Reaffirms Full-Year Guidance
CHICAGO, May 10, 2022
/PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health
insurance marketplace and Medicare-focused digital health company,
announced financial results for the three months ended March 31, 2022.
- First quarter 2022 net revenue of $270.6
million increased 33% compared to the prior year
period.
- First quarter 2022 net loss of $37.2
million compared to a net loss of $7.3 million in the prior year period; Adjusted
EBITDA1 of $11.1 million
decreased 65% compared to the prior year period.
- First quarter 2022 Medicare Submitted Policies of 300,643
increased 62% compared to the prior year period.
- Cash flow from operations increased 75% to $54.5 million
- The Company reaffirmed its full-year 2022 outlook, and expects
total net revenue of $900 -
$1,100 million (-15% to +4%) powered
by commission revenue of $700 -
$900 million (-21% to +2%). The
Company expects Adjusted EBITDA1 of $110 - $150 million
(+224% to +343%). The Company also expects negative cash flow
from operations of $50 - $10 million (+83% to +97%).
Clint Jones,
co-founder and CEO said, "I want to thank our people for their
continued commitment to our mission. We executed well given our
operating strategy to slow our growth and optimize the customer
experience. We were pleased with our first quarter results, which
finished in-line with our internal expectations and observed
promising operating results that accelerated towards the end of the
quarter, including reduced marketing costs per submission, higher
quality rates and lower CTM rates, and strong agent retention
results, all while executing on our cost optimization
strategy. While the impacts of this strategy do not fully
flow through our first quarter results, we expect to see the
financial benefits throughout the year as we continue to focus on
cash flow generation."
Jones continued, "We're
proud to announce that we are expanding our Encompass Platform to
serve our carrier partners as a holistic Enterprise Solution.
We've expanded our capabilities to serve our carrier partners' most
pressing needs, introducing two new modules – Encompass Connect and
Encompass Engage. We plan to share more information about the
details of Encompass as a Service in coming quarters as we seek out
opportunities to drive differentiated value to our partners and
members."
|
First Quarter 2022 Highlights2
- Total company revenue grew 33% to $270.6
million
- Medicare—Internal net revenue increased 30% to $203.8 million
- Adjusted EBITDA1 decreased 65% to $11.1 million, resulting in Adjusted EBITDA
margin of 4.1%
2022 Financial Outlook
The trajectory of the US economy remains challenging to predict,
particularly given the continued uncertainty associated with the
pace of recovery from the COVID-19 pandemic. The Company has
provided its financial outlook for the fiscal year ending
December 31, 2022 based on current
market conditions and expectations:
- Full-year 2022 net revenue of $900 - $1,100
million, representing year-over-year growth of (15)% -
4%
-
- Full-year 2022 commission revenue of $700 - $900
million, representing year-over-year growth of (21)% - 2%,
fueled by the Company's continued investment in its Medicare
business
- Full-year 2022 Adjusted EBITDA of $110 - $150
million, representing year-over-year growth of 224% -
343%
- Full-year 2022 cash flow from operations of ($50) - ($10)
million, representing year-over-year improvement of 83% to
97%
Conference Call Details
The Company will host a conference call today, Tuesday,
May 10, 2022 at 5:00 p.m. (ET)
to discuss its financial results. A live audio webcast and a
supplemental presentation will be available online at
https://investors.gohealth.com. The conference call can also
be accessed by dialing 866-374-5140 and conference ID
60724445. A replay of the call will be available for 30 days
via webcast for on-demand listening shortly after the completion of
the call, at the same web link.
About GoHealth, Inc.:
As a leading health insurance marketplace and Medicare-focused
digital health company, GoHealth's mission is to improve access to
healthcare in America. Enrolling in a health insurance plan can be
confusing for customers, and the seemingly small differences
between plans can lead to significant out-of-pocket costs or lack
of access to critical medicines and even providers. GoHealth
combines cutting-edge technology, data science and deep industry
expertise to match customers with the healthcare policy and carrier
that is right for them. GoHealth has enrolled millions of people in
Medicare plans and individual and family plans. For more
information, visit https://www.gohealth.com.
