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What factors drove the changes in Clover Health's revenue and profit?

- **Revenue Surge**: 35% membership growth to 109,000, revenue up 49% YoY to $479M.
- **Profitability Challenges**: $45M adjusted EBITDA (down $17M YoY) due to 44,000 new members and 4% medical cost trend.
- **Star Rating Update**: 3.5-star for 2026,4-star target with CMS rate benefits.
- **2026 Outlook**: 90-91% BER, $15-30M EBITDA,2026, 17-18% SG&A leverage.

**【CEO Summary Section】**
- **Revenue Growth**: 35% year-over-year membership growth to 109,000 members, with insurance revenue up 49% YoY to $479 million.
- **Adjusted EBITDA Pressure**: Missed 2025 targets due to higher-than-expected new member growth (44,000 gross new members) and utilization challenges, resulting in $45 million year-to-date adjusted EBITDA (down $17 million YoY).
- **Clover Assistant Impact**: Returning members generate $217/month contribution profit, while new members incur $110/month loss. Year 3+ cohorts show 1,400 basis point MCR improvement.
- **Star Ratings**: 3.5-star rating for 2026, aiming for 4-star in 2026 with CMS rate updates and Part D subsidies.

**【CFO Financial Commentary】**
- **Medical Cost Trends**: 4% YoY increase (excluding pharmacy), with elevated inpatient, oncology, and DME claims.
- **Profitability**: Positive adjusted EBITDA and net income ($45M and $44M YoY), despite $12 million operating cash flow.
- **2025 Guidance**: Updated to $1.85-1.88 billion revenue, $15-30 million adjusted EBITDA, and 90-91% BER.
- **2026 Outlook**: Stronger returning member cohorts, 4-star payment year, and $325-335 million SG&A (17-18% of revenue).

Clover Health Investments, Corp. (CLOV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CLOV

CLOV fundamentals

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