Clover Health Investments, Corp.

Ladies and gentlemen, good afternoon and welcome to the Clover Health first quarter 2025 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 to discuss the company's first quarter 2025 results are Andrew Toy, Clover Health's Chief Executive Officer, and Peter Kuypers, the company's Chief Financial Officer. You can find today's press release in the accompanying supplemental slides, as well as the company's most recent investor deck in the investor events and presentation 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 our 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.

All right, everyone. Thanks for joining us today. I'm excited to dive into our first quarter 2025 results. We've been working hard at Clover, and it's really showing in our Medicare Advantage performance and overall business growth. Let's break down what we've accomplished and why it matters. First, let's talk about MA plan growth, where we're doing very well. We've seen some significant numbers this quarter. We're looking at a 30% jump in MA membership, 33% growth in our revenue, and a whopping 279% increase in adjusted EBITDA year over year. That's not just numbers on a page. That's real momentum. And what's driving this? It's our focus on getting people the right health care right when they need it, earlier, higher quality, and critically more affordable. This isn't just about growth for growth's sake. It's about making a real difference in people's lives by lowering barriers in care, whether it be by reducing out-of-pocket costs or delivering care to them right in their homes. We even released a new white paper last week showing how Clover Assistant helps better manage congestive heart failure, leading to better care and fewer hospital visits. That's the kind of impact we're aiming for. Next up, let's discuss our confidence in the rest of the year. This course's performance really reinforces that we're on the right track to hit our full year 2025 goals and improves guidance. We had a strong enrollment season, and those new members are utilizing care at expected levels. That's key. We're planning to keep this momentum going throughout the year. But what's most important? It's how we're taking care of these new members. We're using Clover Assistant to power their primary care, making sure they get the best health outcomes and the most efficient care. This isn't just about enrolling more seniors. It's about making sure we look after them in the right way. Now, let's talk about how we're managing things behind the scenes. Our Part C and Part D utilization costs are both tracking as expected. We are also navigating the HEC V28 phase-in smoothly with Clover Assistant. Why is this important? Because it shows our technology-first care model is adaptable and can handle changes in the industry. We're not just reacting, we're staying ahead of the curve, making sure our members get better care management. That's a huge advantage for us. A big part of our confidence comes from our control of our care model. Whether in the wide PPO network with PCPs using Clover Assistant or via home care in our Clover Care Services Division, care is what we do. Speaking of Clover Care Services, our mission is simple, to deliver additional support to Clover members when and where they need it. Every Clover member is eligible for a personalized in-home CloverCare visit and coordinated care services tailored to their health journey. We work closely with Clover Assistant using physicians to identify members needing support and deliver that support directly to them. For example, our welcome home CloverCare visit helps members transition from hospital inpatient stays. For members with the highest needs, we offer a comprehensive in-home care program focused on palliative and advanced illness support. These services drive strong performance for our health plan and provide tailored, personalized care for our Clover members. We're also pleased about the recent CMS final rate notice for 2026. It's a positive for us and will add to our momentum, especially with our four-star PPO plan coming next year. But let's be clear. Our real strength is in our architecture and in our operations. It's in our innovative care model, our wide networks, and the clinical and financial results we get from Clover Assistant. I've spoken about this before, and I want to emphasize that we would feel good no matter what the rate notice was. That's because we're not just relying on favorable rates, we're building a solid foundation for long-term success. Looking ahead, we see even more growth and profitability coming in 2026 and beyond. This isn't just wishful thinking. It's based on our strategy of expanding Clover Assistance Reach, managing our members with personalized care, and the financial boost we'll get from our four-star rating. It's too early to talk about bid specifics right now, but our intention is to keep building a growth flywheel, and we expect it to start spinning much faster as we go into next year. And for areas where we don't have an MA plan, we're pushing forward with counterpart health. We're seeing a great opportunity here to partner with others and bring Clover Assistant to even more people. We're already working with several partners, and we have more in the pipeline. Organizations are seeing the value of counterpart assistance in improving care and managing costs, and we believe this is a big area of growth for us. To support this growing deal flow, we are actively taking steps to add implementation resources to ensure successful onboarding and integration for our partners. I'm excited about traction in this area, and I think the opportunity to bring CA to many people served by other MA plans is a very real one. Finally, I want to highlight the real-world impact of Clover Assistant. Our research shows that doctors using Clover Assistant diagnosed chronic kidney disease and diabetes earlier. And we just released our latest paper on congestive heart failure, showing that Clover Assistant usage is associated with better care, fewer hospitalizations, and fewer readmissions related to CHF. Heart failure is a huge issue, and we're making a real difference. We're giving our doctors the tools they need to provide better care, and it's showing in the results. So, to sum it up, we've had a fantastic start to 2025. Our approach, powered by Clover Assistant and our home care program, is driving strong growth in membership, revenue, and adjusted EBITDA. We're confident in our 2025 goals and excited about our future. Now, I'll hand it over to Peter for the financial update.