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eHealth, Inc. Announces Fourth Quarter and Fiscal 2012 Results
Fourth Quarter 2012 Overview

MOUNTAIN VIEW, CA -- (Marketwire) -- 02/14/13 -- eHealth, Inc. (NASDAQ: EHTH), America's first and largest private health insurance exchange, announced today its financial results for the fourth quarter and fiscal year ended December 31, 2012.

Gary Lauer, chief executive officer of eHealth, stated, "In 2012 we achieved good progress across the key areas of our business. We returned to annual revenue and GAAP earnings growth after a challenging 2011, completed the transition of our Medicare business to a direct fulfillment model ahead of schedule, and saw a significant improvement in our Individual and Family Plan business."

Fourth Quarter 2012 Results

Revenue - Revenue for the fourth quarter of 2012 totaled $45.3 million, a 5% increase compared to revenue of $43.1 million for the fourth quarter of 2011. Commission revenue for the fourth quarter of 2012 totaled $37.3 million, a 19% increase compared to commission revenue of $31.3 million for the fourth quarter of 2011. Medicare revenue was $13.5 million for the fourth quarter of 2012, a 6% increase compared to Medicare revenue of $12.7 million for the fourth quarter of 2011.

Submitted Applications - Submitted applications for individual and family products increased 10% in the fourth quarter of 2012 to 113,600 applications, compared to 103,200 applications in the fourth quarter of 2011.

Membership - Total estimated membership at December 31, 2012 was 982,900 members, a 21% increase over estimated membership of 815,500 at December 31, 2011. Estimated individual and family plan membership was 709,700, a 5% increase over estimated membership of 675,000 at December 31, 2011. Estimated Medicare membership was 70,600, a 191% increase over estimated membership of 24,300 at December 31, 2011. Total approved members, including individual and family plan, Medicare plan and other product members, increased 34% to 186,700 members in the fourth quarter of 2012, compared to 139,600 in the fourth quarter of 2011.

Income from Operations - Operating income for the fourth quarter of 2012 was $4.3 million, compared to operating income of $4.4 million for the fourth quarter of 2011. Operating margins were 10% in both the fourth quarters of 2012 and 2011. Non-GAAP operating income for the fourth quarter of 2012 was $6.4 million, representing a decrease of 3% compared to non-GAAP operating income of $6.6 million for the fourth quarter of 2011. Non-GAAP operating margins were 14% and 15% in the fourth quarters of 2012 and 2011, respectively. Non-GAAP operating income and margins in the fourth quarter of 2012 exclude $0.4 million for an asset impairment charge, $1.3 million of stock-based compensation expense and $0.4 million of intangible asset amortization expense. Non-GAAP operating income and margins in the fourth quarter of 2011 exclude $1.5 million of stock-based compensation expense and $0.8 million of intangible asset amortization expense.

EBITDA - EBITDA for the fourth quarter of 2012 was $6.6 million, representing a decrease of 8% compared to EBITDA of $7.2 million for the fourth quarter of 2011.

Pre-tax Income - Pre-tax income for the fourth quarter of 2012 was $4.3 million, compared to pre-tax income of $4.4 million for the fourth quarter of 2011.

Net Income - Net income for the fourth quarter of 2012 was $2.4 million, or $0.11 per diluted share, compared to net income of $2.3 million, or $0.11 per diluted share for the fourth quarter of 2011. Non-GAAP net income for the fourth quarter of 2012 was $3.9 million, or $0.18 per diluted share, compared to non-GAAP net income of $3.7 million, or $0.18 per diluted share for the fourth quarter of 2011. Non-GAAP net income and non-GAAP net income per diluted share in the fourth quarter of 2012 exclude $0.4 million for an asset impairment charge, $1.3 million of stock-based compensation expense and $0.4 million of intangible asset amortization expense, less $0.7 million for related income tax benefit. Non-GAAP net income and non-GAAP net income per diluted share in the fourth quarter of 2011 exclude $1.5 million of stock-based compensation expense and $0.8 million of intangible asset amortization expense, less $0.8 million for related income tax benefit.

Cash Flows - Cash flows from operations for the fourth quarter of 2012 were $5.2 million, representing a 106% increase compared to cash flows from operations of $2.5 million for the fourth quarter of 2011.

Fiscal 2012 Results

Revenue - Revenue totaled $155.5 million for the year ended December 31, 2012, a 3% increase compared to revenue of $151.6 million for the year ended December 31, 2011. Medicare revenue was approximately $31.3 million for the year ended December 31, 2012, a 53% increase compared to Medicare revenue of $20.4 million for the year ended December 31, 2011.

Income from Operations - Operating income for the year ended December 31, 2012 was $13.4 million, compared to operating income of $13.2 million for the year ended December 31, 2011. Operating margins were 9% for both years ended December 31, 2012 and 2011, respectively. Non-GAAP operating income for the year ended December 31, 2012 was $21.1 million, representing a decrease of 6% compared to non-GAAP operating income of $22.4 million for the year ended December 31, 2011. Non-GAAP operating margins were 14% and 15% in the years ended December 31, of 2012 and 2011, respectively. Non-GAAP operating income and margins for the year ended December 31, 2012 exclude $0.4 million for an asset impairment charge, $5.6 million of stock-based compensation expense and $1.6 million of intangible asset amortization expense. Non-GAAP operating income and margins for the year ended December 31, 2011 exclude $7.1 million of stock-based compensation expense and $2.0 million of intangible asset amortization expense.

