OSCR - Earnings call 4 2023 | Oscar Health, Inc.

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Operator

Good evening. My name is Bhavesh, and I'll be your conference operator today. At this time, I would like to welcome everyone to Oscar Health's Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions]

I will now turn the conference over to Chris Potochar, Vice President of Treasury and Investor Relations.

Chris Potochar

everyone. evening, Good joining year for our quarter fourth Thank earnings us call. full XXXX and you for Mark Chief call. Financial Officer, Bertolini, Oscar's will Blackley, Oscar's host Executive Officer; this evening's Scott and Chief our This also call website be through can at Investor accessed ir.hioscar.com. Relations additional ir.hioscar.com. results our which found of be are Investor our release, commentary and details available management Full Relations can on our in earnings website at

Reform those meaning the about those that future result our period constitute ended quarterly those other Litigation Form the Oscar SEC Private including within filed discussed factors, under XX-Q provisions the makes from and the Form September various annual XX-K of SEC. of quarterly with results for XXXX, XX, of with remarks forward-looking Actual for with on the SEC, harbor the the Any statements safe materially report period a XXXX. filings in may Act Securities forward-looking important on including the statements XX, be to our report December differ as by ended indicated XXXX, filed

Oscar are statements today. as of to and that cause subsequent current events expectations forward-looking based developments change. on may Such anticipates estimates

specifically may do in these some update elect the company obligation so. any forward-looking at future, statements the While to we disclaim to point

also available press measures at website in to the earnings quarter company's The to call fourth GAAP XXXX will A can the these measures. release found be refer full Investor the certain ir.hioscar.com. comparable reconciliation of non-GAAP measures most directly on and Relations year

CEO, the over our Bertolini. like Mark turn to that, would call I With to

Mark Bertolini

to insurance two, total to +Oscar our profitability XXXX; business market. for bring X of capabilities joined I profitability company adjusted technology to Oscar, value in the and the continue XXXX; everyone. highlighted achieve you, Thank evening, EBITDA Chris. three, the business: our achieve one, adjusted Good of more priorities EBITDA enhance for company When I

generated for financial strong with committed a profitability major XXXX, We We adjusted the priorities. achieving the closed priorities. to $XXX XXXX company driving have progress made and quarter, out early full first EBITDA our performance million Oscar in towards another XXXX. year insurance of milestone of these achieving in The

Our guidance end XXX improved year-over-year the our of ratio medical to basis low range. below XX.X%, loss points

claims slightly full the performance relative well category above; trends favorable professional, overall consistent year, year inpatient line; expectations. trends throughout to and were outpatient For by our the pharmacy, and in below. remain with Utilization

loss Total company a by $XXX versus year adjusted million EBITDA of the million. improved prior $XX to

profitability the well positions XXXX. momentum achieve strong mentioned, in us priority Our adjusted I company second EBITDA to total

sustainable XXXX serve expansion. is million growth business expectations well X.X members. and exceeded margin for long-term We and our to positioned Our open enrollment over expect

strong by We we retention, our believe continue which superior to is see member driven experience.

is XXXX margin while allowing for pricing the our well expansion. us membership above driving market to disciplined Our grow

total year given enhanced of efforts. another and expect and We strategy our of MLR payment integrity care pricing significant cost initiatives, including improvement savings PBM

also We improvement, including return savings we cost of and leverage scale growth. to as enhanced benefit vendor the from our anticipate operating continued operational

XXX,XXX client who technology the experience health serve them. we Oscar over and the lives for million care our seamless Finally, providers X the members, now for making +Oscar through more is care

XXXX for an year Overall, was Oscar. exceptional

to on on path margins. are solid are growth and with deliver We sustained improved commitments delivering a our

business expanded are privileged highlights. open player in into serve ACA and turn counties now XXX Oscar's a year will I members XXth XX million We states. prominent marked as our over Now to X.X to This the past new across enrollment market.

