Q4 2021 1Life Healthcare Inc Earnings Call

Speaker 1: Ladies and gentlemen, thank you for standing by and welcome to One Medical fourth quarter 2021 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press the star then the one key on your touch-tone towel.

Good day, ladies and gentlemen, thank you for standing by and welcome to one medical fourth quarter 2021 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this session you will need to press. The Star then the one key on your Touchtone telephone.

Speaker 1: If you would call operating systems, please press bar then zero. I would now like to turn the conference over to your speaker host, Ken Goff. Please go ahead.

Offer assistance. Please press star Zero I would now like to turn the conference over to you.

Ken Golf. Please go ahead.

Speaker 2: Thank you, operator. Hello, everyone, and welcome to One Medical's fourth quarter and full year 2021 earnings.

Thank you operator.

Hello, everyone and welcome to one Medical's fourth quarter and full year 2021 earnings call I'm, Kevin Golf head of Investor Relations and I'm joined today by Amir Dan Rubin Chair and CEO of one medical and Bjorn Thaler, Chief Financial Officer of one medical a.

Speaker 2: I'm Ken Gough, Head of Investor Relations, and I'm joined today by Amir Dan Rubin, Chair and CEO of One Medical and Bjorn Dollar, Chief Financial Officer of One Medical.

Speaker 2: A complete disclosure of our results can be found in our press release issued earlier today, as well as in our related Form 8K, all of which are available on our website, Investor.OneMedical.com.

A complete disclosure of our results can be found in our press release issued earlier today as well as in our related form 8-K, all of which are available on our website investor Dot one medical dotcom.

Speaker 2: As a reminder, today's call is being recorded and the replay will be available on our website.

As a reminder, today's call is being recorded and a replay will be available on our website.

Speaker 2: As part of our comments today, we will make forward looking stink.

As part of our comments today, we will make forward looking statements. These statements are based on management's current views expectations and assumptions and are subject to multiple risks and uncertainties.

Speaker 2: These statements are based on management's current views, expectations and assumptions, and are subject to multiple risks and uncertainties.

Speaker 2: Actual results may differ materially and weBS

Actual results may differ materially and we disclaim any obligation to update any forward looking statements or outlook.

Speaker 2: Please refer to the risk factors in our most recent annual report as updated from time to time by our other reports and filings with the SEC, including our quarters.

Please refer to the risk factors in our most recent annual report.

Dated from time to time by our other reports and filings with the SEC, including our quarterly reports.

Speaker 2: We believe that the COVID-19 pandemic continues to create particular complexity when it comes to providing a forward-looking view of the business.

We believe that the COVID-19 pandemic continues to create particular complexity when it comes to providing a forward looking view of the business.

Speaker 2: And we are providing our guidance on good spaces per recent SEC recommendations.

And we are providing our guidance on good faith basis per recent SEC recommendations.

Speaker 2: We would like to specifically caution investors that our performance will be harder to predict for the foreseeable future.

We would like to specifically caution investors that our performance will be harder to predict for the foreseeable future.

Speaker 2: Our forward-looking statements are based on assumptions that we believe to be reasonable as of today's date. February 23, 2022.

Our forward looking statements are based on assumptions that we believe to be reasonable as of today's date February 23 2022.

Speaker 2: Information contained in today's statement should not be relied upon as representing our estimates as of any subsequent date.

Information contained in today's statements should not be relied upon as representing our estimates as of any subsequent date.

Speaker 2: of note, it is one medical's policy to neither reiterate nor adjust the financial guidance provided on today's call. Unless it is also done through a public disclosure such as a press release or through the filing of a Form A case.

Of note. It is one medical's policy to neither reiterate nor adjust the financial guidance provided on today's call unless it is also done through a public disclosure such as a press release or through the filing of a form 8-K.

Speaker 2: Today we will discuss certain non-gap metrics that we believe aid in the understanding of our financial results.

Today, we will discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results.

Speaker 2: A historical reconciliation to comparable gap metrics can be found in today's earnings really

A historical reconciliation to comparable GAAP metrics can be found in today's earnings release.

Speaker 2: Finally, during the call, we may offer incremental metrics to provide greater insights into the dynamics of our business.

Finally during the call we may offer incremental metrics to provide greater insights into the dynamics of our business.

Speaker 2: These details may be one time in nature and we may or may not provide updates in the future. And with that, I'll turn the call over to Amir. Thank you, Ken, and thank you everyone for joining us.

These details maybe onetime in nature, and we may or may not provide updates in the future.

And with that I'll turn the call over to Amir.

Thank you Ken and thank you everyone for joining us.

Fourth quarter capped off an exciting year for one medical as we continued to perform innovate and grow with our mission to transform health care for all simultaneously delivering exceptional results for multiple key stakeholders.

Speaker 3: We continue to perform, innovate, and grow, with our mission to transform healthcare for all. Simultaneously delivering exceptional results for multiple key...

Speaker 3: We delighted even more members and extended our reach from a growing number of adults and children to even more seniors in RIS space models.

We decided even more members and extended our reach from a growing number of adults and children, even more seniors in risk based model.

Speaker 3: We assisted even more employers, facilitating hybrid work environment with our hybrid model of virtual and in-person care to support employee recruitment and retention, improve levels of health and productivity, and value-based care.

We assisted even more employers facilitating hybrid work environment with a hybrid model and virtual and in person care to support employee recruitment and retention improved levels of health and productivity and value based care savings.

Speaker 3: We further improved our environment for providers and our team, with our built-for-purpose technology, operating systems, and outstanding medical law.

We further improved our environment for providers and her team with our built for purpose technology operating systems and outstanding medical offices.

Speaker 3: to even better position ourselves to be the best place in which to deliver health care and to innovate.

To even better position ourselves to be the best place in which to deliver health care and to innovate for the future and we continued advancing more highly coordinated care by digitally and clinically integrating care with health network partners and extending our senior health at risk health plan relationships.

Speaker 3: And we continued advancing more highly coordinated care by digitally and clinically integrating care with health network partners and extending our senior health at risk health plan relations.

Speaker 3: As we delivered for these stakeholders, we grew membership by 34% and achieved positive adjusted EBITDA prior to the acquisition of the IORS senior health.

As we deliver it for these stakeholders, we grew membership by 34% and achieved positive adjusted EBITDA prior to the acquisition of the I R. S Senior health visits.

Speaker 3: 2022 we will continue to advance better health, better care and better value in a better team environment to even more people across all stages of life and even more more.

In 2022, we will continue to advance better health better care and better value and a better team environment to even more people across all stages of life and even more market.

Speaker 3: Now, let me review in more detail our human centered and technology powered differentiated model and how we are continuing to simultaneously address the needs of and deliver positive impacts to multiple key states.

Now, let me review in more detail, our human centered and technology powered differentiated model and how we are continuing to simultaneously address the needs of and deliver positive impacts to multiple key stakeholders.

Speaker 3: are differentiated one medical model have designed to be human.

Our differentiated one medical model has been designed to be human centered with a unique membership orientation, facilitating a low friction access to health care with our incredible team across virtual and in person settings, and it's also been designed to be technology powered with our built for purpose software.

Speaker 3: with a unique membership orientation, facilitating low friction access to healthcare with our incredible team across virtual and in-person settings. And it's also been designed to be technology powered with our built for purpose software, powering our team to offer longitudinal care across hybrid settings and helping us clinically and digitally align with health network partners and help coordinate high-value care across a continuum of settings and payments.

Powering our team to offer longitudinal care across hybrid setting and helping us clinically and digitally aligned with health network partners and coordinate high value care across the continuum of settings and payment models.

Speaker 3: Turning to our members, we hear that they continue to highly appreciate the healthcare experience and outcomes we deliver. Last year, we continued to deliver average net promoter scores of 90 for members satisfaction. We continued to average 90% or greater annual member retention, including 90% or greater retention with our consumer.

Turning to our members we hear that they continue to highly appreciate the health care experience and outcomes. We deliver last year. We continued to deliver average net promoter score of 90 for member satisfaction, we continued to average 90% or greater annual member retention.

90% or greater retention with our consumer members.

Speaker 3: 80% plot retention with our at-risk senior members, and 90% plus enterprise annual contract value retention.

80% plus retention with our at risk senior members and 90% plus enterprise annual contract value retention.

Speaker 3: Our technology innovation, along with our hybrid model and dedicated team, continue driving high-member engagement levels, which supporters strong.

Our technology innovation, along with our hybrid model and dedicated team continue driving high member engagement levels, which support our strong results with our consumer and enterprise members. We averaged approximately 11 interactions per member last year, including approximately two times in person and nine times digitally.

Speaker 3: With our consumer and enterprise members, we averaged approximately 11 interactions for member last year, including approximately two times in person and nine times digit.

Speaker 3: Similarly, for a senior health population, we average more than 21 interactions per member, including approximately three times in person and 18 times in person.

Similarly for our senior health population, we averaged more than 21 interactions per member, including approximately three times in person and 18 times digitally.

Speaker 3: In terms of growth, we saw a 34% increase in members year over year, reaching 736,000 members at the end of the last calendar.

Turning to growth, we saw a 34% increase in members year over year, reaching 736000 members at the end of the last calendar year.

Speaker 3: Our member count includes 703,000 consumer and enterprise members, growth of 28% over last year, and more than 33,000 at risk seniors.

Our member Count includes 703000, consumer and enterprise members growth of 28% over last year and more than 33000 at risk senior members growth of more than 65% on a pro forma basis compared to I R. A year ago.