EBITDA - EBITDA for the year ended December 31, 2012 was $23.1 million, compared to EBITDA of $24.7 million for the year ended December 31, 2011.

Pre-tax Income - Pre-tax income for the year ended December 31, 2012 was $13.5 million, compared to pre-tax income of $13.2 million for the year ended December 31, 2011.

Net Income - Net income for the year ended December 31, 2012 was $7.1 million, or $0.34 per diluted share, compared to net income for the year ended December 31, 2011 of $6.7 million, or $0.31 per diluted share. Non-GAAP net income for the year ended December 31, 2012 was $12.6 million, or $0.61 per diluted share, compared to non-GAAP net income of $12.8 million, or $0.59 per diluted share for the year ended December 31, 2011. Non-GAAP net income and non-GAAP net income per diluted share for the year ended December 31, 2012 exclude $0.4 million for an asset impairment charge, $5.6 million of stock-based compensation expense and $1.6 million of intangible asset amortization expense, less $2.2 million for related income tax benefit. Non-GAAP net income and non-GAAP net income per diluted share for the year ended December 31, 2011 exclude $7.1 million of stock-based compensation expense and $2.0 million of intangible asset amortization expense, less $3.0 million for related income tax benefit.

Cash Flows and Cash Balance - Cash flows from operations for the year ended December 31, 2012 were $24.9 million, representing a 10% increase compared to $22.5 million for the year ended December 31, 2011.

Cash and cash equivalents as of December 31, 2012 totaled $140.8 million, compared to $123.6 million as of December 31, 2011. The increase in cash and cash equivalents reflects $24.9 million of cash generated by operating activities in the year ended December 31, 2012. Partially offsetting this increase was $6.2 million of cash consideration paid to a partner, whereby the partner transferred certain of its existing Medicare plan members to us as the broker of record on the underlying policies, and $9.4 million used to repurchase 0.6 million shares of our common stock in 2012 as part of our stock repurchase programs. In 2012, eHealth completed a $30 million share repurchase program at an average per share price of $13.78 and announced and started an additional $30 million share repurchase program.

2013 Guidance

eHealth is providing guidance for the full year ending December 31, 2013 based on information available as of February 14, 2013. These expectations are forward-looking statements and eHealth assumes no obligation to update these statements. Results may be materially different and are affected by the risk factors and uncertainties identified in this release and in eHealth's annual and quarterly filings with the Securities and Exchange Commission.

  • Total revenue is expected to be in the range of $168 million to $174 million

  • Stock-based compensation expense is expected to be in the range of $6.0 million to $7.5 million

  • EBITDA* is expected to be in the range of $23 million to $29 million

  • Non-GAAP net income per diluted share** is expected to be in the range of $0.61 to $0.71 per share

* EBITDA is calculated by adding stock-based compensation expense, depreciation and amortization expense, including intangible asset amortization expense, other (income) expense, net and provision for income taxes to GAAP net income.

** Non-GAAP net income per diluted share is calculated by excluding stock-based compensation expense, intangible asset amortization expense and the estimated tax benefit relating to these expenses.

Webcast and Conference Call Information
A Webcast and conference call will be held today, Thursday, February 14, 2013 at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time. The Webcast will be available live on the Investor Relations section on eHealth's website at http://ir.ehealthinsurance.com. Individuals interested in listening to the conference call may do so by dialing 866-783-2137 for domestic callers and 857-350-1596 for international callers. The participant passcode is 76455009. A telephone replay will be available two hours following the conclusion of the call for a period of 30 days and can be accessed by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers. The call ID for the replay is 52162037. The live and archived webcast of the call will also be available on eHealth's website at http://www.ehealthinsurance.com under the Investor Relations section.

About eHealth, Inc.
eHealth, Inc. (NASDAQ: EHTH) is the parent company of eHealthInsurance, America's first and largest private health insurance exchange where individuals, families and small businesses can compare health insurance products from leading insurers side by side and purchase and enroll in coverage online. eHealthInsurance offers thousands of individual, family and small business health plans underwritten by more than 180 of the nation's leading health insurance companies. eHealthInsurance is licensed to sell health insurance in all 50 states and the District of Columbia. Through the company's eHealthTechnology solution (www.eHealthTechnology.com), eHealth is also a leading provider of health insurance exchange technology. eHealthTechnology's exchange platform provides a suite of hosted e-commerce solutions that enable health plan providers, resellers and government entities to market and distribute products online. eHealth, Inc. also provides powerful online and pharmacy-based tools to help seniors navigate Medicare health insurance options, choose the right plan and enroll in select plans online through its wholly-owned subsidiary, PlanPrescriber.com (www.planprescriber.com) and through its Medicare website www.eHealthMedicare.com.

