Clover Health Investments Corp (CLOV) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon and welcome to the Clover Health third quarter, 2024 earnings conference call at this time. All participants are in a listen-only mode, a question and answer session will follow the prepared remarks at that time. If you wish to ask a question, please press *1 on your telephone keypad. As a reminder, today's call is being recorded.

女士們、先生們，下午好，歡迎此時參加 Clover Health 2024 年第三季財報電話會議。所有參與者均處於僅聽模式，屆時將在準備好的發言之後進行問答環節。如果您想提問，請按下電話鍵盤上的 *1。提醒一下，今天的通話正在錄音。

I would now like to turn the call over to Ryan Schmidt Investor Relations for Clover Health. Please go ahead.

我現在想將電話轉給 Clover Health 投資者關係部門的 Ryan Schmidt。請繼續。

Good afternoon, everyone. joining me on our call today to discuss the company's third quarter 2024 results are Andrew Toy, Clover Health's Chief Executive Officer; and Peter Kuipers, the company's Chief Financial Officer.

大家下午好。今天與我一起參加電話會議的還有 Clover Health 執行長 Andrew Toy；以及公司財務長 Peter Kuipers。

You can find today's press release in the company's supplemental slides as well as the company's most recent investor deck in the investor events and presentations 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.

您可以在公司的補充幻燈片中找到今天的新聞稿，也可以在我們網站 Investors.cloverhealth.com 的投資者活動和簡報部分找到該公司最新的投資者資料。該網路廣播正在錄製中，並將在 Clover Health 網站的投資者關係部分提供重播。

I would 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 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.

我還想提醒您，我們可能會在今天的電話會議中做出前瞻性聲明，這些聲明會受到風險和不確定性的影響，包括對未來業績因素的預期，這些因素可能導致實際結果與預期存在重大差異，詳情請參閱我們的證券交易委員會文件，包括我們最新的 10-K 表格年度報告和其他 SEC 文件的風險因素部分。

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.

有關引用的非公認會計原則財務指標的信息，包括這些指標與公認會計原則指標的調節，可以在我們網站上提供的收益材料中找到。

With that, I'll now turn the call over to Andrew.

現在，我將把電話轉給安德魯。

Thanks, Ryan, and thank you everyone for joining us today.

謝謝瑞安，也謝謝大家今天加入我們。

We have had a tremendous amount of progress at Clover that we're excited to talk through.

我們在 Clover 取得了巨大的進展，我們很高興能夠談論這些進展。

Firstly, we delivered another quarter of meaningful adjusted EBITDA, profitability and positive operating cash flow as such. We are improving our full year adjusted EBITDA guidance. We have always emphasized our focus on delivering a profitable clover and I feel that we have executed very well here.

首先，我們又一個季度實現了有意義的調整後 EBITDA、獲利能力和正營運現金流。我們正在改進全年調整後 EBITDA 指導。我們一直強調我們專注於提供有利可圖的三葉草，我覺得我們在這裡執行得非常好。

Secondly, we achieved another quarter of industry leading loss ratios driven by continued strong performance on both PMPM revenue, as well as medical expense management.

其次，在 PMPM 收入和醫療費用管理持續強勁表現的推動下，我們的損失率又實現了業界領先的四分之一。

We're particularly proud of this because we see this value being driven largely by the technology powered performance of the independent fee for service physicians in our wide network.

我們對此感到特別自豪，因為我們看到這一價值很大程度上是由我們廣泛的網路中服務醫生的獨立收費的技術所驅動的性能所驅動的。

This is the part of the network where a lot of other Medicare advantage plans are struggling to manage total cost of care.

這是網路的一部分，許多其他醫療保險優勢計劃正在努力管理總護理成本。

Thirdly, we are proud to have received upgraded star ratings for our plans, most notably a four star rating for our flagship PPO for plan year 2025 impacting payment year 2026.

第三，我們很自豪我們的計劃獲得了升級的星級評級，最引人注目的是我們的旗艦 PPO 2025 年計劃年的四星級評級，影響到 2026 年的付款年。

In fact, for plans with over 2000 members, our PPO received the highest score in the entire country on core HEDIS measures with a score of 4.94, even edging out high performing hm OS over 95% of our members are in this 4-Star plan.

