Q2 2022 Clover Health Investments Corp Earnings Call
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During our call today.
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Ladies and gentlemen, good afternoon, and welcome to the club warehouse second quarter 2022 earnings Conference call. At this time, all participants are in a listen only mode.
Question and answer session will follow the prepared remarks at that time, if you wish to ask a question. Please press star one on your telephone keypad.
As a reminder, today's call is being recorded I would now like to turn the call over to Ryan Smith Investor Relations for Clover House. Please go ahead.
Good afternoon, everyone. Joining me on our call today, Dear colleague, our CEO and deploy our president and Mark <unk>.
During the second quarter will discuss the company's second quarter results and answer your questions. This call is being recorded before we get started I would like to remind you that our second quarter earnings materials, including the release are available on our website at <unk> Dot Com I'd also like to caution you that we may make forward looking statements during today's call that are subject to.
Risks and uncertainties, including expectations about future performance.
That may cause actual results to differ materially from expectations are detailed in our SEC filings, including in the risk factors section of our most recent annual report on Form 10-K, and other SEC filings information about non-GAAP financial measures referenced including a reconciliation of those measures to GAAP measures can be found in the earnings materials are available on them.
So with that I'll now turn the call over to piggyback.
Thanks, Ryan and thanks, everyone for joining us today.
We continue to build upon our strong start to the year with second quarter results proving to be another positive step forward. We remain excited about the continued progress against our goals as long as the strategies, we have laid out for 2023 and beyond.
Believe that he can deliver above average industry growth improve margins all my needs an equally great primary care at scale the core system.
Let me I'll cover the highlights from the second quarter before handing it over to Anne.
Andrea for a more in depth discussion.
Fortunately our T. G. I mean at $847 million was more than double our revenue in the second quarter of last year. Our total was a new corporate management also nearly doubled year over year to over 255.
We accomplished this while simultaneously slowing the growth of operating expenses insurance NCR and non insurance MTR improved versus the second quarter of 2021 to 92, 1% to 106% respectively.
Corporate assistant continues to be a differentiator showing materially improved insurance MCR, while returning members.
<unk> quarter system versus those who don't.
Finally, we've continued to strengthen our leadership team this past quarter and are excited to welcome Scott Lafleur as our permanent CFO .
If you've only been with us for a couple of weeks, we started to be on todays call and look forward to introducing improperly given the next set of earnings.
That same day I would like to extend a heartfelt. Thank you to mark and the entire corporate team. He has been a trusted partner over the past year and provided us with the luxury of time to bring in an exceptional leader like Scott. Thanks Mark.
Let me turn the call over to Andrew.
Thanks Vivek.
I'm very pleased with our Q2 results I am cautiously optimistic about the second half of the year.
Excited to report year over year revenue growth of 105% and 99% growth in our lives under management.
This highlights how the Medicare population of valleys physician choice.
Our system's ability to work beyond the confines of an HMO allows us to attack the previously ignored and underserved markets. This means we have access to a bigger largely uncontested total addressable market.
Further our non insurance beneficiary growth of 132% year over year illustrates our unique ability via equivalent assistance to support more doctors and therefore more patient in transitioning into value based care.
There's no question that by offering a wide networks with high physician choice, we've proven our ability to grow rapidly. We believe that this focus is differentiated.
Remaining differentiated even as Medicare advantage plans continue to proliferate.
That said, while we were so focused on growth in the past fewer resources were dedicated to fine tune a core operations, which now provides us with significant upside potential in a number of areas.
This year, we've turned our attention to sustainability, specifically to reduce MTR and operating.
Expenses.
And we're proud of what we've been able to accomplish in the first half of the year.
Let's take MTR.
Insurance NCR up 92, 1% reaffirms that we can drive near term efficiencies, while continuing to provide high quality care across a wide network.
This is a result of systemic improvements to our internal operating processes over the year, which we expect to be the foundation of tighter more predictable internal models going forward.
On the operating expense side, we see meaningful improvement in reducing opex as a percentage of revenues.
Emphasize focus on building our path to profitability. These efforts will be a priority for the organization throughout the remainder of the year and into the future.
These efforts carry over into the non insurance side.
That's one of the largest <unk>. We believe we are in a tremendous position to take the data and learnings from last year to influence our go to market strategy for 2023.
Our goal with ACO reach is to maintain our leading position while moving toward having a strong profitable program.
Again, we are pleased with our Q2 results.
