GoHealth Reports First Quarter 2023 Results
- GoHealth reports positive cash flow from operations of $26.9 million in Q1 2023, a significant improvement from the prior year period. The company also expects total net revenue of $750 - $850 million and Adjusted EBITDA1 of $100 - $140 million for full year 2023.
- GoHealth reports a net loss of $22.5 million in Q1 2023, compared to a net loss of $37.2 million in the prior year period. The company made the strategic decision to exit its non-Encompass BPO Services2, which contributed $6.8 million of net revenue in Q1 2023.
- First quarter 2023 Trailing Twelve Months ("TTM") positive cash flow from operations of
$26.9 million $275.7 million - First quarter 2023 net loss of
$22.5 million $37.2 million - First quarter 2023 net revenue of
$183.2 million $28.8 million $270.6 million $11.1 million - First quarter 2023 Submissions of 213,645. Demand for our services remains robust, and we continue to invest in technology to enhance our value proposition.
- By remaining consumer-centered and health plan agnostic, GoHealth was ranked a top ten most trustworthy company in America 2023 by Newsweek in healthcare and life sciences.
Full Year 2023 Guidance
- The Company reiterates its full year 2023 outlook, and expects total net revenue of
$750 $850 million $100 $140 million $75 $115 million
"Our strong first quarter results are attributable to our shift to Encompass, leveraging our proprietary technology, driving operational efficiencies and our unwavering focus on the consumer experience," said Vijay Kotte, CEO of GoHealth.
Kotte continued, "At GoHealth, we are consumer-centered and health plan agnostic, which has helped us establish a loyal consumer base. The Encompass platform utilizes our proprietary PlanFit technology, built on millions of consumer interactions, and leverages that data via machine learning to create a customized purchasing experience that results in a thorough and comprehensive understanding of our consumers' Medicare insurance needs. Our commitment to providing high-quality options and exceptional service has made us the trusted partner of both consumers and health plans."
"I'm pleased to say that we are reaffirming guidance based on our strong first quarter results. Our operating performance has allowed us to realize a
The Company made the strategic decision to exit its non-Encompass BPO Services2 to focus on its core business. We expect that the financial benefit of this change will begin to flow through the Company's results in the second quarter of 2023, while the exit is expected to be complete in the third quarter of 2023. In the first quarter of 2023, non-Encompass BPO Services2 contributed
During the first quarter of 2023, the Company reorganized its operations from four operating and reportable segments to one operating and reportable segment. The change reflects how the Company's chief operating decision maker ("CODM") evaluates the Company's operating and financial performance on a consolidated basis and is consistent with changes made to the Company's internal reporting structure. Additionally, the single operating segment aligns with the Company's shift in focus towards Medicare products. Operating segments are identified as components of an enterprise about which separate discrete financial information is available and reviewed regularly by the CODM. The Company's CODM is its chief executive officer who reviews financial information together with certain operating metrics principally to make decisions about how to allocate resources and to measure the Company's performance. All prior period comparative segment information was recast to reflect the current single operating segment in accordance with Accounting Standards Codification 280, Segment Reporting.
Conference Call Details
The Company will host a conference call today, Monday, May 8, 2023 at 8:00 a.m. (ET) to discuss its financial results. Participants can pre-register for the conference call at the following link: https://register.vevent.com/register/BIb4ba329d46994a619bd7c09b26edaff5. A live audio webcast of the conference call will be available via GoHealth's Investor Relations website. A replay of the call will be available via webcast on GoHealth's Investor Relations website for on-demand listening shortly after the completion of the call.
About GoHealth, Inc.
As a leading health insurance marketplace and Medicare-focused digital health company, GoHealth's mission is to improve access to healthcare in America. Enrolling in a health insurance plan can be confusing for consumers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to match customers with the healthcare policy and health plan partner that is right for them. GoHealth has enrolled millions of people in Medicare plans and individual and family plans. For more information, visit https://www.gohealth.com.
Investor Relations
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(1) | Adjusted EBITDA is a non-GAAP measure. For a definition of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure, please see below. |
(2) | Non-Encompass BPO Services are those services in which we dedicate certain agents to specific health plan partners and agencies, outside of the Encompass Solution. |
(3) | Net revenue excluding non-Encompass BPO Services revenue and Adjusted EBITDA excluding non-Encompass BPO Services gross margin are non-GAAP measures. For a reconciliation to the most comparable GAAP measure, please see table provided below. |
Forward-Looking Statements
This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended ("the Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("the Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding our expected growth, level of cash flow, future capital expenditures and debt service obligations are forward-looking statements.
