eHealth, Inc.

open for your questions following the prepared remarks. I will now turn the floor over to Eli Newburn-Mintz, Senior Investor Relations Manager. Please go ahead.

Good morning and thank you all for joining us today. On the call today, Fran Soisman, e-health Chief Executive Officer and John Dolan, Chief Financial Officer, will discuss our second quarter 2025 financial results. 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. A replay of the call will be available on our website later today. Today's press release, our historical financial news releases and our filings with the SEC are also available on our investor relations site. We will be making forward-looking statements on this call about certain measures that are based upon management's current beliefs and expectations relating to future events impacting the company and our future financial or operating performance. Forward-looking statements on this call represent e-health'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. The forward-looking statements we will be making during this call are subject to a number of uncertainties and risks, including but not limited to those described in today's press release and in our most recent annual report on form 10K and our subsequent filings with the SEC. We will also be discussing certain non-GAAP financial measures on this call. Management's definitions of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures are included in today's press release. With that, I will turn the call over to Fran Soisman.

Thank you, Eli, and welcome, everyone. e-health delivered another strong quarter, once again, exceeding our expectations and demonstrating our ability to adapt to an evolving industry landscape. During the quarter, we began preparations for the most critical selling season of the year, the Medicare Annual Enrollment Period, or AEP. We now have greater but not full visibility into the likely dynamics of the fourth quarter AEP and expect to gather additional key insights in the coming weeks. These will first come through upcoming broker-carrier strategy meetings followed by plan releases, which typically occur in October, just ahead of the enrollment period. As part of today's earnings report, we are increasing our full year 2025 revenue and earnings guidance to reflect our strong performance to date while maintaining our AEP forecast in line with our standard approach. As you likely saw in last week's announcement, Derek Duke has been appointed as the next CEO of e-health. Over the past few years, we've worked hard to transform our business, and I'm proud of the progress his team has made in strengthening our foundation and positioning the company for long-term profitable growth. With that transformation now complete, I'm confident that Derek is the right leader to guide e-health into its next chapter, focused on greater scale, business diversification, and sustainable cashflow generation. He brings deep leadership experience across managed care and health insurance distribution, having served as CEO, CFO, and COO at his prior companies, including Health Markets, and most recently Magellan Health. To ensure a smooth transition, I'll be staying on in an advisory role through the end of the year, including the critical AEP, and will continue to serve on the board as a director, providing continuity and support as Derek steps into the CEO role next month. Derek is in the room with us today and is looking forward to meeting with our investors and analysts following this call. Let me now highlight some of the key industry developments since our last earnings call. In June, CMS published the maximum broker commission rates for plan year 2026. Much like the Medicare reimbursement rates for carriers released in May, these commission rates were significantly more favorable than they had been in recent years. Following consecutive years of bigger increases to the maximum rate, the announced rate effectively serves as a correction, bringing us back in line with the 10-year average. The announced 26 commission rates exceeded our expectations, including the rate assumptions embedded in our 2025 guidance. As noted, we have not incorporated any AEP-related impacts into our updated outlook, including this recent broker rate announcement. With respect to the macro MA environment, carriers are communicating persistent margin pressure. They have pointed to utilization trends as well as lower than necessary reimbursements, despite the favorable rates for 2026. As a result of these pressures, we believe this year's AEP could be as disruptive and complex as last year's, with meaningful implications for both beneficiaries and our business. As a result, we anticipate additional geographic service area reductions, continued benefit reductions, and the potential for carriers to make certain plans non-commissionable as a tool of plan enrollment control. In contrast, some carriers that made significant strategic corrections last year will be opting for greater plan stability, which may position them to gain market share. This anticipated volatility is a key reason why we are maintaining our underlying AEP expectations as part of our guidance. Medicare Advantage continues to enjoy strong bipartisan support in Congress, reflecting its critical role in delivering high quality, affordable healthcare to approximately 35 million seniors. This program has also received early positive signals from the new administration, reinforcing its stability and importance in the broader Medicare landscape. With consistently higher satisfaction ratings, Medicare Advantage remains a popular and trusted choice among Medicare beneficiaries nationwide. The Medicare Advantage program will likely continue to evolve over the coming years as policymakers, regulators, and health plans work to strengthen its value, improve health outcomes, and ensure long-term sustainability. In the meantime, the near-term challenges that are facing any organization represents an opportunity for e-health to provide valuable assistance to beneficiaries as they navigate this dynamic environment. We believe we are well positioned to further differentiate e-health and strengthen our brand recognition. In contrast to the volatile environment, we expect e-health to stand as a source of continuity and trusted service to help ensure our members retain uninterrupted access to quality, affordable healthcare, including the preferred physicians and hospital networks. Last year, AEP highlighted the strategic advantage of our broad carrier relationships and national geographic footprint. We successfully navigated benefit plan cancellations and carrier market exits, which enabled us to continue offering high-quality plan options across all of our key markets while delivering exceptional enrollment growth. In contrast, smaller and more regionally concentrated agencies are likely to face continued challenges. We anticipate further consolidation or exits among our peers, creating additional opportunities for e-health to gain market share and reinforce our leadership position. Turning to our second quarter results, revenue came in