moved with urgency to execute on our strategic plan and make the necessary preparations for the launch of our Lifetime Advisory Model.

第一季 MA LTV 提升 3%，而每位 MA 等效核准會員的總獲客成本較去年同期下降 10%。第一季我們以高度緊迫感推動策略計畫的執行，並完成推出終身顧問模式所需的各項準備。

This key initiative is supported by a set of newly released agent-facing technology tools designed to enhance the beneficiary experience. These tools leverage the data and institutional knowledge that we have built up over decades of working with a wide array of beneficiaries.

這項關鍵計畫由一套新發布、面向代理人的技術工具所支援，旨在提升受益人（beneficiary）體驗。這些工具運用我們在數十年服務各類受益人過程中累積的資料與機構知識。

Core components include a customer dashboard that provides a holistic view of the member relationship with eHealth, system-generated recommendations that prompt advisors to engage at the right moments, and dynamic insight-driven scripts embedded directly into the sales and service workflow.

核心組成包括：客戶儀表板，可提供會員與 eHealth 關係的整體視圖；系統產生的建議，用以提示顧問在適當時點進行互動；以及直接嵌入銷售與服務工作流程中的、由動態洞察驅動的話術腳本。

Together, these tools are intended to ensure more personalized, proactive conversations, while also driving consistency. Scalability, and quality across the advisory experience as the model matures.

綜合而言，這些工具旨在確保更個人化、主動式的對話，同時也提升一致性。並在模式逐步成熟之際，推動顧問體驗在可擴展性與品質上的提升。

As part of this strategy, we are expanding the scope of services we provide beyond core MA coverage. eHealth already offers ancillary plan options such as dental, vision, hearing, and hospital amendment plans.

作為此策略的一部分，我們正將所提供服務的範圍擴展至核心 MA（Medicare Advantage，聯邦醫療保險優勢計畫）保障之外。eHealth 已提供牙科、視力、聽力以及住院補充（amendment）計畫等附加方案選項。

Last month, we launched final expense insurance offerings. These products enrich our health-based inventory by providing beneficiaries with additional financial protection and, ultimately, peace of mind.

上個月，我們推出了終身費用（final expense）保險產品。這些產品透過為受益人提供額外的財務保障，豐富了我們以健康為核心的產品組合，並最終帶來安心。

Final expense sales also offer attractive unit economics and a compelling cash flow profile. Over time, we plan to add more products and services that will benefit our members based on findings from consumer focus groups and industry research.

終身費用保險的銷售亦具備具吸引力的單位經濟效益與良好的現金流特性。隨著時間推進，我們計畫根據消費者焦點團體與產業研究的發現，新增更多能讓會員受益的產品與服務。

The lifetime advisory model is expected to support consistent year-round engagement and enables more effective cross-selling. Through this strategy, we believe we will increase member lifetime value, improve retention, strengthen unit economics, and build durable brand equity rooted in trust and loyalty.

預期「終身顧問」模式將支持全年一致且持續的互動，並使交叉銷售更為有效。透過此策略，我們相信將提升會員終身價值、改善留存、強化單位經濟效益，並建立以信任與忠誠為根基、可長期維持的品牌資產。

As part of today's earnings release, we're updating our three-year financial targets. I would first like to stress that our decision to pull back on growth in 2026 was intentional and strategic.

作為今日財報新聞稿的一部分，我們正在更新三年期財務目標。我首先要強調，我們決定在 2026 年放緩成長是有意為之且具策略性的。

In this environment, we had the ability to drive higher Medicare enrollment volume, but chose instead to prioritize operating cash flow by focusing on our most profitable marketing channels, building our lifetime advisory model, and taking a focused and disciplined approach to our diversification initiatives.

在此環境下，我們有能力推動更高的 Medicare 投保量，但我們選擇改以優先提升營運現金流為目標：聚焦於最具獲利性的行銷通路、建立終身顧問模式，並以聚焦且嚴謹自律的方式推進多元化計畫。

We believe this strategy positions us well to return to growth next year on a stronger foundation. Our three-year forecast reflects mid-single-digit revenue growth on a percentage basis for 2027, as we selectively dial up member acquisition spend.

我們相信此策略使我們能在更穩固的基礎上，於明年重回成長軌道。我們的三年期預測反映 2027 年營收以百分比計將呈現中個位數成長，因我們將選擇性提高會員獲取支出。

We expect our revenue growth rate to increase to the mid-teens in 2028. Supported by our core MA business and a greater contribution from ancillary sales, driven by our new operating model.

我們預期 2028 年營收成長率將提升至中十位數。此成長將由核心 MA 業務以及在新營運模式帶動下、附加產品銷售更高的貢獻所支撐。

Beginning in 2028, we also expect our E&I segment to contribute to growth, with a focus on expanding employer coverage through partner-driven ICRA offerings. Adjusted EBITDA margins are expected to increase each year starting in 2027 to reach 20% by 2028.

