Financial Data and Key Metrics Changes - The company reported a record first quarter with transaction value reaching $473 million, up 116% year over year, driven by a 200% increase in the P&C vertical [8][10] - Adjusted EBITDA for Q1 doubled year over year to $29.4 million, representing 67% of contribution, up from 52% in the prior year [9][12] - Cash flow was $20 million, with a net debt to adjusted EBITDA ratio of less than 1x, indicating strong financial health [12] Business Line Data and Key Metrics Changes - The P&C insurance vertical saw significant growth, with transaction value up sequentially as several carriers increased marketing investments [8][10] - The Health vertical's transaction value decreased by 17% year over year, aligning with expectations, as the company shifts focus to Medicare Advantage [8][11] - The company plans to exit the Travel vertical by the end of Q2, which contributed approximately $1 million of transaction value in Q1 [10] Market Data and Key Metrics Changes - The company anticipates continued strength in P&C carrier marketing investments, expecting transaction value levels to grow approximately 65% to 75% year over year [11] - In the Health vertical, transaction value is expected to decline by 25% to 30% year over year, with Medicare expected to account for over 40% of the Health vertical's transaction value [11] Company Strategy and Development Direction - The company is strategically scaling back certain areas of its Health business to focus on the growing Medicare Advantage market, where it believes it has a strong competitive position [6][11] - The management remains optimistic about the auto insurance marketplace, citing strong underlying profitability and a shift towards direct-to-consumer distribution [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near-term outlook for auto insurance advertising spend, despite potential pressures from automotive tariffs [6][20] - The company is committed to resolving ongoing FTC matters, having increased its reserve related to this issue to $12 million [6][12] Other Important Information - The company recognized a $13.4 million charge to write off certain intangible assets from the DHT acquisition, indicating a strategic realignment [9][10] - The Medicare Advantage market is viewed as having long-term growth potential, driven by an increasing senior population opting for these plans [42][93] Q&A Session Summary Question: Insights on carrier spend in the second half of the year - Management believes the auto insurance market is well-positioned for sustained growth, with carriers showing strong profitability and readiness to invest in customer acquisition [16][20] Question: Dynamics across open and private marketplaces - The private marketplace is designed for large publishers and advertisers, while the open exchange is expected to see more transactions as the recovery gains momentum [21][66] Question: Pricing changes in the P&C market - Management noted that strong demand from carriers led to increased budgets and spending as the quarter progressed, indicating a recovery from initial conservatism [30][31] Question: Scaling back the under 65 business - The company clarified that scaling back does not mean exiting the business but rather a strategic adjustment to focus on more profitable areas [38][39] Question: Medicare Advantage market health - The Medicare Advantage market is currently in a hard market cycle, but long-term growth is expected due to increasing enrollment among seniors [41][93] Question: Contribution margin ratio decline - The decline in contribution margin is attributed to a mix of factors, including the shift towards P&C becoming a larger part of the business and changes in publisher dynamics [48][49] Question: Impact of automotive tariffs on Q2 guidance - Management indicated that while tariffs could impact profitability in the latter part of the year, the guidance for Q2 remains confident and robust [58][59] Question: Timeline for resolution of legal inquiries - Management stated that it is difficult to comment on the timeline for the ongoing FTC discussions, but updates will be provided as necessary [60][63]

Financial Data and Key Metrics Changes - The company reported a record first quarter financial result with transaction value reaching $473 million, up 116% year over year, driven by a 200% year over year growth in the P&C vertical [7][4] - Adjusted EBITDA for Q1 doubled year over year to $29.4 million, representing 67% of contribution, up from 52% in the prior year [8][9] - Cash flow was $20 million, with a net debt to adjusted EBITDA ratio of less than 1x, indicating strong financial health [11] Business Line Data and Key Metrics Changes - The P&C insurance vertical saw significant growth, with transaction value up sequentially as several carriers increased marketing investments [7][4] - The Health vertical's transaction value was down 17% year over year, in line with expectations, as the company scales back certain areas of its under 65 business [7][9] - The company plans to exit the Travel vertical by the end of Q2, which contributed approximately $1 million of transaction value in Q1 [9] Market Data and Key Metrics Changes - The company expects P&C transaction value levels to grow approximately 65% to 75% year over year in Q2, while Health vertical transaction value is expected to decline by 25% to 30% year over year [10][9] - Medicare is anticipated to account for over 40% of the Health vertical's transaction value for the quarter, reflecting a strategic shift towards Medicare Advantage [10] Company Strategy and Development Direction - The company is focusing on scaling back certain areas of its under 65 business to concentrate on the growing Medicare Advantage market, where it believes it has a strong competitive position [5][10] - The management remains optimistic about the auto insurance advertising spend, despite potential pressures from automotive tariffs, indicating a commitment to delivering high returns on advertising spend [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the auto insurance marketplace's sustained growth, citing strong underlying profitability among carriers [15][16] - The potential impact of automotive tariffs is expected to be moderate, with carriers well-positioned to react quickly to any profitability concerns [19][18] - The Medicare Advantage market is viewed as having long-term growth potential, driven by an increasing senior population opting for these plans [40][90] Other Important Information - The company increased its reserve related to the FTC matter by $5 million, bringing the total reserve to $12 million at the end of the quarter [5][6] - A write-off of $13.4 million was recognized for certain intangible assets acquired as part of the DHT acquisition, indicating a strategic realignment [9][77] Q&A Session Summary Question: Insights on carrier spend in the second half of the year - Management believes the auto insurance marketplace remains well-positioned for growth, with carriers showing strong profitability and readiness to invest in customer acquisition [15][16] Question: Dynamics across open and private marketplaces - The private marketplace is designed for large publishers and advertisers, while the open exchange is expected to see more transactions as the recovery gains momentum [20][22] Question: Pricing changes in the P&C market - The increase in carrier demand and budget access in March was attributed to a shift from initial conservatism at the start of the year [28][29] Question: Scaling back the under 65 business - The company clarified that scaling back does not mean exiting the business but rather a partial step back to focus on Medicare Advantage [36][37] Question: Medicare Advantage market health - The Medicare Advantage market is currently in a hard market cycle, but long-term growth is expected due to increasing enrollment among seniors [40][90] Question: Contribution margin ratio decline - The decline in contribution margin ratio is attributed to a mix of P&C becoming a larger percentage of the business and changes in publisher dynamics [46][48] Question: Impact of tariffs on Q2 guidance - The guidance for Q2 reflects a high degree of confidence, with the potential impact of tariffs expected to be relatively muted [57][58] Question: Timeline for resolution of legal inquiries - Management indicated that it is difficult to comment on the timeline for resolution while actively engaged in discussions with the FTC [59][60] Question: Investments and growth strategy - The company runs lean and is prepared to adjust investments based on market conditions while maintaining a focus on growth opportunities [83][85]

As filed with the U.S. Securities and Exchange Commission on March 7, 2024 Registration No. 333-276006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SOS Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) AMENDMENT NO. 3 TO FORM F-1 Cayman Islands 7350 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industr ...