with in and member members Our retention superior strong and us and was existing markets. experience. above-market and affordable choose our plan both us expansion Consumers designs our by stay growth for new innovative driven for they

industry-leading an be to continues NPS XX. Our

in and Ohio. Georgia, for Florida, We key states continue including to grow Oscar,

superior our of Tennessee, and Central new markets our can continue outperformed outside We in meeting in we member metropolitan succeed needs experience members' service Topeka, launch is areas, including West also Cincinnati, major and areas. new We to believe expectations and Iowa. demonstrate

illness products Easy including new needs care, new chronic population, introduced and diabetes to We meet the plans, to and diverse markets. of fast-growing Breathe our expanding our member

an authentic first base. Spanish experience Spanish-speaking We also to enhanced experience launched our to culturally deliver growing member

end-to-end Consumers comparable technology. expect U.S. over and the been stack convenience Since focused through member believe accessibility offers has makes companies Oscar this greater inception, experience. engagement a experience in full Oscar of on the our in this infrastructure level building consumer stack possible technological best care health to affordability. the control and experience, and We our

capabilities growing strides number fueled to powerful operational digitalize and AI-powered of features. in We members with platform and launched via interactions and administrative clinical Our more major providers efficiency. has a automate workflows

need automation support we to open support services care and make needs. to secure efficiently and answers it more more member enhanced We launched an example, the they an Self-service enrollment. and team members during our members to AI-powered feature. IVR and effectively get for leveraged allow complex faster As features these member messaging like easier our

While call this membership satisfaction open and call volume increased. increased member steady, rates decreased remains enrollment, abandonment

superior care higher technology for experience consumers quality We enabling in available and driving system, for clients. member experience and others and performance engagement a are innovative our business better to making the outcomes health

automation of the with the engaged completing million impressive of the Insurance. now Campaign half XX% rate screening retention saw days of Health enrolled traction in members lives diabetes eligible X.X of in Oscar's engaging campaign. within diabetes are client another second XX% gap preventative A Builder clients approximately the in Advantage We members plus XXXX. pleased results over XX client program. Campaign One payer for Oscar Medicare in Builder retention serves care and the a the over platform. Campaign XXX,XXX for Builder to addition with engagement a population, saw resulted program with of client

to health We power to the system. these bringing are of points committed more to encouraged capabilities and with more proof care market

technology meet needs ensure deliver lower superior shared continues costs. improve outcomes, to be As to member have calls, a overall our we can prior our and of provider experience, part strategy on AI a health

to incorporated to workflows OpenAI's We needs. including cases, integrating support our business can Campaign their into use strategic Builder. client patient build believe continue We into GPT technology objectives be and AI-powered tools AI easily

Our for outperformance deliver target total for foundation XXXX. profitability EBITDA in a solid sets company adjusted us to in on XXXX our

great sustainable, Our our running power to offerings strategic extend to two, investing a member scalable operations; technology harnessing with beyond priorities and in continuing include: market-leading four, to continually the three, company one, innovate market our superior experience; ACA. others;

opportunity insurance of the serve potential the is employees. a Our employers we including industry the also million long-term individual for The strategic XXXX. of see insurance set health well ACA enrolled Oscar with the of market on growth and to in trends we customers, people the individual priorities and plans see future capitalize on include market leading health in the innovate to strong exchanges fastest-growing well care. is as driving segment in broader as XX the growth positioned over and

a New next focus more accessibility, best at purpose-built York. an a superior with DNA. consumer-centric member is was plan strategic increasingly June believe experience in on win Oscar digital Day we forward on positioned our and and in are experience. Investor in our Member our to marketplace. affordability sharing to long-term look We in We

Scott. to With call I over that, turn the will

Richard Blackley

profitability company We of this into Thank adjusted metrics for a touch of quarter EBITDA total each performance. XXXX our most year. expectations have shifting to you, will highlights clear EBITDA sight few on adjusted line I with financial results insurance and quarter everyone. a XXXX delivered delivered full in core our achieving our on in for fourth Mark, company We and commitment good year. year exceeding before strong evening, the profitability full

