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GoHealth GoHealth Reports Second Quarter 2021 Results August 11 , 2021 Revises Full Year 2021 Growth Outlook CHICAGO , Aug. 11 , 2021 / PRNewswire / -- GoHealth , Inc. ( NASDAQ : GOCO ) , a leading health insurance marketplace and Medicare - focused digital health company , announced financial results for the three and six months ended June 30 , 2021 . • Second quarter 2021 net revenue of $ 196.9 million increased 55 % compared to the prior year period . YTD 2021 net revenue of $ 401.1 million increased 50 % compared to the prior year period . • Second quarter 2021 Medicare- Internal revenue of $ 160.4 million increased 84 % compared to the prior year period . YTD 2021 Medicare- Internal revenue of $ 317.8 million increased 74 % compared to the prior year period . • Second quarter 2021 Medicare Advantage ( " MA " ) Approved Submissions of 152,749 increased 58 % compared to the prior year period . YTD 2021 MA Approved Submissions of 323,876 increased 52 % compared to the prior year period . • Second quarter 2021 MA LTV Per Approved Submission of $ 953 increased 5 % compared to the prior year period . YTD 2021 MA LTV Per Approved Submission of $ 975 increased 11 % compared to the prior year period . • Second quarter 2021 net loss of $ 39.2 million compared to a net loss of $ 22.9 million in the prior year period ; Adjusted EBITDA¹ of $ 14.3 million decreased 47 % compared to the prior year period due to the 2021 strategic investments in agent capacity , marketplace technology , branding and the Encompass Platform . YTD 2021 net loss was $ 46.4 million compared to a net loss of $ 23.8 million in the prior year period ; Adjusted EBITDA¹ of $ 46.4 million decreased 25 % compared to the prior year period . • The Company tightened its full year 2021 revenue outlook to $ 1,200 - $ 1,300 million ( + 37 % to + 48 % ) powered by commission net revenue of $ 1,000 - $ 1,100 million ( + 49 % to + 64 % ) as agent growth is tracking at the high end of expectations . The Company lowered its Adjusted EBITDA¹ outlook to $ 300 - $ 330 million ( + 11 % to + 22 % ) , primarily due to higher agent costs expected in 2021 . Clint Jones , co - founder and CEO said , " GoHealth's second quarter revenue growth of 55 % was driven by an 84 % gain in our Medicare - Internal segment with LTVs expanding 5 % . Our ramped up investments in our Encompass Platform led to $ 17 million in revenue contribution from the platform's additional services beyond enrollment for carriers . Given the 50 % top - line growth over the first six months and continued strength in the market , we have raised and tightened our revenue expectations for full year fiscal 2021. " Jones continued , " These excellent top - line results are enabled by our success at increasing our agent counts ahead of the 50 % growth target , ensuring that we have ample agent capacity to address the anticipated demand during this year's Annual Enrollment Period . While we are encouraged by the growth in our agent force , enhanced training and tight labor markets have created cost pressures that we expect to continue over the balance of the year . Given these higher agent costs , we are reducing our outlook for 2021 Adjusted EBITDA . We anticipate that these 2021 investments in agents , training , technology and Encompass will position us well for continued strong efficient growth in 2022. " Second Quarter 2021 Highlights 2 • Total company revenue grew 55 % to $ 196.9 million . o Total Medicare Commissionable Submitted Policies grew 52 % to 156,559 • Medicare - Internal net revenue increased 84 % to $ 160.4 million • LTV Per carrier Approved MA Submission increased 5 % to $ 953 • Adjusted EBITDA¹ decreased 47 % to $ 14.3 million o Aggregate investment in customer care and enrollment and technology grew $ 39.8 million to $ 73.9 million , an increase of 117 % , including enhanced tools and training to continue powering conversion gains and improved effectuation , as well as investments in the Encompass platform ■ Agent counts grew well ahead of the 50 % target as the Company prepares for the Annual Enrollment Period and fiscal 2022 o Total cost of revenue , marketing and advertising expense grew 60 % , roughly in line with sales growth • The Company refinanced a portion of its term loans , upsized its revolver to $ 200 million , and lowered its annual borrowing costs by over $ 7 million YTD 2021 Highlights 2 • Total company revenue grew 50 % to $ 401.1 million . o Total Medicare Commissionable Submitted Policies grew 48 % to 333,130 • Medicare - Internal net revenue increased 74 % to $ 317.8 million o Medicare - Internal segment profit increased 4 % to $ 77.7 million • LTV Per carrier Approved MA Submission increased 11 % to $ 975 • Adjusted EBITDA¹ decreased 25 % to $ 46.4 million o Aggregate investment in customer care and enrollment and technology grew 108 % to $ 68.0 million o Total cost of revenue , marketing and advertising expense grew 55 % , roughly in line with sales growth 2021 Financial Outlook The trajectory of the U.S. economy remains challenging to predict , particularly given the continued uncertainty associated with the pace of recovery from the COVID - 19 pandemic . The Company is revising its financial outlook for the fiscal year ending December 31 , 2021 based on current market conditions and expectations : • Full - year 2021 net revenue of $ 1,200 - $ 1,300 million , representing year - over - year growth of 37 % -48 % o Full - year 2021 commission revenue of $ 1,000 - $ 1,100 million , representing year - over - year growth of 49 % - 64 % , fueled by the Company's continued investment in its Medicare business , including GoHealth's Encompass Platform • Full - year 2021 Adjusted EBITDA ¹ of $ 300 - $ 330 million , representing year - over - year growth of 11 % - 22 % Jones added , " Seniors continue to demonstrate a high degree of interest in our model , and increasingly want to explore their Medicare plan choices from the safety and comfort of their own home through our Choice platform . GoHealth's telesales agents are equipped with the decision support tools and experience to help consumers select the right plan for their unique needs and achieve a superior health outcome with lower costs . We are in the early days of realizing this enormous market opportunity by building GoHealth's position as the trusted advisor for consumers , helping these consumers navigate their healthcare journey through our Encompass offerings , and in the process , creating value for our carrier partners through driving high - quality enrollments . " Conference Call Details The Company will host a conference call today , Wednesday , August 11 , 2021 at 5:00 p.m. ( ET ) to discuss its financial results . A live audio webcast and a supplemental presentation will be