That said I think we can all agree that there is a lot of uncertainty in the world right now so despite these improvements at a lower accrual impacted during the quarter. We are maintaining a healthy degree of conservatism in our expectation for the rest of the year.
Now, let's turn to flavor assistant.
As we focus on building a sustainable and efficient growth model. We believe is a true differentiator.
I've said it before but we believe <unk> assistant has significant untapped potential and we continue to invest heavily into the platform.
We are enthusiastic about our accomplishments to date, including significantly year over year growth in life under Kluver assisted management continued increased clinician use.
And our rapid product iteration cycle.
Efficacy continues to improve and there continues to be a material difference in NCR between members, who provide us use clover assistant and those who do not.
To build on this momentum and manifest the product's full potential we have a roadmap of new capabilities and features designed to further augment clinical value.
I also want to reiterate kluver assistance capacity to bring more clinician into value based care or both in Medicare advantage and the original Medicare side.
Our goal from a fee a product standpoint is to allow for total Medicare panel coverage with any given PCP, including those that have never participated in value based care.
And we continue to Orient the business with this in mind.
We are continually working on ways for clinicians to UCA for more of their Medicare panel and we see a number of future opportunities to advance the reach aquifer assistant.
Finally, I want to give a special shout out to our compliance and operations teams at CMS recently issued its final report and we received the best score that is the plan can receive on a CNS program boarded.
I believe this result reflects the operational diligence, we've developed <unk> as well as the efforts of the stellar team that works hard every day to maintain our high standards.
With that I will now hand, it to mark for the financial update.
Thanks, Andrew.
We more than doubled our revenues year over year, delivering $847 million in revenue during the second quarter.
Our outsized growth continues to be driven by strong year over year growth in lives on account of our differentiated ability to participate in both Medicare advantage as well as original Medicare.
Moving to medical expenses, our net medical claims incurred for the quarter were $859 million.
Our GAAP insurance MCR was 92, 1%.
Down approximately 1900 basis points compared to the second quarter of 2021.
This MCR improvement includes favorable prior period development and gives us confidence in our previously reported guidance ranges.
As Andrew said, we are also remaining conservative with our expectations.
Our non insurance MCR was 106% down nearly 600 basis points year over year.
In line with internal expectations given seasonal trends.
As well as prior period development, largely due to the CMS rate adjustment.
CMS benchmarks in our program do not currently take into account seasonality. So we consider quarterly fluctuation somewhat normal.
Second quarter non-GAAP , adjusted operating expenses were $75 $4 million.
Representing eight 9% of total revenues down 590 basis points year over year.
This quarter is evidence that our initial efforts to decrease operating expenses as a percent of revenues had been successful by.
By improving vendor management as well as moderating head count.
Our GAAP net loss for the quarter was $104 $2 million.
Our adjusted EBITDA loss for the second quarter.
Was $87 5 million.
Note that our adjusted EBITDA excludes $27 7 million of noncash premium deficiency reserve benefit.
That is not reflective of operating results.
Our cash cash equivalents and investments.
Totaled $682 million.
With cash cash equivalents and investments at the parent company and unregulated subsidiaries of $440 million.
And we have 477 million common shares outstanding as of June 32022.
We see no immediate need to raise new capital and as Andrew said, we are focused on meaningfully reducing our insurance and non insurance mtr's, while calibrating, our business model for smart and sustainable growth.
Finally, we are maintaining our previously guided ranges.
Now, let me turn the call over to the back for some closing comments.
Thank you Mark to close I am sure. Many of you saw the press release issued earlier today as of January one of next year I will transition to the role of CEO , just someone who you all know very well.
<unk> inventory.
Along with many existing responsibilities at the role of executive Chair person working closely with Andrew to ensure a seamless transition and long term collaborative relationship at all.
We believe the right long term leader for closure.
The technology first mindset when I first met Andrew I saw a unique strategist operating in the intersection of business technology with the fastest learning speed of anyone I've ever met.
She is a true founder in every sense of the word having both companies from scratch.
London's grit needed to solve the hardest problems in health care.
<unk> is a CPU in 2018, he has been an integral part of quota and this transition is a combination of a succession plan we've had in place since that.
As for my role as executive Chair I'm, not going anywhere I will continue to remain the largest individual and institutional shareholders.
I will continue to be active at the company well into the foreseeable future just a more strategic fashion.
CEO , Andrew will oversee all day to day operations in Kansas.
