GoHealth, Inc.

Thank you for standing by, and welcome to the Go Health Third Quarter 2021 Earnings Conference Call. At this time, all participants are on listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question at that time, please put a star then one on your touch-tone telephone. As a reminder, today's conference call is being recorded. I would now like to turn the conference over to your host, Mr. Brian Farley, where you may begin.

I want to thank each of you for joining GoHealth, Inc.' 's third quarter 2021 earnings call. Joining me today are Clint Jones, co-founder and chief executive officer, and Travis Matison, 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 third 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 Goal Health's website under the Investor Relations tab. In the press release, we have listed a number of risk factors that you should consider in conjunction with our forward-looking statements. Other significant risk factors are described on 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 reconciled to the most directly comparable GAAP financial measures, and the reason management believes they provide us useful information to investors regarding the company's financial conditions 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.

Thank you, and thanks, everyone, for joining us today to discuss our third quarter and year-to-date results I will start with some highlights from the quarter and an update on the investments we made in our business to strategically position ourselves going into the annual enrollment period, or AEP. Travis will then cover a detailed review of our financial results before I wrap up with some updates on Encompass and early insights on this year's AEP. We will then open up the call to Q&A. Slide four provides an update on the strategic investments in our agents, technology, brand, and Encompass platform. We believe the investments we have made and will continue to make will act as a catalyst for GoHealth in 2022 and beyond, enabling us to capitalize on the market opportunity in front of us and position ourselves for the near and long term. In our last update, we told you our investment in agent capacity was more expensive and taken us longer than originally planned. I am pleased to report we've exceeded our goal of increasing our agent base by over 50% despite the continued tight labor market. Most importantly, these new agents have completed 500-plus hours of training to ensure they have the knowledge necessary to educate consumers on their plan options. These short-term investments in our people will provide long-term benefits and meaningful upside for years to come. It is worth noting that included in our increased agent base is an over 100% increase in associates on our telecare team. As a reminder, our telecare team is the group of dedicated employees who onboard new members and help them understand and utilize their plan benefits. While we do not expect a material margin increase from our telecare investments this year, we expect these agents to play a meaningful role in our future success. including customer persistency and the expansion of our Encompass platform. Our technology investments combined with tight integrations with carriers and partners continue to differentiate us. These investments provide our specialized agents with the decision support technology needed to enroll consumers in the right plan from day one. Our expanded carrier offering, driven by our technology, is a differentiator for GoHealth as we continue to be the trusted advisor for seniors. Lastly, our Encompass platform and GoHealth brand investments are on track. We are investing in our people so they can serve our customers, investing in our technology so it can accelerate our efficiency, and investing in our brand so customers know that when you are talking to a GoHealth agent, there is no better partner for their healthcare journey. We are happy to announce that we are ahead of our Encompass platform goals due to the success with various carriers and partners. This platform, combined with our increasing scale, positions us well for success. Slide 5 highlights our strong quarter and year-to-date top-line financial performance, with revenue up 30% and 42% respectively. Additionally, commission revenue exceeded our expectations. up 73 percent and 60 percent for the quarter and year to date. These results were driven by investments in our expanded agent force and powerful internal marketing engine. Our growth continues to be driven by our Medicare internal business, which generated growth of 19 percent in the third quarter and 51 percent year to date, proving our ability to drive gains in the growing Medicare market by standing out as a leading choice platform for seniors. Medicare Advantage enrollments continue to drive growth, with third quarter Medicare Advantage carrier-approved submissions increasing 100% to roughly 193,000. Our focus continues to be on acquiring members, engaging them, and improving their health outcomes. That is why we are and will continue to provide value-added services beyond enrollment through our Encompass platform. Our year to date Encompass revenue of 32 million is ahead of our expectations. We are very excited about the progress we have made with Encompass and look forward to sharing more about our 2022 strategy around this important initiative on our fourth quarter call. Moving to slide six, given the progress we have made towards our full year strategic investments, we are reaffirming our full year outlook for revenue of 1.2 billion to $1.3 billion, propelled by strong commission growth. We also expect adjusted EBITDA of $300 million to $330 million. More importantly, we expect our 2021 investments in agents, technology, brand, and encompass will continue to drive profitable growth into 2022 and beyond as we distance ourselves as a leader in the Medicare market. With that as a quick intro, let me pass the call over to Travis