CHICAGO, Aug. 11, 2021 /PRNewswire/ -- GoHealth, Inc.
(NASDAQ: GOCO), a leading health insurance marketplace and
Medicare-focused digital health company, announced financial
results for the three and six months ended June 30, 2021.
- Second quarter 2021 net revenue of $196.9 million increased 55% compared to the
prior year period. YTD 2021 net revenue of $401.1 million increased 50% compared to the
prior year period.
- Second quarter 2021 Medicare—Internal revenue of $160.4 million increased 84% compared to the
prior year period. YTD 2021 Medicare—Internal revenue of
$317.8 million increased 74% compared
to the prior year period.
- Second quarter 2021 Medicare Advantage ("MA") Approved
Submissions of 152,749 increased 58% compared to the prior year
period. YTD 2021 MA Approved Submissions of 323,876 increased 52%
compared to the prior year period.
- Second quarter 2021 MA LTV Per Approved Submission of
$953 increased 5% compared to the
prior year period. YTD 2021 MA LTV Per Approved Submission of
$975 increased 11% compared to the
prior year period.
- Second quarter 2021 net loss of $39.2
million compared to a net loss of $22.9 million in the prior year period; Adjusted
EBITDA1 of $14.3 million
decreased 47% compared to the prior year period due to the 2021
strategic investments in agent capacity, marketplace technology,
branding and the Encompass Platform. YTD 2021 net loss was
$46.4 million compared to a net loss
of $23.8 million in the prior year
period; Adjusted EBITDA1 of $46.4
million decreased 25% compared to the prior year
period.
- The Company tightened its full year 2021 revenue outlook to
$1,200 - $1,300 million (+37% to +48%) powered by
commission net revenue of $1,000 -
$1,100 million (+49% to +64%) as
agent growth is tracking at the high end of expectations. The
Company lowered its Adjusted EBITDA1 outlook to
$300 - $330
million (+11% to +22%), primarily due to higher agent costs
expected in 2021.
Clint Jones, co-founder and CEO
said, "GoHealth's second quarter revenue growth of 55% was driven
by an 84% gain in our Medicare—Internal segment with LTVs expanding
5%. Our ramped up investments in our Encompass Platform led to
$17 million in revenue contribution
from the platform's additional services beyond enrollment for
carriers. Given the 50% top-line growth over the first six months
and continued strength in the market, we have raised and tightened
our revenue expectations for full year fiscal 2021."
Jones continued, "These excellent top-line results are enabled
by our success at increasing our agent counts ahead of the 50%
growth target, ensuring that we have ample agent capacity to
address the anticipated demand during this year's Annual Enrollment
Period. While we are encouraged by the growth in our agent force,
enhanced training and tight labor markets have created cost
pressures that we expect to continue over the balance of the year.
Given these higher agent costs, we are reducing our outlook for
2021 Adjusted EBITDA. We anticipate that these 2021 investments in
agents, training, technology and Encompass will position us well
for continued strong efficient growth in 2022."
Second Quarter 2021 Highlights2
- Total company revenue grew 55% to $196.9
million
-
- Total Medicare Commissionable Submitted Policies grew 52% to
156,559
- Medicare—Internal net revenue increased 84% to $160.4 million
- LTV Per carrier Approved MA Submission increased 5% to
$953
- Adjusted EBITDA1 decreased 47% to $14.3 million
-
- Aggregate investment in customer care and enrollment and
technology grew $39.8 million to
$73.9 million, an increase of 117%,
including enhanced tools and training to continue powering
conversion gains and improved effectuation, as well as investments
in the Encompass platform
-
- Agent counts grew well ahead of the 50% target as the Company
prepares for the Annual Enrollment Period and fiscal 2022
- Total cost of revenue, marketing and advertising expense grew
60%, roughly in line with sales growth
- The Company refinanced a portion of its term loans, upsized its
revolver to $200 million, and lowered
its annual borrowing costs by over $7
million
YTD 2021 Highlights2
- Total company revenue grew 50% to $401.1
million
-
- Total Medicare Commissionable Submitted Policies grew 48% to
333,130
- Medicare—Internal net revenue increased 74% to $317.8 million
-
- Medicare—Internal segment profit increased 4% to $77.7 million
- LTV Per carrier Approved MA Submission increased 11% to
$975
- Adjusted EBITDA1 decreased 25% to $46.4 million
-
- Aggregate investment in customer care and enrollment and
technology grew 108% to $68.0
million
- Total cost of revenue, marketing and advertising expense grew
55%, roughly in line with sales growth
2021 Financial Outlook
The trajectory of the U.S. economy remains challenging to
predict, particularly given the continued uncertainty associated
with the pace of recovery from the COVID-19 pandemic. The Company
is revising its financial outlook for the fiscal year ending
December 31, 2021 based on current
market conditions and expectations:
- Full-year 2021 net revenue of $1,200 - $1,300
million, representing year-over-year growth of 37% -
48%
-
- Full-year 2021 commission revenue of $1,000 - $1,100
million, representing year-over-year growth of 49% - 64%,
fueled by the Company's continued investment in its Medicare
business, including GoHealth's Encompass Platform
- Full-year 2021 Adjusted EBITDA1 of
$300 - $330
million, representing year-over-year growth of 11% -
22%
Jones added, "Seniors continue to demonstrate a high degree of
interest in our model, and increasingly want to explore their
Medicare plan choices from the safety and comfort of their own home
through our Choice platform. GoHealth's telesales agents are
equipped with the decision support tools and experience to help
consumers select the right plan for their unique needs and achieve
a superior health outcome with lower costs. We are in the early
days of realizing this enormous market opportunity by building
GoHealth's position as the trusted advisor for consumers, helping
these consumers navigate their healthcare journey through our
Encompass offerings, and in the process, creating value for our
carrier partners through driving high-quality enrollments."
