GoHealth, Inc.

Dan, thank you for standing by. Welcome to Go Health's first quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Jay Koval, VP of IR. Please go ahead.

Thank you, Joelle, and good afternoon, everyone. I want to thank each of you for joining Go Health's first quarter 2021 earnings call. Joining me today are Clint Jones, co-founder and chief executive officer, and Travis Matteson, our chief financial officer. This afternoon'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 any of these statements, whether due to new information, future events, or otherwise. After the market closed today, we issued a press release containing our results for the first quarter of fiscal 2021, in addition to presentation materials that Clint and Travis will walk through momentarily. Both the release and the slides can be found on GO Health's website under the Investor Relations tab. In the press release, we've listed a number of risk factors that you should consider in conjunction with our forward-looking statements. Other significant risk factors are described in our Form 10-K and 10-Q reports filed with the Securities and Exchange Commission. During this call, we will be discussing certain non-GAAP financial measures. These measures are reconciliation to the most directly comparable GAAP financial measures and the reason management believes they provide useful information to investors regarding the company's financial condition and results of operations are contained in the press release and investor presentation. So with that, let me turn the call over to Clint.

Thanks, Jay, and thanks for joining us to discuss our first quarter 2021 results. As Jay mentioned, we have posted a slide deck to our website that we will walk through before opening up the call to Q&A. I'll start with some highlights from the 2021 open enrollment period. as well as update you on our progress towards what we expect to be another strong year of growth. Travis will then dig into the financials before passing the call back to me to share more details on GoHealth's Encompass platform and our evolution as a digital health company. The quick summary, shown on slide four, is that we were very pleased with our performance during the first quarter, as the results were in line with our expectations and positioned us well to deliver our full year 2021 outlook. During the first quarter, we delivered excellent top-line growth of 45%, resulting in $204 million of revenue. Revenue growth was driven by strong gains in our internal Medicare business, up 65%, as tailwinds powering Medicare Advantage and our Choice platform remain deeply entrenched in the market. Medicare Advantage carrier-approved submissions increased 48% to over 171,000, and LTVs grew 17% as our telecare investments and carrier expansion continued to drive persistency gains. These LTV gains were also powered by Encompass platform, which leverages our strong engagement with members to provide value-added services beyond enrollment, enabling them to maximize the benefits of their plans and improve health outcomes, further solidifying the differentiated relationships we have with our carriers and partners. Our telecare team positions us well to create value for partners and consumers alike, and we accelerated investments in our Encompass platform and infrastructure over the last 12 months. We are starting to see early returns on these Encompass investments, with $9 million of incremental revenue in the first quarter. We believe the proof is in the results, and similar to how we scaled up our Medicare marketplace in five short years to become one of the largest and most profitable enrollers in our sector, we believe that we are well ahead of the competition on rolling out our Encompass services which we have built into the range of expectations for the year. Moving to slide five, adjusted EBITDA was also in line with our expectations, reflecting the significant planned investments we made in the quarter. You will recall that during the fourth quarter call, we identified certain initiatives we would be taking during 2021 in order to support our planned growth over the year and position us well for 2022 and beyond. Let me share an update on our progress towards those initiatives. First is to grow our agent base by over 50% this year. Our CC&E growth of 96% in Q1 is due to the planned investments in our infrastructure and agent count, including doubling our telecare team, as well as enhanced training and development. We are tracking slightly ahead of plan on increasing our agent capacity, both in terms of agents hired and early productivity gains as the initial cohorts of agents that graduate from GoHealth's training modules Second is to invest thoughtfully in our proprietary technology to enhance lead scoring and routing to provide our specialized agents with the decision support technology needed to enroll consumers in the right plans and with a high degree of conviction, as well as investing in tools for our telecare agents to execute our encompassed initiatives. We are tracking well towards our full-year goals with technology investments more than double last year's level, supported by efficiency gains. And third is to expand our Encompass platform and invest in the GoHealth brand, as we become the trusted advisor for seniors by helping them seamlessly navigate their healthcare journey and drive better health outcomes. Our telecare team has been powering strong LTV increases through enhanced engagement and education, and this team positions us to accelerate our value-added services through our Encompass platform over the coming years, which can drive LTV upside through direct revenue and improve persistency. Moving to slide six, given the strength of our first quarter results and the progress we made towards our full-year strategic priorities, we are reaffirming our full-year outlook for revenue of $1.15 to $1.3 billion, propelled by strong commission growth. We also expect adjusted EBITDA of $345 to $385 million, which would result in industry-leading margins of 30% despite our aggressive investment posture in 2021. More important, we expect These 2021 investments will continue to drive high rates of growth into 2022 and beyond. With that as a quick intro, let me pass the call over to Travis to run through our first quarter results in more detail. I'll come back at the end and share more color on how Encompass will help power GoHealth into a highly differentiated digital health company with industry-leading LTVs and diversified revenue streams. Travis?