Clover Health Investments, Corp.

Ladies and gentlemen, good afternoon and welcome to the Clover House third 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 House. Please go ahead.

Good afternoon, everyone. Joining me on our call today to discuss the company's third quarter results are Vivek Garipalli, Clover Health Chief Executive Officer, Andrew Toy, the company's president, and Scott Leffler, our Chief Financial Officer. You can find today's press release and the accompanying supplemental slides in the investor events and presentation section of our website at cloverhealth.com. This webcast is being recorded, and the replay will be available at 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 factor section of our most recent annual report on Form 10-K. 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 Steve Beck.

Thank you, Ryan, and thanks, everyone, for joining us today. Our wide-network approach, powered by Clover Assistant, enabling great primary care, helped deliver a solid set of results for the third quarter. I'm proud of the hard work being done by everyone at Clover so far this year, leading to consistently improving financial results in our insurance line of business and a maturation of our non-insurance business. Importantly, I also believe that this quarter's results further illustrate our positive momentum towards achieving profitability. Before handing it over to Andrew, I would like to briefly touch on some key highlights from the third quarter. We delivered significant improvement in insurance MCR, continued stability in adjusted SG&A spending, and strong revenue and lives growth relative to the prior year period. Over-assisting continues to be a key differentiator in our mission to improve every life, by supporting physicians in catching and treating conditions earlier. We continue to see MCR performance that is over 1,000 basis points better for returning members whose PCPs use Clover Assistant as compared to members whose PCPs do not. We believe this differential in MCR performance is evidence that Clover Assistant is in fact helping to improve clinical outcomes. Finally, I am pleased by our increased focus on operational excellence at Clover, which contributed to our maintaining 3.5 stars on our flagship PPO plan. We look forward to continued execution against our strategies as we head into 2023. With that, I will turn the call over to Andrew.