Forward-Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statements regarding future events, our future performance, guidance for total revenue, stock-based compensation expense, EBITDA, non-GAAP net income per diluted share for the year ending December 31, 2012, the utility to our investors of the non-GAAP financial measures presented is this release, our expectations regarding our future stock-based compensation costs and purchased intangible asset amoritization costs, and our estimates regarding income tax benefits. These forward-looking statements are inherently subject to various risks and uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the impact of healthcare reform and medical loss ratio requirements; eHealth's ability to maintain its relationship with health insurance carriers; eHealth's success in marketing and selling Medicare-related health insurance plans; eHealth's ability to hire, train and retain licensed health insurance agents for its Medicare business; the need for health insurance carrier and regulatory approvals in connection with the marketing of Medicare-related insurance products; government disapproval of our use of marketing material, including call center scripts and our websites, to sell Medicare-related health insurance products; costs of acquiring new members; weak economic conditions; consumer awareness of the availability and accessibility of affordable health insurance; changes in member conversion rates; lack of membership growth and retention rates; changes in products offered on eHealth's ecommerce platform; changes in commission rates or carrier underwriting practices; maintaining and enhancing eHealth's brand identity; system failures, capacity constraints, data loss or online commerce security risks; dependence on acceptance of the Internet as a marketplace for the purchase and sale of health insurance; dependence upon Internet search engines; reliance on marketing partners; timing of receipt and accuracy of commission reports; payment practices of health insurance carriers; competition; our operations in China; success of eHealth's sponsorship and advertising business; the licensing of the use of eHealth's technology or our performance of services pursuant to government contracts; protection of intellectual property and defense of intellectual property rights claims; legal liability, regulatory penalties and negative publicity;changes in our management and key employees; management of business expansion and diversification; seasonality; impact of acquisitions, including risks associated with not realizing anticipated synergies and opportunities with respect to PlanPrescriber, Inc.; underperformance by PlanPrescriber, Inc.; PlanPrescriber's maintenance of its relationships with its pharmacy and other partners that serve as a source of Medicare-related leads; government approval of marketing material, including websites relating to PlanPrescriber partner Medicare product lead referrals; maintenance of proper and effective internal controls; impact of provisions for income taxes; changes in laws and regulations, including with respect to the marketing and sale of Medicare plans; compliance with insurance and other laws and regulations; exposure to security risks; and the performance, reliability and availability of eHealth's ecommerce platform and underlying network infrastructure. Other factors that could cause operating, financial and other results to differ are described in eHealth's most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission and available on the investor relations page of eHealth's website at http://www.ehealthinsurance.com and on the Securities and Exchange Commission's website at www.sec.gov. eHealth does not undertake any obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.

Non-GAAP Financial Information
This press release includes financial measures that are not in accordance with generally accepted accounting principles in the United States (GAAP). To supplement eHealth's condensed consolidated financial statements presented in accordance with GAAP, eHealth presents investors with certain non-GAAP financial measures, including non-GAAP operating income; non-GAAP operating margins; earnings before interest, taxes, depreciation and amortization (EBITDA); non-GAAP net income and non-GAAP net income per diluted share.

  • Non-GAAP operating income consists of GAAP operating income excluding the following items:
    • an asset impairment charge recorded in the fourth quarter of 2012,
    • the effects of expensing stock-based compensation related to stock options and restricted stock units in accordance with FASB ASC Topic 718, and
    • intangible asset amortization expense.

  • Non-GAAP operating margins are calculated by dividing non-GAAP operating income by GAAP total revenue.

  • EBITDA is calculated by adding stock-based compensation, depreciation and amortization expense, including intangible asset amortization expense, other (income) expense, net and provision for income taxes to GAAP net income.

  • Non-GAAP net income consists of GAAP net income excluding the following items:
    • an asset impairment charge recorded in the fourth quarter of 2012,
    • the effects of expensing stock-based compensation related to stock options and restricted stock units in accordance with FASB ASC Topic 718,
    • intangible asset amortization expense, and
    • the related income tax benefits of these excluded expenses.
  • Non-GAAP net income per diluted share is calculated by dividing non-GAAP net income by GAAP weighted average diluted shares outstanding.

eHealth believes that the presentation of these non-GAAP financial measures provide important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations. Management believes that the use of these non-GAAP financial measures provides consistency and comparability with the Company's past financial reports. Management also believes that the exclusion of the items described above provides an additional measure of the Company's operating results and facilitates comparisons of the Company's core operating performance against prior periods and business model objectives. This information is provided to investors in order to facilitate additional analyses of past, present and future operating performance and as a supplemental means to evaluate the Company's ongoing operations. Externally, the Company believes that these non-GAAP financial measures are useful to investors in their assessment of the Company's operating performance.

Non-GAAP operating income, non-GAAP operating margins, EBITDA, non-GAAP net income and non-GAAP net income per diluted share are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures used in this press release have limitations in that they do not reflect all of the revenue and costs associated with the operations of the Company's business and do not reflect income tax as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of eHealth's results as reported under GAAP. The Company expects to continue to incur the stock-based compensation costs and purchased intangible asset amortization costs described above, and exclusion of these costs, and their related income tax benefits, from non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. The Company compensates for these limitations by prominently disclosing GAAP operating income, GAAP operating margins, GAAP net income and GAAP net income per diluted share and providing investors with reconciliations from the Company's GAAP operating results to the non-GAAP financial measures for the relevant periods.

The accompanying tables provide more details on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.



