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  "documentTitle": "eHealth Inc. (EHTH)",
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  "notes": "The slide uses a critical tone to argue that EHTH is pulling forward future revenue to inflate growth metrics, contradicting management's public statements.",
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      "text": "We believe that EHTH has now decided to book an additional ~15 years of forecasted commissions in order to squeeze further revenue growth out of their customer base.",
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      "text": "For each MA member cohort, EHTH books revenue twice. The first time is when an application is approved by CMS. At this time, the company records revenue per member equal to the constrained LTV, which was $1,013 at year-end 2019.",
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      "kind": "quote",
      "text": "\"[ASC] 606 accounting was mandated for all participants in this marketplace because when we enroll a senior, yes, if no action is taken, the commission is payable in perpetuity.\" — Scott Flanders, EHTH CEO",
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      "text": "5 EHTH 2019 10-K, p. 48\n6 EHTH Q3 2019 Earnings Call\n7 Sell-side research report, February 2020\n8 EHTH 2019 10-K, p. 85\n9 EHTH 2019 Q4 Earnings Call Transcript\n10 RBC Capital Markets Global Healthcare Conference, May 2020",
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      "text": "How Tail Revenue Adjustments Work",
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