[144] Peloton Interactive, Inc. SEC Filing
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Filing Sentiment
Form Type
144
Rhea-AI Filing Summary
EHTH Q2-25 (10-Q) snapshot
- Revenue: Q2 $60.8 m (-8% YoY); 1H $173.9 m (+10%). Medicare remains the core driver: 83% of commission revenue, aided by $19.1 m favorable prior-period adjustments.
- Profitability: Q2 operating loss trimmed to $23.0 m from $28.0 m; net loss to common holders narrowed 24% to $29.8 m (-$0.98 EPS). 1H net loss down 40% to $39.8 m as every expense line declined, cutting total opex 11%.
- Cash & liquidity: Positive operating cash flow $35.9 m; cash & equivalents up to $65.9 m vs $39.2 m YE-24. Long-term debt reclassified to $69.1 m short-term; company remains in breach of asset-coverage and liquidity covenants linked to H.I.G.鈥檚 $225 m Series A preferred.
- Balance sheet: Equity fell to $554.9 m (-6% YTD) after $23.5 m in preferred dividends/accretion; contract assets down 8% to $917 m as collections outpaced new deferrals.
- Operating trends: Marketing spend -20% YoY; tech & content -13%. Small-business renewals stable, but individual/family and Part D produced negative revenue due to retro adjustments.
- Key risks: Ongoing losses, covenant non-compliance granting H.I.G. extra governance rights, 58% receivable concentration with Humana & UnitedHealthcare, and a False Claims Act suit filed 1 May 25.
Riepilogo EHTH Q2-25 (10-Q)
- Ricavi: Q2 $60,8 mln (-8% su base annua); 1H $173,9 mln (+10%). Medicare rimane il principale motore: 83% dei ricavi da commissioni, supportato da aggiustamenti favorevoli di periodi precedenti per $19,1 mln.
- 搁别诲诲颈迟颈惫颈迟脿: Perdita operativa Q2 ridotta a $23,0 mln da $28,0 mln; perdita netta per azionisti comuni diminuita del 24% a $29,8 mln (-$0,98 per azione). Perdita netta 1H scesa del 40% a $39,8 mln grazie alla riduzione di tutte le voci di spesa, con un taglio totale dei costi operativi dell'11%.
- Liquidit脿 e cassa: Flusso di cassa operativo positivo di $35,9 mln; liquidit脿 e equivalenti aumentati a $65,9 mln da $39,2 mln a fine anno 2024. Debito a lungo termine riclassificato a $69,1 mln a breve termine; la societ脿 resta in violazione dei covenant di copertura patrimoniale e liquidit脿 legati alla serie A preferenziale da $225 mln di H.I.G.
- Bilancio: Patrimonio netto sceso a $554,9 mln (-6% da inizio anno) dopo dividendi/prezzo di accrescimento preferenziali per $23,5 mln; attivit脿 contrattuali diminuite dell'8% a $917 mln poich茅 gli incassi hanno superato i nuovi differimenti.
- Tendenze operative: Spese di marketing -20% su base annua; tecnologia e contenuti -13%. Rinnovi per piccole imprese stabili, ma individuali/familiari e Parte D hanno generato ricavi negativi a causa di rettifiche retroattive.
- Rischi chiave: Perdite continue, mancato rispetto dei covenant che concede a H.I.G. diritti di governance aggiuntivi, concentrazione del 58% dei crediti con Humana e UnitedHealthcare, e una causa per False Claims Act intentata il 1掳 maggio 2025.
Resumen EHTH Q2-25 (10-Q)
- Ingresos: Q2 $60,8 millones (-8% interanual); 1H $173,9 millones (+10%). Medicare sigue siendo el motor principal: 83% de los ingresos por comisiones, apoyado por ajustes favorables de periodos anteriores por $19,1 millones.
- Rentabilidad: P茅rdida operativa en Q2 reducida a $23,0 millones desde $28,0 millones; p茅rdida neta para accionistas comunes disminuy贸 un 24% a $29,8 millones (-$0,98 por acci贸n). P茅rdida neta en 1H baj贸 un 40% a $39,8 millones gracias a la reducci贸n de todos los gastos, recortando los gastos operativos totales en un 11%.
