- Earnings call transcript Q3 2022

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Operator

Please stand-by, your program is about to begin. Ladies and gentlemen, good afternoon, and welcome to the Clover Health Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. [Operator Instructions] As a reminder, today's call is being recorded. to for call Clover like Schmidt, to now Relations Investor Health. would turn over the Ryan I Please go ahead.

Ryan Schmidt

Good afternoon, everyone.

Chief Vivek Joining to me Scott Clover Leffler, are Financial President; discuss today Andrew Health Garipalli; the company’s our the on third quarter and the company’s Executive Officer, call Officer. Toy, Chief results

the including may referenced, will that, today's section also cloverhealth.com. and Information I those Events replay cause the the the make find section of Health call on like in filings, With available This website. Presentations and measures and SEC is be results most recent our on call, actual be supplemental measures risks recorded, slides Clover to during future may about to can that statements You our in at earnings materially Investor we and now accompanying Annual press of materials release financial section turn our Relations to including in Vivek. can measures, detailed expectations are from of website. about a over website Factors Report webcast will performance. uncertainties, XX-K. are being subject caution I'd Investor the in found that you forward-looking including at expectations the non-GAAP today's that our the GAAP available to Factors Risk of differ Form to reconciliation a

Vivek Garipalli

us thanks, joining everyone, today. and Ryan, for you, Thank

work business by consistently results Our at of care, for maturation I'm this our results improving Clover far the our proud quarter. noninsurance a wide helped deliver of to being insurance enabling in leading everyone approach network the business. powered solid done set line financial so by hard a and Assistant, Clover year, primary third great of

that this illustrate profitability. towards momentum achieving believe our Importantly, further results positive quarter's also I

period. Clover live mission revenue and insurance supporting Andrew, growth quarter. like a MCR, touch be to to delivered relative significant I it differentiator to the conditions physicians in third our life, on in treating improvement strong Before in continues spending key adjusted We Assistant every highlights by SG&A key would from improve to prior and briefly year continued the handing catching and stability earlier. to over some in

We that continue to see improve in evident members, that over is to this MCR compared returning members Clover fact, basis whose helping better performance PCPs MCR for We differential PCPs Assistant, not. is X,XXX Assistant used do performance to points outcomes. who’s in as believe Clover clinical is

by X.X at pleased to on continued Clover, our forward our our excellence against to that, turn plan. flagship Andrew. We call contributed will I our focus over With Finally, increased to operational we the head look I into execution XXXX. as which maintaining am stars strategy, on PPO

Andrew Toy

our is really work, increasing exciting It manifest result the Vivek. Thanks, an across momentum of hard see to the business.

capabilities results I doctors significant improvement Clovers by focus highlighted XX.X%, a on platform improvement insurance are to sustainable bringing in Our our and to QX to our that having of Clover am impact were excited on operations, such meaningful more consistent see our Assistant performance. insurance MCR and

continuing paid star being are recently we we we year, announced our rating paid Furthermore, yet in the favorable for of not XXXX. reminder, year the into on a effect favorable XXXX. another from the results impact XXXX As three are stars. revenue expect Therefore, reflective being maintaining beginning X.X X.X this that stars on

XX% expect momentum. of ongoing as performance we updated previous and revising to range exists a year COVID the favorably uncertainty our some our as XX% XXXX medical to in range are surges, improved of to XX%, the from of due now We risk XX%. reflect insurance MCR well While seasonality end positive of typical guidance to expenses, overall

focused highly structural striking participants, now and As on over for model advantage I've us We enabled allowing right other our we balance above-market the gives assistant profitability. profitable a coal growth between discussed, industry believe are previously growth.

typically This and headwind for management. would near-term understood a MCR members or takes members diagnose MCR year it However, even new impacts In ratings. it care a both as profitability to transition in the attribute a life, comprehensively as emphasized growth we MA a is well-understood and two past, plans bring to as we new headwind. health period represent all this members conditions under star in result

life to That to improving their offering. we regard some especially line specifically on believe rate, physician matures, growth us. expect that season profitable manage market more we our of a assisted balanced we've be also not expect overall wide emphasizing be said, in growth. of in balance competitors XXXX, We that ability us come network, adopted while but growing to expansion to through versus grow continue philosophy marketing an match tweaks in care with to a business spend. this focusing lack to our markets accomplish core design, can to but just intend is our benefits will which above plan further we others As membership plans, AEP the towards With combination years. attempt they growth lower we competitive our insurance with to To previous and clear, our than will try the Clover a our current believe be what

