Q4 2024 Clover Health Investments Corp Earnings Call
Never forget to subscribe!
Speaker Change: Toffas and Holt, we appreciate your patience and as you continue to stand by.
Have a Merry Christmas!
Thanks for watching!
Speaker Change: To all sites on hold, we appreciate your patience and as you continue to stand by.
Thanks for watching!
JAZZ MUSIC
arboretum.edu
Speaker Change: Please stand by, your program is about to begin. If you need assistance during your conference today, please press star zero.
Speaker Change: Ladies and gentlemen, good afternoon and welcome to the Clover Health fourth quarter and full year 2024 earnings conference call. At this time, all participants are in a listen only mode. A question and answer session will follow with prepared remarks.
Speaker Change: At that time, if you wish to ask a question, please press star 1 on your telephone keypad. As a reminder, today's call is being recorded.
Speaker Change: I would now like to turn the call over to Ryan Schmidt, Investor Relations for Clover Health. Please go ahead.
Ryan Schmidt: Good afternoon, everyone. Joining me on our call today to discuss the company's fourth quarter and full year 2024 results are Andrew Toy, Clover Health's Chief Executive Officer, and Peter Kuipers, the company's Chief Financial Officer.
Ryan Schmidt: You can find today's press release in the accompanying supplemental slides.
Ryan Schmidt: as well as the company's most recent investor deck in the investor events and presentation section of our website at investors.cloverhealth.com. This webcast is being recorded and a replay will be available in the investor relations section of the Clover Health website.
Ryan Schmidt: 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.
Ryan Schmidt: Factors 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.
Ryan Schmidt: Information about non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can be found in the earnings materials available on our website. With that, I'll turn the call over to Andrew.
Andrew Toy: Thank you, Ryan, and a warm welcome to everyone joining us today.
2024 was a pivotal year for Clover.
Andrew Toy: We set out with a clear mission to drive sustainable growth, achieve adjusted EBITDA profitability, and reinforce our differentiation in Medicare Advantage.
Andrew Toy: And I feel we have executed very well in delivering on these goals.
Andrew Toy: Firstly, during 2024, we delivered meaningful full-year adjusted EBITDA profitability. We previously shared that achieving this would position us to return to growth during a period where our competitors would be retreating.
Andrew Toy: This profitability and return to growth has happened as anticipated, and we believe our profitable core of returning membership cohorts sets us up well to invest in bringing on significant new membership every year.
Andrew Toy: Secondly, we surpassed 100,000 Medicare Advantage members this year during AEP, reflecting well above market year-over-year 27% growth and a 95% AEP retention rate.
proving that when members experience the Clover Model, they stay.
Andrew Toy: And more importantly, we achieved this growth while improving clinical outcomes and cohort performance, all of which are a testament to our discipline in managing the total cost of care and driving to better outcomes.
Thirdly, we've again strengthened our star ratings.
Andrew Toy: We now have over 95% of our members in 4-star rated PPO plans for the 2025 star rating year.
Andrew Toy: with nation-leading clinical measures highlighting our commitment to delivering higher quality care.
Andrew Toy: As a reminder, the financial effect of this four-star rating will be enjoyed next year in 2026.
Andrew Toy: Practically speaking, this means higher benchmarks for our plans which will flow through to top-line PMPM revenue, even more competitive benefits, and long-term stability for our members.
Andrew Toy: Fourthly, we successfully launched Counterpart Health, our software business that houses Clover Assistant for third-party partnerships, where we brand it as Counterpart Assistant.
Andrew Toy: We signed and implemented our first external partners, built a scalable multi-tenancy cloud platform, and established a pipeline of additional potential customers spanning both providers and payers.
Andrew Toy: The market is validating what we've known all along. Technology-driven care management isn't just the future of MA, it's the key to making it sustainable.
Thank you.
Andrew Toy: These achievements reflect the exceptional dedication and hard work of every Clover team member, as we collectively strive to enhance healthcare for seniors via the earlier identification, management, and treatment of chronic diseases.
Andrew Toy: While we are very proud of our results, we're even more enthusiastic about what's to come on our journey to care for more and more of the Medicare population.
Andrew Toy: As we step into 2025, having established meaningful full-year adjusted EBITDA profitability in 2024, we're not just carrying momentum, we're operating from a position of strength.
Andrew Toy: The core drivers of our business are aligned and accelerating, and we're well positioned to execute upon our strategic goals during our next phase of growth.