- Liquidez y efectivo: Flujo de caja operativo positivo de $35,9 millones; efectivo y equivalentes aumentaron a $65,9 millones desde $39,2 millones al cierre de 2024. Deuda a largo plazo reclasificada a corto plazo por $69,1 millones; la empresa sigue incumpliendo los convenios de cobertura de activos y liquidez vinculados a la serie A preferente de $225 millones de H.I.G.
- Balance: Patrimonio neto cay贸 a $554,9 millones (-6% en el a帽o) tras $23,5 millones en dividendos/acreci贸n preferente; activos contractuales bajaron un 8% a $917 millones debido a que las cobranzas superaron los nuevos diferimientos.
- Tendencias operativas: Gastos de marketing -20% interanual; tecnolog铆a y contenido -13%. Renovaciones para peque帽as empresas estables, pero individual/familiar y Parte D generaron ingresos negativos por ajustes retroactivos.
- Riesgos clave: P茅rdidas continuas, incumplimiento de convenios que otorga a H.I.G. derechos adicionales de gobernanza, concentraci贸n del 58% de cuentas por cobrar con Humana y UnitedHealthcare, y una demanda bajo la Ley de Reclamos Falsos presentada el 1 de mayo de 2025.
EHTH 2025雲� 2攵勱赴(10-Q) 鞖旍暯
- 毵れ稖: 2攵勱赴 6,080毵� 雼煬 (鞝勲厔 雽�牍� -8%); 靸侂皹旮� 1鞏�7,390毵� 雼煬 (+10%). 氅旊敂旒�鞏搓皜 頃奠嫭 霃欕牓鞙茧, 靾橃垬耄� 毵れ稖鞚� 83% 彀頃橂┌ 鞚挫爠 旮瓣皠鞐� 鞙犽Μ頃� 臁办爼鞎� 1,910毵� 雼煬臧� 韽暔霅�.
- 靾橃澋靹�: 2攵勱赴 鞓侅梾靻愳嫟鞚� 2,800毵� 雼煬鞐愳劀 2,300毵� 雼煬搿� 臧愳唽; 氤错喌欤检＜ 靾滌啇鞁れ潃 24% 於曥唽霅� 2,980毵� 雼煬(-欤茧嫻靾滌啇鞁� 0.98雼煬). 靸侂皹旮� 靾滌啇鞁れ潃 40% 臧愳唽頃� 3,980毵� 雼煬搿�, 氇摖 牍勳毄 頃鞚� 欷勳柎霌れ柎 齑� 鞓侅梾牍勳毄 11% 鞝堦皭.
- 順勱笀 氚� 鞙犽彊靹�: 鞓侅梾順勱笀頋愲鞚� 3,590毵� 雼煬 頂岆煬鞀�; 順勱笀 氚� 順勱笀靹膘瀽靷办潃 2024雲� 毵� 3,920毵� 雼煬鞐愳劀 6,590毵� 雼煬搿� 歃濌皜. 鞛リ赴攵�毂勱皜 6,910毵� 雼煬 雼赴攵�毂勲 鞛秳毳�; 須岇偓電� H.I.G.鞚� 2鞏�2,500毵� 雼煬 鞁滊Μ歃� A 鞖办劆欤检檧 甏�霠悳 鞛愳偘 雼措炒 氚� 鞙犽彊靹� 瓿勳暯 鞙勲皹 靸來儨 鞙犾.
- 鞛靸来儨响�: 鞛愲掣鞚� 5鞏�5,490毵� 雼煬搿� 鞐办磮 雽�牍� 6% 臧愳唽, 2,350毵� 雼煬 鞖办劆欤� 氚半嫻/靸侅姽 氚橃榿 頉�; 瓿勳暯鞛愳偘鞚� 8% 臧愳唽頃� 9鞏�1,700毵� 雼煬搿�, 靾橁笀鞚� 鞁犼窚 鞐瓣赴鞎§潉 靸來殞頃�.
- 鞖挫榿 霃欗枼: 毵堨紑韺� 歆�於� 鞝勲厔 雽�牍� 20% 臧愳唽; 旮办垹 氚� 旖橅厫旄� 13% 臧愳唽. 欷戩唽旮办梾 臧膘嫚鞚� 鞎堨爼鞝侅澊雮� 臧滌澑/臧�臁� 氚� 韺岉姼 D 攵�氍胳潃 靻岅笁 臁办爼鞙茧 鞚疙暣 毵れ稖鞚� 臧愳唽.
