Financial Performance - Non-Insurance revenue for the year ended December 31, 2022, was $2,380.1 million, a significant increase from $667.6 million in 2021, reflecting a growth of 256.5%[167] - Total revenues for 2022 reached $3,476.7 million, a significant increase from $1,472.0 million in 2021, representing a growth of approximately 136%[216] - The company reported a net loss of $338.8 million for 2022, compared to a net loss of $587.8 million in 2021, reflecting an improvement of approximately 42%[216] - The net loss for the year ended December 31, 2022, was $338.844 million, a decrease from a net loss of $587.756 million in 2021, representing a 42.3% improvement[220] - Cash flows from operating activities resulted in a net cash used of $203.926 million in 2022, compared to $282.326 million in 2021, indicating a 27.8% reduction in cash outflow[220] Medical Claims and Expenses - Net medical claims incurred for Non-Insurance Beneficiaries increased by $1,902.8 million, or 122.7%, to $2,460.9 million for the year ended December 31, 2022, compared to $705.4 million in 2021[171] - Net medical claims incurred for 2022 were $3,454.0 million, up from $1,551.2 million in 2021, indicating an increase of about 123%[216] - The Medical Care Ratio (MCR) for Non-Insurance was 103.4% for the year ended December 31, 2022, compared to 105.7% in 2021, indicating improved efficiency[167] - General and administrative expenses increased by $22.6 million, or 12.2%, to $207.9 million for the year ended December 31, 2022, driven by higher professional fees and commissions[172] Membership and Provider Network - As of December 31, 2022, the company had approximately 1,560 contracted participant providers managing primary care for 164,887 Non-Insurance Beneficiaries across 21 states[157] - The company had 88,627 Insurance members as of December 31, 2022, up from 68,120 in 2021, reflecting a growth of 30.1%[160] - The company expanded its Medicare Advantage (MA) plans to 13 new counties in 2023, bringing the total to 220 counties across eight states[158] - The company strategically reduced the number of ACO REACH participating physicians in 2023, resulting in a shift in beneficiary alignment[157] Cash and Assets - Cash and cash equivalents decreased to $103.8 million in 2022 from $300.0 million in 2021, a decline of about 65%[213] - The total assets of the company decreased to $808.6 million in 2022 from $950.8 million in 2021, a reduction of approximately 15%[213] - Cash, cash equivalents, and restricted cash at the end of the period were $186.213 million, down from $299.968 million at the end of 2021, a decrease of 37.8%[220] Liabilities and Equity - Total current liabilities increased to $440.656 million in 2022 from $372.624 million in 2021, reflecting a 18.3% rise[797] - The company's unpaid claims as of December 31, 2022, amounted to $137.4 million, with a significant portion being incurred but not reported reserves[211] - The premium deficiency reserve decreased significantly from $110.628 million in 2021 to $16.388 million in 2022, a reduction of 85.2%[797] Investments and Financial Strategy - The company has diversified its investment portfolio to manage credit risk by investing in high-quality securities[205] - The company’s investment policy focuses on capital preservation, with a portfolio primarily invested in U.S. Treasury fixed maturity securities, ensuring low credit risk[790] - The company acquired Character Biosciences, Inc. Series A preferred shares for $250, indicating ongoing investment in new technologies[220] Stock-Based Compensation - The company reported a stock-based compensation expense of $164.305 million in 2022, slightly increasing from $163.723 million in 2021[220] - Stock-based compensation for the year was recorded at $163.72 million, indicating a substantial investment in employee incentives[802] - The company has recognized stock-based compensation expenses using an accelerated attribution method for performance-based awards[202] Operational Initiatives - The company has initiated an executive coaching program for key leaders to enhance performance and decision-making capabilities[197] - The company is actively monitoring inflation impacts on operating expenses and is prepared to respond to potential inflationary pressures[206] Financial Reporting and Controls - The company noted that internal controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial statements[803]