Investor Relations:
|
IR@gohealth.com
|
|
Media Relations:
|
Pressinquiries@gohealth.com
|
|
|
(1)
|
Adjusted EBITDA is a
non-GAAP measure. For a definition of Adjusted EBITDA and a
reconciliation to the most comparable GAAP measure, please see
below.
|
(2)
|
First quarter 2022
results compared to the comparable prior year period.
|
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts contained
in this press release may be forward-looking statements. Statements
regarding the Company's future results of operations and financial
position, business strategy and plans and objectives of management
for future operations, including, among others, statements
regarding expected financial performance and operational
performance for the fiscal year 2022, including with respect to
revenue and Adjusted EBITDA, including with respect to agent
conversion and implied growth are forward-looking statements. In
some cases, you can identify forward-looking statements by terms,
such as "may," "will," "should," "expects," "plans," "anticipates,"
"could," "intends," "targets," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these terms or other similar expressions.
Accordingly, we caution you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable as of
the date made, actual results may prove to be materially different
from the results expressed or implied by the forward-looking
statements. There are or will be important factors that could cause
the Company's actual results to differ materially from those
indicated in these forward-looking statements, including, but are
not limited to, the following: the Company's ability to comply with
the numerous, complex and frequently changing laws regulating the
marketing and sale of Medicare plans; the potential for an adverse
change in the Company's relationships with carriers, including a
loss of a carrier relationship, reduction in revenue or
consolidation of carriers; carriers' ability to reduce commissions
paid to the Company and adversely change their underwriting
practices; information technology systems failures or capacity
constraints interrupting the Company's operations; factors that
impact the Company's estimate of LTV may be adversely impacted; our
management and independent auditors have identified a material
weakness in our internal controls which may lead to errors or
omissions in our financial statements; the potential delisting of
our common stock from the NASDAQ; the Company's dependence on
agents to sell insurance plans; our ability to obtain the capital
needed to operate and grow our business; attracting qualified
employees and retaining key employees; and the impact of global
economic happenings.
The foregoing factors should not be construed as exhaustive and
should be read together with the other cautionary statements
included in this press release, as well as the cautionary
statements and other risk factors set forth in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2021, Quarterly Report on Form 10-Q
for the first quarter ended March 31,
2022 and other SEC filings. If one or more events related to
these or other risks or uncertainties materialize, or if the
Company's underlying assumptions prove to be incorrect, actual
results may differ materially from what the Company anticipates.
Many of the important factors that will determine these results are
beyond the Company's ability to control or predict. Accordingly,
you should not place undue reliance on any such forward-looking
statements. Any forward-looking statement speaks only as of the
date on which it is made, and, except as otherwise required by law,
the Company does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise. New factors emerge
from time to time, and it is not possible for us to predict which
will arise. In addition, the Company cannot assess the impact of
each factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking
statements.
Use of Non-GAAP Financial Measures and Key Performance
Indicators
In this press release, we use supplemental measures of our
performance that are derived from our consolidated financial
information, but which are not presented in our Consolidated
Financial Statements prepared in accordance with Generally Accepted
Accounting Principles ("GAAP"). These non-GAAP financial measures
include net income (loss) before interest expense, income tax
expense (benefit) and depreciation and amortization expense
("EBITDA"); Adjusted EBITDA and Adjusted EBITDA margin. Adjusted
EBITDA is the primary financial performance measure used by
management to evaluate its business and monitor its results of
operations.
Adjusted EBITDA represents, as applicable for the period, EBITDA
as further adjusted for certain items summarized below in this
press release. Adjusted EBITDA margin represents Adjusted
EBITDA divided by net revenues.
