Gohealth, Inc. · NASDAQ:GOCO
Gohealth — Q3 2023 Earnings Presentation
14 slides from Gohealth's earnings presentation, Nov 9, 2023
Slide 1: Third Quarter 2023 Results
Third Quarter 2023 Results November 9, 2023 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 Press Release may be forward-looking statements. Statements regarding the
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: Q3'23 Reported Results Bridge to Go-Forward Financials
Q3’23 Reported Results Bridge to Go-Forward Financials Adjusting reported results for a go-forward perspective Q3’23 REPORTED REVENUE RESULTS Q3’23 REPORTED ADJ. EBITDA RESULTS – BRIDGE ($M)1,2 – BRIDGE ($M)1,2 1. Numbers may not sum due to rounding. There may be slight differences to numbers shown
Slide 5: Q3 Medicare Unit Economics
Q3 Medicare Unit Economics Improving YoY unit economics driven by a reduction of variable costs and a more efficient operating model ADJUSTED SALES1 15% Decline GROSS MARGIN4 $957 25% Decline $813 UNIT ECONOMICS $91 PER SUBMISSION1,3 $68 Q3’22 Q3’23 COST2 14% Improvement ($866) ($745) 10% 8% 1. See
Slide 6: Q3 TTM Medicare Unit Economics
Q3 TTM Medicare Unit Economics Improving YoY unit economics driven by a reduction of variable costs and a more efficient operating model ADJUSTED SALES1 4% Improvement GROSS MARGIN4 $825 $859 113% Improvement UNIT ECONOMICS $211 PER SUBMISSION1,3 Q3’22 TTM $99 Q3’23 TTM COST2 11% Improvement ($726)
Slide 7: Q3'23 TTM Cash Flow from Operations Bridge to Q3'22
Q3’23 TTM Cash Flow from Operations Bridge to Q3’22 * $0M $122M CFfO Improvement * 1 3 2 3 4 (*) Cash flow from operations was lower than expected because approximately $72.0 million of payments from health plan partners, due in the third quarter, were received shortly after quarter end. 1. Non-Agen
Slide 8: 2023 Financial Guidance Compared to 2022 Go-Forward Financials
2023 Financial Guidance Compared to 2022 Go-Forward Financials Total Net Revenue Adj. EBITDA ($ in M)1 CFfO ($ in M) ($ in M)1 $140 High $850 High High $115 $797 $800 Low $120 Low $75 Low $61 $42 1. Total Net Revenue and Adj. EBITDA numbers are provided on a go-forward basis, excluding the Lookback
Slide 9: Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ in thousands) Q3 2023 Q3 2022 Net revenues $132,307 $133,052 Lookback Adjustments reported during the indicated periods1 - 2,788 Net revenue excluding Lookback Adjustments 132,307 135,840 Exit of Non-Encompass B
Slide 10: Appendix - Reconciliation of Net Income to Adjusted EBITDA
Appendix - Reconciliation of Net Income to Adjusted EBITDA Adjustments to EBITDA ($ in thousands) Q3 2023 Q3 2022 Net revenues $132,037 $133,052 Net income (loss) (56,204) (74,654) Interest expense 17,565 15,630 Income tax expense (benefit) (108) -- Depreciation and amortization expense 26,265 28,06
Slide 11: 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 TTM Q3 2023 TTM Q3 2022 Sales per Submission Medicare Revenue per Submission $576 $744 Lookback Adjustments reported during the indicated periods1 283 126
Slide 12: 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 Q3 2023 Q3 2022 Sales per Submission Medicare Revenue per Submission $813 $934 Lookback Adjustments reported during the indicated periods1 - 23 Sales per
Slide 13: 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 $175 Lookback Adjustments reported during the indicate
Slide 14: Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ 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 2,788 244,034 Net revenue excluding Lookback