Q3 2024 eHealth Inc Earnings Call
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Please stand by your program as it ends.
Speaker Change: Good morning everyone and welcome to eHealth Inc.'s conference call to discuss the company's third quarter 2024 financial results.
Speaker Change: At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the prepared remarks. I will now turn the floor over to Eli Newbrun-Mintz, Senior Investor Relations Manager. Please go ahead.
Eli Newbrun-Mintz: Good morning and thank you all for joining us today.
On the call today, Fran Soistman, eHealth's Chief Executive Officer, and John Dolan, Chief Financial Officer, will discuss our third quarter 2024 financial results. Following these prepared remarks, we will open up the line for a Q&A session with industry analysts.
Speaker Change: As a reminder, this call is being recorded and webcast from the Investor Relations section of our website.
Speaker Change: A replay of the call will be available on our website later today. Today's press release, our historical financial news releases, and our filings with the SEC are also available on our investor relations website.
Speaker Change: We will be making forward-looking statements on this call about certain matters that are based upon management's current beliefs and expectations relating to future events impacting the company and our future financial or operating performance.
Forward-looking statements on this call represent eHealth's views as of today, and actual results could differ materially. We undertake no obligation to publicly address or update any forward-looking statements, except as required by law.
Speaker Change: The forward-looking statements we will be making during this call are subject to a number of uncertainties and risks, including, but not limited to, those described in today's press release and in our most recent annual report on Form 10-K and our subsequent filings with the SEC.
Speaker Change: We will also be discussing certain non-GAAP financial measures on this call. Management's definitions of these non-GAAP measures and reconciliation to the most directly comparable GAAP financial measures are included in today's press release.
Eli Newbrun-Mintz: With that, I'll turn the call over to Fran Soistman.
Fran Soistman: Thank you, Eli. Good morning and thank you all for joining us today. In the third quarter, eHealth achieved our revenue and profitability targets, delivered significant growth in Medicare application volume, and completed final preparations for the annual enrollment period.
Speaker Change: We successfully scaled and trained our agents force, finalized our brand-driven marketing materials, and made further enhancements to the online consumer experience.
Speaker Change: We also entered this critical selling season with a pipeline of appointments for new and existing members that was materially larger than it was at the same time last year.
Speaker Change: We maintain this strong momentum in the first weeks of the AP with call volume and online visits to our platform up meaningfully year over year.
Speaker Change: The early indicators also point to increased effectiveness of our telesales organization as we are converting demand at greater rates compared to a year ago.
Speaker Change: We stand ready to assist our existing members to ensure they continue to be enrolled in plans that best fit their needs.
Speaker Change: We are pleased with these early results while recognizing that much of our AEP performance thrives on the final weeks and even days of AEP.
Speaker Change: Before I review our third quarter operational highlights, it is worth reemphasizing the differentiated value proposition that eHealth brings to our carrier partners and beneficiaries.
Speaker Change: On the carrier side, eHealth delivers quality enrollment volume at scale across our agency and amplified fulfillment models.
Speaker Change: We supplement these standout capabilities with local market focus and access to actionable data on how carrier plans perform against their peers and which plan features are especially important to beneficiaries as they select coverage.
Speaker Change: For beneficiaries, we offer among the broadest selection of plans relative to our peers while remaining truly carrier agnostic.
Speaker Change: eHealth's expert teams of licensed benefit advisors and rich suite of omni-channel enrollment tools including our unique end-to-end online enrollment engine
Speaker Change: provide our customers guidance through a complex and high-stakes plan selection process in a pressure-free environment.
Speaker Change: With respect to the broader Medicare Advantage environment, some of the key trends we have highlighted over the course of this year are clearly materializing.
Speaker Change: We've seen meaningful changes in plan benefits and star ratings as well as changes in carrier strategies that are becoming increasingly market and product specific.
Speaker Change: Our choice model is especially important during a dynamic enrollment period such as this one.
Speaker Change: eHealth performance is not tied to any specific carrier and our key objective is to match each customer with the best possible coverage from the wide selection of national and regional plans we offer.
Speaker Change: Our value proposition as a trusted, unbiased advisor is resonating with beneficiaries as they evaluate their coverage options with AEP.
Speaker Change: With an expected increase in consumer shopping, we believe we are well positioned to take market share in an industry with decreasing competitive capacity.
Speaker Change: At the same time, this environment also necessitates a focus on protecting our existing book of business.