Conference Call Details
The Company will host a conference call today, Wednesday,
August 11, 2021 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 1-833-519-1310 for U.S. participants, or
1-914-800-3876 for international participants, and referencing
participant code 5464567. 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. Since its inception, GoHealth has enrolled
millions of people in Medicare and individual and family plans. For
more information, visit https://www.gohealth.com.
Investor Relations:
Jay Koval, VP of 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)
|
Second quarter and
YTD 2021 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 2021, including with respect to
revenue and Adjusted EBITDA 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; failure to grow the Company's
customer base or retain its existing customers; the time and cost
of training agents are significant and can increase during a period
of high attrition; carriers' ability to reduce commissions paid to
the Company and adversely change their underwriting practices;
significant consolidation in the healthcare industry which could
adversely alter the Company's relationships with carriers;
information technology systems failures or capacity constraints
interrupting the Company's operations; factors that adversely
impact the Company's estimate of LTV; the Company's dependence on
agents to sell insurance plans; changes in the health insurance
system and laws and regulation governing health insurance markets;
the inability to effectively advertise the Company's products; and
our ability to successfully implement our business plan during a
global economic downturn caused by the COVID-19 pandemic.
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 year ended December 31, 2020 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 EBITDA as further adjusted for
share-based compensation, loss on debt extinguishment,
non-recurring legal fees, change in fair value of contingent
consideration liability, IPO transaction costs, and severance
costs. 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 regarding Adjusted EBITDA,
which is a non-GAAP financial measure and excludes certain charges.
Reconciliations of Adjusted EBITDA to its most directly comparable
GAAP financial measure, net income (loss), is presented in the
table below in this press release.
Glossary
"Adjusted EBITDA" represents, as applicable for the
period, EBITDA as further adjusted for share-based compensation
expense, loss on extinguishment of debt, non-recurring legal fees,
change in fair value of contingent consideration liability, IPO
transaction costs, and severance costs.
"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.
"Revenue Per Submission" refers to the total net
revenues per Submitted Policy, which we define as (i) total net
revenue, excluding revenue adjustments recorded in the period, but
relating to performance obligations satisfied in prior periods,
divided by (ii) the number of Submitted Policies 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
Jun.
30, 2021
|
|
Three months ended
Jun.
30, 2020
|
|
|
|
|
|
Dollars
|
|
% of Net
Revenues
|
|
Dollars
|
|
% of Net
Revenues
|
|
$
Change
|
|
%
Change
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission
|
|
$
|
147,508
|
|
|
74.9
|
%
|
|
$
|
96,606
|
|
|
76.0
|
%
|
|
$
|
50,902
|
|
|
52.7
|
%
|
Enterprise
|
|
49,394
|
|
|
25.1
|
%
|
|
30,451
|
|
|
24.0
|
%
|
|
18,943
|
|
|
62.2
|
%
|
Net
revenues
|
|
196,902
|
|
|
100.0
|
%
|
|
127,057
|
|
|
100.0
|
%
|
|
69,845
|
|
|
55.0
|
%
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
37,442
|
|
|
19.0
|
%
|
|
36,559
|
|
|
28.8
|
%
|
|
883
|
|
|
2.4
|
%
|
Marketing and
advertising
|
|
55,735
|
|
|
28.3
|
%
|
|
21,634
|
|
|
17.0
|
%
|
|
34,101
|
|
|
157.6
|
%
|
Customer care and
enrollment
|
|
61,927
|
|
|
31.5
|
%
|
|
28,394
|
|
|
22.3
|
%
|
|
33,533
|
|
|
118.1
|
%
|
Technology
|
|
11,983
|
|
|
6.1
|
%
|
|
5,705
|
|
|
4.5
|
%
|
|
6,278
|
|
|
110.0
|
%
|
General and
administrative
|
|
25,251
|
|
|
12.8
|
%
|
|
10,359
|
|
|
8.2
|
%
|
|
14,892
|
|
|
143.8
|
%
|