We believe this marks the beginning of a new chapter with both play to our strengths and continue working closely together and closures mission to improve every life, so with that let's take some questions.
At this time unless you wish to ask a question. Please press star one on your telephone keypad.
Remove yourself from the queue by pressing the power.
In the interest of time, we ask that you. Please limit yourself to one question and one quick follow up we'll take our first question from Richard close with Canaccord Genuity.
<unk>. Please go ahead. Your line is now open.
Yes.
Alright, thanks for the questions I have a couple of questions on the direct contracting.
Can you go over the number of lives that it seem.
The decrease sequentially, a little bit and then second on ball.
D C.
With respect to the reimbursement adjustment I think you called that out in that.
Non insurance MCR.
Can you talk a little bit about how that impacts any type of revenue guidance for non insurance and <unk>.
Half of the year.
Yeah. So thanks Richard.
First of all for the actual lives under management.
What we've generally seen is that in.
They are in our D. C. We will generally see a decrease in life.
<unk> mortality of people moving out of the program.
Unexpected, obviously, but we generally see that so.
Is it more do mortality driven.
Tell me if you see something different in the numbers Youre looking at for the second dimension in terms of the rate adjustment.
Price didn't significant portion of debt due to our own calculations I think that there have been a few other acos, where the effect of the rate adjustment might have been more significant to be honest that caused the Q1 adjustment will add a little bit more population and there are other acos. Our team has been careful in terms of calculating.
Based upon trend from last year, and this year to sort of smooth that out. So we are maintaining our reiterating our generalized guide.
Our views on this and we don't see a major change in the program.
Right.
On the MCR for the second quarter was.
True up from the first quarter included in that and if so to what degree.
Yes, I was so we had prior peak in a few things in the second quarter. We had some prior period development that was actually inside that.
The second quarter that fluke of Q1 and that was due to the rate adjustment with the prospective rate adjustment guidance that came out.
Again that was generally smaller than the effect of some other folks who I think what reported.
As I mentioned in there I want to make sure that we emphasize is that CMS does look at.
MCR for ACO program on an annualized basis not on a quarterly basis. So we do expect seasonal fluctuations that we see some of that seasonal fluctuation in the Q2 number as well so between the two of those I think they are fairly comfortable that we are seeing what we expected with the IPO.
Okay. Thank you.
We'll take our next question from Kevin Fischbeck with Bank of America. Please go ahead.
Okay great.
Maybe stick with the TCE.
You talk a little bit about.
Your thoughts on the profitability and the growth outlook of that business.
Your MLR is obviously better year over year, but still well above what a lot of the peers seem to be talking about so can you give any update on kind of how you think about the trajectory in that business, but then also.
How are you thinking about the growth I know in the past you talked about leveraging clover into other ACO type arrangements. So.
Any thoughts there about how that is shaping up for next year.
Yeah, Thanks, Kevin so irrespective to the geography and the BCE. So we are one of the largest that you all have seen.
Bce's Acos out there and it's been growing rapidly I think that's a testament to our ability to work with a lot of systems a lot of doctors, who want to come into value based care, but have had that on ramp that you could provide via our platform by flavor assistant so we'd grow rapidly within there and I think what you'll see a few with forward. It now.
Towards skill.
Still looking at growth for the ACO, but how do you show that there's a lot of appetite for this model looking at the people who are participating in the ACO looking at geographies more because now that we've had a few quarters of data under our belt. We can see how <unk> are looking at geographic trends versus national trends adjusted.
The participants within the ACO with a mind towards.
Profitability of that particular program, so definitely a huge focus for us we have a lot of data that we could use to make those decisions that youll see as we prepare for the class of 2023 that we're balancing growth within that program.
Our robust looking towards the participant dynamics, the geographic dynamics with MTR remind as well. So we feel like this is a very complementary part of our strategy and something that we can bring to a profitable business for sure.
Okay, Great and then.
Any comment on.
Sounds like Youre, saying conservative in the back half of the year, but is there anything more specific about.
It looks like the results certainly.
On the M&A side at the very least much better than the street was expecting so I mean any other color there. Besides just conservatism in the back half.
Yeah, absolutely so.
The status story here.
With the current macro environment around the world etcetera, It makes sense.
If you look at the back half of the year, you can something like Covid, which we said in our remarks did not significantly playing right now in our data it still exists and the policies that are still in place we would love to see that caused you to sort of move on.