We had a XXXX. to strong close

rates loss medical the EBITDA was year We points increased total a to Membership improved quarter-over-quarter, members. with ratio quarter increased and significantly special lower And our additions. million, million year-over-year $XX by XXX basis fourth approximately loss X ended to due retention driven enrollment X% XX.X%. fourth Our higher company by quarter improvement. adjusted million $XXX lapse

full below Direct guidance This full the lower a assumed our range. driven and point high policy end XXX year. premiums a $X.X X% of our to and the offset year-over-year low of medical and year above guidance was billion, partially by was range. improvement ratio were year-over-year The end rate membership, increases. approximately basis the loss modestly decrease by XX.X%, Turning

were cost for the cost initiatives. our full savings trends care total expectations utilization year, delivered we of medical through to our Overall and favorable relative modestly

year. As Mark mentioned, utilization remain the categories trends throughout within consistent specific service

risk at to Wakely ACA risk adjustment, year-over-year population. our modest our profiles premiums policy of December On as approximately XX% updates a lower overall transfer shifted our direct having assumed The risk to in closer estimates. and to transfer the XXXX only resulted report was percentage member due for

fourth of percent for a a positive optimization Switching compared offsetting costs. as credit XX.X%, have This XXX improved sharing administrative risk driven transfer which member a per company losses administrative on The impacted ratio year. provider XXXX basis provision these was the to to risk Partially of year-over-year terminated. the relates points distribution since insurance small receivables, quarter. which expense risk number lower deals, developments and been to by to prior million premiums $XX mainly

improved range. In The representing basis improved company a by $XXX improvement, driven above to $XXX combined achieved EBITDA guidance cost company XXXX, administrative MLR adjusted approximately of insurance that year-over-year high and XXXX XXX the we insurance ratio was XX.X% year-over-year our by efficiencies. end significantly million, an points and both million of

our XX% full the Our income. lower The expectations. year, ratio adjusted same expense points adjusted impacted for line well as net by to was insurance administrative higher administrative ratio expense basis ratio company driven in improved that factors with XXX as the year-over-year investment the administrative

progress on made have significant our We profitability. improving

$XX of was improvement million Our a guidance than EBITDA loss range. and full better million, total $XXX end high of the year adjusted a company substantial our year-over-year

has the improved as before years, percentage past of premiums EBITDA, XX a approximately X ceded adjusted Over by points. reinsurance,

Shifting to sheet. the balance

billion strong. position investments, at of million investments year remains very and $X.X parent. with We including the capital cash cash of the ended $XXX Our

by and As insurance of million of approximately surplus, million our of December including XX, excess subsidiaries $XXX driven $XXX operating capital XXXX, capital performance. had strong our

largest at year. in the for the As capital state, requirements us this reminder, our start of new for expired a carriers higher Florida,

ratio As in generate a insurance our excess an subsidiaries. of January of capital $XXX lower additional X, expect XXXX, capital to we million requirement

Given ceding premiums around of expect reinsurance, With capital XXXX the parent in the growth XXXX, share our before respect our quota we excess of will impact to funding reinsurance on XX% insurance to range. low cash. XX% increase subsidiaries, our in from percentage ceded to requirements have minimal capital

to of XXXX structure turn with of total the financial with In beginning order I be roll discuss we company. and guidance a outlook, our statement quarter income peers, our improve more will results. XXXX will first results that comparability, out our our transparency the we the financial to I new reporting increase presentation discussion want and to performance the and revising of closely on will align focus Before to

we medical measures outlook, guidance year revenue, XXXX, earnings XXXX expense company adjusted included and for results full information these supplemental components ratio calculations. provide metrics the including will as of for In ratio, For XXXX total we total EBITDA. as on SG&A on and well details the today's loss financial release, the

XXXX Turning year now to full the guidance.