Change in fair value
of contingent consideration liability
|
|
—
|
|
|
—
|
%
|
|
15,300
|
|
|
12.0
|
%
|
|
(15,300)
|
|
|
N/M
|
Amortization of
intangible assets
|
|
23,515
|
|
|
11.9
|
%
|
|
23,514
|
|
|
18.5
|
%
|
|
1
|
|
|
—
|
%
|
Total operating
expenses
|
|
215,853
|
|
|
109.6
|
%
|
|
141,465
|
|
|
111.3
|
%
|
|
74,388
|
|
|
52.6
|
%
|
Income (loss) from
operations
|
|
(18,951)
|
|
|
(9.6)
|
%
|
|
(14,408)
|
|
|
(11.3)
|
%
|
|
(4,543)
|
|
|
31.5
|
%
|
Interest
expense
|
|
8,277
|
|
|
4.2
|
%
|
|
8,986
|
|
|
7.1
|
%
|
|
(709)
|
|
|
(7.9)
|
%
|
Loss on
extinguishment of debt
|
|
11,935
|
|
|
6.1
|
%
|
|
—
|
|
|
—
|
%
|
|
11,935
|
|
|
N/M
|
Other (income)
expense
|
|
44
|
|
|
—
|
%
|
|
(505)
|
|
|
(0.4)
|
%
|
|
549
|
|
|
N/M
|
Income (loss) before
income taxes
|
|
(39,207)
|
|
|
(19.9)
|
%
|
|
(22,889)
|
|
|
(18.0)
|
%
|
|
(16,318)
|
|
|
71.3
|
%
|
Income tax expense
(benefit)
|
|
(32)
|
|
|
—
|
%
|
|
(22)
|
|
|
—
|
%
|
|
(10)
|
|
|
N/M
|
Net income
(loss)
|
|
$
|
(39,175)
|
|
|
(19.9)
|
%
|
|
$
|
(22,867)
|
|
|
(18.0)
|
%
|
|
$
|
(16,308)
|
|
|
71.3
|
%
|
Net income (loss)
attributable to noncontrolling interests
|
|
(27,186)
|
|
|
(13.8)
|
%
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to GoHealth, Inc.
|
|
$
|
(11,989)
|
|
|
(6.1)
|
%
|
|
|
|
|
|
|
|
|
Net income (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share of common stock — basic and diluted
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding — basic and diluted
|
|
102,300
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
(5,192)
|
|
|
|
|
$
|
10,615
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
14,342
|
|
|
|
|
$
|
26,936
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
7.3
|
%
|
|
|
|
21.2
|
%
|
|
|
|
|
|
|
_________________________
|
NM = Not
meaningful
|
(in thousands, except
percentages and per share amounts)
|
|
Six months ended
Jun.
30, 2021
|
|
Six months ended
Jun.
30, 2020
|
|
|
|
|
|
Dollars
|
|
% of Net
Revenues
|
|
Dollars
|
|
% of Net
Revenues
|
|
$
Change
|
|
%
Change
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission
|
|
$
|
321,489
|
|
|
80.2
|
%
|
|
$
|
209,116
|
|
|
78.0
|
%
|
|
$
|
112,373
|
|
|
53.7
|
%
|
Enterprise
|
|
79,592
|
|
|
19.8
|
%
|
|
58,951
|
|
|
22.0
|
%
|
|
20,641
|
|
|
35.0
|
%
|
Net
revenues
|
|
401,081
|
|
|
100.0
|
%
|
|
268,067
|
|
|
100.0
|
%
|
|
133,014
|
|
|
49.6
|
%
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
85,817
|
|
|
21.4
|
%
|
|
78,693
|
|
|
29.4
|
%
|
|
7,124
|
|
|
9.1
|
%
|
Marketing and
advertising
|
|
110,219
|
|
|
27.5
|
%
|
|
47,708
|
|
|
17.8
|
%
|
|
62,511
|
|
|
131.0
|
%
|
Customer care and
enrollment
|
|
109,021
|
|
|
27.2
|
%
|
|
52,371
|
|
|
19.5
|
%
|
|
56,650
|
|
|
108.2
|
%
|
Technology
|
|
21,600
|
|
|
5.4
|
%
|
|
10,298
|
|
|
3.8
|
%
|
|
11,302
|
|
|
109.7
|
%
|
General and
administrative
|
|
44,944
|
|
|
11.2
|
%
|
|
20,849
|
|
|
7.8
|
%
|
|
24,095
|
|
|
115.6
|
%
|
Change in fair value
of contingent consideration liability
|
|
—
|
|
|
—
|
%
|
|
19,700
|
|
|
7.3
|
%
|
|
(19,700)
|
|
|
N/M
|
Amortization of
intangible assets
|
|
47,029
|
|
|
11.7
|
%
|
|
47,029
|
|
|
17.5
|
%
|
|
—
|
|
|
—
|
%
|
Total operating
expenses
|
|
418,630
|
|
|
104.4
|
%
|
|
276,648
|
|
|
103.2
|
%
|
|
141,982
|
|
|
51.3
|
%
|
Income (loss) from
operations
|
|
(17,549)
|
|
|
(4.4)
|
%
|
|
(8,581)
|
|
|
(3.2)
|
%
|
|
(8,968)
|
|
|
104.5
|
%
|
Interest
expense
|
|
16,965
|
|
|
4.2
|
%
|
|
15,742
|
|
|
5.9
|
%
|
|
1,223
|
|
|
7.8
|
%
|
Loss on
extinguishment of debt
|
|
11,935
|
|
|
3.0
|
%
|
|
—
|
|
|
—
|
%
|
|
11,935
|
|
|
N/M
|
Other (income)
expense
|
|
57
|
|
|
—
|
%
|
|
(495)
|
|
|
(0.2)
|
%
|
|
552
|
|
|
(111.5)
|
%
|
Income (loss) before
income taxes
|
|
(46,506)
|
|
|
(11.6)
|
%
|
|
(23,828)
|
|
|
(8.9)
|
%
|
|
(22,678)
|
|
|
95.2
|
%
|
Income tax expense
(benefit)
|
|
(63)
|
|
|
—
|
%
|
|
(24)
|
|
|
—
|
%
|
|
(39)
|
|
|
N/M
|
Net income
(loss)
|
|
$
|
(46,443)
|
|
|
(11.6)
|
%
|
|
$
|
(23,804)
|
|
|
(8.9)
|
%
|
|
$
|
(22,639)
|
|
|
95.1
|
%
|
Net loss attributable
to noncontrolling interests
|
|
(32,364)
|
|
|
(8.1)
|
%
|
|
|
|
|
|
|
|
|
Net loss
attributable to GoHealth, Inc.