Andrew Toy: We will continue to actively manage care while lowering costs via our differentiated technology-first care model.
Our wide-network, PCP-led, technology-driven approach remains our core advantage.
Andrew Toy: Unlike traditional MA models that rely on health system-based risk sharing, we enable PCPs to succeed in value-based care while remaining on a fee-for-service chassis.
Andrew Toy: This ensures broad access for seniors, stronger physician engagement, and better cost performance over time.
Andrew Toy: Clover Assistant Technology will, of course, be the core of our strategy.
Our proprietary software platform delivers real-world clinical and financial impact.
Andrew Toy: advances in data interoperability and AI only serve to accelerate our platform
Andrew Toy: Because our results are built upon delivering AI-driven insights to physicians, the tremendous rate of improvement in these technologies create tailwinds to Clover in a way that traditional health plans do not experience.
Andrew Toy: During 2024, more than two-thirds of our members received proactive, data-driven, and personalized care through Clover Assistant.
Andrew Toy: which continue to deliver over 1,000 basis points of MCR improvement for returning MA members whose PCPs use CA as compared to those who do not.
Andrew Toy: In 2025, we'll continue to invest in enhancements to EvolveCA with AI-powered automation and further enhanced EHR integrations, making it even more impactful for physicians at the point of care.
Andrew Toy: While CA helped enhance the performance of our wide network PCPs, home care remains a critical and distinctive component of our differentiated care model and complements those wide network PCPs.
with CA Powered Care Directly in the Home.
Andrew Toy: Designed to engage with our highest risk members, our home care program does everything from gap closure to post-acute care to integrated care for polychronic patients at the end of life.
Andrew Toy: When we do this, our data also shows that our highest acuity cohort of members receiving home care experienced significantly improved MCRs over time.
Andrew Toy: This demonstrates that intensive, proactive care delivered in the home is a highly effective strategy for keeping members healthier and out of the hospital, and blunting the medical cost trend for our most acute and comorbid members.
Andrew Toy: This is precisely why, during 2025, we intend to further scale our home services to ensure that care for our members is delivered at the right time, in the right setting, and with measurable impact.
Andrew Toy: And lastly, counterpart health is no longer a concept, it's an emerging business with significant upside potential.
Andrew Toy: We have a growing pipeline of partners, including payers and health systems evaluating CA.
Andrew Toy: They see CA as a strong tool to help them improve value-based performance for their wide network. But we also see health systems evaluating it for their own employed physicians.
Andrew Toy: We have invested for years in building a software product that drives clinical quality, and we feel that our core technology DNA, plus years spent iterating and improving within our own Medicare Advantage plan, have created a unique and differentiated offering.
Andrew Toy: We believe the opportunity here is great, and in 2025, we'll focus on closing additional deals in varied markets that validate the broader scalability of our model.
Andrew Toy: Overall, in 2025, we're committed to maintaining adjusted even-dealt profitability as we also invest deeply in further increasing total life under management and meaningfully growing top-line revenue.
Andrew Toy: We will also be investing and growing our Clover Assistant reach within our markets, and in new markets, as this lays the groundwork for managing that larger event mission.
Andrew Toy: We believe that this balance of strong profitability from returning member cohorts together with our strategic investments in new member growth
Andrew Toy: Clover Assistant Technology, growing Clover Assistant's reach and expanding both our home care services, as well as the counterpart health go-to-market strategy, positions us well for acceleration of profitability in 2026 and beyond.
Andrew Toy: I'll now hand it over to Peter for the financial update.
Peter Kuipers: Thank you, Andrew. I am very pleased with our strong 2024 results and I'm excited about our growth and momentum in 2025.
Our 2024 results demonstrate our capacity to execute effectively.
achieve our objectives and generate strong business momentum.
In short, we accomplished precisely what we promised and more.
I will begin with our 2024 results covering
A strong revenue growth.
Achieving meaningful profitability with industry-leading loss ratios.
and lastly our strong balance sheet position.
Clover's fundamentals are strong.
Peter Kuipers: We continue to achieve strong insurance revenue growth during the year, growing 9% in both the fourth quarter and full year 2024.
Peter Kuipers: to $331 million and $1,345,000,000 as compared to the prior periods, respectively.
complementing our strong top-line revenue growth
must continue this year-over-year margin improvement.
Peter Kuipers: During the fourth quarter of 2024, our Insurance Benefit Expense Ratio, or BER, improved to 82.8%.
compared to 87.4% in the same period of 2023.