自 2028 年起，我們亦預期 E&I（雇主與個人）事業部將對成長有所貢獻，重點在透過合作夥伴驅動的 ICRA 方案擴大雇主保障覆蓋。調整後 EBITDA 利潤率預期自 2027 年起逐年提升，並於 2028 年達到 20%。

This translates to double-digit percentage adjusted EBITDA growth in '27 and '28, reflecting the benefits of our fixed cost reductions and favorable Medicare unit economics. We forecast achieving break-even or better free cash flow in 2027.

這意味著 2027 年與 2028 年調整後 EBITDA 將呈現雙位數百分比成長，反映我們固定成本削減以及有利的 Medicare 單位經濟效益所帶來的效益。我們預測 2027 年可達成自由現金流損益兩平或更佳。

Our revenue growth goals could be accelerated should we observe a more rapid stabilization of the Medicare Advantage market relative to our current outlook. We're pleased with our first-quarter results and the progress we've made executing against the initiatives outlined on our fourth-quarter earnings call.

若我們觀察到 Medicare Advantage 市場相較於目前展望更快速地趨於穩定，我們的營收成長目標可能會加速。我們對第一季的結果以及在執行第四季財報電話會議所概述各項計畫上的進展感到滿意。

We believe eHealth is well-positioned to continue delivering superior service and value for our customers and carrier partners, and we look forward to updating you on further milestones along our path towards sustainable, profitable growth.

我們相信 eHealth 已具備良好定位，能持續為客戶與保險公司合作夥伴提供更優質的服務與價值；我們也期待在邁向可持續且具獲利性的成長道路上，向各位更新後續里程碑。

I will now turn the call over to our CFO, John Dolan, for his remarks.

接下來我把電話交給我們的財務長 John Dolan，請他發表談話。

John.

John。

Thank you, Derek.

謝謝你，Derek。

Good afternoon, everyone. We delivered a strong start to the year, beating our revenue, earnings, and operating cash flow expectations, and achieving a greater Medicare enrollment profitability compared to a year ago.

各位下午好。我們在年初交出強勁開局，營收、獲利與營運現金流均優於預期，且 Medicare 投保的獲利能力較去年同期提升。

Our results were driven by disciplined demand generation, strong sales execution, and a favorable year-over-year trend in lifetime values of Medicare products. We also saw early benefits from the fixed cost reductions implemented earlier this year.

我們的成果來自於自律的需求開發、強勁的銷售執行力，以及 Medicare 產品終身價值（LTV）年對年走勢的改善。我們也看到今年稍早實施的固定成本削減開始帶來初步效益。

As they walk through our first quarter financial results, you will see a consistent theme: higher quality enrollments, greater operating efficiency, and a foundation that we believe will support enhanced cash flow generation over time.

當我們帶各位檢視第一季財務結果時，您將看到一個一致的主題：更高品質的投保、更高的營運效率，以及我們相信能隨時間推進支持更強現金流創造能力的基礎。

Please note, all comparisons will be made on a year-over-year basis unless otherwise specified. First quarter 2026 total revenue was $88 million, representing A 22% decline. Medicare segment revenue also declined 22% to $81.3 million, driven primarily by lower enrollment volume as we reduced variable marketing spend to focus on our best-performing channels.

請注意，除非另有說明，所有比較皆以年對年為基礎。2026 年第一季總營收為 8,800 萬美元，下降 22%。Medicare 事業部營收亦下降 22% 至 8,130 萬美元，主要因我們降低變動行銷支出、聚焦於表現最佳的通路，導致投保量下降。

Medicare submissions declined 24%, but the revenue impact partially offset by growth in lifetime values for Medicare Advantage, Medicare Supplement, and PDP products. In the first quarter, we recognized $8 million of positive net adjustment revenue, or TAIL revenue, compared to $10.5 million in the prior year.

Medicare 投保申請（submissions）下降 24%，但其對營收的影響部分被 Medicare Advantage、Medicare Supplement（聯邦醫療保險補充保險）與 PDP（處方藥計畫）產品終身價值的成長所抵銷。第一季我們認列 800 萬美元的正向淨調整營收（即 TAIL 營收），相較去年同期為 1,050 萬美元。

TAIL revenue was driven by our Medicare and ancillary products and represents cash collections in excess of our original lifetime value estimates. Importantly, we continue to hold significant unrecognized positive adjustments related to our existing book of business.

TAIL 營收由我們的 Medicare 與附加產品所帶動，代表實際現金收款超過我們原先的終身價值估計。重要的是，我們仍持有與既有業務存量（book of business）相關、尚未認列的可觀正向調整。

First quarter non-commission revenue was $8.2 million, which was ahead of our internal expectations and reflects lower carrier sponsorship revenue compared to a year ago.

第一季非佣金營收為 820 萬美元，高於我們內部預期，並反映相較去年同期較低的保險公司贊助收入。

Turning to Medicare enrollment profitability. The first quarter Medicare LTV to CAC ratio was 1.4 times, representing a 17% improvement from 1.2 times.

