- Earnings call transcript Q3 2022

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Operator

Good afternoon. My name is Josh and I will be your conference operator today. At this time, I would like to welcome everyone to Oscar Health’s 2022 Third Quarter Conference Call. [Operator Instructions] Thank you. I would now like to turn it over to Cornelia Miller, Vice President of Corporate Development and Investor Relations, to begin the conference.

Cornelia Miller

good and Josh you, afternoon everyone. Thank management for earnings call, you our to recently joining our us XXXX quarter path announced the and third our profitability where to-date, for performance Thank transition. we discuss will Mario will Blackley, and Chief Scott Officer; Relations Oscar’s through afternoon’s this at Co-Founder call, Schlosser, Transformation also Financial website Officer, our be and accessed Oscar’s Chief Executive and Chief soon-to-be host Officer which ir.hioscar.com. can Investor our management details at which earnings our in and are Full our ir.hioscar.com. website release, additional be Relations commentary on of found can available results Investor future Any the forward-looking remarks that the Act Oscar makes provisions Harbor within about Private of the meaning XXXX. Litigation Reform constitute of the under Securities statements Safe a for our including September result XX, discussed the June report various the on including differ XXXX and those filed report be filings other period SEC. XX-Q filed quarter the factors, quarterly the of results with by those Actual may with SEC, as quarterly materially our important in Form XXXX our from ended to quarterly the statements XX-Q period on for indicated those with SEC Form XX, ended forward-looking statements are current expectations based as of today. on forward-looking Such events that and cause anticipates change. may subsequent Oscar to estimates developments

the the measures to is I Relations CEO GAAP that, call can certain in at website. to third which Investor may non-GAAP update company will turn Schlosser. Co-Founder, do available measures. to elect specifically reconciliation like Mario our comparable While most directly the disclaim obligation refer company’s in these release, A some these found over to forward-looking and to the statements point would any XXXX we call to measures the future, the quarter so. also of The be on press With

Mario Schlosser

outlook provide business earlier profitable and good updates our and topics, on today. in several for open more will detail market dynamics, for our updates we evening for news a enrollments insurance on Thank strategy I our shared the recent you, financial everyone. quarter, results on the and us including again today. joining Thanks Cornelia XXXX that

start of backdrop in look policy business. are time, strong and the and will a growth. year-over-year. improvements We our with continuing medical progress meaningful membership the We in strong membership against of direct have improvements increased we administrative quarter. same ratios the seen evidence At We our at premiums year-to-date. loss particularly a see expense ratio noteworthy dramatically the Those

we’re executing plan. overall, So our

our confidence are We of infrastructure, benefits the have about scale seeing the we future. of and and

outlook discuss will year our the full We call. XXXX later in

traditional our many of have as enrollments of the market what looks grow much the of on stable. out the open even this, care enrollment. than competitive any to for all, Oscar looks open saying like system other a complex where but X we don’t of perspective markets. backdrops, The grinding future XXXX, are, to evidenced tired we U.S. return against us, membership insurance at positioning is, lived And more marketplace we about and a been markets. performance. Hence, individualized years the think into As We excited the look sustainability for we record-high long-term this of and about ACA be by first players the improved us markets the to ACA we’ve health were health

insurance without day without it demonstrate exits business these to a to competitor how paying attention is, positive is that modern profitable the a just having infrastructure. competitive as recent good And it for that is Oscar is said, owning recent players are the see and really developments, So to the opportunities smart of We navigate lessons. hard ACA it. remain. more course, at be being there a in

while impact have and we XXXX. the budgets build our confidence year-over-year. utilization of covering is like thinking Thus, higher XXXX assumptions largely individual margin in expansion, XXXX about to are costs performance. and redeterminations. flat business, to below for some year-to-date In the we our medical trends pricing how additional I’d share cost slightly the we Now deliver on trending we insights pricing are Medicaid put in

told last quarter, approach you long focused has over XXXX been growth. profitability we As our to on

are be to at XX%. the market effect forecast exits. a conclusion recent being plus the said, given We this or challenging That targeting X of membership members, year is million to enrollment around minus particularly

by driven significant by plan that plan pricing driven allow in insurance company for and our this to to improvements And loss deliver us cost built and a outflows. of XXXX ratio execution. expansion so total and strong technology a an context, cash in and in operating we margin is have includes minimize planned parent medical That capital improvements profitable care designed to operational

