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Clover Health Investments, Corp. De (CLOV) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Clover Health Investments, Corp. De

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CIK: 1801170 Ticker: CLOV


Clover Health Reports Fourth Quarter 2021 Financial Results
Fourth quarter total revenue was $432.0 million, up 160% year-over-year, enabled by a wide, open network designed to serve all Medicare lives
Lives under Clover Assistant Management increased 223% year-over-year
2022 total revenue expected to exceed $3 billion driven by projected 90% year-over-year growth in lives under management
Clover expects 2022 operating expenses as a percentage of revenue and the Medical Care Ratio (MCR) for its Medicare Advantage (MA) plans to decrease meaningfully from 2021

FRANKLIN, Tenn., February 23, 2022 (GLOBE NEWSWIRE) -- Clover Health (Nasdaq: CLOV) ("Clover" or the "Company"), a next-generation healthcare company focused on improving health outcomes for America's seniors, today reported financial results for the fourth quarter and full year of 2021. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights.
"We are really excited about where Clover sits today and our prospects in the future. We are enabling physicians to provide great healthcare to all, especially those in underserved communities, and are pleased to see increasing focus from CMS on health equity," said Clover Health CEO Vivek Garipalli. "This year, we are expecting significant growth in revenue and lives under management while at the same time we believe we are driving operating efficiencies and improved MCRs."
Andrew Toy, President and CTO of Clover Health added, "We are singularly focused on creating great, sustainable healthcare and have centered our strategy on building and deploying physician-enablement software that we believe will enable every physician to deliver data-driven value based care. In 2021, physicians responded to nearly one million Clover Assistant suggestions, and the Clover Assistant drove an improvement of more than 1,000 basis points in the MCRs for our Medicare Advantage members whose primary care providers used the Clover Assistant compared to members whose providers didn't."
Dollars in MillionsQ4’21Q4’20FY'21FY'20
Total Revenue$432.0 $166.2 $1,472.0 $672.9 
GAAP Medicare Advantage (MA) Medical Care Ratio (MCR)102.8 %109.3 %106.0 %88.8 %
Normalized MA MCR (Non-GAAP) (1)
96.7 98.0 94.5 95.9 
Salaries and benefits plus General and administrative expenses (2)
$114.1 $54.6 $445.7 $192.1 
Adjusted Operating Expenses (Non-GAAP) (1)(2)(3)
77.5 46.8 264.4 176.3 
Net Loss(2)
(187.2)(126.4)(587.8)(136.4)
Adjusted EBITDA (Non-GAAP) (1)
(154.8)(65.4)(472.0)(85.1)
Normalized Adjusted EBITDA (Non-GAAP) (1)(3)
(68.5)(41.5)(213.4)(141.3)
(1) Normalized MA MCR (Non-GAAP), Adjusted Operating Expenses (Non-GAAP), Adjusted EBITDA (Non-GAAP) and Normalized Adjusted EBITDA (Non-GAAP) are non-GAAP measures. Reconciliations of Normalized MA MCR (Non-GAAP) to GAAP MA MCR, Adjusted Operating Expenses (Non-GAAP) to the sum of Salaries and benefits plus General and administrative expenses, Adjusted EBITDA (Non-GAAP) to Net Income (Loss), and Normalized Adjusted EBITDA (Non-GAAP) to Net Income (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.
(2) In fourth quarter 2021, we reevaluated and updated the period over which expense associated with our performance based restricted stock units is recognized. As a result of the change, the amounts of Salaries and benefits plus General and administrative expenses, and Net Loss shown for full year 2021 are $17.8 million lower than the amounts that would have been reported for this period previously.
(3) In fourth quarter 2021, we updated our definitions and presentation of Adjusted Operating Expenses (Non-GAAP) and Normalized Adjusted EBITDA (Non-GAAP) to exclude from these measures expenses attributable to Seek Insurance Services Inc. and Clover Therapeutics Company.
1
The following information was filed by Clover Health Investments, Corp. De (CLOV) on Wednesday, February 23, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Clover Health Investments, Corp. De's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Convertible Preferred Stock And Stockholders' Equity (Deficit)
Consolidated Statements Of Operations And Comprehensive Loss
Consolidated Statements Of Operations And Comprehensive Loss (Parenthetical)
Business Combination
Business Combination (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivative Liabilities
Derivative Liabilities (Details)
Direct Contracting
Direct Contracting (Tables)
Direct Contracting - Additional Information (Details)
Direct Contracting - Schedule Of Performance Guarantees (Details)
Dividend Restrictions
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Details)
Employee Benefit Plans - Espp Valuation Assumption (Details)