接著談 Medicare 投保獲利能力。第一季 Medicare 的 LTV 對 CAC（客戶取得成本）比率為 1.4 倍，較 1.2 倍提升 17%。

First quarter total acquisition costs per MA equivalent approved member declined 10%, driven by a 28% reduction in variable marketing costs per MA equivalent approved member, partially offset by a 9% increase in customer care and enrollment costs per MA equivalent approved member.

第一季每位 MA 等效核准會員（MA equivalent approved member）的總取得成本下降 10%，主要由每位 MA 等效核准會員的變動行銷成本下降 28% 所帶動，但部分被每位 MA 等效核准會員的客戶關懷與投保成本上升 9% 所抵銷。

The reduction of variable marketing costs per MA-Equivalent Approved Member reflects our more disciplined marketing spend, improved channel mix, and the continued impact of branding initiatives, which have a proven record of enhancing enrollment quality.

每位 MA 等效核准會員的變動行銷成本下降，反映我們更自律的行銷支出、更佳的通路組合，以及品牌推廣計畫的持續影響；這些計畫已被證實能提升投保品質。

The year-over-year increase in customer care and enrollment costs per MA-Equivalent Approved Member reflects lower application volume in our decision to retain sufficient agent capacity to support the launch of our lifetime advisory model.

年對年每位 MA 等效核准會員的客戶關懷與投保成本上升，反映在申請量較低的情況下，我們仍決定保留足夠的代理人產能，以支援終身顧問模式的推出。

This model requires agents to dedicate a portion of their time to member engagement and cross-selling activities. We also plan to have a telesales organization with a higher mix of tenured advisors, which we expect to benefit conversions and enrollment quality.

此模式要求代理人將部分時間投入會員互動與交叉銷售活動。我們也計畫建立一個資深顧問占比較高的電話銷售組織，預期將有助於提升轉換率與投保品質。

First quarter, lifetime values increased 3% for Medicare Advantage, 19% for Medicare Supplement, and 78% for PDP products compared to a year ago.

第一季，相較去年同期，Medicare Advantage 的終身價值提升 3%，Medicare Supplement 提升 19%，PDP 產品提升 78%。

First quarter, Medicare segment gross profit was $33 million, down 8%. At the same time, Medicare segment gross profit margin increased significantly from 34% to 41%, reflecting improvements in the first quarter Medicare LTV to CAC ratio.

第一季，Medicare 事業部毛利為 3,300 萬美元，下降 8%。同時，Medicare 事業部毛利率由 34% 顯著提升至 41%，反映第一季 Medicare 的 LTV 對 CAC 比率改善。

Turning to retention, our most recent AEP cohorts, those enrolled in the fourth quarter of 2024 and the fourth quarter of 2025. Continue to outperform each of their respective predecessor cohorts. This progress reflects targeted improvements across our sales and marketing organizations, along with continuing innovation in our customer online experience, resulting in stickier enrollments.

接著談留存率，我們最新的 AEP（年度投保期）批次，也就是於 2024 年第四季與 2025 年第四季投保的族群，持續優於各自的前一批次。此進展反映我們在銷售與行銷組織的針對性改善，以及客戶線上體驗的持續創新，進而帶來更具黏著度的投保。

Our overall commission receivable value continued to grow on a year-over-year basis, ending just over $1 billion, compared to $923 million as of March 31, 2025, or a 12% increase. Looking ahead, the launch of our Lifetime Advisory model is expected to both improve retention at a client level and foster longer-term relationships with our members across multiple products.

我們的整體應收佣金價值持續以年增率成長，期末略高於10億美元，較截至2025年3月31日的9.23億美元增加12%。展望未來，我們推出的「終身顧問」模式預期將同時提升客戶層級的留存率，並促進我們與會員在多項產品上的長期關係。

First quarter revenue in our Employer and Individual segment was $6.7 million, down 29% from $9.5 million a year ago. Segment gross profit was $3.7 million compared to $6 million last year. From a consolidated profitability perspective, first quarter GAAP net loss was $4.7 million, compared to GAAP net income of $2 million.

我們雇主與個人（Employer and Individual）事業部第一季營收為670萬美元，較去年同期的950萬美元下降29%。事業部毛利為370萬美元，去年為600萬美元。從合併獲利角度來看，第一季GAAP淨損為470萬美元，去年同期GAAP淨利為200萬美元。

The decline was primarily driven by restructuring charges related to our headcount reduction this quarter. First quarter adjusted EBITDA was $9 million, down from $12.5 million, and the adjusted EBITDA margin was 10%, compared to 11% in the prior year.

下滑主要是由本季人力縮減相關的重組費用所致。第一季調整後EBITDA為900萬美元，低於1,250萬美元；調整後EBITDA利潤率為10%，去年同期為11%。

First quarter non-GAAP total operating expenses, which exclude stock-based compensation and restructuring charges, declined 21% to $82.3 million, reflecting organization-wide expense reductions. Non-GAAP marketing and advertising expense declined 38%, including a 44% reduction in variable marketing costs, consistent with our lower enrollment volume targets.