Speaker 3: Growth of more than 65% on a pro-forma basis compared to Iora a year.

Speaker 3: For this growing base of members, we continue delivering outstanding health outcomes and high value.

For this growing base of members, we continue delivering outstanding health outcomes and high value care. This past December the New York City Health Department. Once again showed us to be ranked first for violent viral load suppression among HIV patients.

Speaker 3: This past December , the New York City Health Department once again showed us to be ranked first for viral load suppression among HIs.

Speaker 3: mental health services have been shown to drive a 50% reduction in severe anxiety in recent data from a health plan in one of our

Our mental health services had been shown to drive a 50% reduction in severe anxiety and recent data from the health plan and one of our markets.

Speaker 3: For diabetic patients, we achieved reductions in average blood glucose levels at twice what others have shown in publication, moving more patients from uncontrolled to controlled diabetes as per a peer reviewed study published by...

For diabetic patients we achieved reductions in average blood glucose levels are twice, what others have shown in publication living more patients from uncontrolled to control diabetes as perhaps peer reviewed study published last year.

Speaker 3: with our further expansion into at-risk senior health services, we're extending our premier experience to more and more aging adults and enabling better health.

With our further expansion into at risk Senior Health services, we're extending our premier experience to more and more aging adults and enabling better health outcomes.

Speaker 3: Since the closing of the IORA acquisition last fall, we have been able to successfully bring one medical senior members into at-risk senior health relationships and two legacy one medical mark.

Since the closing of the eye our acquisition last fall, we have been able to successfully bring one medical senior members into at risk senior health relationships in Cuba to see one medical market showcasing our ability to align our senior commercial members into at risk Health program.

Speaker 3: Showcasing our ability to align our senior commercial members into at-risk health programs.

Additionally, we've been able to demonstrate that we can retain or members and then reduced medical claims expense ratios over a serious theories of years.

Speaker 3: Additionally, we've been able to demonstrate that we can retain our members and then reduce medical claims expense ratios over a serious series of years.

Speaker 3: For example, we continue to see declining medical clients' expense ratios in all of our cohorts of at-risk-

For example, we continued to see declining medical claims expense ratios and all of our cohorts of at risk patients.

Speaker 3: Showing our ability to reduce avoidable cost in waste and improve health.

Our ability to reduce avoidable cost and waste and improve health.

Speaker 3: While our newest 2021 cohort had initial year-one medical claims expense ratios, above those scenes for prior year-one cohorts, did a COVID-related impact. Our prior year cohorts, overall, have continued to show year-over-year medical claims expense ratio decline.

While our newest 2021 cohort had initial year, one medical claims expense ratios above those seen for prior year, one cohort did a COVID-19 related impacts our prior year cohorts. Overall has continued to show year over year medical claims expense ratio decline.

Speaker 3: more specifically with our Medicare Advantage population when comparing first year cohort medical claims expense ratios to last year's 2021 medical claims expense ratio. Our 2017 and prior cohort has declined from 103% to 74%.

More specifically with our Medicare advantage population when comparing first year cohort medical claims expense ratios to last years 2021 medical claims expense ratio, our 2017 and prior cohort has declined from 103% to 74% our 2018 cohort as <expletive> .

Speaker 3: 2018 cohort has declined from 108% to 80%

Klein from 108% to 83% our 2019 cohort has declined from 97% to 83% and our 'twenty 'twenty cohort declined from 98% to 91% all of which you can see in our 10-K.

Speaker 3: Our 2019 cohort has declined from 97% to 83% and our 2020 cohort has declined from 98% to 91%. All of which you can see in our 10...

Speaker 3: Beyond lighting our members, we continue to address the needs of employers. In 2021, we added approximately 500 new employers, now reaching more than 8,500 employees.

Beyond providing our members we continue to address the needs of employers in 2020 . One we added approximately 500, new import now reaching more than 8500 employers we added employers in such sectors as entertainment consumer good software insurance manufacturing real estate construction biotech edgy.

Speaker 3: We added employers in such sectors as entertainment, consumer goods, software, insurance, manufacturing, real estate, construction, biotech, education, financial services, professional services, and many others.

<unk> financial services professional services and many other sectors.

Speaker 3: As we've extended our hybrid model to more and more markets, we are also gaining the attention of larger and larger employers. For example, we are delighted to begin rolling out one medical nationally to the employees and dependents of one of the nation's largest...

So we've extended our hybrid model to more and more markets. We're also gaining the attention of larger and larger employers. For example, we were delighted to begin rolling out one medical nationally to the employees independents are one of the nation's largest banks.

Speaker 3: And as previously noted last year, we also maintained an enterprise contract value retention rate of over 90...

As previously noted last year, we also maintained an enterprise contract retention rate of over 90% and more than 75% of employer clients now extend the one medical benefit to dependents.

Speaker 3: And more than 75% of employer clients now extend the one medical benefit to this.

Speaker 3: We continue to hear from employers how they value that our model combines digital health, in-person care, testing, vaccination verification and care services, whole family care, pediatrics, behavioral health, and care coordination with...

We continue to hear from employers how they value that our model combines digital health in person care testing vaccination verification and care services whole family care, Pediatrics, behavioral health and care coordination with specialty services. Moreover, employers are seeing that we not only are an outstanding benefits to.

Speaker 3: Moreover, employers are saying that we not only are an outstanding benefit to support recruitment, retention, and productivity of those employees, but can also save the

<unk> recruitment retention and productivity of employees, but can also save them money.

Speaker 3: We have noted in the past a peer-reviewed study published in the Journal of the American Medical Association, Jamon Network Open, how we saved an employer 45% on their health benefits.

We have noted in the past a peer reviewed study published in the journal of the American Medical Association Jama Network opened how we saved an employer, 45% on their health benefits costs. Additionally, this past quarter, we received data from a regional commercial health plan, indicating that we achieve top tier performance at the 90 percentile.

Speaker 3: Additionally, this past quarter, we received data from a regional commercial health plan, indicating that we achieved top-tier performance at the 90th percentile in avoidable emergency room visits for adults and at the 100th percentile for pediatric in their accountable care office.

In a vulnerable emergency room visits for adult and its 100th percentile for pediatrics in their accountable care offering we.

Speaker 3: We performed at the 95th percentile on value-based care measures, such as avoiding unnecessary imaging for low back pain, and at the 90th percentile in avoided medical admissions for ambulatory care sensitive.

We performed at the 95th percentile on value based care measures such as avoiding unnecessary imaging for low back pain and at the 98 percentile and avoided medical admissions for ambulatory care sensitive condition, which includes such things as avoiding admissions for diabetes or hypertension by providing.

Speaker 3: which includes such things as avoiding admissions for diabetes or hypertension by providing proactive primary...

<unk> primary care.

Speaker 3: In addition to the lighting numbers and employers, we're also transforming healthcare deliveries for our providers.

In addition to the lighting numbers and employers. We are also transforming health care deliveries for our providers and cheap.

Speaker 3: Our purpose-built model supports premier providers delivering longitudinal primary care, reducing burdens and frustrations experienced health.

Our purpose built model supports premier providers, delivering longitudinal primary care, where do you think burdens and frustration experienced elsewhere. For example, we estimate that our technology platform requires 40% fewer task and providers what experience elsewhere with a major electronic health record system.

Speaker 3: For example, we estimate that our technology platform requires 40% fewer tasks than providers would experience elsewhere with a major electronic health record.

Speaker 3: our salary provider model and dedicated support team facilitates our providers focusing on the healthcare needs of our members across digital and in-person mode-out.

Our salaried provider model and dedicated support team facilitates our providers focusing on the health care needs of our members across digital and in personal modality.

Speaker 3: Our technology and team model stands in contrast to incentives and approaches so prevalent elsewhere, which focus on maximizing

Our technology and team model stands in contrast to incentives and approaches so prevalent elsewhere, which focus on maximizing fee for service volumes, which can encourage lower value transactional care less longitudinal engagement with patients and greater provider burnout.

Speaker 3: which can encourage lower value transactional care, less longitudinal engagement with patients, and greater provider burn.

Speaker 3: We believe we are the best place for primary care providers and our team to deliver innovative healthcare. Whether they seek to deliver care in person virtually, whether they serve children, adults, or seniors, and across markets around...

We believe we are the best place for primary care providers in our team to deliver innovative health care, where do they seek to deliver care in person virtually where they serve children and adults are seniors and across markets around the nation and accordingly, we believe that our model allows us to better attract and retain providers. Indeed, we are pleased to share that.

Speaker 3: And accordingly, we believe that our model allows us to better attract and retain providers. Indeed, we are pleased to share that Forbes and Statista have just recognized one medical as one of America's best employers in the nation for the second year in a row.

Forbes statistics have just recognized one medical as one of America's best employers in the nation for the second year in a row.

Speaker 3: With our health network partners, we believe we can better coordinate care across the range of settings, owning the complexity of coordinating care on behalf of members and payers, and delivering value-based-

With our health network partners, we believe we can better coordinate care across a range of settings owning the complexity of coordinating care on behalf of members and Payors and delivering value based stake and we are continuing to grow our partnerships and market. Today. We are pleased to announce a new partnership with Hartford health.

Speaker 3: And we are continuing to grow our partnerships in market. Today, we are pleased to announce a new partnership with Hartford Healthcare in Connecticut.

Here in Connecticut, Accordingly, we will continue to expand our reach with our national digital health presence and soon entering our 29th in person market.

