Clover Health Investments(US:CLOV)2025-05-06 20:06Membership Growth - First quarter 2025 Medicare Advantage membership reached 103,418, representing a 30% year-over-year increase[4] - Average Medicare Advantage membership is projected to be between 103,000 and 107,000 for full-year 2025, maintaining a 30% growth year-over-year[7] - The average Medicare Advantage membership for the first quarter 2025 was 101,959, up 28.6% from 79,265 in the previous year[5] Financial Performance - Total revenues for the first quarter 2025 were $462 million, up 33% year-over-year[4] - Adjusted EBITDA for the first quarter 2025 was $26 million, reflecting a 279% increase compared to the previous year[4] - Adjusted Net income for the first quarter 2025 was $25 million, a 322% increase year-over-year[4] - Total revenues for the three months ended March 31, 2025, increased to $462.3 million, up 33.2% from $346.9 million in the same period of 2024[21] - Adjusted EBITDA for the three months ended March 31, 2025, was $25.8 million, compared to $6.8 million in the same period of 2024, representing a substantial increase[29] Guidance and Projections - Full-year 2025 insurance revenue guidance is between $1.800 billion and $1.875 billion, indicating a 37% growth year-over-year at the midpoint[7] - Adjusted EBITDA profitability for full-year 2025 is expected to be between $50 million and $70 million[7] - Insurance Benefits Expense Ratio (BER) is projected to be between 87% and 88% for full-year 2025[7] Loss and Expense Management - First quarter 2025 GAAP Net loss improved to $1 million from a loss of $19 million in the same quarter last year, a 94.4% reduction[4] - The company reported a net loss of $1.3 million for Q1 2025, a significant improvement from a net loss of $23.2 million in Q1 2024[21] - The insurance benefits expense ratio (Non-GAAP) for Q1 2025 was 86.1%, compared to 83.2% in Q1 2024, indicating a slight increase in costs relative to premiums earned[33] Cash Flow and Equity - Cash and cash equivalents decreased to $155.4 million at the end of Q1 2025, down from $194.5 million at the end of 2024[23] - Total stockholders' equity decreased to $336.1 million as of March 31, 2025, down from $341.1 million at the end of 2024[21] - The company experienced a net cash used in operating activities of $16.3 million for Q1 2025, compared to a net cash provided of $25.9 million in Q1 2024[23] Operating Efficiency - The company’s adjusted SG&A as a percentage of total revenues improved to 18.0% in Q1 2025 from 21.6% in Q1 2024[27] - Adjusted SG&A excludes stock-based compensation and non-recurring legal expenses, providing a clearer view of operating spend[35] - Adjusted EBITDA is a key measure for evaluating operating performance, excluding various non-cash and non-recurring expenses[36] - Adjusted Net income from continuing operations helps assess financial performance by excluding stock-based compensation and other non-recurring costs[37] - Insurance Benefits Expense Ratio (BER) is calculated by dividing total net medical expenses and quality improvements by net premiums earned, reflecting investment in healthcare quality[38]