segment. our now Turning non-insurance to

MCR we QX by be benchmark CMMI, to is unpredictability. Our and program was its continue and in non-insurance is innovative intend resulting a an which some of improve. to adjusted rates rules Reach XXX.X%, that amount ACO result

we for modified XXX% our year to the Given made participants, adjustments have the ACO target have the and that next ACO participating number MCR this in of physicians an our participation having total participating program to decided than approximately to result lower physicians. program annual of total importantly, the We for substantial We physician's in environment adjustments MCR will revenue. program. up Clover these fee-for-service. two-thirds. the have number allowed a and to with panel, by learnings a to ACO Reach we still $X line the expect be we our decrease reduce scale believe believe many XXXX Medicare billion To Despite including a a significantly to used line continue new business clear, for strongly with And XXX%. much of would by will managed in entirety believe being we revenue sustainable have business attributed and this growth, an of live very Assistant of below have

XXXX, will who we their physicians not to fee-for-service ACO to For exploring value-based population the them are our in care. in support to admitting opportunities alternate on be we shifting

here potentially other they a programs the Medicare believe of With are provide physicians, fit these financial very program. for these could now with partnering savings as a we over for We and example, program I existing good that, on update. looking about. be more them to hand as statutory the at will come will For shared number Scott we updates such

Scott Leffler

cover and stars Thanks, XXXX paid performance year, then building of to quarter our highlights on XXXX forward look I upon our Andrew. plan. flagship and am I the first our outlook. this proud want also I'll we're at review PPO X.X when third positive next Clover's to year, updated echo that momentum

to mentioned, significant mature. XX.X% improvement last our improvement As our trends as by was QX improved insurance highlighted by were which year. of MCR, in in Vivek portfolio QX XXX.X% continues results underlying driven This to in favorability this Andrew quarter from operational and

said, QX more over business as a period, We XX.X% and on QX don't That from compared do Assistant MCR through year we of maturation XXX.X% reflect demonstrates expanded X.X does on do and of prior portfolio Our year-to-date MCR QX feel be medical Clover expenses XXXX these run improving sets improvement insurance incremental to our results. operational is coverage to full best-in-class This well other fair favorability our rate. prior guidance with our stars the insurance building benefits general, last XX% from a extended up and in in overall sharing addition in In of year-to-date range our that of in in are XX% operations us the focus we of also last underlying period from XX.X% We benefit go-forward believe to development the the year-to-date year. representation view paid MCR being tailwinds. to the of reflection the in that XXXX. period the when normalizing a COVID-related won't layer insurance we to meaningful year. a periods improvements capabilities and rate run

MCR non-insurance Our was XXX.X%, versus of QX XXXX. elevated

we're XXX% for excited about an we line changes mentioned, in non-insurance Andrew program, XXXX. the As believe below the making result to will which MCR the in we're

claims During quarter, insurance in total and the net respectively in XXX% of million. was incurred vendor driven resulting XX% $XXX and revenue management, revenue million medical non-insurance growth and by of of $XXX live growth third

continue to somewhat line expect from rates, Looking moderated forward at years. recent insurance XXXX, to above we grow market although the to

a reduce to of our scale In decision the addition, result ACO of revenue in program in the reduction participation two-thirds. by to the up non-insurance will

Andrew profitability on performance, and As profitability. MCR Both billion and drive non-insurance still adjusted of ultimately are $X emphasis these us driving a we business. will to improvement revenue increasing of mentioned, line of continued be reflective in our expect towards changes EBITDA

adjusted representing Third was down quarter $XX.X nearly quarter improvement since year-over-year. X% referred we to as adjusted expenses XXX a total operating last million, basis modest previously which points of SG&A, and revenue,

focus to complement another spend point profitability. represents proof decisions we being that quarter are This prudent increasing in our on

in loss quarter $XX.X of million from the quarter QX loss Adjusted period. third for the $XX.X of negative EBITDA loss the $XX.X a million XXXX. million, to prior year was million, net Our $XX.X for improving significantly was compared in