                               EHEALTH, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                         (In thousands, unaudited)

                                              December 31,    December 31,
                                                  2011            2012
                                             --------------  --------------
                   Assets                          (1)         (unaudited)
Current assets:
  Cash and cash equivalents                  $      123,607  $      140,849
  Accounts receivable                                 8,055           4,468
  Deferred income taxes                               4,622           4,098
  Prepaid expenses and other current assets           3,377           6,643
                                             --------------  --------------
Total current assets                                139,661         156,058
Property and equipment, net                           4,631           6,185
Deferred income taxes                                 3,390           2,928
Other assets                                          5,641           8,123
Intangible assets, net                               10,526           8,911
Goodwill                                             14,096          14,096
                                             --------------  --------------
Total assets                                 $      177,945  $      196,301
                                             ==============  ==============


    Liabilities and stockholders' equity
Current liabilities:
  Accounts payable                           $        2,391  $        6,123
  Accrued compensation and benefits                   7,904           8,244
  Accrued marketing expenses                          6,195           3,941
  Deferred revenue                                      314             926
  Other current liabilities                           1,547           1,575
                                             --------------  --------------
Total current liabilities                            18,351          20,809
Non-current liabilities                               3,920           4,625

Stockholders' equity:
  Common stock                                           26              27
  Additional paid-in capital                        215,364         232,903
  Treasury stock, at cost                           (81,557)        (90,991)
  Retained earnings                                  21,661          28,743
  Accumulated other comprehensive income                180             185
                                             --------------  --------------
Total stockholders' equity                          155,674         170,867
                                             --------------  --------------
Total liabilities and stockholders' equity   $      177,945  $      196,301
                                             ==============  ==============

(1) The condensed consolidated balance sheet at December 31, 2011 has been
    derived from the audited consolidated financial statements at that date.



                                EHEALTH, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
             (In thousands, except per share amounts, unaudited)

                                  Three Months Ended     Fiscal Year Ended
                                     December 31,           December 31,
                                 --------------------  ---------------------
                                    2011       2012       2011       2012
                                 ---------- ---------  ---------  ----------

Revenue
  Commission                     $   31,276 $  37,305  $ 120,321  $  130,663
  Other                              11,844     8,000     31,327      24,810
                                 ---------- ---------  ---------  ----------
Total revenue                        43,120    45,305    151,648     155,473
Operating costs and expenses:
  Cost of revenue                     1,353     1,245      8,340       4,783
  Marketing and advertising (1)      18,474    18,647     56,877      57,789
  Customer care and enrollment
   (1)                                6,633     9,130     22,898      30,282
  Technology and content (1)          5,224     5,388     21,657      21,406
  General and administrative (1)      6,294     6,231     26,593      26,169
  Amortization of intangible
   assets                               765       354      2,046       1,615
                                 ---------- ---------  ---------  ----------
Total operating costs and
 expenses                            38,743    40,995    138,411     142,044
                                 ---------- ---------  ---------  ----------
Income from operations                4,377     4,310     13,237      13,429
Other income (expense), net               8       (18)       (53)         23
                                 ---------- ---------  ---------  ----------
Income before provision for
 income taxes                         4,385     4,292     13,184      13,452
Provision for income taxes            2,125     1,845      6,460       6,370
                                 ---------- ---------  ---------  ----------
Net income                       $    2,260 $   2,447  $   6,724  $    7,082
                                 ========== =========  =========  ==========

Net income per share:
  Basic                          $     0.11 $    0.12  $    0.32  $     0.36
  Diluted                        $     0.11 $    0.11  $    0.31  $     0.34

Weighted-average number of
 shares used in per share
 amounts:
  Basic                              20,006    20,331     20,947      19,867
  Diluted                            20,889    21,319     21,703      20,753

(1) Includes stock-based
 compensation as follows:
  Marketing and advertising      $      188 $     283  $     962  $    1,215
  Customer care and enrollment           80        78        344         321
  Technology and conent                 333       238      1,669       1,021
  General and administrative            873       697      4,121       3,065
                                 ---------- ---------  ---------  ----------
    Total                        $    1,474 $   1,296  $   7,096  $    5,622
                                 ========== =========  =========  ==========



                               EHEALTH, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands, unaudited)

                                  Three Months Ended    Fiscal Year Ended
                                     December 31,          December 31,
                                 --------------------  --------------------
                                    2011       2012       2011       2012
                                 ---------  ---------  ---------  ---------

Operating activities
Net income                       $   2,260  $   2,447  $   6,724  $   7,082
Adjustments to reconcile net
 income to net cash provided by
 operating activities:
  Deferred income taxes                (48)     1,056        914      1,071
  Depreciation and amortization        559        671      2,358      2,411
  Amortization of book-of-
   business consideration              477        734        843      2,724
  Amortization of intangible
   assets                              765        354      2,046      1,615
  Stock-based compensation
   expense                           1,474      1,296      7,096      5,622
  Deferred rent                        (10)       125         (3)       175
  Loss on disposal of fixed
   assets                                -          -         38          1
  Changes in operating assets
   and liabilities:
    Accounts receivable             (4,315)    (1,212)     3,383      3,587
    Prepaid expenses and other
     assets                            387       (441)     1,769     (1,097)
    Accounts payable                  (294)     1,552     (1,948)     3,732
    Accrued compensation and
     benefits                          (92)      (577)       363        336
    Accrued marketing expenses       1,860         78      2,551     (2,254)
    Deferred revenue                  (839)       589     (2,471)       979
    Other current liabilities          353     (1,434)    (1,122)    (1,093)
                                 ---------  ---------  ---------  ---------
Net cash provided by operating
 activities                          2,537      5,238     22,541     24,891
                                 ---------  ---------  ---------  ---------

