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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": "2020-06-02 00:00:00",
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  "notes": "The chart is a waterfall-style visualization showing the slow accumulation of cash over 9 years against booked revenue.",
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      "kind": "callout",
      "text": "It Takes Six Years Longer than EHTH's Stated Member Life to Collect Cash Equaling MA Revenue",
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      "kind": "chart",
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      "text": "cash collection period: 9 years",
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      "text": "Put another way, EHTH can expect to collect only about 64% of booked Medicare Advantage revenue during the three-year period for which it estimates revenue.",
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      "text": "We estimate that – prior to any tail revenue adjustment – it takes EHTH nine years to fully collect each dollar of Medicare Advantage revenue it books. With tail revenue adjustments, EHTH's collection period seemingly extends to 20 years.",
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      "text": "EHTH: Booking Revenues Today that it Will Collect in 2029",
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