We use non-GAAP financial measures to supplement financial
information presented on a GAAP basis. We believe that excluding
certain items from our GAAP results allows management to better
understand our consolidated financial performance from period to
period and better project our future consolidated financial
performance as forecasts are developed at a level of detail
different from that used to prepare GAAP-based financial measures.
Moreover, we believe these non-GAAP financial measures provide our
stakeholders with useful information to help them evaluate our
operating results by facilitating an enhanced understanding of our
operating performance and enabling them to make more meaningful
period to period comparisons. There are limitations to the use of
the non-GAAP financial measures presented in this press release.
For example, our non-GAAP financial measures may not be comparable
to similarly titled measures of other companies. Other companies,
including companies in our industry, may calculate non-GAAP
financial measures differently than we do, limiting the usefulness
of those measures for comparative purposes.
The non-GAAP financial measures are not meant to be considered
as indicators of performance in isolation from or as a substitute
for net income (loss) prepared in accordance with GAAP, and should
be read only in conjunction with financial information presented on
a GAAP basis. Reconciliations of each of EBITDA and Adjusted EBITDA
to its most directly comparable GAAP financial measure, net income
(loss), are presented in the tables below in this press release. We
encourage you to review the reconciliations in conjunction with the
presentation of the non-GAAP financial measures for each of the
periods presented. In future periods, we may exclude similar items,
may incur income and expenses similar to these excluded items and
include other expenses, costs and non-recurring items.
Management has provided its outlook and guidance regarding
Adjusted EBITDA, which is a non-GAAP financial measure and excludes
certain charges. Management has not reconciled this non-GAAP
financial measure to the corresponding GAAP financial measure
because Management is unable to provide guidance for various
reconciling items, such as non-recurring severance costs and
professional services fees. We cannot determine their
probable significance, they are outside of our control and cannot
be reasonably predicted, as such items could vary significantly
from period to period. Accordingly, reconciliations to the
corresponding GAAP financial measures are not available without
unreasonable effort.
Glossary
"Adjusted EBITDA" represents, as applicable for the
period, EBITDA as further adjusted for certain items summarized
below in this press release.
"Adjusted EBITDA Margin" refers to Adjusted EBITDA
divided by net revenues.
"Approved Submissions" refer to Submitted Policies
approved by carriers for the identified product during the
indicated period.
"LTV Per Approved Submission" refers to the Lifetime
Value of Commissions per Approved Submission, which we define as
(i) aggregate commissions estimated to be collected over the
estimated life of all commissionable Approved Submissions for the
relevant period based on multiple factors, including but not
limited to, contracted commission rates, carrier mix and expected
policy persistency with applied constraints, excluding revenue
adjustments recorded in the period, but relating to performance
obligations satisfied in prior periods, divided by (ii) the number
of commissionable Approved Submissions for such period.
"Submitted Policies" refer to completed applications
that, with respect to each such application, the consumer has
authorized us to submit to the carrier.