Speaker Change: To that end, we have introduced several advisor and technology-driven retention initiatives, which I will describe shortly.
Speaker Change: Moving now to our annual enrollment period preparations. In 2023, we launched our rebranding strategy and the integrated marketing campaign, Your Medicare Matchmaker.
Speaker Change: These initiatives centered around our customers and delivered significant uplifts to our direct channels last AEP.
Speaker Change: This year, we have built on this initial success across every touchpoint.
Speaker Change: Our materials reinforce our value proposition, while also layering in new messaging that acknowledges the specifics of this enrollment period and highlights our real advisors as consumers' unbiased, transparent Medicare matchmakers.
Speaker Change: During the AEP, we plan to continue growing our key direct branded channels, while remaining agile in terms of geographic and channel-based marketing dollar deployments.
Speaker Change: We are also placing increased emphasis on lead nurturing to better monetize the significant call volume and online traffic that we are seeing on our platform.
Speaker Change: We expect this integrated marketing strategy to drive better quality and higher converting leads, as well as greater brand recognition and loyalty from the members we enroll.
Speaker Change: Further, our local market approach is especially relevant to SAEP as carriers to telegraph they will be precise in the marketing and benefit structure strategies.
Speaker Change: In support of that, we have launched messaging, targeting areas that are experiencing the most planned disruption year-over-year.
Speaker Change: Another important area of focus ahead of the AP was positioning ourselves for greater conversion rates across our omni-channel enrollment platform.
Speaker Change: The call center side, we successfully reached our hiring goals with an advisor mix that is more tenured relative to last year.
Speaker Change: Additionally, in Q3, our first-year licensed advisors performed better than the equivalent classes in Q3 of last year, driven by enhanced training protocols and new agent-facing sales tools.
Speaker Change: This AEP, we are employing a larger number of screeners than we have in the past.
Speaker Change: Screeners conduct a preliminary needs assessment and ensure callers are routed to an appropriate licensed agent or our customer service team dedicated to helping existing members.
Speaker Change: This function improves customer experience by reducing hold times and enhances the efficiency of our licensed advisors as screen calls convert at significantly higher rates than unscreened calls.
Speaker Change: On our online platform, we continue to advance the personalization and simplicity of the eHealth digital consumer experience.
Speaker Change: This AEP, we expect to benefit from our differentiated tech-enabled features such as Match Monitor, Live Advise, which is our one-way video enrollment experience, License Agent Chat, Co-browsing, our proprietary plan recommendation tool, and others.
Speaker Change: eHealth was a pioneer and remains a leader in digital consumer experience when it comes to shopping for and enrolling into health insurance.
Speaker Change: Given the significant amount of shopping that we anticipate and the backend loaded nature of the AEP, our end-to-end online capabilities represent a significant advantage in absorbing peaks in consumer demand.
Speaker Change: Instead of waiting on hold, an industry-wide phenomenon that is typical during the last days of any AEP, but could be especially pronounced this year, customers can transact on our platform right away using the same plan recommendation engine available to our licensed agents.
Speaker Change: Ultimately, we are ready to serve as customers through the enrollment channel that best matches their preference, whether by phone, online, or hybrid, and believe we are well positioned to efficiently convert within a wide range of demand patterns.
Speaker Change: I also want to highlight our retention strategy.
Speaker Change: With significant plan changes underway, we are laser-focused on engaging eHealth customers to ensure their plans fit their individual health and financial needs.
Speaker Change: In addition to carrying a dedicated team of agents that take calls from existing eHealth members, we are proactively reaching out to current members whose coverage might be changing.
Speaker Change: Our goal is for beneficiaries to feel supported, heard, and empowered to make the right decision for their unique circumstances.
Speaker Change: Using our data models, we identify members who will be impacted by the upcoming changes and invite them to use our self-service tool, Match Monitor.
Speaker Change: This new tool summarizes lengthy and often confusing annual notice of change, or ANOCs, to create a concise summary of key plan changes and features.
Speaker Change: MATCH Monitor also provides a short list of alternative plans recommended by our proprietary algorithm and compares these plans side-by-side versus the beneficiary's current coverage.
Speaker Change: To date, we've seen a strong response to the outreach we have done.
Speaker Change: Turning to Amplify, our new and growing carrier dedicated fulfillment model, and an important area of diversification.
