Clover Health Investments(CLOV) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 increased by 11% year-over-year to $356.3 million, driven by strong member retention and intra-year growth[1][3][4] - GAAP net income from continuing operations improved to $7.2 million in Q2 2024, compared to a net loss of $28.9 million in Q2 2023[1][3][4] - Adjusted EBITDA for Q2 2024 was $36.2 million, a significant increase of 265.7% from $9.9 million in Q2 2023[1][3][4] - Insurance revenue for Q2 2024 was $349.9 million, reflecting an 11.3% increase from $314.4 million in Q2 2023[3][4] - Total revenues for Q2 2024 reached $356.3 million, a 11.3% increase from $320.1 million in Q2 2023[17] - Net income from continuing operations for Q2 2024 was $7.2 million, compared to a loss of $28.9 million in Q2 2023[17] - Adjusted EBITDA for the three months ended June 30, 2024, was $36,192 thousand, significantly up from $9,945 thousand in the same period last year[21] Guidance and Projections - The company has raised its full-year 2024 guidance for insurance revenue to between $1.35 billion and $1.375 billion, up from the previous range of $1.30 billion to $1.35 billion[1][5] - Adjusted EBITDA guidance for full-year 2024 has been increased to between $50 million and $65 million, compared to the previous guidance of $10 million to $30 million[1][5] Cost Management - Insurance Medical Care Ratio (MCR) improved to 71.3% in Q2 2024, down from 77.2% in Q2 2023, indicating better cost management[3][4] - Insurance benefits expense ratio for the three months ended June 30, 2024, improved to 76.1%, compared to 82.1% for the same period in 2023[24] - Adjusted SG&A as a percentage of revenue decreased to 20% for the three months ended June 30, 2024, from 21% in the same period last year[23] Cash and Investments - The company reported a decrease in total cash and investments to $482.8 million, down 30% from $689.8 million in the previous year[4] - Cash and cash equivalents increased to $254.8 million as of June 30, 2024, up from $116.4 million at the end of 2023[14] - Cash, cash equivalents, and restricted cash at the end of the period for discontinued and continuing operations totaled $254,771 thousand, down from $392,809 thousand in the previous year[20] - Net cash provided by operating activities from continuing operations was $79,697 thousand, down from $111,677 thousand in the previous year[20] - Net cash provided by investing activities was $14,139 thousand, a decrease from $76,672 thousand in the same period last year[20] - Net cash used in financing activities was $6,554 thousand, compared to $2,281 thousand in the previous year[20] Membership and Operations - Clover Health's insurance members decreased to 80,261 as of June 30, 2024, from 82,526 a year earlier[6] - The company reported net medical claims incurred of $248.3 million for Q2 2024, slightly up from $244.3 million in Q2 2023[17] - Net medical claims incurred for the three months ended June 30, 2024, were $249,406 thousand, compared to $242,839 thousand for the same period in 2023[24] Assets and Liabilities - Total current liabilities rose to $324.5 million as of June 30, 2024, compared to $261.1 million at the end of 2023, primarily due to unpaid claims increasing by 46.8%[15] - Total assets increased to $674.2 million as of June 30, 2024, compared to $570.7 million at the end of 2023, marking a growth of 18.2%[14] - Stockholders' equity rose to $324.9 million as of June 30, 2024, compared to $286.4 million at the end of 2023, an increase of 13.4%[16] Earnings Per Share - The company reported a basic earnings per share of $0.01 for Q2 2024, compared to a loss of $0.06 per share in Q2 2023[18] Operating Expenses - Total operating expenses for the first half of 2024 were $718.7 million, a decrease from $750.7 million in the same period of 2023[17] - Net loss for the six months ended June 30, 2024, was $11,762 thousand, compared to a loss of $101,420 thousand for the same period in 2023[20]