第一季非GAAP總營運費用（排除股票基礎薪酬與重組費用）下降21%至8,230萬美元，反映全組織範圍的費用削減。非GAAP行銷與廣告費用下降38%，其中可變行銷成本下降44%，與我們較低的投保/註冊量目標一致。

Non-GAAP customer care and enrollment expense declined 13%, reflecting lower advisor headcount. On the fixed-cost side, non-GAAP technology and content expense declined 8%, and non-GAAP general and administrative expense declined 6% compared to a year ago. We expect to see the full benefit of recent fixed-cost initiatives as we progress through 2026.

非GAAP客戶照護與投保/註冊費用下降13%，反映顧問人數較少。在固定成本方面，非GAAP技術與內容費用下降8%，非GAAP一般及行政費用較去年下降6%。隨著我們在2026年推進，我們預期將看到近期固定成本措施帶來的完整效益。

First quarter operating cash flow was $35.8 million, compared to $77.1 million, and ahead of internal expectations. We remain on track to achieve our full-year operating cash flow goals as reflected in our 2026 guidance.

第一季營運現金流為3,580萬美元，去年同期為7,710萬美元，且優於內部預期。我們仍按計畫達成全年營運現金流目標，與我們2026年指引所反映的一致。

The year-over-year decline in first quarter operating cash flow primarily reflects the timing of several working capital items, as well as severance and other one-time costs associated with our fixed cost reduction actions.

第一季營運現金流年減主要反映數項營運資金項目的時點差異，以及與固定成本削減行動相關的資遣費與其他一次性成本。

In addition, carrier sponsorship revenue was lower year-over-year as the prior year quarter benefited from AEP-related sponsorship dollars and shifted into the first quarter.

此外，保險公司贊助收入較去年同期下降，因去年同期受惠於與AEP相關的贊助款並轉入第一季。

At the end of March 2026, eHealth had $110.8 million in cash equivalents, and short-term marketable securities. Based on our execution year-to-date and with the annual enrollment period still ahead of us, we are maintaining our 2026 guidance ranges for revenue.

截至2026年3月底，eHealth持有1.108億美元的現金等價物及短期有價證券。基於我們年初至今的執行情況，且年度投保期仍在前方，我們維持2026年營收指引區間不變。

GAAP net income, adjusted EBITDA, and operating cash flow. We are updating our outlook for 2026 net adjustment revenue, which is now expected to be in the range of $8 million to $20 million.

GAAP淨利、調整後EBITDA與營運現金流。我們更新了2026年淨調整收入（net adjustment revenue）的展望，現預期區間為800萬至2,000萬美元。

We believe we are well positioned to achieve our financial objectives for the year. Consistent with the framework Derek outlined, we viewed 2026 as an intentional bridge year, one focused on improving the quality of our revenue, enhancing the efficiency of our operating model. And achieving cash flow generation rather than maximizing volume.

我們相信我們已具備良好條件以達成今年的財務目標。依照Derek所概述的框架，我們將2026年視為一個有意為之的「過渡年」，重點在於提升營收品質、強化營運模式效率，並以現金流創造為目標，而非最大化規模/量。

Our actions this year, including disciplined demand generation, launching our lifetime advisory model, and rationalizing our cost structure, are designed to position eHealth to achieve the three-year financial targets we published today. You can reference these targets on slide 10 of our earnings slides posted on eHealth's investor relations site.

我們今年的行動，包括有紀律的需求開發、推出終身顧問模式，以及合理化成本結構，旨在讓eHealth有能力達成我們今天公布的三年期財務目標。您可在eHealth投資人關係網站上發布的財報簡報第10頁參考這些目標。

Our three-year forecast assumes a modest increase in Medicare marketing spending in our best-performing channels starting in the fourth quarter of 2027. We expect to amplify the impact of this increased marketing investment through our lifetime advisory model, as growth in our core Medicare Commission revenue is complemented by higher cost-sell rates of insulated products, including hospital indemnity plans and final expense insurance.

我們的三年期預測假設，自2027年第四季起，在表現最佳的通路中，Medicare行銷支出將小幅增加。我們預期透過終身顧問模式放大這項增加行銷投資的影響；在核心Medicare佣金收入成長的同時，也將由更高的「成本對銷售比率」（cost-sell rates）的保障型產品所補強，包括住院定額給付（hospital indemnity）計畫與終身費用（final expense）保險。

In addition, we expect to start seeing positive contributions from our ICRA business in 2028. Given our planned revenue growth, we believe we will realize significant operating leverage from the recently implemented fixed cost reductions.

此外，我們預期在2028年開始看到ICRA業務的正向貢獻。鑑於我們規劃的營收成長，我們相信近期實施的固定成本削減將帶來顯著的營運槓桿。

Cash flow profitability remains the central objective of our long-term financial strategy, and we believe the progress we're making in 2026 establishes a strong foundation for a return to growth while delivering on our cash flow goals.

