Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'EHTH | ' |
Entity Registrant Name | 'eHealth, Inc. | ' |
Entity Central Index Key | '0001333493 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 17,817,864 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $58,080 | $107,055 | ||
Accounts receivable | 5,878 | 4,586 | ||
Deferred income taxes | 1,574 | 4,459 | ||
Prepaid expenses and other current assets | 6,745 | 8,364 | ||
Total current assets | 72,277 | 124,464 | ||
Property and equipment, net | 10,526 | 10,283 | ||
Deferred income taxes | 6,197 | 4,569 | ||
Other assets | 6,019 | 5,518 | ||
Intangible assets, net | 11,241 | 7,496 | ||
Goodwill | 14,096 | 14,096 | ||
Total assets | 120,356 | 166,426 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 2,768 | 4,381 | ||
Accrued compensation and benefits | 8,131 | 10,291 | ||
Accrued marketing expenses | 2,464 | 8,227 | ||
Deferred revenue | 2,267 | 1,784 | ||
Other current liabilities | 2,846 | 2,561 | ||
Total current liabilities | 18,476 | 27,244 | ||
Non-current liabilities | 6,195 | 6,165 | ||
Stockholders’ equity: | ' | ' | ||
Common stock | 29 | 28 | ||
Additional paid-in capital | 262,016 | 252,361 | ||
Treasury stock, at cost | -199,998 | [1] | -149,998 | [2] |
Retained earnings | 33,460 | 30,466 | ||
Accumulated other comprehensive income | 178 | 160 | ||
Total stockholders’ equity | 95,685 | 133,017 | ||
Total liabilities and stockholders’ equity | $120,356 | $166,426 | ||
[1] | Cumulative balances at September 30, 2014 consist of shares repurchased in connection with our stock repurchase program announced on March 31, 2014, as well as previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||
[2] | Cumulative balances at December 31, 2013 consist of shares repurchased in connection with our previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | ' | ' | ' | ' |
Commission | $36,164 | $36,000 | $120,267 | $109,193 |
Other | 5,004 | 6,008 | 14,435 | 15,822 |
Total revenue | 41,168 | 42,008 | 134,702 | 125,015 |
Operating costs and expenses: | ' | ' | ' | ' |
Cost of revenue | 745 | 806 | 3,750 | 4,441 |
Marketing and advertising | 9,228 | 14,852 | 41,946 | 43,448 |
Customer care and enrollment | 9,695 | 8,936 | 28,392 | 23,914 |
Technology and content | 10,303 | 9,117 | 30,320 | 23,585 |
General and administrative | 7,077 | 7,540 | 22,228 | 22,191 |
Amortization of intangible assets | 354 | 354 | 1,062 | 1,061 |
Total operating costs and expenses | 37,402 | 41,605 | 127,698 | 118,640 |
Income from operations | 3,766 | 403 | 7,004 | 6,375 |
Other expense, net | -13 | -22 | -81 | -68 |
Income before provision for income taxes | 3,753 | 381 | 6,923 | 6,307 |
Provision for income taxes | 2,229 | 207 | 3,929 | 2,626 |
Net income | 1,524 | 174 | 2,994 | 3,681 |
Foreign currency translation adjustment | 1 | -7 | 18 | -25 |
Comprehensive income | $1,525 | $167 | $3,012 | $3,656 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic (in usd per share) | $0.09 | $0.01 | $0.16 | $0.19 |
Diluted (in usd per share) | $0.08 | $0.01 | $0.15 | $0.18 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' |
Basic (in shares) | 17,836 | 18,436 | 18,551 | 19,310 |
Diluted (in shares) | 18,394 | 19,096 | 19,341 | 19,912 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $2,994 | $3,681 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Deferred income taxes | 1,349 | -3,951 |
Depreciation and amortization | 3,111 | 2,290 |
Amortization of book-of-business consideration | 1,909 | 2,822 |
Amortization of intangible assets | 1,062 | 1,061 |
Stock-based compensation expense | 6,585 | 5,361 |
Deferred rent | 69 | 917 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,292 | -2,131 |
Prepaid expenses and other assets | -1,072 | -852 |
Accounts payable | -1,612 | -1,895 |
Accrued compensation and benefits | -2,155 | 2,504 |
Accrued marketing expenses | -5,763 | -196 |
Deferred revenue | 420 | 3,794 |
Other current liabilities | 254 | 1,370 |
Net cash provided by operating activities | 5,859 | 14,775 |
Investing activities | ' | ' |
Purchases of property and equipment | -3,335 | -6,735 |
Purchase of intangible assets | -4,500 | 0 |
Net cash used in investing activities | -7,835 | -6,735 |
Financing activities | ' | ' |
Net proceeds from exercise of common stock options | 3,902 | 4,650 |
Cash used to net-share settle equity awards | -3,506 | -940 |
Excess tax benefits from stock-based compensation | 2,648 | 4,217 |
Repurchase of common stock | -50,000 | -59,007 |
Principal payments in connection with capital leases | -57 | -41 |
Net cash used in financing activities | -47,013 | -51,121 |
Effect of exchange rate changes on cash and cash equivalents | 14 | -17 |
Net decrease in cash and cash equivalents | -48,975 | -43,098 |
Cash and cash equivalents at beginning of period | 107,055 | 140,849 |
Cash and cash equivalents at end of period | $58,080 | $97,751 |
Summary_Of_Business_And_Signif
Summary Of Business And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary Of Business And Significant Accounting Policies | ' |
Note 1 - Summary of Business and Significant Accounting Policies | |
Description of Business—eHealth, Inc. (the “Company,” “eHealth,” “we” or “us”) is the leading online source of health insurance for individuals, families and small businesses in the United States. Through our website addresses (www.eHealth.com, www.eHealthInsurance.com, www.eHealthMedicare.com, www.Medicare.com and www.PlanPrescriber.com), consumers can get quotes from leading health insurance carriers, compare plans side-by-side, and apply for and purchase individual and family, Medicare-related, small business and ancillary health insurance plans. We actively market the availability of Medicare-related insurance plans and offer Medicare plan comparison tools and educational materials for Medicare-related insurance plans, including Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans. Our ecommerce technology also enables us to deliver consumers’ health insurance applications electronically to health insurance carriers. As a result, we simplify and streamline the complex and traditionally paper-intensive health insurance sales and purchasing process. We are licensed to market and sell health insurance in all 50 states and the District of Columbia. | |
Basis of Presentation—The accompanying condensed consolidated balance sheet as of September 30, 2014, the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 and 2014 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2014, respectively, are unaudited. The condensed consolidated balance sheet data as of December 31, 2013 was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission on March 12, 2014. The accompanying statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K. | |
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2013, and include all adjustments necessary for the fair presentation of eHealth’s statement of financial position as of September 30, 2014, its results of operations for the three and nine months ended September 30, 2013 and 2014 and its cash flows for the nine months ended September 30, 2013 and 2014. All adjustments are of a normal recurring nature. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any subsequent period or for the fiscal year ending December 31, 2014. | |
Seasonality—In periods prior to the fourth quarter of 2013, the number of individual and family health insurance applications submitted through our ecommerce platform generally increased in our first quarter compared to our fourth quarter and in our third quarter compared to our second quarter. This trend changed in the fourth quarter of 2013 and the first quarter of 2014 as a result of an increase in the number of individual and family applications submitted during the initial open enrollment period, which began on October 1, 2013 and ended on March 31, 2014, as mandated by the federal Patient Protection and Affordable Care Act and related amendments in the Health Care and Education Reconciliation Act. Accordingly, the number of submitted individual and family plan applications, relative to historical levels, increased significantly during the fourth quarter of 2013 and the first quarter of 2014. Additionally, following completion of the initial open enrollment period, the number of submitted individual and family health insurance applications, relative to historical levels, decreased significantly during the second and third quarters of 2014, when only consumers with qualifying life events were able to purchase individual and family major medical plans. | |
The majority of Medicare plans are sold in our fourth quarter during the Medicare annual enrollment period, when Medicare-eligible individuals are permitted to change their Medicare Advantage and Medicare Part D prescription drug coverage for the following year. As a result, we generate a significant amount of Medicare plan-related revenue in the fourth quarter of the year resulting from the sale of new Medicare plans. Additionally, we recognize a majority of our renewal Medicare Advantage and Medicare Part D prescription drug plan commission revenue in the first quarter of each year as the majority of policies sold during the annual enrollment period typically renew on January 1 of each year. | |