|
|
$
|
(14,079)
|
|
|
(3.5)
|
%
|
|
|
|
|
|
|
|
|
Net income (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share of common stock — basic and diluted
|
|
$
|
(0.14)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding — basic and diluted
|
|
97,349
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
21,564
|
|
|
|
|
$
|
40,579
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
46,390
|
|
|
|
|
$
|
61,857
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
11.6
|
%
|
|
|
|
23.1
|
%
|
|
|
|
|
|
|
_________________________
|
NM = Not
meaningful
|
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
Jun. 30, 2021
|
|
Three months ended
Jun. 30, 2020
|
Net
revenues
|
|
$
|
196,902
|
|
|
$
|
127,057
|
|
Net income
(loss)
|
|
(39,175)
|
|
|
(22,867)
|
|
Interest
expense
|
|
8,277
|
|
|
8,986
|
|
Income tax expense
(benefit)
|
|
(32)
|
|
|
(22)
|
|
Depreciation and
amortization expense
|
|
25,738
|
|
|
24,518
|
|
EBITDA
|
|
(5,192)
|
|
|
10,615
|
|
Loss on extinguishment
of debt (1)
|
|
11,935
|
|
|
—
|
|
Share-based
compensation expense (2)
|
|
7,599
|
|
|
597
|
|
Change in fair value
of contingent consideration liability (3)
|
|
—
|
|
|
15,300
|
|
IPO transaction costs
(4)
|
|
—
|
|
|
424
|
|
Adjusted
EBITDA
|
|
$
|
14,342
|
|
|
$
|
26,936
|
|
Adjusted EBITDA
margin
|
|
7.3
|
%
|
|
21.2
|
%
|
_________________________
|
(1)
|
Represents the
loss on debt extinguishment related to the Initial Term Loan
Facility.
|
(2)
|
Represents
non-cash share-based compensation expense relating to equity
awards.
|
(3)
|
Represents the
change in fair value of the contingent consideration liability due
to the predecessor owners of the Company arising from the
Centerbridge Acquisition.
|
(4)
|
Represents legal,
accounting, consulting, and other indirect costs associated with
the Company's IPO.
|
(in
thousands)
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Net
revenues
|
|
$
|
401,081
|
|
|
$
|
268,067
|
|
Net income
(loss)
|
|
(46,443)
|
|
|
(23,804)
|
|
Interest
expense
|
|
16,965
|
|
|
15,742
|
|
Income tax expense
(benefit)
|
|
(63)
|
|
|
(24)
|
|
Depreciation and
amortization expense
|
|
51,105
|
|
|
48,665
|
|
EBITDA
|
|
21,564
|
|
|
40,579
|
|
Loss on extinguishment
of debt (1)
|
|
11,935
|
|
|
—
|
|
Share-based
compensation expense (2)
|
|
12,711
|
|
|
1,077
|
|
Legal fees
(3)
|
|
180
|
|
|
—
|
|
Change in fair value
of contingent consideration liability (4)
|
|
—
|
|
|
19,700
|
|
IPO transaction costs
(5)
|
|
—
|
|
|
424
|
|
Severance costs
(6)
|
|
—
|
|
|
77
|
|
Adjusted
EBITDA
|
|
$
|
46,390
|
|
|
$
|
61,857
|
|
Adjusted EBITDA
margin
|
|
11.6
|
%
|
|
23.1
|
%
|
_________________________
|
(1)
|
Represents the
loss on debt extinguishment related to the Initial Term Loan
Facility.
|
(2)
|
Represents
non-cash share-based compensation expense relating to equity
awards.
|
(3)
|
Represents
non-recurring legal fees unrelated to our core
operations.
|
(4)
|
Represents the
change in fair value of the contingent consideration liability due
to the predecessor owners of the Company arising from the
Centerbridge Acquisition.
|
(5)
|
Represents legal,
accounting, consulting, and other indirect costs associated with
the Company's IPO.
|
(6)
|
Represents costs
associated with the termination of employment.
|
The following table summarizes share-based compensation expense
by operating function for the periods indicated (unaudited):
(in
thousands)
|
|
Three
months
ended Jun.
