Clover Health Investments, Corp. (NASDAQ: CLOV) ("Clover," "Clover
Health" or the "Company"), a managed care company focused on
physician enablement, today reported financial results for the
fourth quarter and full year 2023. Management will host a
conference call today at 5:00 p.m. ET to discuss its operating
results and other business highlights.
For the fourth quarter 2023, the Company
reported revenue of $510.3 million and net loss of $70.5 million,
with full-year revenue of $2,033.7 million and net loss of $213.4
million. Adjusted EBITDA during 2023 improved to a loss of $19.1
million in the fourth quarter compared to the prior year period
loss of $80.0 million, and a full-year loss of $44.7 million as
compared to $290.4 million during 2022. Insurance revenue during
the fourth quarter grew by 12% to $303.1 million, and grew by 14%
to $1,235.8 million for full-year 2023. Insurance MCR also
meaningfully improved to 82.4% in the fourth quarter and 81.2% for
full-year 2023, as compared to 92.4% in the fourth quarter 2022 and
91.8% for full-year 2022. As expected, Non-Insurance revenue
declined year-over-year by 68% in both the fourth quarter and
full-year 2023 to $197.9 million and $773.2 million, respectively,
and fourth quarter Non-Insurance MCR was 100.2%, bringing full-year
2023 MCR to 99.8%.
“We delivered remarkable progress in 2023 on our
path to profitability, highlighted by an extraordinary improvement
in Adjusted EBITDA since this time last year,” said Clover Health
CEO Andrew Toy. “Driving this result is the strength and maturation
of the core of our business, where we have been able to improve our
Insurance MCR by more than 10 percentage points year-over-year. I
believe that our ability to achieve industry-leading unit economics
in 2023, within the context of a benefit-rich, PPO-first model,
validates our differentiated approach, and positions our business
to uniquely thrive in what we believe will be the future of the
Medicare Advantage program. We expect to build upon this momentum
in 2024 and beyond via our unique care management platform,
underpinned by Clover Assistant and Clover Home Care, with a focus
to empower clinicians to identify and manage chronic diseases
earlier.”
Key Company highlights are as follows:
Dollars in Millions |
|
Q4'23 |
|
Q4'22 |
|
FY'23 |
|
FY'22 |
Insurance revenue |
|
$ |
303.1 |
|
|
$ |
270.3 |
|
|
$ |
1,235.8 |
|
|
$ |
1,084.9 |
|
Non-Insurance revenue |
|
|
197.9 |
|
|
|
622.6 |
|
|
|
773.2 |
|
|
|
2,380.1 |
|
Total revenue |
|
|
510.3 |
|
|
|
898.8 |
|
|
|
2,033.7 |
|
|
|
3,476.7 |
|
Insurance MCR |
|
|
82.4 |
% |
|
|
92.4 |
% |
|
|
81.2 |
% |
|
|
91.8 |
% |
Non-Insurance MCR |
|
|
100.2 |
|
|
|
103.6 |
|
|
|
99.8 |
|
|
|
103.4 |
|
Salaries and benefits plus
General and administrative expenses ("SG&A") (1) |
|
$ |
109.9 |
|
|
$ |
124.3 |
|
|
$ |
444.7 |
|
|
$ |
486.6 |
|
Adjusted Salaries and benefits
plus General and administrative expenses ("Adjusted SG&A")
(non-GAAP) (1)(2) |
|
|
81.4 |
|
|
|
84.5 |
|
|
|
302.0 |
|
|
|
312.5 |
|
Net loss |
|
|
(70.5 |
) |
|
|
(84.2 |
) |
|
|
(213.4 |
) |
|
|
(339.6 |
) |
Adjusted EBITDA (non-GAAP)
(2)(3) |
|
|
(19.1 |
) |
|
|
(80.0 |
) |
|
|
(44.7 |
) |
|
|
(290.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Salaries and benefits plus General and
administrative expenses ("SG&A") is the sum of Salaries and
benefits plus General and administrative expenses presented as the
GAAP measure in the consolidated financial statements.(2) Adjusted
SG&A (non-GAAP) and Adjusted EBITDA (non-GAAP) are non-GAAP
financial measures. Reconciliations of Adjusted SG&A (non-GAAP)
to SG&A and Adjusted EBITDA (non-GAAP) to Net loss,
respectively, the most directly comparable GAAP measures, are
provided in the tables immediately following the consolidated
financial statements below. Additional information about the
Company's non-GAAP financial measures can be found under the
caption "About Non-GAAP Financial Measures" below and in Appendix
A.(3) Beginning in the fourth quarter 2023, we updated our
definition and presentation of Adjusted EBITDA (non-GAAP) to
exclude impairment of goodwill and other intangible assets.