Peter Kuipers: and our insurance MCR improved to 73.5% in the fourth quarter this year from 82.4% last year.
Peter Kuipers: We also experienced modestly favorable prior period development, or PPD, during the fourth quarter, which is similar to what we experienced during the third quarter, and this favorable development has effectively lowered our full-year BER.
Peter Kuipers: That said, BER for the full year 2024 was 81.2% and MCR was 75.1%.
Peter Kuipers: Both of which represent strong improvements of more than 500 basis points year-over-year.
Peter Kuipers: Overall, our results were driven by strong cohort economics and returning member retention, as well as our ability to deliver earlier and better care outcomes for our members.
Peter Kuipers: Our technology-first care model has continued to manage Med-X in our results.
Peter Kuipers: Additionally, the meaningful incremental impact of Clover Assistant and our home care platform in our results this year occurred slightly earlier than anticipated and left a strong MA plan margin outperformance during the year.
Thanks for watching.
Peter Kuipers: This resulted in an immaterial minimum MLR rebate in 2024 for 2024 data service, which effectively lowered our revenues.
Peter Kuipers: As a reminder, any payment related to the rebate would not occur until all claims have been fully incurred in the future.
Peter Kuipers: That said, we believe a full year BER, adjusting for the aforementioned favorable impacts of PPD, is a good representation of the underlying performance of our business.
and a solid foundation for the company heading in 2025.
focusing next on SDNA.
Peter Kuipers: Consistent with the expectations we signaled in last quarter's call, SD&A expenses were higher than usual in the fourth quarter, given the strategic choice we made to support the recent AEP season.
Peter Kuipers: as well as various quality-focused investments aimed at improving member outcomes.
Peter Kuipers: These assessments paid off and drove strong growth in the recent AEP season, resulting in 27% membership growth in the AEP period itself.
Peter Kuipers: We believe that this growth is driven by the strength of our benefits.
Star Ratings, and O'Kear Platform.
Peter Kuipers: As such, during the fourth quarter, total STNA increased by 7% year-over-year to $150 million, and adjusted STNA for the fourth quarter of 2024 increased by 9% year-over-year to $86 million.
Peter Kuipers: For the full year 2024, total STNA decreased 7% year-over-year and adjusted STNA of $295 million decreased 1% as compared to the same period in 2023.
Peter Kuipers: While we did have increased costs to support our growth and strategic reinvestments in the fourth quarter, our full year 2024 results benefited from the cost-saving initiatives we have discussed throughout this last year.
Peter Kuipers: Taking all of this into account, gap net loss from continuing operations for the fourth quarter improved by 46 million dollars to a loss of 21 million dollars as compared to the same quarter last year.
Peter Kuipers: Similarly, adjusted EBITDA significantly improved to a profit of $8 million this quarter compared to a loss of $70 million in the fourth quarter of 2023.
Peter Kuipers: For the full year, we meaningfully improved our adjusted EBITDA profitability by $112 million compared to 2020.
Thank you very much for your time.
Peter Kuipers: achieving over 70 million dollars of adjusted EBITDA in 2024 driven by our well-managed returning member cohorts
turning next to the balance sheet.
Peter Kuipers: We ended the fourth quarter 2024 with restricted and unrestricted cash, cash equivalents, and investments totaling $438 million on a consolidated basis.
Peter Kuipers: with $162 million at the parent entity and unregulated subsidiary level.
Peter Kuipers: Consolidated and unregulated balances during the fourth quarter were impacted by the final $39 million cash payment to CMS for the final settlement related to our ACO REACH participation in 2023.
Peter Kuipers: As a reminder, this is the final payment related to this discontinued business, and we expect no future impacts to our financials.
Peter Kuipers: Cash flow used in operating activities from continuing operations for the fourth quarter was 47 million dollars.
Peter Kuipers: which continued to decrease in the fourth quarter by approximately $11 million quarter over quarter on the third quarter in 2024, bringing our full year cash flow from operating activities to $82 million.
Peter Kuipers: Our strong business momentum continues to improve our already strong balance sheet this year, allowing us to operate from a position of strength and investing growth.
Peter Kuipers: Next, I will provide commentary on a full year 2025 guidance.
Peter Kuipers: The revenue for the insurance business is expected to be between $1,800,000,000 and $1,875,000,000.
Peter Kuipers: reflecting continued strong year-for-year top-line growth of 37% at the midpoint of the range.
Peter Kuipers: Medicare Advantage membership is expected to average between 103,000 and 107,000 members, reflecting 30% growth year-over-year at the midpoint as compared to 2024.
