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Carson Block · research-note

eHealth Inc. (EHTH)

15 pages · 6 arc beats · 3 loops

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eHealth Inc. (EHTH)

Carson Block · 2020-04
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

6
coverage by narrative range · generated from this deck JSON
Narrative range 22 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Disclaimer and Executive Summary 3 slides 100% 3/3 slides 100% 3/3 slides · 13 hits
— 0/3 slides
66.7% 2/3 slides 66.7% 2/3 slides 100% 3/3 slides
— 0/3 slides
Critique of EHTH's Business Practices 4 slides 100% 4/4 slides 100% 4/4 slides · 34 hits
— 0/4 slides
— 0/4 slides
50% 2/4 slides 100% 4/4 slides · 7 hits 100% 4/4 slides Exposure of EHTH's Contradictions 4 slides 100% 4/4 slides 100% 4/4 slides · 35 hits
— 0/4 slides
— 0/4 slides
75% 3/4 slides 100% 4/4 slides · 8 hits 100% 4/4 slides Appendix with Data 8 slides 100% 8/8 slides 100% 8/8 slides · 65 hits
— 0/8 slides
— 0/8 slides
50% 4/8 slides 100% 8/8 slides · 15 hits 87.5% 7/8 slides Valuation Table 1 slides 100% 1/1 slides 100% 1/1 slides · 8 hits
— 0/1 slides
— 0/1 slides
100% 1/1 slides 100% 1/1 slides 100% 1/1 slides Final Critique of EHTH 2 slides 100% 2/2 slides 100% 2/2 slides · 17 hits
— 0/2 slides
— 0/2 slides
100% 2/2 slides 100% 2/2 slides
— 0/2 slides

Slide inventory

15
every slide · same image gating as the playbook
01
Slide 1
Standard legal boilerplate for investment research firm.other
Open slide detailBeat · Disclaimer and Executive Summary
02
This is a classic short-seller thesis summary slide, often referred to as a 'bear case' summary.summarize
Open slide detailBeat · Disclaimer and Executive Summary
03
The slide serves as a critical narrative piece in a research report, linking accounting changes to management behavior and operational metrics.summarize
Open slide detailBeat · Disclaimer and Executive Summary
04
Includes a table showing eHealth Medicare Advantage Churn metrics from FY16 to FY19.expose_contradiction
Open slide detailBeat · Critique of EHTH's Business PracticesLoop · Zoom In
05
The slide explains the sensitivity of LTV calculations to churn assumptions and provides a methodology for calculating implied churn.analyze_data
Open slide detailBeat · Critique of EHTH's Business PracticesLoop · Zoom In
06
The slide uses tables to demonstrate that eHealth's churn assumptions imply unrealistically long customer lives, leading to an overstated commissions receivableexpose_contradiction
Open slide detailBeat · Critique of EHTH's Business PracticesLoop · Zoom In
07
The slide uses expert testimony to argue that the company's growth strategy relies on low-loyalty customers, creating a churn-heavy business model.expose_contradiction
Open slide detailBeat · Critique of EHTH's Business PracticesLoop · Zoom In
08
The slide includes a screenshot of an EHTH TV advertisement and references footnotes 12 and 13.expose_contradiction
Open slide detailBeat · Exposure of EHTH's ContradictionsLoop · Iceberg
09
Includes a detailed table of membership metrics and a critique of the churn formula.expose_contradiction
Open slide detailBeat · Exposure of EHTH's ContradictionsLoop · Iceberg
10
The slide argues that EHTH ignores ongoing service costs to justify booking multi-year commissions upfront.analyze_data
Open slide detailBeat · Exposure of EHTH's ContradictionsLoop · Iceberg
11
The slide uses direct quotes from earnings calls to highlight management's alleged dishonesty regarding operational costs.expose_contradiction
Open slide detailBeat · Exposure of EHTH's ContradictionsLoop · Iceberg
12
Contains detailed footnotes referencing former executive interviews and methodology for calculating revenue-sharing obligations.analyze_data
Open slide detailBeat · Appendix with Data
13
The slide uses a forensic accounting approach to re-calculate unit economics, contradicting management's growth narrative.diagnose_problem
Open slide detailBeat · Valuation TableLoop · Cost Of Inaction
14
The slide uses a 'villain_critique' tone, specifically targeting EHTH management's credibility and accounting practices.expose_contradiction
Open slide detailBeat · Final Critique of EHTH
15
The slide uses insider selling data to undermine the credibility of the company's leadership and business model.expose_contradiction
Open slide detailBeat · Final Critique of EHTH