Impairment of goodwill and other intangible assets is now being
excluded because it is a new non-cash item, is customarily excluded
from Adjusted EBITDA measures, and management believes that
impairment of goodwill and other intangible assets does not reflect
the Company's underlying fundamentals and it is not reflective of
the Company’s operating expenses relating to its core businesses or
its actual recurring cash expense. The prior period figure has been
revised to conform to the updated definition and presentation. For
additional information, see the definition of "Adjusted EBITDA
(non-GAAP)" in Appendix A.
Financial Outlook
For full-year 2024, Clover Health is providing
its guidance as follows:
|
Guidance |
Insurance revenue |
$1.25 billion - $1.30 billion |
Insurance MCR |
79% - 83% |
Adjusted SG&A
(Non-GAAP)(1) |
$270 million - $280 million |
Adjusted EBITDA
(Non-GAAP)(1) |
($20) million - $20 million |
|
|
(1) Reconciliations of projected Adjusted
SG&A (non-GAAP) to projected SG&A, and projected Adjusted
EBITDA (non-GAAP) to Net loss, the most directly comparable GAAP
measures, are not provided because Stock-based compensation
expense, which is excluded from Adjusted SG&A (non-GAAP) and
Adjusted EBITDA (non-GAAP), cannot be reasonably calculated or
predicted at this time without unreasonable efforts. Additional
information about the Company's non-GAAP financial measures can be
found under the caption "About Non-GAAP Financial Measures" below
and in Appendix A.
Lives under Clover
Management
|
December 31, 2023 |
|
December 31, 2022 |
Insurance members |
81,205 |
|
88,627 |
Non-Insurance
beneficiaries(1) |
50,529 |
|
164,887 |
|
|
|
|
(1) As a direct result of not participating in
the ACO REACH Program in 2024, Lives under Clover Management will
include only our Insurance members as of January 1, 2024.
Earnings Conference Call Details
Clover Health's management will host a
conference call to discuss its financial results on Tuesday, March
12, at 5:00 PM Eastern Time. A live webcast of the call, together
with the related materials, can be accessed from Clover Health's
Investor Relations website at investors.cloverhealth.com, and an
on-demand replay will be available on the same website following
the call.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements include statements
regarding future events and Clover Health's future results of
operations, financial condition, market size and opportunity,
business strategy and plans, and the factors affecting our
performance and our objectives for future operations.
Forward-looking statements are not guarantees of future performance
and you are cautioned not to place undue reliance on such
statements. In some cases, you can identify forward looking
statements because they contain words such as "may," "will,"
"should," "expects," "plans," "anticipates," "going to," "can,"
"could," "should," "would," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential,"
"outlook," "forecast," "guidance," "objective," "plan," "seek,"
"grow," "if," "continue" or the negative of these words or other
similar terms or expressions that concern Clover Health's
expectations, strategy, priorities, plans or intentions.
Forward-looking statements in this press release include, but are
not limited to, the following: statements under "Financial Outlook"
and statements regarding expectations relating to potential
improvements in Insurance MCR, operating expenses, and the number
of Clover Health's Insurance members, as well as the statements
contained in the quotations of our executive officers, future
capital needs and other expectations as to future performance,
operations and results (including our guidance for 2024).