strong achieve profitability build in momentum XXXX the XXXX. expect We on and adjusted in company EBITDA to total

expect on of the strong total open SEP revenues growth retention, above-market throughout to enrollment additions based in range billion $X.X year billion redeterminations continue. member XXXX We as $X.X Medicaid period the the and during

guidance acuity these On year assumes members. and risk for dynamics Medicaid our contemplates partial XXXX strong and additions redeterminations, SEP adjustment higher

pleased enrollment membership and expect in, are open healthier We overall, it profile. a our to growth result with strong

representing range the We a in midpoint. year-over-year expect ratio our loss of XX.X%, XX XX.X% basis be point medical the improvement to at to

priced trends PBM expect our and including XXXX, total driven of MLR improvements For by to for be initiatives, care cost savings. medical we cost

steeper MLR slope. similar to quarterly be our with seasonality a to XXXX, expect We although

risk we compared of as For higher our mix. as updated based transfer XXXX a XXXX, to a membership expect premiums on percentage

underwriting for As our on matures, we MLR, year may on per impacts transfer. impact the changes have but change per impact not expect the levels member with estimate numerator and economics. Such member denominator overall our risk would new claims corresponding to our an policy of business our them

cancellation $XX improvement a be $XXX XXX result of to SG&A the We representing compensation million point in our to stock-based year-over-year related the million range expense of was includes at expense, ratio ratio basis stock-based the recognized the of accelerated XX.X% founders awards. a midpoint. as a onetime This compensation to XXXX, and expect in included expense of which, XX%, charge approximately

fourth ratio to modest our first in consistent in quarters X expense the with expect SG&A the be a We fairly uptick quarter.

We $XXX be midpoint. range EBITDA representing expect $XXX improvement to $XXX million, to of adjusted total million million an company the in at year-over-year almost the

profitability, and growth total our on pivotal insurance year. and adjusted We profitability adjusted this company delivered EBITDA In well are to closing, XXXX to we a for was return commitments Oscar. company year achieve EBITDA for positioned

turn for me let closing that, Mark over back to with remarks. call the And

Mark Bertolini

like would initial metrics EBITDA assumed we a to in $XXX million. looking adjusted by I We Scott. $X.X following analysts connection financial expected XXXX: MLR; billion an in the company of with Oscar's we you, and million shared Thank members; back close X to at said total in achieve premiums; offering the XX% policy with XXXX. public and in direct nearly loss

far exceeded has metrics. these Oscar Today,

We prominent by fastest-growing are segment insurance and expectation enrollment. for company exceeding the achieved profitability our open We member experience adjusted company and EBITDA a for our total the in power insurance. of We player of health our technology XXXX. demonstrated projections superior in outperformed

adjusted total and growth profitability have clear returning into line XXXX. a company are for on We of in sight delivering target our EBITDA to

its we Oscar do. would said would what commitments. we on I thank done have team. Oscar like delivering to is We the

by Their dedication make people. of work hard possible. are and this We our powered all

to the Q&A of With that, for call our over portion the I would like turn operator to the call.

Operator

[Operator first comes Instructions] Adam from Our of Bank America. the of Ron line question of

Adam Ron

in you're a margin EBITDA on X%. you've being about think trajectory to from pretax here, in XXXX. like basis results. past, from on the the about maybe Congrats do on company perspective In a something to And strong talked X% track thinking total closer adjusted I the

a to still this And margin so outsized between the of X difference basis revenue roughly And growth was things points sort those of is perspective. XXX from year improvement. XXX

readily here and and major of renegotiation maybe able terms fruit being levers do probably what you EBITDA pretax the gap that contract shouldn't kind see revenue in the like of some you between to growth adjusted close the as as of margin from around like PBM to X% so expect given aren't X% lower here And XX% available. hanging

be here so the would from major about just what helpful. thinking And levers are

Mark Bertolini

We'll Thanks, Mark Adam, here. Bertolini big categories. with start

First, a larger much to we size. have to grow enough fixed cost

will how is that leverage achievable. year-over-year be anticipate anticipate fixed grow, So we no we although cost much growth to matter pretty and continue robust XX%