事實上，對於擁有超過 2000 名會員的計劃，我們的 PPO 在核心 HEDIS 指標上獲得了全國最高分，得分為 4.94，甚至超越了高性能 hm OS 超過 95% 的會員都屬於這個四星級計劃。

The key differentiator with Clover is that these results are driven by physicians using our technology, Clover Assistant. unlike almost every other high performing MA plan, Clover's plans have almost no traditional value -based contracts or delegated risk. We do not pay traditional quality incentives around GAAP closure. Instead, What we focus on is having physicians use Clover Assistant, which acts as a GPS for physicians to better manage Medicare advantage, total cost of care and quality between our network physicians and our internal Clover Home care practice, which focuses on managing our most vulnerable members. We've historically delivered Clover Assistant powered care to over two thirds of our membership.

Clover 的主要區別在於，這些結果是由醫生使用我們的技術 Clover Assistant 所驅動的。與幾乎所有其他高效能 MA 計劃不同，Clover 的計劃幾乎沒有傳統的基於價值的合約或委託風險。我們不會圍繞 GAAP 終止支付傳統的品質激勵措施。相反，我們關注的是讓醫生使用Clover Assistant，它充當醫生的GPS，以便更好地管理我們的網絡醫生和內部Clover Home 護理實踐之間的Medicare 優勢、總護理成本和質量，Clover Home 護理實踐專注於管理我們最重要的資訊。歷史上，我們已經為超過三分之二的會員提供了 Clover Assistant 支援的護理服務。

We demonstrated that our technology first model of care, while unconventional, generates differentiated value, we've driven strong clinical and financial performance in our insurance business highlighted by meaningful adjusted EBIDTA profitability and strong insurance loss ratios.

我們證明，我們的技術優先的護理模式雖然非常規，但卻能產生差異化的價值，我們在保險業務中推動了強勁的臨床和財務業績，其中突出的是有意義的調整後EBIDTA 盈利能力和強勁的保險損失率。

I'm very proud that we've significantly increased our adjusted EBIDTA profitability to over $62 million year-to-date on a membership base of 81,000 lives.

我感到非常自豪的是，我們已經在 81,000 名會員的基礎上，將調整後的 EBIDTA 盈利能力大幅提高至年初至今的 6200 萬美元以上。

These strong financial results position us well to invest in membership growth going into 2025.

這些強勁的財務表現使我們能夠在 2025 年之前投資於會員成長。

This AEP, we believe we are offering a highly appealing and competitive product for Medicare eligibles and we are prioritizing both acquiring new members and maintaining strong retention rates.

在此 AEP 中，我們相信我們正在為符合 Medicare 資格的人提供極具吸引力和競爭力的產品，並且我們優先考慮獲取新會員和保持強勁的保留率。

With this strategy, we believe there is ample opportunity to expand our market share throughout 2025 in our core markets.

透過這項策略，我們相信到 2025 年我們將有充足的機會擴大我們在核心市場的市場佔有率。

We're particularly excited about the timing of our growth opportunity.

我們對成長機會的時機感到特別興奮。

Other plans have struggled to maintain Star Ratings and managed cost of care and are effectively being forced to make strategic retreats by making plan closures, dropping providers from their networks and pulling back on benefits by maintaining our own benefit and network strength and leveraging our improved star ratings, We are set up to be in a very good position while it's too early to discuss our 2025 posture in detail. Our intent is to take advantage of the opportunity in front of us by focusing on growth while maintaining consolidated profitability by a strong management of our returning member cohorts.

其他計劃一直在努力維持星級評級和管理護理成本，並且實際上被迫做出戰略性撤退，包括關閉計劃、將提供商從其網絡中剔除，以及通過維持我們自己的利益和網絡實力並利用我們改進的星級來減少福利收視率方面，我們已經處於非常有利的位置，但現在詳細討論我們 2025 年的態勢還為時過早。我們的目的是利用擺在我們面前的機會，專注於成長，同時透過對回歸會員群體的強有力管理來維持鞏固的獲利能力。

We're demonstrating a clear ability to grow into the strength of our model with our profitable existing member cohorts fuelling growth and having a clear focus on bringing new members onto our care platform.

我們正在展示出明顯的能力，可以利用我們盈利的現有會員群來推動成長，並明確重點將新會員引入我們的護理平台，從而增強我們模式的優勢。

We'll obviously have more to talk about regarding our annual enrolment period performance in the future, but overall, we feel very good about how we positioned our business for growth in 2025 on the back of our strong performance in 2024 to be clear though, we believe this growth opportunity will not be a one year window. As I mentioned, we are very proud to have recently received a four star rating for our flagship PPO plans.