And I need removed in which case, there's additional upside for all the curbside or to be clear on the downside rebuilt download there's another resurgence coming we don't think so we think that things are getting to a good place, but you never know so that conservatism is really coming into place because we.
Yes.
The uncertainty of the World as I said earlier, one thing I will point out is that we have focused very much on during this period working on our core operations.
<unk> that which I think is helping a lot with their management on the M&A side, and we think that we will continue to enjoy benefits there.
Going forward.
Okay. Thanks.
We will take our next question from Jason <unk> with Citi. Please go ahead. Your line is open.
Great. Thanks.
Just a quick clarification what was the total number of lives under Clover assistant management in the quarter unless I missed it wasn't included in the press release.
Yes, that's correct so actually in the past.
<unk> actually looked at the life of their core versus the national and we sort of shared those numbers. What we're actually looking at out here is that going forward because there is actually some granular shifts in our quarter to quarter number on the ACO side that that causes some fluctuation that oversee management number so we arent.
Actually sharing that number because we think that if not actually indicative of overall VA performance anymore, all potential fluctuation on the ACO side of people move in and out of contracts before the IPO. So we will not be sharing that particular number but that's the reason why.
Okay. I guess there was a really quick follow up to that could you give any context around the efforts of management.
Tracing MA book and the lease or any other clarity, if it's improved quarter to quarter or year over year or any kind of color around that figure out my books, that's actually helpful.
Yeah, absolutely. So we are actually continuing to grow that.
You always want that number to be moving up into the right. So while we're not sharing the granular number we don't see any concerns in that number. We continued the contract doctors see that penetration generally be a huge area of focus for us and the total lives on the insurance side has been treated.
Okay got it and then I guess just as my follow up question here, maybe just on the Medicare advantage MLR could you just walk through some of the drivers of improvement there sequentially. The COVID-19 impacts were negligible I guess quarter to quarter. So I was hoping you could just parse out the better MLR, maybe from lower utilization versus greater cohort.
Penetration or any other considerations just quarter to quarter MA MLR improvement. Thanks.
On the M&A side, you said that on the insurance and reinsurance side, yes, yes on insurance side.
Yeah, Yeah, absolutely. So I think the improvement there is a couple of different things.
First of all obviously compared to last year, the Covid environment.
Significantly different so we all know that second of all jewelry because the period, we're very much working on improving corporate <unk>.
<unk> versus the performance.
Sure.
And our generalized coverage on the insurance side, I think youre seeing some of those benefits flow through now we don't have that overarching pandemic sitting on top of all of the results that we're seeing a magnetic side.
All of those things are improvements were also generally focused on our operations on getting more and more data and we've seen a lot of improvement there as well year over year.
Look through to better core performance.
Performance as well so part of it is a reversion to the mean after the Covid period part of it is absolutely I think we are seeing.
The results of hard work during the Covid period flow through for this year.
Got it perfect. Thank you.
And we will take our next question from Gary Taylor with Cowen. Please go ahead. Your line is now open.
Hi, Good afternoon, I just had a couple.
Have you guys allocated or would you be willing to allocate on the on the PDR benefit.
How much of that.
Allocated the Ma versus DC.
Okay.
Mark.
You said that on the PDR benefit.
Im sorry, I don't have that right at my fingertips, but we can get back to you.
Okay and the reported MLR is by segment do you include that benefit I'm pretty sure is that correct.
That's correct.
And then on the TCE per member per month. It does look like you took a pretty substantial step down in the first quarter. So I think you were only down about $10 sequentially. So to your credit or do you think it looks like you really start looking at this more conservative can you tell us what the revenue adjustment was for the quarter on the on the retro trend.
We don't actually know bearing out that yes.
Yes, yes, we don't actually have that right that we can look at there has been better than what we can share that I don't think thats actually in our belief that we'll take that as a follow up.
Last one would be <unk>.
Heard some feedback that as CMS transition to ACO reach and ask folks to reapply that there was really high percentage of.
Applications that were denied or can you talk about I know you answered Kevin a little bit is there anything else you can say about 23 or just kind of how you feel about.
Contract retention on the <unk> side, it's heading into 'twenty three.
Yeah, absolutely so we feel pretty good overall as we look at about our movement from DTE.
Do you see as you said into the <unk>.
This year program next year, feeling good about that feeling about our overall ACO.
Migration and then as I mentioned, just now and the answer to a previous question. We are looking at the participation within the program. We've grown it really quickly we see a lot of data now about where we're being successful.
