Clover Health Investments, Corp. (NASDAQ:CLOV) Q1 2022 Results Conference Call May 9, 2022 5:00 PM ET

Company Participants

Derrick Nueman - Head or Investor Relations and Corporate Strategy

Vivek Garipalli - CEO

Andrew Toy - President

Mark Herbers - Interim CFO

Conference Call Participants

Richard Close - Canaccord Genuity

Jason Cassorla - Citi

Whit Mayo - SVB Securities

Kevin Fischbeck - Bank of America

Operator

Ladies and gentlemen, good day and welcome to the Clover Health First 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 Derrick Nueman, Head or Investor Relations and Corporate Strategy for Clover Health. Please go ahead.

Derrick Nueman

Good afternoon, everyone. Joining me on the call today is our CEO, Vivek Garipalli; our President, Andrew Toy; and our interim CFO, Mark Herbers. We will discuss first quarter results and answer your questions. This call is being recorded.

Before we get started, I would like to remind you that our first quarter's earnings materials, including the release, are available on our website at cloverhealth.com. 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 our expectations are detailed in our SEC filings, including the Risk Factors section of our most recent Annual Report on Form 10-K and in our other periodic SEC filings. Information about non-GAAP financial measures referenced including a reconciliation of those measures to GAAP measures can also be found in earnings materials available on our website.

Lastly, I want to know we updated the names of our Medicare Advantage and Direct Contracting segments to our Insurance and Non-Insurance segments respectively. We believe that this better reflect each segments, current role and contribution to our business. There has been no change to the existing composition of the segments, and previously reported financial results were not impacted by these changes. Finally, Direct Contracting will be known as ACO Reach starting next year, and will fall into our Non-Insurance segment.

With that, let me now turn over the call to Vivek.

Vivek Garipalli

Thanks, Derrick, and thanks everyone for joining us today. We are really excited about Clover start to 2022 and the groundwork we're laying for 2023 and beyond. We believe we can deliver growth well above industry averages, deliver improving margins, and ultimately generate significant positive free cash flow. Let me now cover some highlights from this quarter before handing it over to Andrew for a more in depth discussion.