Oscar(US:OSCR)2025-02-04 21:07Financial Performance - Total Revenue for 2024 was $9.2 billion, a 56.5% increase year-over-year, driven by membership growth and strong retention [3]. - Adjusted EBITDA for 2024 was $199.2 million, an improvement of $244.5 million year-over-year [5]. - Net income attributable to Oscar for 2024 was $25.4 million, a $296.2 million improvement year-over-year [5]. - Net income for the year ended December 31, 2024, was $26,121, a turnaround from a net loss of $270,594 in 2023 [31]. - Adjusted EBITDA for the year ended December 31, 2024, was $199,234 thousand, a significant improvement from a loss of $45,238 thousand in 2023 [44]. Revenue Projections - For 2025, the Company anticipates Total Revenue of $11.2 billion to $11.3 billion [6]. - Earnings from Operations for 2025 are expected to be between $225 million and $275 million [6]. Membership Growth - As of December 31, 2024, total membership reached 1,676,970, up from 1,036,283 in 2023 [10]. Medical Loss Ratio - The Medical Loss Ratio for 2024 was 81.7%, a 10 basis points increase year-over-year [4]. - The Medical Loss Ratio for 2025 is expected to be between 80.7% and 81.7% [6]. - Medical Loss Ratio for Q4 2024 was 88.1%, compared to 86.4% in Q4 2023, indicating an increase in medical expenses relative to premiums [36]. Operating Expenses - Operating expenses for the year ended December 31, 2024, totaled $9,120,299, a significant increase from $6,098,484 in 2023 [26]. - SG&A expenses for the year ended December 31, 2024, were $1,755,565, compared to $1,425,766 in 2023, reflecting increased operational costs [26]. - Selling, general and administrative expenses for the year ended December 31, 2024, were $1,755,565 thousand, compared to $1,425,766 thousand in 2023, indicating an increase of approximately 23% [47]. Assets and Liabilities - Total assets increased to $4,840,496 as of December 31, 2024, compared to $3,601,480 in 2023 [28]. - Total liabilities rose to $3,824,071 in 2024, up from $2,795,363 in 2023 [28]. Premium Revenue - Premium revenue for the year ended December 31, 2024, was $8,971,259, up 57.5% from $5,686,069 in 2023 [26]. - Direct policy premiums for the year ended December 31, 2024, increased to $10,292,125 thousand, up from $6,418,872 thousand in 2023, representing a growth of approximately 60% [47]. Claims and Medical Expenses - Medical expenses for the year ended December 31, 2024, totaled $7,332,589 thousand, compared to $4,642,024 thousand in 2023, reflecting a year-over-year increase of about 58% [47]. - The company recorded direct claims incurred of $7,278,267 thousand for the year ended December 31, 2024, compared to $4,459,702 thousand in 2023, marking an increase of approximately 63% [47]. Cash and Shareholder Information - Cash and cash equivalents as of December 31, 2024, were $1,527,186, down from $1,870,315 in 2023 [28]. - Weighted average common shares outstanding for the year ended December 31, 2024, were 240,386, an increase from 221,655 in 2023 [26]. Other Financial Metrics - Interest expense for the year ended December 31, 2024, was $23,734 thousand, slightly down from $24,603 thousand in 2023 [44]. - Stock-based compensation for the year ended December 31, 2024, was $109,824 thousand, down from $159,683 thousand in 2023, indicating a reduction of about 31% [44]. - The net quota share impact for the year ended December 31, 2024, was a loss of $52,229 thousand, compared to a loss of $34,721 thousand in 2023 [47]. - Reinsurance recoverable as of December 31, 2024, was $291,537 thousand, an increase from $241,194 thousand in 2023 [47].