Since a significant portion of our marketing and advertising expenses are driven by the number of health insurance applications submitted on our ecommerce platform, those expenses are influenced by seasonal submitted application patterns. As a result, in periods prior to the fourth quarter of 2013, marketing and advertising expenses related to individual and family health insurance plans have been highest in our first and third quarters, while marketing and advertising expenses related to Medicare-related plans have been highest in our third and fourth quarters. However, these historical trends were impacted by the initial open enrollment period for individual and family plans that began in October 2013 and ended on March 31, 2014. Marketing and advertising expenses increased significantly in the fourth quarter of 2013 and first quarter of 2014, relative to historical levels, and decreased significantly during the second and third quarters of 2014, consistent with the respective increases and decreases in submitted applications. | |
As a result of our seasonal trends in years prior to 2013, our revenue was highest in the fourth quarter of the year and our profitability was highest in the first quarter. However, in connection with the initial open enrollment period for individual and family plans which began on October 1, 2013 and ended on March 31, 2014, as well as the Medicare annual enrollment period for Medicare plans in the fourth quarter of 2013, we experienced an increase in revenue in both the fourth quarter of 2013 and the first quarter of 2014 compared to the fourth quarter of 2012 and first quarter of 2013, respectively. However, given our significantly higher marketing and advertising expenses associated with the increase in the number of individual and family health insurance applications and Medicare related health insurance applications during the enrollment periods, we incurred a net loss in both the fourth quarter of 2013 and the first quarter of 2014. Conversely, in both the second and third quarters of 2014, we recorded net income due to significantly lower marketing and advertising expenses associated with the decrease in the number of individual and family health insurance applications outside of the open enrollment period. | |
Recent Accounting Pronouncement—In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and can be adopted using either a full retrospective or modified retrospective approach. Early adoption is not permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, (ASU 2015-15) “Going Concern.” ASU 2014-15 requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable). The guidance is effective for fiscal years beginning after December 15, 2016 and for interim periods within that fiscal year. We do not expect the adoption of this guidance to have a material effect on our consolidated financial statements. | |
Recently Adopted Accounting Standards—Effective January 1, 2014, we adopted an accounting standards update with new guidance on the presentation of unrecognized tax benefits. This standard requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The adoption of this standard did not have a material effect on our condensed consolidated financial statements. | |
Effective January 1, 2014, we adopted an accounting standards update with new guidance with respect to the release of cumulative translation adjustments into net income when a parent sells either a part or all of its investment in a foreign entity. This standard requires the release of cumulative translation adjustments when a company no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity, and provides guidance for the acquisition in stages of a controlling interest in a foreign entity. The adoption of this standard did not have a material effect on our condensed consolidated financial statements. |
Balance_Sheet_Accounts
Balance Sheet Accounts | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Balance Sheet Accounts | ' | |||||||||||||||||||||||||
Note 2 – Balance Sheet Accounts | ||||||||||||||||||||||||||
Cash and Cash Equivalents—As of December 31, 2013 and September 30, 2014, our cash equivalents consisted of money market accounts that invested in U.S. government-sponsored enterprise bonds and discount notes, U.S. government treasury bills and notes and repurchase agreements collateralized by U.S. government obligations. At December 31, 2013 and September 30, 2014, our cash equivalents carried no unrealized gains or losses and we did not realize any significant gains or losses on sales of cash equivalents during the three and nine months ended September 30, 2013 and 2014. | ||||||||||||||||||||||||||
As of December 31, 2013 and September 30, 2014, our cash and cash equivalent balances were invested as follows (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2014 | |||||||||||||||||||||||||
Cash | $ | 16,935 | $ | 21,459 | ||||||||||||||||||||||
Money market funds | 90,120 | 36,621 | ||||||||||||||||||||||||
Total cash and cash equivalents | $ | 107,055 | $ | 58,080 | ||||||||||||||||||||||
We used observable prices in active markets in determining the classification of our money market funds as Level 1 as of December 31, 2013 and September 30, 2014. | ||||||||||||||||||||||||||
Accounts Receivable—As of December 31, 2013 and September 30, 2014, our accounts receivable consisted of the following (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2014 | |||||||||||||||||||||||||
Accounts receivable - from other revenues | $ | 2,322 | $ | 2,270 | ||||||||||||||||||||||
Commissions receivable | 2,264 | 3,608 | ||||||||||||||||||||||||
Total accounts receivable | $ | 4,586 | $ | 5,878 | ||||||||||||||||||||||
Intangible Assets—On March 31, 2014, we purchased an internet domain name, www.Medicare.com, for $4.8 million. Cash consideration paid in connection with the purchase of the domain name totaled $4.5 million. The consideration paid also included $0.3 million of outstanding receivables from the owner of the domain name that were settled upon completion of the purchase. The related intangible asset was assigned an indefinite useful life. The carrying amounts, accumulated amortization, net carrying value and weighted average remaining life of our definite-lived amortizable intangible assets, as well as our indefinite-lived non-amortizable intangible trademarks and website addresses, are presented in the tables below (dollars in thousands, weighted-average useful life is as of September 30, 2014): | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2014 | Weighted Average Remaining Life | ||||||||||||||||||||||||
Gross Carrying Amount | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | 30-Sep-14 | |||||||||||||||||||||
Accumulated Amortization | ||||||||||||||||||||||||||
Technology | $ | 1,752 | $ | (1,277 | ) | $ | 475 | $ | 1,752 | $ | (1,536 | ) | $ | 216 | 0.6 years | |||||||||||
Pharmacy and customer relationships | 10,410 | (4,267 | ) | 6,143 | 10,410 | (5,001 | ) | 5,409 | 5.5 years | |||||||||||||||||
Trade names, trademarks and website addresses | 907 | (336 | ) | 571 | 907 | (405 | ) | 502 | 5.6 years | |||||||||||||||||
Total intangible | $ | 13,069 | $ | (5,880 | ) | 7,189 | $ | 13,069 | $ | (6,942 | ) | 6,127 | ||||||||||||||
assets subject | ||||||||||||||||||||||||||
to amortization | ||||||||||||||||||||||||||
Indefinite-lived trademarks and domain names | 307 | 5,114 | Indefinite | |||||||||||||||||||||||
Intangible | $ | 7,496 | $ | 11,241 | ||||||||||||||||||||||
assets | ||||||||||||||||||||||||||
During the three and nine months ended September 30, 2013, amortization expense related to intangible assets totaled $354,000 and $1,061,000, respectively. During the three and nine months ended September 30, 2014, amortization expense related to intangible assets totaled $354,000 and $1,062,000, respectively. | ||||||||||||||||||||||||||
As of September 30, 2014, expected amortization expense in future periods is as follows (in thousands): | ||||||||||||||||||||||||||
Years Ending December 31, | Technology | Pharmacy and Customer Relationships | Trade Names, Trademarks and Website Address | Total | ||||||||||||||||||||||
2014 (three months) | 86 | 245 | 22 | 353 | ||||||||||||||||||||||
2015 | 118 | 979 | 91 | 1,188 | ||||||||||||||||||||||
2016 | 5 | 979 | 91 | 1,075 | ||||||||||||||||||||||
2017 | 5 | 979 | 91 | 1,075 | ||||||||||||||||||||||
2018 | 2 | 959 | 91 | 1,052 | ||||||||||||||||||||||
Thereafter | - | 1,268 | 116 | 1,384 | ||||||||||||||||||||||
Total | $ | 216 | $ | 5,409 | $ | 502 | $ | 6,127 | ||||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
Note 3 – Stockholders’ Equity | ||||||||||||||||
Stock Plans—On June 12, 2014, upon approval at the Annual Meeting of Stockholders, we adopted the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan replaced the 2006 Equity Incentive Plan and 4,500,000 shares were authorized for issuance under the 2014 Plan. The 2014 Plan does not include an evergreen provision to automatically increase the number of shares available under it and increases in the number of shares authorized for issuance under the 2014 Plan require stockholder approval. Also, under the 2014 Plan the following shares are not recycled for future grant under the 2014 Plan: (i) shares used in connection with the exercise of an option and/or stock appreciation right to pay the exercise price or purchase price of such award or satisfy applicable tax withholding obligations; and (ii) the gross number of shares subject to stock appreciation rights that are exercised. Furthermore, the 2014 Plan included a provision that prohibits repricing of outstanding stock options or stock appreciation rights and formalized and updated procedures to qualify awards as “performance-based” compensation under Section 162(m) of the Internal Revenue Code in order to preserve full tax deductibility of such awards. | ||||||||||||||||
