Quick10K

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Ehealth

Financials

Price	75.05	EPS	0
Shares	23	P/E	426
MCap	1,763	P/FCF	-120
Net Debt	-91	EBIT	-14
TEV	1,672	TEV/EBIT	-121
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-02
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-07
10-K	2018-12-31	Filed 2019-03-14
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-09
10-K	2017-12-31	Filed 2018-03-19
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-07
10-Q	2017-03-31	Filed 2017-05-05
10-K	2016-12-31	Filed 2017-03-16
10-Q	2016-09-30	Filed 2016-11-08
10-Q	2016-06-30	Filed 2016-08-08
10-Q	2016-03-31	Filed 2016-05-09
10-K	2015-12-31	Filed 2016-03-14
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-07
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-03-16
10-Q	2014-09-30	Filed 2014-11-10
10-Q	2014-06-30	Filed 2014-08-08
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-12
10-Q	2013-09-30	Filed 2013-11-08
10-Q	2013-06-30	Filed 2013-08-07
10-Q	2013-03-31	Filed 2013-05-07
10-K	2012-12-31	Filed 2013-03-13
10-Q	2012-09-30	Filed 2012-11-06
10-Q	2012-06-30	Filed 2012-08-09
10-Q	2012-03-31	Filed 2012-05-08
10-K	2011-12-31	Filed 2012-03-15
10-Q	2011-09-30	Filed 2011-11-08
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-03-15
10-Q	2010-09-30	Filed 2010-11-09
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-05

Reports

8-K	2020-08-14	Officers
8-K	2020-07-23	Earnings, Exhibits
8-K	2020-06-09
8-K	2020-06-04
8-K	2020-04-23
8-K	2020-03-03
8-K	2020-02-20
8-K	2020-02-20
8-K	2020-01-29
8-K	2020-01-23
8-K	2019-12-20
8-K	2019-11-19
8-K	2019-10-24
8-K	2019-10-24
8-K	2019-09-06
8-K	2019-08-29
8-K	2019-08-19
8-K	2019-08-06
8-K	2019-07-25
8-K	2019-06-14
8-K	2019-06-10
8-K	2019-06-07
8-K	2019-05-13
8-K	2019-05-06
8-K	2019-05-03
8-K	2019-04-25
8-K	2019-04-11
8-K	2019-03-26
8-K	2019-02-21
8-K	2019-01-24
8-K	2019-01-22
8-K	2019-01-22
8-K	2018-12-21
8-K	2018-12-17
8-K	2018-11-27
8-K	2018-10-25
8-K	2018-09-18
8-K	2018-07-26
8-K	2018-06-12
8-K	2018-05-31
8-K	2018-04-25
8-K	2018-04-24
8-K	2018-03-29
8-K	2018-03-01
8-K	2018-01-22
8-K	2018-01-16

Ehealth Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

ehth-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-33071

_____________________________________________

EHEALTH, INC.

(Exact name of registrant as specified in its charter)

_____________________________________________


Delaware						56-2357876
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No)

2625 AUGUSTINE DRIVE, SECOND FLOOR

SANTA CLARA, CA 95054

(Address of principal executive offices)

(650) 584-2700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	EHTH	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of July 31, 2020 was 25,749,916 shares.

EHEALTH, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

EHEALTH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


	June 30, 2020*		December 31, 2019
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	76,842	$	23,466
Short-term marketable securities	123,158		—
Accounts receivable	2,724		2,332
Contract assets – commissions receivable – current	141,774		174,526
Prepaid expenses and other current assets	10,635		7,822
Total current assets	355,133		208,146
Contract assets – commissions receivable – non-current	441,012		414,696
Property and equipment, net	13,751		10,518
Long-term marketable securities	11,361		—
Operating lease right-of-use assets	47,497		36,621
Restricted cash	3,354		3,354
Other assets	21,865		18,004
Intangible assets, net	9,142		10,062
Goodwill	40,233		40,233
Total assets	$	943,348	$	741,634
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	7,285	$	24,554
Accrued compensation and benefits	21,795		29,578
Accrued marketing expenses	4,712		12,041
Earnout liability – current	—		37,273
Lease liabilities – current	4,922		4,759
Deferred revenue	97		2,570
Other current liabilities	3,909		2,210
Total current liabilities	42,720		112,985


