Clover Health Investments : 1Q26 Earnings Call Transcript

About this update from Clover Health Investments, Corp.

Ryan Schmidt, Investor Relations Good afternoon, everyone. Joining me on our call today to discuss the company's first quarter 2026 results are Andrew Toy, Clover Health's Chief Executive Officer, and Clay Thornton, the Company's Interim Chief Financial Officer. You can find today's press release and the accompanying supplemental slides, as well as the Company's most recent investor deck, in the 'Investor Events & Presentations' section of our website at investors.cloverhealth.com. This webcast is being recorded, and a replay will be available in the Investor Relations section of the Clover Health website. I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties, including expectations about future performance. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent Annual Report on Form 10-K and other SEC filings. Information about non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can be found in the earnings materials available on our website. With that, I'll now turn the call over to Andrew. Andrew Toy, Chief Executive Officer Thank you, Ryan, and thank you everyone for joining us today. Entering 2026, our first quarter results demonstrate how market-leading growth, GAAP Net Income profitability and full risk can scale together in Medicare Advantage. This quarter, we grew membership 51% year-over-year while generating GAAP Net Income of $27 million dollars. We believe that this demonstrates our ability to empower physicians with technology to deliver earlier and better care, finance best-in-class benefits, drive strong retention, and strengthen our cohort economics over time. The clearest example of that is in our core New Jersey markets, where our model is most integrated and where that integration is translating into market leadership. Coming into 2026 -outside of special needs and employer retiree plans - Clover is now the largest PPO in New Jersey. We believe this concentration creates a virtuous cycle. Where growth drives deeper clinical integration and continued investment in core markets, reinforcing provider alignment and strengthening the underlying economics of the business over time. Also, as we at...

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