The following table summarizes activity under our 2014 Plan, 2006 Equity Incentive Plan, 1998 Stock Plan and 2005 Stock Plan (collectively, the “Stock Plans”) (in thousands): | ||||||||||||||||
Shares Available for Grant | ||||||||||||||||
Shares available for grant December 31, 2013 | 4,085 | |||||||||||||||
Additional shares authorized (1) | 751 | |||||||||||||||
Restricted stock units granted | (462 | ) | ||||||||||||||
Options granted | (41 | ) | ||||||||||||||
Restricted stock units cancelled | 14 | |||||||||||||||
Options cancelled | 16 | |||||||||||||||
2014 Equity Incentive Plan adjustment (2) | (98 | ) | ||||||||||||||
Shares available for grant September 30, 2014 | 4,265 | |||||||||||||||
-1 | On January 1, 2014, the number of shares authorized for issuance under the 2006 Equity Incentive Plan was automatically increased pursuant to the terms of the 2006 Equity Incentive Plan. | |||||||||||||||
-2 | On June 12, 2014, shares available for grant were adjusted to 4,500,000 pursuant to the terms of the 2014 Plan. | |||||||||||||||
We maintain our 2006 Equity Incentive Plan, 2005 Stock Plan and 1998 Stock Plan, under which we previously granted options to purchase shares of our common stock and restricted stock units. The 2006 Equity Incentive Plan was terminated with respect to the grant of additional awards on June 12, 2014, upon adoption of our 2014 Plan. The 2005 Stock Plan and 1998 Stock Plan were terminated with respect to the grant of additional awards upon the effectiveness of the 2006 Equity Incentive Plan. We will continue to issue new shares of common stock upon vesting of restricted stock units and the exercise of stock options previously granted under the 2006 Equity Incentive Plan, 2005 Stock Plan and 1998 Stock Plan. | ||||||||||||||||
The following table summarizes stock option activity under the Stock Plans (in thousands, except per share amounts and weighted average remaining contractual life data): | ||||||||||||||||
Number of Stock Options | Weighted Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (1) | |||||||||||||
Balance outstanding at December 31, 2013 | 1,979 | $ | 17.91 | 4.2 | $ | 56,569 | ||||||||||
Granted | 41 | $ | 40.31 | |||||||||||||
Exercised | (243 | ) | $ | 16.02 | $ | 6,350 | ||||||||||
Cancelled | (34 | ) | $ | 26.99 | ||||||||||||
Balance outstanding at September 30, 2014 | 1,743 | $ | 18.52 | 3.56 | $ | 11,836 | ||||||||||
Vested and expected to vest at September 30, 2014 | 1,694 | $ | 18.38 | 3.52 | $ | 11,612 | ||||||||||
Exercisable at September 30, 2014 | 1,214 | $ | 16.95 | 2.92 | $ | 9,172 | ||||||||||
-1 | The aggregate intrinsic value is calculated as the difference between eHealth’s closing stock price as of December 31, 2013, the date of options exercised and September 30, 2014 and the exercise price of in-the-money options as of those dates. | |||||||||||||||
The total fair value of stock options vested during the three and nine months ended September 30, 2013 was $0.7 million and $2.6 million, respectively. The total fair value of stock options vested during the three and nine months ended September 30, 2014 was $0.7 million and $1.8 million, respectively. | ||||||||||||||||
The following table summarizes restricted stock unit activity, including performance-based restricted stock unit activity, under the Stock Plans (in thousands, except weighted average remaining contractual life data): | ||||||||||||||||
Number of Restricted Stock Units (1) | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (2) | |||||||||||||
Balance outstanding as of December 31, 2013 | 779 | $ | 19.57 | 2.3 | $ | 36,220 | ||||||||||
Granted | 462 | $ | 40.72 | |||||||||||||
Vested | (218 | ) | $ | 19.51 | ||||||||||||
Cancelled | (19 | ) | $ | 28.13 | ||||||||||||
Balance outstanding as of September 30, 2014 | 1,004 | $ | 29.16 | 2.31 | $ | 24,223 | ||||||||||
-1 | Includes restricted stock units with both service and performance-based vesting criteria granted to our executive officers. | |||||||||||||||
-2 | The aggregate intrinsic value is calculated as eHealth’s closing stock price as of December 31, 2013 and September 30, 2014 multiplied by the number of restricted stock units outstanding as of December 31, 2013 and September 30, 2014, respectively. | |||||||||||||||
The fair value of the restricted stock units is based on eHealth’s stock price on the date of grant, and compensation expense related to these awards is recognized on a straight-line basis over the vesting period. The fair value of performance-based restricted stock units is based on eHealth’s stock price on the date of grant, and compensation expense related to these awards is recognized on an accelerated basis over the vesting period. The amount of expense recorded for performance-based restricted stock units is based on expected attainment of performance criteria. The total fair value of restricted stock units vested during the three and nine months ended September 30, 2013 was $0.2 million and $3.5 million, respectively. The total fair value of restricted stock units vested during the three and nine months ended September 30, 2014 was $0.4 million and $10.3 million, respectively. | ||||||||||||||||
Stock Repurchase Programs—On September 10, 2012, we announced that our board of directors approved a stock repurchase program authorizing us to purchase up to $30 million of our common stock and on March 6, 2013, we announced that our board of directors increased the approved repurchase amount under this program to $60 million. Purchases under this program were made in the open market. The cost of the repurchased shares was funded from available working capital. We completed repurchasing common stock under this program in June 2013 having repurchased 2,957,179 shares for $60.0 million at an average price of $20.29 per share. | ||||||||||||||||
On March 31, 2014, we announced that our board of directors approved a stock repurchase program authorizing us to purchase up to $50 million of our common stock. Purchases under this program were made in the open market. We completed this stock repurchase program in July 2014 having repurchased in the aggregate 1.4 million shares for approximately $50.0 million at an average price of $36.91 per share including commissions. The cost of the repurchase was funded from available working capital. | ||||||||||||||||
For accounting purposes, common stock repurchased under our stock repurchase programs is recorded based upon the settlement date of the applicable trade. Such repurchased shares are held in treasury and are presented using the cost method. | ||||||||||||||||
Stock repurchase activity under our stock repurchase programs during the nine months ended September 30, 2014 is summarized as follows (dollar in thousands, except share and per share amounts): | ||||||||||||||||
Total Number of Shares Repurchased | Average Price Paid Per Share (3) | Amount of Repurchase | ||||||||||||||
Cumulative balance at December 31, 2013 (1) | 9,309,269 | $ | 16.11 | $ | 149,998 | |||||||||||
Repurchases of common stock during 2014 | 1,354,619 | $ | 36.91 | $ | 50,000 | |||||||||||
Cumulative balance at September 30, 2014 (2) | 10,663,888 | $ | 18.75 | $ | 199,998 | |||||||||||
-1 | Cumulative balances at December 31, 2013 consist of shares repurchased in connection with our previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||||||||||||||
-2 | Cumulative balances at September 30, 2014 consist of shares repurchased in connection with our stock repurchase program announced on March 31, 2014, as well as previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||||||||||||||
-3 | Average price paid per share includes commissions. | |||||||||||||||
In addition to the shares repurchased under our repurchase programs as of September 30, 2014, we have in treasury 281,322 shares that were previously surrendered by employees to satisfy tax withholdings due in connection with the vesting of certain restricted stock units. As of December 31, 2013 and September 30, 2014, we had a total of 9,519,286 shares and 10,945,210 shares, respectively, held in treasury. | ||||||||||||||||
Stock-Based Compensation—The fair value of stock options granted to employees for the three and nine months ended September 30, 2013 and 2014 was estimated using the following weighted average assumptions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Expected term | 4.3 years | 4.2 years | 4.3 years | 4.2 years | ||||||||||||
Expected volatility | 39.8 | % | 46.9 | % | 39.7 | % | 46.3 | % | ||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.13 | % | 1.37 | % | 0.79 | % | 1.4 | % | ||||||||
Weighted-average fair value | $ | 8.39 | $ | 13.09 | $ | 7.02 | $ | 15.5 | ||||||||
The following table summarizes stock-based compensation expense recorded during the three and nine months ended September 30, 2013 and 2014 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Common stock options | $ | 654 | $ | 523 | $ | 2,103 | $ | 1,729 | ||||||||
Restricted stock units | 1,291 | 1,767 | 3,258 | 4,856 | ||||||||||||
Total stock-based compensation expense | $ | 1,945 | $ | 2,290 | $ | 5,361 | $ | 6,585 | ||||||||
