3. Does the new revenue recognition rules match eHealth's business model or does it just front load revenues? 4. What earnings would eHealth have reported under Muddy Waters' claims? (excel spreadsheet) 5. What is the intrinsic value of eHealth's stock (excel spreadsheet)? Calculate under both scenarios eHealth (Scenario A) & Muddy Waters (Scenario B).

120114 Muddy Waters vs. eHealth: The Debate of a "Lifetime" Exhibit 2 Results of Overations Source: efrealth Inc. FY2018-2019 10-K. Notey Financial data for 2017 and 2016 have been adjusted to neflect the impact of the adoption of ASC 606 . Exhibit 3 Balance Sheet uSS fhowemils Year ended Dexember 31 \begin{tabular}{|c|c|c|} \hline Fand7 & Frands & Drang \\ \hline 40,293 & 13,089 & 23,466 \\ \hline 1,475 & 3,601 & 2,332 \\ \hline 109,666 & 134,190 & 174,526 \\ \hline 4,306 & 5,288 & 7,822 \\ \hline 155,739 & 156,166 & 208,146 \\ \hline 169,751 & 211,668 & 414,696 \\ \hline \multirow[t]{3}{*}{4,706} & 7,684 & 10.518 \\ \hline & 0 & 36,621 \\ \hline & 0 & 3,354 \\ \hline 7,287 & 11,276 & 18,004 \\ \hline 7,540 & 12,249 & 10,062 \\ \hline 14,096 & 40,233 & 40,233 \\ \hline 359,118 & 439,278 & 741,634 \\ \hline 3,246 & 5,688 & 24,554 \\ \hline 15,498 & 20,763 & 29,578 \\ \hline 4,693 & 11,013 & 16,612 \\ \hline \multirow[t]{3}{*}{0} & 20,730 & 66,887 \\ \hline & 0 & 4,759 \\ \hline & 876 & 2.570 \\ \hline 2,008 & 1,549 & 2.210 \\ \hline 25,445 & 60,619 & 112,985 \\ \hline 0 & 5,000 & 0 \\ \hline 0 & 19,270 & 0 \\ \hline \multirow[t]{2}{*}{45,089} & 47,901 & 64,130 \\ \hline & 0 & 34,305 \\ \hline 1,920 & 3,339 & 3,050 \\ \hline \end{tabular} Assets Current assets: Cash and cash equivalents Accounts receivable Commissions mecivable - current Prepaid expenses and other current assets Total current assets Commissions receivable - non-current Property and equipment, net Operating lease right-of-use assets Restricted cash Other assets Intangible assets, net Goodwill Total assets Liabilities and stockholders' equity Current liabilities: Accounts payable Accrued compensation and benefits Accrued marketing expenses Earnout liability = current Lease liabilities - current Deferred revenue Other current liabilities Total current liabilities Drbt Earnout liability = non-current Deferred income taxes = non-current Lease liabilities = non-current Other non-current liabilities Stockholders' equity: Preferred stock: Common stock: Additional paid-in capital Treasury stock, at cost Retained eamings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity \begin{tabular}{rrr} 0 & 0 & 0 \\ 30 & 31 & 35 \\ 281,706 & 298,024 & 455,159 \\ (199,998) & (199,998) & (199,998) \\ 204,724 & 204,965 & 271,852 \\ 202 & 127 & 116 \\ 286,664 & 303,149 & 527,164 \\ 359,118 & 439,278 & 741,634 \\ \hline \end{tabular} Source eflealth Inc. FY2018-2019 10-K 15 Pvhihit 5 Nicaooreoation of Rerremne Exhibit 6 Impact of ASC 606 Adoption on eHealth's Financials 120114 21- Exhibit 6 Impact of ASC 606 Adoption on eHealth's Financials, Continued \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|l|}{ Operating Segments } \\ \hline \multicolumn{7}{|l|}{ USS thousands } \\ \hline & \multicolumn{3}{|c|}{ Year Ended December 31, 2017} & \multicolumn{3}{|c|}{ Year Ended December 31, 2016} \\ \hline & \multicolumn{3}{|c|}{ ASC 606 Adoption } & \multicolumn{3}{|c|}{ ASC 606 Adoption } \\ \hline & As Reported & Adiustment & As Adiusted & As Reported & Actiustment & As Adiusted \\ \hline \multicolumn{7}{|l|}{ Revenue } \\ \hline Medicare segment revenue & 102,584 & 39,864 & 142,448 & 80,269 & 41,887 & 122,156 \\ \hline Individual, Family and Small Businesssegment revenue & 69,771 & (21,513) & 48,258 & 106,691 & (35,523) & 71,168 \\ \hline Total Revenue & 172,355 & 18,351 & 190,706 & 186,960 & 6,364 & 193,324 \\ \hline \multicolumn{7}{|l|}{ Segment profit (loss) } \\ \hline Medicare segment profit (loss) & (18,760) & 40,897 & 22,137 & (33,141) & 43,535 & 10,394 \\ \hline Individual, Family and Small Business segment profit & 30,427 & (20,854) & 9,573 & 67,905 & (34,855) & 33,050 \\ \hline Total segment profit & 11,667 & 20),043 & 31,710 & 34,764 & 8,680 & 43,444 \\ \hline Corporate & (26,969) & (1) & (26,970) & (29,071) & (2) & (29,073) \\ \hline Stock-based compensation expense & (9,694) & 0 & (9,694) & (7,266) & 0 & (7,266) \\ \hline Depreciation and amortization & (2,837) & 0 & (2,837) & (3,599) & 0 & (3,539) \\ \hline Acquisitioncosts & (621) & & (621) & 297 & 0 & 297 \\ \hline Amortization of intangible assets & (1,040) & 0 & (1,040) & (1,040) & 0 & (1,040) \\ \hline Other income, net & 327 & 855 & 1,182 & 102 & 1,047 & 1,149 \\ \hline Income (loss) before prov ision (benefit) for income & (29,167) & 20,897 & (8,270) & (5,753) & 9,725 & 3,972 \\ \hline \end{tabular} Source Fr2018 10-K, p. 120-121