Q3 2024 Gohealth Inc Earnings Call Transcript
Key Points
- GoHealth Inc (GOCO) reported strong operational progress in Q3 2024, driven by internal captive team performance and improved efficiency.
- The acquisition of e-TeleQuote added significant assets and nearly 400 licensed agents, enhancing GoHealth's capacity and financial stability.
- Internal captive agent submissions increased by 46% year-over-year, highlighting effective training and technological tools.
- The company successfully refinanced its term loan credit facility, extending maturity to 2029 and demonstrating financial stability.
- GoHealth's PlanFit CheckUp and PlanFit Save initiatives have enhanced consumer engagement and operational efficiency.
- Net revenues for Q3 2024 decreased to $118.3 million from $132 million in the same period last year.
- Submissions from the GPS channel declined by 46% due to broader market pressures affecting external broker partners.
- A cyber attack on Change Healthcare disrupted Medicaid eligibility assessments, reducing Q3 revenue by over $8.8 million.
- Adjusted EBITDA for the quarter was negative $12.1 million, a slight decrease compared to the prior year.
- The company faces ongoing challenges in the external broker market, impacting the GPS channel's performance.
Good morning and welcome to Gohealth's third quarter 2024 earnings conference call. My name is Hope and I will be your operator for today's call. (Operator Instructions). As a reminder, this conference is being recorded. I will now turn the call over to John Shave, Vice President of Investor relations. John, you may begin.
Thank you, and good morning. Welcome to Gohealth's third quarter 2024 earnings call. Joining me today are Vijay Kotte, Chief Executive Officer and Brendan Shanahan, Chief Financial Officer.
Today's conference call contains forward-looking statements based on our current expectations. Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements.
Many of the factors that will determine future results are beyond the company's ability to control or predict.
You should not place undue reliance on any forward-looking statements and the company undertakes no obligation to update or revise any of these
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