The following table summarizes stock-based compensation expense by operating function for the three and nine months ended September 30, 2013 and 2014 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Marketing and advertising | $ | 517 | $ | 721 | $ | 1,446 | $ | 1,957 | ||||||||
Customer care and enrollment | 92 | 116 | 261 | 283 | ||||||||||||
Technology and content | 425 | 559 | 1,129 | 1,550 | ||||||||||||
General and administrative | 911 | 894 | 2,525 | 2,795 | ||||||||||||
Total stock-based compensation expense | $ | 1,945 | $ | 2,290 | $ | 5,361 | $ | 6,585 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Note 4 – Income Taxes | ||||||||||||||||
The following table summarizes our provision for income taxes and our effective tax rates for the three and nine months ended September 30, 2013 and 2014 (in thousands, except effective tax rate): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Income before provision for income taxes | $ | 381 | $ | 3,753 | $ | 6,307 | $ | 6,923 | ||||||||
Provision for income taxes | $ | 207 | $ | 2,229 | $ | 2,626 | $ | 3,929 | ||||||||
Effective tax rate | 54.3 | % | 59.4 | % | 41.6 | % | 56.8 | % | ||||||||
Our effective tax rate in the three and nine months ended September 30, 2013 was higher than statutory federal and state tax rates due primarily to non-deductible lobbying expenses, partially offset by a tax benefit resulting from the extension of the federal research tax credit through December 31, 2013. Our effective tax rate in the three and nine months ended September 30, 2014 was higher than statutory federal and state tax rates due primarily to non-deductible lobbying expenses. | ||||||||||||||||
During the three and nine months ended September 30, 2013, excess federal and state tax benefits related to share-based payments resulted in increases of $0.3 million and $4.2 million, respectively, in Additional Paid-In Capital in the condensed consolidated balance sheets. These amounts are also classified in the condensed consolidated statements of cash flows as both a reduction to operating cash flows and as a financing cash inflow. During the three and nine months ended September 30, 2014, excess federal and state tax benefits related to share-based payments resulted in a decrease of $1.0 million and an increase of $2.6 million, respectively, in Additional Paid-In Capital in the condensed consolidated balance sheets. These amounts are also classified in the condensed consolidated statements of cash flows as both a reduction to operating cash flows and as a financing cash inflow. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income Per Share | ' | |||||||||||||||
Net Income Per Share | ||||||||||||||||
Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares outstanding during the period. Diluted net income per share is computed giving effect to all potential dilutive common stock equivalent shares, including options and restricted stock units. The dilutive effect of outstanding awards is reflected in diluted net income per share by application of the treasury stock method. | ||||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Basic: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income allocated to common stock | $ | 174 | $ | 1,524 | $ | 3,681 | $ | 2,994 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common stock shares outstanding | 18,436 | 17,836 | 19,310 | 18,551 | ||||||||||||
Net income per share—basic: | $ | 0.01 | $ | 0.09 | $ | 0.19 | $ | 0.16 | ||||||||
Diluted: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income allocated to common stock | $ | 174 | $ | 1,524 | $ | 3,681 | $ | 2,994 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common stock shares outstanding | 18,436 | 17,836 | 19,310 | 18,551 | ||||||||||||
Weighted average number of options | 528 | 445 | 478 | 616 | ||||||||||||
Weighted average number of restricted stock units | 132 | 113 | 124 | 174 | ||||||||||||
Total common stock shares used in diluted per share calculation | 19,096 | 18,394 | 19,912 | 19,341 | ||||||||||||
Net income per share—diluted: | $ | 0.01 | $ | 0.08 | $ | 0.18 | $ | 0.15 | ||||||||
For each of the three- and nine-month periods ended September 30, 2013 and 2014, we had securities outstanding that could potentially dilute net income per share, but the shares from the assumed exercise of these securities were excluded in the computation of diluted net income per share as their effect would have been anti-dilutive. The number of outstanding weighted average anti-dilutive shares that were excluded from the computation of diluted net income per share consisted of the following (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Common stock options | 127 | 219 | 439 | 127 | ||||||||||||
Restricted stock units | — | 669 | — | 352 | ||||||||||||
Total | 127 | 888 | 439 | 479 | ||||||||||||
Geographic_Information_And_Sig
Geographic Information And Significant Customers | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Geographic Information And Significant Customers | ' | |||||||||||
Note 6 – Geographic Information and Significant Customers | ||||||||||||
Geographic Information—As of December 31, 2013 and September 30, 2014, our long-lived assets consisted primarily of property and equipment, goodwill and other indefinite-lived intangible assets and finite-lived intangible assets. Our long-lived assets are attributed to the geographic location in which they are located. Long-lived assets by geographical area were as follows (in thousands): | ||||||||||||
As of | As of | |||||||||||
December 31, 2013 | September 30, 2014 | |||||||||||
United States | $ | 37,046 | $ | 41,427 | ||||||||
China | 347 | 455 | ||||||||||
Total | $ | 37,393 | $ | 41,882 | ||||||||
Significant Customers—Substantially all revenue for the three and nine months ended September 30, 2013 and 2014 was generated from customers located in the United States. Carriers representing 10% or more of our total revenue in the three and nine months ended September 30, 2013 and 2014 are presented in the table below: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Humana | 18 | % | 23 | % | 20 | % | 23 | % | ||||
WellPoint (1) | 12 | % | 11 | % | 12 | % | 11 | % | ||||
UnitedHealthcare (2) | 11 | % | 10 | % | 11 | % | 10 | % | ||||
Aetna (3) | 10 | % | 9 | % | 9 | % | 10 | % | ||||
(1)Wellpoint also includes other carriers owned by Wellpoint. | ||||||||||||
(2)UnitedHealthcare also includes other carriers owned by UnitedHealthcare. | ||||||||||||
(3)Aetna also includes other carriers owned by Aetna. | ||||||||||||
Commission revenue attributable to major medical individual and family health insurance plans was approximately 74% and 72% of our commission revenue in the three and nine months ended September 30, 2013, respectively. Commission revenue attributable to major medical individual and family health insurance plans was approximately 64% of our commission revenue in both the three and nine months ended September 30, 2014. We define our individual and family plan offerings as major medical individual and family health insurance plans, which do not include small business, Medicare-related health insurance plan offerings and other ancillary products such as short-term, stand-alone dental, life, vision, and accident insurance plan offerings. | ||||||||||||
As of December 31, 2013, two customers represented 37% and 15%, respectively, of our $4.6 million outstanding accounts receivable balance. As of September 30, 2014, two customers represented 39% and 30% of our $5.9 million outstanding accounts receivable balance. No other customers represented 10% or more of our total accounts receivable at December 31, 2013 and September 30, 2014. We believe the potential for collection issues with any of our customers is minimal as of September 30, 2014. Accordingly, our estimate for uncollectible amounts at September 30, 2014 was not material. |
Summary_Of_Business_And_Signif1
Summary Of Business And Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description Of Business | ' |
Description of Business—eHealth, Inc. (the “Company,” “eHealth,” “we” or “us”) is the leading online source of health insurance for individuals, families and small businesses in the United States. Through our website addresses (www.eHealth.com, www.eHealthInsurance.com, www.eHealthMedicare.com, www.Medicare.com and www.PlanPrescriber.com), consumers can get quotes from leading health insurance carriers, compare plans side-by-side, and apply for and purchase individual and family, Medicare-related, small business and ancillary health insurance plans. We actively market the availability of Medicare-related insurance plans and offer Medicare plan comparison tools and educational materials for Medicare-related insurance plans, including Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans. Our ecommerce technology also enables us to deliver consumers’ health insurance applications electronically to health insurance carriers. As a result, we simplify and streamline the complex and traditionally paper-intensive health insurance sales and purchasing process. We are licensed to market and sell health insurance in all 50 states and the District of Columbia. | |
Basis Of Presentation | ' |