- 欤检殧 毽姢韥�: 歆�靻嶌爜 靻愳嫟, 瓿勳暯 鞙勲皹鞙茧 H.I.G.鞐� 於旉皜 瓴届榿甓� 攵�鞐�, 頊措雮� 氚� 鞙犽倶鞚错嫲霌滍棳鞀れ紑鞏挫棎 58% 毵れ稖毂勱秾 歆戩, 2025雲� 5鞗� 1鞚� 鞝滉赴霅� 項堨渼 觳惮氩� 靻岇啞.
R茅sum茅 EHTH T2-25 (10-Q)
- Chiffre d'affaires : T2 60,8 M$ (-8% en glissement annuel) ; 1S 173,9 M$ (+10%). Medicare reste le principal moteur : 83 % des revenus de commissions, soutenu par des ajustements favorables de p茅riodes ant茅rieures de 19,1 M$.
- Rentabilit茅 : Perte op茅rationnelle T2 r茅duite 脿 23,0 M$ contre 28,0 M$ ; perte nette attribuable aux actionnaires ordinaires r茅duite de 24 % 脿 29,8 M$ (-0,98 $ par action). Perte nette 1S en baisse de 40 % 脿 39,8 M$ gr芒ce 脿 la r茅duction de toutes les charges, r茅duisant les d茅penses d'exploitation totales de 11 %.
- Tr茅sorerie et liquidit茅s : Flux de tr茅sorerie op茅rationnel positif de 35,9 M$ ; tr茅sorerie et 茅quivalents en hausse 脿 65,9 M$ contre 39,2 M$ fin 2024. Dette 脿 long terme reclass茅e en dette 脿 court terme de 69,1 M$ ; l'entreprise reste en d茅faut sur les engagements de couverture d'actifs et de liquidit茅s li茅s 脿 la s茅rie A privil茅gi茅e de 225 M$ de H.I.G.
- Bilan : Capitaux propres en baisse 脿 554,9 M$ (-6 % depuis le d茅but de l'ann茅e) apr猫s 23,5 M$ de dividendes/primes sur actions privil茅gi茅es ; actifs contractuels en baisse de 8 % 脿 917 M$ car les encaissements ont d茅pass茅 les nouveaux diff茅r茅s.
- Tendances op茅rationnelles : D茅penses marketing en baisse de 20 % en glissement annuel ; technologie et contenu -13 %. Renouvellements pour les petites entreprises stables, mais les segments individuel/familial et Partie D ont g茅n茅r茅 des revenus n茅gatifs en raison d'ajustements r茅troactifs.
- Risques cl茅s : Pertes continues, non-respect des engagements donnant 脿 H.I.G. des droits de gouvernance suppl茅mentaires, concentration de 58 % des cr茅ances clients aupr猫s de Humana et UnitedHealthcare, et une plainte au titre du False Claims Act d茅pos茅e le 1er mai 2025.
EHTH Q2-25 (10-Q) Zusammenfassung
- Umsatz: Q2 60,8 Mio. $ (-8% im Jahresvergleich); 1H 173,9 Mio. $ (+10%). Medicare bleibt der Haupttreiber: 83% der Provisionsums盲tze, unterst眉tzt durch g眉nstige Anpassungen aus Vorperioden in H枚he von 19,1 Mio. $.
- 笔谤辞蹿颈迟补产颈濒颈迟盲迟: Operativer Verlust im Q2 auf 23,0 Mio. $ von 28,0 Mio. $ reduziert; Nettoverlust f眉r Stammaktion盲re um 24% auf 29,8 Mio. $ verringert (-0,98 $ je Aktie). Nettoverlust im 1H um 40% auf 39,8 Mio. $ gesunken, da alle Kostenpositionen zur眉ckgingen und die gesamten Betriebsausgaben um 11% gesenkt wurden.
