Core Insights - GoHealth aims to provide support to Medicare beneficiaries facing disruptions during the 2026 Annual Enrollment Period (AEP) by leveraging its proprietary technology to enhance the consumer experience [1][3]. Industry Overview - Approximately 2 million Medicare Advantage beneficiaries are expected to be impacted by plan exits, while an additional 10 million may experience plan degradation, leading to reduced provider networks, supplemental benefits, and increased costs [2][3]. - The Medicare market is undergoing significant disruption, with fewer plan options and higher costs anticipated as insurers attempt to manage expenses [3]. Company Solutions - GoHealth offers proprietary solutions such as PlanFit technology and PlanFit CheckUp, which help consumers compare their current Medicare plans with available options, ensuring they make informed decisions [7][8]. - The company’s AI-powered assistant, PlanGPT, streamlines the plan comparison process, allowing licensed agents to provide personalized guidance and reduce average call times by 10 minutes [7][8]. Recommendations for Beneficiaries - GoHealth encourages Medicare beneficiaries to take a proactive approach during the AEP, which runs from October 15 to December 7, by seeking guidance from licensed professionals and carefully assessing their options [4][6].

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]