Peter Kuipers: We expect adjusted STNA to be between $355 million and $365 million.
Peter Kuipers: This represents adjusted SDNA as percentage of total revenue of 19 to 20 percent.
Peter Kuipers: and there's an approximate 200 basis point improvement year-over-year at the midpoint of the range.
Peter Kuipers: We expect full year 2025 adjusted EBITDA to be between $45 million and $70 million.
Peter Kuipers: Additionally, beginning this year, we are guiding to adjusted net income of between 45 million dollars and 70 million dollars.
Peter Kuipers: We believe that this is a useful metric on festers, and it is also used by others in the industry.
Peter Kuipers: As a reminder, we believe our insurance VER is a solid representation of the total cost of care for our NA members, and it includes our proactive investments in quality improvement.
Peter Kuipers: Going from 2024 to 2025 possibility. Here are the bridging items that I will cover in more detail later in this call.
Peter Kuipers: First, the 2024 results included elevated favorable PPD amounts that we do not expect to recur.
Peter Kuipers: Second, investments in new membership growth year-over-year of 30% will reduce our year-over-year adjusted EBITDA and adjusted net income as year one members typically have an over 1,000 basis points higher loss ratio than returning members.
Peter Kuipers: Third, we expect an increase in adjusted EBITDA and adjusted net income contributions from existing member cohorts as they continue to show an expanded profitability profile despite broader industry headwinds.
Peter Kuipers: Fourth, as a result of our new membership growth, we will experience increased variable and growth SDNA accordingly.
Peter Kuipers: We are also increasing our investments in Clover Assistant technology and Clover Assistant Reach.
Peter Kuipers: These increases in SDNA will partially be offset by our cost efficiency program that I will discuss in more detail later in this call.
Peter Kuipers: In totality, we believe that this balance in 2025 of existing strong profitability from returning member cohorts with our investments in new member growth, Clover Assistant technology, and Clover Assistant reach.
Peter Kuipers: coupled with our improved four-star rating positions us strongly for acceleration of profitability in 2026 and beyond.
Peter Kuipers: First, on our core dynamics, please turn your focus to slide six in the earnings stack posted on our website.
Peter Kuipers: Our new member growth during AEP, driving our guidance of 30% year-over-year average membership growth in 2025, primarily occurred within our established core markets.
Peter Kuipers: where we have strong clover system coverage and are confident we can deliver strong clinical results.
within the new member cohort from this AP
Peter Kuipers: The vast majority of our growth came in the form of switchers from other MA plans.
Peter Kuipers: This nuance is important, because MA scriptures typically have more health data that we are able to equip physicians with as compared to other types of new members.
Peter Kuipers: Furthermore, we achieved impressive membership retention this AEP and we're very pleased with the dynamics of our returning membership cohort.
Peter Kuipers: We also look forward to continuing to execute against our growth engine over the next month during the current OEP period.
Peter Kuipers: where we remain on track to deliver a strong OEP season.
Peter Kuipers: as a result of the previously mentioned disruption that began during AEP, as included in our full year 2025 guidance.
Peter Kuipers: During 2024 we demonstrated a clear ability to achieve profitable existing member cohorts and we plan to continue to prudently manage these returning member cohorts going forward.
Peter Kuipers: In 2025, we will also see the impact of a large cohort of new year one members in our financials.
Peter Kuipers: Given that it takes some time for a care management model to be effective with new members, both clinically and financially, we expect to see this new member cohort increase our loss ratio in year one.
Peter Kuipers: Given our experience over the last number of years, we have strong conviction that the unit economics of the cohort of members that joined this year will have improved loss ratios.
of around 700 basis points in 2026.
Peter Kuipers: We have included the graph of our cohort economics on page 6 in our earnings deck.
Peter Kuipers: This illustrates a more than 700 basis point improvement in MCR between year one and year two cohorts and an approximate 1,500 basis point improvement between year one and year three cohort members.
Peter Kuipers: This shows the strength of our model, delivering earlier and better care management at lower total cost of care and higher affordability.
Next, I will give further context to our STNA expenses.
We categorize our SG&A expenses.
different buckets including quality initiatives
growth.
variable and fixed SDNA costs that be managed accordingly.
Quality initiative SG&A includes technology focused R&D innovation.
to further expand their product roadmap.
Peter Kuipers: as well as spend directly tied to enhancing healthcare quality for our members.
Growth SG&A includes costs that scale with membership growth.
