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  "documentTitle": "eHealth Inc. (EHTH)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-08 00:00:00",
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  "notes": "The slide uses expert testimony to argue that the company's growth strategy relies on low-loyalty customers, creating a churn-heavy business model.",
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      "text": "We believe the backbone of EHTH’s growth in MA Accepted Applications in 2018 and 2019 was a high-churn demographic that responds to DR advertising.",
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      "text": "We believe the backbone of EHTH's growth in MA Accepted Applications in 2018 and 2019 was a high-churn demographic that responds to DR advertising. Our research made clear that two demographics have particularly high churn in the MA space: Low income enrollees and younger than 65 members who qualify for Medicare because of disability.",
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      "kind": "quote",
      "text": "...Yeah, I would say the way to answer that question [about whether customer lives are trending down], you are what you eat and that meaning whatever their marketing channels are there will give you an indication of the LTV.",
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      "text": "It's sort of the dredges of advertising. [EHTH] buy very cheap inventory on cable TV... that tend to just attract an older demographic and demographic that tends to be watching like 10 hours of TV a day, makes less than $25,000 a year.",
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      "text": "It’s sort of the dredges of advertising. [EHTH] buy very cheap inventory on cable TV... that tend to just attract an older demographic and demographic that tends to be watching like 10 hours of TV a day, makes less than $25,000 a year. That’s where they get their enormous, through that channel. — EHTH Former Executive B. \n\nYeah, I would say the way to answer that question [about whether customer lives are trending down], you are what you eat and that meaning whatever their marketing channels are there will give you an indication of the LTV. — EHTH Former Executive B. \n\nAnd then whenever you had DR TV and things like that you could drive that mix up like fifty percent of under sixty-five which is not good, desirable mix that the carriers wanted. They usually wanted something under thirty percent or something like that... We started TV probably the last couple of years I was there. — EHTH Former Executive A.",
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      "text": "10 EHTH Former Executive B. 11 EHTH Former Executive A.",
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