Deferred income taxes – non-current	59,244		64,130
Lease liabilities – non-current	45,784		34,305
Other non-current liabilities	3,545		3,050
Stockholders’ equity:
Common stock	37		35
Additional paid-in capital	720,976		455,159
Treasury stock, at cost	(199,998)		(199,998)
Retained earnings	270,787		271,852
Accumulated other comprehensive income	253		116
Total stockholders’ equity	792,055		527,164
Total liabilities and stockholders’ equity	$	943,348	$	741,634

_____________

* Reflects the impact from the adoption of ASC 326 on January 1, 2020. See Note 1 – Summary of Business and Significant Accounting Policies for details.

The accompanying notes are an integral part of these condensed consolidated financial statements.

EHEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts, unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Revenue:
Commission	$	80,773	$	60,606	$	180,442	$	124,833
Other	7,993		5,161		14,732		9,707
Total revenue	88,766		65,767		195,174		134,540
Operating costs and expenses:
Cost of revenue	540		449		1,678		372
Marketing and advertising	32,873		23,104		70,637		47,045
Customer care and enrollment	27,148		21,479		57,683		41,423
Technology and content	13,373		10,437		29,113		19,454
General and administrative	20,713		14,862		40,366		26,140
Amortization of intangible assets	373		547		920		1,094
Change in fair value of earnout liability	—		7,200		—		20,506


Total operating costs and expenses	95,020		78,078		200,397		156,034
Loss from operations	(6,254)		(12,311)		(5,223)		(21,494)
Other income, net	452		699		825		1,256
Loss before benefit from income taxes	(5,802)		(11,612)		(4,398)		(20,238)
Benefit from income taxes	(2,432)		(5,858)		(4,480)		(9,325)
Net income (loss)	$	(3,370)	$	(5,754)	$	82	$	(10,913)

Net income (loss) per share:
Basic and diluted	$	(0.13)	$	(0.25)	$	0.00	$	(0.48)

Weighted-average number of shares used in per share amounts:
Basic	26,358		23,091		25,539		22,508
Diluted	26,358		23,091		26,758		22,508
Comprehensive income:
Net income (loss)	$	(3,370)	$	(5,754)	$	82	$	(10,913)
Unrealized holding gain for available for sales debt securities, net of tax	143		—		168		—
Foreign currency translation adjustment	—		(25)		(31)		4
Comprehensive income (loss)	$	(3,227)	$	(5,779)	$	219	$	(10,909)

The accompanying notes are an integral part of these condensed consolidated financial statements.

EHEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, unaudited)


Three Months Ended June 30, 2020
	Common Stock					Additional Paid-in Capital		Treasury Stock							Retained Earnings		Accumulated Other Comprehensive Income	Total Stockholders’ Equity
	Shares	Amount					Shares			Amount
Balance as of March 31, 2020	37,258	$	37	$	717,380	(11,649)		$	(199,998)		$	274,157	$	110	$	791,686

Issuance of common stock in connection with equity incentive plans	115	—		223		—		—			—		—		223
Repurchase of shares to satisfy employee tax withholding obligations		—		(3,785)		(49)		—			—		—		(3,785)


Stock-based compensation	—	—		7,158		—		—			—		—		7,158
Other comprehensive income, net of tax	—	—		—		—		—			—		143		143
Net loss	—	—		—		—		—			(3,370)		—		(3,370)
Balance as of June 30, 2020	37,373	$	37	$	720,976	(11,698)		$	(199,998)		$	270,787	$	253	$	792,055


