Ryan. full Thank improved XXXX, to and results Clover start you today. share our very to a and all I'm strong guidance excited you, with year off to is
and us this the and first expectations. fundamentals believe Overall, performance our program. is Advantage strong Medicare well preparing strategy exceeded evidence revenue EBITDA are for We the that of our quarter adjusted insurance future
begin with Let's the overarching results today. themes our of
adjusted year and we basis, confidence full on also EBITDA achieving EBITDA XXXX adjusted Firstly, an Clover profitability. QX profitable was high in in have
business X% Secondly, we revenues profitable year-over-year. have grown our by in insurance
that growth sufficient for we comfortable our position, feel we in has very our given capital view liquidity Thirdly, and and favorable needs. business strong maintain our operating outlook, our Clover
over repurchase million that pleased to our A a has of common the company's Class to of $XX next As X stock up authorized of years. Board such, we program Directors the announce are share
clinical clearly differentiated Fourthly, chassis ability leveraging on care plan operate our believe network powered and patented profitable capabilities. a high-touch technology PPO wide continues unique to our Clover Clover to Assistant's strong highlight Medicare by our performance Care's we a Advantage model, Home
like adjusted EBITDA. color to our Next, core give on I'd more profitability metric,
first the adjusted $X During EBITDA. of quarter we of million positive delivered XXXX,
We feel we adjusted and year continue that momentum expect very full deliver profitability. will EBITDA this to confident
significantly of guidance to $XX $XX XXXX million. million therefore, full have, for the improved a We our positive year range to
Our outperformance our medic profitability offering and as including growth management, durable was performance reductions as driven well by adjusted our in continued insurance in revenue SG&A. fundamentals,
from we our operational in way. commitment step growth For insurance margins. on also simultaneously to revenue, our adjustment a a proud X% is retention. revenue came the revenues forward of sustainable Improvements that Clover Assistant's in risk grow continued a delivered accuracy improve to we a while year-over-year focus of on are advancements, member and strong expanding submission focus strong enhancements This product
a And We be proud as and to of guidance are full revenue improvements. also $X.XX are result, between billion we raising billion. insurance our these year $X.X
the and rules that to industry environment agility In our phase-in insurance positioned a strongly backdrop HCC addition, of we with revenue the come. to well software-centric VXX move years to of the new including MA continued lower believe we against sustain growth coding headwinds, given are in approach, the rate
current on and about we HCC good model more feel the detail VXX Going into posture. changes, our go-forward
We have three reasons for this.
coming management Assistant on accurate and has treatment disease chronic adjustment been as a focused byproduct. Clover Firstly, with always risk
on focus conditions current result, As reflect CMS removing diseases, that associated not support may codes with demographics. we a and costs
of our furthering on and Secondly, our And users feedback many Clover Assistant, disease using these always in clinician from many identification constantly enhancements launching based features early we advancements management. new AI. for ML mission and and are and are
white papers. term, outcomes, like our much in will those Clover improvement long detailed that in we believe continuous Assistant we Thirdly, see
usage the GFR XXXX, of CA was average the XX meaning XX.X to CA earlier, For data has example, through identified early of with paper average was improved to diagnosing and April management detection a XX XX, Extending year indicated associated study ago, use diagnosis. that around CKD original GFR CKD white with at showed our an updated around months earlier. CKD with but associated the The is extends even now earlier. back months CKD study
and about white CA Relations you website. our and Investor We encourage excited review are progress on other our this to papers CKD paper
of impact Clover that we feel Assistant. confident affecting headwinds the already we eventual our of have are not competitors spirit are feel us of lessen only that CMS we well HCC Overall, helps our these and approach changes with mitigated impact the the but market via aligned VXX
turn to expenses. medical now Let's
that recall we that, did indicated seeing not increased industry unlike we QX participants, our utilization were we You'll trend. other during believe 'XX any earnings,
for significant We have expectations of we experience continue base forecast, our view, guidance. ability above year-end during as the hold quite claims issued deliver against to results 'XX, prior at early QX now our When XXXX confidence favorably XXXX development previously this to part XXXX developed accounting favorable for our period in that our XXXX.