In some cases, you can identify forward-looking statements by terms, such as "may," "will," "should," "aim," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "likely," "future," or "continue" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but are not limited to, the following: the marketing and sale of Medicare plans are subject to numerous, complex and frequently changing laws, regulations and guidelines; our operating results have been, and may continue to be, adversely impacted by factors that impact our estimate of LTV; our gradual expansion of the Encompass Solution may not be as successful as we expect; our business may be harmed if we lose our relationships with health plans or if our relationships with health plans change; health plans may reduce the commissions paid to us and change their underwriting practices in ways that reduce the number of, or impact the renewal or approval rates of, insurance policies sold through our platform; our management identified a material weakness in our internal controls over financial reporting, and we may be unable to develop, implement and maintain appropriate controls in future periods, which may lead to errors or omissions in our financial statements; we currently depend on a small group of health plans for a substantial portion of our revenue; information technology system failures could interrupt our operations; factors that impact our estimate of LTV (as defined below); we may lose key employees or fail to attract qualified employees; our failure to grow our customer base or retain our existing customers; we may not realize the benefits we expect from our strategic cash flow optimization and other cash management initiatives; our ability to sell Medicare-related health insurance plans is largely dependent on our licensed health insurance agents; operating and growing our business may require additional capital; and the Founders and Centerbridge have significant influence over us, including control over decisions that require the approval of stockholders.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release, as well as the cautionary statements and other risk factors set forth in our 2022 Annual Report on Form 10-K, our forthcoming Quarterly Report on Form 10-Q for the first quarter ended March 31, 2023, and our other filings with the Securities and Exchange Commission. If one or more events related to these or other risks or uncertainties materialize, or our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Use of Non-GAAP Financial Measures and Key Performance Indicators
In this press release, we use supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Consolidated Financial Statements prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). These non-GAAP financial measures include net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense ("EBITDA"); Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is the primary financial performance measure used by management to evaluate its business and monitor its results of operations.
Additional non-GAAP financial measures, including net revenue excluding the Lookback Adjustments, Adjusted EBITDA excluding the Lookback Adjustments, net revenue excluding both the non-Encompass BPO services revenue and the Lookback Adjustments and Adjusted EBITDA excluding both the non-Encompass BPO Services gross margin and the Lookback Adjustments, are also discussed in this press release. The Lookback Adjustments are revenue adjustments that represent changes in estimates relating to performance obligations satisfied in prior periods and relate to the fiscal years 2021 and prior.
Adjusted EBITDA represents, as applicable for the period, EBITDA as further adjusted for certain items summarized below in this press release. Adjusted EBITDA margin represents Adjusted EBITDA divided by net revenues.
We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. Adjusted EBITDA is used as a basis for certain compensation programs sponsored by the Company. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of EBITDA, Adjusted EBITDA, net revenue excluding the Lookback Adjustments, Adjusted EBITDA excluding the Lookback Adjustments, net revenue excluding both the non-Encompass BPO Services revenue and the Lookback Adjustments, and Adjusted EBITDA excluding both the non-Encompass BPO Services gross margin and the Lookback Adjustments to its most directly comparable GAAP financial measure, net revenue or net income (loss), are presented in the tables below in this press release. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and include other expenses, costs and non-recurring items.
The Company is unable to provide a full reconciliation of guidance for Adjusted EBITDA and Adjusted EBITDA excluding non-Encompass BPO Services gross margin without unreasonable effort because it is not possible to predict certain adjustment items with a reasonable degree of certainty since they are not yet known or quantifiable, and do not relate to the Company's routine activities. This information is dependent upon future events, which may be outside of the Company's control and could have a significant impact on its GAAP financial results for fiscal 2023.
Glossary
- "EBITDA" represents net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense.
- "Adjusted EBITDA" represents, as applicable for the period, EBITDA as further adjusted for certain items summarized below in this press release.
- "Adjusted EBITDA Margin" refers to Adjusted EBITDA divided by net revenues.
- "Cost of Submission" refers to the aggregate cost to convert prospects into Submissions during a particular period. Cost of Submission is comprised of revenue share, marketing and advertising expenses, and customer care and enrollment expenses, excluding share-based compensation expense and such expenses related to non-Encompass BPO Services.