顯然，我們未來會更多地談論我們的年度招生期表現，但總的來說，我們對在2024 年強勁表現的支持下如何定位我們的業務以實現2025 年的增長感到非常滿意，但需要明確的是，我們相信這個成長機會不會是一年的窗口。正如我所提到的，我們的旗艦 PPO 計劃最近獲得了四星級評級，對此我們感到非常自豪。

By achieving this rating. We'll have tailwinds going into payment year 2026 that will allow us to continue to invest in our flywheel as we expand profitability while continuing to accelerate growth.

透過達到這個評級。進入 2026 年付款年，我們將迎來順風車，這將使我們能夠繼續投資飛輪，擴大獲利能力，同時繼續加速成長。

And again, our stars improvement came at the same time as the broader industry saw star rating degradation setting us up to continue to differentiate our products for our members.

再說一次，我們的星級提高的同時，更廣泛的行業看到星級評級下降，這使我們能夠繼續為我們的會員提供差異化的產品。

In summary, I'm very proud of our team's accomplishments and progress during the quarter where we again achieved meaningful adjusted EBITDA improved our full year 2024 adjusted EBITDA profitability guidance and have positioned the company well for growth amid a dynamic market backdrop.

總而言之，我對我們團隊在本季度取得的成就和進步感到非常自豪，我們再次實現了有意義的調整後EBITDA，改善了我們2024 年全年調整後EBITDA 盈利指引，並為公司在動態市場背景下的成長做好了準備。

I'll now hand it over to Peter for the financial update.

我現在將把它交給彼得以獲取最新的財務資訊。

Thank you, Andrew. I'm continually impressed with our ability to execute, deliver upon our goals and drive strong business performance and momentum during this year while managing the total cost of care. I will begin by Covering the third quarter and year-to-date financial highlights and then with you our updated guidance for the full year 2024.

謝謝你，安德魯。今年我們在管理總護理成本的同時執行、實現目標和推動強勁的業務績效和勢頭的能力給我留下了深刻的印象。我將首先介紹第三季和年初至今的財務亮點，然後向您介紹 2024 年全年的最新指導。

Clover fundamentals are strong. GAAP net loss in continuing operations for the third quarter improved significantly by $25 million to a loss of $9 million as compared to the same quarter last year.

三葉草的基本面很強勁。第三季持續經營業務的 GAAP 淨虧損比去年同期大幅減少 2,500 萬美元，達到虧損 900 萬美元。

Similarly, adjusted EBITDA meaningfully improved a profit of $19 million this quarter compared to $3 million in the third quarter of 2023.

同樣，調整後的 EBITDA 顯著提高了本季利潤 1,900 萬美元，而 2023 年第三季為 300 萬美元。

On a year-to-date basis, we have significantly improved our adjusted EBITDA possibility by $87 million, as compared to the same year-to-date period in 2023, delivering $62 million of the GPH EBITDA.

與 2023 年同期相比，今年迄今，我們的調整後 EBITDA 可能性顯著提高了 8,700 萬美元，實現了 6,200 萬美元的 GPH EBITDA。

So far this year, driven by continued durable MA plan momentum and further SG&A optimization. We have continued to deliver industry-leading benefit ratios for insurance business by our ability to control total cost of care.

今年到目前為止，在持續持久的 MA 計劃勢頭和進一步的 SG&A 優化的推動下。透過控制總護理成本的能力，我們繼續為保險業務提供行業領先的賠付率。

During the third quarter of 2024, our insurance Benefits Expense Ratio or BER improved to 82.8% compared to 82.3% in the same period of 2023.

2024 年第三季度，我們的保險福利費用比率 (BER) 提高至 82.8%，而 2023 年同期為 82.3%。

Similarly, insurance MCR improved to 78% in the third quarter this year from 78.5% last year.

同樣，保險MCR從去年的78.5%提高到今年第三季的78%。

Specifically, within our medical costs and patient supplemental benefits and part D costs came in favorably as compared to last quarter and are generally in line with our expectations.

具體來說，我們的醫療成本和病患補充福利以及 D 部分成本與上季相比表現良好，整體符合我們的預期。

Our strong market performance was accompanied by insurance fee of $323 million representing year-to-year growth of 7% in the quarter.

我們強勁的市場表現伴隨著本季 3.23 億美元的保險費用，較去年同期成長 7%。

On a year-to-date basis, revenue was 1.14 billion or 9% growth year-to-year. On a year-to-date basis BER was 80.6% and MCR was 75.6%, Both of which represent strong improvements of over 500 basis point year-over-year. This strong growth and market performance was driven by our focus on returning member retention, our ability to deliver earlier and better health outcomes at lower total cost of care, continued MA plan operational maturation, solid core economics and our ability to manage total cost of care for continued intra- year membership growth.