significant related currently primarily first are to a of result as holding claims volume IBNR XXXX, we a amount quarter factors. two said, of the early That in
First, are of during processing accurately. our to and we've adjudication extremely being claims XXXX, as claims diligent processed we ensure paid new to the ecosystem MA transition QX our plan with claims systems completed been operational
in the in inventory resulted claims an and a payments to this quarter. such, increase end As the at slowdown of
second quickly us providers Change the during pathways, through Also, cyberattack we the during claims allow volume receipt impact experienced primary directly alternate course on processing the our industry-wide submit implementation, remained impacted very to of Change low claims half Healthcare that but clearinghouse. and Healthcare of QX. as we to the volume relied unexpected our internal as this We pivoted of claims
buffer our a included of As we've this, result a conservative reserving. in
next throughout are our the few say over second to and to submissions inventory quarter claims the claims to We quarters. have IBNR monitored normal, are we and actively normalize this that returning pleased expect and
revenue improving our base are accounting experience, with favorable XXXX When the in favorable to guidance we of XX% MCR range development within a our for coupled be development, XX%. XXXX to claims
industry pharmacy supplemental quality invest is ratio benefit loss as we the calculated costs member and expenses, That health This focused also well Clover MCR Medicare technology improvement in include on to our purely is said, whereas care standard generally calculation. in heavily historic services for and particularly as via has for medical, rewards. Advantage important been clinically as quality our
new BER. our other to with expense benefit we As the as such, includes aligns improve to costs refer in we numerator future, better in further transparency a industry that that share standard also the these to and the intend in calculation ratio, or disclosures
this in we industry are expect currently the would affect peers. our BER be to BER our year SG&A, investments While for this I so costs given into the not in low significant note our the to in EBITDA make the would calculation we providing adjusted performance quarter, clarity we are also quality. mid-XXs not metric better that these provide versus but included instead the
summarize Given the strong we momentum, today. I'd XXXX issuing the to improved business like are guidance
the to for $X.X be insurance business line and Revenue between of billion $X.XX billion.
be to Insurance within range XX%. to MCR of XX% a
SG&A and million. be $XXX Adjusted between million to $XXX
adjusted $XX million. between XXXX EBITDA positive $XX year million to Full profitability
our and this We'd cash performance a also would of reference. supplemental of our business Slide slides like effect XX improved clarify direct as position to you to the on
from expect the operations. year for impact XXXX, First or to operating the activities breakeven excluding positive cash be off, we discontinued from flow be full our slightly in
we REACH the we as announced January as as no last ACO date, operations that reminder, program As a X, treated around pay to it that And REACH longer reporting. That XXXX. is year, March prior ACO discontinued second we CMS the of are relating participating XXXX. accrued in of being said, XX, our $XX XXXX fully expect in half as which participation, is of million to our of in
cash, equivalents $XXX total million and investments our and $XXX restricted year-end We to between to cash unrestricted estimate XXXX million. be
in with of As million forma reminder, of liquidity as we of and well equates an of $XX a minimum capital as liquidity to ended $XXX unregulated XXXX million. capital a surplus This XXXX $XXX million risk-based pro unregulated excess year-end requirements. incremental
unregulated basis, year-end million the expect pro to we million. forma of between On same $XXX $XXX XXXX liquidity
very is well in to positioned XXXX XXXX as well succeed into and believe I both Overall, beyond. Clover as
whilst a strategy, incumbents significantly traditional results sustainably the differentiated. Our now seen better financial historically in is generating is unusual that arguably than as way and clinical and
to who first an like well XXXX, to profitability to upon build very and deliver a on been several a EBITDA EBITDA year for worked the thank quarter years profitable hard has this position adjusted have goal us working Clover achieve for now. I'd and team adjusted towards full we the basis
Cloverite. a be to proud and grateful incredibly I'm
call. I strengthened am from Finally, look next on today, as as Kuipers that him as Clover so team announce this us call but the introducing the our quarter joining He's our past happy permanent we've CFO properly we during our leadership CFO. week, joining officially him we've I this forward Peter earnings hired to to spared team
With financial turn Terry for update. over it that, I'll to the