Basis of Presentation—The accompanying condensed consolidated balance sheet as of September 30, 2014, the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 and 2014 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2014, respectively, are unaudited. The condensed consolidated balance sheet data as of December 31, 2013 was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission on March 12, 2014. The accompanying statements should be read in conjunction with the audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K. | |
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2013, and include all adjustments necessary for the fair presentation of eHealth’s statement of financial position as of September 30, 2014, its results of operations for the three and nine months ended September 30, 2013 and 2014 and its cash flows for the nine months ended September 30, 2013 and 2014. All adjustments are of a normal recurring nature. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any subsequent period or for the fiscal year ending December 31, 2014. | |
Seasonality | ' |
Seasonality—In periods prior to the fourth quarter of 2013, the number of individual and family health insurance applications submitted through our ecommerce platform generally increased in our first quarter compared to our fourth quarter and in our third quarter compared to our second quarter. This trend changed in the fourth quarter of 2013 and the first quarter of 2014 as a result of an increase in the number of individual and family applications submitted during the initial open enrollment period, which began on October 1, 2013 and ended on March 31, 2014, as mandated by the federal Patient Protection and Affordable Care Act and related amendments in the Health Care and Education Reconciliation Act. Accordingly, the number of submitted individual and family plan applications, relative to historical levels, increased significantly during the fourth quarter of 2013 and the first quarter of 2014. Additionally, following completion of the initial open enrollment period, the number of submitted individual and family health insurance applications, relative to historical levels, decreased significantly during the second and third quarters of 2014, when only consumers with qualifying life events were able to purchase individual and family major medical plans. | |
The majority of Medicare plans are sold in our fourth quarter during the Medicare annual enrollment period, when Medicare-eligible individuals are permitted to change their Medicare Advantage and Medicare Part D prescription drug coverage for the following year. As a result, we generate a significant amount of Medicare plan-related revenue in the fourth quarter of the year resulting from the sale of new Medicare plans. Additionally, we recognize a majority of our renewal Medicare Advantage and Medicare Part D prescription drug plan commission revenue in the first quarter of each year as the majority of policies sold during the annual enrollment period typically renew on January 1 of each year. | |
Since a significant portion of our marketing and advertising expenses are driven by the number of health insurance applications submitted on our ecommerce platform, those expenses are influenced by seasonal submitted application patterns. As a result, in periods prior to the fourth quarter of 2013, marketing and advertising expenses related to individual and family health insurance plans have been highest in our first and third quarters, while marketing and advertising expenses related to Medicare-related plans have been highest in our third and fourth quarters. However, these historical trends were impacted by the initial open enrollment period for individual and family plans that began in October 2013 and ended on March 31, 2014. Marketing and advertising expenses increased significantly in the fourth quarter of 2013 and first quarter of 2014, relative to historical levels, and decreased significantly during the second and third quarters of 2014, consistent with the respective increases and decreases in submitted applications. | |
As a result of our seasonal trends in years prior to 2013, our revenue was highest in the fourth quarter of the year and our profitability was highest in the first quarter. However, in connection with the initial open enrollment period for individual and family plans which began on October 1, 2013 and ended on March 31, 2014, as well as the Medicare annual enrollment period for Medicare plans in the fourth quarter of 2013, we experienced an increase in revenue in both the fourth quarter of 2013 and the first quarter of 2014 compared to the fourth quarter of 2012 and first quarter of 2013, respectively. However, given our significantly higher marketing and advertising expenses associated with the increase in the number of individual and family health insurance applications and Medicare related health insurance applications during the enrollment periods, we incurred a net loss in both the fourth quarter of 2013 and the first quarter of 2014. Conversely, in both the second and third quarters of 2014, we recorded net income due to significantly lower marketing and advertising expenses associated with the decrease in the number of individual and family health insurance applications outside of the open enrollment period. | |
Recently Adopted Accounting Standards | ' |
Recent Accounting Pronouncement—In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and can be adopted using either a full retrospective or modified retrospective approach. Early adoption is not permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, (ASU 2015-15) “Going Concern.” ASU 2014-15 requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable). The guidance is effective for fiscal years beginning after December 15, 2016 and for interim periods within that fiscal year. We do not expect the adoption of this guidance to have a material effect on our consolidated financial statements. | |
Recently Adopted Accounting Standards—Effective January 1, 2014, we adopted an accounting standards update with new guidance on the presentation of unrecognized tax benefits. This standard requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except: to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The adoption of this standard did not have a material effect on our condensed consolidated financial statements. | |
Effective January 1, 2014, we adopted an accounting standards update with new guidance with respect to the release of cumulative translation adjustments into net income when a parent sells either a part or all of its investment in a foreign entity. This standard requires the release of cumulative translation adjustments when a company no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity, and provides guidance for the acquisition in stages of a controlling interest in a foreign entity. The adoption of this standard did not have a material effect on our condensed consolidated financial statements. |
Balance_Sheet_Accounts_Tables
Balance Sheet Accounts (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||||||||||||||||||||
Schedule Of Cash And Cash Equivalents | ' | |||||||||||||||||||||||||
As of December 31, 2013 and September 30, 2014, our cash and cash equivalent balances were invested as follows (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2014 | |||||||||||||||||||||||||
Cash | $ | 16,935 | $ | 21,459 | ||||||||||||||||||||||
Money market funds | 90,120 | 36,621 | ||||||||||||||||||||||||
Total cash and cash equivalents | $ | 107,055 | $ | 58,080 | ||||||||||||||||||||||
Schedule Of Accounts Receivable | ' | |||||||||||||||||||||||||
Accounts Receivable—As of December 31, 2013 and September 30, 2014, our accounts receivable consisted of the following (in thousands): | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2014 | |||||||||||||||||||||||||
Accounts receivable - from other revenues | $ | 2,322 | $ | 2,270 | ||||||||||||||||||||||
Commissions receivable | 2,264 | 3,608 | ||||||||||||||||||||||||
Total accounts receivable | $ | 4,586 | $ | 5,878 | ||||||||||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||||||||||||
The carrying amounts, accumulated amortization, net carrying value and weighted average remaining life of our definite-lived amortizable intangible assets, as well as our indefinite-lived non-amortizable intangible trademarks and website addresses, are presented in the tables below (dollars in thousands, weighted-average useful life is as of September 30, 2014): | ||||||||||||||||||||||||||
December 31, 2013 | September 30, 2014 | Weighted Average Remaining Life | ||||||||||||||||||||||||
Gross Carrying Amount | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | 30-Sep-14 | |||||||||||||||||||||
Accumulated Amortization | ||||||||||||||||||||||||||
Technology | $ | 1,752 | $ | (1,277 | ) | $ | 475 | $ | 1,752 | $ | (1,536 | ) | $ | 216 | 0.6 years | |||||||||||
Pharmacy and customer relationships | 10,410 | (4,267 | ) | 6,143 | 10,410 | (5,001 | ) | 5,409 | 5.5 years | |||||||||||||||||
Trade names, trademarks and website addresses | 907 | (336 | ) | 571 | 907 | (405 | ) | 502 | 5.6 years | |||||||||||||||||
Total intangible | $ | 13,069 | $ | (5,880 | ) | 7,189 | $ | 13,069 | $ | (6,942 | ) | 6,127 | ||||||||||||||
assets subject | ||||||||||||||||||||||||||
to amortization | ||||||||||||||||||||||||||
Indefinite-lived trademarks and domain names | 307 | 5,114 | Indefinite | |||||||||||||||||||||||
Intangible | $ | 7,496 | $ | 11,241 | ||||||||||||||||||||||
assets | ||||||||||||||||||||||||||
Schedule Of Intangible Assets Future Amortization Expense | ' | |||||||||||||||||||||||||