Statements regarding our Adjusted EBITDA profitability are also
forward-looking, and are based on our current targets which are
preliminary and are derived from the upper end of the range for our
2024 financial outlook. These statements are subject to known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance or achievements to
differ materially from results expressed or implied by
forward-looking statements in this press release. Forward-looking
statements involve a number of judgments, risks and uncertainties,
including, without limitation, risks related to: our expectations
regarding results of operations, financial condition, and cash
flows; our expectations regarding the development and management of
our Insurance business; our ability to successfully enter new
service markets and manage our operations; anticipated trends and
challenges in our business and in the markets in which we operate;
our ability to effectively manage our beneficiary base and provider
network; our ability to maintain and increase adoption and use of
Clover Assistant; the anticipated benefits associated with the use
of Clover Assistant, including our ability to utilize the platform
to manage our medical care ratios; our ability to maintain or
improve our Star Ratings or otherwise continue to improve the
financial performance of our business; our ability to develop new
features and functionality that meet market needs and achieve
market acceptance; our ability to retain and hire necessary
employees and staff our operations appropriately; the timing and
amount of certain investments in growth; the outcome of any known
and unknown litigation and regulatory proceedings; any current,
pending, or future legislation, regulations or policies that could
have a negative effect on our revenue and businesses, including
rules, regulations, and policies relating to healthcare and
Medicare; fluctuations in the price of our Class A common stock and
our continued compliance with Nasdaq's listing requirements; our
ability to maintain, protect, and enhance our intellectual
property; general economic conditions and uncertainty; persistent
high inflation and interest rates; and geopolitical uncertainty and
instability. Additional information concerning these and other risk
factors is contained under Item 1A. “Risk Factors” in our most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the "SEC"), as such risks may be updated in
our subsequent filings with the SEC. The forward-looking statements
included in this press release are made as of the date hereof.
Except as required by law, Clover Health undertakes no obligation
to update any of these forward-looking statements after the date of
this press release or to conform these statements to actual results
or revised expectations.
About Non-GAAP Financial Measures
We use non-GAAP measures including Adjusted
EBITDA, Adjusted SG&A, and Adjusted SG&A as a percentage of
revenue. These non-GAAP financial measures are provided to enhance
the reader's understanding of Clover Health's past financial
performance and our prospects for the future. Clover Health's
management team uses these non-GAAP financial measures in assessing
Clover Health's performance, as well as in planning and forecasting
future periods. These non-GAAP financial measures are not computed
according to GAAP, and the methods we use to compute them may
differ from the methods used by other companies. Non-GAAP financial
measures are supplemental to and should not be considered a
substitute for financial information presented in accordance with
GAAP and should be read only in conjunction with our consolidated
financial statements prepared in accordance with GAAP. Readers are
encouraged to review the reconciliations of these non-GAAP
financial measures to the comparable GAAP measures, which are
attached to this release, together with other important financial
information, including our filings with the SEC, on the Investor
Relations page of our website at investors.cloverhealth.com.
For a description of these non-GAAP financial
measures, including the reasons management uses each measure,
please see Appendix A: "Explanation of Non-GAAP Financial
Measures."
The statements contained in this document are
solely those of the authors and do not necessarily reflect the
views or policies of CMS. The authors assume responsibility for the
accuracy and completeness of the information contained in this
document.
About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician
enablement company committed to bringing access to great healthcare
to everyone on Medicare. This includes a health equity-based focus
on seniors who have historically lacked access to affordable,
high-quality healthcare. Our strategy is powered by our software
platform, Clover Assistant, which is designed to aggregate patient
data from across the healthcare ecosystem to support clinical
decision-making and improve health outcomes through the early
identification and management of chronic disease.