The following tables set forth the components of our results of
operations for the periods indicated (unaudited):
(in thousands, except
percentages and per share amounts)
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
|
|
|
|
|
Dollars
|
|
% of Net
Revenues
|
|
Dollars
|
|
% of Net
Revenues
|
|
$ Change
|
|
% Change
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission
|
|
$
209,639
|
|
77.5%
|
|
$
173,981
|
|
85.2%
|
|
$
35,658
|
|
20.5%
|
Enterprise
|
|
60,954
|
|
22.5%
|
|
30,198
|
|
14.8%
|
|
30,756
|
|
101.8%
|
Net revenues
|
|
270,593
|
|
100.0%
|
|
204,179
|
|
100.0%
|
|
66,414
|
|
32.5%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
67,923
|
|
25.1%
|
|
48,375
|
|
23.7%
|
|
19,548
|
|
40.4%
|
Marketing and advertising
|
|
84,033
|
|
31.1%
|
|
54,484
|
|
26.7%
|
|
29,549
|
|
54.2%
|
Customer care and enrollment
|
|
78,455
|
|
29.0%
|
|
47,094
|
|
23.1%
|
|
31,361
|
|
66.6%
|
Technology
|
|
12,759
|
|
4.7%
|
|
9,617
|
|
4.7%
|
|
3,142
|
|
32.7%
|
General and administrative
|
|
29,217
|
|
10.8%
|
|
19,685
|
|
9.6%
|
|
9,532
|
|
48.4%
|
Amortization of intangible assets
|
|
23,514
|
|
8.7%
|
|
23,514
|
|
11.5%
|
|
—
|
|
—%
|
Total operating
expenses
|
|
295,901
|
|
109.4%
|
|
202,769
|
|
99.3%
|
|
93,132
|
|
45.9%
|
Income (loss) from
operations
|
|
(25,308)
|
|
(9.4)%
|
|
1,410
|
|
0.7%
|
|
(26,718)
|
|
(1894.9)%
|
Interest
expense
|
|
11,398
|
|
4.2%
|
|
8,688
|
|
4.3%
|
|
2,710
|
|
31.2%
|
Other (income)
expense
|
|
63
|
|
—%
|
|
13
|
|
—%
|
|
50
|
|
N/M
|
Income (loss) before
income taxes
|
|
(36,769)
|
|
(13.6)%
|
|
(7,291)
|
|
(3.6)%
|
|
(29,478)
|
|
404.3%
|
Income tax expense
(benefit)
|
|
472
|
|
0.2%
|
|
(31)
|
|
—%
|
|
503
|
|
N/M
|
Net income
(loss)
|
|
$ (37,241)
|
|
(13.8)%
|
|
$
(7,260)
|
|
(3.6)%
|
|
$
(29,981)
|
|
413.0%
|
Net income (loss)
attributable to noncontrolling interests
|
|
(23,758)
|
|
(8.8)%
|
|
(5,173)
|
|
(2.5)%
|
|
(18,585)
|
|
359.3%
|
Net income (loss) attributable to GoHealth,
Inc.
|
|
$ (13,483)
|
|
(5.0)%
|
|
$
(2,087)
|
|
(1.0)%
|
|
$
(11,396)
|
|
546.0%
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share of common stock — basic and diluted
|
|
$
(0.12)
|
|
|
|
$
(0.02)
|
|
|
|
|
|
|
Weighted-average shares
of Class A common stock outstanding — basic and diluted
|
|
116,207
|
|
|
|
92,343
|
|
|
|
|
|
|
Non-GAAP financial measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
577
|
|
|
|
$ 26,764
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$ 11,073
|
|
|
|
$ 32,056
|
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
4.1%
|
|
|
|
15.7%
|
|
|
|
|
|
|
_________________________
The following tables set forth the reconciliations of GAAP net
income (loss) to EBITDA and Adjusted EBITDA for the periods
indicated (unaudited):
(in
thousands)
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Net revenues
|
|
$
270,593
|
|
$
204,179
|
Net income
(loss)
|
|
(37,241)
|
|
(7,260)
|
Interest expense
|
|
11,398
|
|
8,688
|
Income tax expense (benefit)
|
|
472
|
|
(31)
|
Depreciation and amortization expense
|
|
25,948
|
|
25,367
|
EBITDA
|
|
577
|
|
26,764
|
Share-based compensation expense (1)
|
|
5,155
|
|
5,112
|
Severance cost (2)
|
|
1,391
|
|
—
|
Professional services (3)
|
|
3,950
|
|
—
|
Legal fees (4)
|
|
—
|
|
180
|
Adjusted EBITDA
|
|
$
11,073
|
|
$
32,056
|
Adjusted EBITDA
margin
|
|
4.1%
|
|
15.7%
|
_________________________
(1)
|
Represents non-cash
share-based compensation expense relating to equity
awards.
|
(2)
|
Represents costs
associated with the termination of employment and associated
fees.
|
(3)
|
Represents costs
associated with non-recurring consulting fees.