Investing activities
Purchases of property and
 equipment                            (475)      (725)    (2,407)    (3,853)
Book of business transfers            (284)         -     (4,190)    (6,243)
                                 ---------  ---------  ---------  ---------
Net cash used in investing
 activities                           (759)      (725)    (6,597)   (10,096)
                                 ---------  ---------  ---------  ---------

Financing activities
Net proceeds from exercise of
 common stock options                  715      4,431        899      8,445
Cash used to net-share settle
 equity awards                          (4)        (2)      (552)      (993)
Excess tax benefits from stock-
 based compensation                  1,956      2,108      4,690      4,466
Repurchase of common stock          (7,322)      (993)   (25,355)    (9,434)
Principle payments in connection
 with capital leases                   (17)       (13)       (63)       (44)
                                 ---------  ---------  ---------  ---------
Net cash (used in) provided by
 financing activities               (4,672)     5,531    (20,381)     2,440
                                 ---------  ---------  ---------  ---------

Effect of exchange rate changes
 on cash and cash equivalents            -          5        (30)         7
                                 ---------  ---------  ---------  ---------

Net increase (decrease) in cash
 and cash equivalents               (2,894)    10,049     (4,467)    17,242
Cash and cash equivalents at
 beginning of period               126,501    130,800    128,074    123,607
                                 ---------  ---------  ---------  ---------
Cash and cash equivalents at end
 of period                       $ 123,607  $ 140,849  $ 123,607  $ 140,849
                                 =========  =========  =========  =========



                               EHEALTH, INC.
                        SUMMARY OF SELECTED METRICS
                                (Unaudited)

                                              Three Months    Three Months
                                                  Ended           Ended
                                              December 31,    December 31,
Key Metrics:                                      2011            2012
                                             --------------  --------------

Operating cash flows (1)                     $    2,537,000  $    5,238,000

IFP submitted applications (2)                      103,200         113,600

IFP approved members (3)                             85,500          93,600
Total approved members (4)                          139,600         186,700

Commission revenue (5)                       $   31,276,000  $   37,305,000
Commission revenue per estimated member for
 the period (6)                              $        38.47  $        39.07


                                                 As of           As of
                                              December 31,    December 31,
                                                  2011            2012
                                             --------------  --------------

IFP estimated membership (7)                        675,000         709,700
Medicare estimated membership (8)                    24,300          70,600
Other estimated membership (9)                      116,200         202,600
                                             --------------  --------------
Total estimated membership (10)                     815,500         982,900
                                             ==============  ==============


                                              Three Months    Three Months
                                                  Ended           Ended
                                              December 31,    December 31,
Other Metrics:                                    2011            2012
                                             --------------  --------------

Source of IFP submitted applications (as a
 percentage of total IFP applications for
 the period):
  Direct (11)                                            43%             49%
  Marketing partners (12)                                33%             33%
  Online advertising (13)                                24%             18%
                                             --------------  --------------
    Total                                               100%            100%
                                             ==============  ==============

Notes:

(1)  Net cash provided by operating activities for the period from the
     condensed consolidated statements of cash flows.
(2)  IFP applications submitted on eHealth's website during the period.
     Applications are counted as submitted when the applicant completes the
     application, provides a method for payment and clicks the submit button
     on our website and submits the application to us. The applicant
     generally has additional actions to take before the application will be
     reviewed by the insurance carrier, such as providing additional
     information and providing an electronic signature. In addition, an
     applicant may submit more than one application. We include applications
     for IFP products for which we receive commissions as well as other
     forms of payment. We define our "IFP" offerings as major medical
     individual and family health insurance plans, which does not include
     small business, short-term major medical, stand-alone dental, life,
     student or Medicare-related health insurance plans.
(3)  New IFP members reported to eHealth as approved during the period. Some
     members that are approved by a carrier do not accept the approval and
     therefore do not become paying members.
(4)  New members for all products reported to eHealth as approved during the
     period. Some members that are approved by a carrier do not accept the
     approval and therefore do not become paying members.
(5)  Commission revenue (from all sources) recognized during the period from
     the condensed consolidated statements of income.
(6)  Calculated as commission revenue recognized during the period (see note
     (5) above) divided by average estimated membership for the period
     (calculated as beginning and ending estimated membership for all
     products for the period, divided by two). See our Form 10-K for the
     year ended December 31, 2011 - Item 7 - Management's Discussion and
     Analysis of Financial Condition and Results of Operations - Summary of
     Selected Metrics for additional information regarding our calculation
     of estimated membership.
(7)  Estimated number of members active on IFP insurance policies as of the
     date indicated. See our Form 10-K for the year ended December 31, 2011
     - Item 7 - Management's Discussion and Analysis of Financial Condition
     and Results of Operations - Summary of Selected Metrics for additional
     information regarding our calculation of estimated membership.
(8)  Estimated number of members active on Medicare insurance policies as of
     the date indicated. See our Form 10-K for the year ended December 31,
     2011 - Item 7 - Management's Discussion and Analysis of Financial
     Condition and Results of Operations - Summary of Selected Metrics for
     additional information regarding our calculation of estimated
     membership.
(9)  Estimated number of members active on insurance policies other than IFP
     and Medicare policies as of the date indicated. See our Form 10-K for
     the year ended December 31, 2011 - Item 7 - Management's Discussion and
     Analysis of Financial Condition and Results of Operations - Summary of
     Selected Metrics for additional information regarding our calculation
     of estimated membership.
(10) Estimated number of members active on all insurance policies as of the
     date indicated. See our Form 10-K for the year ended December 31, 2011
     - Item 7 - Management's Discussion and Analysis of Financial Condition
     and Results of Operations - Summary of Selected Metrics for additional
     information regarding our calculation of estimated membership.
(11) Percentage of IFP submitted applications from applicants who came
     directly to the eHealth website through algorithmic search engine
     results or otherwise. See note (2) above for further information as to
     what constitutes a submitted application.
(12) Percentage of IFP submitted applications from applicants sourced
     through eHealth's network of marketing partners. See note (2) above for
     further information as to what constitutes a submitted application.
(13) Percentage of IFP submitted applications from applicants sourced
     through paid search and other online advertising activities. See note
     (2) above for further information as to what constitutes a submitted
     application.



