Clover Health Investments(US:CLOV)2024-11-06 21:07Financial Performance - Total revenue for year-to-date 2024 increased by 9% compared to the prior year period, reaching $1.0 billion[1] - GAAP Net Loss from continuing operations improved to $24.8 million year-to-date in 2024, a significant reduction from a loss of $142.2 million in the same period of 2023[2] - Adjusted EBITDA for year-to-date 2024 increased to $62.3 million, compared to a loss of $24.9 million in the year-to-date 2023[2] - The company reported a significant increase in Adjusted EBITDA for Q3 2024, reaching $19.3 million, up 614.8% from $2.7 million in Q3 2023[4] - The company reported a net loss of $9.155 million for Q3 2024, an improvement from a net loss of $41.469 million in Q3 2023[18] - Net loss from continuing operations for the three months ended September 30, 2024, was $(8,785) thousand, compared to $(33,616) thousand for the same period in 2023[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $19,263 thousand, significantly up from $2,723 thousand in the prior year[22] Revenue and Growth - Insurance revenue for Q3 2024 grew by 7% year-over-year to $322.6 million, with year-to-date insurance revenue also up by 9%[2] - Total revenues for Q3 2024 reached $330.986 million, a 8.2% increase from $306.028 million in Q3 2023[17] - Premiums earned, net for Q3 2024 were $322.579 million, compared to $301.230 million in Q3 2023, reflecting a growth of 7.1%[17] Cash and Assets - Total restricted and unrestricted cash, cash equivalents, and investments decreased to $531.4 million, down 20.9% from $672.0 million[4] - Cash and cash equivalents rose significantly to $287.956 million as of September 30, 2024, compared to $116.407 million at the end of 2023[14] - Total current assets as of September 30, 2024, were $432.727 million, slightly up from $427.970 million at the end of 2023[14] - Cash and cash equivalents at the end of the period for discontinued and continuing operations were $287,956 thousand, down from $351,744 thousand at the end of the previous year[21] Liabilities and Equity - Total liabilities increased to $310.847 million as of September 30, 2024, compared to $284.277 million at the end of 2023, marking a rise of 9.3%[15] - Stockholders' equity increased to $342.166 million as of September 30, 2024, up from $286.394 million at the end of 2023[16] Insurance Metrics - Insurance Medical Claims Ratio (MCR) improved to 76% - 77% for full-year 2024 guidance, compared to the previous range of 77% - 79%[5] - Insurance Benefits Expense Ratio (BER) is projected to be between 81% - 82% for full-year 2024, an improvement from the previous guidance of 81% - 83%[5] - Insurance benefits expense ratio for the three months ended September 30, 2024, was 82.8%, slightly improved from 83.3% in the same period last year[24] Cash Flow - Net cash provided by operating activities from continuing operations was $129,539 thousand for the nine months ended September 30, 2024, compared to $79,364 thousand for the same period in 2023[21] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $120,678 thousand, up from $113,424 thousand in the prior year[21] - Net cash used in financing activities for the nine months ended September 30, 2024, was $(11,220) thousand, compared to $(4,244) thousand in the prior year[21] - Purchases of short-term investments for the nine months ended September 30, 2024, totaled $(153,347) thousand, compared to $(142,359) thousand in the same period last year[21] Membership and Market Position - Clover Health's insurance members slightly decreased to 81,110 as of September 30, 2024, from 81,275 a year earlier[6]