Go ahead with our next presentation. I'm Richard Close with Canaccord Genuity. Again, appreciate everyone joining us for the presentations and meetings here at the Canaccord Genuity Conference. We're excited to have Clover Health, generally speaking a fast-growing Medicare Advantage company. From management, we have Clay Thornton, Interim Chief Financial Officer. He's going to go through some slides introducing us to Clover Health, and then we'll do some Q&A. Clay? Thank you. Sounds good. Thanks, Richard. I'll try to be pretty brief this morning, save as much time as we can for Q&A. I'll start really with what is our vision at Clover? I think it's simple to state. It's incredibly difficult to execute. Ultimately, what we're looking to do at Clover is empower every physician with AI-powered technology to identify, manage, and treat chronic disease earlier. Emphasis on the word earlier, which you'll see that appear as I talk through the model here this morning. When we do that, what happens is earlier diagnosis and treatment, earlier disease management, higher quality clinical care, which ultimately outputs affordable and accessible care for our Medicare Advantage members. There's really five pillars where Clover has made structural decisions to be different in our industry. Those pillars are how we approach technology, how we approach care strategy, how we go into the home through our employed clinicians with Clover Care services, our approach to risk strategy and delegation with providers, and then ultimately, our network strategy. On the technology side, our technology as an insurer is clinically focused, not administratively focused. We've been very intentional about delivering AI-powered physician enablement at scale through our Clover Assistant platform, and I'll talk about that in a little bit more detail later. From care strategy, we're really focused on being proactive versus reactive. One of the biggest problems in healthcare in our country is that healthcare is reactive. By leveraging our technology to identify chronic disease earlier, that makes us proactive and allows us to act before an acute event occurs. From our Clover Care services arm, you can't just identify disease early. You must continue to treat that on a longitudinal basis, and we do that in the home at scale. From a risk strategy perspective, we retain full risk on the economics of our business. It's very common in the Medicare Advantage space to delegate risk down to the providers. We don't do that at Clover. We take full risk on our business, which means we also have full upside on the economics we produce. Lastly, on our network strategy, we are 98% PPO. What that means is members have broad access to care. They have low-cost in-network benefits, but they can also go anywhere out of network and receive care. The industry, in general is starting to retreat from this PPO model and move back toward HMO because that's an easier lever for them to control cost. On the technology side, ultimately, our technology is powered by data and powered by AI and machine learning models. The Clover Assistant platform sits on top of over 100 unique patient data sources, and we run over 100 AI and machine learning models on top of that data. What happens when you do both of those things is you have millions of individualized personal insights that are deployed at the point of care for our Medicare Advantage members. The other important point there is at the point of care. Our clinicians are using our technology when they're in the room with the patient. This is not a back office person that's looking at a spreadsheet and determining who to call. This is a doctor in the room with a patient, leveraging our technology to make decisions at the point of care. When that happens, we see incredible results play out on the other side. We see lower hospitalizations. We see lower readmissions. We see members that are diagnosed with CKD stage 3, that's chronic kidney disease, 18 months earlier when clinicians are utilizing our technology versus those that are not. We also see diabetes treatment start 36 months earlier. Again, that's that earlier theme. The earlier we get, the earlier upstream we can be, which allows us to prevent those acute events that often drive high costs and leave members in the hospital. Possibly as important as the technology itself is how you deploy that technology across our network through our in-network physicians, but also through our Clover Care Services arm. Something that's truly unique about Clover is two-thirds of our members in a given year are going to get at least one visit from a CA-powered clinician. That's a very high number. Not only have we developed an industry-leading point-of-care technology, but we're deploying it at scale and reaching two-thirds of our members in any given year through two primary channels. I'll talk a little bit more about what we do in the home, because it's incredibly important how we deploy this technology in the network so that when members are going into their provider's office, they're receiving care that's CA powered, but then we also bring that into the home. We do that through Clover Care visits, which are largely an assessment-based function or a readmission prevention function. Those assessments are incredibly important for new members in particular, so that