Gohealth, Inc. · NASDAQ:GOCO
Gohealth — Q1 2024 Earnings Presentation
13 slides from Gohealth's earnings presentation, May 9, 2024
Slide 1: First Quarter 2024 Results
First Quarter 2024 Results May 9, 2024 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS These slides contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are
Slide 3: Use of Non-GAAP Financial Measures and Key Performance Indicators
Use of Non-GAAP Financial Measures and Key Performance Indicators In these slides we use supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Condensed Consolidated Financial Statements prepared in accordance with g
Slide 4: Go-Forward Financial Comparison Year over Year
Go-Forward Financial Comparison Year over Year Adjusting reported results for a go-forward perspective Q1’23 TO Q1’24 GO-FORWARD Q1’23 TO Q1’24 GO-FORWARD REVENUE COMPARISON ($M)1,2 ADJ. EBITDA COMPARISON ($M)1,2 1. Numbers may not sum due to rounding. There may be slight differences compared to num
Slide 5: Q1'24 TTM Reported Results Bridge to Go-Forward Financials
Q1’24 Trailing Twelve Months (TTM) Reported Results Bridge to Go- Forward Financials Adjusting reported results for a go-forward perspective Q1’24 TTM REPORTED REVENUE Q1’24 TTM REPORTED ADJ. EBITDA RESULTS – BRIDGE ($M)1,2,3 RESULTS – BRIDGE ($M)1,2,3 1. Numbers may not sum due to rounding. There m
Slide 6: Reported Financial Comparison Year over Year
Reported Financial Comparison Year over Year Growing TTM Adjusted EBITDA by $185M YoY, representing 165% growth Q1’23 TTM to Q1’24 TTM REPORTED Q1’23 TTM to Q1’24 TTM REPORTED REVENUE COMPARISON ($M)1,2 ADJ. EBITDA COMPARISON ($M)1,2 1. Numbers may not sum due to rounding. There may be slight differ
Slide 7: Cash Flow from Operations & Cash Adjusted EBITDA
Cash Flow from Operations & Cash Adjusted EBITDA1 TTM Cash Flow, a liquidity measure, normalizes quarterly seasonality while Cash Adjusted EBITDA, a performance measure, neutralizes the impact of LTV estimates related to future years TRAILING TWELVE MONTHS CASH FLOW QUARTER-END CASH ADJ. EBITDA ($M)
Slide 8: Medicare Unit Economics Year over Year
Medicare Unit Economics Year over Year Increase in Adj. Gross Margin driven by higher Sales per Submission, partially offset by higher Cost per Submission ADJUSTED SALES1 8% Improvement GROSS MARGIN4 $856 7% Improvement $794 UNIT ECONOMICS $216 PER SUBMISSION $202 ($’s in ones)1,3 Q1’23 Q1’24 COST2
Slide 9: Appendix
Appendix 9
Slide 10: Reconciliation of Cash Adjusted EBITDA
Appendix - Reconciliation of Cash Adjusted EBITDA1 ($ in thousands) Q1 2024 Q1 2023 Adjusted EBITDA $26,894 $28,778 Beginning commissions receivable 911,697 1,031,433 Beginning commissions payable (321,987) (375,141) Beginning net contract assets $589,710 $656,292 Ending commissions receivable 843,1
Slide 11: Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ in thousands) Q1 2024 Q1 2023 Net revenues $185,600 $183,158 Lookback Adjustments reported during the indicated periods1 -- -- Net revenue excluding Lookback Adjustments 185,600 183,158 Exit of Non-Encompass BPO
Slide 12: Reconciliation of Net Income to Adjusted EBITDA
Appendix - Reconciliation of Net Income to Adjusted EBITDA Adjustments to EBITDA ($ in thousands) Q1 2024 Q1 2023 Net revenues $185,600 $183,158 Net income (loss) (21,346) (22,543) Interest expense 17,951 16,891 Income tax expense (benefit) (71) (44) Depreciation and amortization expense 26,246 26,2
Slide 13: Reconciliation of Medicare Revenue per Submission and Operating Expense per Submission
Appendix - Reconciliation of Medicare Revenue per Submission and Operating Expense per Submission to Sales per Submission and Cost per Submission Q1 2024 Q1 2023 Sales per Submission Medicare Revenue per Submission $856 $794 Lookback Adjustments reported during the indicated periods1 -- -- Sales per