Speaker 3: We will continue to expand our reach with our national digital health presence and soon entering our 29th in person mark

Speaker 3: We are also working with a number of health network partners to further coordinate care for all our members, building upon our clinical and digital integration and alignment around value-based care. We believe these partnerships will be tremendously impactful and differentiated as we grow our senior health up.

We are also working with a number of health network partners to further coordinate care for all our members building upon our clinical and digital integration and alignment around value based care. We believe these partnerships will be tremendously impactful and differentiated as we grow our senior health population. We have also continued expanding our health plan.

Speaker 3: We have also continued expanding our health plan relationships in our senior health at risk.

Chip's inner senior health at risk model.

Speaker 3: Growing from just one major health plan partner at the start of 2020 to eight health plan partners in ten different markets by the end of 2020.

Growing from just one major health plan partner at the start of 'twenty 'twenty eight health plan partners in 10 different markets by the end of 2021.

Speaker 3: Adding multiple pairs positions us to increase their growth potential and promote even higher retention.

Adding multiple payers positions us to increase their growth potential and promote even higher retention levels as patients who might switch between health plans with which we contract I mean that will be able to maintain their longitudinal provider relationship with.

Speaker 3: as patients who might switch between health plans with which we contract, we now be able to maintain their longitudinal provider relationship.

Speaker 3: Looking back on the past two years, we expanded members by 74.

Looking back on the past two years, we expanded members by 74% an increase from approximately 7000 to more than 8500 enterprise clients, we launched remote visits.

Speaker 3: and increased from approximately 7,000 to more than 8,500 enterprise clients.

Speaker 3: Our national one medical now virtual services, our mindset behavioral health services, our healthy together COVID.

Our national one medical now virtual services, our mindset behavioral health services, our healthy together Covid service further extended our one medical for Kid's services and extended further into at risk senior care with the <unk> acquisition at the same time, the Volatilities and uncertainties that Covid has brought over these last two years.

Speaker 3: Further extended are one medical for kids' services, and extended further into at-risk senior care with the IORA act.

Speaker 3: At the same time, the volatility and uncertainties that COVID has brought over these last two years will still continue and have some impacts on us in 2022, including volatility and member growth due to vaccine verification members. We served last year. Well, our COVID-related revenue from things like testing.

That'll continue and have some impact on us in 2022, including volatility in member growth due to the vaccine verification members. We serve last year lower COVID-19 related revenue from things like testing and it seemed to lag and the return to more normal visit rates for non COVID-19 related primary care some staffing outages in the beginning of the year.

Speaker 3: and assumed the lag in the return to more normal visit rates for non-COVID-related primary care, some staffing outages in the beginning of the year driven by the surge in Omicron, and an increase in near-term medical experience ratios driven by COVID.

Driven by the surging omicron and an increase in near term medical expense ratios driven by Covid.

Speaker 3: Notwithstanding some of this overhang from these color-related factors, we believe we have never been better positioned to serve more people in more markets across every stage of life.

Notwithstanding some of this overhang from these cover related factors. We believe we have never been better positioned to serve more people in more markets across every stage of life with better health better care better value and a better team environment, we are making smart investments in our team our technology and our growth and we believe.

Speaker 3: Better health, better care, better value in a better team environment. We are making smart investments in our team, our technology and our growth, and we believe our strategic positioning has never been stronger. We'd like to thank our incredible human centered and technology powered team who continue in their dedication to transforming healthcare for all. Now, let me hand it over to our CFO Bjorn Taller to take you through some of our numbers further.

Our strategic positioning has never been stronger we'd like to thank our incredible human centered and technology powered team who continue in their dedication to transforming health care for all now let me hand, it over to our CFO Bjorn Thaler to take you through some of our numbers further.

Jordan.

Speaker 4: Thank you very much and shall all of you for everyone joining us on today's panel.

Thank you Andrea and Hello to everyone joining us on today's call.

Speaker 4: As we have discussed, one medical today we put a strong fourth quarter and fully a 2021 result.

And so can you discuss one medical today reported strong fourth quarter and full year 2021 results.

Speaker 4: What we year. We continued our the longong commercial go.

Thank you.

Sure.

All commercial goals.

Speaker 4: More in New York and opportunities.

Positive adjusted EBITDA.

Our yogurt business more than a year earlier than initially expected.

Speaker 4: they can significantly expand our time with our entrance into the medical care space.

Significantly expanded our Tam with our entrance into the Medicare space.

Speaker 4: Performed meaningfully better than our initial 2021 guidance issued about a year ago. And close the acquisition of a year, performing in line with or better than the guidance we share when we close the agenda.

Meaningfully better than our initial 2021 guidance issued about a year ago.

Cash cost of the acquisition of how you are performing in line with the guidance we ship until September .

Speaker 4: We are confident that our model and approach to care, and long without expanded offerings, will position us well to create long-term wealth.

We are confident that our model and approach to payout along with an expanded offering will position us well to create long term value.

Speaker 4: On this call, I will walk through the fourth quarter in Fudio 2021 revenue drivers. This can't power expense and profitability metrics.

On this call.

Walk Moody's fourth quarter, and full year, 2020 one revenue drivers.

Oh expense and profitability metrics.

Touching on the balance sheet and cash position.

Speaker 4: and provides color around our guidance for the first quarter and four year 2022.

And you provide color on our guidance for the fourth quarter and full year 2022.

I remind you that we closed the acquisition of How're you all in September .

Speaker 4: I remind you that we close the acquisition of Ayura on the 10th of 1st. So the fourth quarter is the first full quarter to include the full impact of Ayura's financial results.

So the fourth quarter is the first full quarter pretty cool the full impact on your.

Financial results.

Speaker 4: We finished 2021 with a total member count of 736,000 members.

You finished 2021 with a total member count of 736000 samples.

Speaker 4: Repotencing growth of 34% over the last year.

I think rose 34% over last year.

Yeah.

Speaker 4: as a risk member, who to more than 33,000, reflecting growth of more than 65% compared to a legacy Ayurveda as a risk member count at UN 2020, and within the guiding things we provided last quarter, we just under a spurred of our total as a risk member coming from direct contact.

At the risk of members, who can more than 33000, reflecting growth of more than 65% compared to legacy.

Can then becomes if you're into 2020.

Within the guidance range, we provided last quarter.

Just under a third of our total estimates to Memphis coming from direct contacts.

Speaker 4: small.?-oh. Than Right

Consumer and enterprise member school twice each percentage year over year.

For 700000.

Nicely above the top end of our age.

Speaker 4: And enterprise members now make up approximately 61% of total commercial.

Enterprise Memphis, now makes up approximately 61% of total commercial loans.

Speaker 4: Keep in mind that S is custom our machinery earnings call. In the third quarter, we added 18 to 25,000 vaccine verification enterprise.

Keep in mind.

On our Q3 earnings call.

Third quarter, we added 25000.

You've got execution enterprise metals.

Speaker 4: Members who are asking for their employers to verify their resignation.

Members, who go up but their employers to better define their vaccination status.

Speaker 4: medical but who have not previously used us for their primary care and who we believe made sure on in 2022.

Medical.

We have not previously used us for their family to you.

And who do you believe nature in 2022.

Speaker 4: Why will we continue to work hard to showcase our capabilities?

While we will continue to work hard to showcase our capabilities to these members and believes that we have an opportunity to convert.

Speaker 4: And believe that we have an opportunity to convert them into continuing one medical...

That would be to continually one medical use those.

Speaker 4: We do not complete expect to attain most of these men.

We do not expect to attend most of these members.

Speaker 4: excluding 21,500 vaccination verification members.

Excluding $21 five fund of explanation notification members.

The midpoint of our estimated range.

Speaker 4: Our total consumer enterprise membership was at 24%. Still showing very strong your own...

Our total consumer and enterprise membership was up 24%.

All showing very strong year over year growth.

Speaker 4: This growth was driven by strong means there as well as continued high manboot and

This growth was driven by strong sales as well as continued high member retention.

Speaker 4: For example, we continued to retain more than 9 out of 10 consumers.

For example, we continued to retain more than nine out of 10 consumer members.

Speaker 4: and we'll repeat more than 9 out of 10 enterprise customers as measured by enterprise contracts out.

And we retained more than nine out of 10 enterprise customers as measured by enterprise contract value.

Speaker 4: with 75% of our total enterprise plane covering their employee in defense.

With 75% of our total emphasized flying covering their employees.

Dependent.

Speaker 4: At the same time, we signed approximately 500 new enterprise clients in 2021 with the average number of eligible lives per client increasing by more than 40% the overall

At the same time, we signed approximately 500, new enterprise science in 2020 one.

The average number of eligible lives feel clients, increasing by more than 40% your overview.

Speaker 4: The thing I mean, I was strong and growing around the population in the market, particularly to a larger employer.

Thanks Emily.

It's growing about the competition in that market.

She can only to larger employers.

Speaker 4: At the time of our IPO, he said that we were targeting membership growth in the low 20% range for the

At the time of our IPO, you said that people are targeting membership growth in the low 20 percents at age 40 from seeable future.

Speaker 4: since year end 2019 and excluding impact of the annual acquisition, end 21,500 vaccination verification members.

Since year end 2019, and excluding the impact of acquisition and 21500 vaccination notification Memphis.

Speaker 5: We have grown at a compound annual rate of 27.

Have grown at a compound annual growth rate of 22, 7%.

Speaker 4: Moving to revenue, total necessary for the fourth quarter grew 89% year-over-year to $230.2 million, $8 million, about the high end of the guided range. We issued on our last earnings.

Moving to revenue.

Total net revenue for the fourth quarter.

9% year over year to $232 million.

