OSCR - Earnings call transcript Q4 2024

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Operator

Good evening. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to Oscar Health's Fourth Quarter and Full Year 2024 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 Relations on Full of release, available results call our our which website are website additional commentary our be through Investor details management can and in at Investor accessed can ir.hioscar.com. ir.hioscar.com. Relations at earnings found be

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

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

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

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

adjusted with on calculate unreasonable call unable, EBITDA quantitative certain because without to a reconciliation making described to provided reconciling Oscar estimated this income of year not items have XXXX is full confidence. We GAAP efforts, net as

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

Mark Bertolini

you, of Chris, all for Thank you history. performance and the year in financial us. strongest This Oscar afternoon, thank reported Good our joining evening.

line product membership, and driven Our profitability high innovation. results by record continued bottom were

XXXX. in milestones significant X reached Oscar

First, a reported to improvement. total $XXX million, we profitability, EBITDA year-over-year growing million $XXX company adjusted

$XX Second, million, we achieved was over increase million income prior $XXX the a net income profitability. Net year.

driven bottom business. Our by to was We billion. revenue in $X.X line XX% all improved of strong year-over-year by grew our parts total performance

ratio XX.X%. XX year-over-year, increasing loss medical was to points basis Our stable

also in our XXX management. more XX.X% basis our We efficiency expense greater ratio disciplined through drove improved as year-over-year leverage SG&A business points and than operating to

year reflects plan ability our performance Overall, to XXXX growth. Our profitable and exceptional deliver the for strategic XXXX was long-term Oscar. an

operating revenue Our as are and a and growing X% results XXXX. to CAGR maturity company a margin we least at committed our by XX% reflect delivering

full will our a fourth Scott and review quarter few moments. year results in

carriers business enrollment First, grew XX% I largest the XX one period. of million year-over-year ACA record open lives. the will cover The key individual following is a Oscar market highlights. to XXXX

Xx close the market Our to by growth outpaced XX%. at

members X.X are privileged million serve We now X, February as of XXXX. to

Our experience retention growth footprint. strong competitively XX-state products, priced technology in drove across and superior member Oscar's

in administrative pricing Our we continued and us which will year growth, above-market margin drive of disciplined gives with MLR improved efficiencies significant increase year-over-year cost another strategy operating expect performance.

prominence in across We share strong drove states, with gains growing key our Oscar's demonstrates service positions Tennessee growth Florida, above-market Our Texas. including areas. and Oscar market

membership products footprint. and We Carolina. geographies, Atlanta, New markets. Kansas well our our Columbus, our across with led City, strength brand, North new in growth We portfolio ICRA The and network also gains Miami new in performed IFP of to expansive grew including ICRA Jersey also

continue to high-value Oscar's market. the products in resonate

individual plans attracting multi-condition had built enrollment new membership in plan. loyal new needs. for base are with members a our and and We tech-first We strong creating HMO

COPD high had and plans Our condition-focused addressing diabetes asthma retention.

engaging relevant teams. care them and more attracted providers, health solutions Latino Spanish-first and Hispanic members, resources culturally with Our

is is consumer that NPS proof meeting rising expectations. leading Oscar Our

their over control health with Consumers more have care Oscar.

choice, buy for new transparency enroll convenience demand employee shop are proposition plans with including solutions welcome We initiations services enrollment. a and introduced platforms, drove consumer value and guides in ICRA affordability, to Oscar. Our new and open that meeting care employees to personal

build solutions in positioned insurance more for and XXXX on employees. do introduce from not Oscar employers group is momentum and this will employers share traditional engaged that and to We today. plans offer take

Oscar's than powerful we central potential the areas all the others unlock technology strategy, AI its in continues long-term and platform to value faster realizing remains our market. business. are of across to

We clinical are personalizing care.

large close language by a care track including health capabilities, integrating that Our lowered for our team major readmission the of after system tool tools on keep more results to visits. show models XX% follow-up is ER rates into Initial client.