Visit: www.cloverhealth.com
Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com
Press Contact:
Andrew Still-Baxter
press@cloverhealth.com
CLOVER HEALTH INVESTMENTS, CORP.CONSOLIDATED
BALANCE SHEETS: SELECTED METRICS(in thousands)
|
December 31, 2023 |
|
December 31, 2022 |
Selected Balance Sheet
Data: |
|
|
|
Cash, cash equivalents, restricted cash(1), and investments |
$ |
417,317 |
|
$ |
555,293 |
Total assets |
|
570,671 |
|
|
808,620 |
Unpaid claims |
|
138,593 |
|
|
141,947 |
Total liabilities |
|
284,277 |
|
|
451,733 |
Total stockholders' equity |
|
286,394 |
|
|
356,887 |
|
|
|
|
|
|
(1) Restricted cash relates to $53.6 million and
$82.4 million held in escrow at December 31, 2023 and December 31,
2022, respectively, in compliance with a CMS guarantee arrangement
in our Non-Insurance business. We settled the related obligation
during fiscal year 2023, after which the associated guarantee
arrangement was released by CMS in January 2024 and the restricted
cash held in escrow was released to the Company.
CLOVER HEALTH INVESTMENTS, CORP. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Dollars in thousands, except share amounts) |
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Years EndedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
Premiums earned, net (Net of ceded premiums of $103 and $116, for
the three months ended December 31, 2023 and 2022; net of ceded
premiums of $444 and $470 for the year ended December 31, 2023 and
2022, respectively) |
$ |
303,070 |
|
|
$ |
270,303 |
|
|
$ |
1,235,769 |
|
|
$ |
1,084,869 |
|
Non-Insurance revenue |
|
197,866 |
|
|
|
622,556 |
|
|
|
773,177 |
|
|
|
2,380,135 |
|
Other income |
|
9,315 |
|
|
|
5,932 |
|
|
|
24,774 |
|
|
|
11,683 |
|
Total revenues |
|
510,251 |
|
|
|
898,791 |
|
|
|
2,033,720 |
|
|
|
3,476,687 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Net medical claims incurred |
|
447,985 |
|
|
|
893,645 |
|
|
|
1,776,388 |
|
|
|
3,453,952 |
|
Salaries and benefits |
|
63,946 |
|
|
|
69,001 |
|
|
|
257,157 |
|
|
|
278,725 |
|
General and administrative expenses |
|
45,983 |
|
|
|
55,348 |
|
|
|
187,571 |
|
|
|
207,917 |
|
Impairment of goodwill and other intangible assets |
|
15,945 |
|
|
|
— |
|
|
|
15,945 |
|
|
|
— |
|
Premium deficiency reserve
benefit |
|
(683 |
) |
|
|
(11,089 |
) |
|
|
(7,239 |
) |
|
|
(93,517 |
) |
Depreciation and amortization |
|
674 |
|
|
|
(841 |
) |
|
|
2,509 |
|
|
|
1,187 |
|
Restructuring costs |
|
2,061 |
|
|
|
— |
|
|
|
9,931 |
|
|
|
— |
|
Other expense |
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
70 |
|
Total operating expenses |
|
575,911 |
|
|
|
1,006,134 |
|
|
|
2,242,262 |
|
|
|
3,848,334 |
|
Loss from operations |
|
(65,660 |
) |
|
|
(107,343 |
) |
|
|
(208,542 |
) |
|
|
(371,647 |
) |
|
|
|
|
|
|
|
|
Change in fair value of
warrants |
|
86 |
|
|
|
(900 |
) |
|
|
86 |
|
|
|
(900 |
) |
Interest expense |
|
— |
|
|
|
136 |
|
|
|
7 |
|
|
|
1,333 |
|
Amortization of notes and
securities discounts |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