our handled Secondly, our the bit the end variable the we back to language an call this system. we data And with year just people volumes on leverage call been extra XXX have in large had of models phones. volumes, for actually able the on operating less expense, answering we

the side. variable to big operating continue see opportunities we So on cost

we we and particularly of now contracts, in are of matrix We level to to get midst of provider the the need looking at have rates. a hospital contracts, optimal that standpoint contracts and from terms both

market on to and way relationships we on and have our out and we claims. and so we're not conversations them those more but where And a and partners, with because have based the have because in with share, we going market our day begin renewals we better just list utilization day with management reimbursement size deal provider them paying

anything add? to Scott,

Richard Blackley

disciplined continued grow care margin. pricing opportunity to to certainly we through performance allowing total to think of and continuing MLR think terms we down, I there and cost us that take to drive Adam, room both of to Yes. run drive in is see

Mark talked about admin efficiency.

also for us that's performance there. plenty individualize continue in favorable see the continue we market, fixed there's to we that And broader we Obviously, shine, the if be friend. think really then a building speaking, to continue grow really think that terrific opportunity have believe innovative that to market cost we our going of I attract And I on think consumers. development continue leverage to can this to company. room that is And is going to where plans. to we to just drive

all to over that bones time. the think get to we've in we got place So

Adam Ron

the year, impacting special in, the think CVS but middle enrollment seeing Cigna sneak of the Centia be to shorter struggled [ having as appear in joined to in more past or and results to one I the something this members on maybe been has of with charges complaining in doesn't varied Both less risk have more just particular, ] about Molina term. and that year. Awesome. If somewhat the I exchanges performance Oscar opportunity could that's who opposed CVS been an you, and and has code

if And this that versus that from core of MLR outsized contemplate And like could you competitors. just seeing Just mid-year higher argue performance are MLR been here? from some so that your square that pressure reported? commentary to of improvement does enrollment the dynamic? is you you than And varied are results how should we what's XXXX understand wanted

Richard Blackley

that impact we've We've seen that or less consistent SEP This built have experienced we've price assumptions. more historical SEP with years. for with the factors that dynamics duration think We Look, experience members. year, performed how I into of certainly those them. been our members our understand

us us members. in So for caused those onboarding of has any nothing that challenges terms

think, assumed With membership year, would respect that how end members MLR. seen We've have based they experience we're a we year. and The challenging, profile those of we've growing. we And the an our in certainly. through there. expecting. second kind got, that I come to expectation would a area for But going half got SEP perform to be is XXXX, into year the the that's into of and reasonable It's guidance morbidity what we've into we on that built of what the of are and this

risk some with those built guidance growth the today. members, but we you into with we gave think that So there's always rest we've and new that

Operator

of Nephron Josh Raskin Our next Research. from question line comes from the

Joshua Raskin

you the sort market of rational Do think is? the we're larger new attracting from Are seeing exchanges you certainly you the stability do and And that competitors? behavior overall these of how growth the the is think seeing lasting them? competition in

Mark Bertolini

in with markets that the priced not underprice after accordingly would because that what -- XXXX, mean, up business in have then back to price we not I part know, you found for because say of minimum in last was open and don't allow people part share pricing XXXX, loss is in I even the get in was to place ratios to when And I you behavior place you the necessarily you Aetna how were put enrollment give in market rebates. that works. for I have large would and as well rational year.

people XXXX into year mindset is will piece. that important markets. And at that our the saw one prices now so enrollment, disciplined their when open we that where those in everybody an are business, X% of pricing up, is pretty with of lost increases are for going grow rates those And we we and a look some the Georgia with this we And where is else much markets, in to range. X% with took

So go have we -- understanding accordingly we Stable rational felt time, it. we open pricing. deep and with priced and that been that and believe market this and about this eyes we over into of disciplined have

