Clover Health Investments, Corp. (NASDAQ:CLOV) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Ryan Schmidt - IR
Andrew Toy - CEO
Terrence Ronan - Interim CFO

Conference Call Participants

Richard Close - Canaccord Genuity Inc.
Jason Cassorla - Citigroup

Operator

Ladies and gentlemen, good afternoon and welcome to the Clover Health First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow 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 first quarter 2024 results are Andrew Toy, Clover Health's Chief Executive Officer; and Terry Ronan, the company's Interim 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. Clover is off to a strong start to 2024, and I’m very excited to share our results and improved full year guidance with you all today. Overall, first quarter insurance revenue and adjusted EBITDA performance exceeded our expectations. We believe this is evidence that our strategy and strong fundamentals of preparing us well for the future of the Medicare Advantage program.

Let's begin with the overarching themes of our results today. Firstly, Clover was profitable in Q1 on an adjusted EBITDA basis and we also have high confidence in achieving full year 2024 adjusted EBITDA profitability. Secondly, we have grown revenues in our profitable insurance business by 8% year-over-year.