We we strengths also to there. administrative total us our expense variable cost our get through technology down on savings. expect to pursuing profitability, continue fixed to company and In our ratio how we improvements leverage and drive cost adjusted focus

product to our Score options. Net to experience us choose examples. members our continue with bill deployed drive with a that issues, the the to to a high. they routed guides automatically see of Promoter have an year, third give our are number Let who were complex pay rather who in to And less few complex XX have automation. needs a resonating enhancements which customer most this you members all-time their is refactored care quarter infrastructure those We service our so this automated In of quarter, reaching with me team past highly further or traded we the

We logic prior alignments increase within We also network. our claims to auto reduce readmissions to updated our matching clinical rates. policies our authorization and better to enhanced incentive our

And the our to with increased contracts to additional with our expect major we work savings vendor to continue scale, find a also of years in-year vendors source come. We be to efficiencies. in

down contributes we progress the the ratios saw our to membership and All massive have we with driving of admin year. even this made MLR growth this

future continuing we confident have flight to in to And these dramatically of XXXX, year. us as execution towards the we also improvements drive leverage additional Oscar next are our the improved results for steps we these Plus business. look closing and will we give As opportunities our for XXXX look about

As we will XXXX, will year us Scott earlier have a that financials. targeting as next walk in over insurance And to year now are business. drive to company we cost business a expect to we than the previously we said, with we the expected combined are profitability also I across XXX%. call the to share we through total savings a below ratio excited with that, that continue And turn profitable

Scott Blackley

Thank you, good Mario, afternoon, everyone. and

the increasing our show of results quarter third scale. benefits Our

improvement. and noted, margin expect have As doubled roughly we membership Mario our year-over-year meaningful

to few by the takes X XX% the in year-over-year, with first the of our quarter of ‘XX We driven year. the third throughout more growth small individual our our business million updates of an I and will We plan guidance months detail group deliver over offering, discuss X ended a minutes. our against in primarily increase in continue puts and members, C+O.

XX,XXX the traction the ended resonating that where we’ve innovative are quarter of we with small with We demand C+O. and members, pleased demonstrated believe employer and We strong are the meeting market is. the our products

quarter. increased continued and lower special the to Our retention last quarter, rates as by compared higher to net well lapse enrollment as in trend additions as driven positively churn

plans. and approximately premiums increased higher by assumed business premium quarter shifts silver driven direct billion towards to XX% rate and mix higher year-over-year Third policy increases $X.X membership,

medical Turning costs. to

care improvement Switching quarter, of was in and million while in had year-over-year. COVID utilization. lower actions year. the The costs saw last of Our by approximately medical direct as largely development. On approximately initiatives. of pricing the we meaningful same million of fairly $X.X net last prior year by development Delta We XX an COVID roughly costs $XX cost unfavorable loss targeted decline year-to-date we the $XX driven was quarter, year ratio basis, versus a year-over-year consistent XX.X% unfavorable million versus quarter-over-quarter. points the year-over-year as wave improvement remaining had well to period In