we can get to know those new members, understand their chronic disease, get them into the right clinical program for them. Which often results in enrollment in what we call our in-home care program. This is longitudinal primary care in the home for our most chronic patients. Generally, the rule of thumb in Medicare is about 10% of your membership represents 60% of your cost. It's the 80/20 rule really for us becomes the 60/10 rule, and those are the members that we're managing longitudinally in-home. These members need multiple visits in their home across the course of the year, and those visits are all powered by our Clover Assistant technology. This is an area in particular where we've seen a lot of growth over the past year or so. We've seen enrollment in this program increase 84% relative to 2025. That's against about 50% membership growth across our full book of business. What that really means is we have a higher percentage of our members in 2026 that are enrolled in this program, which means we're managing a higher percentage of that 60. That's incredibly important. How does this ultimately play out in our economics? When we deploy our technology at scale, reaching two-thirds of our membership, and then manage that 10% of the population that's driving 60% of the cost, it ultimately allows for this compounding effect of economics over time. What I'm talking about here is how we view our model relative to a fully delegated model that's pretty common in our industry. To set the stage quickly on the fully delegated model itself, when other payers deploy this model, they're delegating risk down to a provider. What that means is they're effectively fixing a margin for themselves, which is X percent of whatever premium they delegate against their administrative expense. What that means is you're pretty stable regardless of the year that a member is in your plan. You're generating a pretty fixed margin over time. It may increase slightly as the revenue increases. In our model, because we take full risk on the economics of our population, we are disadvantaged in the first two years of a member's journey relative to many of the peers that we compete against. But as we hit the third year, the fourth year, the fifth year, we start to see this compounding effect on our economics, and the reason for that is what I mentioned before around earlier identification, earlier disease management. By getting there earlier, we see our results really show up in the latter part of a member's tenure. When you start to hit the third year and the fourth year, we start to pull away meaningfully from the delegated models. That's really important for where we are today, because with the growth that we've seen in our business over the last two years, about 49% of our membership is still in these first two years of the LTV curve. We're really early on in this exhibit, and as we move into '27, we move into '28, members start to move up this curve and things get really interesting for us. To put in context, Richard, I think it might have been you that asked the question on the call last week, but when you look at this chart about 28% of our membership is in this first year. About 21% is in the second year. As you play that out into '27 and '28, these members start to move up this curve. That is ultimately the foundation of our model, and that is why we think we are truly different in that most payers in our space are kind of facing a trade-off of growth versus profitability within a given year. That is one of the most common questions that I get is, did you prioritize growth in 2027 bids? Did you prioritize margin? Really the answer for us can be both. The reason it can be both is this layering effect of cohort maturation. What ultimately happens in our model when we are growing at the rate we are growing, is we have a significant amount of our membership population that is moving up that curve that I just referenced on the previous slide. That significant population, in the case of 2027, will be that 49% moving up the curve. That creates a significant bottom-line impact that is incredibly favorable, that then allows us to fund new member growth. We are ultimately generating incremental economics from the returning members, which funds our new member growth. Over time, they start to layer on top of each other and create a really interesting economic picture. Let me talk about what has happened in the state of New Jersey over the past couple of years, which is our number one market within the country, and then really what we think this means for the coming years. I have mentioned before, we have grown our overall membership book about 100% in a two-year period. In doing that, our New Jersey market share has gone from 20% - 31%. We are now the number one market share player in the state of New Jersey for non-special needs Medicare Advantage plans. We crossed United earlier this year, and we are continuing to gain momentum there. We are still only at 31%. There is meaningful room to run inside of our core state of New Jersey, and we expect that to continue into 2027 and beyond. Even inside of that though, New Jersey is a bit unique relative to other states in the industry. We often look at this metric, MA penetration, so Medicare Advantage penetration. What percentage of the Medicare eligible members within a