Joshua Raskin

midpoint secondly, does just parent parts then us what operations? of And with XXXX? the EBITDA on And cash million balance of you that cash mean moving guidance can at help just you. Got the the for level, for holdco from $XXX flow

parent not about operations that's thinking should sort thinking Florida just of of out then that sort the for from needed be And trying growth. to flow capital what cash does versus what we the and mean about cash. I'm figure

Richard Blackley

Yes.

the be prior risk transfer the getting -- we'll adjusted So paying growth, importance estimate. think with that, the to Josh, I additional would cash for metric EBITDA total the company is of that that

We'll cash So the be building in our positive. capital subsidiaries. flow total we will insurance be would company anticipate that

we distributing hope looking they of holding of And the the be time. growth three, offset terms those that in is costs parent and over to funding to one, the absorbing to do prioritizing, company that going to will be more two, continue have; capital forward we expenses; would subsidiaries, parent to what

a situation positive So flow with and we -- excuse would and next we've got feel year to cash or in like good XXXX. expect capital cash be me,

Operator

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

Nathan Rich

talked growth to I you're base. little bit just entered down XXXX existing within break could start about a by markets versus asking that if you also what the there? on membership you maybe growth for strong a And markets. healthier maybe Congrats membership Could more on wanted the quarter. maybe of composition between you expand maybe you seeing

Richard Blackley

some and seeing, it's maybe we membership number Yes. would don't I Well, that of start, about growth. demographics morbidity at talk one, the and the kind of I characterize Mark then But as, look can younger. of the it the overall, we're when why group

year population. Number our have bronze And bronze total of certainly, towards membership of little me, growth, so more I of younger in terms -- -- a silver. we a younger would seen towards this members than with in characterize shift a XXXX we've coming more seen more as it from two, excuse in than or the

dynamic another is we've that that seen. so And

being this to I that higher we say have our that membership a we're the representative would Overall, healthier year. of going risk is think fact transfer

point membership, things So the probably and plans would of that healthier dynamics are I silver in the out. of younger, kind

you Mark, to cover want do the state? state by

Mark Bertolini

year. Sure. the members provide that. rural last did risk Missouri. of Georgia. expansion, was Florida, in for new Tennessee, the Iowa, would growth. we we Cincinnati, this forward also was year. say It new But biggest Strong of some helpful where and and grow area Ohio, into markets Iowa existing We some as us outperformed expectations did And retention our Tennessee markets, in service stabilization Georgia, obviously adjustment also we in markets part go I and and

Nathan Rich

a follow-up. And quick Great. maybe just

I in has the MLR the the in XX% think low past, a talked target about company range.

that for pretty XXXX. much level to You guided

beyond Or there's that growth you think come of can do margin will from might that this leveraging the year, MLR the So we more see? of I I guess improvement you kind guess, as had? still in expansion, think be

Mark Bertolini

room We in MLR. definitely have the

Richard Blackley

contract has step that that PBM built put on Remember, Steven year-over-year fine contract. mean, are that. I into a improvements our

anything, pharmacy lower XXXX. costs doing would without in be our So

care. to the 'XX, to rate things drive seeing you're run cost incremental we would down of that's a 'XX, the So anticipate into improvements lot benefiting that of in to we expect continue health have and the would

Operator

Stephen the Instructions] next Fargo. from [Operator question of Baxter line from Our comes Wells

Stephen Baxter

being wanted know the savings out PBM in about up I XXXX on to I talked past, you over the follow discussion. and the XXXX. spread just

that good So kind you. sense still hear the you're of of what the XXXX? And front some we're in XXXX. maybe of us in, membership just a profile inning Can of exiting in a PBM savings on to for second of looking you give then in

like gotten that company would period you've seemingly margins, think profitability, growth on open you're conservative I come enrollment stance perhaps inside now to sounds at it start you're but insurance a profitable that seeing to taking that would from more wondering, Just incremental the out.