As of September 30, 2014, expected amortization expense in future periods is as follows (in thousands): | ||||||||||||||||||||||||||
Years Ending December 31, | Technology | Pharmacy and Customer Relationships | Trade Names, Trademarks and Website Address | Total | ||||||||||||||||||||||
2014 (three months) | 86 | 245 | 22 | 353 | ||||||||||||||||||||||
2015 | 118 | 979 | 91 | 1,188 | ||||||||||||||||||||||
2016 | 5 | 979 | 91 | 1,075 | ||||||||||||||||||||||
2017 | 5 | 979 | 91 | 1,075 | ||||||||||||||||||||||
2018 | 2 | 959 | 91 | 1,052 | ||||||||||||||||||||||
Thereafter | - | 1,268 | 116 | 1,384 | ||||||||||||||||||||||
Total | $ | 216 | $ | 5,409 | $ | 502 | $ | 6,127 | ||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule Of Activity Under The Plans | ' | |||||||||||||||
The following table summarizes activity under our 2014 Plan, 2006 Equity Incentive Plan, 1998 Stock Plan and 2005 Stock Plan (collectively, the “Stock Plans”) (in thousands): | ||||||||||||||||
Shares Available for Grant | ||||||||||||||||
Shares available for grant December 31, 2013 | 4,085 | |||||||||||||||
Additional shares authorized (1) | 751 | |||||||||||||||
Restricted stock units granted | (462 | ) | ||||||||||||||
Options granted | (41 | ) | ||||||||||||||
Restricted stock units cancelled | 14 | |||||||||||||||
Options cancelled | 16 | |||||||||||||||
2014 Equity Incentive Plan adjustment (2) | (98 | ) | ||||||||||||||
Shares available for grant September 30, 2014 | 4,265 | |||||||||||||||
-1 | On January 1, 2014, the number of shares authorized for issuance under the 2006 Equity Incentive Plan was automatically increased pursuant to the terms of the 2006 Equity Incentive Plan. | |||||||||||||||
-2 | On June 12, 2014, shares available for grant were adjusted to 4,500,000 pursuant to the terms of the 2014 Plan. | |||||||||||||||
Schedule Of Stock Option Activity Under Stock Plans | ' | |||||||||||||||
The following table summarizes stock option activity under the Stock Plans (in thousands, except per share amounts and weighted average remaining contractual life data): | ||||||||||||||||
Number of Stock Options | Weighted Average Exercise Price | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (1) | |||||||||||||
Balance outstanding at December 31, 2013 | 1,979 | $ | 17.91 | 4.2 | $ | 56,569 | ||||||||||
Granted | 41 | $ | 40.31 | |||||||||||||
Exercised | (243 | ) | $ | 16.02 | $ | 6,350 | ||||||||||
Cancelled | (34 | ) | $ | 26.99 | ||||||||||||
Balance outstanding at September 30, 2014 | 1,743 | $ | 18.52 | 3.56 | $ | 11,836 | ||||||||||
Vested and expected to vest at September 30, 2014 | 1,694 | $ | 18.38 | 3.52 | $ | 11,612 | ||||||||||
Exercisable at September 30, 2014 | 1,214 | $ | 16.95 | 2.92 | $ | 9,172 | ||||||||||
-1 | The aggregate intrinsic value is calculated as the difference between eHealth’s closing stock price as of December 31, 2013, the date of options exercised and September 30, 2014 and the exercise price of in-the-money options as of those dates. | |||||||||||||||
Schedule Of Restricted Stock Unit Activity Under Stock Plans | ' | |||||||||||||||
The following table summarizes restricted stock unit activity, including performance-based restricted stock unit activity, under the Stock Plans (in thousands, except weighted average remaining contractual life data): | ||||||||||||||||
Number of Restricted Stock Units (1) | Weighted-Average Grant Date Fair Value | Weighted-Average Remaining Contractual Life (years) | Aggregate Intrinsic Value (2) | |||||||||||||
Balance outstanding as of December 31, 2013 | 779 | $ | 19.57 | 2.3 | $ | 36,220 | ||||||||||
Granted | 462 | $ | 40.72 | |||||||||||||
Vested | (218 | ) | $ | 19.51 | ||||||||||||
Cancelled | (19 | ) | $ | 28.13 | ||||||||||||
Balance outstanding as of September 30, 2014 | 1,004 | $ | 29.16 | 2.31 | $ | 24,223 | ||||||||||
-1 | Includes restricted stock units with both service and performance-based vesting criteria granted to our executive officers. | |||||||||||||||
-2 | The aggregate intrinsic value is calculated as eHealth’s closing stock price as of December 31, 2013 and September 30, 2014 multiplied by the number of restricted stock units outstanding as of December 31, 2013 and September 30, 2014, respectively. | |||||||||||||||
Schedule of Stock Repurchase Activity | ' | |||||||||||||||
Stock repurchase activity under our stock repurchase programs during the nine months ended September 30, 2014 is summarized as follows (dollar in thousands, except share and per share amounts): | ||||||||||||||||
Total Number of Shares Repurchased | Average Price Paid Per Share (3) | Amount of Repurchase | ||||||||||||||
Cumulative balance at December 31, 2013 (1) | 9,309,269 | $ | 16.11 | $ | 149,998 | |||||||||||
Repurchases of common stock during 2014 | 1,354,619 | $ | 36.91 | $ | 50,000 | |||||||||||
Cumulative balance at September 30, 2014 (2) | 10,663,888 | $ | 18.75 | $ | 199,998 | |||||||||||
-1 | Cumulative balances at December 31, 2013 consist of shares repurchased in connection with our previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||||||||||||||
-2 | Cumulative balances at September 30, 2014 consist of shares repurchased in connection with our stock repurchase program announced on March 31, 2014, as well as previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||||||||||||||
-3 | Average price paid per share includes commissions. | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||
The fair value of stock options granted to employees for the three and nine months ended September 30, 2013 and 2014 was estimated using the following weighted average assumptions: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Expected term | 4.3 years | 4.2 years | 4.3 years | 4.2 years | ||||||||||||
Expected volatility | 39.8 | % | 46.9 | % | 39.7 | % | 46.3 | % | ||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | ||||||||
Risk-free interest rate | 1.13 | % | 1.37 | % | 0.79 | % | 1.4 | % | ||||||||
Weighted-average fair value | $ | 8.39 | $ | 13.09 | $ | 7.02 | $ | 15.5 | ||||||||
Schedule Of Stock-Based Compensation Expense | ' | |||||||||||||||
The following table summarizes stock-based compensation expense recorded during the three and nine months ended September 30, 2013 and 2014 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Common stock options | $ | 654 | $ | 523 | $ | 2,103 | $ | 1,729 | ||||||||
Restricted stock units | 1,291 | 1,767 | 3,258 | 4,856 | ||||||||||||
Total stock-based compensation expense | $ | 1,945 | $ | 2,290 | $ | 5,361 | $ | 6,585 | ||||||||
The following table summarizes stock-based compensation expense by operating function for the three and nine months ended September 30, 2013 and 2014 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Marketing and advertising | $ | 517 | $ | 721 | $ | 1,446 | $ | 1,957 | ||||||||
Customer care and enrollment | 92 | 116 | 261 | 283 | ||||||||||||
Technology and content | 425 | 559 | 1,129 | 1,550 | ||||||||||||
General and administrative | 911 | 894 | 2,525 | 2,795 | ||||||||||||
Total stock-based compensation expense | $ | 1,945 | $ | 2,290 | $ | 5,361 | $ | 6,585 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Summary Of Provision (Benefit) For Income Taxes And Effective Tax Rate | ' | |||||||||||||||
The following table summarizes our provision for income taxes and our effective tax rates for the three and nine months ended September 30, 2013 and 2014 (in thousands, except effective tax rate): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Income before provision for income taxes | $ | 381 | $ | 3,753 | $ | 6,307 | $ | 6,923 | ||||||||
Provision for income taxes | $ | 207 | $ | 2,229 | $ | 2,626 | $ | 3,929 | ||||||||
Effective tax rate | 54.3 | % | 59.4 | % | 41.6 | % | 56.8 | % |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule Of Computation Of Basic And Diluted Net Income (Loss) Per Share | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Basic: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income allocated to common stock | $ | 174 | $ | 1,524 | $ | 3,681 | $ | 2,994 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common stock shares outstanding | 18,436 | 17,836 | 19,310 | 18,551 | ||||||||||||
Net income per share—basic: | $ | 0.01 | $ | 0.09 | $ | 0.19 | $ | 0.16 | ||||||||
Diluted: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income allocated to common stock | $ | 174 | $ | 1,524 | $ | 3,681 | $ | 2,994 | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common stock shares outstanding | 18,436 | 17,836 | 19,310 | 18,551 | ||||||||||||
Weighted average number of options | 528 | 445 | 478 | 616 | ||||||||||||
Weighted average number of restricted stock units | 132 | 113 | 124 | 174 | ||||||||||||
Total common stock shares used in diluted per share calculation | 19,096 | 18,394 | 19,912 | 19,341 | ||||||||||||
Net income per share—diluted: | $ | 0.01 | $ | 0.08 | $ | 0.18 | $ | 0.15 | ||||||||
Schedule Of Anti-dilutive Shares Excluded From Computation Of Net Income (Loss) Per Share | ' | |||||||||||||||
The number of outstanding weighted average anti-dilutive shares that were excluded from the computation of diluted net income per share consisted of the following (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
Common stock options | 127 | 219 | 439 | 127 | ||||||||||||
Restricted stock units | — | 669 | — | 352 | ||||||||||||
Total | 127 | 888 | 439 | 479 | ||||||||||||