COVID administrative driven offset Specifically, basis of administrative last to to quarter scale higher-than-expected lower which and at offset point ‘XX XX% leverage be membership. the in quarter. from Delta than efficiencies, non-COVID greater expense this QX our was COVID were below costs costs utilization, peak peak quarter below this Direct an by with and of year. respect expenses distribution continued year-over-year, cost cost by both insurance which just ‘XX XXX With expectation the lower the baseline higher was partially company fixed improvement variable ratio costs, by the points and third XX.X%, associated were

improved also higher even operating leverage expense adjusted basis in We which XXX ratio, year-over-year. points our greater from administrative premiums saw

our scale next enter the technology. includes focused targets. distribution the cost improving spend savings with we having vendor automation final reach year, that to As year, key position administrative on This our profitability for our on us are based driving contracts renegotiating we optimized months our already and of

our is the company expense in the company improvement medical combined loss ratio the of XXX.X% quarter, point ratio and MLR XX overall the was previously by year-over-year Our the that a insurance improvements which ratio, expense mentioned. administrative and I insurance driven ratio, sum administrative

premiums as this reinsurance of before year from $XX EBITDA of ceded of quarter year. last loss XX% percentage ‘XX being $XXX adjusted improved to XX% and year-over-year third million a Our million at improved points by premiums XX

statutory $X.X Turning cash of we and to the million billion our $XXX and at balance cash At had of $X subsidiaries, in approximately capital. of the and including capital of end sheet. at million cash and investments billion subsidiaries. at the the investments $XXX another over $XXX of our insurance We quarter the million quarter, with company including ended investments, excess total parent

through to is assumed of than are at XX.X% guidance insurance of as range premium expense guidance. to the more projected high company $X.X and channel in the our administrative traction to year to and at our midpoint. now XX.X% of have the are end million on policy Distribution our $XXX members Based trending increase range. also ratio expenses come broker we an was to membership, billion, Moving anticipated billion full higher $X.X roughly on direct be our updating the

Our projected to of medical be is loss XX% range. midpoint the around to XX% our ratio

MLR be end towards low Excluding the the would prior of year development, range.

roughly growth at year-over-year, improvement, we also While premium combined speaks which XXX% are projecting our to of of expect scale. to operate points ratio approximately X ability we

total the company to Moving performance.

be our range our of views expense Notably, above We million improvement driving X-point to of is All of midpoint will premiums preliminary as reiterate roughly to XXXX prior on leverage. $XXX performance. key expect modestly high this adjusted projecting the fixed operating still million reinsurance. now also I EBITDA are our at cost of ceded discipline end year-over-year percentage a adjusted to before points we in, administrative $XXX $XXX loss of million. be few a the our reflects the XXXX losses ratio on as range a

enrollment the X membership effectuated at targeting around of numbers, XX%. are plus conclusion We minus million open to or be

in together, EBITDA membership MLR margin loss cost what we and have by initiatives improvements below planned, have significant that administrative XXXX. we in to insurance million year on drive outlook. these business expecting that driven are we lower pricing we XXX expect We’re of our dramatically care and $XXX based we have will and total total adjusted expense cost we When a with for a take profitable over factors a ratio guiding identified savings for combined next versus we company will

in With positive see previously we targeting year earlier also XXXX, our business, now the in profitability we than total are we a company leverage expected.

and improvement previously in into profitability, expectations have we to signaled. company we sufficient membership fund the we the cash and as targeted believe XXXX Given liquidity

and XXXX for outflows. plan is reduce driving financial line improvement focus parent cash Our on bottom to

as reinsurance our management risk and utilize undrawn. $XXX note to continue and We revolver that remains million a lever capital

it for provide our next path earnings year. our Mario. And detailed will fourth quarter to let XXXX with We turn and back on call me that, detail during more guidance profitability to