30 |
|
Loss (gain) on investment |
|
4,726 |
|
|
|
970 |
|
|
|
4,726 |
|
|
|
(9,217 |
) |
Gain on extinguishment of note
payable |
|
— |
|
|
|
(23,326 |
) |
|
|
— |
|
|
|
(23,326 |
) |
Net loss |
$ |
(70,472 |
) |
|
$ |
(84,226 |
) |
|
$ |
(213,361 |
) |
|
$ |
(339,567 |
) |
Basic and diluted weighted
average number of Class A and Class B common shares and common
share equivalents outstanding |
|
481,607,777 |
|
|
|
477,898,621 |
|
|
|
482,176,127 |
|
|
|
476,244,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Segments
|
|
Insurance |
|
Non-Insurance |
|
Corporate/Other |
|
Eliminations |
|
Consolidated Total |
Three Months Ended
December 31, 2023 |
|
(in thousands) |
Premiums earned, net (Net of ceded premiums of $103) |
|
$ |
303,070 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
303,070 |
Non-Insurance revenue |
|
|
— |
|
|
197,866 |
|
|
— |
|
|
— |
|
|
|
197,866 |
Other income |
|
|
3,144 |
|
|
4,001 |
|
|
15,103 |
|
|
(12,933 |
) |
|
|
9,315 |
Intersegment revenues |
|
|
— |
|
|
— |
|
|
42,869 |
|
|
(42,869 |
) |
|
|
— |
Net medical claims
incurred |
|
|
249,806 |
|
|
198,232 |
|
|
5,611 |
|
|
(5,664 |
) |
|
|
447,985 |
Gross profit (loss) |
|
$ |
56,408 |
|
$ |
3,635 |
|
$ |
52,361 |
|
$ |
(50,138 |
) |
|
$ |
62,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLOVER HEALTH INVESTMENTS, CORP. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
ADJUSTED EBITDA (NON-GAAP) RECONCILIATION |
(in thousands)(1) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss: |
$ |
(70,472 |
) |
|
$ |
(84,226 |
) |
|
$ |
(213,361 |
) |
|
$ |
(339,567 |
) |
Adjustments |
|
|
|
|
|
|
|
Interest expense |
|
— |
|
|
|
136 |
|
|
|
7 |
|
|
|
1,333 |
|
Amortization of notes and securities discount |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
30 |
|
Depreciation and amortization |
|
674 |
|
|
|
(841 |
) |
|
|
2,509 |
|
|
|
1,187 |
|
Change in fair value of warrants |
|
86 |
|
|
|
(900 |
) |
|
|
86 |
|
|
|
(900 |
) |
Loss (gain) on investment |
|
4,726 |
|
|
|
970 |
|
|
|
4,726 |
|
|
|
(9,217 |
) |
Stock-based compensation expense |
|
33,136 |
|
|
|
39,097 |
|
|
|
140,931 |
|
|
|
164,305 |
|
Premium deficiency reserve benefit |
|
(683 |
) |
|
|
(11,089 |
) |
|
|
(7,239 |
) |
|
|
(93,517 |
) |
Restructuring costs |
|
2,061 |
|
|
|
— |
|
|
|
9,931 |
|
|
|
— |
|
Non-recurring legal expenses and settlements |
|
(4,565 |
) |
|
|
1,088 |
|
|
|
1,807 |
|
|
|
8,266 |
|
Impairment of goodwill and other intangible assets |
|
15,945 |
|
|
|
— |
|
|
|
15,945 |
|
|
|
— |
|
Expenses attributable to Seek Insurance Services, Inc. |
|
— |
|
|
|
(949 |
) |
|
|
— |
|
|
|
655 |
|
Expenses attributable to Character Biosciences, Inc. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
357 |
|
Gain on extinguishment of note payable |
$ |
— |
|
|
$ |
(23,326 |
) |
|
$ |
— |
|
|
$ |
(23,326 |
) |
Adjusted EBITDA (non-GAAP) |
$ |
(19,092 |
) |
|
$ |
(80,037 |
) |
|
$ |
(44,658 |
) |
|
$ |
(290,394 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The table above includes non-GAAP measures.
