Clover Health Investments, Corp.

Ladies and gentlemen, good afternoon and welcome to the Clover Health Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the prepared remarks. At that time, if you wish to ask a question, please press star 1 on your telephone keypad. As a reminder, today's call is being recorded. I would now like to turn the call over to Ryan Schmidt, Investor Relations for Clover Health. Please go ahead.

Good afternoon, everyone. Joining me on our call today is Vivek Garipalli, our CEO, Andrew Toy, our president, and Mark Herbers, who served as our interim CFO during the second quarter. We will discuss the company's second quarter results and answer your questions. This call is being recorded. Before we get started, I would like to remind you that our second quarter earnings materials, including the release, are available on our website at cloverhealth.com. 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. Chapters that may cause actual results to differ materially from expectations are detailed in our SEC filings, including in the risk factor section of our most recent annual report on Form 10-K and in 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 will now turn the call over to Vivek.

Thanks, Ryan, and thanks, everyone, for joining us today. We continue to build upon our strong start to the year, with second quarter results proving to be another positive step forward. We remain excited about the continued progress against our goals, as well as the strategies we are laying out for 2023 and beyond. We believe that we can deliver above-average industry growth and improve margins all by needs enabling great primary care at scale via COVID assistance. Let me now cover the highlights from the second quarter before handing it over to Andrew for a more in-depth discussion. Firstly, our Q2 revenue of $847 million was more than double our revenue in the second quarter of last year. Our total lives under corporate management also nearly doubled year over year to over $255,000. We accomplished this while simultaneously slowing the growth of operating expenses. Insurance NCR and non-insurance NCR improved versus the second quarter of 2021 to 92.1% and 106% respectively. Clover Assistant continues to be a differentiator, showing a materially improved insurance MCR for returning members whose PCPs use Clover Assistant versus those who don't. Finally, we've continued to strengthen our leadership team this past quarter and are excited to welcome Scott Weffler as our permanent CFO. Since he's only been with us for a couple of weeks, we've spared him from being on today's call and look forward to introducing him properly during the next set of earnings. In that same vein, I'd like to extend a heartfelt thank you to Mark and the entire Clover team. He has been a trusted partner over the past year and provided us with a laundry of time to bring in an exceptional leader like Scott. Thank you, Mark. With that, let me turn the call over to Andrew.