GoHealth, Inc.

Good day and welcome to the Go Health Second Quarter 2025 earnings conference call. All participants will be in listen-only mode to prevent any background noise. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. Please note this event is being recorded. I would now like to turn the conference call over to John Schafe, Vice President of Investor Relations. Please go ahead.

Thank you and good morning. Welcome to Go Health Second Quarter 2025 results call. Joining me today are Vijay Kote, Chief Executive Officer, and Brendan Chanahan, Chief Financial Officer. Today's conference call contains forward-looking statements based on our current expectations. Numerous known and unknown 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 or revise any of these statements, whether due to new information, future events, or otherwise. Earlier today, we issued a press release announcing a series of strategic capital governance actions that significantly enhance Go Health's financial flexibility and long-term positioning, as well as our results for the second quarter 2025. We have posted the release on the Go Health website under the Investor Relations tab. In the press release, we have listed certain risk factors that you should consider in conjunction with our forward-looking statements. We encourage you to consider the other risk factors described in our Form 10K and Form 10Q reports filed with the SEC for additional information. During this call, we will be discussing certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measure in our press release. You may also refer to the Investor presentation posted to the Investor Relations section of our website for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during this call. I will now turn the call over to Go Health CEO Vijay Kote.

Thanks, John. Our press release, issued earlier today, provides the detailed components of our results of operations for Q2 2025. We believe the capital and governance milestones achieved in recent weeks, as detailed in the 8K also filed this morning, are far more consequential to the business and will be the focus of our call today. As you may recall, at the end of June, we began by amending our existing credit agreements to extend the maturity of our revolving credit facility and providing a covenant holiday so we could focus our energy on a more fulsome and long-term solution for our capital structure. Since that amendment, we have been working diligently to co-design and negotiate with all relevant stakeholders the agreement we successfully closed yesterday for a super priority senior secured term loan facility totaling $115 million. The new facility includes $80 million in new money, half funded at closing and half available on delayed draw basis, plus the roll-up of $35 million in existing revolving loans. We believe that this capital and amendment alleviate the going concern status with our lenders, provides us with a financial runway to prepare for the upcoming annual enrollment period, and allows us the capacity to pursue a range of strategic options including acquisitions. The agreement also includes covenant relief through the third quarter of 2025, maturity extensions through 2029, and consent from our lenders to evaluate additional capital structure solutions. As part of the transaction, our lender group received equity consideration equal to ,766,219 shares of Class A common stock, reinforcing strong alignment with Go Health's long-term success. We also made meaningful changes to our governance structure to support this next phase. Contemporaneously with the execution of this new facility, three new directors were appointed to our board replacing three outgoing members. Together, these capital and governance actions represent a significant step forward for Go Health. They provide not just the flexibility to operate and invest, but also a clear path to capitalize on broader industry dynamics. Combined with our recent progress in technology, product diversification, and cost discipline, we believe we are well positioned to execute in the dynamic Medicare landscape. Critically, this facility allows us to actively pursue mergers and acquisitions in a fragmented market that we believe is ripe for consolidation. We are convinced that Go Health is uniquely positioned to be a disciplined acquirer and integrator, leveraging our proprietary technology, automation, and AI to drive scale, efficiency, and stockholder value creation. This new facility gives us the capacity to move forward with confidence as we evaluate potential transactions. Finally, a brief update on our quarterly filing. Although our Form 8K and quarterly results press release were filed today, we are in the final stages of completing intangible asset impairment testing with our auditors. The going concern evaluation has already been completed and we expect that designation to be removed. Based on preliminary results, we do not, sorry, we do expect to record an impairment related to intangible assets. This is the only remaining item required to finalize our Form 10Q, which we anticipate completing shortly. We are encouraged by the support of our lenders, the clarity of our strategic direction, and the financial flexibility now in place to pursue meaningful stockholder value creation opportunities. Everything we are doing, from strengthening our capital position to evaluating and potentially pursuing strategic M&A, is focused on creating long-term value for our consumers, our partners, and our stockholders. With that, we welcome your questions.