ahead of internal expectations driven by better than expected Medicare Advantage enrollment and favorable member retention trends in our Medicare business, which positively impacted tail revenue and lifetime values or LTVs for both Medicare Advantage and Medicare supplement products. Second quarter revenue was 60.8 million, gap net loss was 17.4 million and adjusted EBITDA was negative 14.1 million. We ended the quarter with 105.2 million in cash, cash equivalents and short-term marketable securities reflecting strong collections from new Medicare enrollments. As a reminder, the -over-year decline in second quarter Medicare enrollments and related revenue was expected and reflects the impact of recent regulatory changes that limit dual eligible Medicare beneficiaries from switching plans outside of the main enrollment periods. Prior to the regulation, which was implemented earlier this year, enrollment activity from dual eligible beneficiaries represented a significant portion of our Q2 and Q3 enrollment volume. We now expect some of this MA volume to shift to the fourth quarter AEP. To help mitigate this elevated seasonality in Medicare enrollments, we expanded our focus on insurance products that can be sold year-round, such as Medicare supplement, hospital indemnity plans and other ancillary options. We also proactively adjusted our tele-sale staffing model, introduced innovative agent career pathing strategies and leveraged our industry-leading technology stack, elements I'll return to shortly. During the quarter, we completed our LTV refresh, a critical update that incorporates the majority of data from the most recent AEP and OEP cycle, our highest volume periods of the year. Overall, Medicare retention was in line with expectations. While the most recent AEP cohort outperformed, supported by our retention strategies and the growing strength of our consumer brand. Our loyalty organizations, tireless and iterative work played a key role in the improved retention we have seen so far with this cohort. Looking ahead to Q4 and the upcoming AEP, our preparation efforts are progressing well across the organization. Our marketing team is building on last year's success by featuring authentic, unscripted stories for Medicare beneficiaries that highlight the value we bring to the market. As sector disruption continues, our advisors are helping beneficiaries navigate plan changes with clarity and simplicity. We're also expanding our brand message beyond the live advisor experience to include our online consumer platform, guiding shoppers to ehealth.com, which can be navigated independently or with licensed advisor support. This reflects the convergence of two of eHealth's core differentiators, our advanced technology that enables -to-end online shopping and enrollment, and our trusted, distinct brand voice. Within our telesales organization, we implemented a more flexible structure that combines full-time and seasonal licensed benefit advisors, and will allow us to adjust capacity more efficiently to the seasonal pattern of the Medicare business. This change was key to our profitability outperformance during Q2, despite the decline in enrollment volume. Our goal is to create an environment that will empower advisors who are interested in seasonal work and will continue returning to us year after year. As part of this initiative, we have developed impactful programs to narrow the conversion rate gap between full-time and seasonal advisors. During the quarter, we also successfully piloted AI voice agents to handle customer calls outside of business hours and to expand capacity during peak hours. The results to date are encouraging. We've seen improvements in call center productivity metrics. Most importantly, we received highly positive feedback from customers who use this new feature. As we approach AEP, we expect the AI screener tool to play an even more important role, especially given the significant call volume spikes we typically experience toward the end of the enrollment period. Following the success of the pilot, we're now deploying the tool at scale and expect AI screening to materially improve answer rates, a meaningful driver in an industry where wait times can exceed an hour during peak periods. Beyond this exciting development, our digital organization continues to make enhancements across our omni-channel platform to streamline and simplify user experience in support of growing adoption of internet use from seniors. Member retention remains a cornerstone of our overall strategy. During the quarter, we conducted a comprehensive ROI analysis of our core retention initiatives, which we expect to allow our loyalty teams to increase the precision in their approach, directing resources towards the programs and member segments that deliver the greatest impact. These efforts are designed to support our members through this dynamic period and reinforce the value of a lifetime relationship with e-health. Carrier alignment also continues to be critical, as ever, in the lead up to this enrollment period. This AEP, we expect carrier growth strategies to become increasingly targeted, focusing on their best performing plans and geographies while de-emphasizing less profitable offerings. Given the sophistication of our marketing capabilities and our enhanced inter-organizational connectedness, we believe we can be more effective than ever in support of these goals for our carrier partners. We continue to work on and have made progress towards improving our capital structure. Our capital strategy has three tenets. First, to address our term loan that matures in February of 2026. Second, to increase our access to capital to support profitable growth in our core business and diversification areas. And third, to address our convertible preferred instrument. The process is dynamic, but the option towards which we are currently progressing is expected to achieve the first two objectives while also accomplishing an important task of validating our commission's receivable asset. While we do not expect to achieve the third objective of addressing the convertible preferred at this time, we remain committed to this goal. We will continue working towards achieving a -in-class capital structure while understanding it might be a multi-step process. In closing, our second quarter performance further demonstrates e-health's ability to navigate a dynamic environment with agility and focus. This includes making strategic adjustments within our telesales organization to enhance flexibility, as well as leveraging technology and AI to further optimize our capacity. We are encouraged by our -to-day performance that allows us to raise our 2025 annual revenue and earnings guidance ranges. Additionally, our recently completed LTV refresh reaffirmed the quality of our receivables. We're expecting another dynamic AEP that will present a unique set of opportunities and demands on our organization. We remain confident in our ability to execute on these opportunities through the second half of the year. I'll now pass the floor to John to provide additional details on our financials. John? Thank you,