$8 million above the high end of guidance range.

Issue.

Cool.

Speaker 5: If growth and alcohol is compared to our guidance, was primarily by our adverts business.

This growth and outperformance compared to our guidance.

Our domestic business with Medicare revenues contributing $99 5 million to total net revenue in Q4.

Speaker 5: with Medicare revenues contributing $99.5 million to total $1,000,000 in June 4th.

Speaker 5: For a quarter total commercial revenue came in at $100.3.7 million, and up to 7% the over-year against the difficult cost with Q4 2020 revenue elevated by meaningful increase in COVID-related services and associated revenue.

Fourth quarter.

Revenue came in at $137 million.

And up 7% year over year against a difficult comp with Q4 2020 revenue elevated by a meaningful decrease in COVID-19 related services and associated revenues.

Speaker 4: The budget task orders commercial revenue growth was driven by an increase in members. It was partially off that by a decline in co-related revenue compared to the premium year.

So I'll just post modest commercial revenue growth was driven by an increase in members. It was partially offset by a decline in COVID-19 related revenue compared to the client.

Speaker 4: Looking at the two-year compound annual growth rate for the fourth water, it was a strong 30%.

Looking at all.

And we'll go to date for the fourth quarter it wasn't as strong.

Perfect.

Speaker 4: Force quarter net fee for service and partnership revenue was $107.5 million at 4% year over year. And membership revenue in the Force quarter grew 27%. Essentially in line with the growth in commercial men.

Fourth quarter less people service and partnership revenue was $107 5 million.

Up 4% year over year.

Membership revenue in the fourth quarter grew 27% essentially in line with the growth in commercial members.

Speaker 4: Q4 Medicare revenue was 99.5 million dollars, with 96.7 million dollars in capitated revenue, and 2.8 million dollars from fee-for-service and other medicine.

Q4, Medicare revenue was $99 $5 million with $96 $7 million in cat potatoes revenue and $2 8 million.

People show up as an other Medicare.

Speaker 4: Medicare review growth was driven primarily by growth in direct contracting as he aligned more fee-for-service medications to risk Medicare.

Medicare has whoa, what's different I met anybody growth in direct contracting as realized more fee for service Medicare patients to have this kit.

Speaker 4: Looking at you for revenue for legacy one medical in a year or separately, legacy one medical revenue came in at $130.2 million. And a year or a year or a year came in at $100 million.

Looking at Q4 revenue for legacy one medical and now you have a separately.

Our legacy one medical's revenue came in at $132 million.

And then all of them came in at $100 million.

Speaker 4: as mentioned previously, going forward, we go no longer be discussing legacy one medical and legacy a Euro revenue separately as we integrate our operations. YTH GERA ENCELER

As mentioned previously going forward, what do we do no wrong would be discussing the legacy one medical and legacy revenue separately.

All operations.

Turning to full year 2021 total net revenue.

Speaker 4: Total net revenue grows 64% to 623.3 million dollars.

The 4% to $623 3 million.

Speaker 4: This was driven by the inclusion of $130 million in Medicare revenue in six loads of the IURA acquisition and continued strength in the commercial business. In 2021, commercial revenue...

This was driven by the inclusion of $130 million in Medicare revenue since the close of the acquisition.

And continued strength in the commercial business in.

In 2021 commercial revenue increased 30%.

Speaker 4: 493.3 million dollars the third straight year of 30% code.

493 points so the million.

Yep.

30% close.

Looking at one medical excluding being picked up by you all that we.

Speaker 4: Looking at one medical excluded the infection by Yorva, we had 40 revenues of $492.7 million, approximately $8 million of the vaste high end of our initial 2021 guidance provided on our Q4 2020 course.

We had plenty of revenues of $492 7 billion.

Approximately $8 million above the high end of our.

Initial 2021 guidance, but I, just don't know what Q4 2020 call.

Speaker 5: Since the close of the acquisition of the Pempo first, I have over-contributed $130.6 million in 2021 revenue, more than $16 million, and vast the high end of the guidance. We provide any connection.

Since the close of the acquisition on September .

Contributed 136 million for all of US in 2021 that Avenue.

$16 million above the high end of the guidance.

Provide any connection just to close off the transaction.

Speaker 4: Again, I wonder what the going forward, we will not be blatantly disnumbered out exactly as we integrate our operate.

Again, I don't know what the going forward, we will not be placing these numbers out separately SPG baydhabo installations.

Speaker 5: Moving out the PNL, medical claims expense for the fourth quarter was $90.5 million, translating to a 94% medical claim expense.

Moving down to P&L medical claims expense for the fourth quarter was $90 5 million.

Translating to a 94% medical claims expense ratio.

Speaker 5: Our third target medical flames, the modestly high-end and real expecting for the quarter, pressured by increased medical usage from the third scale, with the late increasing COVID hospitalizations during the Army concert you disembowled and into January .

So part of your medical claims the modestly higher than we were expecting for the quarter pressured by increased medical usage from before appeal was delayed increasing COVID-19 hospitalization skewing younger.

Central and Jan but.

Speaker 4: As I mentioned, through the year, through year end of 2021, we continue to see meaningful equipment in medical science expense base deals on a cohort base.

And then you had mentioned.

Through year end 2021, we continue to see meaningful improvements in medical claims expense ratios on a cohort basis.

Speaker 4: with improvements compared to the prior year across all.

This improvement compared to the prior year across all cohorts.

Speaker 4: because of care, which we are reporting on a consolidated basis, given our expectations to ultimately teach care of most of our members in most of our clinics, regardless of ancient clinics.

Cost of care, which we are reporting on a consolidated basis, given our expectations to ultimately catch care of most of our members in most of our clinics resolves itself H and funding mechanism.

Speaker 4: 34% in the fourth quarter year over year to $102.2 million. You primarily do today is...

44% in the fourth quarter and year over year to 102 pumps $2 million.

Do you primarily due to the addition of Iowa.

Speaker 4: also saw growth in COVID-related costs and continued our investment in our providers, support labor and EU offices.

We also saw growth in COVID-19 related costs.

With all the investments you know it provides us support label and you offices.

Despite these investments homology kicks in at a strong $38 million.

Speaker 4: Caremaging came in at a strong 38 million dollars, which was the high end of our guidance range, equating to 16...

Which was the high end of our guidance range equating to 16% 11.

Speaker 4: As a reminder, this is the first four quad-route in the acquisition of a U.

As a reminder, this.

Is the first full quarter since the acquisition of Honeywell.

Speaker 5: Fourth quarter S-TNA came in at 112.9 billion dollars.

Fourth quarter SG&A came in at $112 million.

Speaker 4: Adjusted for stock-based compensation and legal and integration related costs, Estrinate which has been $78.1 million for 34% of revenue, in line with the legal.

Adjusted for stock based compensation and deal and integration related costs.

G&A would have been $78 1 million.

Well, it's 34% of revenue.

In line.

Awesome.

Speaker 4: And this is despite the addition of a Yola, which will provide us with additional leverage opportunities for the combined platform going forward, as each incremental member, better leverages our natural ethics cost base.

And this is despite the addition of <unk>.

Which will provide us with additional leverage opportunities for the combined platform going forward as each incremental mental.

I don't have which is a largely fixed cost base.

Speaker 4: At the same time, we are continuing to make meaningful investments in our marketing capability.

At the same time, we are continuing to make meaningful investments in our marketing capabilities.

Speaker 5: growing the team to help increase render awareness, any preparation for new market months.

Growing the team to help increase the antibody on this any quick creation for new market launches.

Speaker 4: Also continue to build out our CLDM as we grow across the country. As far as our products and techs...

Also continued to build out our sales team as well with Costa coffee as far as our product and tech team to continue to further innovate and expand our technology.

Speaker 5: continue to further innovate and expand our technology. As a result,

As a result of these cook with 20 investments and you have the dynamics, we have discussed adjusted EBITDA for the quarter came in at negative $46 million.

Speaker 5: And the other dynamics we have discussed, adjusted even though for the quarter, came in at negative $40.6 million, estimate points of our guidance.

At the midpoint of our guidance.

Speaker 4: Taking a look at the four year, we generated $188.1 million in KMR in 2021. Up, 30%.

Taking a look at the full year, we generated 188 $1 million in T O molecule in 2021.

So it would be something from last year.

Speaker 5: Our key market percentage came in at 30% for the 40% impacted by the inclusion of the past year over Europe , which derived to be significantly higher revenue remember, but for 2021 and a negative KMR.

Our care margin percentage came in at 30% for the full year impacted by the inclusion of it possibly you what about Europe .

Each device significantly higher revenue per member for 'twenty, 'twenty, one and a negative CMO.

Speaker 4: And finally, adjusted EBITDA for full year 2021 was negative $34.9 million, a margin of negative 6% driven by the dynamics I just mentioned.

And finally adjusted EBITDA for full year 2021 was negative $34 9 million.

In March and a negative 6%.

But the dynamics I just yet.

Speaker 5: Turning now to the balance sheet, we ended the quarter with $501.9 million.

Turning now to the balance sheet. We ended the quarter was 501 $9 million in cash and marketable.

Speaker 4: cash and marketable securities it decrease of $18.1 million from the

Marketable securities.

Decrease of $88 1 million from the fall.

Speaker 5: This was primarily developed by 73.2 million dollars in cash, use for operating activity.

This was primarily driven by $73 2 million.

Cash used for operating activities.

Speaker 5: which included a $20.4 million payment of acute expenses primarily related to the annual acquisition that we paid out in the fourth quarter, as well as a $5.9 million increase in the competition, and a $6.7 million decrease in operating these capabilities. Both due to...