- Barmittel & Liquidit盲t: Positiver operativer Cashflow von 35,9 Mio. $; Zahlungsmittel und 脛quivalente stiegen auf 65,9 Mio. $ von 39,2 Mio. $ zum Jahresende 2024. Langfristige Verbindlichkeiten wurden in kurzfristige umgewandelt (69,1 Mio. $); das Unternehmen befindet sich weiterhin in Verletzung von Asset-Coverage- und Liquidit盲tsklauseln im Zusammenhang mit der 225 Mio. $ Series A Preferred von H.I.G.
- Bilanz: Eigenkapital sank auf 554,9 Mio. $ (-6% im Jahresverlauf) nach 23,5 Mio. $ an bevorzugten Dividenden/Akkretion; Vertragsverm枚gen um 8% auf 917 Mio. $ gesunken, da Einziehungen neue Stundungen 眉berstiegen.
- Betriebliche Trends: Marketingausgaben -20% im Jahresvergleich; Technologie & Inhalte -13%. Erneuerungen im Kleinunternehmen stabil, aber individuelle/famili盲re und Teil D erzielten negative Ums盲tze aufgrund r眉ckwirkender Anpassungen.
- Hauptrisiken: Anhaltende Verluste, Covenant-Verst枚脽e, die H.I.G. zus盲tzliche Governance-Rechte gew盲hren, 58% Forderungskonzentration bei Humana & UnitedHealthcare sowie eine am 1. Mai 2025 eingereichte Klage wegen Versto脽es gegen das False Claims Act.
Positive
- Operating loss narrowed 24% YoY in Q2 and 60% for 1H, reflecting expense discipline.
- Positive operating cash flow of $35.9 m boosted cash to $65.9 m, improving near-term liquidity.
- Medicare segment growth (+18% 1H) underscores franchise strength and recurring revenue visibility.
- Cost reductions in marketing (-20%) and tech/content (-13%) signal improved operating leverage.
Negative
- Continued net losses and negative EPS (-$0.98) underline an unproven path to profitability.
- Covenant breaches on asset-coverage and liquidity give H.I.G. enhanced control and could restrict strategy.
- Heavy preferred burden: $23.5 m YTD dividends/accretion dilute common equity and raise redemption risk in 2027.
- Regulatory/legal overhang from a May 2025 False Claims Act suit and high carrier concentration increase risk.
Insights
TL;DR: Improved losses and cash, but covenant breaches, litigation and rising preferred burden keep outlook cautious.
eHealth鈥檚 cost-control program is working: 1H operating loss fell 60% and positive cash flow lifted liquidity to $66 m. Yet the firm still posts negative EPS, carries $69 m of soon-maturing debt and faces tight covenants attached to the 8% Series A preferred. Non-compliance hands H.I.G. board influence and limits strategic flexibility. Preferred accretion/ dividends exceeded $23 m YTD鈥攍arger than the operating loss鈥攕o common shareholders continue to be diluted economically. While Medicare revenue grew on favorable true-ups, core Q2 top-line slipped and certain categories (Part D, ACA plans) were negative, hinting at retention pressure. Net/net the filing is modestly negative for equity holders and neutral for credit; watch cash, covenant cures and litigation developments.
TL;DR: Litigation and compliance gaps add material downside despite operational progress.
The newly disclosed False Claims Act complaint, combined with concentration risk (Humana, UnitedHealthcare, Aetna 75% of receivables) and recurring covenant breaches, raise the regulatory and financing risk profile. Failure to regain the asset-coverage and liquidity thresholds could trigger further H.I.G. oversight or stricter financing terms. Management cites cybersecurity, AI deployment, and Chinese operations as additional exposures. Investors should discount for potential fines, mandated operational changes and refinancing costs.
Riepilogo EHTH Q2-25 (10-Q)
- Ricavi: Q2 $60,8 mln (-8% su base annua); 1H $173,9 mln (+10%). Medicare rimane il principale motore: 83% dei ricavi da commissioni, supportato da aggiustamenti favorevoli di periodi precedenti per $19,1 mln.
- 搁别诲诲颈迟颈惫颈迟脿: Perdita operativa Q2 ridotta a $23,0 mln da $28,0 mln; perdita netta per azionisti comuni diminuita del 24% a $29,8 mln (-$0,98 per azione). Perdita netta 1H scesa del 40% a $39,8 mln grazie alla riduzione di tutte le voci di spesa, con un taglio totale dei costi operativi dell'11%.
