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- **Strategic Pullback**: Intentional 2025 MA volume reduction to preserve cash and focus on 95% retention vs. industry 85%.
- **SNP Leadership**: 15% SNP market share; 70% 2026 SNP products non-commissionable to peers.
- **Growth Engine**: GoHealth Protect up 40% YoY; $32M cash balance with no capital needs.
- **Consolidation Play**: $1B+ M&A pipeline to acquire SNP-focused brokers at 5x EBITDA.

**【CEO Opening Remarks】**
- GoHealth scaled back Medicare Advantage (MA) activity in Q2 2025 due to health plans tightening commissions, eligibility, and benefit structures. 
- Shifted focus to retention, special needs plans (SNPs), and cash preservation.
- Reduced overhead by 30% while investing in AI/automation to improve agent efficiency.
- Secured $40M super-priority term loan and refreshed Board to support strategic flexibility.

**【Q&A Highlights】**
1. **Market Growth Trajectory**: 
   - Health plans prioritizing retention over new enrollment; CMS projects slower MA penetration.
   - SNPs growing 20% YoY as plans reallocate resources to high-margin, stable SNP products.
   - GoHealth expects to return to pre-2025 growth rates with improved margins post-market stabilization.

2. **Strategic Positioning**: 
   - Lead SNP broker with 15% market share; 70% of 2026 SNP products non-commissionable to competitors.
   - GoHealth Protect (non-MA insurance) grew 40% Q3 YoY, offsetting MA decline with stable, recurring revenue.
   - $32M cash balance; no near-term need for additional capital due to disciplined cash management.

3. **Consolidation Opportunity**: 
   - Fragmented broker landscape (1,200+ brokers) creates $1B+ consolidation opportunity.
   - GoHealth uniquely positioned to acquire smaller brokers with strong SNP backbooks.
   - Target 20%+ annualized SNP revenue CAGR through organic growth + M&A.

4. **Retention Strategy**: 
   - 95% retention rate vs. industry average 85% due to focus on confirming existing plans.
   - Agents incentivized to service existing members rather than pursue new sales.
   - AI-powered PlanFit tool automates SNP eligibility checks, reducing agent ramp time to 2 weeks.

**【Financial Performance】**
- Q3 2025: 
   - SNP revenue $120M (up 15% YoY)
   - GoHealth Protect revenue $80M (up 40% YoY)
   - Total revenue $200M (-10% YoY)
   - Adjusted EBITDA $(10M) vs. $(20M) prior year
   - Cash burn $5M/Qtr (vs. $15M pre-scaling back)

GoHealth, Inc. (GOCO) 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

GOCO

GOCO fundamentals

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