Mario Schlosser

Scott. Thank you,

team are company I’d our will our executing Effective to Interim business I’m and on With our Sid near-term role, Scott talk we role critical his asked me our Oscar working organizing XXXX for has tech Scott these The these our stayed that organization a expenditure. of overall tracks ensure total Before member leadership our will Board role, partnering are on beyond given a in insurance and about the close, Scott a want leadership and work profitability on is the and goals, Transformation with this this take further that strategy aligned company, importance and like revenues the building In of leadership Investment leverage critical in for executing. technology And our the strengthen of Scott. will in laying we future provide excited focus of as already we a the has him CFO. our company will wanted demonstrated move and Scott priorities This milestones rejoin to Chief both a and how team the member parts including profitability costs XXXX. X, senior goals. we with the and the Sid CFO, +Oscar. will December total CFO this as has on aligning five, our new our them. former as on is Risk focus closely with be ensure year, with neural. we Sankaran, High Officer. insurance how and focus we He align team a experienced team we Finance company the focus strategic business be very company across and capacity our discipline also considerations of Chair the these excellent Committee. our profitability. Scott in about I done to to as and thank to we for stack the how exclusively he for to of the operational to of plan maximizing the be transitioning, approach strategy for go-to-market have finances for larger our

finances with will choice that transition our Sid December X. Oscar the our we felt Given step And natural into Sid in. will effective us a and his immediately strategy, and familiarity role CFO join was to

Sid, We pen we be few starting you a search words? will say to like a CFO. would

Sid Sankaran

CFO in us and Thanks, on and execute the plan team place, goals. step our Mario. to The help great excited Interim has as Oscar a in I’m

closely help community. forward of to As member to the investors analyst’s of highly with rest Board, with Mario, I’m aligned and Scott and the team. reconnecting I’ve and a thrilled to engaged executive and the back remained our the look in step

Mario Schlosser

has virtual we can system those needed XX-year lot is the play have system the a and And our same navigated and history, U.S. more remained moving we more complexity are system. more an about. those what save be of earn value-based Thanks, just and role healthcare premium. a by who consumer-driven, what in incentivize kind the members going of is market healthcare at Sid. technology closing, fundamental engage in in towards to This Oscar built start-up. insurance belief a The we that, kind is digital of the but changes have and outcomes while our future the and to for And system been entirely we we’ve better of defined new And best a market money members, which that’s the infrastructure. have doing risk exactly help have as resulting bringing navigated

sets a and members to for fulfilling remain stay and healthier affordable for state steadfast have this regulatory up achieving for with make continue mission and choose our That Oscar. our while growth, approach, We of in seen costs experience numerous unpresentable care life absorbed solidifying changes, in models. financial all we’ve almost us to well remain our all. humble and depth our goals very accessible and We we

we Oscar support. who also we built providers to about who products, the brokers Oscar and members the and are partnerships with committed the and excited close serve have value deeply fully their We sell

of who Q&A, we’re come. this the refactoring For before call. I executing Oscar portion will the next have together. team to And operator I’m it peeling over go as to are that of with the many with Q&A we we for the thank live I’m member achieved. management the healthcare up that, been it, focus forward powering employees to and we to and to we’ve to the structured of turn that focus plan to Oscar the we for And company decades looking Oscar on all our can grit decades. confident the proud last a a genius, for finally, promise against, want chapter

Operator

Ha Instructions] the with question comes Michael Stanley. from first [Operator Your line Morgan of

is line open. Your

Connor Massari

this Connor Michael. Hi, for is on Massari

looking growth here. Just at

growth Has large all tailwinds glitch at you consider? changed we was redeterminations I any And family have XX% that we estimates number spoke are to last looking headwinds that You that And peers subsidies the here, of are internal extended, now? growth all? But a industry exchange Medicaid at seemingly obviously, how these market, should XX%. given tailwinds, fix, exiting there in believe for XXXX. and

Mario Schlosser

Connor, perspective it. that. Yes. can Scott, start add bit me let with a you more Maybe, to

And to all membership we’ve about, decisions members, considers operational want that medium position market. brands, all as We really those XX%. we X said, are, We’ve IMPS. say those distribution being our been plus/minus So relationships, outcome great Connor, we in as that members the the growth therefore, making into I’d just like by very various factors in long. great you very cone year enrollments our the managing all about capital talked clearly got And factors. aided million Oscar we’re the mentioned we fits that long-term, excited, plan. in of the and with

years go with business, we always next managing And in profitability insurance to for cone therefore, But year, year can towards a this on we that. growth so in higher to be focus That’s certainly plan. back for the to come. in that want the

Scott Blackley

I just other maybe a would couple add Connor, of points.