|
(4)
|
Represents
non-recurring legal fees unrelated to our core
operations.
|
The following table summarizes share-based compensation expense
by operating function for the periods indicated (unaudited):
(in
thousands)
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Marketing and
advertising
|
|
$
441
|
|
$
337
|
Customer care and
enrollment
|
|
631
|
|
796
|
Technology
|
|
982
|
|
747
|
General and
administrative
|
|
3,101
|
|
3,232
|
Total share-based compensation
expense
|
|
$
5,155
|
|
$
5,112
|
The following table sets forth our balance sheets for the
periods indicated (unaudited):
(in thousands, except
per share amounts)
|
|
Mar. 31, 2022
|
|
Dec. 31, 2021
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
129,628
|
|
$
84,361
|
Accounts receivable, net of allowance for doubtful accounts
of $926 in 2022 and $558 in 2021
|
|
40,117
|
|
17,276
|
Commissions receivable - current
|
|
189,287
|
|
268,663
|
Prepaid expense and other current assets
|
|
32,730
|
|
58,695
|
Total current
assets
|
|
391,762
|
|
428,995
|
Commissions receivable
- non-current
|
|
947,280
|
|
993,844
|
Operating lease ROU
asset
|
|
22,044
|
|
23,462
|
Other long-term
assets
|
|
2,857
|
|
3,608
|
Property, equipment,
and capitalized software, net
|
|
27,863
|
|
24,273
|
Intangible assets,
net
|
|
571,154
|
|
594,669
|
Total assets
|
|
$
1,962,960
|
|
$
2,068,851
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
25,797
|
|
$
39,843
|
Accrued liabilities
|
|
34,724
|
|
52,788
|
Commissions payable - current
|
|
56,645
|
|
104,160
|
Short-term operating lease liability
|
|
6,249
|
|
6,126
|
Deferred revenue
|
|
1,137
|
|
536
|
Current portion of long-term debt
|
|
5,270
|
|
5,270
|
Other current liabilities
|
|
11,067
|
|
8,344
|
Total current
liabilities
|
|
140,889
|
|
217,067
|
Non-current liabilities:
|
|
|
|
|
Commissions payable - non-current
|
|
281,250
|
|
274,403
|
Long-term operating lease liability
|
|
18,185
|
|
19,776
|
Long-term debt, net of current portion
|
|
662,678
|
|
665,115
|
Total non-current
liabilities
|
|
962,113
|
|
959,294
|
Stockholders' equity:
|
|
|
|
|
Class A common stock – $0.0001 par value; 1,100,000 shares
authorized; 121,944 and 115,487 shares issued;
121,775 and 115,487 shares outstanding at March
31, 2022 and December 31, 2021, respectively.
|
|
12
|
|
11
|
Class B common stock – $0.0001 par value; 581,346 and 587,360
shares authorized; 199,338 and 205,352 shares
issued and outstanding at March 31, 2022 and
December 31, 2021, respectively.
|
|
20
|
|
21
|
Preferred stock – $0.0001 par value; 20,000 shares
authorized; no shares issued and outstanding at March 31, 2022
and December 31, 2021.
|
|
—
|
|
—
|
Treasury stock – at cost; 169 shares of Class A common stock
at March 31, 2022
|
|
(329)
|
|
—
|
Additional paid-in capital
|
|
583,323
|
|
561,447
|
Accumulated other comprehensive income (loss)
|
|
(101)
|
|
(59)
|
Accumulated deficit
|
|
(221,800)
|
|
(208,317)
|
Total stockholders'
equity attributable to GoHealth, Inc.