So would love some insight into how of you're thinking growth. the about the profitability

And do efforts about one. think talked then just the some last on Exiting payment year, the you've be you you'll this where of that integrity in past?

Richard Blackley

and to going we come miss please if not -- remember being I'm all those, try back. I'm to so one,

So when the of think there's out the PBM, where we kind overall where goes starting from MLR, a there going opportunities the I be I PBM might actually think about XXXX. with around until

meaningful step first And so was that the there in but -- have contract the And the term. year will to we benefits. remaining be largest where year, was a each we see this improvements change, continue contract over

So -- we and something that's that our is we're with our partnership bank, with the can pleased in put that provider. there

Mark Bertolini

add MAC after More than we there's discounts volume also gets the And to thirdly, I volume. for on quarter would list anticipated. us have more the an opportunity And we quarter. work then opportunity initially that

On the issues. payment integrity

go year. what this see last more for year We have will we've effect year, year done but to full on this we

back to that and to things vendors we'll improve the we apply as upon particularly after go those, the AI business continue for. of models now So we pay

think where not volume and can we I last those have on costs. started, relationships affect a able provider were had lot was then the least, move no company And medical still to we that in that vintage but markets markets of

on have room the medical So across cost we board.

Richard Blackley

And on then, seeing I growth question we're contribution that would we open on enrollment that all say the piece is in your would of anticipate margin positive. last probably Steve, that the member economics.

this line. great growth is point, for at the So bottom

a first there people. We are talked those That's see that of those this in at about period. and special past continued with like OE XX% higher we other through while they about. members a enrollment retain also we year, come expect the if enrollment we MLR the about And then talked durational the -- impacts exactly look and rest the can in to

plan. those is depending the economics year, but you the certainly case on built challenging be it in that that get in can members we year, So when the the the first into

So already into built guidance. are our those

And opportunity add we more have enrollment. special to had excited to in we've members period the in addition success the through enrollment that open to are already

Operator

next of comes Adam Ron the from question of Bank America. Our line of

Adam Ron

have government and there one Affordable out happen question. if the lot to subsidies, of are Act questions the I just size. get on I Care a away, would subsidies estimates some go more there what to market the were

who mix you'd is And if look PTC. a relative it of on what like you so comments your what have to to maybe to just wondering, using one, any expect do the market relative members like to

that. on first So

were subsidies margin away, go you much into nobody that would some mentioned there say for a be to is finally, to obviously to kind predict, how earnings. you versus would you levers about is maybe it variable, can degrade? us of how second, if offset of this G&A it's variable. at the And that to a reason think fixed Like fair is framework G&A, before Or believe could we're if that? And there's look flow of the versus fixed which pull then to able would helpful

Mark Bertolini

at of help when general last and different are of states. some XX% open if and part go an look And enrollment, this market open had level in opportunity will could interesting year-over-year to red that XX% a open at the the believe in from our going they, ACA, away. have in during the folks data services the question, But ACA we point the of Adam, and is provide price red our subsidies Well, this we states growth enrollment. that consumers more enhanced we your enrollment new up to

going So relative the I after a that is own Republican ago to their hard X political be to going people years that it We'll party X, that kind on dynamic same to going find are was constituents. of see. largely be of group going the the

of with a $XX would in to worry our need people federal planning version to the have and We level are paying plan have in product that away $XX around the and strategic do group plans a order X most in somewhere go all month. on having would be the things things Folks affordable. make that premium it we about poverty we potentially or XXX% XXX% to the

planning Scott, to think versus we variable, the where to I'll place the we're fixed impact against it. is. defined let Relative summarize... for And That's you that, solutions

Richard Blackley

Look, versus sharing information variable, June. with forward you have we more on fixed in will look Day when that's think I that Investor our we about to

Operator

no we you for conclude disconnect. now you today's this at questions As thank have conference participating, further and may we We call. will time,

Oscar Health (OSCR) 7 Feb 242023 Q4 Earnings call transcript