Clover Health Investments, Corp. (NASDAQ:CLOV) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

Andrew Toy - CEO

Scott Leffler - CFO

Ryan Schmidt - IR

Conference Call Participants

Benjamin Rossi - Citigroup

Adam Ron - Bank of America Merrill Lynch

Richard Close - Canaccord Genuity

Operator

Ladies and gentlemen, good afternoon, and welcome to the Clover Health Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. [Operator Instructions]. As a reminder, today's call is being recorded.

I would now like to turn the call over to Ryan Schmidt, Investor Relations for Clover Health. Please go ahead, sir.

Ryan Schmidt

Good afternoon, everyone. Joining me on our call today to discuss the company's second quarter results are Andrew Toy, Clover Health's Chief Executive Officer; and Scott Leffler, the company's Chief Financial Officer.

You can find today's press release and the accompanying supplemental slides in the Investor Events and Presentations section of our website at investors.cloverhealth.com. This webcast is being recorded, and a replay will be available in the Investor Relations section of the Clover Health website.

I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties, including expectations about future performance. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent annual report on Form 10-K and other SEC filings. Information about non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can be found in the earnings materials available on our website.

With that, I'll now turn the call over to Andrew.

Andrew Toy

Thank you, Ryan, and thanks, everyone, for joining us. Today, we reported very strong results that represent another significant milestone in our rapid journey towards sustained profitability. On an adjusted EBITDA basis, Q2 was our first profitable quarter as a public company. Adjusted EBITDA was $10 million, driven primarily by outperformance in our insurance segment.

Our strong performance is the result of the strategic initiatives that we began to implement in 2022 and is a testament to the strength of our holistic approach of delivering Clover Assistant powered care wherever our members need it, from our wide network PCPs to directly in the home via our homecare practice.