GoHealth, Inc.

Good day and thank you for standing by. Welcome to the Go Health second 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 Kovale, VP of Investor Relations. Please go ahead.

Thank you, Joelle, and good afternoon, everyone. I want to thank each of you for joining GoHealth's second quarter 2021 earnings call. Joining me today are Clint Jones, co-founder and chief executive officer, and Travis Matteson, 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 second 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, a 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. And with that, I'd like to turn the call over to Clint.

Thanks, Jay, and thanks for joining us to discuss our second quarter and year-to-date 2021 results. I'll start with some highlights from the quarter, as well as update you on our revised outlook for 2021. Travis will then cover the financials in more detail. before I wrap up with some longer-term perspectives, then open up the call to Q&A. Slide four highlights the strong top line results we delivered during the second quarter. Second quarter net revenue grew 55%, a modest acceleration compared to the first quarter, driving year-to-date growth of 50%. These results are towards the high end of our expectations, enabled by the strong progress we have made increasing our agent capacity turning well above our 50% growth targets for the year. Executing on our agent headcount investment combined with powerful internal marketing positions us well to drive strong momentum over the balance of the year and into 2022, allowing us to tighten our 2021 revenue outlook to a range of $1.2 billion to $1.3 billion. Our internal Medicare business continues to fuel our results, with growth of 84 percent in the second quarter and 74 percent year-to-date, as our leading choice platform is driving strong share gains in a growing Medicare market. Year-to-date Medicare Advantage carrier-approved submissions increased 52 percent to 324,000, and LTVs grew 11 percent as our ongoing investments in telecare and prior expansion of our carrier footprint continue to drive higher-quality submissions. Our Encompass platform delivered 17 million of incremental LTV revenue by providing value-added services beyond enrollment, enabling consumers to maximize the benefits of their plans and improve health outcomes, further solidifying the differentiated relationships we have with our carriers and partners, and positioning us as a leading digital health company. Slide five walks through the solid progress we are making towards the plan investments in our agents, training, and technology against a backdrop of strong consumer demand from seniors for our choice platform to compare and enroll in plans. As you recall, we experienced significant agent supply constraints during last year's annual enrollment period, and these 2021 investments should drive high volumes over the coming years while maintaining excellent quality for our carrier partners. First, we are on track to grow our agent count by over 50% this year. CC&E grew 118% in the second quarter due to significant investments in our infrastructure and agent count. Costs per agent are running ahead of expectations given the unusually tight labor markets, which are driving both higher attrition rates for new agents and higher costs to recruit and train them. This has driven revised expectations for CC&E to grow roughly 80% for the full year or an additional $50 million compared to our original plan. Revenue outside from these new agents will be limited in the near term by the lengthened training modules, including the sector-wide focus on quality and compliance. And while we experienced a higher level of unproductive agent hours during the second quarter that will continue into the third quarter, we expect the associated training and quality initiatives driving these unproductive hours will generate strong returns during this year's AEP and into 2022. Second, our technology investments are positioning us for efficiency gains. This includes enhanced lead scoring and routing to provide our specialized agents with the decision support technology needed to enroll consumers in the right plan from day one with a high degree of conviction, as well as investing in tools for our telecare agents to execute our Encompass initiatives. First act technology investments more than doubled last year's levels, supporting conversion gains for new agents hired in 2021 versus those hired in 2020. And third, our Encompass platform and GoHealth brand investments are also on track. We are focused on becoming the trusted advisor to help seniors navigate their healthcare journey and drive better health outcomes. Telecare powers our Encompass platform, and our marketing team has been hard at work diversifying our lead generation efforts to optimize the returns from our spend as we build the GoHealth brand among consumers. Slide six summarizes our revised full-year outlook where we tightened our revenue expectations for 2021, given our leadership position and strong progress towards our full-year strategic priorities. These revenue gains will require more investment than originally planned due to the pandemic-related tight labor markets as we look to ensure we can meet anticipated demand while improving the member experience. We expect long-lasting gains as this agent base will create a foundation the talent needed for future years of efficient growth. Our new adjusted EBITDA range for fiscal 2021 is $300 to $330 million, driven by the higher-than-anticipated CC&E expenses. This results in an EBITDA margin of 25% after incorporating these upfront investments and carrying costs as agents ramp into 2022. With that quick intro, let me pass the call over to Travis to run through our results in more detail. Travis?