- Liquidit脿 e cassa: Flusso di cassa operativo positivo di $35,9 mln; liquidit脿 e equivalenti aumentati a $65,9 mln da $39,2 mln a fine anno 2024. Debito a lungo termine riclassificato a $69,1 mln a breve termine; la societ脿 resta in violazione dei covenant di copertura patrimoniale e liquidit脿 legati alla serie A preferenziale da $225 mln di H.I.G.
- Bilancio: Patrimonio netto sceso a $554,9 mln (-6% da inizio anno) dopo dividendi/prezzo di accrescimento preferenziali per $23,5 mln; attivit脿 contrattuali diminuite dell'8% a $917 mln poich茅 gli incassi hanno superato i nuovi differimenti.
- Tendenze operative: Spese di marketing -20% su base annua; tecnologia e contenuti -13%. Rinnovi per piccole imprese stabili, ma individuali/familiari e Parte D hanno generato ricavi negativi a causa di rettifiche retroattive.
- Rischi chiave: Perdite continue, mancato rispetto dei covenant che concede a H.I.G. diritti di governance aggiuntivi, concentrazione del 58% dei crediti con Humana e UnitedHealthcare, e una causa per False Claims Act intentata il 1掳 maggio 2025.
Resumen EHTH Q2-25 (10-Q)
- Ingresos: Q2 $60,8 millones (-8% interanual); 1H $173,9 millones (+10%). Medicare sigue siendo el motor principal: 83% de los ingresos por comisiones, apoyado por ajustes favorables de periodos anteriores por $19,1 millones.
- Rentabilidad: P茅rdida operativa en Q2 reducida a $23,0 millones desde $28,0 millones; p茅rdida neta para accionistas comunes disminuy贸 un 24% a $29,8 millones (-$0,98 por acci贸n). P茅rdida neta en 1H baj贸 un 40% a $39,8 millones gracias a la reducci贸n de todos los gastos, recortando los gastos operativos totales en un 11%.
- Liquidez y efectivo: Flujo de caja operativo positivo de $35,9 millones; efectivo y equivalentes aumentaron a $65,9 millones desde $39,2 millones al cierre de 2024. Deuda a largo plazo reclasificada a corto plazo por $69,1 millones; la empresa sigue incumpliendo los convenios de cobertura de activos y liquidez vinculados a la serie A preferente de $225 millones de H.I.G.
- Balance: Patrimonio neto cay贸 a $554,9 millones (-6% en el a帽o) tras $23,5 millones en dividendos/acreci贸n preferente; activos contractuales bajaron un 8% a $917 millones debido a que las cobranzas superaron los nuevos diferimientos.
- Tendencias operativas: Gastos de marketing -20% interanual; tecnolog铆a y contenido -13%. Renovaciones para peque帽as empresas estables, pero individual/familiar y Parte D generaron ingresos negativos por ajustes retroactivos.
- Riesgos clave: P茅rdidas continuas, incumplimiento de convenios que otorga a H.I.G. derechos adicionales de gobernanza, concentraci贸n del 58% de cuentas por cobrar con Humana y UnitedHealthcare, y una demanda bajo la Ley de Reclamos Falsos presentada el 1 de mayo de 2025.
EHTH 2025雲� 2攵勱赴(10-Q) 鞖旍暯
- 毵れ稖: 2攵勱赴 6,080毵� 雼煬 (鞝勲厔 雽�牍� -8%); 靸侂皹旮� 1鞏�7,390毵� 雼煬 (+10%). 氅旊敂旒�鞏搓皜 頃奠嫭 霃欕牓鞙茧, 靾橃垬耄� 毵れ稖鞚� 83% 彀頃橂┌ 鞚挫爠 旮瓣皠鞐� 鞙犽Μ頃� 臁办爼鞎� 1,910毵� 雼煬臧� 韽暔霅�.
- 靾橃澋靹�: 2攵勱赴 鞓侅梾靻愳嫟鞚� 2,800毵� 雼煬鞐愳劀 2,300毵� 雼煬搿� 臧愳唽; 氤错喌欤检＜ 靾滌啇鞁れ潃 24% 於曥唽霅� 2,980毵� 雼煬(-欤茧嫻靾滌啇鞁� 0.98雼煬). 靸侂皹旮� 靾滌啇鞁れ潃 40% 臧愳唽頃� 3,980毵� 雼煬搿�, 氇摖 牍勳毄 頃鞚� 欷勳柎霌れ柎 齑� 鞓侅梾牍勳毄 11% 鞝堦皭.
