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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 includes a screenshot of an EHTH TV advertisement and references footnotes 12 and 13.",
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      "kind": "callout",
      "text": "The denominator used to calculate churn is actually greater than the Estimated Ending Membership in the two most recent quarters!",
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      "text": "An advertising measurement company estimates that EHTH has spent approximately $15 million across two TV ad campaigns that have generated in excess of one billion TV impressions.",
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      "kind": "paragraph",
      "text": "Below is a slide from the most recent investor presentation showing lower churn metrics seven to 10 percentage points lower than we calculate. The denominator used to calculate churn is actually greater than the Estimated Ending Membership in the two most recent quarters!",
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      "text": "We see EHTH as taking pains to pull the wool over investors' eyes with respect to recent churn rates. EHTH has published its own churn rates, which in our view materially understate the churn.",
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      "kind": "source-note",
      "text": "Source: https://www.ispot.tv/ad/I8u0/ehealthinsurance-services-all-in-one-medicare-coverage",
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      "text": "EHTH Deliberately Obscures the Increasing Churn",
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      "objective": "What are the implications of EHTH's contradictions?",
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