Gohealth, Inc. · NASDAQ:GOCO
Gohealth — Q2 2023 Earnings Presentation
12 slides from Gohealth's earnings presentation, Aug 10, 2023
Slide 1: Second Quarter 2023 Results
Second Quarter 2023 Results August 10, 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: Q2'23 Reported Results Bridge to Go-Forward Financials
Q2’23 Reported Results Bridge to Go-Forward Financials Adjusting reported results for a go-forward perspective Q2’23 REPORTED REVENUE RESULTS Q2’23 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: Q2 Medicare Unit Economics
Q2 Medicare Unit Economics Improving YoY unit economics driven by a reduction of variable costs and a more efficient operating model ADJUSTED SALES1 4% Decline GROSS MARGIN4 $885 $852 443% Improvement UNIT ECONOMICS $127 PER SUBMISSION1,3 Q2’22 Q2’23 COST2 21% Improvement ($37) ($922) ($725) (4%) 15
Slide 6: Q2'23 TTM Cash Flow from Operations Bridge to Q2'22
Q2’23 TTM Cash Flow from Operations Bridge to Q2’22 Dependable & improving cash flow trends $0M $346M CFfO Improvement 1 2 3 4 1. Non-Agency Rate: This improvement shows the change in cash on a per submission basis for Non-Agency revenue (formerly Encompass revenue). This number is an estimate, is a
Slide 7: 2023 Financial Guidance Compared to 2022 Go-Forward Financials
2023 Financial Guidance Compared to 2022 Go-Forward Financials Total Net Revenue Adj. EBITDA ($ in M)1 CFfO ($ in M) ($ in M)1 $140 High $850 High High $115 $797 $800 Low $120 Low $75 Low $61 $42 1. Total Net Revenue and Adj. EBITDA numbers are provided on a go-forward basis, excluding the Lookback
Slide 8: Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ in thousands) Q2 2023 Q2 2022 Net revenues $142,779 $158,654 Lookback Adjustments reported during the indicated periods1 - 3,162 Net revenue excluding Lookback Adjustments 142,779 161,816 Exit of non-Encompass B
Slide 9: Reconciliation of Net Income to Adjusted EBITDA
Appendix - Reconciliation of Net Income to Adjusted EBITDA Adjustments to EBITDA ($ in thousands) Q2 2023 Q2 2022 Net revenues $142,779 $158,654 Net income (loss) $(70,229) $(113,752) Interest expense 17,265 12,724 Income tax expense (benefit) (73) -- Depreciation and amortization expense 26,368 26,
Slide 10: Reconciliation of Medicare Revenue 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 Q2 2023 Q2 2022 Sales per Submission Medicare Revenue per Submission $852 $865 Lookback Adjustments reported during the indicated periods1 - 20 Sales per
Slide 11: Reconciliation of Medicare Revenue and Operating Expense per Submission (2022 Quarters)
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 $175 Lookback Adjustments reported during the indicate
Slide 12: Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials (2022 Quarters)
Appendix - Reconciliation of Net Revenue and Adjusted EBITDA to Go-Forward Financials ($ 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