from at be month million. Our totaled payments $XXX parent effect consolidated elevated to we will and unregulated September at both the cash, investments in QX. $XXX million. about and September, of by the cash cash $XX and equivalents received entity regulated normalize causing cash equivalents MA October million that Note Cash, and the in This QX subsidiaries the company investments was level. CMS

capital in and see no Regarding raise immediate we liquidity requirements, to are to need capital. position, continue a new strong we

both for potentially at MCRs improving business should lines XXXX on any beyond. focus through requirement Our delay additional and capital help least for of

overview of our guidance. updated an provide I'll Finally,

another we Insurance of an million, Furthermore, similar full updating momentum, $X.X XX%. while the XX%. year to revenues between non-insurance aligned and improved not includes do membership insurance improved between the in result with billion to guidance average be on for revenue be expected as that us our billion. Total billion insurance third quarter. expect MCR full percentage $X.X a recorded projected a third execution, million expected to line to billion revenue range XXX,XXX to lives explicit As strong we future. X% a billion. of to will of We with is during guidance SG&A the to will revenue to XX% operational in for XXXX adjusted to XXXX, $X.X and which for results strong revenue MCR, insurance are lives revenue this beneficiaries we representing to quarter beneficiaries XX,XXX include and estimate meaningfully year and growth conclusion, expected range quarter SG&A stand-alone $X.X and are favorable business This of and strong to XX,XXX $X.X insurance financial results average. great $XXX coupled each QX adjusted the be quarter the be and fourth benefit of non-GAAP are of our in non-insurance $XXX are we of billion $X.X of providing XXX,XXX In to

We positive upon as momentum head we into XXXX. will to build this look

turn to the call me some Vivek closing over let Now, for comments.

Vivek Garipalli

Scott. you, Thank

my CEO, and I you will all hard last that Assistant thoughts quarter. impact thank and to trend to evolution the very Clover it'd good and a will a few long-term. on thought entire a the big is bigger the The earnings that to as be team led so believe work be of continue. good Clover bigger only a call of has continued out results, our on First, extremely having I This lay

current Firstly, and our as very years extremely largest shareholder, in speaking CEO me is the there's to confident better the be of many And Andrew's of a at to and ways and shocking for for over I in will deliver leader for Clover transition the come. way helm next future spectacular person years. and to well, that going shareholders no next and many be will the am he all good Clover

before. space a with consumer face. proven important hotels looking shareholders, to Airbnb. with the travel industries, occurs, not been simply distance Tesla, impact expect the scale and at Firstly, to markets occurred a see education ahead, SpaceX, Uber disruptive happened believe Healthcare, impact retail been in of knowledge at disruptive And achieved that scale we Now and the slice has future company with it. that just mine Google, where at not it's yet versus remember private that and should are human of phones entertainment current Netflix, positive has something public It never at yet The out. with yet Apple, Until travel production proven. with and industries Amazon, healthcare cars acquisition to has short three embrace geared that not and energy skepticism is and other positive

at is hospital healthcare. helpful experience and two device, a domestic very I've cost therapeutics, sustainable. areas, team job conclusion Healthcare is data, been point, Many medical an the That provider, and model medical of I the who One and I've simple. medical all cycle created only what of to come cost cost is market will and to to cycle, benefiting is value companies as hitting of that me that works, knowledged next has Our demonstrate and have businesses seismic businesses the system. money. out revenue what today inflation but not the of be a one of will And isn't vantage international outside been Clover. of why with that of and outpatient, the market rarely or proverbial wrong many companies three vast model well for investor a can technology and the but on public Any proof. down to and perspective and delusional, fashion. to also business GDP and business the healthcare as healthcare limitation usually never This has to benefiting healthcare Clover That accrued mass years is in and or it of provides fortunate sustainable. across natural in building majority doesn't excess as tried is over have advantage part at to reduced more prognosticators cost life at to decade back what to areas investing vast a they costs likely a has stages pivot inflation of a plain across go will there to not to are describe medical next believes large dependency. simply, the benefit I'm be manifest if XX value, wall over we and within be with long-term is point, surprised inflation in be about would taxpayers. of that growth straightforward reduction from small I three do over the a years. my not things from complicated for pivot patients the itself vantage From very to a how

or hospital In care than cost at be the take dramatically for will negative X% themselves. tremendous XX less Firstly, years, and structure lower hospitals cost acute hospital in will the structure and more services number have place home. XX% XX% That least of implications likely of higher. that admission

to do and evidence-based today healthcare clinical mistreatment Yet amount clinical nothing to to of knowing and options, has decisions. not most up. years. something, will years, driving will are challenged true XX Healthcare in be not impact clinical technology In costs what intelligence companies valuable to extremely that XX way technology this healthcare actually something a veering with do when protocols, and developed making better Second, aiding errors driving do off are in of being significant when clinicians. technology be drives clinicians the companies

of A minority therapeutics decade was are market ago, will be a to decade from curative. zero majority coming indeed the today a number Finally, and that now, near truly curative.