                               EHEALTH, INC.
                      GAAP TO NON-GAAP RECONCILIATION
                FOR THE THREE MONTHS ENDED DECEMBER 31, 2012
            (In thousands, except per share amounts, unaudited)

Statement of Income Reconciliation

                                Three Months Ended December 31, 2012
                        ---------------------------------------------------
                                    GAAP                           Non-GAAP
                                   Percent                          Percent
                          GAAP    of Total               Non-GAAP  of Total
                        Reported   Revenue  Adjustments   Results   Revenue
                        --------  --------  -----------  --------  --------

Revenue:
  Commission            $ 37,305        82% $         -  $ 37,305        82%
  Sponsorship,
   licensing and other     8,000        18            -     8,000        18
                        --------  --------  -----------  --------  --------
Total revenue             45,305       100            -    45,305       100
  Operating costs and
   expenses:
  Cost of revenue-
   sharing (1)             1,245         3         (435)      810         2
  Marketing and
   advertising (2)        18,647        41         (283)   18,364        41
  Customer care and
   enrollment (2)          9,130        20          (78)    9,052        20
  Technology and
   content (2)             5,388        12         (238)    5,150        11
  General and
   administrative (2)      6,231        14         (697)    5,534        12
  Amortization of
   intangible assets
   (3)                       354         1         (354)        -         -
                        --------  --------  -----------  --------  --------
Total operating costs
 and expenses             40,995        90       (2,085)   38,910        86
                        --------  --------  -----------  --------  --------
Income from operations     4,310        10        2,085     6,395        14
Other income, net            (18)       (0)           -       (18)       (0)
                        --------  --------  -----------  --------  --------
Income before provision
 for income taxes          4,292         9        2,085     6,377        14
Provision for income
 taxes (4)                 1,845         4          662     2,507         6
                        --------  --------  -----------  --------  --------
Net income (5)          $  2,447         5% $     1,423  $  3,870         9%
                        ========  ========  ===========  ========  ========

Net income per share:
 (5)
  Basic - common stock  $   0.12            $      0.07  $   0.19
  Diluted - common
   stock                $   0.11            $      0.07  $   0.18

Weighted-average number
 of shares used in per
 share amounts:
  Basic - common stock    20,331                 20,331    20,331
  Diluted - common
   stock                  21,319                 21,319    21,319

Explanation of adjustments
(1)  Non-GAAP results exclude an asset impairment charge.
(2)  Non-GAAP results exclude the effect of expensing stock-based
     compensation related to stock options and restricted stock units in
     accordance with FASB ASC Topic 718.
(3)  Non-GAAP results exclude intangible asset amortization expense.
(4)  Non-GAAP provision for income taxes excludes the estimated income tax
     benefits related to the asset impairment charge listed in note (1)
     above, stock-based compensation expense listed in note (2) above and
     intangible asset amortization expense listed in note (3) above.
(5)  Non-GAAP net income and non-GAAP net income per share exclude the asset
     impairment charge listed in note (1) above, stock-based compensation
     expense listed in note (2) above, intangible asset amortization expense
     listed in note (3) above, less the estimated income tax benefit listed
     in note (4) above.