First all, we have to back built improve – margin pricing our of year. we in going to this pricing,

have a And of so competitive while variety markets. we’re across a position, certainly we

than strategy. also adjusted slightly will been for a reverted are market spending pre-COVID like XXXX an still last levels what competitive looks expectations really distribution performance. there, improved anticipate our market. versus I’d one which drive into that we we And with are less more while year. of to in that lot that the we’ve part And That’s the of we’ve experienced put already secondly, past, is our then We our We’ve the competitive membership. distribution factors we’ve the

Connor Massari

you. Thank

Operator

Baxter Fargo. comes the from Stephen of with Wells Your next question line

open. line Your is

Stephen Baxter

for the thanks question. Hi,

Just, I guess, two.

be make thinking in what we’re just when to in or profitability the to are health just or $XXX guess the health SG&A? you end sure just thinking guidance coming to of roughly, would And the hear will really First, you of plan expenses costs ratio at that for It why about piece what necessarily understand your the I you want bigger overall And I that the be EBITDA loss MLR I expectations. the you the prepared that it? need identified that of expecting missed the sure, business for the increasing. point. remarks, for is driver? cited at then combined is of Are XXXX. like that’s last million on doesn’t drive, improvement plan I you been make aware it have just in the distribution component seem you most on your of internal something MLR like feels higher. And It this you is the year

us the might understand Just Thank you. I anything there analysis. missing help be and that in moving parts

Scott Blackley

Sure.

We to of will I a make big most topics there. try of sure hit couple those

I would improvement, So admin. expect starting to in significant see both with XXXX MLR on and improvements

the executing designed as was margin a redetermination of side, expansion. would cover designed we next I number create And MLR to we trends, we points, to that well right to that then initiatives now. of as year, for are total the point mentioned care pricing which I cover my as On put was have market cost talking into do in

spend admin. in total things expense million that company. for side, to company we as our see admin The the is drive would would the expecting just I significant and the that ratio. both On I adjusted in administrative And few the that as spoke total admin well to to will $XXX company a point insurance are expect improvements

driver insurance the The be distribution, company. first of will significant improvement a the in which is

use our of We many vendor. of scale. arrangements have part larger we based a as our negotiated business, is and on of those second number The do already vendors

of EBITDA be that XXXX. into range, we over that. go then modestly to cost disclosed. terms we continue where expect in able end as to we be our above high that the end to third, the and previously we leverage expect And at we million we adjusted coming your it the to are fixed on We will of anticipate additional do move top $XXX range of To question in

point to would things. few I a So,

higher associated towards was broker beginning of provided first industry members. distribution the compensation The than the of that that saw the the your second new the of to we expected quarter. year. for that broker eliminated is the commissions But CMS cost with as the second tail additional prohibited had same And end updated quarter, effectuation differentiating really guidance we

restated we have has So, the have in expense put original guidance. And as created loss. distribution administrative adjusted our market that Obviously, that. well already into to headwind a year. that Obviously, ratio as EBITDA pricing implicit the wasn’t up – driving our we that next for was

much the we a And would line that And so range. bottom that improvements sight we would what we comes of that with that we good hoped thing be at are is MLR expecting of we new that there. than the year. to I have end had membership, MLR some second our just got the less with then But last pressure, say also experienced

current So, of really had to impact top our results, cushion the guidance it this pushed take our we the did a quarter big some big up into MLR of range. up year a not end the – and but in it’s

of see that, hoped to last in happen top So, and some of at obviously, had and over the said quarter that we third quarter, came back me, didn’t these but the to – the in effects was quarter, but us range end range. the did MLR claw this of in really top distribution excuse the expense pushed end strong some all worsening be I the going we the

that. are would be be the range, going just it expect but in be middle of about at the to end really to of to we We clear the range, bottom the

middle that with to bottom of pressure from the the us end little moved MLR bit us, and range. SCP of that took is a guidance came pushing the of up some And the