Which included a $24 million payment of accrued expenses, primarily related to the acquisition that'd be paid out in the fourth quarter.

$5 $9 million increase in the comps.

And a $6 $7 million decrease in operating lease liabilities.

Due to the timing of certain payments.

Yeah.

Speaker 5: We also had $19.7 million in capital expenditures over the course of the forced water. As we continue to invest in our geographic expansion and technology.

You also had $19 7 million.

And capital expenditures over the course of the fourth quarter.

<unk> between met gymnast.

That expansion and technology.

Speaker 4: We continued to release our cash and marketable security balance.

We continue to believe our cash and marketable security balance.

Speaker 5: Together with our ability to moderate our discretionary spending, will provide us with sufficient liquidity to fuel our growth.

Together with its ability to motivate our discretionary spending will provide us with sufficient liquidity to fuel our growth.

Speaker 4: For example, we have previously mentioned that on average, we spend approximately $1.5 million for new office in cap of expenditures, not counting initials.com.

For example, we have previously mentioned that on average we spent approximately $1 $5 million for your losses and capital expenditures not counting initial startup costs.

Speaker 4: In 2022, we expect to open between 30 and 40 UR.

In 2022 weeks.

We expect to open between 30 and 40 new offices.

Furthermore, we expect that as a risk than Botswana and chew on medical we're continuing to have a negative margin in the beginning.

Speaker 5: Furthermore, we expect that at-risk members who are immune to one medical will continue to have a negative clear margin in the beginning.

Speaker 4: Our unique member model and longitudinal coach to care allows us to deploy alternate engagement studies.

Oh, you need to remember model and longitudinal approach allows us to deploy alternate engagement strategies.

Speaker 5: For example, taking care of members on a fee for service basis in this one inch two be for taking full risks on these members.

Apple taking care of members on the fee for service basis, just wanted to be.

Before taking full risk on these membership context.

Speaker 5: Biolis approach can reduce near-term adverse commembral growth and revenue. It can also reduce cash needs and boost profit available.

Biologists approach can reduce near term advancement with votes into revenue. It can also reduce cash needs and boost profitability.

Speaker 4: Turning to our outlook for the coming year. I'll start by reiterating what I said earlier.

Turning to our outlook for the coming year.

Not really.

Really what I just said earlier.

Speaker 5: One medical strategic positioning is as strong as it has ever been.

One medical strategic positioning is as strong as it has ever been.

Speaker 4: We have GLO, Noury Membership, Revenue, Geographic Footprints, and Service offlings while continuing to provide excellent service travel cuts.

We have grown our membership revs.

Revenue geographic footprint and service offerings, while continuing to provide excellent service to our customers.

Speaker 5: by COVID has introduced some new chance volatility. We remain on course for the long run.

My coverage has introduced some near term volatility.

We remain on course for the long run.

Speaker 4: And we have executed on our long-term target set out as part of our IPO with average membership growth of 29% and the revenue growth of 34% in the commercial business in 2019.

We have executed on our long term targets set out as part of our IPO.

Average membership growth of 29% and the revenue growth.

34% in the commercial business in 2019.

Speaker 5: I also note that there has been some recent discussion about the future of the direct contract in both.

I'll also note that there has been some recent discussion about the future of the direct contact me program.

Speaker 5: We had approximately 10,000 direct contracting members as of year end 2021, which increased to approximately 13,000 as of January of this year.

We had approximately 10000 direct contact he Memphis as of year end 2021.

<unk> increased to approximately 13000.

January of this year.

Speaker 4: Our guidance today assumes that the program continues in its account for.

Our guidance today assumes that the program continues in its current form.

Speaker 4: Starting this guidance for the Fall of 2022, we expect total members to come in between 830,000 and 852,000.

Starting with guidance for the full year 2022 we expect total members to come in between 830008 hundred 52000.

Speaker 4: year over year growth of 14% at the midpoint or growth of 18%, excluding 21,500 vaccine verification members.

Year over year growth of 14% at the midpoint.

18%, excluding 21500 <unk> notification members.

Speaker 4: These vaccine verification members joined us predominantly in June 3 of 2021. Yet, these members did not come with much associated revenue. And at this point, we don't expect to retain most of these members in 2022.

These 16 verification members joined US predominantly in Q3 of 2021, yet he's Memphis did not come with much yourself. So you did a avenue and at this point don't do you expect to retain most of these members in 2022.

Speaker 4: Consumer Enterprise members are expected to range between 790,000 and 810,000.

Could you mind enterprise members are expected to range between 790000 and 810000.

Speaker 5: which implies 17% year over year growth, excluding these estimated vaccination verification members, and a 24% compound annual growth rate since 2019.

Which implies 17% year over year.

Excluding these estimated vaccination of education Memphis.

And at 24% compound annual growth rate since 2019.

Speaker 4: And our at least members are expected to range from 40,000 to 42,000 members.

And this meant but I expect it to range from 40000.

242000 members.

Speaker 4: growth of 23% over 2021 at the midpoint.

Growth of 20% over 2021 at the midpoint.

We expect full year 2022, total net revenue to come in between one point.

Speaker 4: We expect full year 2022 total net revenue to come in between 1.045 and 1.085 billion dollars.

One five and $1.085 billion.

Speaker 5: Commercial revenue is expected to be between $530,000 and $350,000,000.

Commercial revenue is expected to be between 530 and $550 million the.

Speaker 4: A guidance range which we believe to be appropriate in the COVID-related volatility.

The guidance range, which we believe to be appropriate given the COVID-19 related volatility.

Speaking about Kobe.

Speaker 4: COVID related services provided on balance some temporary revenue tailwinds in 2021. And we project these revenue tailwinds to decrease significantly in 2022.

Corporate related services provided on balance some temporary revenue tailwind from 'twenty to 'twenty one.

And we project revenue.

To decrease significantly in 2022.

Speaker 5: And by the out project in meaningful decline in COVID related services over last year, we are...

And finally also checking a meaningful decline in Kobe to related services over last year.

We all had to disappoint.

Speaker 5: also projecting a lag in a return to more normal visit patterns for routine non-COVID related primary care.

Also projects and that to.

Two more normal visit patterns for routine non COVID-19 related family care.

Speaker 4: And looking at the Omicron surge in January , similar to many employers across the country, we also experienced some staffing outages due to an increase in affected team members, which resulted in some forgone revenue and higher costs.

And looking at the Plumbicon searching generally.

There are too many employers across the country. We also.

Some staffing outages due to an increase in effect its team members, which resulted in some foregone with avenue and higher costs.

Speaker 4: The SMS, the year-over-year impact, the two revenue per member attributable to these COVID dynamics.

The estimates.

Your impact to revenue per member attributable to these COVID-19 dynamics.

Speaker 4: to be between five and 10 percentage points of levity.

To be between five and 10 percentage points 11.

Speaker 4: Looking at the midpoint of our 2022 commercial revenue guidance compared to prior to the pandemic in 2019, the three-year compound annual growth rate is expected to be 25% right in line with the expectations we set at the time of our IPO and prior to the pandemic.

Looking at the mid point of our 2022 commercial revenue guidance compared to prior to the pandemic in 2019.

Three year compound annual growth rate is expected to be 25%.

In line with the expectations, we set at the time of our IPO and prior to the pandemic.

Speaker 4: Medicare Revenue for the 4-year 2022 is expected to range from $515 to $535 million.

Medicare revenue for the full year 2022 is expected to range from $515 million to $535 million.

Speaker 5: which implies growth at the midpoint of 32% compared to an analyzed fourth quarter of 2021, our first fourth quarter including the senior best.

Which implies growth at the midpoint of 32% compared to an annualized fourth quarter of 2021, our first full quarter, including the senior business.

Speaker 4: Chair Marching for the coming years expected to range from 195 to 215 million dollars.

<unk> for the coming year is expected to range from $195 million to $215 million.

Speaker 5: At the midpoint, this implies growth of 35% over 4K, 2021, analyzed, run.

At the midpoint this implies growth of 5% over <unk> 2021 annualized run rate.

Speaker 4: We believe this guidance is a plus we have given the medical utilization we have seen with the search of Omicron hospitalizations as we enter the year and which have been modified.

We believe this guidance as appropriate given the medical utilization, we have seen with the surge of omnicom hospitalizations and touch the yoga and wood chips into model.

Speaker 5: adjusted EBITDA for 2022 is expected to range between negative 135 and negative 115 million dollars for the year.

Adjusted EBITDA for 2022 is expected to range between negative 135, and negative 115 million almost 40 years.

Speaker 5: At the midpoint of the age, death would imply a $37 million improvement over the annualized run rate from the fourth quarter of 2021.

At the midpoint of the range that would imply it's $37 million improvement or would you annualize that emanates from the fourth quarter of 2021.

Speaker 5: And as I said earlier, despite near-term COVID volatility, we will continue to invest in long-term growth. And we are planning to open 30 to 40 offices in 2022 as we continue to expand our national presence.

And this is a failure.

Can you just tell them cope with volatility we will continue to invest in long term growth and we are planning to open 30 to 40 offices in 2022 as we continue to expand our national presence.

Speaker 4: Now let me turn to guidance for the first quarter of 2022.

Now, let me turn to guidance for the first quarter of 2022.

Speaker 4: We expect to enter the quarter with total members in the range of 752,000 to 773,000.

We expect to end the quarter with total members in the range of 752000 to 773000 in <unk>.

Speaker 5: Employee's growth of 28% year-over-year estimates home.

