Clover Health Investments, Corp. (NASDAQ:CLOV) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET

Company Participants

Ryan Schmidt - Investor Relations

Vivek Garipalli - Chief Executive Officer

Andrew Toy - President

Scott Leffler - Chief Financial Officer

Conference Call Participants

Jason Cassorla - Citi

Richard Close - Canaccord Genuity

Kevin Fischbeck - Bank of America

Whit Mayo - SVB Securities.

Operator

Please stand-by, your program is about to begin. Ladies and gentlemen, good afternoon, and welcome to the Clover Health Third Quarter 2022 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.

Ryan Schmidt

Good afternoon, everyone. Joining me on the call today to discuss the company’s third quarter results are Vivek Garipalli; Clover Health Chief Executive Officer, Andrew Toy, the company’s President; and Scott Leffler, our 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 cloverhealth.com. This webcast is being recorded, and a replay will be available at 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. 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 will now turn the call over to Vivek.

Vivek Garipalli

Thank you, Ryan, and thanks, everyone, for joining us today. Our wide network approach powered by Clover Assistant, enabling great primary care, helped deliver a solid set of results for the third quarter. I'm proud of the hard work being done by everyone at Clover so far this year, leading to consistently improving financial results in our insurance line business and a maturation of our noninsurance business. Importantly, I also believe that this quarter's results further illustrate our positive momentum towards achieving profitability.

Before handing it over to Andrew, I would like to briefly touch on some key highlights from the third quarter. We delivered significant improvement in insurance MCR, continued stability in adjusted SG&A spending and strong revenue and live growth relative to the prior year period. Clover Assistant continues to be a key differentiator in our mission to improve every life, by supporting physicians in catching and treating conditions earlier. We continue to see MCR performance that is over 1,000 basis points better for returning members, who’s PCPs used Clover Assistant, as compared to members whose PCPs do not. We believe this differential in MCR performance is evident that Clover Assistant is in fact, helping to improve clinical outcomes.