Speaker Change: We expect Amplify will play an important role during AEP, supplementing our core agency business with attractive margin and cash payback cycles.
Speaker Change: Carriers choose Amplify because of our high level of service, strong conversion rates, and the deep expertise of our advisor base.
Speaker Change: In the lead up to the fourth quarter, we implemented learnings from last AEP to deliver even better performance for our carrier partners and their customers.
Speaker Change: We believe this model offers broad potential for expansion in 2025 and 2026 as we continue to add new partners and grow within our existing dedicated arrangements.
Speaker Change: Last month, we reached an important milestone attaining HITRUST certification.
Speaker Change: A globally recognized certification that demonstrates an organization's compliance with rigorous security and privacy requirements.
Speaker Change: Many carriers require that their BPO partners are HITRUST certified in order to serve as an extension of their internal telesales operations, and this achievement widens the universe of potential Amplify customers.
Speaker Change: Furthermore, last month we also announced our certification from Great Place to Work to Global Leader in Workplace Culture Recognition.
Speaker Change: This certification was based entirely on information gathered from our current employees about their experience working for eHealth.
Speaker Change: We know that company culture supports business performance and are deeply proud of this important achievement.
Speaker Change: As a whole, we are seeing the fruits of the operational, cultural, and technological improvements I've been discussing.
Speaker Change: In the third quarter, Medicare Advantage submitted applications across both of our fulfillment models grew 26% year-over-year.
Speaker Change: Excluding tail revenue in both periods, third quarter revenue grew 9% year-over-year, accompanied by improvement in adjusted EBITDA and gap earnings on the same basis.
Speaker Change: Outside of M.A., the Medicare supplement market represents an important option for seniors in areas without robust M.A. plan offerings, as well as for specific socioeconomic audiences.
Speaker Change: Medicare supplement could also gain greater adoption in markets where carriers have scaled back their MA benefits this year.
Speaker Change: As eHealth has focused broadly on Medicare Advantage distribution over the past several years, we've not made corresponding investments in our MedSoc business. This is now changing.
Speaker Change: This year we have introduced a dedicated MedSub sales team, expanded our carrier options, and are optimizing our marketing strategies to reach this distinct audience more effectively.
Speaker Change: During the third quarter, we also launched an end-to-end online enrollment experience for MedSupp customers.
Speaker Change: and offering that we plan to expand next year.
Speaker Change: With respect to our balance sheet, we recently reached an agreement with our term lender Blue Torch to extend the maturity of our $70 million loan by one year under slightly more favorable terms, which could further improve depending on the interest rate environment.
Speaker Change: We continue to work with our advisors towards improving the overall capital structure of our business.
Speaker Change: In our view, the company has more than sufficient liquidity to continue executing on our strategy in 2025 and 2026, which provides us leverage as we assess our options.
Speaker Change: In conclusion, I believe this team has positioned eHealth for another successful AEP.
Speaker Change: I am proud of all the effort and cross-functional collaboration which went into this process.
Speaker Change: Last AEP, we returned to enrollment growth on a profitable foundation after rebuilding our sales and marketing functions and enacting a comprehensive cost transformation program.
Speaker Change: We are now prepared to build on these achievements by delivering above market MA enrollment growth, while maintaining enterprise-wide cost discipline and focus on cash flow generation.
Speaker Change: With three weeks of AEP completed, we've gotten off to a strong start both in terms of enrollment volume and with respect to our multifaceted plan to serve eHealth's existing members.
Speaker Change: We look forward to updating you on our full AEP performance during our Q4 earnings call. We will also be meeting with investors at the upcoming UBS Healthcare Conference in Southern California next week.
Speaker Change: With that, I will turn the call over to our CFO, John Dolan. John?
John Dolan: Thank you, Fran, and good morning, everyone.
John Dolan: I'm excited to have my first earnings call be one where we discuss our continued strong momentum, which is reflected in our third quarter results.
Speaker Change: Our third quarter financial results were driven by strong execution in our Medicare business and continued improvements in our cost structure.
Speaker Change: They also reflect our investments in AEP preparedness, a major part of our third quarter operations.
Speaker Change: Third quarter revenue, excluding net adjustment revenue or TAIL, was $57.2 million, an increase of 9% year-over-year, driven primarily by strong Medicare enrollments.
Speaker Change: and partially offset by a decline in our employer and individual revenue.