- "Cost per Submission" refers to (x) the aggregate cost to convert prospects into Submissions for a particular period (comprised of revenue share, marketing and advertising expenses, and customer care and enrollment expenses, excluding share-based compensation expense and such expenses related to non-Encompass BPO Services) divided by (y) either (i) a completed application with our licensed agent that is submitted to the insurance health plan partner and subsequently approved by the health plan partner during the indicated period, excluding applications through our non-Encompass BPO Services or (ii) a transfer by our agent to the health plan partner through the Encompass marketplace during the indicated period.
- "Gross margin" refers to net revenue divided by revenue share, marketing and advertising expenses and customer care and enrollment expenses.
- "LTV" refers to the Lifetime Value of Commissions, which we define as aggregate commissions estimated to be collected over the estimated life of all commissionable Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, health plan mix and expected policy persistency with applied constraints.
- "Non-Encompass BPO Services" refer to programs in which GoHealth-employed agents are dedicated to certain health plans and agencies we partner with outside of the Encompass model.
- "Sales per Submission" refers to (x) the combination sum of (i) aggregate commissions estimated to be collected over the estimated life of all commissionable Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, health plan mix and expected policy persistency with applied constraints, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, (ii) Encompass revenue, and (iii) partner marketing and enrollment services, divided by (y) the number of Submissions for such period.
- "Sales/Cost of Submission" refers to (x) the sum of (i) aggregate commissions estimated to be collected over the estimated life of all commissionable Submissions for the relevant period based on multiple factors, including but not limited to, contracted commission rates, health plan partner mix and expected policy persistency with applied constraints, excluding revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods, (ii) Encompass revenue, and (iii) partner marketing and enrollment services, divided by (y) the aggregate cost to convert prospects into Submissions (comprised of revenue share, marketing and advertising expenses, and customer care and enrollment expenses, excluding share-based compensation expense) for such period. Sales and Cost of Submission exclude amounts related to non-Encompass BPO Services.
- "Submission" refers to either (i) a completed application with our licensed agent that is submitted to the insurance health plan partner and subsequently approved by the health plan partner during the indicated period, excluding applications through our non-Encompass BPO Services or (ii) a transfer by our agent to the health plan partner through the Encompass marketplace during the indicated period.
The following tables set forth the components of our results of operations for the periods indicated (unaudited):
Three months ended | Three months ended | |||||||||||
(in thousands, except percentages and per share amounts) | Dollars | % of Net | Dollars | % of Net | $ Change | % Change | ||||||
Net revenues | $ 183,158 | 100.0 % | $ 270,593 | 100.0 % | $ (87,435) | (32.3) % | ||||||
Operating expenses: | ||||||||||||
Revenue share | 45,462 | 24.8 % | 67,923 | 25.1 % | (22,461) | (33.1) % | ||||||
Marketing and advertising | 45,743 | 25.0 % | 84,033 | 31.1 % | (38,290) | (45.6) % | ||||||
Customer care and enrollment | 42,027 | 22.9 % | 78,455 | 29.0 % | (36,428) | (46.4) % | ||||||
Technology | 9,543 | 5.2 % | 12,759 | 4.7 % | (3,216) | (25.2) % | ||||||
General and administrative | 22,618 | 12.3 % | 29,217 | 10.8 % | (6,599) | (22.6) % | ||||||
Amortization of intangible assets | 23,514 | 12.8 % | 23,514 | 8.7 % | — | — % | ||||||
Total operating expenses | 188,907 | 103.1 % | 295,901 | 109.4 % | (106,994) | (36.2) % | ||||||
Income (loss) from operations | (5,749) | (3.1) % | (25,308) | (9.4) % | 19,559 | (77.3) % | ||||||
Interest expense | 16,891 | 9.2 % | 11,398 | 4.2 % | 5,493 | 48.2 % | ||||||
Other (income) expense, net | (53) | — % | 63 | — % | (116) | (184.1) % | ||||||