年初至今，營收為11.4億美元，年增9%。年初至今，BER 為 80.6%，MCR 為 75.6%，這兩個指標均較去年同期大幅提升了 500 個基點以上。這種強勁的成長和市場表現是由我們對回歸會員保留的關注、我們以較低的總護理成本提供更早、更好的健康結果的能力、持續的MA 計劃運營成熟、堅實的核心經濟以及我們管理總護理成本的能力推動的以實現年內會員數量的持續增長。

Similar to last four, we have experienced positive prior period development of PPD during the third quarter. As a reminder, PPD occurs and real world performance exceeds our modelling and it is booked and claimed to finalize. Given our continued MA outperformance, coupled with a continued normalization of IBNR to more historical levels, it is logical that we would have varying amounts of PPD.

與過去四個季度類似，我們在第三季經歷了 PPD 前期的積極發展。提醒一下，PPD 發生了，現實世界的性能超出了我們的模型，它已被預訂並聲稱已完成。鑑於我們的 MA 持續表現優異，加上 IBNR 持續正常化至更歷史的水平，我們有不同數量的 PPD 是合乎邏輯的。

While the underlying business momentum and medical cost management that I tested about earlier is driving a strong market performance, this change in the development has effectively also lowered our year-to-date BER to lower level.

雖然我之前測試的基本業務勢頭和醫療成本管理正在推動強勁的市場表現，但這種發展變化也有效地將我們今年迄今為止的誤碼率降低到了較低水平。

Now moving to SG&A. During the third quarter, total SG&A decreased 11% year-over-year and adjusted SG&A for the third quarter of $62 million came in 8% lower versus the comparable period. On a year-to-date basis, total SG&A decreased 12% and adjusted SG&A of $209 million decreased 12% as compared to the same periods in 2023. Both periods continue to see a favourable impact year-to-year on the cost saving initiatives associated with our new operational ecosystem and our workforce westernization in our life, partly by increased investments as a result of our entire year growth.

現在轉向 SG&A。第三季度，SG&A 總額年減 11%，第三季調整後的 SG&A 為 6,200 萬美元，比去年同期下降 8%。與 2023 年同期相比，年初至今，SG&A 總額下降了 12%，調整後的 SG&A 為 2.09 億美元，下降了 12%。這兩個時期繼續對與我們新的營運生態系統和我們生活中的勞動力西化相關的成本節約措施產生有利的影響，部分原因是我們全年的成長導致投資增加。

We're pleased with the optimization of the SG&A framework that will continue to enhance operational efficiencies with a focus on member delights that that's given a strong possibility profile, we have decided to strategically evaluate areas opportunity to reinvest into our business.

我們對 SG&A 框架的優化感到滿意，該框架將繼續提高營運效率，重點關注會員的滿意度，這賦予了我們強大的可能性，我們決定策略性地評估再投資於我們業務的領域機會。

As Andrew mentioned earlier, we believe that we have strong inquisition to invest in our membership growth opportunities for 2025 and beyond as a result of the 2024 performance, improve Star Ratings and our ability to outperform during a period of market volatility.

正如安德魯之前提到的，我們相信，由於 2024 年的業績，我們有強烈的興趣投資於 2025 年及以後的會員增長機會，提高星級評級以及我們在市場波動期間跑贏大市的能力。

For these reasons, we plan to make crude of investments that position as well to increase long term growth.

基於這些原因，我們計劃加大投資力度，以提高長期成長。

These investments include additional growth-focused plans to support annual enrolment periods for AEP, as well as quality-focused sense, focus on further improving outcomes for our members including continued R&D to further enhances assist capabilities.

這些投資包括額外的以成長為重點的計劃，以支持 AEP 的年度註冊期，以及以品質為中心的意識，重點是進一步改善我們會員的成果，包括繼續進行研發，以進一步增強協助能力。

We believe that now is the optimal time to do this in light of our strong performance. As such, you will notice that we have increased our full year 2024 SG&A guidance.

鑑於我們的強勁表現，我們相信現在是這樣做的最佳時機。因此，您會注意到我們提高了 2024 年全年 SG&A 指導值。

Although it is very important to note that we're also increasing a total year 2024 adjusted EBITDA guidance to reflect our underlying business momentum. We continue to believe that any near term assessments in the long term of the trajectory of our business will prove to drive strong returns in the future.