<unk> growth of 28% year over year at the midpoint.

Speaker 4: The Consumer Identification Member Count is expected to be between 715,735,000, which implies 21% year-over-year growth, and 18% year-over-year growth, 0

The consumer and enterprise member count is expected to be between 750.

<unk> thousand 735000, which implies 21% year over year growth.

And 18% year over year growth, excluding the estimated vaccination Densification Memphis.

We expect membership to come in between 37030 8000 members.

Speaker 4: We expect at a risk membership to come in between 37,000 and 38,000 men.

Speaker 4: which at the midpoint would imply year over year growth of 76% compared to a year-old's member count as of the first quarter of us.

Which at the midpoint would imply year over year growth of 76% compared to all of you will have member count is off the first quarter of last year.

Speaker 4: We expect first for the total net revenue to range between 240 and 250 million dollars.

We expect first quarter total net revenue to range between 240 and $250 million.

Speaker 4: Commercial revenue is expected to be between $115,000, and $120 million. Like we done here over a year at the midpoint of the range, due to the COVID related impacts, including the fourth on revenue from Comic-Con related staffing outages, I mentioned earlier, and given that Q1 2020 included an increase in COVID related revenues and tier of expenditures.

Commercial revenue is expected to be between 100 and speak to you.

And $120 million slightly down year over year at the midpoint of the range due to the COVID-19 related impact.

<unk> the full brunt of Avenue from Omnicom's related stopping outages I mentioned earlier.

And given the Q1 2020 included an increase in Cobra related avenues and killed ex funded.

Speaker 4: Medicare revenue is expected to range between $125 and $130 million. In five growth of 105%, compared to Ayurveda revenue from Q1 2021, at the midpoint of today.

Medicare revenue is expected to range between 125 and $130 million.

Implied growth of 105% compared to all of you move up the revenue from Q1 2021 .

The midpoint of the bank.

Speaker 4: First quarter, KLM is expected to be between $35 and $45 million. Down from last year, given the inclusion of our ad-visc business in our financial results and the COVID dynamics I discussed earlier.

First quarter margin is expected to be between 35 and $45 million.

Given the inclusion of our additives business.

Actual results and the Kobe dynamics I discussed earlier.

Speaker 4: noting it our senior ad risk population, by we have continued to see our cohort medical planes expense ratios decline year over year as previously described.

Looking at our senior and risk population.

<unk> continued to see our cohort medical claims expense ratio decline year over year as previously described.

Speaker 4: We have seen an increase in COVID-related hospitalizations and associated costs due to Omicron particularly in early January . Though we have seen hospitalizations starting to model it.

We have seen an increase in COVID-19 related hospitalizations and associated costs due to Amit, particularly early January Dolby have optimization starting to moderate.

Speaker 5: And finally, adjusted EBITDA is expected to range between negative 40 and negative 30 million dollars.

And finally, adjusted EBITDA is expected to range between negative 40 megabits.

Million.

Speaker 5: Down from last year, you primarily to the inclusion of the Medicare business and the other factors I already did.

Down from last year do.

Due primarily to the inclusion of the Medicare business and the other factor that I already discussed.

Speaker 4: In conclusion, one medical performed very well in 2021, posting strong results in the challenging operating environment, expanding our offerings to all stages of life, and growing our membership base, employer relationships, health network partnerships, and geographic support.

In conclusion.

One medical performed very badly in 2021 posting strong results in a challenging operating environment, expanding our offerings to all stages of life and growing our membership base employer relationships health network partnerships and geographic footprint.

Speaker 4: Despite COVID causing some near-term volatility, our value proposition, long-term trajectory, and financial outlook are as strong as ever.

Fight Covid, causing some near term volatility our value proposition long term trajectory and financial outlook as strong as ever.

Speaker 4: And with that, we'll open up the call for questions. Operator.

And with that we'll open up the call for questions operator.

Speaker 1: Ladies and gentlemen, to ask a question at this time, you will need to press the start and the one key on your touch.

Thank you, ladies and gentlemen to ask a question at this time you will need to press. The Star then the one key on your Touchtone telephone.

To withdraw your question you May press the pound key in interest of time, we ask that you. Please limit yourself to one question only.

Speaker 1: In the interest of time we ask you please limit yourself to one question only. Please send bye.

<unk> will be compile the Q&A roster.

Speaker 1: Now first question coming from the line up, Lisa Gill from JP Morgan. He'll lines now open. Thanks.

Our first question coming from the line of Lisa Gill from Jpmorgan. Your line is now open.

Alright, thanks, very much good afternoon, Bjorn and Amir and thanks for all the detail I, just really want to start with just a couple of your expectations. First you did talk about the physician cost and the fact that you know for some physicians were out because of Ami crime, but can you talk about what you're seeing on labor costs are you seeing.

Speaker 6: Bjorn and Amir and thanks for all the detail. I just really want to start Amir with just a couple of your expectations.

Speaker 6: First, you did talk about the physician cost and the fact that, you know, some physicians were out because of Omicron, but can you talk about what you're seeing on labor costs? Are you seeing any issues around labor shortages? And within your guidance, did you have to increase any of those salaries that you have for your current physician?

Any issues around labor shortages and within your guidance did you have to increase any of those salaries that you have for your current physicians and then secondly, when we think about army Kron can you just talk about what you have in that expectation of your medical cost trends.

Speaker 6: And then secondly, when we think about Omicron, can you just talk about what you have in that expectation of your medical cost trends for 2022?

For 2022.

Speaker 3: Yeah, Lisa, thank you for the question. Yeah, a couple things. I think first of all, we're not immune to certainly the broader.

Yeah. We said thank you for the question Yeah, a couple of things I think first of all you know, we're not immune to certainly the broader.

Speaker 3: factors that we're seeing in the economy in terms of labor. But I don't think we have any extraordinary or outsized issues there. We certainly have.

Factors that we're seeing in the economy in terms of.

Labor, but.

But I don't think we have any.

Extraordinary or outsized ish.

Issues, there, we certainly have factored.

Speaker 3: into our projections, any increased costs. And we did have to factor even a little bit incrementally more as we are heading into the new year. So those are in our numbers and those were factors.

Into our projections.

Projections any increased costs in and we did have to factor, even a little bit incrementally more as we are heading into the new year. So those are in our numbers and those were factors we needed to consider in terms of in terms of omicron impact like as other employers. So we did have some.

Speaker 3: we needed to consider. In terms of Omicron impact, like as other employers saw, we did have some employees not able to come in and that did impact us in the beginning of the year and towards the end of last year a little bit in terms of being able to accommodate.

Employees, not able to come in and that did impact us in the beginning of the year and towards the end of last year, a little bit in terms of being able to accommodate them.

Speaker 3: our members. And certainly, as we mentioned on the prepared remarks, we did feel a little bit of that in our medical claims expense ratios, but we are seeing those begin to moderate and expect those to moderate through the end of the year.

Our members are.

And certainly as we mentioned on the prepared remarks, we did see a little bit of that in our medical claims expense ratios, but we are seeing those begin to moderate and expect those to moderate.

At the end of the year.

Great. Thank you.

Yeah.

Speaker 1: And now next question coming from the line of Jealousy, what credits will you line up?

And our next question coming from the line of Shannon Just Singh with Credit Suisse. Your line is open.

Speaker 7: Thank you and good afternoon everyone. Maybe if you guys can talk about your MLR expectations for IOWRA for 2022, maybe at least provide some directional color around quarterly cadence, just to try to understand that there are particular cohorts. You see opportunity to improve MLR in 2020. We just give some color there for expectations next year.

Okay. Thank you and good afternoon, everyone.

If you guys can talk about your MLR expectations for Io at all for 2022 maybe at least provide some directional color around quarterly cadence just trying to understand that particular cohort do you see opportunity to improve MLR in 'twenty two.

Give some color there on expectations next year.

Speaker 4: Yeah, happy to. So yeah, we certainly do continue to believe that the medical plans extend to the OV show.

Yeah happy to so yeah, we certainly are.

We certainly.

Do continue to believe that the medical claims expense ratio.

Speaker 4: This year is going to be driven in part by COVID. Certainly last year we saw a fair bit of that playing out as well as COVID related to growth here. And certainly if you look at 2021, that has continued to hire medical costs in the near term among our...

Does he is going to be driven in part by Covid.

Suddenly last year you saw the update.

Of that playing out throughout the year as well as Cobra deleted real scale and certainly if you look at 2021 that has contributed to higher medical costs.

Near term among our population of patients.

Speaker 5: Maybe just as a reminder, we actually had 94% medical claims ratio in June 4 and 92% since the acquisition of the of Ayurveda closed.

Maybe just as a reminder, we actually hit 94% medical claims ratio in Q4, and 92% since the acquisition of the <unk> of.

On your workflows. So S. Dan will Q2, 2022, yes, certainly projecting amortization wow.

Speaker 5: So, SI then looked into 2022. We are certainly projecting in moderation as well to this in the interest of more normalized numbers.

This was more normalized non bonus.

Speaker 4: Again, generally, we did see some increasing hospitalizations, but our assumptions do expect a normalization of the rest of the year.

Again generally we did see some increase in hospitalizations, but our assumption.

Do you expect.

No amortization.

Do they still video.

Okay. Thank you.

Speaker 1: And our next question coming from Delina, Ricky Goldwasser with Morgan Stanley , Yelena.

And our next question coming from the line of Ricky Goldwasser with Morgan Stanley . Your line is open.