30, 2021
|
|
Three
months
ended Jun.
30, 2020
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Marketing and
advertising
|
|
$
|
426
|
|
|
$
|
61
|
|
|
$
|
764
|
|
|
$
|
119
|
|
Customer care and
enrollment
|
|
1,043
|
|
|
32
|
|
|
1,839
|
|
|
58
|
|
Technology
|
|
1,133
|
|
|
83
|
|
|
1,880
|
|
|
159
|
|
General and
administrative
|
|
4,997
|
|
|
421
|
|
|
8,228
|
|
|
741
|
|
Total share-based
compensation expense
|
|
$
|
7,599
|
|
|
$
|
597
|
|
|
$
|
12,711
|
|
|
$
|
1,077
|
|
The following table sets forth our balance sheets for the
periods indicated (unaudited):
(in thousands, except
per share amounts)
|
|
Jun. 30,
2021
|
|
Dec. 31,
2020
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
112,863
|
|
|
$
|
144,234
|
|
Accounts receivable,
net of allowance for doubtful accounts of $686 in 2021 and $787 in
2020
|
|
17,335
|
|
|
14,211
|
|
Receivable from NVX
Holdings, Inc.
|
|
—
|
|
|
3,395
|
|
Commissions receivable
- current
|
|
113,062
|
|
|
188,128
|
|
Prepaid expense and
other current assets
|
|
52,992
|
|
|
41,854
|
|
Total current
assets
|
|
296,252
|
|
|
391,822
|
|
Commissions
receivable - non-current
|
|
761,011
|
|
|
622,270
|
|
Other long-term
assets
|
|
2,594
|
|
|
2,072
|
|
Property, equipment,
and capitalized software, net
|
|
23,527
|
|
|
17,353
|
|
Intangible assets,
net
|
|
641,697
|
|
|
688,726
|
|
Goodwill
|
|
386,553
|
|
|
386,553
|
|
Total
assets
|
|
$
|
2,111,634
|
|
|
$
|
2,108,796
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
17,080
|
|
|
$
|
8,733
|
|
Accrued
liabilities
|
|
31,036
|
|
|
26,926
|
|
Commissions payable -
current
|
|
51,579
|
|
|
78,478
|
|
Deferred
revenue
|
|
700
|
|
|
736
|
|
Current portion of
long-term debt
|
|
4,270
|
|
|
4,170
|
|
Other current
liabilities
|
|
9,207
|
|
|
8,328
|
|
Total current
liabilities
|
|
113,872
|
|
|
127,371
|
|
Non-current
liabilities:
|
|
|
|
|
Commissions payable -
non-current
|
|
214,237
|
|
|
182,596
|
|
Long-term debt, net of
current portion
|
|
414,908
|
|
|
396,400
|
|
Other non-current
liabilities
|
|
2,817
|
|
|
3,274
|
|
Total non-current
liabilities
|
|
631,962
|
|
|
582,270
|
|
Stockholders'
equity:
|
|
|
|
|
Class A common stock –
$0.0001 par value; 1,100,000 shares authorized; 105,318 and 84,196
shares issued and
outstanding at June 30, 2021 and December 31, 2020,
respectively.
|
|
10
|
|
|
8
|
|
Class B common stock –
$0.0001 par value; 597,502 and 619,004 shares authorized; 215,495
and 236,997 shares
issued and outstanding at June 30, 2021 and December 31, 2020,
respectively.
|
|
22
|
|
|
24
|
|
Preferred stock –
$0.0001 par value; 20,000 shares authorized; no shares issued and
outstanding at June 30, 2021 and
December 31, 2020.
|
|
—
|
|
|
—
|
|
Additional paid-in
capital
|
|
503,689
|
|
|
399,169
|
|
Accumulated other
comprehensive income (loss)
|
|
(13)
|
|
|
17
|
|
Accumulated
deficit
|
|
(32,881)
|
|
|
(18,802)
|
|
Total stockholders'
equity attributable to GoHealth, Inc.