Peter Kuipers: such as the cost of acquiring new members, including marketing, branding, and broker commission costs.
Peter Kuipers: Preferable FCNA includes costs that scale with a growing member base.
Peter Kuipers: This includes costs for our BPAS partner that optimizes our back-office MA plan operations.
Thanks for watching!
Peter Kuipers: Fixed SG&A includes spends related to employees, infrastructure, and vendor costs that we're able to leverage to achieve scale.
Peter Kuipers: Our results in 2024 have already started to reflect this, giving us meaningful operating leverage to enjoy as we scale further in the future.
Peter Kuipers: Beginning this year in 2025, we have implemented a new efficiency program for SG&A to streamline our operations and identify further efficiency gains within these different SG&A buckets.
Peter Kuipers: Our optimization efforts here will be in tandem with incremental strategic investments to further improve our global system capabilities for our home care program and expand our counterpart health go-to-market efforts.
Peter Kuipers: Taking all of this into account, a full year 2025 guidance for adjusted STNA represents a decrease or an improvement of around 200 basis points for adjusted STNA as a percentage of revenues.
Peter Kuipers: at the midpoint of the range in comparison to full year 2024.
Peter Kuipers: We have placed additional focus and continued efforts on cost optimization with a goal to further reduce SDNA as a percentage of revenue in the future.
Peter Kuipers: Lastly, we remain excited about Counterpart's ability to bring our model of care into other geographies in a capitalized and efficient manner, where we do not currently have an MA plan established.
Peter Kuipers: This initiative is still in its early stages, as we had not even announced general availability yet at this time last year.
Peter Kuipers: That said, our priority in 2025 will be first to rapidly expand the total lives covered by counterpart health.
Peter Kuipers: We were thrilled to announce a multi-year partnership with Southern Illinois Healthcare earlier this month, as well as our partnerships with the Iowa Clinic and Jube Connected Care in 2024, and we expect momentum for counterpart assistance to only increase this year.
Peter Kuipers: We look forward to sharing more detailed expectations in the future as we further develop and grow our counterpart SaaS and tech-enabled services offering.
Peter Kuipers: While we are not providing specific guidance for 2026 today, we are excited about a strong positioning for acceleration of profitability in 2026 and beyond.
First.
Peter Kuipers: We believe we are well-positioned for strong and above-market membership growth in the upcoming AEP season later this year.
Peter Kuipers: Second, we believe that we are well-positioned with tailwinds going in 2026 due to an increase to a four-star payment year in 2026.
Peter Kuipers: Third, we expect the unit economics of our new cohort of membership added in 2025 to significantly improve into 2026.
Fourth.
continues maturing and improving member cohort economics.
of members who joined in 2024 and before.
Peter Kuipers: Fifth, we expect an increased impact of the cost efficiency program in 2026 and beyond.
Andrew Toy: With that, let me now turn the call back to Andrew for closing comments.
Thank you, Peter.
Andrew Toy: Clover is indeed very well positioned for success as we move into our new phase of growth.
Andrew Toy: In the years to come, we're excited to bring our technology-first model to as many people as possible while maintaining strong profitability.
Andrew Toy: Our investments into growth, Clover assistive technology, and our differentiated model will be both strategic and judicious to ensure that we have plenty of room to run as we aim to increase overall business value for Clover.
Andrew Toy: What makes Klober different has and will continue to remain the same.
Andrew Toy: We aim to actively manage and deliver care as we equip more and more physicians with technology to identify, manage, and treat chronic diseases earlier.
Andrew Toy: as early intervention not only benefits the patient via reducing the need for extensive treatment, but also helps flatten the MedEx curve and lowers the total cost of care.
Andrew Toy: This differentiation is also our fundamental advantage that sets us apart and why we believe we are positioned better than ever to execute against our vision in the coming years.
Andrew Toy: We'll continue expanding our impact, driving better outcomes for our members, achieving financial discipline for our business, and delivering long-term value for our shareholders.
Now with that, let's open it up for questions.
Speaker Change: Thank you. We will now be taking questions from Clover's research analysts. At this time, if you wish to ask a question, please press star 1 on your telephone keypad. You may remove yourself from the queue by pressing star 2. In the interest of time, we ask that you please limit yourself to one question and one quick follow-up.
Speaker Change: We will take our first question from Jonathan Young with UBS.
Jonathan Young: Hey, thanks for taking a question here. I guess I know we are early in the counterpart health story, but kind of when can we start expecting to see some of the revenue metrics kind of show up into the financials? And, you know, what's your expectations for this year in terms of pipeline growth?