現金流獲利能力仍是我們長期財務策略的核心目標；我們相信2026年所取得的進展，為在達成現金流目標的同時重返成長奠定了堅實基礎。

Macro assumptions behind our three-year forecast are relatively conservative. There could be upside if the Medicare Advantage market recovers faster than we currently anticipate.

我們三年期預測背後的總體假設相對保守。若Medicare Advantage市場復甦速度快於我們目前預期，可能帶來上行空間。

And with that, we would like to open the call for questions.

接下來，我們想開放提問。

(Operator Instructions).

（接線員指示）。

Ben Hendrix - RBC Capital Markets.

Ben Hendrix - RBC Capital Markets。

Hello, Marion, for Ben. I appreciate you taking my questions.

您好，我是Marion，代Ben發言。感謝讓我提問。

I appreciate your commentary on your revenue growth expectations for the next few years. I'm curious if you have any tail revenue embedded in these targets, and if you do realize tail revenue this year, would that alter your targeted growth rate?

感謝你們對未來幾年營收成長預期的說明。我想了解這些目標中是否包含任何尾端收入（tail revenue）；如果今年確實實現尾端收入，是否會改變你們所設定的目標成長率？

All right. Thanks for the question.

好的。謝謝你的問題。

John, you want to take that?

John，你要回答嗎？

Yeah, sure. Let me take that question. Appreciate the question.

好的，當然。我來回答這個問題。謝謝提問。

Yeah, in our long-range plan, we have assumed effectively flat tail revenue growth. So similar to what we've put in the 2026 guidance, we have similar assumptions into the outer years.

是的，在我們的長期計畫中，我們假設尾端收入成長基本持平。因此，與我們在2026年指引中所提出的類似，我們在更遠期年度也採用相同假設。

Okay, so if you did realize tail revenue this year, that would lower your growth rate targets for 2027, for instance?

了解，所以如果你們今年確實實現尾端收入，例如會降低你們2027年的成長率目標嗎？

Not necessarily. If you're looking at the growth would be flat on the tail, but it would obviously be offset by other growth.

不一定。如果你看的是尾端的成長會是持平，但顯然會由其他成長來源來抵消/補足。

Yes, so let's try again. The assumed tail revenue in our 2026 plan is consistent in the three-year LRP. So the revenue growth in the out years is not coming from increased tail, if that's what you're asking?

是的，那我們再說一次。我們2026年計畫中假設的尾端收入，與三年期長期規劃（LRP）一致。所以，未來年度的營收成長並不是來自尾端收入增加——如果你問的是這個的話？

Yeah, so we're already expecting tail this year, correct?

了解，所以我們今年已經預期會有尾端收入，對嗎？

So, we are expecting to recognize tail this year. You can look at our guidance of 8 million to 20 million. So, if you can think about somewhere at the midpoint of that guidance, you can assume that a tail for 2025 and, We are assuming flattish tail revenue for the forecast periods in the outer years as well.

是的，我們預期今年會認列尾端收入。你可以看我們的指引：800萬到2,000萬美元。因此，如果以該指引的中位數來看，你可以假設2025年會有一筆尾端收入；而且我們也假設在更遠期的預測期間，尾端收入同樣大致持平。

So are you saying if we were to recognize tail above and beyond current guidance in 2026?

所以你的意思是，如果我們在 2026 年確認的 tail 超出目前指引的範圍？

Yeah, say if you recognized it at the high end of your guidance range, would that lower your expected EBITDA growth in 2027?

對，比如說如果你在指引區間的高端確認它，這會不會降低你對 2027 年 EBITDA 成長的預期？

I mean, I think if we were within the guidance range, no. If we were, if we saw a significant positive development above and beyond our current guidance, yes, obviously, because you would look at 2027 or for the higher days in 2026.

我的意思是，我認為如果我們是在指引區間內，就不會。如果我們看到顯著的正面進展、超出我們目前的指引，那當然會，因為你會把 2027 的部分挪到 2026 的較高天數來看。

But if we are somewhere within our guidance range, no, that would imply similar growth rate and similar EBITDA growth rates.

但如果我們是在指引區間內的某個位置，那不會，這意味著類似的成長率以及類似的 EBITDA 成長率。

Yeah, so if you look at a three-year financial targets, the three-year financial targets that we provided, we're assuming zero growth on tail, but other revenue streams will be generating that growth.

對，所以如果你看我們提供的三年財務目標，我們假設 tail 為零成長，但其他營收來源會帶來那個成長。

As we said, in 2027, it's single-digit percentage growth rate, and in 2028, it's mid-teens. So the tail is not contributing to that.

如我們所說，2027 年是個位數百分比的成長率，2028 年是中十幾%。所以 tail 不會對此做出貢獻。

Okay, I got you. That's helpful.

好的，我懂了。這很有幫助。

Just shifting gears to cash flow, first quarter's typically pretty strong cash collection quarter for you guys. It came in a little bit below last year's number.

把話題轉到現金流，你們第一季通常是現金回收相當強的一季。這次比去年略低一些。

Obviously, you maintained the test with guidance. Wanted to see if there's any timing related items in there and why you have that conviction just hitting that for your guidance.