I those are your got questions. Hopefully, the drivers. all So,

Stephen Baxter

very you much. Thank

Operator

comes Sachs. question from Your next Goldman line of the with Nathan Rich

open. Your line is

Nathan Rich

to one the as taking just up questions. on for relates Thanks that ‘XX. afternoon. Good it last Maybe Hi. following

high-single next taking for digit type about price year. talked had increases you think I

organization your have and think of the Now, better that do gave how And gave? feel the have would landscape, positioning you target that an to – of a do or given year outside flexibility hit kind challenge or impact the that profitability, membership negative competitive does X about within XX% membership – you of view you you goals of ability to impact of your on range that do million forecasting the membership the hit you on range? see you. profitability a you minus if next if your fall even outside that plus the Thank that

Mario Schlosser

Yes. talk Nathan, it. let me happens hit the then what the and be can side first part Scott, of range to this, you follow about bit and a of

for confirmation great So, give that. in and We But have and entire an partners, them the let tumor minus year, in a just keep products hat shrinkage we outcomes, a bit high-single there, we we managing, in good ‘XX as this moderate or said committed. which really, we to attractive of year. And million before, in been like this maybe putting care reaffirm, of market. XX%. got on an long-term put to innovative, first, example growth slight with have things of lot We this a offerings spend X at you me I into very plus there digits space time are a brand product. so It’s primary is virtual think including market, new to the expanded distribution the

average on As we said, country. X% the probably coming across the so market or around is in

and market, growth. in margin profitability thereabout. around our we go to was to X% X% again, the there we the after by probably increase comparison, X% that, the So, are the going fact which was range the to and above as year, speaks market the the range Last more probably did compared

there. see feel getting very right have about are of because a in we that to where and bit the nuanced all to we into And And the we there, communities good a and geographies are cone think want you competitive want a right that memberships, taken the the is So, local where and priced, to good ones flipping tied we I rates. middle local making. are then we be be where pricing place we be states we and generally always all decision in other just all-in-all, little deeply in the

And talk so Scott, about… you can

Scott Blackley

Sure. Hi Nathan.

get terms a I kind would think in membership, we out generating And that greater earnings and on Obviously, our positive. potential just the of for leverage things. membership, earnings. have even Just more of be We point fixed cost two bigger think would clearly insurance positive side, would in for that’s we business.

side that, growth On very don’t as really and And sure the that been on flip requires parent demands on have additional capital. we about, create focused cash of are we we talking making that member leverage have in important the million that to we our in capital trying range that of strategy we an And that that that part we X discussed. is already got our land subsidiaries. for

Mario Schlosser

sure the supposed we to we Yes. And the on impact mitigate financial and would to make levers the the upside if downside fall outside that have range, we outcomes.

Nathan Rich

you. Thank helpful. That’s

Operator

from Raskin last Josh Your line Research. with the of Nephron comes question

is line Your open.

Josh Raskin

evening. Hi. about just didn’t +Oscar guess this hear standpoint, Thanks. Good afternoon I I from first a or strategic quarter.

maybe have reasons point to title. even with even this I I interim and plans then sort that at back, my should did focusing curious, this – point? preface your hold notice be hear divesting and good sense at stay of group. in the – question on and there would and Advantage the regulatory and MA even welcome you And second make so I thought a am voice. putting Sid, for to longer small And or really +Oscar individual Medicare And on are family just strategic guys about or you sorry,

on is the permanent CFO who role. for maybe to know Thanks. And plans sort bit little you planning the be specifically. talk a I financial curious and So, forecasting about could of would working