                               EHEALTH, INC.
                      GAAP TO NON-GAAP RECONCILIATION
                FOR THE THREE MONTHS ENDED DECEMBER 31, 2011
            (In thousands, except per share amounts, unaudited)

Statement of Income Reconciliation

                                Three Months Ended December 31, 2011
                        ---------------------------------------------------
                                    GAAP                           Non-GAAP
                                   Percent                          Percent
                           GAAP   of Total                Non-GAAP of Total
                         Reported  Revenue  Adjustments   Results   Revenue
                        --------- --------  -----------  --------- --------

Revenue:
  Commission            $  31,276       73% $        --  $  31,276       73%
  Sponsorship,
   licensing and other     11,844       27           --     11,844       27
                        --------- --------  -----------  --------- --------
Total revenue              43,120      100           --     43,120      100
  Operating costs and
   expenses:
  Cost of revenue-
   sharing                  1,353        3           --      1,353        3
  Marketing and
   advertising (1)         18,474       43         (188)    18,286       42
  Customer care and
   enrollment (1)           6,633       15          (80)     6,553       15
  Technology and
   content (1)              5,224       12         (333)     4,891       11
  General and
   administrative (1)       6,294       15         (873)     5,421       13
  Amortization of
   intangible assets
   (2)                        765        2         (765)        --       --
                        --------- --------  -----------  --------- --------
Total operating costs
 and expenses              38,743       90       (2,239)    36,504       85
                        --------- --------  -----------  --------- --------
Income from operations      4,377       10        2,239      6,616       15
Other income, net               8        0           --          8        0
                        --------- --------  -----------  --------- --------
Income before provision
 for income taxes           4,385       10        2,239      6,624       15
Provision for income
 taxes (3)                  2,125        5          773      2,898        7
                        --------- --------  -----------  --------- --------
Net income (4)          $   2,260        5% $     1,466  $   3,726        9%
                        ========= ========  ===========  ========= ========

Net income per share:
 (4)
  Basic - common stock  $    0.11           $      0.08  $    0.19
  Diluted - common
   stock                $    0.11           $      0.07  $    0.18

Weighted-average number
 of shares used in per
 share amounts:
  Basic - common stock     20,006                20,006     20,006
  Diluted - common
   stock                   20,889                20,889     20,889

Explanation of adjustments
(1)  Non-GAAP results exclude the effect of expensing stock-based
     compensation related to stock options and restricted stock units in
     accordance with FASB ASC Topic 718.
(2)  Non-GAAP results exclude intangible asset amortization expense.
(3)  Non-GAAP provision for income taxes excludes the estimated income tax
     benefits related to stock-based compensation expense listed in note (1)
     above and intangible asset amortization expense listed in note (2)
     above.
(4)  Non-GAAP net income and non-GAAP net income per share exclude stock-
     based compensation expense listed in note (1) above, intangible asset
     amortization expense listed in note (2) above, less the estimated
     income tax benefit listed in note (3) above.



                               EHEALTH, INC.
                      GAAP TO NON-GAAP RECONCILIATION
                FOR THE YEAR FISCAL ENDED DECEMBER 31, 2012
            (In thousands, except per share amounts, unaudited)

Statement of Income Reconciliation

                                Fiscal Year Ended December 31, 2012
                        ---------------------------------------------------
                                    GAAP                           Non-GAAP
                                   Percent                          Percent
                           GAAP   of Total                Non-GAAP of Total
                         Reported  Revenue  Adjustments   Results   Revenue
                        --------- --------  -----------  --------- --------

Revenue:
  Commission            $ 130,663       84% $         -  $ 130,663       84%
  Sponsorship,
   licensing and other     24,810       16            -     24,810       16
                        --------- --------  -----------  --------- --------
Total revenue             155,473      100            -    155,473      100
  Operating costs and
   expenses:
  Cost of revenue-
   sharing (1)              4,783        3         (435)     4,348        3
  Marketing and
   advertising (2)         57,789       37       (1,215)    56,574       36
  Customer care and
   enrollment (2)          30,282       19         (321)    29,961       19
  Technology and
   content (2)             21,406       14       (1,021)    20,385       13
  General and
   administrative (2)      26,169       17       (3,065)    23,104       15
  Amortization of
   intangible assets
   (3)                      1,615        1       (1,615)         -        -
                        --------- --------  -----------  --------- --------
Total operating costs
 and expenses             142,044       91       (7,672)   134,372       86
                        --------- --------  -----------  --------- --------
Income from operations     13,429        9        7,672     21,101       14
Other income, net              23        0            -         23        0
                        --------- --------  -----------  --------- --------
Income before provision
 for income taxes          13,452        9        7,672     21,124       14
Provision for income
 taxes (4)                  6,370        4        2,161      8,531        5
                        --------- --------  -----------  --------- --------
Net income (5)          $   7,082        5% $     5,511  $  12,593        8%
                        ========= ========  ===========  ========= ========

Net income per share:
 (5)
  Basic - common stock  $    0.36           $      0.27  $    0.63
  Diluted - common
   stock                $    0.34           $      0.27  $    0.61

Weighted-average number
 of shares used in per
 share amounts:
  Basic - common stock     19,867                19,867     19,867
  Diluted - common
   stock                   20,753                20,753     20,753



Explanation of adjustments

(1)  Non-GAAP results exclude an asset impairment charge.
(2)  Non-GAAP results exclude the effect of expensing stock-based
     compensation related to stock options and restricted stock units in
     accordance with FASB ASC Topic 718.
(3)  Non-GAAP results exclude intangible asset amortization expense.
(4)  Non-GAAP provision for income taxes excludes the estimated income tax
     benefits related to the asset impairment charge listed in note (1)
     above, stock-based compensation expense listed in note (2) above and
     intangible asset amortization expense listed in note (3) above.
(5)  Non-GAAP net income and non-GAAP net income per share exclude the asset
     impairment charge listed in note (1) above, stock-based compensation
     expense listed in note (2) above, intangible asset amortization expense
     listed in note (3) above, less the estimated income tax benefit listed
     in note (4) above.