但值得注意的是，我們也提高了 2024 年調整後 EBITDA 的整體指導，以反映我們的基本業務動能。我們仍然相信，對我們業務長期發展軌蹟的任何近期評估都將在未來帶來強勁的回報。

Turning to the balance sheet, we ended the third quarter of 2024 with restricted and unrestricted cash, cash equivalents and investments totalling $531 million on a consolidated basis with $306 million at the parent entity and unregulated security level.

轉向資產負債表，截至 2024 年第三季度，我們的限制性和非限制性現金、現金等價物和投資總計 5.31 億美元，其中母公司和不受監管的安全水準為 3.06 億美元。

During the fourth quarter, we anticipate unregulated liquidity levels to be impacted by the final payment of $39 million related to our 2023 ACO Reach participation.

在第四季度，我們預計不受監管的流動性水準將受到與 2023 年 ACO Reach 參與相關的 3,900 萬美元最終付款的影響。

We also expect further normalization of our IBNR levels by the year end.

我們也預計到年底我們的 IBNR 水準將進一步正常化。

Cash flow from operating activities for the third quarter was $50 million in our year-to-date cash flow from operating activities to $130 million. I am proud that a strong business that continues to further improve our already strong balance sheet and enables us to continue to operate from a position of strength and growth.

第三季經營活動現金流量為 5,000 萬美元，而年初至今我們的營運活動現金流量為 1.3 億美元。我感到自豪的是，一家強大的企業將繼續進一步改善我們本已強勁的資產負債表，並使我們能夠繼續以實力和成長的方式運作。

Next, I will provide an update to our full year 2024 guidance in light of the continued strong business momentum and fundamentals.

接下來，我將根據持續強勁的業務動能和基本面，更新 2024 年全年指引。

We are reaffirming the 2024 insurance revenue guidance of between $1350billion and $1375 billion reflecting continued strong year over year topline growth.

我們重申 2024 年保險收入指引為 13,500 億至 13,750 億美元，反映出營收年比持續強勁成長。

That said we will likely try to assume lower ambient [ph] range driven by intra year shifts in a member mix.

也就是說，我們可能會嘗試假設較低的環境 [ph] 範圍是由成員組合的年內變化所驅動的。

We continue to execute very well on unit economics and as a result, we are improving our cost ratios as follows.

我們繼續在單位經濟效益方面表現出色，因此，我們正在改善我們的成本比率，如下所示。

We are improving our 2024 insurance BER Guidance to be between 81% and 82%. We are improving our 2024 insurance MCR guidance to be between 76% and 77%. We are raising a 2024 adjusted D and a guide to be between $290 million and $295 million reflecting our anticipated investments to drive 2010 25 growth and quality initiatives. We are increasing our full year 2024 at jeopardy with our guidance to be between $55 million.65 million dollars.

我們正在將 2024 年保險 BER 指導提高到 81% 到 82% 之間。我們正在將 2024 年保險 MCR 指導提高到 76% 至 77% 之間。我們將 2024 年調整後的 D 和指導金額提高到 2.9 億至 2.95 億美元之間，反映了我們推動 2010 年 25 成長和品質計畫的預期投資。我們將 2024 年全年的風險預期提高到 5,500 萬 65 萬美元。

In summary, we have exceeded our possibility goals with industry leading benefit ratios and improved our already strong balance sheet and created the ability to execute on our growth opportunities.

總之，我們已經以行業領先的效益比率超越了我們的可能性目標，改善了我們本已強大的資產負債表，並創造了執行成長機會的能力。

We have recently received a 4-Star Rating during the most recent rating cycle sort of validating the strength of the differentiated model.

我們最近在最近的評級週期中獲得了 4 星評級，驗證了差異化模型的強度。

We look forward to receiving the 5% quality bonus to benchmark rates associated with rating starting for payment year 2026. That allows us the opportunity to further invest into our member benefits, quality initiatives and growth.

我們期待從 2026 年付款年開始獲得與評級相關的基準費率 5% 的品質獎金。這使我們有機會進一步投資於我們的會員福利、品質計劃和成長。

Beyond the business momentum in our own Medicare finance insurance business, we have good momentum in a strong pipeline for counterpart health.

除了我們自己的醫療保險金融保險業務的業務勢頭之外，我們在對應健康方面的強大管道也有良好的勢頭。

It provides a SaaS and tech enabled services solution for third0party payers and risk bearing providers.