顯然你們仍維持指引不變。想了解裡面是否有任何時點相關的因素，以及為什麼你們有把握能達成指引。

Thank you.

謝謝。

Yeah, sure.

好的，當然。

So I'd say about 80% of the decline year over year is really driven by, a couple of things. Lower carrier sponsorship timing. We had some timing and one-time items in the quarter, such as we had severance related to our fixed cost reductions.

我會說年對年下滑的大約 80% 主要是由幾個因素驅動。承保公司贊助（carrier sponsorship）的時點較低。本季也有一些時點與一次性項目，例如我們因固定成本削減而產生的資遣費。

And then there was some lower commission collections because of our lower volume. So, those are the main drivers and decline, but it's I'd say it's the cash flow did exceed our expectations, and we're definitely on track for achieving our 2026 guidance ranges.

另外，由於我們的量較低，佣金回收也較少。所以這些是下滑的主要原因，但我會說現金流其實超出我們的預期，我們也確實在達成 2026 年指引區間的軌道上。

Alright, yeah, just to reiterate, the bulk of it is timing and the one-time cost related to severance that accounts for about 80% of that.

好，對，再重申一次，主要是時點因素，以及與資遣相關的一次性成本，約占其中的 80%。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

George Sutton - Craig-Hallum Holdings LLC.

George Sutton - Craig-Hallum Holdings LLC。

Thank you.

謝謝。

You mentioned 2026 would be a bridge year, and you were not going to necessarily chase growth. It sounded very similar to how 2025 came out for you.

你提到 2026 年會是過渡的一年，你們不一定會去追逐成長。聽起來跟 2025 年你們的做法非常相似。

So I just want to make sure I understood the deltas year-over-year in terms of how you're going to market.

所以我想確認我是否理解了你們在 go-to-market 方面年對年的差異。

The deltas in revenue expectations and marketing spend, like just maybe give me a little bit more, George.

在營收預期與行銷支出方面的差異，比如說，能不能再多給我一點說明，George。

Actually, both.

其實兩者都想了解。

You sort of characterized it as we didn't chase growth in 2025, try to be responsible about going after the right customers and using the right channels. It sounds like you're doing the same thing in 2026.

你把它描述為：我們在 2025 年沒有追逐成長，而是負責任地去爭取合適的客戶、使用合適的渠道。聽起來你們在 2026 年也在做同樣的事。

I'm just trying to understand what's different.

我只是想了解有什麼不同。

Yeah, well, the difference is the commitment that we've made and the focus that we have on generating positive operating cash flow. And so that, we did not achieve that in 2025.

是的，不同之處在於我們所做出的承諾，以及我們對產生正向營運現金流的聚焦。而這點我們在 2025 年並沒有做到。

And we believed it was important for us to focus on that in 2026 as we strengthen, again, as we characterize strengthening the foundation of the company.

我們認為在 2026 年聚焦這件事很重要，因為我們要強化——如我們所說——公司的基礎。

There's multiple ways that we've gone about that, George, including the Q4 refinancing that we were able to secure to help strengthen the balance sheet. And so the next evolution of that is to be disciplined again in our approach in 2026 and again, not chase growth at all costs. We think that's the responsible thing to do in light of the continued market disruption.

我們採取了多種方式來做到這點，George，包括我們在第四季完成的再融資，這有助於強化資產負債表。而下一步的演進，就是在 2026 年再次以紀律性的方式來推進，並且不以任何代價追逐成長。鑑於市場持續的動盪，我們認為這是負責任的做法。

Again, I think we've been. Pretty clear in our communicating our view that what's happening in the market is sort of one event that's occurring over multiple years as carriers make the important decisions that they're making to improve their own financial statements and their margin, and we're respective of that.

再說一次，我想我們一直——在溝通上相當清楚：市場正在發生的事情，某種程度上是一個事件在多年間持續發生，因為承保公司正在做出重要決策，以改善他們自己的財務報表與利潤率，而我們尊重這點。

And we want to position eHealth to be ready to take advantage of a return to growth in the future once the market stabilizes.

我們希望讓 eHealth 做好準備，一旦市場穩定、未來回到成長時，就能把握機會。

And just very quickly, George, I think that it is correct that a lot of what you are seeing in 2026 is continuation of what we started doing in 2025.

另外很快補充一下，George，我認為你說得沒錯：你在 2026 年看到的很多內容，確實是我們在 2025 年開始做的事情的延續。

So, for example, the marketing channels and the focus on brand and direct channels, you will see it being even more pronounced in the fourth quarter AP as well as pulling back from the less profitable channels.

例如行銷渠道，以及對品牌與直效渠道的聚焦，你會看到在第四季 AP 會更加明顯，同時也會從獲利較差的渠道縮手。

And that will continue for the three-year outlook as well, and that's why you see that pretty significant EBITDA growth that we're projecting.