provider We onboarding Care. are More XX% Urgent AI-powered continue in post-care tasks. administrative today Oscar than and of reduce to instructions

actions reducing speed provider improving to Our care. are paperwork,

deploying speeds, time. at also implementation greater are significantly We applications reducing

of because industry-leading affordability. engagement member and is in of All this which major platform, to fuel our possible efficiency, operational continues strides

In achieved in both summary, a all-time We for time in and profitability the strong history. milestones income XXXX was These XXXX. another membership revenue, high and remarkable EBITDA are adjusted foundation for growth the Oscar's profitable year generated drove for net company. solid first record

proven mature ones scale to technology markets profitable have efficiently to existing the playbook the our a business. with We new and enter

will comes Insurance has Delivery. Operating strong Care where record Oscar Today, Chief help as growth. As be President are care of of Group the our President expertise next of and veteran, all to served I as drive joins to Liang, is Oscar operational insurance to Janet she having growing for our and track from committed Oscar Janet team phase have individual said markets. strongest Officer and welcoming Permanente, responsible leadership before, in market. Janet team we She the a Kaiser of functions. to health

than stronger Oscar ever. is

the choose replace is way. new insurance the power and demonstrated needs, Direct-to-consumer The markets the the to our The and traditional individual history. of and work continue the costs, health in uninsured around growth individual simply Oscar is lower rate durability ability competition, lowest will growth care consumer. in and reorienting the is country's which consumers better. markets plans growth models market their giving fit unlock leading market its Our that driving to

yet. our proud XXXX. look strong I am forward We team to for of in year in and members their incredibly the partners delivering our leadership Oscar and best results achieving

will Scott? the turn over Scott. I now to call

Richard Blackley

Mark, in you, and financial good delivered evening, the company's best income profitability. history a including net the EBITDA performance year We XXXX and growth Oscar. adjusted was strong everyone. for Thank above-market and

We are a few on I'll achieve to targets long-term at shifting XXXX. fourth XX% of and revenue a well quarter by growth line highlights compound positioned touch year operating to annual margin our performance. top X% before full our least

by loss $X.X million, adjusted quarter. the fourth year-over-year basis XX% year-over-year. approximately in The ratio the year-over-year. And quarter XXX loss points was flat essentially increased increased billion approximately revenue to EBITDA fourth Total quarter fourth medical $XXX

billion, Turning full loss increased open was driven by to XX.X%, during additions. year the the basis year-over-year XXXX increase. a ratio to enrollment primarily point XX% revenue strong full $X.X membership growth slight year-over-year medical member retention XX The and enrollment, year. Total period special

our payable utilization quarter Overall interim favorable was SEP the most had for risk on the we year and membership report. development. our for and in favorable increased recent a headwind pricing MLR modestly growth period expectations, based the prior the risk adjustment full Strong to was continued fourth during transfer year compared we the year

approximately premiums was year-over-year as consistent Our for risk largely percentage of at a XXXX XX.X%. transfer

efficiencies. we fixed XXX Switching points basis on to XXXX, cost driven improved XXXX variable expense our higher cost and year-over-year costs. The by adjusted to for leverage In commitment administrative SG&A significantly by EBITDA delivered XX.X%, profitability. ratio

full representing EBITDA the million, million year, $XXX For $XXX improvement. adjusted was year-over-year substantial a

We also reported net income profitability of $XX million.

sheet. balance the to Shifting

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

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

of XXXX minimal subsidiaries, growth impact capital in the expect parent we our Given on requirements have our excess funding cash. capital insurance to

we to XX% respect ceding our consistent quota in largely year-over-year approximately With be share XXXX. reinsurance, percentage to expect at

outlook, to from our our I adjusted earnings to the X% of highlight the continue by to want operations conversations We the than both show XXXX rather from to EBITDA, while quarter towards XXXX that starting earnings progress provide will operating believe Before first of is goal we our best be shifting results, with our to turn operations XXXX. we'll metric focus I metrics. margin a

XXXX to year now Turning guidance. full

strategic execute above-market this plan margin and year. expect our deliver expansion growth on and meaningful We to

in year of We another range retention of revenues above-market open billion the expect $XX.X to be to and growth enrollment. by solid total during driven $XX.X billion

committed our remain We balancing and profitability. to disciplined growth pricing strategy,

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

lower reflects are complete. largely outlook member Medicaid redeterminations year-over-year Our as additions SEP

expect deductibles. be quarter MLR first fourth highest On as the the to the we quarter and lowest the seasonality, members their meet be to

updated be membership a percentage we XXXX, year-over-year adjustment For as based our of largely to consistent expect on premiums risk mix.

