Business
GoHealth Reports Fourth Quarter and Fiscal 2021 Results
Focusing on Optimization in 2022 CHICAGO, March 15, 2022 /PRNewswire/ -- GoHealth, Inc. (Nasdaq: GOCO), a leading health insurance marketplace and
About this update from Gohealth, Inc.
[{"type":"text","content":"Focusing on Optimization in 2022 \n CHICAGO, March 15, 2022 /PRNewswire/ -- GoHealth, Inc. (Nasdaq: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced financial results for the three and twelve months ended December 31, 2021. \n\n \n \n \n \n \n \n\n \nFourth quarter 2021 net revenue of $449.6 million increased 1% compared to the prior year period, and fiscal year 2021 net revenue of $1,062.4 million increased 21% compared to the prior year period. These are inclusive of an incremental 15% Medicare Advantage ('MA\") lifetime value (\"LTV\") constraint applied to all MA policies sold in the fourth quarter of 2021 and negative revenue adjustments relating to performance obligations satisfied in 2018, 2019, 2020, and the first nine months of 2021 (the \"Lookback Adjustments\") of $155.0 million for the fourth quarter of 2021 and $165.3 million for the year ended December 31, 2021, as further described below. Fourth quarter 2021 net loss of $432.3 million and fiscal year 2021 net loss of $534.2 million, inclusive of $386.6 million of goodwill impairment charges. Fourth quarter 2021 Adjusted EBITDA1 of $1.5 million decreased 99% compared to the prior year period, and fiscal year 2021 Adjusted EBITDA1 of $33.8 million decreased 88% compared to the prior year period. Adjusted EBITDA1 includes the negative impact of the Lookback Adjustments for both the fourth quarter of 2021 and the year ended December 31, 2021 and is inclusive of an incremental 15% constraint applied to all MA policies sold in the fourth quarter of 2021. Fourth quarter 2021 MA Carrier Approved Submissions (\"CAS\") of 653,620 increased 99% compared to the prior year period, and fiscal year 2021 MA CAS's of 1,170,603 increased 84% compared to the prior year period. Negative revenue Lookback Adjustments were $155.0 million for the fourth quarter of 2021 and $165.3 million for the year ended December 31, 2021. The Company provided its full year 2022 outlook, and expects total net revenue of $900 - $1,100 million (-15% to +4%) powered by commission revenue of $700 - $900 million (-21% to +2%). The company expects Adjusted EBITDA1 of $110 - $150 million (+224% to +343%). The Company also expects negative cash flow from operations of $50 - $10 million (+83% to +97%). 2021 Highlights3\nTotal company revenue grew 21% to $1,062...