Gohealth, Inc. · NASDAQ:GOCO
Gohealth — Q4 2023 Earnings Presentation
19 slides from Gohealth's earnings presentation, Mar 14, 2024
Slide 1: Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Results March 14, 2024 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS These slides contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Presentation may be forward-looking statements. Statements regarding the C
Slide 3: Non-GAAP Financial Measures and Key Performance Indicators
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 Consolidated Financial Statements prepared in accordance with Generally Accepte
Slide 4: Q4'23 Reported Results Bridge to Go-Forward Financials
Q4’23 Reported Results Bridge to Go-Forward Financials Adjusting reported results for a go-forward perspective Q4’23 REPORTED REVENUE RESULTS Q4’23 REPORTED ADJUSTED EBITDA – BRIDGE ($M)1,2,3 RESULTS – BRIDGE ($M)1,2,3 • Ties to financials 1. Numbers may not sum due to rounding. There may be slight
Slide 5: FY'23 Reported Results Bridge to Go-Forward Financials
FY’23 Reported Results Bridge to Go-Forward Financials Adjusting reported results for a go-forward perspective FY’23 REPORTED REVENUE RESULTS – FY’23 REPORTED ADJUSTED EBITDA BRIDGE ($M)1,2,3 RESULTS – BRIDGE ($M)1,2,3 1. Numbers may not sum due to rounding. There may be slight differences to number
Slide 6: Reported Financial Comparison Year over Year
Reported Financial Comparison Year over Year Growing Adjusted EBITDA by $205M YoY, representing 158% growth FY’22 to FY’23 REPORTED FY’22 to FY’23 REPORTED REVENUE COMPARISON ($M)1,2 ADJ. EBITDA COMPARISON ($M)1,2 10% 1. Numbers may not sum due to rounding. There may be slight differences to numbers
Slide 7: Cash Adjusted EBITDA Analysis
Cash Adjusted EBITDA Analysis Our Cash Adjusted EBITDA, highlights the evolution of our efficient business model with more Non-Agency revenue Cash Adjusted EBITDA ($’s in millions) Cash Adjusted EBITDA FY’21 FY’22 FY’23 ($’s in millions) FY'2021 FY'2022 FY'2023 Reported Adjusted EBITDA $34 ($130) $7
Slide 8: Cash Flow from Operations (CFfO) Year over Year
Cash Flow from Operations (CFfO) Year over Year Growing CFfO by $48M YoY, representing 79% growth $48M, a 79% Improvement 1 2 3 4 1. Non-Agency Rate: This improvement shows the change in cash on a per submission basis for Non-Agency revenue (formerly Encompass revenue). This number is an estimate, i
Slide 9: Medicare Unit Economics Year over Year
Medicare Unit Economics Year over Year Slight decline in YoY unit economics driven by lower sales per submission ADJUSTED SALES1 5% Decline GROSS MARGIN4 $915 9% Improvement $866 UNIT ECONOMICS $183 PER SUBMISSION1,3 $168 FY’22 FY’23 COST2 9% Improvement ($747) ($683) 18% 21% 1. See tables in the Ap
Slide 10: Appendix
Appendix 10
Slide 11: Appendix - Reconciliation of Cash Adjusted EBITDA
Appendix - Reconciliation of Cash Adjusted EBITDA ($’s thousands) 2023 2022 2021 Adjusted EBITDA $75,091 ($129,776) $33,821 Beginning commissions receivable 1,031,433 1,262,507 810,398 Beginning commissions payable (375,141) (378,563) (261,074) Beginning net contract assets $656,292 $883,944 $549,32
Slide 12: Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ in thousands) Q4 2023 Q4 2022 Net revenues $276,697 $69,376 Lookback Adjustments reported during the indicated periods1 - 266,383 Net revenue excluding Lookback Adjustments 276,697 335,759 Exit of Non-Encompass
Slide 13: Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ in thousands) YTD 2023 YTD 2022 Net revenues $734,671 $631,675 Lookback Adjustments reported during the indicated periods1 -- 275,709 Net revenue excluding Lookback Adjustments 734,671 907,384 Exit of Non-Encomp
Slide 14: Appendix - Reconciliation of Net Income to Adjusted EBITDA
Appendix - Reconciliation of Net Income to Adjusted EBITDA Adjustments to EBITDA ($ in thousands) Q4 2023 Q4 2022 Net revenues $276,697 $69,376 Net income (loss) (2,294) (150,737) Interest expense 17,751 17,317 Income tax expense (benefit) 379 292 Depreciation and amortization expense 26,848 26,578
Slide 15: Appendix - Reconciliation of Net Income to Adjusted EBITDA
Appendix - Reconciliation of Net Income to Adjusted EBITDA Adjustments to EBITDA ($ in thousands) YTD 2023 YTD 2022 Net revenues $734,671 $631,675 Net income (loss) (151,270) (376,384) Interest expense 69,472 57,069 Income tax expense (benefit) 154 764 Depreciation and amortization expense 105,748 1
Slide 16: Appendix - 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 Q4 2023 Q4 2022 Sales per Submission Medicare Revenue per Submission $957 $175 Lookback Adjustments reported during the indicated periods1 -- 753 Sales pe
Slide 17: Appendix - 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 YTD 2023 YTD 2022 Sales per Submission Medicare Revenue per Submission $866 $623 Lookback Adjustments reported during the indicated periods1 -- 292 Sales
Slide 18: Appendix - 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 2022 Q2 2022 Q3 2022 Q4 2022 Sales per Submission Medicare Revenue per Submission $888 $865 $934 $175 Lookback Adjustments reported during the indicate
Slide 19: Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ in thousands) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net revenues $270,593 $158,654 $133,052 $69,376 Lookback Adjustments reported during the indicated periods1 2,318 3,162 2,788 266,383 Net revenue excluding Lookback