|
|
361,125
|
|
353,103
|
Non-controlling
interests
|
|
498,833
|
|
539,387
|
Total stockholders'
equity
|
|
859,958
|
|
892,490
|
Total liabilities and stockholders'
equity
|
|
$
1,962,960
|
|
$
2,068,851
|
The following table sets forth our statements of cash flows for
the periods indicated (unaudited):
|
|
Three months ended
Mar. 31,
|
(in
thousands)
|
|
2022
|
|
2021
|
Operating Activities
|
|
|
|
|
Net income
(loss)
|
|
$
(37,241)
|
|
$
(7,260)
|
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating
activities:
|
|
|
|
|
Share-based compensation
|
|
5,155
|
|
5,112
|
Depreciation and amortization
|
|
2,434
|
|
1,853
|
Amortization of intangible assets
|
|
23,514
|
|
23,514
|
Amortization of debt discount and issuance costs
|
|
664
|
|
684
|
Non-cash lease expense
|
|
1,418
|
|
1,216
|
Other non-cash items
|
|
(37)
|
|
(480)
|
Changes in assets and
liabilities, net of acquisition:
|
|
|
|
|
Accounts receivable
|
|
(22,888)
|
|
(1,661)
|
Commissions
receivable
|
|
126,024
|
|
9,508
|
Prepaid expenses and other
assets
|
|
26,659
|
|
9,227
|
Accounts payable
|
|
(14,073)
|
|
1,570
|
Accrued liabilities
|
|
(18,393)
|
|
(783)
|
Deferred revenue
|
|
601
|
|
13
|
Commissions payable
|
|
(40,668)
|
|
(10,818)
|
Operating lease
liabilities
|
|
(1,468)
|
|
(1,188)
|
Other liabilities
|
|
2,785
|
|
695
|
Net cash provided by
operating activities
|
|
54,486
|
|
31,202
|
Investing Activities
|
|
|
|
|
Purchases of property,
equipment and software
|
|
(5,997)
|
|
(3,740)
|
Net cash used in
investing activities
|
|
(5,997)
|
|
(3,740)
|
Financing Activities
|
|
|
|
|
Repayment of
borrowings
|
|
(1,318)
|
|
(1,043)
|
Debt issuance cost
payments
|
|
(1,725)
|
|
—
|
Principal payments
under finance lease obligations
|
|
(62)
|
|
(76)
|
Cash received on
advancement to NVX Holdings, Inc.
|
|
—
|
|
3,395
|
Net cash (used in)
provided by financing activities
|
|
(3,105)
|
|
2,276
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(117)
|
|
7
|
Increase in cash and
cash equivalents
|
|
45,267
|
|
29,745
|
Cash and cash
equivalents at beginning of period
|
|
84,361
|
|
144,234
|
Cash and cash equivalents at end of
period
|
|
$
129,628
|
|
$
173,979
|
Supplemental Disclosure of Cash Flow
Information
|
|
|
|
|
Non-cash investing and financing
activities:
|
|
|
|
|
Purchases of property, equipment and software included in
accounts payable
|
|
$
2,734
|
|
$
1,690
|
The following tables set forth operating segment results for the
periods indicated (unaudited):
(in thousands, except
percentages)
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
|
|
|
|
|
Dollars
|
|
% of Net
Revenues
|
|
Dollars
|
|
% of Net
Revenues
|
|
$ Change
|
|
% Change
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare - Internal
|
|
$
203,845
|
|
75.3%
|
|
$
157,353
|
|
77.2%
|
|
$
46,492
|
|
29.5%
|
Medicare - External
|
|
61,486
|
|
22.7%
|
|
39,500
|
|
19.3%
|
|
21,986
|
|
55.7%
|
IFP
and Other - Internal
|
|
4,200
|
|
1.6%
|
|
3,975
|
|
1.9%
|
|
225
|
|
5.7%
|
IFP
and Other - External
|
|
1,062
|
|
0.4%
|
|
3,351
|
|
1.6%
|
|
(2,289)
|
|
(68.3)%
|
Net revenues
|
|
270,593
|
|
100.0%
|
|
204,179
|
|
100.0%
|
|
66,414
|
|
32.5%
|
Segment profit (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare - Internal