And then there's been a lot of different places and we're also seeing how about interact with CMS ruling and were making that they've been going through.
From <unk> into <unk>.
We begin our feedback to CMS.
Just the mix.
You still want to work from anywhere from smaller health systems, the large health system.
As many <unk> as possible, but we are looking at shooting that makes going into 'twenty. Three so nothing to share right now we still want to be strongly participating in this program and we can do so in a really smart way given how much data we have so more to come.
More on that.
Okay. Thanks, Andrew.
Yes.
And as a reminder, if you would like to ask a question or have a follow up question. Please press star one on your own.
Touchtone phone.
And we will go next to Whit Mayo with SVP Securities. Please go ahead. Your line is open.
Hey, Thanks afternoon.
I wanted to just hear you guys talk about how youre thinking about new county growth expectations. I know your press release, something maybe a week or so ago. It doesn't seem like you're planning to move into as many new markets and counties, perhaps as prior year's seems that theres, probably more of a focus where you have a presence today.
But just maybe strategically I just wanted to sort of make sure I understand how you guys are thinking about that that new market growth expectation for 2023.
Yeah. Thanks, Rick.
So as you said, we are very proud of the results we've had growth in our market.
Traditional market in New Jersey, and our newer market that we're very happy with like Georgia, and South Carolina. So while we've traditionally had a lot of expansion in terms of geography coverage. We are now allocating more resources to those areas, where we're seeing significant penetration we are getting to critical mass and we think that we can take.
A lot of share in those particular areas. So irrespective from growth part of our passion for expanding has been to bring our models that many markets as possible I talked about that on the ACO side for MA. It's all about getting that concentration for smart sustainable growth and that's why we're putting more resources.
Into the specific markets that we're in right now a little bit less expansion as you noted.
Kluver I think you'll see that we're bringing to clover assistant model to a lot of geographies, we're just being smart about that blend between the ACO and the MA plans.
Okay.
Helpful. My second question is just around.
The strategy that you guys have with brokers deal marketing organizations distribution points.
Marketplace. It seems like some of your peers are sort of refining how theyre investing how they partner I Didnt know if theres any change in your posture.
For 2023 anything that you'd call you would share to call out.
Yes, So I think what we'll see is a couple of different things that I would call out we had less exposure to the E broker market exposure I talked about this but far less exposure than some of the other players in the space and I would say that we have talked about this maybe a couple of years ago in the first few years of Covid.
That hurt us a little bit in our growth strategy, but accurately because we were not in the channel are strongly that was because we really saw weakness and softness in the quality of leads and the quality of conversion coming from that market and I do think that you'd see other players who were perhaps overexposed to the broker market now.
It has to move from there into the more traditional line of brokerage market. So theres no change in our posture overall.
<unk> been strong on the individual broker market. We think our products are things that we have brokers love to sell and that people love to see.
Britain brought into the various M&A markets.
The other plants that perhaps something a little more in that space.
Now because of their overreliance on E brokerage before.
Okay. Thanks, guys.
Okay.
And we will take a follow up from Richard close with Canaccord.
Please go ahead your line is open.
Yes, I had a couple of follow ups, maybe on <unk> question.
You think.
Not expand into as many county does that.
Negatively impact your growth at all.
And how should we think about.
Member acquisition cost or tax associated with just concentrating your efforts in new counties.
Thanks, Tony as I should say.
Absolutely. So I think in those new markets and this is the same for both MBIA flagged as you know the cash is disproportionately high in the newer markets that you are a crash and Kathy and the more recent expansion counties, but cosby the fixed cost of building that brand building the network posture building network brand.
Our hall amortized over a few relife, obviously, so that don't make acquisitions in those areas more expensive.
Do you remember versus returning member mix, which does affect the MTR opex up those markets and so we're in a good place where we think we can return to expanding.
The MH side aggressively whenever we really like we've proven that out we continue to be able to contract on the ACO side across the country because that's a very good program for that the breakthrough over assistant many more doctors and then we can be as you said much more cash efficient really driving the high penetration within the markets we already yet.
So we actually like the fact that it makes us more efficient for smart growth.
Market.
And the impact of growth at all.
Alright. Thank you feedback when you look at the syndicate.
So Doug.
Does it impact your ability to grow above the average.
So by not expanding through as many counties.
No I don't I don't think so we intend to maintain above industry average growth.
So even as we look at becoming more efficient at looking at that cap equation looking at sustainability within the MCR because as you know new members do come generally have a higher MCR cost.