- 順勱笀 氚� 鞙犽彊靹�: 鞓侅梾順勱笀頋愲鞚� 3,590毵� 雼煬 頂岆煬鞀�; 順勱笀 氚� 順勱笀靹膘瀽靷办潃 2024雲� 毵� 3,920毵� 雼煬鞐愳劀 6,590毵� 雼煬搿� 歃濌皜. 鞛リ赴攵�毂勱皜 6,910毵� 雼煬 雼赴攵�毂勲 鞛秳毳�; 須岇偓電� H.I.G.鞚� 2鞏�2,500毵� 雼煬 鞁滊Μ歃� A 鞖办劆欤检檧 甏�霠悳 鞛愳偘 雼措炒 氚� 鞙犽彊靹� 瓿勳暯 鞙勲皹 靸來儨 鞙犾.
- 鞛靸来儨响�: 鞛愲掣鞚� 5鞏�5,490毵� 雼煬搿� 鞐办磮 雽�牍� 6% 臧愳唽, 2,350毵� 雼煬 鞖办劆欤� 氚半嫻/靸侅姽 氚橃榿 頉�; 瓿勳暯鞛愳偘鞚� 8% 臧愳唽頃� 9鞏�1,700毵� 雼煬搿�, 靾橁笀鞚� 鞁犼窚 鞐瓣赴鞎§潉 靸來殞頃�.
- 鞖挫榿 霃欗枼: 毵堨紑韺� 歆�於� 鞝勲厔 雽�牍� 20% 臧愳唽; 旮办垹 氚� 旖橅厫旄� 13% 臧愳唽. 欷戩唽旮办梾 臧膘嫚鞚� 鞎堨爼鞝侅澊雮� 臧滌澑/臧�臁� 氚� 韺岉姼 D 攵�氍胳潃 靻岅笁 臁办爼鞙茧 鞚疙暣 毵れ稖鞚� 臧愳唽.
- 欤检殧 毽姢韥�: 歆�靻嶌爜 靻愳嫟, 瓿勳暯 鞙勲皹鞙茧 H.I.G.鞐� 於旉皜 瓴届榿甓� 攵�鞐�, 頊措雮� 氚� 鞙犽倶鞚错嫲霌滍棳鞀れ紑鞏挫棎 58% 毵れ稖毂勱秾 歆戩, 2025雲� 5鞗� 1鞚� 鞝滉赴霅� 項堨渼 觳惮氩� 靻岇啞.
R茅sum茅 EHTH T2-25 (10-Q)
- Chiffre d'affaires : T2 60,8 M$ (-8% en glissement annuel) ; 1S 173,9 M$ (+10%). Medicare reste le principal moteur : 83 % des revenus de commissions, soutenu par des ajustements favorables de p茅riodes ant茅rieures de 19,1 M$.
- Rentabilit茅 : Perte op茅rationnelle T2 r茅duite 脿 23,0 M$ contre 28,0 M$ ; perte nette attribuable aux actionnaires ordinaires r茅duite de 24 % 脿 29,8 M$ (-0,98 $ par action). Perte nette 1S en baisse de 40 % 脿 39,8 M$ gr芒ce 脿 la r茅duction de toutes les charges, r茅duisant les d茅penses d'exploitation totales de 11 %.
- Tr茅sorerie et liquidit茅s : Flux de tr茅sorerie op茅rationnel positif de 35,9 M$ ; tr茅sorerie et 茅quivalents en hausse 脿 65,9 M$ contre 39,2 M$ fin 2024. Dette 脿 long terme reclass茅e en dette 脿 court terme de 69,1 M$ ; l'entreprise reste en d茅faut sur les engagements de couverture d'actifs et de liquidit茅s li茅s 脿 la s茅rie A privil茅gi茅e de 225 M$ de H.I.G.