XX.X%, SG&A our XXX be ratio XX.X% in representing to approximate range the expect at basis year-over-year of points improvement We an midpoint. the expense to

includes was which million. stock-based expense, As in a compensation reminder, this XXXX approximately ratio $XXX

to SG&A progresses. respect expect each seasonality, the to With modestly we year increase ratio as expense quarter our

from million, We adjusted $XXX $XXX expect million million to earnings would the a We operations. to EBITDA $XXX midpoint. from earnings representing the in $XXX to year-over-year operations be range million significant than be improvement of higher at roughly expect

positive in expect income XXXX. we net Additionally,

and with a next continuing we've consumers' company's improve financial meaningfully and EBITDA one innovative was income of performance. strong chapter successful the the product net the year We XXXX and page in differentiated closing, meet and offerings Oscar. adjusted to growth, for In needs profitability, turned trajectory, delivered to

And the over portion call with our that, will Q&A of call. to the the for I turn operator

Operator

the first Your line of Wells comes from Baxter from Instructions] Fargo. [Operator question Stephen

Stephen Baxter

of potential integrity certain have being from currently for this and lot focus health reverification prior back periods. in a changes the relaxed in may payment that about year market place individual in been There's exchanges the and programs

what what of of give could things on be and enrollment potentially average greatly could rates? it declines assuming is like a throughout year detailed around this I maybe discussion when there you're So of discussion lapse around assumptions us effectuation seeing the Any making payment rates would be guess the then and helpful. you detailed kind to above you're issue comes in more an you're terms

Mark Bertolini

defining government That's sits were then is is it is getting as number. report in This which that people to with today members. effectuated start If Sure. X.XX we enrollment, obviously plan which for muster Mark. renewals. be it the gross and pass into number I'll will us, with membership, million the new the

-- can numbers and members actual start to we decided numbers put have on. on premiums tracking We

so million, have people number the guidance which with in are paid and And we X.X of X.X that and premiums for plan number therefore, is together the their revenue. you, knowledge our the today, we is put million who shared against

there's show the effectuation against will the believe we about a up of impact actually what end paid by first So X.X% of quarter.

Scott?

Richard Blackley

is many is which the providing what in seen. we rates same, effectuation members of Steve, tried most also of us. that's should exactly and do what we But members we have already, we've look the payments -- think -- we to have what about why and I to how new know the million relevant provided think that at, number we And be that think information started paid making that. would that year-over-year for X.X so the

With things you've got data all payment verifying respect have on of make record enrollment. going Number of happened about, in happened a to issues numbers, talked broker open just few through restrictions, social the with the The right those I'd Mark integrity that issues, what's security as one, that's overall already already open comments. enrollment. verifying

most types of issues are behind us. So of we those believe

actually quite file is to reconcile, I complicated. questions And to around the respect that with think, topic,

way of to the to to members "Hey, website send I And what file highlighted, 'XX. ACA need is that file notice instructed things, go my so complete those the for not people just November they have in they reconcile completed and it CMS in you reconcile have would click to If working, filed box your the They enrollment. a lost do worked to have that that, didn't their to subsidy file and simplify in And process. portion CMS open on to members a IRS that to and process." on said 'XX reconcile

and unsubsidized should And they so they paid getting included paid amount. premium count the Xst, be have would be as would Xst a in not they not our full February premium of January full