Income (loss) before income taxes | (22,587) | (12.3) % | (36,769) | (13.6) % | 14,182 | (38.6) % | ||||||
Income tax (benefit) expense | (44) | — % | 472 | 0.2 % | (516) | (109.3) % | ||||||
Net income (loss) | $ (22,543) | (12.3) % | $ (37,241) | (13.8) % | $ 14,698 | (39.5) % | ||||||
Net income (loss) attributable to noncontrolling interests | (13,364) | (7.3) % | (23,758) | (8.8) % | 10,394 | (43.7) % | ||||||
Net income (loss) attributable to GoHealth, Inc. | $ (9,179) | (5.0) % | $ (13,483) | (5.0) % | $ 4,304 | (31.9) % | ||||||
Net income (loss) per share: | ||||||||||||
Net income (loss) per share of Class A common stock — | $ (1.12) | $ (1.74) | ||||||||||
Weighted-average shares of Class A common stock | 8,965 | 7,747 | ||||||||||
Non-GAAP financial measures: | ||||||||||||
EBITDA | $ 20,571 | $ 577 | ||||||||||
Adjusted EBITDA | $ 28,778 | $ 11,073 | ||||||||||
Adjusted EBITDA margin | 15.7 % | 4.1 % | ||||||||||
_________________________ | ||||||||||||
N/M = Not meaningful | ||||||||||||
The following tables set forth the reconciliations of GAAP net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated (unaudited):
Three months ended Mar. 31, | ||||
(in thousands) | 2023 | 2022 | ||
Net revenues | $ 183,158 | $ 270,593 | ||
Net income (loss) | (22,543) | (37,241) | ||
Interest expense | 16,891 | 11,398 | ||
Income tax expense (benefit) | (44) | 472 | ||
Depreciation and amortization expense | 26,267 | 25,948 | ||
EBITDA | 20,571 | 577 | ||
Share-based compensation expense (1) | 6,584 | 5,155 | ||
Legal fees (2) | 1,623 | — | ||
Professional services (3) | — | 3,950 | ||
Severance costs (4) | — | 1,391 | ||
Adjusted EBITDA | $ 28,778 | $ 11,073 | ||
Adjusted EBITDA margin | 15.7 % | 4.1 % | ||
_________________________ | |
(1) | Represents non-cash share-based compensation expense relating to equity awards, as well share-based compensation expense relating to liability classified awards that will be settled in cash. |
(2) | Represents non-routine legal fees unrelated to our core operations. |
(3) | Represents costs associated with non-recurring consulting fees and other professional services. |
(4) | Represents costs associated with the termination of employment and associated fees unrelated to restructuring activities. |
The following table summarizes net revenues and Adjusted EBITDA excluding the Lookback Adjustments and non-Encompass BPO Services for the periods indicated (unaudited):
Three months ended Mar. 31, | ||||
(in thousands) | 2023 | 2022 | ||
Net revenues | $ 183,158 | $ 270,593 | ||
Lookback Adjustments reported during the indicated periods1 | — | 2,318 | ||
Net revenue excluding Lookback Adjustments | 183,158 | 272,911 | ||
Exit of non-Encompass BPO Services | (6,794) | (34,937) | ||
Net revenues excluding Lookback Adjustments and non-Encompass BPO Services | 176,364 | 237,974 | ||
Adjusted EBITDA | $ 28,778 | $ 11,073 | ||
Lookback Adjustments reported during the indicated periods1 | — | 1,661 | ||
Adjusted EBITDA excluding Lookback Adjustments | 28,778 | 12,734 | ||
Exit of non-Encompass BPO Services | (1,402) | (7,190) | ||
Adjusted EBITDA excluding Lookback Adjustments and non-Encompass BPO Services | $ 27,376 | $ 5,544 | ||
Adjusted EBITDA margin excluding Lookback Adjustments and non-Encompass BPO Services | 15.5 % | 2.3 % | ||
_________________________ | ||||
(1) Excludes the impact of Lookback Adjustments on non-Encompass BPO Services | ||||
The table below depicts the disaggregation of revenue and is consistent with how the Company evaluates its financial performance (unaudited)
Three months ended Mar. 31, | ||||
(in thousands) | 2023 | 2022 | ||
Medicare Revenue | ||||
Agency Revenue | ||||
Commission Revenue | $ 97,531 | $ 191,693 | ||
Partner Marketing Revenue | 27,124 | 34,026 | ||
Total Agency Revenue | 124,655 | 225,719 | ||
Non-Agency Revenue | 44,972 | 5,752 | ||
Total Medicare Revenue | 169,627 | 231,471 | ||
Other Revenue | ||||
Non-Encompass BPO Revenue | 6,794 | 34,937 | ||
Other Revenue | 6,737 | 4,185 | ||
Total Other Revenue | 13,531 | 39,122 | ||
Total Net Revenue | $ 183,158 | $ 270,593 | ||
The following table summarizes share-based compensation expense by operating function for the periods indicated (unaudited):
Three months ended Mar. 31, | ||||
(in thousands) | 2023 | 2022 | ||
Marketing and advertising | $ 66 | $ 441 | ||
Customer care and enrollment | 604 | 631 | ||