                               EHEALTH, INC.
                      GAAP TO NON-GAAP RECONCILIATION
                FOR THE FISCAL YEAR ENDED DECEMBER 31, 2011
            (In thousands, except per share amounts, unaudited)

Statement of Income Reconciliation

                                Fiscal Year Ended December 31, 2011
                        ---------------------------------------------------
                                    GAAP                           Non-GAAP
                                   Percent                          Percent
                          GAAP    of Total               Non-GAAP  of Total
                        Reported   Revenue  Adjustments   Results   Revenue
                        --------  --------  -----------  --------  --------

Revenue:
  Commission            $120,321        79% $        --  $120,321        79%
  Sponsorship,
   licensing and other    31,327        21           --    31,327        21
                        --------  --------  -----------  --------  --------
Total revenue            151,648       100                151,648       100
  Operating costs and
   expenses:
  Cost of revenue-
   sharing                 8,340         5           --     8,340         6
  Marketing and
   advertising (1)        56,877        38         (962)   55,915        37
  Customer care and
   enrollment (1)         22,898        15         (344)   22,554        15
  Technology and
   content (1)            21,657        14       (1,669)   19,988        13
  General and
   administrative (1)     26,593        18       (4,121)   22,472        15
  Amortization of
   intangible assets
   (2)                     2,046         1       (2,046)       --        --
                        --------  --------  -----------  --------  --------
Total operating costs
 and expenses            138,411        91       (9,142)  129,269        85
                        --------  --------  -----------  --------  --------
Income from operations    13,237         9        9,142    22,379        15
Other income (expense),
 net                         (53)       (0)          --       (53)       (0)
                        --------  --------  -----------  --------  --------
Income before provision
 for income taxes         13,184         9        9,142    22,326        15
Provision for income
 taxes (3)                 6,460         4        3,044     9,504         6
                        --------  --------  -----------  --------  --------
Net income (4)          $  6,724         4% $     6,098  $ 12,822         8%
                        ========  ========  ===========  ========  ========

Net income per share:
 (4)
  Basic - common stock  $   0.32            $      0.29  $   0.61
  Diluted - common
   stock                $   0.31            $      0.28  $   0.59

Weighted-average number
 of shares used in per
 share amounts:
  Basic - common stock    20,947                 20,947    20,947
  Diluted - common
   stock                  21,703                 21,703    21,703

Explanation of adjustments

(1)  Non-GAAP results exclude the effect of expensing stock-based
     compensation related to stock options and restricted stock units in
     accordance with FASB ASC Topic 718.
(2)  Non-GAAP results exclude intangible asset amortization expense.
(3)  Non-GAAP provision for income taxes excludes the estimated income tax
     benefits related to stock-based compensation expense listed in note (1)
     above and intangible asset amortization expense listed in note (2)
     above.
(4)  Non-GAAP net income and non-GAAP net income per share exclude stock-
     based compensation expense listed in note (1) above, intangible asset
     amortization expense listed in note (2) above, less the estimated
     income tax benefit listed in note (3) above.



                               EHEALTH, INC.
             GAAP NET INCOME TO NON-GAAP EBITDA RECONCILIATION
   FOR THE THREE MONTHS AND FISCAL YEARS ENDED DECEMBER 31, 2011 AND 2012
                         (In thousands, unaudited)

EBITDA Reconciliation
                                  Three Months Ended    Fiscal Year Ended
                                      December 31,         December 31,
                                 --------------------- --------------------
                                    2011       2012       2011       2012
                                 ---------  ---------- ---------- ---------

Net income                       $   2,260  $    2,447 $    6,724 $   7,082
Stock-based compensation expense
 (1)                                 1,474       1,296      7,096     5,622
Depreciation and amortization
 (2)                                   559         671      2,358     2,411
Amortization of intangible
 assets (2)                            765         354      2,046     1,615
Other (income) expense, net (3)         (8)         18         53       (23)
Provision for income taxes (4)       2,125       1,845      6,460     6,370
                                 ---------  ---------- ---------- ---------
EBITDA                           $   7,175  $    6,631 $   24,737 $  23,077
                                 =========  ========== ========== =========

Explanation of adjustments
(1)  Non-GAAP EBITDA excludes the effect of expensing stock-based
     compensation related to stock options and restricted stock units in
     accordance with FASB ASC Topic 718.
(2)  Non-GAAP EBITDA excludes depreciation and amortization expense,
     including intangible asset amortization expense.
(3)  Non-GAAP EBITDA excludes other income (expense), net.
(4)  Non-GAAP EBITDA excludes income tax expense.

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Investor Relations Contact:
Kate Sidorovich CFA
Vice President, Investor Relations
440 East Middlefield Road
Mountain View, CA 94043
(650) 210-3111
kate.sidorovich@ehealth.com
http://ir.ehealthinsurance.com

Media Contact:
Brian Mast
Vice President Communications
440 East Middlefield Road
Mountain View, CA 94043
(650) 210-3149
brian.mast@ehealth.com
http://www.ehealthinsurance.com

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