Employee Benefit Plans - Schedule Of Assumptions To Estimate Fair Value Of Prsus On Weighted Average Basis (Details)
Employee Benefit Plans - Schedule Of Assumptions To Estimate Fair Value Of Stock Options On Weighted Average Basis (Details)
Employee Benefit Plans - Share-Based Payment Arrangement, Activity (Details)
Employee Benefit Plans - Summary Of Stock Option Activity (Details)
Employee Benefit Plans - Summary Of Stock-Based Compensation Cost (Details)
Employee Benefit Plans - Summary Of Total Prsus Activity (Details)
Employee Benefit Plans - Summary Of Total Rsus Activity (Details)
Employee Benefit Plans - Summary Of Warrant Activity (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Schedule Of Changes In Balances Of Level 3 Financial Liabilities (Details)
Fair Value Measurements - Schedule Of Changes In Fair Value Of Warrants Payable (Details)
Fair Value Measurements - Schedule Of Significant Unobservable Inputs Used In Black-Scholes Model To Measure Warrants Payable (Details)
Fair Value Measurements - Summary Of Fair Value Measurements For Items (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Healthcare Receivables
Healthcare Receivables (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Income Tax (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Proceeds From Sales And Maturities Of Investment Securities (Details)
Investment Securities - Schedule Of Amortized Cost And Fair Value Of Debt Securities (Details)
Investment Securities - Schedule Of Gross Unrealized Losses And Fair Value (Details)
Investment Securities - Schedule Of Net Investment Income (Details)
Investment Securities - Schedule Of Present Cost Or Amortized Cost And Fair Values Of Investments (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Lease Costs Recognized Under Asc 842 And Other Information Pertaining To Operating Leases (Details)
Leases - Summary Of Maturities Of Operating Lease Liabilities (Details)
Letter Of Credit
Letter Of Credit (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Calculation Of Basic And Diluted Net Loss Per Share (Details)
Net Loss Per Share - Calculation Of Basic And Diluted Net Loss Per Share Footnote (Details)
Net Loss Per Share - Schedule Of Antidilutive Securities Excluded From Diluted Net Loss Per Share (Details)
Net Loss Per Share - Schedule Of Antidilutive Securities Excluded From Diluted Net Loss Per Share Footnote (Details)
Notes And Securities Payable
Notes And Securities Payable (Tables)
Notes And Securities Payable - Convertible Securities, Additional Information (Details)
Notes And Securities Payable - Non-Convertible Notes, Additional Information (Details)
Notes And Securities Payable - Schedule Of Maturities Of Long-Term Debt (Details)
Notes And Securities Payable - Seek Convertible Note, Additional Information (Details)
Notes And Securities Payable - Surplus Note (Details)
Notes And Securities Payable - Surplus Note (Details)
Operating Segments
Operating Segments (Tables)
Operating Segments - Additional Information (Details)
Operating Segments - Reconciliation Of Revenue Of Segments To Statement Of Operations (Details)
Operating Segments - Schedule Of Revenue By Operating Segment (Details)
Organization And Operations
Organization And Operations (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Summary (Details)
Regulatory Matters
Reinsurance
Reinsurance (Tables)
Reinsurance - Additional Information (Details)
Reinsurance - Direct Contracting (Details)
Reinsurance - Medicare Advantage (Details)
Related Party Transactions
Related-Party Transactions (Details)
Schedule I - Condensed Financial Information
Schedule I - Condensed Financial Information - Balance Sheet (Additional Information) (Details)
Schedule I - Condensed Financial Information - Balance Sheet (Details)
Schedule I - Condensed Financial Information - Notes To Condensed Financial Statements (Details)
Schedule I - Condensed Financial Information - Statements Of Cash Flows (Details)
Schedule I - Condensed Financial Information - Statements Of Operations (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Statutory Equity
Statutory Equity (Details)
Stockholders' Equity And Convertible Preferred Stock
Stockholders' Equity And Convertible Preferred Stock (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Unpaid Claims
Unpaid Claims (Tables)
Unpaid Claims - Activity In Liability For Unpaid Claims And Claims Adjustment Expense (Details)
Unpaid Claims - Activity In Liability For Unpaid Claims And Claims Adjustment Expense (Footnote) (Details)
Unpaid Claims - Additional Information (Details)
Unpaid Claims - Incurred Claims (Details)
Unpaid Claims - Paid Claims (Details)
Unpaid Claims - Reconciliation (Details)
Warrants Payable
Warrants Payable (Details)
Ticker: CLOV
CIK: 1801170
Form Type: 10-K Annual Report
Accession Number: 0001801170-22-000015
Submitted to the SEC: Mon Feb 28 2022 4:02:42 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Hospital And Medical Service Plans

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