它為第三方付款人和風險承擔提供者提供 SaaS 和技術支援的服務解決方案。

Demonstrating this during the third quarter, we announced a multiyear partnership with the Iowa Clinic to utilize Counterpart Assistance for MA and MSP patients marking our inaugural extension into the Midwest.

為了證明這一點，我們在第三季宣布與愛荷華州診所建立多年合作夥伴關係，為 MA 和 MSP 患者提供對應援助，這標誌著我們首次擴展到中西部。

While this is exciting, we're still in the early earnings and expect counter possibility the impact this year to be insignificant.

雖然這令人興奮，但我們仍處於早期收益階段，預計今年的影響可能微不足道。

We look forward to sharing more detailed financial guidance and expectations in the future as we further develop and grow our counterparts like the services offering. Now let me turn the call back to Andrew for closing comments.

隨著我們進一步開發和發展服務產品等同行，我們期待在未來分享更詳細的財務指導和期望。現在讓我將電話轉回安德魯以徵求結束意見。

Thanks Peter. I'm proud of the achievement the Clover team has delivered over the first three quarters of the year. First, we have been increasing our adjusted profitability and demonstrating our ability to care for our membership. Cohorts profitably. Second, we are delivering industry-leading loss ratios and Medicare Advantage performance on a wide network of providers, almost all of whom are still on fee for service arrangements.

謝謝彼得。我對 Clover 團隊在今年前三個季度所取得的成就感到自豪。首先，我們一直在提高調整後的獲利能力，並展示我們照顧會員的能力。隊列有利可圖。其次，我們在廣泛的提供者網路上提供業界領先的損失率和醫療保險優勢績效，幾乎所有提供者仍然收取服務安排費用。

Third, we have achieved strong star rating performance on this same network, fueling our go forward financial momentum and positioning us with a strong multiyear growth opportunity.

第三，我們在同一網路上取得了強勁的星級表現，推動了我們前進的財務動力，並為我們提供了強勁的多年成長機會。

All of this is enabled by our differentiated care platform and technology clover assistance.

所有這一切都是透過我們的差異化護理平台和技術三葉草幫助實現的。

We continue to be very excited about the progress and long term opportunity to bring our technology to other value based providers and MA plans via our counterpart health SAAS and tech enabled services offering.

我們仍然對透過我們對應的健康 SAAS 和技術支援的服務產品將我們的技術帶給其他基於價值的提供者和 MA 計劃的進展和長期機會感到非常興奮。

As a reminder of our core strategy, we plan to grow our own ma plan significantly and profitably within our current markets. And we plan to also expand to new geographies for markets where we don't have an MA plan, Counterpart Health allows us to bring in our model of Medicare advantage, managed care via partnerships with local providers and plants.

作為我們核心策略的提醒，我們計劃在當前市場內顯著發展我們自己的併購計劃並實現盈利。我們還計劃擴展到沒有 MA 計劃的新市場地區，Counterpart Health 使我們能夠透過與當地提供者和工廠的合作引入我們的 Medicare 優勢、管理式醫療模式。

Since we launched the offering earlier this year, we have had significant interest in the platform and this interest has accelerated since we announced our stars results particularly the fact that our PPO plan received the highest HEDIS score for core HEDIS measure for plans over 2000 members.

自從我們今年早些時候推出該產品以來，我們對該平台產生了濃厚的興趣，並且自從我們宣布我們的星級結果以來，這種興趣已經加速，特別是我們的PPO 計劃在針對超過2000 名會員的計劃的核心HEDIS 衡量標準中獲得了最高的HEDIS 分數。

Not only do we offer strong performance, but what others find particularly compelling is that we specialize in improving the performance of wide network fee for service independent physicians.

我們不僅提供強大的性能，而且其他人認為特別引人注目的是我們專注於提高獨立於服務的醫生的廣泛網絡費用的性能。

Most managed care entities have no real solution for this component of the care ecosystem. And so the fact that we are able to drive excellent results in this area gives us unparalleled product market fit.

大多數管理式醫療實體對於醫療生態系統的這一組成部分沒有真正的解決方案。因此，我們能夠在這一領域取得優異的成果，這一事實為我們提供了無與倫比的產品市場契合度。

While this is exciting, we're still in the early innings, we believe that demand for counterpart assistance will only increase as more and more industry players face the market pressures that many insurers and health care providers have signalled this year as we engage with prospective partners, we do expect the larger health organizations to have longer sales cycles and the smaller groups to have shorter sales cycles. That said, we're looking to onboard more partners in both 2025 and 2026 when the industry stars headwinds will come to fruition.