Financial Data and Key Metrics Changes - The Insurance MCR improved to 92.4% in Q4 2022 from 102.8% in Q4 2021, with a full year 2022 MCR of 91.8%, significantly better than 106% in 2021 [7][24][19] - Non-Insurance revenue grew 172% to $623 million in Q4 2022 and 256% to $2.38 billion for the full year 2022 [8][9] - Adjusted EBITDA for the year was approximately negative $298 million, an improvement from a loss of $344 million in the prior year [9][25] - The company expects 2023 insurance revenue to grow to between $1.15 billion and $1.2 billion, targeting an Insurance MCR of 89% to 91% [10][4] Business Line Data and Key Metrics Changes - Insurance revenue grew 34% to $270 million in Q4 2022 and 36% to $1.085 billion for the full year 2022, driven primarily by member growth [24][19] - Non-Insurance MCR improved to 103.4% for the full year 2022 from 105.7% in 2021, with a focus on reducing the number of participating physicians for 2023 [21][24] Market Data and Key Metrics Changes - Clover Home Care serviced over 3,300 members in 2022, contributing to higher member retention and satisfaction [6] - The company plans to increase its in-home practice panel to approximately 4,000 members in 2023, aiming to manage over $150 million in MA plan medical expenses [22] Company Strategy and Development Direction - The company emphasizes profitability over growth, expecting this strategic shift to position it for success in 2023 [4] - Clover Assistant is highlighted as a key differentiator, enabling early identification and management of chronic diseases, which aligns with CMS's proposed adjustments to Medicare Advantage [28][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable performance trends and the impact of Clover Assistant on business operations [19][20] - The company anticipates a pivotal year in 2023, focusing on delivering shareholder value and achieving positive cash flows [39][40] Other Important Information - The company ended 2022 with $555 million in cash and investments, indicating a healthy liquidity profile [26] - Management noted that the overall SG&A expenses are expected to remain flat despite a significant revenue decline, with elevated SG&A typically seen in Q1 and Q4 due to broker commissions and marketing costs [15][43] Q&A Session Summary Question: Membership growth for 2023 and its impact on revenue guidance - Management indicated that membership on the insurance side is expected to be in line with the beginning of 2022, with approximately 55,000 aligned beneficiaries for the Non-Insurance side [41][42] Question: Drivers behind SG&A expenses despite revenue decline - Management explained that SG&A infrastructure is not significantly variable and remains flat due to the nature of the business [43] Question: Cash burn relative to EBITDA - Management stated that cash burn largely approximates EBITDA performance, with expectations for cash effects from the Non-Insurance line to manifest in Q3 2023 [46] Question: Impact of CMS coding changes on the business - Management believes that Clover Assistant's focus on diagnosis and care management will mitigate the impact of CMS changes compared to other plans [48][49]

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the risk factors set forth in Clover Health's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC"), including the Risk Factors section therein, and in our other filings with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actu ...

Health These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the risk factors set forth in Clover's latest Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 28, 2022, including the Risk Factors section therein, and in our other filings with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may no ...

Clover Health Investments, Corp. (NASDAQ:CLOV) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET Company Participants Ryan Schmidt - Investor Relations Vivek Garipalli - Chief Executive Officer Andrew Toy - President Scott Leffler - Chief Financial Officer Conference Call Participants Jason Cassorla - Citi Richard Close - Canaccord Genuity Kevin Fischbeck - Bank of America Whit Mayo - SVB Securities. Operator Please stand-by, your program is about to begin. Ladies and gentlemen, good afternoon, a ...

Clover Health Third Quarter 2022 - Earnings Results Clover Health Disclaimer This presentation and the accompanying oral presentations include forward-looking statements, including statements regarding future events and Clover Health Investments, Corp.'s ("Clover," "we," "our," or "us") future results of operations, financial position, market size and opportunity, business strategy and plans, and the factors affecting our performance and our objectives for future operations. These forward-looking statements ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ FORM 10-Q ________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1 For the quarterly period ended September 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-39252 _________________ ...

Clover Health Investments Corp (NASDAQ:CLOV) Q2 2022 Earnings Conference Call August 8, 2022 5:00 PM ET Company Participants Ryan Schmidt - IR Vivek Garipalli - Co-Founder, CEO & Chairman Andrew Toy - Co-Founder, President, & Director Mark Herbers - Principal Accounting Officer Conference Call Participants Richard Close - Canaccord Genuity Kevin Fischbeck - Bank of America Merrill Lynch Jason Cassorla - Citigroup Benjamin Mayo - SVB Securities Gary Taylor - Cowen and Company Operator Ladies and gentlemen, g ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________ ________________________________________ FORM 10-Q ________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ | --- | --- | |-- ...

Clover Health Investments, Corp. (NASDAQ:CLOV) Q1 2022 Results Conference Call May 9, 2022 5:00 PM ET Company Participants Derrick Nueman - Head or Investor Relations and Corporate Strategy Vivek Garipalli - CEO Andrew Toy - President Mark Herbers - Interim CFO Conference Call Participants Richard Close - Canaccord Genuity Jason Cassorla - Citi Whit Mayo - SVB Securities Kevin Fischbeck - Bank of America Operator Ladies and gentlemen, good day and welcome to the Clover Health First Quarter 2022 Earnings Con ...