而這也會延續到三年展望中，這也是為什麼你會看到我們預測的 EBITDA 成長相當顯著。

But what is also different this year is the lifetime advisory model that we're implementing, and that will mean that in Q2 and Q3, we're really pulling back on what we're spending into the market. Those enrollments are not very high-profit enrollments in the first place, so we're going to use the time of agents.

但今年也有不同之處：我們正在導入「終身顧問（Lifetime Advisory）」模式，這意味著在第二季與第三季，我們會大幅縮減在市場端的投入支出。那些投保（enrollment）本來就不是高獲利的投保，所以我們會把代理人的時間用在——

To engage with our existing members, and that will have downstream implications for retention and for ancillary sales. The ancillary sales this year will start contributing, but you will really start seeing much bigger impacts in 27 and 28 in terms of the cross-celerate impact.

——與我們現有會員互動，這會對後續的留存以及附加產品（ancillary）銷售產生影響。今年附加產品銷售會開始貢獻，但你會在 27 年與 28 年看到更大的影響，尤其是在交叉加速（cross-celerate）效應方面。

So that's layering on what you started seeing in 2025, layering on top of that in 2026.

所以這是在你於 2025 年開始看到的基礎上，在 2026 年再疊加上去。

Could you just help me understand what the Lifetime Advisory model will look like from an engagement perspective?

你能否幫我理解一下，從互動（engagement）的角度來看，「終身顧問」模式會是什麼樣子？

Obviously, we've had ancillary offerings before, and those were available to customers. Is it just simply more proactively marketing those to them, or how does the engagement change?

顯然我們以前也有附加產品，客戶也可以取得。這只是更主動地向他們行銷這些產品，還是互動方式會如何改變？

That's a great question, George. I'm going to start, and then I'll ask Michelle to.

這是個很好的問題，George。我先回答，然後我也會請 Michelle——

To contribute as well. So it's important to understand that historically inside of the eHealth operating model, that as new products were put into the platform, the expectation from an operating model perspective was that that would need its own set of advisors. It would need its own demand generation, a budget effectively in order to drive growth.

——也一起補充。所以重要的是要理解，過去在 eHealth 的營運模式中，當新產品被放到平台上時，從營運模式的角度，預期是它需要自己的一組顧問。它需要自己的需求生成（demand generation），也就是需要一個預算來推動成長。

The lifetime advisory model doesn't rely on additional marketing spend, doesn't rely on additional agents to sell the product. It's really encouraging and supporting our current advisors to develop a holistic relationship with the member once they engage with the member.

終身顧問模式不依賴額外的行銷支出，也不依賴額外的代理人來銷售產品。它真正是在鼓勵並支持我們現有的顧問，在與會員接觸後，與會員建立全方位的關係。

So it's not about more product. Versus what we've had in the past, although our future expectation is that we'll continue to add products and services as we see needs that beneficiaries have. But the real change here is that we're supporting the advisor to engage with their member and to effectively be a one-stop shop that that advisor is equipped.

所以重點不在於更多產品。相較於我們過去的做法，雖然我們對未來的預期是，會在看到受益人有需求時持續增加產品與服務。但這裡真正的改變是，我們在支持顧問與其會員互動，並有效成為一站式服務，讓該顧問具備相應能力。

To engage and meet the holistic needs of the member. Michelle.

以互動並滿足會員的整體需求。Michelle。

Sure, I will, I'll add on.

當然，我來補充一下。

And you really think about the, it is about putting the consumer first. And so it's not just about, yes, we've done a lot to improve our brand, our marketing, that will continue, but it's really focused on that over 65 segments.

你若仔細想，其實這就是把消費者放在第一位。所以不只是，沒錯，我們在提升品牌與行銷方面做了很多，這也會持續，但真正聚焦的是65歲以上的族群。

And so as we bring that member in, how do we continue to cultivate that relationship, not just to drive sort of the immediate enrollment.

因此當我們把這位會員帶進來後，我們要如何持續培養這段關係，而不只是為了推動眼前的投保。

Which, is absolutely also really needed in this environment, in this, in what's going on in Medicare. But it's also just doing right by the consumer, ensuring that we can use the time and the capacity that we have. So we really link that beneficiary to that advisor.

這在目前這個環境、在Medicare所發生的情況下，確實也非常需要。但同時這也是對消費者做正確的事，確保我們能善用現有的時間與產能。所以我們會把這位受益人真正連結到那位顧問。

And through that relationship, we cultivate what you asked about, right? What are those activities, the engagement, it's follow-up on the plan check-in is going on right now.

透過這段關係，我們就能培養你剛才問到的內容，對吧？有哪些活動、互動方式——例如目前正在進行的方案檢視後續追蹤。

Do they. Their PCP? Can we help with an annual wellness visit. Cross-sell, right, will come in as well. Are there referrals?

他們是否有。他們的主治醫師（PCP）？我們能否協助安排年度健康檢查。交叉銷售，對，也會納入。是否有轉介？

Are there other people that are really satisfied with our service that we can also, so it's not just relying on marketing, but really kind of setting this up for a long-term relationship?