that April making that Now understand in of may that those to reconcile people that estimate verify for is in that, CMS this the 'XX we've That's ACA in happened. we are IRS box fact in these what file who the basis clicked process -- the 'XX. incorporated what members that did go they're do. file Again, the and the and will for, said were to adjustment -- of reconcile I that back and our

into that Street. we built full And revenue the so we our have gave year guidance that

are Xst. integrity number million as reconcile that risks Oscar CMS X.X built the the again, the of we this that thing. all So members from other as of well process file members see to in We've February paying as is of payment

that against our in have and bring And what guidance. we of think super to put XX% delivery going shareholders. grow plans, a we us about for our that terms growing results down 'XX margin We are ability is remarkable revenue for excited deliver year-over-year on our our into roughly terrific to is and

Mark Bertolini

that have ultimately took at And just last that where changes had X paying people file was X.X%. and and assume we so for difference we we to and premium effectuated not had to comparison we the a pay, to some our up X.X%. started would looked renew year, year-over-year, between in customers we those rate Because actually markets members

Richard Blackley

actual are numbers differences indicated. -- the actual Mark rates. that's effectuation Those Yes, the between and those are payment that an and

Operator

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

Joshua Raskin

was helpful the That start last -- the super one. to a I'll guess answer questions with here. two I

Just the despite above end the guidance of in high MLR lower the revenues. came

payable. could there earnings seems that. move you any I'm quantify the material to expense the coming adjusted -- then So between to Maybe next the MLR new if the is increase? EBITDA difference the year and any biggest other drivers in X? risk any of or And operations, just be from metric. interest curious that there change or higher were this -- one-timers I heard just income to transfer But

Mark Bertolini

with that point Just is I I'll think to understand. important really X start

Our in slightly better. came actually utilization expected, as

in adjustment impact settlements seeing book change the of utilization. our you're the worsening what the is the not of the at So the risk relative others of MLR year. of end It's and risk versus

Scott?

Richard Blackley

Yes.

on think I'll the I there. MLR, start So that

development had. from what in we expecting. observed we utilization of we've to on have So had as an based just would about, favorable came the at claims quarter report several versus increase when we talked in were anticipated. saw And or the what risk Wakely, proceeding is actually for that we we And we MLR, the we would the in have what seen Mark scores have slightly as got risk risk market fourth friends our markets, there been that anticipated

So and our we that information took updated accruals that. for

-- result, increase a as the drove transfer, when pressure revenue. is It it So risk in in that MLR. really what drove also shortfall you a your also

the both So the and it degree. MLR of effect to same on lesser effects. had those that some driving quarter, was the favorable point which prior would the same out I an drivers full a pressure had but also thing the true-up risk we fourth period year development from adjustment offsets in those

Joshua Raskin

interest Got you. And expense. then the just

Richard Blackley

about we compensation my million guidance. between earnings $XXX from our interest, and from going And terms on anticipate would adjusted it's operations the said earnings interest amortization. in think as EBITDA in be between points, then And I of and -- EBITDA that biggest that, operations delta XXXX is is talking adjusted stock depreciation to I and and difference

So are don't because But expect the drivers. by interest biggest have expense, new consistent that would indebtedness. those to I on the year-over-year any be we way,

Operator

comes next Ha line from from Your the Michael question Baird. of

Hua Ha

Yes.

it, around back in confusion. would right? $XXX So out with Street. $XXX any $XXX that's G&A, implied guide up I in investors versus think million think the If you but some confusion that clear to just basically your implied very EBIT roughly guidance, to So might EBITDA -- answered Scott, comp, wanted XXXX line starting there stock-based the guide million, And about EBITDA. clarify million take I new we out be clearly back EBIT on what amongst just guide, be

Richard Blackley

Yes.

for So you million adjusted operations be end from our of $XXX is add the guidance would the $XXX around which earnings to that million, should of million, get EBITDA. top to end $XXX top

Hua Ha

Got clarify, it. million their to And premium. so have just paid then people X.X

scenario say is upside through through in fair right? that So only from the April, membership now to built now from you low final can it is happens, the So... FPR recheck. FPR April, via Is when now and potential already recheck