|
|
34,839
|
|
12.9%
|
|
46,443
|
|
22.7%
|
|
(11,604)
|
|
(25.0)%
|
Medicare - External
|
|
(7,793)
|
|
(2.9)%
|
|
(631)
|
|
(0.3)%
|
|
(7,162)
|
|
N/M
|
IFP
and Other - Internal
|
|
590
|
|
0.2%
|
|
(729)
|
|
(0.4)%
|
|
1,319
|
|
N/M
|
IFP
and Other - External
|
|
(258)
|
|
(0.1)%
|
|
160
|
|
0.1%
|
|
(418)
|
|
(261.3)%
|
Segment profit
(loss)
|
|
27,378
|
|
10.1%
|
|
45,243
|
|
22.2%
|
|
(17,865)
|
|
(39.5)%
|
Corporate expense
|
|
29,172
|
|
10.8%
|
|
20,319
|
|
10.0%
|
|
8,853
|
|
43.6%
|
Amortization of intangible assets
|
|
23,514
|
|
8.7%
|
|
23,514
|
|
11.5%
|
|
—
|
|
—%
|
Interest expense
|
|
11,398
|
|
4.2%
|
|
8,688
|
|
4.3%
|
|
2,710
|
|
31.2%
|
Other (income) expense
|
|
63
|
|
—%
|
|
13
|
|
—%
|
|
50
|
|
N/M
|
Income (loss) before income
taxes
|
|
$
(36,769)
|
|
(13.6)%
|
|
$
(7,291)
|
|
(3.6)%
|
|
$
(29,478)
|
|
404.3%
|
_________________________
The following table presents the number of Submitted Policies by
product for the Medicare segments for the three months ended
March 31, 2022 and 2021, for those
submissions that are commissionable (compensated through
commissions received from carriers):
Medicare - Total Commissionable Submitted
Policies
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Medicare
Advantage
|
|
286,109
|
|
172,874
|
Medicare
Supplement
|
|
502
|
|
1,104
|
Prescription Drug
Plans
|
|
6,525
|
|
2,593
|
Total Medicare
|
|
293,136
|
|
176,571
|
The following tables present the number of Approved Submissions
by product relating to commissionable policies for the Medicare
segments for three months ended March 31,
2022 and 2021. Only commissionable policies are used to
calculate LTV.
Medicare - Internal Commissionable Approved
Submissions
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Medicare
Advantage
|
|
188,928
|
|
128,886
|
Medicare
Supplement
|
|
154
|
|
251
|
Prescription Drug
Plans
|
|
2,999
|
|
2,284
|
Total Medicare
|
|
192,081
|
|
131,421
|
Medicare - External Commissionable Approved
Submissions
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Medicare
Advantage
|
|
87,948
|
|
42,241
|
Medicare
Supplement
|
|
216
|
|
731
|
Prescription Drug
Plans
|
|
3,174
|
|
289
|
Total Medicare
|
|
91,338
|
|
43,261
|
The following table presents the LTV per Approved Submission by
product for the Medicare segments for the three months ended
March 31, 2022 and 2021:
LTV per Approved Submission
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Medicare
Advantage
|
|
$
756
|
|
$
856
|
Medicare
Supplement
|
|
$
843
|
|
$
798
|
Prescription Drug
Plans
|
|
$
203
|
|
$
215
|
The following table presents the number of Submitted Policies by
product for the Medicare segments for the three months ended
March 31, 2022 and 2021, for those
submissions that are non-commissionable (compensated via hourly
fees and enrollment fees) and do not result in commission
revenue:
Medicare - Total Non-Commissionable Submitted
Policies
|
|
Three months ended
Mar. 31, 2022
|
|
Three months ended
Mar. 31, 2021
|
Medicare
Advantage
|
|
4,487
|
|
5,939
|
Medicare
Supplement
|
|
2,191
|
|
1,650
|
Prescription Drug
Plans
|
|
829
|
|
885
|
Total Medicare
|
|
7,507
|
|
8,474
|
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SOURCE GoHealth, Inc.