|
|
470,827
|
|
|
380,416
|
|
Non-controlling
interests
|
|
894,973
|
|
|
1,018,739
|
|
Total stockholders'
equity
|
|
1,365,800
|
|
|
1,399,155
|
|
Total liabilities
and stockholders' equity
|
|
$
|
2,111,634
|
|
|
$
|
2,108,796
|
|
The following table sets forth our statements of cash flows for
the periods indicated (unaudited):
(in
thousands)
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Operating
Activities
|
|
|
|
|
Net income
(loss)
|
|
$
|
(46,443)
|
|
|
$
|
(23,804)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
Share-based
compensation
|
|
12,711
|
|
|
1,077
|
|
Depreciation and
amortization
|
|
4,076
|
|
|
1,636
|
|
Amortization of
intangible assets
|
|
47,029
|
|
|
47,029
|
|
Amortization of debt
discount and issuance costs
|
|
1,262
|
|
|
1,058
|
|
Change in fair value
of contingent consideration
|
|
—
|
|
|
19,700
|
|
Loss on extinguishment
of debt
|
|
11,935
|
|
|
—
|
|
Other non-cash
items
|
|
(884)
|
|
|
(458)
|
|
Changes in assets
and liabilities, net of acquisition:
|
|
|
|
|
Accounts
receivable
|
|
(2,702)
|
|
|
12,383
|
|
Commissions
receivable
|
|
(63,675)
|
|
|
(58,709)
|
|
Prepaid expenses and
other assets
|
|
(11,778)
|
|
|
1,794
|
|
Accounts
payable
|
|
6,114
|
|
|
(3,467)
|
|
Accrued
liabilities
|
|
3,993
|
|
|
(7,641)
|
|
Deferred
revenue
|
|
(36)
|
|
|
(14,171)
|
|
Commissions
payable
|
|
4,742
|
|
|
18,135
|
|
Other
liabilities
|
|
1,406
|
|
|
1,269
|
|
Net cash provided by
(used in) operating activities
|
|
(32,250)
|
|
|
(4,169)
|
|
Investing
Activities
|
|
|
|
|
Purchases of
property, equipment and software
|
|
(7,909)
|
|
|
(7,764)
|
|
Net cash provided by
(used in) investing activities
|
|
(7,909)
|
|
|
(7,764)
|
|
Financing
Activities
|
|
|
|
|
Proceeds received
upon issuance of common units
|
|
—
|
|
|
10,000
|
|
Borrowings under term
loans
|
|
310,000
|
|
|
117,000
|
|
Payments of term
loans
|
|
(296,835)
|
|
|
(1,793)
|
|
Call premium paid for
debt extinguishment
|
|
(5,910)
|
|
|
—
|
|
Payment of deferred
offering costs
|
|
—
|
|
|
(874)
|
|
Debt issuance cost
payments
|
|
(1,608)
|
|
|
(6,289)
|
|
Principal payments
under capital lease obligations
|
|
(154)
|
|
|
(144)
|
|
Cash received on
advancement to NVX Holdings, Inc.
|
|
3,395
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
|
8,888
|
|
|
117,900
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(100)
|
|
|
98
|
|
Increase in cash and
cash equivalents
|
|
(31,371)
|
|
|
106,065
|
|
Cash and cash
equivalents at beginning of period
|
|
144,234
|
|
|
12,276
|
|
Cash and cash
equivalents at end of period
|
|
$
|
112,863
|
|
|
$
|
118,341
|
|
Supplemental
Disclosure of Cash Flow Information
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
Purchases of property,
equipment and software included in accounts payable
|
|
$
|
2,233
|
|
|
$
|
798
|
|
Issuance of senior
preferred earnout units to settle contingent consideration
liability
|
|
$
|
—
|
|
|
$
|
100,000
|
|
Issuance of common A
and B units to settle contingent consideration liability
|
|
$
|
—
|
|
|
$
|
100,000
|
|
The following tables set forth operating segment results for the
periods indicated (unaudited):
(in thousands, except
percentages)
|
|
Three months ended
Jun.
30, 2021
|
|
Three months ended
Jun.
30, 2020
|
|
|
|
|
|
Dollars
|
|
% of Net
Revenues
|
|
Dollars
|
|
% of Net
Revenues
|
|
$
Change
|
|
%
Change
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare -
Internal
|
|
$
|
160,433
|
|
|
81.5
|
%
|
|
$
|
87,201
|
|
|
68.7
|
%
|
|
$
|
73,232
|
|
|
84.0
|
%
|
Medicare -
External
|
|
31,379
|
|
|
15.9
|
%
|
|
28,108
|
|
|
22.1
|
%
|
|
3,271
|
|
|
11.6
|
%
|
IFP and Other -
Internal
|
|
3,788
|
|
|
1.9
|
%
|
|
7,019
|
|
|
5.5
|
%
|
|
(3,231)
|
|
|
(46.0)
|
%
|
IFP and Other -
External
|
|
1,302
|
|
|
0.7
|
%
|
|
4,729
|
|
|
3.7
|
%
|
|
(3,427)
|
|
|
(72.5)
|
%
|
Net
revenues
|
|
196,902
|
|
|
100.0
|
%
|
|
127,057
|
|
|
100.0
|
%
|
|
69,845
|
|
|
55.0
|
%
|
Segment profit
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare -
Internal
|
|
31,257
|
|
|
15.9
|
%
|
|
32,746
|
|
|
25.8
|
%
|
|
(1,489)
|
|
|
(4.5)
|
%
|
Medicare -
External
|
|
(1,688)
|
|
|
(0.9)
|
%
|
|
495
|
|
|
0.4
|
%
|
|
(2,183)
|
|
|
N/M
|
IFP and Other -
Internal
|
|
(800)
|
|
|
(0.4)
|
%
|
|
(54)
|
|
|
—
|
%
|
|
(746)
|
|
|
N/M
|
IFP and Other -
External
|
|
(57)
|
|
|
—
|
%
|
|
130
|
|
|
0.1
|
%
|
|
(187)
|
|
|
(143.8)
|
%
|
Segment
profit
|
|
28,712
|
|
|
14.6
|
%
|
|
33,317
|
|
|
26.2
|
%
|
|
(4,605)
|
|
|
(13.8)
|
%
|
Corporate
expense
|
|
24,148
|
|
|
12.3
|
%
|
|
8,911
|
|
|
7.0
|
%
|
|
15,237
|
|
|
171.0
|
%
|
Change in fair value
of contingent consideration liability
|
|
—
|
|
|
—
|
%
|
|
15,300
|
|
|
12.0
|
%
|
|
(15,300)
|
|
|
N/M
|
Amortization of
intangible assets
|
|
23,515
|
|
|
11.9
|
%
|
|
23,514
|
|
|
18.5
|
%
|
|
1
|
|
|
—
|
%
|
Loss on extinguishment
of debt
|
|
11,935
|
|
|
6.1
|
%
|
|
—
|
|
|
—
|
%
|
|
11,935
|
|
|
N/M
|
Interest
expense
|
|
8,277
|
|
|
4.2
|
%
|
|
8,986
|
|
|
7.1
|
%
|
|
(709)
|
|
|
(7.9)
|
%
|
Other (income)
expense
|
|
44
|
|
|
—
|
%
|
|
(505)
|
|
|
(0.4)
|
%
|
|
549
|
|
|
N/M
|
Income (loss)
before income taxes
|
|
$
|
(39,207)
|
|
|
(19.9)
|
%
|
|
$
|
(22,889)
|
|
|
(18.0)
|
%
|
|
$
|
(16,318)
|
|
|
71.3
|
%
|
_________________________
|
NM = Not
meaningful
|
|
|
Six months ended
Jun. 30,
2021
|
|
Six months ended
Jun.