Technology | 767 | 982 | ||
General and administrative | 5,147 | 3,101 | ||
Total share-based compensation expense | $ 6,584 | $ 5,155 | ||
The following table sets forth our balance sheets for the periods indicated (unaudited):
(in thousands, except per share amounts) | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 32,325 | $ 16,464 | ||
Accounts receivable, net of allowance for doubtful accounts of | 26,181 | 4,703 | ||
Commissions receivable - current | 292,943 | 335,796 | ||
Prepaid expense and other current assets | 24,012 | 57,593 | ||
Total current assets | 375,461 | 414,556 | ||
Commissions receivable - non-current | 643,861 | 695,637 | ||
Operating lease ROU asset | 20,375 | 21,483 | ||
Other long-term assets | 1,781 | 1,721 | ||
Property, equipment, and capitalized software, net | 24,879 | 25,282 | ||
Intangible assets, net | 477,097 | 500,611 | ||
Total assets | $ 1,543,454 | $ 1,659,290 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 11,409 | $ 15,148 | ||
Accrued liabilities | 30,979 | 53,334 | ||
Commissions payable - current | 103,016 | 122,023 | ||
Short-term operating lease liability | 7,318 | 8,974 | ||
Deferred revenue | 25,677 | 50,594 | ||
Current portion of long-term debt | 19,289 | 5,270 | ||
Other current liabilities | 12,122 | 10,112 | ||
Total current liabilities | 209,810 | 265,455 | ||
Non-current liabilities: | ||||
Commissions payable - non-current | 226,419 | 253,118 | ||
Long-term operating lease liability | 36,738 | 38,367 | ||
Long-term debt, net of current portion | 490,214 | 504,810 | ||
Other non-current liabilities | 7,672 | 5,839 | ||
Total non-current liabilities | 761,043 | 802,134 | ||
Commitments and Contingencies | ||||
Series A redeemable convertible preferred stock — | 49,302 | 49,302 | ||
Stockholders' equity: | ||||
Class A common stock – | 1 | 1 | ||
Class B common stock – | 1 | 1 | ||
Preferred stock – | — | — | ||
Series A-1 convertible preferred stock— | — | — | ||
Treasury stock – at cost; 19 and 13 shares of Class A common stock at March 31, 2023 and December 31, 2022, | (459) | (345) | ||
Additional paid-in capital | 630,316 | 626,269 | ||
Accumulated other comprehensive income (loss) | (142) | (144) | ||
Accumulated deficit | (366,202) | (357,023) | ||
Total stockholders' equity attributable to GoHealth, Inc. | 263,515 | 268,759 | ||
Non-controlling interests | 259,784 | 273,640 | ||
Total stockholders' equity | 523,299 | 542,399 | ||
Total liabilities, redeemable convertible preferred stock and stockholders' equity | $ 1,543,454 | $ 1,659,290 |
The following table sets forth the net cash provided by (used in) operating activities for the periods presented (unaudited):
Net cash provided by (used in) operating activities | Quarter ended March 31, | Trailing Twelve Months ended March 31, | ||||||
2023 | 2022 | 2023 | 2022 | |||||
$ 20,479 | $ 54,486 | $ 26,897 | $ (275,722) | |||||
In addition to traditional financial metrics, we rely upon certain business and operating metrics to evaluate our business performance and facilitate our operations. Below are the most relevant business and operating metrics, besides EBITDA and Adjusted EBITDA, for our single operating and reportable segment.
The following table presents the number of Submissions for the periods presented (unaudited):
Submissions | Three months ended Mar. 31, | |||||||
2023 | 2022 | Change | % Change | |||||
213,645 | 260,666 | (47,021) | (18) % | |||||
The following table presents the Sales Per Submission for the period presented (unaudited):
Sales Per Submission | Three months ended Mar. 31, | |||||||
2023 | 2022 | $ Change | % Change | |||||
$ 794 | $ 897 | $ (103) | (11) % | |||||
The following are our Sales/Cost of Submission, Cost of Submission (in thousands) and Cost Per Submission for the three months ended March 31, 2023 and 2022 (unaudited):
Three months ended Mar. 31, | ||||
2023 | 2022 | |||
Sales/Cost of Submission | 1.3 | 1.2 | ||
Cost of Submission | $ 126,402 | $ 201,027 | ||
Cost Per Submission | $ 592 | $ 771 | ||
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SOURCE GoHealth, Inc.
FAQ
What were GoHealth's financial results for Q1 2023?
What is GoHealth's guidance for full year 2023?
What strategic decision did GoHealth make in Q1 2023?
What impact did the exit of non-Encompass BPO Services2 have on GoHealth's financial results?