是否還有其他對我們服務非常滿意的人，我們也可以——所以不只是依賴行銷，而是把它建立成一段長期關係？

Gotcha. Okay. Thanks, guys.

了解。好。謝謝各位。

George Hill - Deutsche Bank.

George Hill——德意志銀行。

Yeah, hi, this is Max now for George. Thanks for taking the question.

是的，你好，我是Max，代George提問。謝謝讓我提問。

I want to ask about the shift toward higher-margin branded marketing channels. Could you give us an update on how much of your right-hair enrollment next in Q1 came from these branded channels and how does it compare to last year?

我想問關於轉向較高毛利的品牌行銷通路。你們能否更新一下，第一季你們的Right-hair投保中有多少比例來自這些品牌通路？與去年相比如何？

Michelle, you want to take that?

Michelle，你要回答嗎？

So I think the question is, what percentage of our enrollment volume is coming from our branded channels and how does that compare to a year ago?

所以我理解問題是：我們的投保量有多少百分比來自品牌通路？與一年前相比如何？

Yes, I will tell you that we continue. So first off, when we look at sort of how do we maximize marketing spend, it is really guided on. Quality on the return, like LTV to tax, right, as you saw in sort of the slide, is really the North Star. So you then focus on what are the best performing channels.

是的。我可以告訴你，我們持續——首先，當我們看如何最大化行銷支出時，真正的指引是：回報品質，例如LTV對CAC（你在投影片中也看到），這確實是我們的北極星指標。因此你會把重點放在表現最好的通路上。

Also, even within the channels, you're looking at what are the top performing campaigns and how do you continue to optimize?

此外，即使在同一通路內，你也會看哪些是表現最好的活動，並持續優化。

So we continue to lean into our branded channels with the right mix throughout Q1, Q2, Q3, and kind of similar to what we said earlier. You're going to see that even continue to improve into Q4.

所以我們在第一季、第二季、第三季都持續以適當的組合加大在品牌通路的投入；也如同我們先前所說，你會看到這點在第四季還會持續改善。

Got it. Just a quick follow-up.

了解。我再追問一個。

Could you give us some color on the unit economics of cross-selling ancillary products through the lifetime advisory model and ICRA versus MA?

你們能否談談，透過終身顧問模式交叉銷售附加產品的單位經濟性，以及ICHRA相對於MA的情況？

How should we think about the company's overall margin profile as these products scale?

隨著這些產品規模化，我們應該如何看待公司整體的毛利率結構？

And how much of the mid-teens revenue growth in 2028 is expected to be driven by ACRA and ancillary products through this model?

另外，2028年營收中段十幾%的成長，有多少預期是由ACRA以及透過此模式的附加產品所帶動？

Thanks.

謝謝。

Yeah, so the way, again, I'll start and then John or Michelle or others can chime in.

好的，我先回答，之後John或Michelle或其他人也可以補充。

So the way we think about the ancillary opportunity, again, it's really important to understand that in the lifetime advisory model, there's no additional marketing demand dollars that the company is spending in order to generate the revenue that we are expecting in the ancillary business.

我們看待附加產品機會的方式是——再次強調，理解這點很重要：在終身顧問模式下，公司不需要額外投入行銷需求預算，就能產生我們在附加業務中預期的營收。

The ancillary bucket is a wide array of products, so each product has its own sort of. LTV profile based on the unit economics of each. But the way I would just generally encourage you to think about this is that for each cross-sell opportunity, that we have the opportunity to add somewhere between maybe 15% to 20% of LTV to the MA cell when we sell an ancillary plant.

附加產品這個類別涵蓋很廣，因此每個產品都會依其單位經濟性而有各自的LTV輪廓。但我一般會建議你這樣理解：對於每一次交叉銷售機會，當我們銷售一個附加方案時，我們有機會在MA銷售的LTV上再增加約15%到20%。

So that's how we think about the economics on ancillary. On ICHRA, we would just say it's certainly we have it modeled. But it's a little probably a little early for us to share how we think about each of the unit economics of that.

這就是我們對附加產品經濟性的看法。至於ICHRA，我們當然有建立模型。但現在要分享我們對其各項單位經濟性的看法，可能還稍早一些。

And it's a small amount of the revenue growth that's in our three-year LRP at the moment. So it's certainly not material in the plan at this point as it relates to the '28 revenue growth that's in the plan.

而且就目前而言，它在我們三年期LRP中的營收成長占比不大。因此就計畫中的2028年營收成長而言，現階段它並不具重大性。

One of the other things I'd probably add to it is some of the ancillary products have a much more favorable cash flow profile, which is something that we've built into our plan.

另外我可能還會補充一點：部分附加產品的現金流輪廓更有利，這也是我們已納入計畫中的。

Thank you.

謝謝。

There are no further questions at this time. We have reached the end of the Q&A session. This also concludes today's call.

目前沒有其他問題。我們已到達問答環節的結束。今天的電話會議也到此結束。

Thank you for attending. You may now disconnect.

感謝各位參與。您現在可以掛線。