Richard Blackley

-- trying Investor guys. make is simple do try we're Michael. -- this in to seen this you've us this right, to to you do our exactly Days That's both That's what for

risk effectuation that would realize. we we took higher the of the membership than out being So ultimately

risk There's at than potential we've that the this starting into built with state, people the payment we're of we some first in, So and effectuated haven't see and paid as there's a that finally members. our become But upside downside. more of this make quarter. a so plan the could out point, to paid actually

Mark Bertolini

to plans we the that of in largely book out going go to pocket. people and thought largely $X pay having renewal away that's again, we're And from to around

Hua Ha

Got it. XX% in additional makes risk opinion, a so part could all 'XX more. right, what 'XX. our the I lives in And squeeze is just earnings improvement. those be the adjustment SEP one 'XX. MLR a large capturing And my Oscar if right, in Retaining bridge, into math year if to of revenue attractive, bridge very The it members, full

So with out? lives. prevent that else notable retention seeing it's play in your those that how tailwind shift said, that powerful any are SEP is there rate MLR you any way I'm anything on from And dynamics might member wondering or mix whether

Richard Blackley

the points, talked think retention incredibly in we talking We our that was A solid I about expecting retention. we were as year high. Look, had ago, that.

but softer cohort. bit the little We retention, we saw saw a still in we retention and expected SEP that, terrific retention. We saw

in momentum all in we're of with and out that 'XX So building the membership dynamics XXXX. seeing building SEP that growth of playing the is

the MLR an in that SEP high year XXXX also last came that who members also OE. of have We from those like looks have rest will confidence through in

that of built guidance. our all is So into

expectations. for It 'XX our in really was favorable utilization was us again, to good. And

a terms of going in that lot 'XX the of think to of we we've got our MLR. momentum So performance

Mark Bertolini

And XXXX. risk SEP did will we get that in not scores full mature the of which on population, advantage

So XX% demographics plans. happen. we'll male, are the XX% largely The in same, Silver see that largely XX% female,

I ICRA interesting Gold of membership as come think ICRA more that saw plans in way sample, the and actually issue and Bronze purchasing. different but was choosing the we people dynamic a we saw an small in still

Operator

[ the from ] question UBS. from Jonathan of Your next line comes Young

Unknown Analyst

from year? assuming are throughout then I throughout just as the year million you step moving ratio forward? does jobs X.X a stop relation million are of does assuming And on does Or have X.X to you just for the guess the X.XX attrition G&A, it look your might down lives? perhaps that the that to lives, any good of change but that static X.X the people G&A get in kind trajectory or you -- how -- a full this obviously year, paying

Richard Blackley

that that going in improvement. and XXXX, to on accelerate to for our continue opportunity we see efficiency. opportunities that SG&A we've continued be to are investments some the think making I guidance. -- SG&A, we our for That's just seen say would in growth. I

So already guidance. baked that's into the

we're to long think of So strong think, continuing SG&A how while in our for we future, the example that term invest performance our improving I a is company. fact the

And then the -- respect to... with

Mark Bertolini

the the operated X.X point based The it's -- on leverage, operating the on billion.

Richard Blackley

Yes.

Mark Bertolini

to X.X. the still comes from down if effectuation it have X.X, So at we X.XX

Richard Blackley

that the lapse of built bit -- around that's historically, roughly I terms we'll -- see April will that And churn the flat a talked final gig what Yes. in about drove basically, your potentially anticipate question, of some pressure market what over from terms the at We've other with years, process. -- we've CMS We experienced have or in, that coming we believe little of whether people of would membership that growth then that we be year. last economy bedrock in throughout on or anticipate growth some our the what's through expect continue. of it's expectations. through the And driving ACA in expect been we new into that that sources this the the factors been of to of the we those couple

throughout membership flat again, So year. the

Mark Bertolini

this put enhancements for And last on our you -- June. we in more use to coming project year, new in we cases. And the XX AI with shared we year, did we're X-year quarter. XX But that we have the AI first not in going front, in pipeline the projections just

use ahead when continue the drive projections. why, put we we tools to we to help numbers quite thought us our these down. of where to together find to X-year So that's And we frankly, the were be ways SG&A going