given market are enrolled in Medicare Advantage? Nationwide, that number is about 50%, a little north of it. In New Jersey, we are actually below, so we are at 42%. That means there is organic growth opportunity to expand the pie and also market share opportunity to continue to take from competitors. Why we have been able to win with this model, I would say over the past couple of years is number one, we are PPO first. Members like choice, particularly members that are coming off of commercial plans that are very accustomed to choice and PPO models. We are PPO first, we will continue to be PPO first. That has really, really helped. Number two, we retain over 95% of our members. In this most recent annual enrollment period, our retention was north of 95%. That is even more important for a company like us because as I mentioned, the compounding effect of economics only occurs as we retain members. Retention is incredibly important in our model, and we are able to retain members because during this period of disruption in the Medicare Advantage space, we have largely improved our benefit package for members, or we have kept it stable. There's been a lot of disruption with the national players like a United, an Aetna, Humana, ping-ponging benefits around, improving benefits, then degrading them. That creates a lot of churn in their population. We've been very stable, so that's allowed us to drive really strong retention. Lastly on that point, we have minimal exposure to the e-broker space, the GoHealths, the eHealths of the world. When it was a growth at all costs mode in Medicare Advantage, you saw the national payers in particular really engage with those e-brokers, and it drove meaningful growth, but it also drove really poor retention. That's not what we want in our model. We want sticky members. We want people that are going to stay with Clover, engage in our model, and then ultimately create that layering effect. Lastly, for two years in a row, we've been the number one plan in the country on HEDIS. Number one PPO plan in the country on HEDIS, which we're incredibly proud of, and that's powered by our technology. Ultimately when you do this, it allows for significant membership growth. We've grown at a 40% CAGR over the last two years. We've sustained adjusted EBITDA profitability. We've improved our operating leverage by 500 basis points. In 2026, we're guiding to our first full year of GAAP net income profitability. We've delivered this growth and expanded profitability, which is pretty unique in the space. Lastly, I'll close with this. Our focus for 2026 really hasn't changed since the beginning of the year. We're focused on delivering our first full year of GAAP net income alongside industry-leading membership growth. We're going to continue to strategically reinvest in the things that make us different, though. We're going to accelerate new member clinical engagement. It's important for those new members to engage quickly with our model so that they start to move along that LTV curve. We'll continue to focus on HEDIS and clinical quality outcomes at scale. Lastly, we didn't talk much about this in the slides, but our Counterpart Health business continues to grow. We're continuing to test that out in new markets. We're seeing a lot of success with the growth there. Thank you for the time. I'll turn it back to you, Richard. Great. Covered a lot there. Why don't we just begin? A busy week last week for us. You guys reported. What do you think the key takeaways people should from the second quarter earnings and guidance? Yeah, sure thing. I'd kind of point us back to the discussion around the cohort maturation and the layering effect. What we're seeing in 2026 is the beginning of that, and there's a lot more room to run there. In 2026, we're showing 50% membership growth, Richard, and we've meaningfully expanded profitability. Those two things typically don't go together. What's embedded in there is the new members we added in 2025 just entering that second year. I kind of view this as sort of the breadcrumb into 2027, where things start to get really exciting in 2027 as the 2025 cohort moves into their third year and then 2026 into their second. Okay. I do want to cover this. You've been CFO, interim CFO here for two quarters. Your background, you come from one of those larger Yeah MA organizations in Humana. You left Humana to go to a couple startups, but you ended up at Clover. Yeah The question, Clover's a smaller Medicare Advantage player. Medicare Advantage scale is hugely important. You just talked a little bit about that, but what attracted you to this asset or this company? Yeah, I'd kind of point you back to, I think it was slide 2, where I showed what is the differentiation between Clover versus traditional payers. That attracted me in that the way we approach the business is entirely different than anyone in the industry, Richard. I spent nearly a decade at Humana. It was a great experience there. I kind of grew up in Medicare Advantage. Worked there almost the entirety of my 20s and early 30s. Then moved into the startup landscape and kind of found different ways to approach the business. When the Clover opportunity came up, it was too good to pass up because the approach to the business model was completely different, and we had a true differentiator in our