雖然這令人興奮，但我們仍處於早期階段，我們相信，隨著越來越多的行業參與者面臨許多保險公司和醫療保健提供者今年在我們與潛在客戶接觸時所表示的市場壓力，對對應援助的需求只會增加。也就是說，我們希望在 2025 年和 2026 年吸引更多合作夥伴，屆時業界明星的逆風將成為現實。

Stay tuned for more updates about counterpart, including us signing up additional partners in the future.

請繼續關注有關對應方的更多更新，包括我們未來簽署更多合作夥伴。

Clover is truly at an exciting inflection point, making it a great time to be along for the ride with that. Let's go to questions.

Clover 確實正處於一個令人興奮的轉折點，因此現在是與之同行的好時機。我們來提問吧。

We will now be taking questions from Clover's research analyst at this time. If you wish to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing star two in the interest of time we ask that you please limit yourself to one question and one quick follow up. Thank you.

我們現在將接受 Clover 研究分析師的問題。如果您想提問，請按電話鍵盤上的星號一。您可以按二號星將自己從隊列中刪除，因為我們要求您限制自己只回答一個問題和一個快速跟進。謝謝。

We'll take our first question from Jonathan Young of UBS.

我們將回答瑞銀 (UBS) 喬納森楊 (Jonathan Young) 提出的第一個問題。

Hey guys. Thanks for taking the question. It sounds like you're feeling pretty good about how a AEP is shaping up for 2025. Just any colour you could provide on what you're seeing and what stands out and if the Star Rating improvement is helping you attract more members.

嘿夥計們。感謝您提出問題。聽起來您對 2025 年 AEP 的進展感覺相當不錯。您可以提供任何顏色來說明您所看到的內容和突出的內容以及星級評定的改進是否有助於您吸引更多會員。

Yeah. Hey, Jonathan, thanks for the question. Definitely in AEP, a couple of different things as a reminder, our 4-Star Rating does affect payment year 2026, but it does affect plan year 2025. So we are appearing as a 4-Star plan in the Plan Finder right now. What that means is because we have all maintained our general product richness between the 24 stars and the product richness and some of our competitors are going down in star ratings. We are positioned very well in the overall comparison between our plans and everyone else due to the retreat of others. So we feel good about where we sit from a product rich, prospect, we feel good about the growth of staring. And I would even note that even before this AEP we did have material growth lead up to AEP on an intra-year basis, so we're carrying some of that momentum through as well. So overall excited to go back to growth, feel really good about how we manage our cohorts as well.

是的。嘿，喬納森，謝謝你的提問。當然，在 AEP 中，有幾件不同的事情提醒一下，我們的 4 星評級確實會影響 2026 年付款年，但它確實會影響 2025 年計劃年。因此，我們現在在計劃查找器中顯示為四星級計劃。這意味著我們的整體產品豐富度都保持在 24 顆星之間，而我們的一些競爭對手的產品豐富度卻在下降。由於其他人的退卻，我們的計劃與其他人的整體比較中處於非常有利的位置。因此，我們對我們所處的位置感到滿意，因為產品豐富，前景良好，我們對凝視的成長感到滿意。我甚至要指出，即使在本次 AEP 之前，我們在年內也確實實現了 AEP 之前的實質性增長，因此我們也將保持其中的一些勢頭。整體而言，我們很高興能夠恢復成長，對我們管理團隊的方式也感到非常滿意。

Great, thanks. And then just in relation to the investments you're doing, I guess, in this fourth quarter here, can you talk about what those investments are and how much of it will be kind of one time in nature versus permanent? And also, how much was the PPD benefit in the quarter? Thanks.

太好了，謝謝。然後，就您正在進行的投資而言，我想，在第四季度，您能否談談這些投資是什麼，以及其中有多少是一次性的，而不是永久性的？另外，本季的 PPD 收益是多少？謝謝。

Hey, Jonathan, it's Peter, how are you doing? Good to meet you here as well. So as far as the assessments in the fourth quarter in SG&A, you should think about a big portion of that is go-to-market marketing. Given the fact that Andrew just discussed as well, we feel strong and we'll disclose more on how AEP is going later on. And then another good chunk of the increased investment is really quality, quality initiatives. I think in the prepared remarks, we also talked about the HEDIS clinical score, right. So we'll continue to invest and improve our platform.

