8-K
filed February 28, 2023, 6:59 PM ET
ticker CLOV
CIK 0001801170
earnings
confidence high
sentiment positive
materiality 0.80
Clover Health Q4 revenue $898.8M; Insurance MCR improves to 92.4% from 102.8% YoY
CLOVER HEALTH INVESTMENTS, CORP. /DE
2022-FY EPS reported
-$0.71
revenue$3,476,687,000
- Full year 2022 Insurance MCR improved to 91.8% from 106.0% in 2021, a 1,420 bps improvement.
- Q4 net loss narrowed to $84.0M from $187.2M; Adjusted EBITDA loss improved to $81.1M from $87.4M.
- 2023 guidance: Insurance MCR 89%-91%, Non-Insurance MCR 98%-100%.
- Consolidated cash and investments $555.3M; parent-level liquidity $331.7M expected to cover 2023 needs.
- Non-Insurance MCR remained above 100% at 103.6% in Q4 and 103.4% for full year.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CLOVER HEALTH INVESTMENTS, CORP. /DE reported the fiscal year ended December 31, 2022 results: revenue $ 3,476.7, net income (338.8). Guidance initiated.
- Period
- the fiscal year ended December 31, 2022
- Revenue
- $ 3,476.7
- Net income
- (338.8)
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
Total revenue $ 898.8 $ 432.0 $ 3,476.7 $ 1,472.0 Insurance MCR 92.4 % 102.8 % 91.8 % 106.0 % Non-Insurance MCR 103.6 103.0 103.4 105.7 Salaries and benefits plus General and administrative expenses ("SG&A") (1) $ 124.3 $ 114.1 $ 486.6 $ 445.7 Adjusted Salaries and benefits plus General and administrative expenses ("Adjusted SG&A") (non-GAAP) (1)(2)(3) 85.6 77.5 320.7 264.4 Net loss (84.0) (187.2) (338.8) (587.8)
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CLOVER HEALTH INVESTMENTS, CORP. /DE reported the fourth quarter ended December 31, 2022 results: revenue $ 898.8, net income (84.0). Guidance initiated.
- Period
- the fourth quarter ended December 31, 2022
- Revenue
- $ 898.8
- Net income
- (84.0)
- Guidance
- initiated
- Result
- reported results
Exact text from the filing
Total revenue $ 898.8 $ 432.0 $ 3,476.7 $ 1,472.0 Insurance MCR 92.4 % 102.8 % 91.8 % 106.0 % Non-Insurance MCR 103.6 103.0 103.4 105.7 Salaries and benefits plus General and administrative expenses ("SG&A") (1) $ 124.3 $ 114.1 $ 486.6 $ 445.7 Adjusted Salaries and benefits plus General and administrative expenses ("Adjusted SG&A") (non-GAAP) (1)(2)(3) 85.6 77.5 320.7 264.4 Net loss (84.0) (187.2) (338.8) (587.8)
View on SEC.gov
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