XX to and to are of therapeutics area. come automation, that game Care made many developed costs breakthroughs therapeutic ago. spend for an better the I'm the this better will years alignment, what where an does a enter to an in Home development lower but will than regulations, tied our Home coming be XX mean three era Therapeutics areas are be medical cetera, years years, changer. massive by be in other say over It breakthroughs up date we to I Clover have et streamlined long-term And understatement to next access, will greater today. incremental extremely What What tied many would Clover implication. built will opportunity; $X. about plans There will in We cost today Care Clover? is described dollar incentives excited reduction that for

huge healthcare R&D Assistant portion our for a of clinicians. technology, For the is spend Clover clinical intelligence around and

Our progress to impressive has various been date accelerate. will only for and reasons,

has to possible In is our is that Clover Our very promising I years, Clover focused formerly Biosciences, foray for strongly initially Therapeutics. company on the and spin-out AMD into have it start. first believe Character is to therapeutics XX impact simultaneously off in over so. Character exists any value made will market largest the the of in very positive XX volatile only last been excess accruing today. healthcare continue biggest healthcare Their there, journey already healthcare, while in be while years that having company to a

I'm We the I important innings, where are that to it's landscape early Andrew on accrue, extremely else me will phase. out above for CEO and three in lead to next across top the healthcare list this value my us and head obvious anyone look Andrew's extremely When of shoulders and there. excited and

now expectations I Now pressure we on that enough in, will take on questions. put

Operator

Instructions] from Citi. [Operator Jason first from take our question Cassorla We'll

Jason Cassorla

evening, Thanks. guys. Great. Good

program. start business the back to to with the decision scale your with wanted ACO Just non-insurance REACH

just such participation from you that drug and in ECL the you a discuss of the more, differ areas program? the types your into Clover Thanks. perhaps other for potential programs those more contracting could as give Assistant how detail the high And could the level, can Just contracting? with movement what the maybe away main decision bit from you where drivers were of then MSSP

Andrew Toy

for Yeah, absolutely. the Thanks question.

so fee-for-service. fee-for-service presence panel. within is direct lot from program, What statutory of in rules environment already from data using is advantage models side. the majority about like intend a said, is for we're contracting very data being entirety really are our So that of that one Like the to much in Medicare that to think we enjoying fee-for-service Rule will our as Assistant the it how we and that Medicare And fee-for-service areas yet participants are identified larger which program, performs we but lot it that you still presence well. on are we adjusted, the now making do excited We've you a those means is other the defined. more very the a having are MSSP are physicians extend rates in Clover the physicians is our be well well away of not program in as being CMMI change, about too. seen program. tweaked, into statutory. the It's is moving program, much excited it REACH can defined who What of more we've come from of rules ACO a particular still said

So is we'll that and portfolio you'll in having and see everyone having about the a for an into talk fee-for-service about future. from we'll blended ACO us just MSSP discuss REACH, move fee-for-service, more away then more and motion

Jason Cassorla

then including this And on here, go guess wanted right, commentary I back revenue. coupled thinking to on it. the just just about performance benefit decision. Got star from XXXX, Okay. with how as you're I that year's a follow-up just to

basis I there's to you MCR. I insurance point a to think next in flagged for year, XXX before XXX the that think benefit past

into margin? insurance profits? And MA, need then any thoughts balancing that there? be and to you confirmation expectations growth takes any generation Just mindful go Thanks. and early on puts trend as profitability and try other that the just we between improvement any cost to for of So for

Scott Leffler

Jason, speaking. question. thanks the for Scott is This

our XXXX take of that number run is we a in have from think there's think rate and a what performance different that yeah, drivers -- into XXXX. us we improved we significantly will here So, going

X.X the comments think XXXX that line past And MCR, or XX%. the incremental we is or on some that going being comments line in have year we ready we're the incremental stars improvements to XXX At not about around basis impact of rate to have points. run then operational you're We're out of expansion And I do in that. full come we and with XXX guidance -- expect this with made more into is guidance earlier mentioned less we excited XXXX impact from being point, being just coming the right, detail paid XX%, in the CA. XXXX. the insurance we view X.X in of very on momentum terms of our the from out more continued that

Operator

Genuity. next Richard from comes Canaccord from question Our Close

Richard Close

Yeah. Thanks Can you hear okay? for me the question.