technology, but also our ability to deploy that at scale. I'll actually never forget this. One of the questions I got when I was interviewing for the role was, "Hey, we're seeing around two-thirds of our members are getting Clover Assistant-powered visits during the year. What would you do to lift that number up?" My reaction was, "You're seeing two-thirds of your members with your own proprietary technology." I really couldn't believe it. Then when you get inside the walls of Clover and start to understand how the economics materialize from the technology and the engagement, it becomes really clear. What can you get that two-thirds up to? That's a great question, Richard. Yeah, we are not considering two-thirds the cap. There's efforts every day to figure out how to get more members CA-powered visits because we know it drives outcomes, both clinically and financially. Okay. Yeah. Obviously, you are doing this, posting these results at a time when you mentioned others retreating from certain markets and elevated medical cost trend and whatnot. Obviously, changes with V28 Yeah and stuff like that. It has been a pretty dicey Medicare Advantage environment over the last call it three years at least. What has given the company the confidence really to have these two years of aggressive growth and sounds like next year is also going to be a growth year. What has enabled that confidence to do that when there has been so much turmoil? Yeah. I think Andrew Toy and I both have said this, a negative headline for the industry at large is generally positive for Clover because when a negative change comes to the industry, our competitors react in the same way. They generally reduce benefits that they are offering their members, which generates more shopping, which allows us to grow more. We are generally favorable to seeing those headlines come out in the MA space because we have been able to capitalize. You mentioned V28. I think that is a good example of a situation that really rocked the industry for a few years. We are in the final year of the phase-in now in 2026. Large payers, large value-based groups really struggled with that. I think our technology and our size allowed us to be incredibly nimble there, and we navigated the V28 changes, I think as well or better than the entire industry. Navigating that change and the size and nimble ability to do that via our technology allowed us to be aggressive in this window. Okay. The growth hasn't come without an expense, right? The company was growing fast. It pulled back. I think MA membership went down a little bit, maybe for a year or so. Yep. The last two years, significant growth. So benefit expense ratio has increased from, call it mid 80s to in the 90s. So what gives you the confidence in terms of either improving off of that number? Just talk a little bit about what's driving benefit expense. Yeah. We like to point more to the consolidated gross profit on a per member per month and sort of watch that track over time. But ultimately, what's going to play out for us inside of this year and into next year, Richard, is that cohort maturation. So, ultimately, we're generally not as focused on what is the MLR in a given year, but what are the specific contribution profits of individual cohorts. So that's ultimately how we're managing the business is are you in your first year with Clover, your second year, your third year with Clover, and are you tracking along the curve in the way we would expect you to? And everything we're seeing so far this year says that the members are. If you do those things effectively, what results in the aggregate is a lower MLR, but we are generally not viewing it that way on a day-to-day basis. Okay. Yeah. We have a couple minutes left. There has been a lot of noise, I do not want to say controversy, but a lot happening on the Star Ratings. Yeah. Then we are looking at next year, right in terms of bids and the growth opportunity there. Talk about how you are thinking about 2027. Obviously, you are not providing guidance, but thinking about 2027 in terms of the upcoming annual enrollment period and then what is going on in Star Ratings. Yeah. I'll hit the stars point first. I think if anyone tells you they have a crystal ball on the future of stars they're lying. We're in an interesting period right now as it relates to payment year 2028, and we're in the midst of what's called Plan Preview 1. We'll be entering Plan Preview 2. We'll have a lot more clarity over 2028 star ratings, I would say, in the coming months. I'll reserve my comments on that until we reach that milestone. For 2027 specifically, I think we feel really good about our positioning in 2027. We'll learn more about the competitors and ultimately what they chose to do with their 2027 bids over these next two - three weeks. From the market intel we have, we're expecting further disruption again in the annual enrollment period in 2027. There's been disruption in 2025 and 2026, and we think it's coming again in 2027. We designed our product to be able to take advantage of that, and we think we're in a really good spot for that. Is 4.5 or? Yes, our bids are submitted at 4.5 stars. That is correct. Great. I think we will wrap it there. Sure. Good story in a very interesting environment for Medicare Advantage. Yeah, absolutely. Thanks, Clay. Thanks, Richard.