嘿，喬納森，我是彼得，你好嗎？也很高興在這裡見到你。因此，就第四季度的 SG&A 評估而言，您應該考慮其中很大一部分是行銷。鑑於 Andrew 剛剛也進行了討論，我們感覺很強大，稍後我們將披露更多有關 AEP 進展的資訊。增加的投資的另一大部分是真正高品質的舉措。我想在準備好的發言中，我們也談到了HEDIS臨床評分，對吧。因此，我們將繼續投資和改進我們的平台。

And as far as PPD, we don't disclose that on the call here, the specifics of PPD, but it's a, it's a smaller impact than it was in private quarters.

至於 PPD，我們不會在電話會議上透露 PPD 的具體細節，但它的影響比私人領域小。

And of course, we're normalizing also as you know, and R all the time given change and then also our new ecosystem.

當然，正如你所知，我們也在標準化，R 一直在變化，然後還有我們的新生態系統。

We'll take our next question from John French of le rank partners.

我們將回答 lerank Partners 的 John French 提出的下一個問題。

Hey, thanks for taking my question. I was wondering if you could talk about how you were factoring in the IRA and its change on planned liability into your drug costs into your bids? Thanks.

嘿，謝謝你回答我的問題。我想知道您是否可以談談您是如何將 IRA 及其對藥品成本的計劃責任變化納入投標的因素？謝謝。

Yeah, So basically, the way we looked at this is that while we're not disclosing exactly of the mechanics of the bid, we like everyone else in the industry had to react a little bit as that more of the IRA was being phased in, how much of the subsidy is coming in, the direct subsidy, and how much the it affects the the amount of revenue that we're going to be getting versus the amount of benefit we provide. Overall, I think we feel pretty good about where we bid against that. We feel that it's probably going to be something we need to test going into next year versus actual claims experience. But where it meted out, given the amount of variability, we think we should be in pretty good shape. What you'll also see is that in our actual plan products, we were able to maintain quite a bit of strength in our part D offering, whereas we did see a bit of a retreat from those competitors in our markets. So we expect our Plan D offering to actually be quite favorable for the purposes of plan richness.

是的，所以基本上，我們看待這個問題的方式是，雖然我們沒有確切地披露投標的機制，但我們像行業中的其他人一樣，隨著更多的IRA 被分階段加入，我們必須做出一些反應，有多少補貼進來，直接補貼，以及它對我們將獲得的收入與我們提供的福利的影響有多大。總的來說，我認為我們對我們的出價感到非常滿意。我們認為，這可能是我們明年需要根據實際索賠經驗進行測試的內容。但考慮到變化的程度，我們認為我們應該處於相當好的狀態。您還將看到，在我們的實際計劃產品中，我們能夠在 D 部分產品中保持相當大的實力，而我們確實看到市場上的競爭對手有所退卻。因此，我們預計我們的 D 計劃產品實際上對於計劃豐富性非常有利。

Great. Thanks.

偉大的。謝謝。

And it appears that we have no further questions at this time. I'd be happy to return the call to Mr Choi for any concluding remarks.

目前看來我們沒有其他問題了。我很樂意給崔先生回電，請其發表結論性意見。

Alright. Thanks, everyone. Thank you for joining us today. Thank you all for your questions.

好吧。謝謝大家。感謝您今天加入我們。謝謝大家的提問。

As I said earlier, I'm very proud of the team and the results that we've had this quarter and year-to-date feel really good about the care platform and the results that we're generating on our cohorts. I feel very much that our investments in quality, start-up performance is excellent. And now the phase in front of us is looking forward to the growth opportunity ahead of us that we've outlined today. So we look to maintain and continue our strength and our performance on the financial side and to be adding to top line growth, membership growth.

正如我之前所說，我為這個團隊感到非常自豪，我們對本季和今年迄今為止的護理平台以及我們在隊列中產生的結果感到非常滿意。我非常感覺到我們在品質、啟動績效方面的投資非常出色。現在我們面臨的階段是期待我們今天概述的成長機會。因此，我們希望保持並繼續我們在財務方面的實力和業績，並促進營收成長和會員成長。

Thanks again for joining our call and we're looking forward to sharing our full year results of our AEP during our next call. Thanks so much. Everyone.

再次感謝您加入我們的電話會議，我們期待在下次電話會議期間分享 AEP 的全年結果。非常感謝。每個人。

This concludes today's Clover Health's third quarter, 2024 earnings call and webcast. You may now disconnect your line at this time.

今天的 Clover Health 2024 年第三季財報電話會議和網路廣播到此結束。此時您可以斷開線路。