Speaker Change: Including tail revenue, their quarter revenue was $58.4 million, or a 10% decrease year-over-year.
Speaker Change: Medicare segment revenue, excluding tail revenue, grew 13% year-over-year.
Speaker Change: including TAL Revenue, our Medicare segment generated $53.2 million in revenue compared to $55.5 million in Q3 of 2023.
Speaker Change: During the quarter, we recognized $1.1 million in positive TAIL revenue from our Medicare segment compared to $9.3 million a year ago.
Speaker Change: We also saw a year-over-year improvement of $5.6 million in Medicare-segment profitability, excluding tail revenue, driven primarily by increased application volume and favorable member acquisition costs.
Speaker Change: including TAIL revenue, Medicare segment loss of $17.9 million, reflecting our investment in hiring and training Medicare advisors for our agency and carrier dedicated platforms.
Speaker Change: ahead of the significant shopping volume we anticipate this AE day.
Speaker Change: As a reminder, within our Medicare segment, we generate two different types of enrollments between agency and amplified fulfillment models.
Speaker Change: For virtually all of our agency enrollments, e-health is the broker of record, resulting in commission revenue that is built based on constrained lifetime value estimates at the time of approval and cash collected over the lifetime of the policy.
Speaker Change: Amplify, our carrier dedicated model, generates a combination of broker of record and fee-based enrollments.
Speaker Change: For fee-based enrollments, e-health does not become the broker of records.
Speaker Change: Instead, carriers pay us a one-time success fee for each enrollment, in addition to ongoing payments to support dedicated sales teams.
Speaker Change: As we ramp our fee-based business, it is expected to drive growth in other revenue, but will not impact our approved membership metrics.
Speaker Change: Across both fulfillment platforms, eHealth drove a 22% increase in Medicare submissions year-over-year.
Speaker Change: Medicare Advantage submissions grew 26%, and Medicare Supplement submitted applications grew 5% year-over-year, while standalone prescription drug plan volume continued to decline, reflecting broader market dynamics.
Speaker Change: As I mentioned, some of that volume is reflected in our reported approved members, while enrollments transacted under fee-based arrangements within Amplify flowed through other revenues which grew 36% year-over-year.
Speaker Change: Total acquisition costs per approved Medicare member improved 16% year-over-year, reflecting a 24% decrease in agent costs and a 4% decrease in marketing costs per approved member.
Speaker Change: As a reminder, second and third quarters are characterized by higher variable costs per approved member relative to Q4 and Q1 as we start to prepare our sales and marketing organization for the upcoming annual enrollment period.
Speaker Change: This investment is spread over seasonally low enrollment volumes, but is already yielding an attractive return for us in the fourth quarter.
Speaker Change: Medicare Advantage Lifetime Value $990 roughly flat with last year's
Speaker Change: Persistency on our Medicare Advantage Book of Business on a trailing 12-month basis was in line with our expectations and also in line with last year's observations.
Speaker Change: As Fran described, member retention is an important area of our operations.
Speaker Change: and is especially critical during this AEP when some beneficiaries will experience significant changes to their coverage.
Speaker Change: In this environment, we remain confident in our commission's receivable assets.
Speaker Change: As mentioned on previous calls, we regularly assess whether changes in assumptions or evolving trends will result in a change in the estimate of expected cash collections.
Speaker Change: We only recognize positive adjustments to revenue when it is probable that a significant reversal will not occur.
Speaker Change: As such, there are significant positive adjustments that have not yet been recognized, including, but not limited to, our initial constraints.
Speaker Change: In our employer and individual segment, revenue was $5.2 million, with a segment loss of $800,000.
Speaker Change: The year-over-year decline in segment revenue and profit primarily reflects $2.8 million in lower-tail revenue.
Speaker Change: The group members also declined off a low base as this business unit continues to undergo transformation.
Speaker Change: Moving to our operating expenses.
Speaker Change: Non-GAAP technology and content expense declined 4%, and non-GAAP general administrative expense declined 8% compared to Q3 2023.
Speaker Change: This was driven by our targeted cost reductions, including additional office closures in the first half of the year, in line with our remote-first model.
Speaker Change: With respect to variable costs, non-GAAP customer care and enrollment increased 2% year over year, and non-GAAP marketing and advertising increased 3% year over year, well below the rate of growth in our Medicare submissions.
Speaker Change: Q3 gap net loss $42.5 million compared to $37 million in Q3 of 2023.
