GoHealth(US:GOCO)2024-08-08 11:40Financial Performance - Second quarter 2024 net revenues were $105.9 million, a decrease of $36.9 million (26%) compared to $142.8 million in the prior year period[2]. - The net loss for the second quarter 2024 was $59.3 million, an improvement of $10.9 million compared to a net loss of $70.2 million in the prior year period[2]. - Adjusted EBITDA for the second quarter 2024 was negative $12.3 million, a decrease of $13.1 million compared to positive $0.8 million in the prior year period[2]. - For the first half of 2024, net revenues were $291,470, down 10.6% from $325,937 in the first half of 2023[23]. - Total operating expenses for Q2 2024 were $146,480, down 25.2% from $195,795 in Q2 2023[22]. - The company reported a net income margin of (56.0)% in Q2 2024, compared to (49.2)% in Q2 2023[22]. - Total Medicare Revenue for the three months ended June 30, 2024, was $105,124, a decrease from $138,702 in the same period of 2023, representing a decline of 24%[25]. - Total Agency Revenue for the six months ended June 30, 2024, was $183,803, compared to $235,253 for the same period in 2023, reflecting a decrease of 22%[25]. - Non-Agency Revenue for the three months ended June 30, 2024, was $20,444, down from $28,104 in the same period of 2023, a decline of 27%[25]. Operational Metrics - Submissions in the second quarter 2024 totaled 152,394, reflecting a 6% decrease from 162,837 in the prior year period[2]. - Sales per Submission for the three months ended June 30, 2024, was $690, down from $852 in the same period of 2023, a decrease of 19%[29]. - For the six months ended June 30, 2024, submissions totaled 368,542, down from 376,482, representing a decrease of 7,940 submissions or about 2.1%[30]. - For the six months ended June 30, 2024, sales per submission was $787, compared to $819, a decrease of $32 or 3.9%[30]. - Direct cost of submission for the three months ended June 30, 2024, was $97,618, down from $118,080, a reduction of $20,462[31]. - The direct cost per submission for the three months ended June 30, 2024, was $641, compared to $725 for the same period in 2023[31]. Cash Flow and Assets - Trailing twelve months positive cash flow from operations was $53.8 million, down $32.1 million from $85.9 million in the prior year period[2]. - The company reported a net cash used in operating activities of $(23,984) for the six months ended June 30, 2024, compared to $31,340 in the same period of 2023[28]. - Total current assets decreased to $301,172 as of June 30, 2024, from $476,440 as of December 31, 2023, a decline of 37%[27]. - Total assets decreased to $1,257,075 as of June 30, 2024, from $1,499,570 as of December 31, 2023, reflecting a decrease of 16%[27]. - Total stockholders' equity attributable to GoHealth, Inc. decreased to $202,732 as of June 30, 2024, from $231,014 as of December 31, 2023, a decline of 12%[27]. Marketing and Strategic Initiatives - The company is intensifying targeted marketing efforts in preparation for the upcoming annual enrollment period (AEP) in 67 days[2]. - GoHealth is focusing on leveraging advancements in artificial intelligence and automation to enhance operational efficiency and consumer experience[2]. - The mix of agency versus non-agency agreements is expected to be a key driver of cash flow from operations performance[2]. - GoHealth's proprietary technology aims to deliver more precise, data-driven insights and improve agent efficiency[2].