30, 2020
|
|
|
|
|
(in thousands, except
percentages)
|
|
Dollars
|
|
% of Net
Revenues
|
|
Dollars
|
|
% of Net
Revenues
|
|
$
Change
|
|
%
Change
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare -
Internal
|
|
$
|
317,786
|
|
|
79.2
|
%
|
|
$
|
182,488
|
|
|
68.1
|
%
|
|
$
|
135,298
|
|
|
74.1
|
%
|
Medicare -
External
|
|
70,879
|
|
|
17.7
|
%
|
|
57,053
|
|
|
21.3
|
%
|
|
13,826
|
|
|
24.2
|
%
|
IFP and Other -
Internal
|
|
7,763
|
|
|
1.9
|
%
|
|
15,651
|
|
|
5.8
|
%
|
|
(7,888)
|
|
|
(50.4)
|
%
|
IFP and Other -
External
|
|
4,653
|
|
|
1.2
|
%
|
|
12,875
|
|
|
4.8
|
%
|
|
(8,222)
|
|
|
(63.9)
|
%
|
Net
revenues
|
|
401,081
|
|
|
100.0
|
%
|
|
268,067
|
|
|
100.0
|
%
|
|
133,014
|
|
|
49.6
|
%
|
Segment
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Medicare -
Internal
|
|
77,700
|
|
|
19.4
|
%
|
|
74,482
|
|
|
27.8
|
%
|
|
3,218
|
|
|
4.3
|
%
|
Medicare -
External
|
|
(2,319)
|
|
|
(0.6)
|
%
|
|
173
|
|
|
0.1
|
%
|
|
(2,492)
|
|
|
N/M
|
IFP and Other -
Internal
|
|
(1,529)
|
|
|
(0.4)
|
%
|
|
427
|
|
|
0.2
|
%
|
|
(1,956)
|
|
|
N/M
|
IFP and Other -
External
|
|
103
|
|
|
—
|
%
|
|
642
|
|
|
0.2
|
%
|
|
(539)
|
|
|
(84.0)
|
%
|
Segment
profit
|
|
73,955
|
|
|
18.4
|
%
|
|
75,724
|
|
|
28.2
|
%
|
|
(1,769)
|
|
|
(2.3)
|
%
|
Corporate
expense
|
|
44,475
|
|
|
11.1
|
%
|
|
17,576
|
|
|
6.6
|
%
|
|
26,899
|
|
|
153.0
|
%
|
Change in fair value
of contingent consideration liability
|
|
—
|
|
|
—
|
%
|
|
19,700
|
|
|
7.3
|
%
|
|
(19,700)
|
|
|
N/M
|
Amortization of
intangible assets
|
|
47,029
|
|
|
11.7
|
%
|
|
47,029
|
|
|
17.5
|
%
|
|
—
|
|
|
—
|
%
|
Loss on extinguishment
of debt
|
|
11,935
|
|
|
3.0
|
%
|
|
—
|
|
|
—
|
%
|
|
11,935
|
|
|
N/M
|
Interest
expense
|
|
16,965
|
|
|
4.2
|
%
|
|
15,742
|
|
|
5.9
|
%
|
|
1,223
|
|
|
7.8
|
%
|
Other (income)
expense
|
|
57
|
|
|
—
|
%
|
|
(495)
|
|
|
(0.2)
|
%
|
|
552
|
|
|
N/M
|
Income (loss)
before income taxes
|
|
$
|
(46,506)
|
|
|
(11.6)
|
%
|
|
$
|
(23,828)
|
|
|
(8.9)
|
%
|
|
$
|
(22,678)
|
|
|
95.2
|
%
|
_________________________
|
NM = Not
meaningful
|
The following table presents the number of Submitted Policies by
product for the Medicare segments for the three and six months
ended June 30, 2021 and 2020, for
those submissions that are commissionable (compensated through
commissions received from carriers):
Medicare -
Total Commissionable Submitted Policies
|
|
Three
months
ended Jun.