- Bilan : Capitaux propres en baisse 脿 554,9 M$ (-6 % depuis le d茅but de l'ann茅e) apr猫s 23,5 M$ de dividendes/primes sur actions privil茅gi茅es ; actifs contractuels en baisse de 8 % 脿 917 M$ car les encaissements ont d茅pass茅 les nouveaux diff茅r茅s.
- Tendances op茅rationnelles : D茅penses marketing en baisse de 20 % en glissement annuel ; technologie et contenu -13 %. Renouvellements pour les petites entreprises stables, mais les segments individuel/familial et Partie D ont g茅n茅r茅 des revenus n茅gatifs en raison d'ajustements r茅troactifs.
- Risques cl茅s : Pertes continues, non-respect des engagements donnant 脿 H.I.G. des droits de gouvernance suppl茅mentaires, concentration de 58 % des cr茅ances clients aupr猫s de Humana et UnitedHealthcare, et une plainte au titre du False Claims Act d茅pos茅e le 1er mai 2025.
EHTH Q2-25 (10-Q) Zusammenfassung
- Umsatz: Q2 60,8 Mio. $ (-8% im Jahresvergleich); 1H 173,9 Mio. $ (+10%). Medicare bleibt der Haupttreiber: 83% der Provisionsums盲tze, unterst眉tzt durch g眉nstige Anpassungen aus Vorperioden in H枚he von 19,1 Mio. $.
- 笔谤辞蹿颈迟补产颈濒颈迟盲迟: Operativer Verlust im Q2 auf 23,0 Mio. $ von 28,0 Mio. $ reduziert; Nettoverlust f眉r Stammaktion盲re um 24% auf 29,8 Mio. $ verringert (-0,98 $ je Aktie). Nettoverlust im 1H um 40% auf 39,8 Mio. $ gesunken, da alle Kostenpositionen zur眉ckgingen und die gesamten Betriebsausgaben um 11% gesenkt wurden.
- Barmittel & Liquidit盲t: Positiver operativer Cashflow von 35,9 Mio. $; Zahlungsmittel und 脛quivalente stiegen auf 65,9 Mio. $ von 39,2 Mio. $ zum Jahresende 2024. Langfristige Verbindlichkeiten wurden in kurzfristige umgewandelt (69,1 Mio. $); das Unternehmen befindet sich weiterhin in Verletzung von Asset-Coverage- und Liquidit盲tsklauseln im Zusammenhang mit der 225 Mio. $ Series A Preferred von H.I.G.
- Bilanz: Eigenkapital sank auf 554,9 Mio. $ (-6% im Jahresverlauf) nach 23,5 Mio. $ an bevorzugten Dividenden/Akkretion; Vertragsverm枚gen um 8% auf 917 Mio. $ gesunken, da Einziehungen neue Stundungen 眉berstiegen.
- Betriebliche Trends: Marketingausgaben -20% im Jahresvergleich; Technologie & Inhalte -13%. Erneuerungen im Kleinunternehmen stabil, aber individuelle/famili盲re und Teil D erzielten negative Ums盲tze aufgrund r眉ckwirkender Anpassungen.
- Hauptrisiken: Anhaltende Verluste, Covenant-Verst枚脽e, die H.I.G. zus盲tzliche Governance-Rechte gew盲hren, 58% Forderungskonzentration bei Humana & UnitedHealthcare sowie eine am 1. Mai 2025 eingereichte Klage wegen Versto脽es gegen das False Claims Act.
FAQ
How did eHealth (EHTH) revenue perform in Q2 2025?
Total revenue fell 8% YoY to $60.8 million, mainly due to lower Individual & Family and Part D contributions.
Is eHealth profitable in 2025?
No. Q2 net loss to common stockholders was $29.8 million (-$0.98 EPS); 1H loss was $39.8 million.
What is eHealth鈥檚 cash position after Q2 2025?
Cash and cash equivalents increased to $65.9 million, supported by $35.9 million operating cash flow.
Why is H.I.G.鈥檚 Series A preferred significant?
The 8% preferred carries covenant tests; breaches grant H.I.G. board rights and the redemption value reached $359 million.
What litigation risks does EHTH face?
A False Claims Act complaint filed 1 May 2025 could lead to fines and operational constraints if adverse.
Peloton Interactive, Inc.
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Sporting & Athletic Goods, Nec
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