Vivek Garipalli

We can hear you.

Scott Leffler

Yeah.

Richard Close

Okay, great. Thanks.

about that. Sorry

guys if you're know viewing little just I we're back counties, for new growth years after. and on spend expecting enrollment the counties be would you're talk entering past bit talk this AEP above helpful. rate effectiveness competitiveness, period you about the sales said maybe Just But year, bit a you a could of the the were and how pulled number going but because you about a of of as little rates. Can you annual lower marketing and versus you period market that? bit just still little the

Scott Leffler

definitely. Yeah,

want Assistant about we've So think that's on is that past for is feel we And Clover growth then our wide the we offer wide eligibles to that what product the really growth to really that is ability and is what differentiator network lets our Medicare is really ability wide and manage that a care network. in us way demonstrated core network. a like us growth

at into always able always growth, look we without lot because spent marketing. put on We've having how a we've So tuned not we grow that to capital much to marketing. are of

year a year, two provides MCR our really that profitability. competitiveness, management because faster under path new headwind a our we care because bring we not or have, growth more and to we of them the because it this to but are members So grow, the to rate, adjusting and takes

tailwind little we are we moderate profitability growth in and towards will on absolutely breakeven therefore, and point. MCR provide expenses, to a a our because that So operating focused decided bit, that pathway

Richard Close

provided some And last Have regions. MCR first provide? the out. improvements helpful. seen guys there New you over quarter, Jersey or That's can Southern on couple in And quarters, Okay. update you any any of then stuck you different the

Scott Leffler

Yeah.

definitely Jersey New Southern stuck out there.

next forward a this management, Assistant turn. So year. where model we'll in see that's really who returning members more are we early the Clover Again, to vein more our we same that to have look under there, coming discussing

growth choosing bit South will this especially little we're on members and because we'll So of into be more members, we a year going that reporting that to of to returning in see look have because Jersey, MCR we season, down higher, next and Georgia. in more year. expect next percentage returning those And significant improvements in forward

Richard Close

you. Thank Okay.

Operator

We’ll next Fischbeck Kevin Instructions] America. [Operator from our from take question Bank of

Kevin Fischbeck

this Thanks. what to performing bit guess good high to that that's to DCE. the has experience and back doctor MLR? G&A differentiated Great. guess declining more And little are there scale I your and say I you already is And XXX when about wanted to the those are on then one-third your I any isn't. decision at with between two-thirds, when understand -- to be they by deleveraging throughout about you're happened is a when process? -- that going think

Andrew Toy

question. the for thanks Kevin, Yes,

feel and haven't we programs management tailwinds of well XXX% so performed management there’s doctor complement So lot strong that care like different they in really a programs next engage as care year. as a the things. through, are Not place our every they that single they go that into to but well model, a belief at we go they have couple of is have that with MLR

CMS savings benchmark perform change, just if to I'll they of as different here rules more would headwind on is give like that a other other basis. doctors The simple performed to some is that physicians. maintain not because I that have nationally, continues differently, even regions the dimension And you the benchmark national means deliver example, a a do which that than say

like if look you So that. at things

look We that we Clover engagement, get sure usage. physician at our care we assisted then year. who If the algorithm, at synergies. And look you individual for look got next admin management usage, at with

Kevin Fischbeck

G&A… And

Scott Leffler

Kevin? Pardon,

Kevin Fischbeck

be deleveraging, thinking size from is exiting a is the or Are that should about business? gets you of shrink you much not G&A the stranded this, saying that incremental there G&A, G&A there as we