Mario Schlosser

+Oscar Yes. Josh, let first. me so question hit the

been a product we we just we had the phone And as growth sure you and an with right our have that really lot the of because the surprised and absolute best do to we ourselves. somewhat of up year. think and to the make months, to I months see, you use we for for manage attractive you the can way this metrics the make I were time of consequences have now coming have year. like dealt the that pick of are is the do M&R personal landing in yes, mean be well thing for think to been year, recall, whether the think and get we work seven that’s things And landing, biggest and So, by on we this into to to that large it doing past the can first that I work if +Oscar six had combined range what midpoint ratio. able for

to that marketing And the right, way It’s profitability show argument the +Oscar. else can than think really also in related we to later the that about important the for anything in to back continue to that’s same growth we is year. have for more us growth, always just insurance that to how membership go us, that and So, really business co-manage on. best going think next we

Chief things, efficient what focused both these there. our and is to of and view, with way just saying deals question as more how efficient questions talked when how we implement priority means on we third-parties. the that’s And have do on, +Oscar way. more in the in effective for think to not And still partnerships focus out of we is a So, We we Scott require do and that to among plan various in the rolling be it about. role conferences, comes in these got we sell is right going a Transformation at +Oscar the more questions, how really any bigger other XXXX which +Oscar really That +Oscar Officer about effective are until been of, now. solve what both

So, the bigger +Oscar that of is in like sort deal space.

are didn’t we Now, mention there, for and out this, but asking. I thanks

down and our We campaign all past us module. care using are first in pipeline, there the that’s talked for have value-based with already about been internally, the clients we in upside that, out also the first our groups, already obviously, are re-sparing physician network deals. for the in groups they in but we builder, And an physician

in giving And an and deals. work in so final operations products all other broader And there the clients that’s where doing work into point think stabilize with will well. we for a the future the us foot do enhancing it’s +O we one make to nice we continuing is internally make bigger that on as eventual are is I better +O and would to are

that’s keeping overlap. big very a year, the it’s but So, continuing

we was the with way exited we market on not Now, increased is market at medical the I am focus, – go vital largely help current we Texas. to that. business really folks an administrative did material of and is we membership company loss funds York but be fact, a that next performance in that on in, more want plans on in that, and And it through a market eventually are did and ratio, there. you New future want +O eye insurance and And for MA be excess, MA with good this a working even and we is family and And up, we say, this did, for like again, you ACA are And partners. towards do exact focused organic MA as bring We glad to business that to and year. in there. we the to do at the our but us things that ratio back this believe in

planes, for exactly a make So, focus a the next and that’s sure we let’s over land to your question just land welcome get we year.

Scott Blackley

we easier thing just the office me in where building Josh, for that will XXXX. key outlook, planning say outlook and formally rest and plans place it liberty over promptly someone that XXXX. he him we of the of be of process move the this ‘XX to to a.m. as one that at help with I take our will transitioning much have I And that who that And to on. and Sid would having year budgets we the transition to role some on talked will we and transition. makes will Xst, tomorrow, working gives for about, with But is company have in my working and that and I execution a expect closely is but the got start familiar deeply internal be drive thing to over process arrive I leading over transition CFO on been X December on the

Mario Schlosser

And Josh you CFO. asked asked permanent about the last you question

then total we and Ramli this together I will ‘XX cohort it there good is us is profitability. But what the adventures said, and all Alexa for year, out have call big these as are here, have time us well in total As gives really good with shape come. about by this how next fired to are work steps ‘XX of this, for next focusing beyond on all together. well, profitability, I that us [ph] visibility And there into as we that. the think in of long have I goals see we profitability think work up we to to figure plenty ‘XX

Josh Raskin

you. Makes sense. Thank

Operator

at joining. are There call. this Thank questions no you time. today’s Instructions] for [Operator conclude further This conference does

may now disconnect. You

Oscar Health (OSCR) 9 Nov 222022 Q3 Earnings call transcript