30, 2021
|
|
Three
months
ended Jun. 30,
2020
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Medicare
Advantage
|
|
153,163
|
|
99,078
|
|
326,037
|
|
216,413
|
Medicare
Supplement
|
|
1,022
|
|
2,248
|
|
2,126
|
|
4,919
|
Prescription Drug
Plans
|
|
2,374
|
|
1,969
|
|
4,967
|
|
4,431
|
Total
Medicare
|
|
156,559
|
|
103,295
|
|
333,130
|
|
225,763
|
The following tables present the number of Approved Submissions
by product relating to commissionable policies for the Medicare
segments for three and six months ended June
30, 2021 and 2020. Only commissionable policies are used to
calculate LTV.
Medicare -
Internal Commissionable Approved Submissions
|
|
Three
months
ended Jun.
30, 2021
|
|
Three
months
ended Jun.
30, 2020
|
|
Six
months ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Medicare
Advantage
|
|
121,299
|
|
67,818
|
|
250,185
|
|
151,426
|
Medicare
Supplement
|
|
268
|
|
465
|
|
519
|
|
1,287
|
Prescription Drug
Plans
|
|
2,033
|
|
1,571
|
|
4,317
|
|
3,745
|
Total
Medicare
|
|
123,600
|
|
69,854
|
|
255,021
|
|
156,458
|
Medicare -
External Commissionable Approved Submissions
|
|
Three
months
ended Jun.
30, 2021
|
|
Three
months
ended Jun.
30, 2020
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Medicare
Advantage
|
|
31,450
|
|
28,979
|
|
73,691
|
|
61,266
|
Medicare
Supplement
|
|
665
|
|
1,633
|
|
1,396
|
|
3,191
|
Prescription Drug
Plans
|
|
236
|
|
405
|
|
525
|
|
854
|
Total
Medicare
|
|
32,351
|
|
31,017
|
|
75,612
|
|
65,311
|
The following table presents the LTV per Approved Submission by
product for the Medicare segments for the three and six months
ended June 30, 2021 and 2020:
LTV per
Approved Submission
|
|
Three
months
ended Jun.
30, 2021
|
|
Three
months
ended Jun.
30, 2020
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Medicare
Advantage
|
|
$
|
953
|
|
$
|
905
|
|
$
|
975
|
|
$
|
877
|
Medicare
Supplement
|
|
$
|
846
|
|
$
|
937
|
|
$
|
821
|
|
$
|
928
|
Prescription Drug
Plans
|
|
$
|
215
|
|
$
|
215
|
|
$
|
215
|
|
$
|
216
|
The following table presents the number of Submitted Policies by
product for the Medicare segments for the three and six months
ended June 30, 2021 and 2020, 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 Jun.
30, 2021
|
|
Three
months
ended Jun.
30, 2020
|
|
Six months
ended Jun.
30, 2021
|
|
Six months
ended Jun.
30, 2020
|
Medicare
Advantage
|
|
3,232
|
|
7,407
|
|
9,171
|
|
14,334
|
Medicare
Supplement
|
|
2,042
|
|
1,734
|
|
3,692
|
|
3,546
|
Prescription Drug
Plans
|
|
791
|
|
955
|
|
1,676
|
|
1,753
|
Total
Medicare
|
|
6,065
|
|
10,096
|
|
14,539
|
|
19,633
|
The following table presents a reconciliation from net income to
non-GAAP Adjusted EBITDA guidance for the twelve months ended
December 31, 2021:
|
|
Twelve months
ended
Dec. 31,
2021
|
|
|
Guidance
Range
|
(in
thousands)
|
|
Low
|
|
High
|
Net
revenues
|
|
$
|
1,200,000
|
|
|
$
|
1,300,000
|
|
Net income
|
|
127,665
|
|
|
157,665
|
|
Interest
expense
|
|
30,000
|
|
|
30,000
|
|
Income tax
expense
|
|
220
|
|
|
220
|
|
Depreciation and
amortization expense
|
|
102,000
|
|
|
102,000
|
|
EBITDA
|
|
259,885
|
|
|
289,885
|
|
Loss on extinguishment
of debt (1)
|
|
11,935
|
|
|
11,935
|
|
Share-based
compensation expense (2)
|
|
28,000
|
|
|
28,000
|
|
Legal fees
(3)
|
|
180
|
|
|
180
|
|
Adjusted
EBITDA
|
|
$
|
300,000
|
|
|
$
|
330,000
|
|
Adjusted EBITDA
margin
|
|
25
|
%
|
|
25
|
%
|
_________________________
|
(1)
|
Represents the
loss on debt extinguishment related to the Initial Term Loan
Facility.
|
(2)
|
Represents
non-cash share-based compensation expense relating to equity
awards.
|
(3)
|
Represents
non-recurring legal fees unrelated to our core
operations.
|
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SOURCE GoHealth, Inc.