Speaker Change: Adjusted EBITDA, excluding TAIL revenue, was negative $36 million, an improvement of $4.3 million compared to Q3 a year ago.
Speaker Change: Including tail revenue, adjusted EBITDA was negative $34.8 million compared to negative $28.1 million last year.
Speaker Change: Operating cash flow was negative $29.3 million compared to negative $24.7 million in Q3 of 2023. Driven by the timing of certain cash receipts and cash compensation dynamics as we carried a larger advisory account this quarter than a year ago.
Speaker Change: Moving to our balance sheet.
Speaker Change: We ended the quarter with $117.8 million in cash, cash equivalents, and short-term marketable securities. This compares to $160.6 million at the end of Q3 2023.
Speaker Change: We ended the quarter with total commissions receivable balance of $814 million, which compares to $780.6 million at the same time last year.
Speaker Change: This year-over-year increase reflects the continued growth we have generated in our broker of record application volume, as well as the positive adjustments we have recognized over the past year in net cash collections.
Speaker Change: As a reminder, fee-based enrollments transacted on our Amplify platform do not increase our commission's receivable balance given that we are paid a one-time success fee.
Speaker Change: These enrollments are characterized by more favorable cash flow timing relative to our agency business.
Speaker Change: As Fran noted, we continue to work with our advisors towards the longer term solution for improving our overall capital structure of our business.
Speaker Change: In conclusion, we are pleased with our third quarter financial results and the early read of the AEP data.
Speaker Change: While we have had a very strong start to the 80s, the most critical weeks of the selling season remain ahead of us.
Speaker Change: As such, we are reiterating the 2024 guidance ranges that we provided as part of second quarter earnings.
Speaker Change: You can reference our guidance ranges in the third quarter earnings release and slides posted on the Industrial Relations section of our website.
Speaker Change: I look forward to connecting with our investors and analysts during the follow-up calls.
Speaker Change: And now operator, please open the line for questions.
Speaker Change: At this time, if you would like to ask a question, please press star 1 on your telephone keypad. You may withdraw your question at any time by pressing star 2. Once again, that is star 1 for your questions. We'll pause a moment to allow any questions to queue.
Speaker Change: And we will take our first question from George Sutton with Craig Hallam. Please go ahead.
Speaker Change: Thank you. Bye bye.
George Sutton: Thank you. John, welcome to your first call and your first AEP. So, I'm curious, Fran, if you could quantify a little bit what you're referencing in terms of the larger pipeline early in the AEP and also your ability or what you're seeing in terms of converting that demand at what you're saying is a greater rate than a year ago. Just curious if we can get a little more detail on those.
Speaker Change: Good morning, George. Thanks for the question.
Fran Soistman: The pipeline, we built a pipeline in 2023, but we put it on steroids this year.
Speaker Change: and we have greater visibility.
Speaker Change: Obviously, with the degree of changes that are occurring, we're
Speaker Change: Either beneficiaries were losing their current Medicare Advantage organization because of a market exit or a service area reduction, or their plan was withdrawn. We saw a number of PPO plans that had been withdrawn in different parts of the country.
Speaker Change: health insurance coverage.
Speaker Change: So, we went on offense, we...
Speaker Change: to the extent that we had.
Speaker Change: email addresses, phone numbers. We started a very, a very robust outreach program and we didn't give up on the first call, the second call, the third call. We continued to dial and make other efforts to outreach. That has
Speaker Change: provided us with an opportunity to hit the ground running come October 15th. So we were able to begin taking care of those needs right out of the gate. So I applaud the team for outstanding execution.
Speaker Change: bear with us until...
Speaker Change: We've completed the AEP and prepared to announce two forwardings, but you know, we had a very significant growth last year, and in the first three weeks of the AEP, we have not only surpassed our internal forecast,
Speaker Change: in a meaningful way, but certainly off of a very high base.
Speaker Change: So again, we're looking at this holistically in terms of our retention and new opportunities.
Speaker Change: You know millions of people
Speaker Change: current Medicare Advantage members.
Speaker Change: or affected by plan withdrawals.
Speaker Change: and servicery reductions. So I think there is a greater sense of urgency, higher motivation for Medicare Advantage beneficiaries to shop this year. So we're being opportunistic in meeting those needs, both with retention and with new opportunities.