Geographic_Information_And_Sig1
Geographic Information And Significant Customers (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule Of Long Lived Assets By Geographical Areas | ' | |||||||||||
Long-lived assets by geographical area were as follows (in thousands): | ||||||||||||
As of | As of | |||||||||||
December 31, 2013 | September 30, 2014 | |||||||||||
United States | $ | 37,046 | $ | 41,427 | ||||||||
China | 347 | 455 | ||||||||||
Total | $ | 37,393 | $ | 41,882 | ||||||||
Schedule Of Revenue By Major Customers | ' | |||||||||||
Carriers representing 10% or more of our total revenue in the three and nine months ended September 30, 2013 and 2014 are presented in the table below: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||
Humana | 18 | % | 23 | % | 20 | % | 23 | % | ||||
WellPoint (1) | 12 | % | 11 | % | 12 | % | 11 | % | ||||
UnitedHealthcare (2) | 11 | % | 10 | % | 11 | % | 10 | % | ||||
Aetna (3) | 10 | % | 9 | % | 9 | % | 10 | % | ||||
(1)Wellpoint also includes other carriers owned by Wellpoint. | ||||||||||||
(2)UnitedHealthcare also includes other carriers owned by UnitedHealthcare. | ||||||||||||
(3)Aetna also includes other carriers owned by Aetna. |
Recovered_Sheet1
Summary of Business And Significant Accounting Policies (Narrative) (Details) | Sep. 30, 2014 |
state | |
Accounting Policies [Abstract] | ' |
Number of states in which the Company is licensed to market and sell health insurance | 50 |
Balance_Sheet_Accounts_Narrati
Balance Sheet Accounts (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | |
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | ' | ' |
Acquired indefinite-lived intangible assets | $4,800,000 | ' | ' | ' | ' | ' |
Cash paid for intangible assets acquired | 4,500,000 | ' | ' | 4,500,000 | 0 | ' |
Outstanding receivables | ' | ' | ' | ' | ' | 300,000 |
Amortization of Intangible Assets | ' | $354,000 | $354,000 | $1,062,000 | $1,061,000 | ' |
Balance_Sheet_Accounts_Schedul
Balance Sheet Accounts (Schedule Of Cash And Cash Equivalents) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents, at Carrying Value [Abstract] | ' | ' | ' | ' |
Cash | $21,459 | $16,935 | ' | ' |
Cash Equivalents, at Carrying Value | 36,621 | 90,120 | ' | ' |
Total Cash and Cash Equivalents | $58,080 | $107,055 | $97,751 | $140,849 |
Balance_Sheet_Accounts_Schedul1
Balance Sheet Accounts (Schedule Of Accounts Receivable) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Accounts receivable - from other revenues | $2,270 | $2,322 |
Commissions receivable | 3,608 | 2,264 |
Total accounts receivable | $5,878 | $4,586 |
Balance_Sheet_Accounts_Schedul2
Balance Sheet Accounts (Schedule Of Intangible Assets) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule Of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $13,069 | $13,069 |
Accumulated Amortization | -6,942 | -5,880 |
Total finite-lived intangible assets, net | 6,127 | 7,189 |
Intangible assets | 11,241 | 7,496 |
Technology [Member] | ' | ' |
Schedule Of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,752 | 1,752 |
Accumulated Amortization | -1,536 | -1,277 |
Total finite-lived intangible assets, net | 216 | 475 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '0 years 7 months 15 days | ' |
Pharmacy And Customer Relationships [Member] | ' | ' |
Schedule Of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 10,410 | 10,410 |
Accumulated Amortization | -5,001 | -4,267 |
Total finite-lived intangible assets, net | 5,409 | 6,143 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years 6 months 8 days | ' |
Trade Names, Trademarks and Website Addresses [Member] | ' | ' |
Schedule Of Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 907 | 907 |
Accumulated Amortization | -405 | -336 |
Total finite-lived intangible assets, net | 502 | 571 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '5 years 7 months 0 days | ' |
Indefinite-Lived Trademarks And Domain Names [Member] | ' | ' |
Schedule Of Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $5,114 | $307 |
Balance_Sheet_Accounts_Schedul3
Balance Sheet Accounts (Schedule Of Intangible Asset Future Amortization Expense) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 (three months) | $353 | ' |
2015 | 1,188 | ' |
2016 | 1,075 | ' |
2017 | 1,075 | ' |
2018 | 1,052 | ' |
Thereafter | 1,384 | ' |
Total finite-lived intangible assets, net | 6,127 | 7,189 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 (three months) | 86 | ' |
2015 | 118 | ' |
2016 | 5 | ' |
2017 | 5 | ' |
2018 | 2 | ' |
Total finite-lived intangible assets, net | 216 | 475 |
Pharmacy And Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 (three months) | 245 | ' |
2015 | 979 | ' |
2016 | 979 | ' |
2017 | 979 | ' |
2018 | 959 | ' |
Thereafter | 1,268 | ' |
Total finite-lived intangible assets, net | 5,409 | 6,143 |
Trade Names, Trademarks and Website Addresses [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 (three months) | 22 | ' |
2015 | 91 | ' |
2016 | 91 | ' |
2017 | 91 | ' |
2018 | 91 | ' |
Thereafter | 116 | ' |
Total finite-lived intangible assets, net | $502 | $571 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 10, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 12, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Shares available for grant under 2014 Plan | ' | 4,265,000 | ' | 4,265,000 | ' | 4,085,000 | 4,500,000 | |
Total grant date fair value of stock options vested | ' | $700,000 | $700,000 | $1,800,000 | $2,600,000 | ' | ' | |
Total fair value of restricted stock units vested | ' | 400,000 | 200,000 | 10,300,000 | 3,500,000 | ' | ' | |
Stock repurchase program, authorized amount | 30,000,000 | ' | ' | 50,000,000 | ' | 60,000,000 | ' | |
Repurchase of common stock, shares | ' | ' | ' | 1,354,619 | ' | 2,957,179 | ' | |
Repurchase of common stock | ' | ' | ' | $50,000,000 | ' | $60,000,000 | ' | |
Average price per share of stock repurchased under stock repurchase program | ' | ' | ' | $36.91 | [1] | ' | $20.29 | ' |
Treasury shares held to satisfy tax withholdings | ' | 281,322 | ' | 281,322 | ' | ' | ' | |
Treasury stock number of shares held | ' | 10,945,210 | ' | 10,945,210 | ' | 9,519,286 | ' | |
[1] | Average price paid per share includes commissions. |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Activity Under The Plans) (Details) | 9 Months Ended | ||
Sep. 30, 2014 | Jun. 12, 2014 | ||
Statement of Stockholders' Equity [Abstract] | ' | ' | |
Shares available for grant, beginning balance | 4,085,000 | 4,500,000 | |
Additional shares authorized | 751,000 | [1] | ' |
Restricted stock units granted | -462,000 | ' | |
Options granted | -41,000 | ' | |
Restricted stock units cancelled | 14,000 | ' | |
Options cancelled | 16,000 | ' | |
2014 Equity Incentive Plan adjustment | -98,000 | [2] | ' |
Shares available for grant, ending balance | 4,265,000 | 4,500,000 | |
[1] | On January 1, 2014, the number of shares authorized for issuance under the 2006 Equity Incentive Plan was automatically increased pursuant to the terms of the 2006 Equity Incentive Plan. | ||
[2] | On June 12, 2014, shares available for grant were adjusted to 4,500,000 pursuant to the terms of the 2014 Plan. |
Stockholders_Equity_Schedule_O1
Stockholders' Equity (Schedule Of Option Activity Under Stock Plans) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Number of Stock Options | ' | ' | ||
Granted | 41,000 | ' | ||
Cancelled | -16,000 | ' | ||
Common Stock Options [Member] | ' | ' | ||
Number of Stock Options | ' | ' | ||
Balance outstanding at December 31, 2013 | 1,979,000 | ' | ||
Granted | 41,000 | ' | ||
Exercised | -243,000 | ' | ||
Cancelled | -34,000 | ' | ||
Balance outstanding at September 30, 2014 | 1,743,000 | 1,979,000 | ||
Number of Stock Options Vested and expected to vest at June 30, 2014 | 1,694,000 | ' | ||
Number of Stock Options Exercisable at June 30, 2014 | 1,214,000 | ' | ||
Weighted-Average Exercise Price, balance outstanding at December 31, 2013 | $17.91 | ' | ||
Weighted-Average Exercise Price, Granted | $0 | ' | ||
Weighted-Average Exercise Price, Exercised | $16.02 | ' | ||
Weighted-Average Exercise Price, Cancelled | $26.99 | ' | ||
Weighted-Average Exercise Price, Balance outstanding at June 30, 2014 | $18.52 | $17.91 | ||
Weighted-Average Exercise Price, Vested and expected to vest at June 30, 2014 | $18.38 | ' | ||
Weighted-Average Exercise Price, Exercisable at June 30, 2014 | $16.95 | ' | ||
Weighted-Average Remaining Contractual Life (years), Balance outstanding at December 31, 2013 | '3 years 6 months 21 days | '4 years 2 months 12 days | ||
Weighted-Average Remaining Contractual Life (years), Balance outstanding at June 30, 2014 | '3 years 6 months 21 days | '4 years 2 months 12 days | ||
Weighted-Average Remaining Contractual Life (years), Vested and expected to vest at June 30, 2014 | '3 years 6 months 8 days | ' | ||
Weighted-Average Remaining Contractual Life (years), Exercisable at June 30, 2014 | '2 years 11 months 1 day | ' | ||
Aggregate Intrinsic Value, Balance outstanding at December 31, 2013 | $56,569 | [1] | ' | |
Aggregate Intrinsic Value, Exercised | 6,350 | [1] | ' | |
Aggregate Intrinsic Value, Balance outstanding at June 30, 2014 | 11,836 | [1] | 56,569 | [1] |
Aggregate Intrinsic Value, Vested and expected to vest at June 30, 2014 | 11,612 | [1] | ' | |
Aggregate Intrinsic Value, Exercisable at June 30, 2014 | $9,172 | [1] | ' | |