Three Months Ended June 30, 2019
	Common Stock					Additional Paid-in Capital		Treasury Stock							Retained Earnings		Accumulated Other Comprehensive Income	Total Stockholders’ Equity
	Shares	Amount					Shares			Amount
Balance as of March 31, 2019	34,090	$	34	$	445,652	(11,450)		$	(199,998)		$	199,806	$	156	$	445,650
Issuance of common stock in connection with equity incentive plans	177	—		888		—		—					—		888
Repurchase of shares to satisfy employee tax withholding obligations	—	—		(2,172)		(32)		—					—		(2,172)


Stock-based compensation	—	—		4,678		—		—					—		4,678
Foreign currency translation adjustment, net of taxes	—	—		—		—		—					(25)		(25)
Net loss	—	—		—		—		—			(5,754)		—		(5,754)
Balance as of June 30, 2019	34,267	$	34	$	449,046	(11,482)		$	(199,998)		$	194,052	$	131	$	443,265

The accompanying notes are an integral part of these condensed consolidated financial statements.

EHEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, unaudited)


Six Months Ended June 30, 2020
	Common Stock					Additional Paid-in Capital		Treasury Stock							Retained Earnings		Accumulated Other Comprehensive Income	Total Stockholders’ Equity
	Shares	Amount					Shares			Amount
Balance as of December 31, 2019	34,752	$	35	$	455,159	(11,616)		$	(199,998)		$	271,852	$	116	$	527,164
Cumulative effect from the adoption of ASU 2016-13	—	—		—		—		—			(1,147)		—		(1,147)
Issuance of common stock in connection with equity incentive plans	256	—		1,314		—		—			—		—		1,314
Repurchase of shares to satisfy employee tax withholding obligations	—	—		(8,160)		(82)		—			—		—		(8,160)
Shares issued in equity offering	2,070	2		228,022		—		—			—		—		228,024
Settlement of earnout liability	295	—		28,521		—		—			—		—		28,521
Stock-based compensation	—	—		16,120		—		—			—		—		16,120
Other comprehensive income, net of tax	—	—		—		—		—			—		137		137
Net income	—	—		—		—		—			82		—		82
Balance as of June 30, 2020	37,373	$	37	$	720,976	(11,698)		$	(199,998)		$	270,787	$	253	$	792,055


Six Months Ended June 30, 2019
	Common Stock					Additional Paid-in Capital		Treasury Stock							Retained Earnings		Accumulated Other Comprehensive Income	Total Stockholders’ Equity
	Shares	Amount					Shares			Amount
Balance as of December 31, 2018	30,863	$	31	$	298,024	(11,426)		$	(199,998)		$	204,965	$	127	$	303,149
Issuance of common stock in connection with equity incentive plans	349	—		3,255		—		—			—		—		3,255
Repurchase of shares to satisfy employee tax withholding obligations	—	—		(3,452)		(56)		—			—		—		(3,452)
Shares issued in equity offering	2,760	3		126,048		—		—			—		—		126,051
Settlement of earnout liability	295	—		17,264		—		—			—		—		17,264
Stock-based compensation	—	—		7,907		—		—			—		—		7,907
Foreign currency translation adjustment, net of taxes	—	—		—		—		—			—		4		4
Net loss	—	—		—		—		—			(10,913)

EX-31.1	a2020q2ex311.htm
EX-31.2	a2020q2ex312.htm
EX-32.1	a2020q2ex321.htm
EX-32.2	a2020q2ex322.htm


PART I	FINANCIAL INFORMATION	PAGE
Item 1.	Financial Statements (unaudited)	2
	Condensed Consolidated Balance Sheets as of June 30 , 2020 and December 31, 2019	2
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30 , 2020 and 2019	3
	Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30 , 2020 and 2019	5
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2020 and 2019	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	48
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 6.	Exhibits	78
	Signatures	79

EHTH 10Q Quarterly Report

Ehealth Earnings 2020-06-30