Thank you. Thank you.
Hey Jonathan, thanks for the question.
So, regarding Counterpart, we are very excited by that business.
Jonathan Young: We have a strong pipeline, as we said in the remarks.
Jonathan Young: We are not yet saying when we're going to be incorporating that into the revenue and into the financial results.
Jonathan Young: Of course, it's a newer business, as Peter said in his section, and the way that we're looking at it is that we are really looking at it as a way to expand our reach, first of all. So we're looking at bringing more lives under Clover Management, which is a key KPI of ours, and under Clover Assistant Management.
Jonathan Young: Those economics will eventually become significant, we believe, but right now, of course, the core of the financials are being driven by the M.A. plan itself. So look for more announcements on launches, certainly look for more partnerships, we'll be talking a little bit more later this year, I think, about how we see the lives growing under management and the clinical results, and then I think you'll see the financial side come a little later.
Speaker Change: Thank you for watching. And please subscribe to the channel. See you next time.
Speaker Change: Okay, thanks. And then just on the the GNA load, kind of as it's a lot it's a little bit higher than what we were thinking. I guess how much is kind of...
Speaker Change: the cost related to the AEP growth that you kind of saw, and then as we kind of think about 26, it sounds like you're going to grow a decent clip.
Speaker Change: Are we going to experience that kind of a similar GNA pickup in relation to that? And how much do you think you can lop off via the GNA optimization efforts? Thanks.
Speaker Change: Thanks Jonathan, this is Peter. So from an STNA perspective, the growth STNA is a significant portion of the STNA growth year-over-year. I wanted to point out though that
Speaker Change: We already are scaling and having some leverage, right? So the guide at the midpoint for STNA for 2025 represents about 200 basis points.
Speaker Change: improvement if you will, if you measure STNA as a percentage of revenue, but we do have growth expenses in there, variable expenses, we're optimizing as well and we think that for this year our fixed STNA is actually slightly down year-over-year.
Speaker Change: We are, of course, executing on an efficiency program, but directionally from a growth going from 25 into 26, you would expect a similar direction, but I would say at a lower rate of increase.
Thanks.
Speaker Change: And once again, if you would like to ask a question, please press star 1 on your telephone keypad now. We will move next to Matt Hewitt with Craig Hallam.
Thank you.
Hey Matt.
Speaker Change: Hi, thank you for taking our question. This is Tolf Cormann from Matt Hewitt. Can you please provide some color on your expectations for continued growth of the home care arm in 25 and beyond? Thank you.
Thank you.
Speaker Change: Yeah, absolutely. So this is highlighted as an area that we're very proud of. Our investment into care being delivered with Clover Assistant in the home, I think, is an anchor stone of our entire strategy. Looking after the most expensive, most comorbid, most vulnerable members in that home care program is a critical aspect of how we do total cost of care control as well as improve outcomes.
Speaker Change: As such, we are planning to invest more into that arm.
We are bringing that capability into new markets.
Speaker Change: and expanding that team and expanding its capabilities and expanding its georeach. So we don't have a specific guidance around that, but you should expect that to be a key part of our strategy and to see that total cost of care control flow into our financials as well.
All right, thank you.
Speaker Change: And once again, it was star one if you had a question.
Speaker Change: With no other questions holding, this will conclude the Q&A portion of today's conference. I would like to turn the call back to Andrew Toy for any additional or closing remarks.
Thank you. Thank you.
Speaker Change: Great. Thank you, too, for the questions there. In closing, I'm proud of the Clover team's many accomplishments this past year, including adjusted EBITDA profitability and corresponding strong membership growth to start the year, our improved star ratings, of course, and our efforts with Counterpart.
Speaker Change: 2024 was a defining year for Clover Health, where we continue to reinforce our competitive advantages within MA, and as I've said before, this is just the beginning. I look forward to updating you all on our progress during our next call.
Speaker Change: Thank you again for joining today and everyone have a great evening.
Speaker Change: Thank you. Ladies and gentlemen, this concludes today's Clover Health fourth quarter and full year 2024 earnings call and webcast. You may disconnect your line at this time. Have a wonderful day.
All in the end,
The End
[music]
Go to Beadaholique.com for all of your beading supplies needs!
Thank you for watching, please subscribe to my channel
Visit us on the web for more information
Speaker Change: Special thanks to welcome Welcome Welcome Welcome Rejected Rejected Rejected Call conference