[1] | The aggregate intrinsic value is calculated as the difference between eHealth’s closing stock price as of December 31, 2013, the date of options exercised and September 30, 2014 and the exercise price of in-the-money options as of those dates. |
Stockholders_Equity_Schedule_O2
Stockholders' Equity (Schedule Of Restricted Stock Unit Activity Under Stock Plans) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Number of Restricted Stock Units | ' | ' | ||
Granted | 462,000 | ' | ||
Cancelled | -14,000 | ' | ||
Restricted Stock [Member] | ' | ' | ||
Number of Restricted Stock Units | ' | ' | ||
Balance outstanding as of December 31, 2013 | 779,000 | [1] | ' | |
Granted | 462,000 | [1] | ' | |
Vested | -218,000 | [1] | ' | |
Cancelled | -19,000 | [1] | ' | |
Balance outstanding as of September 30, 2014 | 1,004,000 | [1] | 779,000 | [1] |
Weighted-Average Grant Date Fair Value, Balance outstanding as of December 31, 2013 | $19.57 | ' | ||
Weighted-Average Grant Date Fair Value, Granted | $40.72 | ' | ||
Weighted-Average Grant Date Fair Value, Vested | $19.51 | ' | ||
Weighted-Average Grant Date Fair Value, Cancelled | $28.13 | ' | ||
Weighted-Average Grant Date Fair Value, Balance outstanding as of June 30, 2014 | $29.16 | $19.57 | ||
Weighted-Average Remaining Contractual Life (years), Balance outstanding as of December 31, 2013 | '2 years 3 months 22 days | '2 years 3 months 18 days | ||
Weighted-Average Remaining Contractual Life (years), Balance outstanding as of June 30, 2014 | '2 years 3 months 22 days | '2 years 3 months 18 days | ||
Aggregate Intrinsic Value, Balance outstanding as of December 31, 2013 | $36,220 | [2] | ' | |
Aggregate Intrinsic Value, Balance outstanding as of June 30, 2014 | $24,223 | [2] | $36,220 | [2] |
[1] | Includes restricted stock units with both service and performance-based vesting criteria granted to our executive officers. | |||
[2] | The aggregate intrinsic value is calculated as eHealth’s closing stock price as of December 31, 2013 and September 30, 2014 multiplied by the number of restricted stock units outstanding as of December 31, 2013 and September 30, 2014, respectively. |
Recovered_Sheet2
Stockholders' Equity (Schedule of Stock Repurchase Activity Under Stock Repurchase Programs) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Total Number of Shares Repurchased | ' | ' | ||
Cumulative balance at December 31, 2013 (1) | 9,309,269 | [1] | ' | |
Repurchases of common stock during 2014 | 1,354,619 | 2,957,179 | ||
Cumulative balance at September 30, 2014 (2) | 10,663,888 | [2] | 9,309,269 | [1] |
Average Price Paid Per Share | ' | ' | ||
Cumulative balance at December 31, 2013 (1) | $16.11 | [1],[3] | ' | |
Repurchases of common stock during 2014 | $36.91 | [3] | $20.29 | |
Cumulative balance at September 30, 2014 (2) | $18.75 | [2],[3] | $16.11 | [1],[3] |
Amount of Repurchase | ' | ' | ||
Cumulative balance at December 31, 2013 (1) | $149,998 | [1] | ' | |
Repurchases of common stock during 2014 | 50,000 | 60,000 | ||
Cumulative balance at September 30, 2014 (2) | $199,998 | [2] | $149,998 | [1] |
[1] | Cumulative balances at December 31, 2013 consist of shares repurchased in connection with our previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||
[2] | Cumulative balances at September 30, 2014 consist of shares repurchased in connection with our stock repurchase program announced on March 31, 2014, as well as previous stock repurchase plans announced in 2013, 2012, 2011, 2010 and 2008. | |||
[3] | Average price paid per share includes commissions. |
Recovered_Sheet3
Stockholders' Equity (Schedule of Fair Value of Stock Options, Valuation Assumptions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' |
Expected term | '4 years 2 months 12 days | '4 years 3 months 18 days | '4 years 2 months 12 days | '4 years 3 months 18 days |
Expected volatility | 46.90% | 39.80% | 46.30% | 39.70% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.37% | 1.13% | 1.40% | 0.79% |
Weighted-average fair value | $13.09 | $8.39 | $15.50 | $7.02 |
Stockholders_Equity_Schedule_O3
Stockholders' Equity (Schedule Of Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Common stock options | $523 | $654 | $1,729 | $2,103 |
Restricted stock units | 1,767 | 1,291 | 4,856 | 3,258 |
Total stock-based compensation expense | $2,290 | $1,945 | $6,585 | $5,361 |
Stockholders_Equity_Schedule_O4
Stockholders' Equity (Schedule Of Stock-Based Compensation Expense By Operating Function) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Component Of Stock Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Total Stock-Based Compensation Expense | $2,290 | $1,945 | $6,585 | $5,361 |
Marketing and Advertising Expense [Member] | ' | ' | ' | ' |
Component Of Stock Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Total Stock-Based Compensation Expense | 721 | 517 | 1,957 | 1,446 |
Customer Care And Enrollment Expense [Member] | ' | ' | ' | ' |
Component Of Stock Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Total Stock-Based Compensation Expense | 116 | 92 | 283 | 261 |
Technology And Content Expense [Member] | ' | ' | ' | ' |
Component Of Stock Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Total Stock-Based Compensation Expense | 559 | 425 | 1,550 | 1,129 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Component Of Stock Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Total Stock-Based Compensation Expense | $894 | $911 | $2,795 | $2,525 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income (loss) before provision (benefit) for income taxes | $3,753,000 | $381,000 | $6,923,000 | $6,307,000 |
Income Tax Expense (Benefit) | 2,229,000 | 207,000 | 3,929,000 | 2,626,000 |
Effective tax rate | 59.40% | 54.30% | 56.80% | 41.60% |
Increase in additional paid-in capital related to excess federal and state tax benefits | $1,000,000 | $300,000 | $2,600,000 | $4,200,000 |
Net_Income_Per_Share_Schedule_
Net Income Per Share (Schedule Oof Computation Of Basic And Diluted Net Income (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income (loss) allocated to common stock | $1,524 | $174 | $2,994 | $3,681 |
Net weighted average number of common stock shares outstanding | 17,836 | 18,436 | 18,551 | 19,310 |
Net income (loss) per share-basic | $0.09 | $0.01 | $0.16 | $0.19 |
Weighted average number of options | 445 | 528 | 616 | 478 |
Weighted average number of restricted stock units | 113 | 132 | 174 | 124 |
Total common stock shares used in per share calculation | 18,394 | 19,096 | 19,341 | 19,912 |
Net income (loss) per share-diluted | $0.08 | $0.01 | $0.15 | $0.18 |
Net_Income_Per_Share_Schedule_1
Net Income Per Share (Schedule Of Anti-Dilutive Shares Excluded From Computation Of Net Income Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 888,000 | 127,000 | 479,000 | 439,000 |
Common Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 219,000 | 127,000 | 127,000 | 439,000 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total | 669,000 | 0 | 352,000 | 0 |
Geographic_Information_And_Sig2
Geographic Information And Significant Customers (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Commission Revenue [Member] | Commission Revenue [Member] | Commission Revenue [Member] | Commission Revenue [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | ||
Major Medical Individual And Family Insurance Plans [Member] | Major Medical Individual And Family Insurance Plans [Member] | Major Medical Individual And Family Insurance Plans [Member] | Major Medical Individual And Family Insurance Plans [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer One [Member] | Customer One [Member] | Customer Two [Member] | Customer Two [Member] | |||
customer | customer | |||||||||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of significant customers | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | 64.00% | 74.00% | 64.00% | 72.00% | ' | ' | 39.00% | 37.00% | 30.00% | 15.00% |
Accounts receivable | $5,878 | $4,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic_Information_And_Sig3
Geographic Information And Significant Customers (Schedule Of Long Lived Assets By Geographical Areas) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-lived assets | $41,882 | $37,393 |
UNITED STATES | ' | ' |
Long-lived assets | 41,427 | 37,046 |
CHINA | ' | ' |
Long-lived assets | $455 | $347 |
Geographic_Information_And_Sig4
Geographic Information And Significant Customers (Schedule Of Revenue By Major Customers) (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||
Humana [Member] | Humana [Member] | WellPoint [Member] | WellPoint [Member] | UnitedHealthcare [Member] | UnitedHealthcare [Member] | Aetna [Member] | Aetna [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | |||||||||||||
Humana [Member] | Humana [Member] | WellPoint [Member] | WellPoint [Member] | UnitedHealthcare [Member] | UnitedHealthcare [Member] | Aetna [Member] | Aetna [Member] | |||||||||||||||||||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Concentration risk, percentage | 23.00% | 23.00% | 11.00% | [1] | 11.00% | [1] | 10.00% | [2] | 10.00% | [2] | 9.00% | [3] | 10.00% | [3] | 18.00% | 20.00% | 12.00% | [1] | 12.00% | [1] | 11.00% | [2] | 11.00% | [2] | 10.00% | [3] | 9.00% | [3] |
[1] | Wellpoint also includes other carriers owned by Wellpoint. | |||||||||||||||||||||||||||
[2] | UnitedHealthcare also includes other carriers owned by UnitedHealthcare. | |||||||||||||||||||||||||||
[3] | Aetna also includes other carriers owned by Aetna. |