Company Overview - GoHealth is a leading health insurance marketplace providing personalized guidance to Medicare-eligible consumers[12] - GoHealth has assisted over 11 million consumers with Medicare plan options[15] - The Medicare market is large and growing, with over 68 million eligible lives and over 11,000 new members each day[18] Business Model and Technology - GoHealth utilizes a consumer-centric approach and streamlined Encompass operating model[22] - The company's PlanFit technology platform optimizes enrollment and ensures the best outcomes for consumers[14] - GoHealth's differentiated operating model results in industry-leading customer acquisition costs, with Direct Operating Cost per Submission at $578 in FY24[51, 52] Market Position and Growth - GoHealth is ranked 1 Medicare enroller for health plans[25] - The company projects over 40 million Medicare Advantage enrollees by 2030[55] Competitive Advantage - GoHealth's Direct Operating Cost per Submission is 17% to 31% lower than peers in FY24[51]

Financial Data and Key Metrics Changes - Q4 2024 revenue increased to $389 million, a 41% improvement compared to $277 million in Q4 2023 [18][39] - Adjusted EBITDA for Q4 2024 grew to $118 million, representing a 107% year-over-year improvement from $57 million in Q4 2023 [18][39] - Full year 2024 revenue was $798.9 million, reflecting a 9% year-over-year increase compared to $734.7 million in 2023 [39] - Full year adjusted EBITDA increased to $120.3 million, a 60% increase from $75.1 million in 2023 [39][40] - Direct operating cost per submission decreased by 27% year-over-year in Q4 to $501 [17][41] Business Line Data and Key Metrics Changes - Captive Medicare team submissions increased by approximately 82% year-over-year, driven by improved conversion rates and call efficiency [16][17] - External agents (GoPartner Solutions) saw a 25% year-over-year increase in submissions due to effective onboarding of new agency partners [17] - PlanFit CheckUp grew 72% in Q4 2024 compared to the same period in 2023, reflecting strong consumer engagement [23] Market Data and Key Metrics Changes - Nearly 3 million consumers were supported in assessing their benefit options in 2024, with over 481,000 submissions in Q4, a 67% improvement year-over-year [15] - The U.S. has over 67 million Medicare-eligible consumers, with over half enrolled in Medicare Advantage [10] Company Strategy and Development Direction - The company aims to transform from a traditional Medicare enrollment company to a Medicare engagement company, focusing on long-term relationships with consumers [14] - The integration of e-TeleQuote is seen as a strategic move to enhance operational efficiency and drive growth [26] - The company plans to capitalize on favorable market conditions and expects meaningful revenue growth and profit expansion in the first three quarters of 2025 [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the first three quarters of 2025, anticipating favorable market dynamics [30][34] - The CMS final rate notice is a key determinant for health plan funding and revenue assumptions, projecting a 4.3% average revenue increase for Medicare Advantage health plans in 2026 [34] - Management highlighted the importance of adapting to regulatory changes and maintaining engagement efficiency [35][36] Other Important Information - The company successfully refinanced its term loan credit facility, extending the maturity through 2029 and improving financial terms [42][43] - Commissions receivable totaled approximately $1.1 billion at December 31, 2024 [45] Q&A Session Summary Question: Discussion on revenue per submission and margin expansion - Management discussed the balance between agency and non-agency products affecting revenue per submission and emphasized ongoing efficiency improvements [55][56][60] Question: Expectations for AEP and market dynamics - Management noted that fewer plan exits are expected in 2025, which may lead to different types of disruption compared to 2024 [65][66][68] Question: Impact of PlanFit Save on revenue - Management indicated that PlanFit Save had a small impact on Q4 performance due to fewer scenarios where it was applicable [70][74] Question: Balance sheet and potential securitization of commission receivables - Management stated that all options are being considered to optimize the balance sheet and reduce the cost of capital [77][81] Question: Customer acquisition cost (CAC) expectations - Management refrained from providing specific multi-year guidance on CAC but emphasized ongoing efficiency improvements [83][85][88] Question: Differentiation against competitors in a stable market - Management highlighted targeted marketing and the ability to provide peace of mind to consumers as key differentiators [97][102][104] Question: Success of e-TeleQuote and its application to core business - Management explained that learnings from the core business were applied to enhance e-TeleQuote's performance [106][108] Question: Changes in LTV model assumptions - Management clarified that LTV assumptions are based on historical data and not overly reactive to current market conditions [112][115] Question: Opportunities to expand beyond Medicare Advantage - Management expressed openness to exploring new populations or products if they align with the company's capabilities and consumer needs [120][123]