Speaker 8: Yeah, hi, good evening. So two questions here. First of all, me here in your prepared remark, you talked about the underlying assumption for 2022. Did you gonna see a lag in return to routine primary care? So what are you seeing in the marketplace that makes you think that it's gonna take us longer to get to normalized environment? And then my second question is around your expectation for fiscal year 2022 burn rate and just sort of how should we think about tax low guidance?

Yeah, Hi, good evening two.

Two questions here first of all I'm here in your prepared remarks, you talked about the underlying assumption for 2022, because you're going to see a lag in a return to a primary care.

So what are you seeing in the marketplace that makes you think that.

It's going to take us longer to get to a normalized environment and then my second question is around your expectation for fiscal year 2022 burn rate and just sort of how should we think about.

Cash flow guidance.

Speaker 3: Yeah, great. Ricky, thanks so much. I'll start that and maybe I'll hand it over to Bjorn as well, but or I could just cover that.

Yeah, great Ricky Thanks, so much I'll start that and maybe I'll hand, it over to be won and as well but.

Or I can just cover that.

Speaker 3: Yeah, in terms of the return to normalization, as we've mentioned in the past, over the past couple of years, we've seen our overall kind of visit levels, if you will, and utilization levels higher than pre-COVID, but that's when you include COVID-related visits and testing and the things of that nature. And when you look underlying that when you exclude

Yeah in terms of the return to normalization as we've mentioned in the past over the past couple of years, we've seen our overall kind of visit levels, if you will and utilization levels higher than pre COVID-19 , but that's when you include the COVID-19 related visits and testing and the things of that nature and when you look.

Underlying that when you exclude.

Speaker 3: COVID-related testing and other visits. Those routine visits haven't yet returned to pre-2019 levels. And in many markets across the country, we haven't seen people return to all of their normal activity, including return to the offices.

Covid related.

<unk> and other visits those are routine visits haven't yet returned to pre 2019 levels.

And in many markets across the country, we haven't seen people returned to all of their normal activity, including return to the offices.

Speaker 3: and other normal activities including big group setting activities. So that leads us to be cautious in the projection as to when we see that routine primary care return.

Yeah, and other normal activities, including Big group setting activities, so that leads us to.

And be cautious in our projection as to when we see that routine primary care returned.

Speaker 3: You know, in terms of the cash question, as Bjorn mentioned, we have more than 500 million in cash and marketable securities.

You know in terms of the cash question you know as Bjorn mentioned, we have more than 500 million in.

Cash and marketable securities.

Speaker 3: and believe we are well positioned there, we also have...

And believe we are.

Well positioned there and we also have.

Speaker 3: the ability to moderate our growth and manage the level of at-risk patients that we take and the level of offices that we open. So we think we're well positioned there.

The ability to kind of moderate.

Moderate our growth.

And manage the level of at risk patients that we take and the level of offices that we opened so we think we're well positioned there.

Speaker 5: And maybe just to give you a little more, a little more color there, you obviously heard our Adjusted to the Dark Island here today. You know, when I think about the bridge to cash from there, you know, we are expecting to open certain 14 offices. You know, the average cat-picks office is about a million five as I mentioned.

Yes, and maybe just to give you a little more little more color.

Yeah.

Adjusted EBITDA guidance here today.

When I think about this image too.

Two cash someday.

We are expecting to open soon.

<unk> losses.

Yeah.

Office is about $1 five as I mentioned.

Speaker 5: And those are really the two biggest pieces, as I think about the cash flow here. When you take a step back, the historic told me to capitalize about probably 10 million to 15 million dollars of technology spend every year. Those are the big pockets that's using about rich from the electricity that's done to cash.

And those are really the two biggest pieces as I think about the cash flow.

And then when you take a step back.

Historically these capitalized.

On the 10 million to $15 million of offtake.

Technology spend.

Those are the those are the big buckets as you think about bleach from adjusted EBITDA to cash.

Thank you.

Yeah.

Speaker 1: Our next question coming from Delano of Elizabeth Anderson would ever cry. Say, you'll on it so

Our next question coming from the line of Elizabeth Anderson with Evercore ISI. Your line is open.

Speaker 9: Hi guys, thanks so much for the question. I was wondering if you could comment on the selling season and the commercial business and sort of how you're seeing that trend this year in the need and notable changes versus last year. And then also if you could comment on your IOR or a strategic targets and how they're tracking versus your expectations, thanks.

Hi, guys. Thanks, so much for the question I was wondering if you could comment on the selling season in the commercial business and sort of how you're seeing that trend. This year and any notable changes versus last year and then also if you could comment on your I R. S synergy targets and how they're tracking versus your expectations. Thanks.

Yeah. Thanks, Thanks Elizabeth.

Speaker 3: In terms of the employer segment, I'd say one of the things that we're starting to see that's pretty exciting and we mentioned on the call today is we're starting to retract the larger and larger employers and

In terms of the employer segment.

Say one of the things that we're starting to see that's pretty exciting and we mentioned on the call. Today is we're starting to attract the larger and larger employers.

Speaker 3: We mentioned we've attracted also one of the larger, larger banks, which is exciting to us. We also announce today on the call that we will be.

We mentioned we have attracted also one of the larger larger banks, which is exciting to US. We also announced today on the call that we will be entering into our 29th market again, making us more and more attractive to larger and larger employers now as he started talking with the larger and larger companies.

Speaker 3: entering into our 29th market, again, making us more and more attractive to larger and larger employers. Now as you start talking with the larger and larger companies, the lead times to roll those programs out sometimes can take a little longer in the processes of...

Lead times to roll those programs out sometimes can take a little longer in the processes of.

Speaker 3: selling to those employers and rolling out programs might take longer but

Selling to those employers and rolling out programs might take longer than that.

Speaker 3: In general, I would say nothing fundamentally different except for the fact that we're attracting larger and larger and pourers. In terms of the IORS synergies, we feel really good about the synergies and about the integration. We feel our integration is coming together extremely nicely, bringing together our teams, bringing together our technologies as well.

In general.

I would say nothing fundamentally different except for the fact that we're.

Attracting larger and large employers.

In terms of the Iris synergies, we feel really good about the synergies and about the integration we feel our integration is coming together extremely nicely, bringing together our teams, bringing together our our.

Allergies as well and then on the revenue side, we believe we're on track or even you know favorable to the midpoint of our revenue synergy so feel.

Speaker 3: And then on the revenue side, we believe we're on track, we're even favorable to the midpoint of our revenue synergy, so feel very positive there.

Very positive there.

Perfect. Thanks.

Speaker 1: Our next question coming from the line of Sarah James.

And our next question coming from the line of Sarah James with Barclays. Your line is open.

Speaker 1: Thank you. I appreciate the M.A. MLR breakdown by cohort. How should we think about the admin load assigned to that segment where does MLR need to be to hit break even? And if you can just update us on your thoughts of when that segment may hit break even, thanks.

Thank you I appreciate the M, a MLR breakdown by cohort and how.

How should we think about the admin load assigned to that segment, where does MLR needs to be to hit breakeven and if you can just update us on your thoughts.

When that segment may hit breakeven. Thanks.

Speaker 5: Yeah, good question. I think from the MLL perspective, obviously for the total company, maybe it's a question of really good. As I think you heard from me earlier today, our monitor tool in the virtual key actually quite as with a unique opportunity to particularly indirect contenting.

Yeah. Good question I think.

E MLR.

And then out perspective, obviously for the total company and I did see question Ralph.

Hello.

I think you heard from your earlier today.

Our launch of tumor approach.

<unk> provides us with a unique opportunity too, particularly in diabetes contracting.

Speaker 4: to maybe kick-kill members for the year or two on a service basis before we change the funding model here to an arrest model. And I think that is really something that obviously will impact revenue growth, and the post, but it will also impact medical law ratios.

To maybe keep scales nimble slowly youll have to on an NPV on a peaceful service basis before.

Well we are.

Change in funding model.

This model and I think that is something that.

That obviously will impact revenue growth.

But you can also impact medical loss ratios really impacted EBITDA.

Speaker 4: given that where those cohorts come in early on tends to be.

Given that we have.

Cohorts come in <unk> tends to be tends to be negative. So I think we have a unique opportunity.

Speaker 4: So I think we have a unique opportunity here. When you look at the call who are certainly our most, most...

When you look at the cohort certainly I will most.

Most.

Speaker 4: probably the tour cohort which is sort of 2017 and prior, I think is performing pretty well overall. We've seen our 10K at the end.

Call. It mature cohort consists of a 2017 and style I think is performing pretty well overall.

As you know.

Speaker 5: 74% medical plus ratio for 2021. In a year that overall, the overall speaking challenging given the COVID dynamics. So we feel very good about our ability to continue to thrive.

74% medical cost ratio.

For 2021.

Is that overall steel ball speed and challenging given the COVID-19 dynamics. So we feel very good about our ability to continue to drive.

Speaker 5: differential results here on those four words and really what you will see for the combined company is the question of mix and growth of the individual.

The financial results here on Bill Woodson and.

Really what you would see for the combined company is the question of mix.

The individual cohorts.

Speaker 1: Any color on how you think about the admin mode assigned to your Medicare requirements.

Got it.

Any color on how you think about the admin load assigned them to your Medicare segment.

Speaker 5: Yeah, the cost of care obviously is something that we are going to disclose on a combined basis. And that's really driven by the fact that we expect to take care of most of our members and cost most of our offices together. You heard on your talk earlier about the engagement that we're providing with our members.

Yeah.

The cost of care, obviously is some.

I'm, saying that.

We are going to disclose on it.

