Clover Health Investments, Corp. (NASDAQ:CLOV) Q3 2024 Earnings Conference Call November 6, 2024 5:00 PM ET

Company Participants

Ryan Schmidt - Investor Relations
Andrew Toy - Chief Executive Officer
Peter Kuipers - Chief Financial Officer

Conference Call Participants

Jonathan Yong - UBS
John French - Leerink Partners

Operator

Ladies and gentlemen, good afternoon. And welcome to the Clover Health Third Quarter 2024 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 our call today to discuss the company’s third quarter 2024 results are Andrew Toy, Clover Health’s Chief Executive Officer; and Peter Kuipers, the company’s Chief Financial Officer.

You can find today’s press release in the accompanying supplemental slides, as well as the company’s most recent investor deck in the Investor Events and Presentation 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

Thanks, Ryan, and thank you, everyone, for joining us today. We have had a tremendous amount of progress at Clover that we’re excited to talk through. Firstly, we delivered another quarter of meaningful adjusted EBITDA profitability and positive operating cash flow. As such, we are improving our full year adjusted EBITDA guidance. We have always emphasized our focus on delivering a profitable Clover and I feel that we have executed very well here.

Secondly, we achieved another quarter of industry-leading loss ratios, driven by continued strong performance on both PMPM revenue, as well as medical expense management. We’re particularly proud of this because we see this value being driven largely by the technology-powered performance of the independent fee-for-service position in our wide network. This is the part of the network where a lot of other Medicare Advantage plans are struggling to manage total cost of care.