Non-GAAP financial measures are supplemental and should not be
considered a substitute for financial information presented in
accordance with GAAP. For a detailed explanation of these non-GAAP
measures, see Appendix A.
CLOVER HEALTH INVESTMENTS, CORP.RECONCILIATION OF
NON-GAAP FINANCIAL MEASURESADJUSTED SG&A (NON-GAAP)
RECONCILIATION(in thousands)(1)
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Salaries and benefits |
$ |
63,946 |
|
|
$ |
69,001 |
|
|
$ |
257,157 |
|
|
$ |
278,725 |
|
General and administrative
expenses |
|
45,983 |
|
|
|
55,348 |
|
|
|
187,571 |
|
|
|
207,917 |
|
Total SG&A |
|
109,929 |
|
|
|
124,349 |
|
|
|
444,728 |
|
|
|
486,642 |
|
Adjustments |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(33,136 |
) |
|
|
(39,097 |
) |
|
|
(140,931 |
) |
|
|
(164,305 |
) |
Non-recurring legal expenses and settlements |
|
4,565 |
|
|
|
(1,088 |
) |
|
|
(1,807 |
) |
|
|
(8,266 |
) |
Expenses attributable to Seek Insurance Services, Inc. |
|
— |
|
|
|
364 |
|
|
|
— |
|
|
|
(1,240 |
) |
Expenses attributable to Character Biosciences, Inc. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(357 |
) |
Adjusted SG&A (non-GAAP) |
$ |
81,358 |
|
|
$ |
84,528 |
|
|
$ |
301,990 |
|
|
$ |
312,474 |
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
510,251 |
|
|
$ |
898,791 |
|
|
$ |
2,033,720 |
|
|
$ |
3,476,687 |
|
Adjusted SG&A (non-GAAP)
as a percentage of revenue |
|
16 |
% |
|
|
9 |
% |
|
|
15 |
% |
|
|
9 |
% |
(1) The table above includes non-GAAP measures.
Non-GAAP financial measures are supplemental and should not be
considered a substitute for financial information presented in
accordance with GAAP. For a detailed explanation of these non-GAAP
measures, see Appendix A.
CLOVER HEALTH INVESTMENTS, CORP.Appendix
AExplanation of Non-GAAP Financial Measures
Non-GAAP Definitions
Adjusted EBITDA - A non-GAAP financial measure
defined by us as net loss before interest expense, amortization of
notes and securities discount, depreciation and amortization,
change in fair value of warrants, gain on investment, stock-based
compensation expense, premium deficiency reserve benefit,
restructuring costs, non-recurring legal expenses and settlements,
impairment of goodwill and other intangible assets, expenses
attributable to Seek Insurance Services, Inc., expenses
attributable to Character Biosciences, Inc., and gain on
extinguishment of note payable. Adjusted EBITDA is a key measure
used by our management team and the board of directors to
understand and evaluate our operating performance and trends, to
prepare and approve our annual budget and to develop short and
long-term operating plans. In particular, we believe that the
exclusion of the amounts eliminated in calculating Adjusted EBITDA
provide useful measures for period-to-period comparisons of our
business. Accordingly, we believe that Adjusted EBITDA provides
investors and others useful information to understand and evaluate
our operating results in the same manner as our management and our
board of directors.
Adjusted SG&A - A non-GAAP financial measure
defined by us as total SG&A less Stock-based compensation
expense, less non-recurring legal expenses and settlements, less
expenses attributable to Seek Insurance Services, Inc., and
Character Biosciences, Inc. We believe that Adjusted SG&A
provides management, investors, and others a useful view of our
operating spend as it excludes non-cash, stock-based compensation
and expenses related to investments that management believes do not
reflect the Company's core operating expenses. We believe that
Adjusted SG&A as a percentage of revenue is useful to
management, investors, and others because it allows us to measure
our operational leverage as revenue scales.
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