Each basis, and that's really driven by the fact that we expect to take care of most of our members.

Most of our offices together.

We won't be involved the engagements that you're designing with our members and that is definitely something that we're going to do all the final offices or most of our offices notwithstanding that some of them might be might be specialized so.

Speaker 5: and that's definitely something that it will going to do in all of our offices or most of our offices. Not understanding that some of them might be specialized.

Speaker 5: So really when you look at the total key on margin guidance, I think that that to me really sums up both the third party medical cost. That's why there's so much we need to invest into our business to take care of our members. And then on the SGN 8.9, that's really where I think you will see a lot of the leverage coming in from our large fixed cost base between our two companies.

Really when you look at the total margin guidance. So it seems that that's to me.

Really sums up those deaths due upon the medical costs. That's what it is how much needs to invest each of our business to take care of our members and then on the SG&A side.

That's really where I think you'll see.

The amount of doing that which coming in.

I will now turn your fixed cost base between our two companies.

Thank you.

Speaker 6: Next question coming from the line up Daniel Gassette with Siri on it.

And our next question coming from the line of Danielle <unk> with <unk>.

Your line is open.

Speaker 10: Hi guys, thanks for taking the question. A bit of a bigger picture question for you. As you open up new offices, I think you mentioned 30 to 40 new offices this year, do you intend to keep IORA and one medical facility separate or will they be consolidated under the one medical brand and in geographies where there's both IORA and one medical facilities? How are you thinking about combining those and thinning a little bit on cost?

Hi, guys. Thanks for taking the question a bit of a bigger picture question for you and you open up new offices I think you mentioned 30 to 40, new offices. This year do you intend to keep eye Ora and one medical facilities separate or will they be consolidated under the <unk>.

One medical brand.

And you know in in geographies, where there's both Iowa and one medical facilities. How are you thinking about combining those in and saving a little bit on cost.

Speaker 3: Yeah, thanks, Daniel. Yeah, in general, we are indeed thinking of these as one set of one medical facilities and have already started bringing them together. For example, as we already stated, we're already taking risk in legacy one medical office.

Yeah. Thanks, Danielle Yeah in general we are indeed thinking of these as well.

One set of one medical facilities and have already started bringing them together for example, as we already stated we're already taking risk in.

In the legacy one medical offices right. So.

Speaker 3: We already have at-risk members in those markets.

We already have at risk members in those markets certainly we have certain offices that were situated near the citycenter and offices that were situated near the senior center that may continue to attract different populations.

Speaker 3: Certainly we have certain offices that were situated near the city center and offices that were situated near the senior center that they continue to attract different populations.

Speaker 3: Some city center offices aren't great for pediatrics or maybe geriatrics, so we will have potentially different services and different offices. But in general, we are thinking about this in a common way. So as we grow in a lot of suburban areas, those offices, those markets.

Citycenter offices aren't great for pediatrics, or maybe geriatrics, and so we will have potentially different services and different different offices, but in general we are thinking about this in a in a common way so as we grow and a lot of suburban areas those offices those markets conserve all populations of course.

Speaker 3: conserve all populations. Of course, we're leveraging common technology, corporate staff, we're bringing together our virtual team members. So these things are leveraged across the organization.

We're leveraging common technology corporate staff were bringing together our virtual team members. So these things are leveraged across the organization.

Got it thank you.

Speaker 6: And our next question coming from the line up, Ryan Daniels, with William Blair, he'll let us know.

And our next question coming from the line of Ryan Daniels with William Blair. Your line is open.

Speaker 11: Hey guys, Nick, you've got it for Ryan. Thanks for taking my question. I guess we've been seeing kind of increasing competition in the MAPR market with churn rates increasing at a couple of the legacy payers that are losing members to kind of the newer entrants. Just wondering how that's affecting churn or particularly with respect to humanas lives and then how that impacted your 2022 expectation.

Hey, guys Nick speak out in for Ryan. Thanks for taking my question I guess, we've been seeing a trend of increasing competition in the payer market with churn rates increasing at a couple of the legacy players that are losing members to kind of the newer entrants.

I'm just wondering how that's affecting churn of our particularly with respect to humana's lives and.

And then how that's impacted your 2022.

Expectations.

Speaker 3: Yeah, thanks Ryan. Well, I think as we noted, we went from one payer in the beginning of 2020 to more than eight to eight payers now in 10 markets with multiple payers in each of our markets. So that certainly supports us well to be multi-payer if there's changes in any particular payer. And we did see that.

Yeah, Thanks, Ryan well I think as we noted we went from one payer.

At the beginning of 2022 to more than eight to eight payers now in 10 markets with multiple payers in each of our markets. So that certainly.

Supports as well to be multi payer if theres changes in any particular payer and and we we did see that.

Speaker 3: ability to retain some of those members that might have switched health plans that maybe we wouldn't have been able to retain into the past. So certainly that's positive news and that allows us to kind of diversify our pay or sources if you will and our opportunities for growth. Of course, we also have the opportunity through direct contracting as well. So those things are indeed factors and that's why we are

Our ability to retain some of those.

Members that might've switched health plans that maybe we wouldn't have been able to retain them in the past so certainly.

That's positive news and that allows us to kind of diversify.

You know our our payer sources, if you will in our opportunities for growth and of course, we also have the opportunity through direct contracting as well. So those things are indeed factories and that's why we are.

Speaker 3: growing our member base. Having said that, we grew our revenue in our members really nicely and felt really good about that, but certainly are preparing ourselves and continuing to be multi-payer.

Growing our member base, having said that we grew our revenue and our members really nicely and felt.

A really good about that but certainly are preparing ourselves to them and continuing to be multi payer.

Great. Thanks for the color.

Okay.

Speaker 6: next question coming from the line-up just got the Sun with 5% or 11%

Our next question coming from the line of Jessica <unk> with Piper Sandler Your line is open.

Speaker 12: Hi, thank you so much for taking the questions. So I think we were just focused on the vaccine verification members. Can you just remind us maybe of the impact those members have on each of your three patient revenue lines? And then just help us understand if anything kind of changed with respect to your view on the potential to convert those members to traditional paying or primary care one medical members. Thank you.

Hi, Thank you so much for taking my questions and I think we were just focused on the vaccine verification members can you just remind us maybe of the impact those members have on each of your three patient pay.

Patient revenue lines, and then just help.

Help us understand if anything kind of changed with respect to your view on the potential to convert those members to traditional pain or primary care medical memory. Thank you.

Speaker 5: Yeah, I'll take that one. So from the revenue perspective, these members actually do not contribute the meaningful amount of revenue in 2021 and certainly don't expect them.

Yeah, I'll take that one.

So from a.

Revenue perspective.

These members actually did not contribute meaningful amount of revenue in 2021.

You don't expect them to do in 2022.

Speaker 5: The reason for that, if you recall, given our membership model, our employers are paying us on a current employee command spaces, typically. So they are paying for all of their employees or they tend to pay for all of it.

Yeah, we used before that if you will.

Recall.

Given our membership model.

Employers paying us on a per employee per month basis could be currently.

So they.

They are paying for all of your income sort of tend to April I should say.

Speaker 5: So just by us signing up these members and providing additional medication services to the employer, we really did not generate meaningful incremental revenue on those members in 2021. What we did do, however, is obviously deep in our relationship with the employer, with the advantage.

So just by US signing up these members and providing additional verification services to the employer.

It really did not generate meaningful incremental revenue on those members in 2021 what we did do however was almost to deepen our relationship with the employee benefit schemes. So that's one of many reasons why you said, yes, let's do that.

Speaker 5: So that's one of the main reasons why he said, yeah look, that's the...

You can make customer service in.

Speaker 5: in terms of our ability to retain them in 2022. We certainly think we have a great opportunity to keep showcasing our capabilities to them. I think that is a great opportunity for us. But when you take your step back.

In terms of our ability to to retain them in 2022.

We certainly think we have great opportunity to keep showcasing our capabilities to them.

Instead, he is equally the opportunity before us, but when you take a step back.

Speaker 4: These are in fairness employees of customers, or enterprise customers who have in the past not interconnected with us. They were now asked by an employer to sign up with us so they can verify their vaccination status.

You can see on this employees of customers.

Defense customers, who happened to past notch interactions with us.

People know us.

By an employee to sign up with us and they can vary quite a bit in the nation status.

That is why at this point I'm not necessarily.

Speaker 5: That's why at this point, I'm not necessarily assuming to retain most of those members, but we'll certainly continue to educate them about the benefits that they have and our value proposition.

It's unique to retain most of those members, but we'll certainly continue to educate them about the benefits that they have in Alabama proposition.

Thank you.

Speaker 6: Thank you and that's all the time we have for our Q&A session today. I would now like to send a call back over to Mr. Amirubin for any closing remarks.

Thank you and that's all the time, we have for our Q&A session. Today I would now like to turn the call back over to Mr. Amir Rubin for any closing remarks.

Speaker 3: Well, I'd like to thank everybody for joining our session today and for all of your enthusiasm and support for one medical and our mission to transform healthcare for all. Have a great evening, everybody. Thank you so much.

Well I'd like to thank everybody for joining our session today and for all of your enthusiasm and support for one medical and our mission to transform transform health care for all have a great evening everybody. Thank you so much.

Okay.

Speaker 6: Please enjoy and a doesn't have a conference for today. Thank you for your participation. You may now disconnect.

Ladies and gentlemen that does conclude our conference for today. Thank you for your participation you may now disconnect.

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Yes.

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Speaker 13: Yeah.

Okay.

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Okay.

Right.

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