Operator

Sandler. of from next Your Piper the question comes Tassan Jessica line from

Jessica Tassan

and My first quarter? the a you one. period is in one just the total quantify prior then quick XXXX Can specifically in development fourth

Richard Blackley

Yes.

for and development $XXX year $XX the quarter. period in million, million full fourth prior it So the was was

Jessica Tassan

then extent ensures how the premium discuss strategy pricing above and plans really kind the intentional kind priced which And Awesome. active Oscar's and of Oscar paying to and pricing is of maybe benchmark you your can that Silver members? specifically are only enrolling that

Richard Blackley

both take First that approach pricing, for and book pricing off, want is our which us. we to the have we balances always disciplined strategy grow an margin to to desire create to

So that's one. thing kind of

want When the pricing a primarily all perform to book we that for the business. way view for different our each we we margin that about in the creates of of of with metal the think tiers, do

lens. probably the most that's So important

below So we that is create an MLR that we to an up trend is margin initiatives what be. increase build in us And the experience having the below is affordability basically -- trend. then experience the think to or cost that by medical allow going we

of there. do kind that's we So what

do everything With CMS to the can you the we do with. the of one the does And more income that brokers of $X have business members. actually What trying we engaged that risk to we is make all respect fraud, we in and is to verification. made we we there around is sure do with valid CMS comments police who only are

actively And us on if should to irregularities talking cause We of of on doing kind going we any any payment find being something any do We about. members there or CMS' CMS looking we interest support without everything ones those the But to there's we that to are things having that brokers do to be brokers to we question kind can that those see try at purpose. integrity are to that don't there report CMS. in have efforts. that we They are investigations.

Mark Bertolini

What found for have don't them that there's number case a an or as use accident we a house. an are members don't there premium largely and number of that's in our someone plans, gets of lose care X policy ill, all in large that insurance they the significantly,

decision. So very purchasing buying catastrophic that some plan X coverage gives events. a it's at a different They're for premium them

Operator

And the your line Adam of Ron question from Bank from final comes of America.

Adam Ron

I've XX.X% just got a year. question about quarter, the printed for to SG&A. It you seems XX.X% like guided you then last and

So significant in quarter, the a that pretty implies outperformance.

driving related that's to, -- point what's AI you so helpful. your or curious to So if if slowed that, if something be could that example, hiring you've or for would just

Richard Blackley

Yes. that of, fixed and cost the we variable terms performance just initiatives we quarter, -- sure achieve efficiencies our saw drive Look, one, SG&A we strong that think bright in number leverage. the that is making that a I just continued spot in I think our of of

we'll So of there and move XXXX. into is all the sustainable, improvement

Overall think melons Mark that I SG&A, seeing water the floor. on some previously described

water we've I think that into future. at effects then we really started the lot the the blocking about see melons. initiatives to the first of front And more we've round those ability -- just and tackling. is us you starting And think SG&A a And been see drive what end successful talking running of that and from and lot been for that we're on I see of in have our the there's a the efficient harvesting AI of to more the of company, be a to cost structure. to opportunity our very

Adam Ron

interesting capitation. in. kind thought given was on is typically Kaiser, coming hires the If I from bearish I more it could squeeze new one that of Mark

Janet value-based the has view a of if appreciate questions. curious different strategy on that change or But So I on care. all

Mark Bertolini

of not organize Kaiser form is in a to way practice So they practice capitated. Kaiser a better medicine. medicine, and is different

bring really she's when would that not trouble, to she brings in effectively, program they some an did or as that value-based whether work us strong -- to I -- contracts around skills when some and anxious in us. Hawaii should got and we amazing evaluate and So that job we skills turning she she join

to very her. have we're So pleased

Operator

Thank today's concludes conference that call. And participation. for you your

You now disconnect. may

Oscar Health (OSCR) 4 Feb 252024 Q4 Earnings call transcript