All of those things we think.
When combined with our differentiated product our wide network still makes us very appealing.
Ever.
Strong growth. So we're looking at being sustainable we're looking to be about being smart, but I don't think the expansion counties that could negatively affect us anyway, and I think it makes us more efficient to acquire those life and if you look at the total number of Medicare eligible within the markets. They are strongly playing in there is a very very high sitting there I don't think we are.
Close to sort of saturated in those particular markets.
Okay. Thank you.
And there are no further questions or as a summary, I will now turn the call over to Brian Schmidt for any can you any questions.
Thank you operator.
Starting with the community questions first off Andrew how do you plan to achieve profitability.
Yeah. Thanks for that question. So the path to profitability is a huge focus for US right now and required a number of moving pieces fall into place, but were confident that were well oriented to achieving that so number one is getting our NCR moving downward than with <unk>.
Ncr's.
A lot of progress towards that as we reported this quarter on both the M&A side and on the ACO side, we've seen insurance NCR improvement year over year.
Even though Don insurance SCR is seasonally affected also improving year over year that.
Combined with looking at intelligently about how we play in various geographies and regions.
He said you can still deliver above industry average growth and brick MTR down.
Resulting in overall sustainability and moving towards profitability.
Part is of course, we're looking at controlling operating expense growth at the percentage of revenues silver improving on that we have a lot of efficiencies. We can bring as I said during my remarks, we've been so focused on growth in number of the past number of years. There are a number of places that we can optimize June and there is tremendous upside.
For us to be able to do that on the opex side as well and so you'll see us really focusing there.
Thank you.
Question is how scalable and easily integrated into the Clover system any ongoing challenges challenges seen there.
Yeah, so very interestingly the biggest.
So you could expect that you can see the biggest question were asked it providers coming to work and saying how can I use that then to look after more of my Medicare panel I understand why you want us to use a free dork Hoover.
Hoover member I get that and even being able to add the fee for service original Medicare members. That's great for the providers, who are doing that but we get asked all the time, how do we use it for more of their panel because it simplifies their workflows love It and then B, if something whereby they can think about coover assistant really helping them.
Manage multiple value based care programs.
We really like the way that we think about the tools the advisor base doctors life easier.
So the board of paddle we can cover the better that's going to be so more and more coming soon on that particular strategy and how we can help doctors with that but that's the number one question that we're asked and that's something that we're very focused on.
Thank you our final cleanup question is what are the prospects of Clover assistant <unk> is a SaaS product.
Yeah, So as we look at the world.
Nothing to announce at this time I said that we want to cover all the Pcbs Medicare panel.
As one business model, we could use to get there however, really do think that we're.
Managing medical risk and helping providers manage that risk and so blending SaaS like approach along with our risk management approach is something I think over can uniquely do really excited to develop that more I will talk about that in coming quarters.
Thank you operator, we'll turn it back to you.
We did have a question. Thank you we'll take our next question from Jonathan Young with Credit Suisse. Please go ahead, Sir your line is open.
Hi, guys. Thanks for taking my question, it's Nick <unk> on for Jonathan today.
Just looking ahead can you talk about how youre thinking about stars for payment year, two for especially with CMS and starting to roll off some of its coming flexibilities. Thanks.
Yeah, absolutely. So on the stars front I think that what we've seen is that it's quite a interesting challenging start environment right now because of all the adjustments that were made during Covid and then now CMS is rolling some of those back up you said.
<unk> are moving around much more than they normally have been so we are in that environment.
Plans are seeing that environment.
Ted.
Always have guide.
Guided that we would be looking for three five stars coming out of the 2021 measure that year and we are continuing to reiterate that particular guidance. So it would be a great achievement for us in the car.
In the current world, if we were able to push through that we think that we can still do that.
We will have more to share in the coming few months.
And this concludes the Q&A portion of today's conference I would now like to turn the call.
Holly for any additional or closing remarks.
Thanks, everyone, Andrew really great job today just to close.
While we feel good about where we are today, there is really great and hard work being done this year to drive.
Further progress and just to reiterate enabling all of our accomplishments as well.
Rover assistant providing the growing technology moat, making a meaningfully positive impact on health equity and advancing our mission to improve every life. Thank you all for joining us today.
Thank you and this concludes today's Clover House second quarter 2022 earnings call and webcast. You may disconnect. Your line at this time and have a wonderful day.
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