Speaker Change: So it's particularly encouraging given what I would have thought early in the season was going to be limited ability to get in front of people given all the political advertising. I'm just curious.
Speaker Change: the rest of the season relative to changes in advertising you might be doing. I'm curious if I'll see a lot more of Eve for the rest of the season. And would you expect that the AEP could get extended?
Speaker Change: Okay, let me break those down.
Speaker Change: Three very good questions there. As far as the concerns with the national election that we, you know, the industry would have difficulty getting that message through. We've not experienced that particularly with our VR TV. People have been glued to their TVs over the last
Speaker Change: a few weeks and you're leading up to last night's
Speaker Change: conclusions or I should say early this morning's conclusions.
Speaker Change: We buy our DRTV on a national basis, and a lot of the political...
Speaker Change: messaging advertisements are done on a local market basis. So we were able to get our message across. If you tuned into, you know, CNN, Fox, you know, we make sure we represent both sides of the aisle in our outreaches. You would have seen us.
Speaker Change: those messages. We all get calls from our family members when they see us on TV so we know people are watching. All of our channels right now are performing above our expectations, leading to lower COAs, higher conversion rates, so we're generating quality leads.
Speaker Change: That's really, you know, it's successful.
Speaker Change: to get success and it invokes more confidence with particularly our less tenured agents, you know, they're enjoying success in closing customers, which I think is going to serve us well through the balance of AEP and into January's OEP.
Speaker Change: I can't tell you anything new as far as whether
Speaker Change: CMS will grant an extension or offer a special enrollment period.
Speaker Change: I think...
Speaker Change: I've been in reasonably close contact with key people at CMS. I'll be outreaching to them in a follow-up to a meeting we had in person a few weeks back, just giving them some
Speaker Change: some metrics in terms of what we're observing. We have a very transparent relationship with CMS and it's not uncommon for them to either confirm that they're seeing similar kinds of higher volumes with their call centers.
Speaker Change: My guess, though, George, and I don't have any inside information, but my prediction would be if there is to be a special enrollment period, CMS would not likely communicate that until after Thanksgiving.
Speaker Change: As we get closer to the end of the AEP, December 7th.
George Sutton: Gotcha, just one other thing for John if I could. We saw you had reduced the constraint recently and you saw your tail revenues come in much more limited than in the past. Do we feel really good about the constraint change we made? Are we going to see relatively small tail revenues ahead?
Speaker Change: When we analyzed it, we did have a range of various outcomes, and we actually chose the conservative route.
Speaker Change: and Bookmore at the lower end. So there was opportunity to actually take the constraint down lower. And we considered the current environment and we chose our constraint and we maintained the appropriate level of conservatism in our process.
Speaker Change: Bob.
Speaker Change: When we look at our tail, we have over $200 million of cumulative positive tail since the adoption of 606, and we've seen 26 out of the last 27 quarters since the adoption that we've had positive tail adjustments.
Speaker Change: So again, we do feel very confident and we make sure that we're staying compliant with our 606 guidance.
Speaker Change: Beautiful. Thanks, guys. Appreciate it.
Speaker Change: Thank you.
Speaker Change: Thank you and again as a reminder to ask a question today that is star 1. You may withdraw your question at any time by pressing star 2. Again that's star 1. We'll pause another moment to allow any further questions to queue.
Speaker Change: And there appear to be no further questions at this time. I'll turn the call to Fren for any closing remarks.
Fren: Thank you, Operator. Well, I imagine many on the call this morning had a very late night, so thank you for joining. I really appreciate that. As we close out this third quarter, I'd like to reiterate our commitment to delivering long-term value and navigating this dynamic environment with resilience and focus.
Speaker Change: EHealth's transformation journey and business performance progress has been nothing short of remarkable, and I remain optimistic about our ability to sustain this momentum through the end of this year and throughout 2025.
Speaker Change: None of this would be possible without the strong management team and our employees who have contributed to achieving a healthy and vibrant workplace. We're laser focused on achieving a successful AEP, further enhancing the capital structure, and unlocking shareholder value.
Speaker Change: The stage is set for continued success in 2025 to core MA strength and our exciting diversification initiatives.
Fren: So we appreciate the continued support of our shareholders, partners, our employees, as we drive forward on our strategic priorities. And we're confident in our path and remain committed to executing on our goals for sustained profitable growth. So thank you once again. We look forward to updating on our progress in the quarters ahead.
Speaker Change: Goodbye!
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