Scott Leffler

of some are our that make going it's I not there specifically XXXX, like into would an broadly, to most side the not is just under necessarily as going broader more the to sure as there. part we that we attribution And made we're operating efforts business that would at on and that efficient was entire being to comment non-insurance And the a as be earlier of Andrew's add $X and DCE of something prioritize business. go around line the that's I final to of say we profitability, to program. the forward, Kevin, of dependent that billion had order across area businesses of comments I overall for opportunity towards looking the we well, level, get we're the magnitude view life revenue. obviously, going

from a magnitude how that, large give just wanted general order be. but differ of the scale business of the So number to for will we the would

Kevin Fischbeck

right. Thanks. All

Operator

Instructions] our SVB from We’ll from take next Mayo Securities. [Operator Whit question

Whit Mayo

Thanks.

any was that or exclusively of participate But to of decision? to you in the indication most And everything. an covered didn't renew program. the this Clover-driven or XXXX did we've back physicians think give I want they on in a DCE,

Vivek Garipalli

comments, my back Whit, we had applications. in of said actually I a As lot

we So other so statutory we grown and that an could significantly, could have into portfolio programs. more quite We year. strategic, to be could make like the broaden actually it program chose that actually this adjustment

could grown large, it was quite So single we But say because decision to significantly. have I'm sounds not it every and physician. to our that by going

Whit Mayo

Got it.

So for helpful of a us. this business? look up be like? if you standing you're this software-driven Maybe if Is does MSSP any type some help -- offering what in XXXX, would

Vivek Garipalli

Yes, absolutely.

by driven and underwritten be would it all So Assistant. Clover

the is when stages should that then reach us, more they but graduate upside-only have multiple to a plan into is, in, Assistant should I can move ACO pathway which a strong right not program pathway it's we which into go at into sort can think something a this and lot is of from unusual the the reach have MSSP and look move can like is in provide serving of they various we in they program data very if fee-for-service think we an that for about, through to that's be there what think I -- of value-based anyway, like your of gradual the upside to the folks, way CMS where could and closer fall it enter. envisions what MSSP We we straight that provide in provide downside, will care appropriate of people doctor. program. we probably terms the that applicants be Clover lot advantage I a said, like having from reach up peers here selecting as a participate ACO is

Whit Mayo

Got disclosure know you any don't any it. I retro activity And in the in around quarter. DC segment gave the if

asking that just question. So

Vivek Garipalli

If at look the… you

Scott Leffler

the performance? Do prior impacting you like mean period the development financial

Whit Mayo

Well, the of given some CMS is industry. and the assumptions underlying benchmark that providing keeps that to changing the

Scott Leffler

Yes.

There the So any not through prior a certainly, by to kind that. that relating we're significant was in period impacted impact quarter. from of

Whit Mayo

Okay. Thanks.

Operator

closing back at will have additional It appears we further no [Operator now or turn time. over Andrew to I Toy remarks. program any this questions Instructions] the for

Andrew Toy

Clover seeing we always you. Vivek's particular do to not to were compete realized Clover from was But be this Complex last see future on In Years years, the forcing at to and benefits were Assistant plants quarter. at are next wisdom our come began copying deemed of by yet the only only a that to things model Home and piece can our We and Care on and primary help Jersey, XXXX, things all moving from is that has Care Assistant actually Clover. believe technology have were yet crucial. now can fruition. Vivek. that future in Clover core us care. look of Care own the share I launched the and joining they it these that don't you are Thank why When results of a that front. to we Thank here I a to ago, see practice executed of journey. Vivek’s really Program I'm simply do see started, And forward looking incredibly want course, that us are strong plan healthcare forward Clover all Clover born evolving, decisions powered has vision to role, Chronic largest many heading CEO are proud insight. today plan be of with is offering leader without to company. New step tremendously. all that that I anyone under truly the that that that was and all one we when as address physicians into philosophy of currently it's is definitely looking direction. with vision I'm the There's both in anything you next Clover care by true will for the have we're make scaled very to quarter very grown in you, CEO them healthcare I is health to home. better inspiration, and to of proud betting without be technology much to vision as today. care one purposefully thank we've Management common helm Clover other that to And others PPO, you of a critical We few and leadership what on to I'm presenting forming believed wouldn't with who strong, better a there is right His them and that believe we last now than be and different I we integral model. impossible. the we our far can and

Operator

Webcast. This today's and Clover Call Earnings XXXX Health does Quarter conclude Third

a line day. Have time. this You your may wonderful disconnect at

Clover Health Investments (CLOV) 7 Nov 222022 Q3 Earnings call transcript