Thank you for standing by, and welcome to the GoHealth third quarter 2021 earnings conference call. At this time, all participants are in listening mode. After the speaker's presentation, there'll be a question and answer session. To ask a question at that time, please press star then one on your touchtone telephone. As a reminder, today's conference call is being recorded. I would now like to turn the conference over to your host, Mr. Brian Farley. Sir, you may begin. Everyone, I wanna thank each of you for joining GoHealth, Inc.'s third quarter 2021 earnings call. Joining me today are Clint Jones, Co-Founder and Chief Executive Officer, and Travis Matthiesen, Chief Financial Officer. This afternoon's conference call contains forward-looking statements based on our current expectations. Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements. Many of the factors that will determine future results are beyond the company's ability to control or predict. You should not place undue reliance on any forward-looking statements, and the company undertakes no obligation to update any of these statements, whether due to new information, future events, or otherwise. After the market closed today, we issued a press release containing our results for the third quarter of fiscal 2021. In addition to presentation materials that Clint and Travis will walk through momentarily, both the release and the slides can be found on GoHealth's website under the Investor Relations tab. In the press release, we have listed a number of risk factors that you should consider in conjunction with our forward-looking statements. Other significant risk factors are described on our Form 10-K and 10-Q reports filed with the Securities and Exchange Commission. During this call, we will be discussing certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measures, and the reason management believes they provide us useful information to investors regarding the company's financial conditions and results of operations are contained in the press release and investor presentation. With that, I'd like to turn the call over to Clint. Thank you, and thanks, everyone, for joining us today to discuss our third quarter and year-to-date results. I will start with some highlights from the quarter and an update on the investments we made in our business to strategically position ourselves going into the annual enrollment period or AEP. Travis will then cover a detailed review of our financial results before I wrap up with some updates on Encompass and early insights on this year's AEP. We will then open up the call to Q&A. Slide 4 provides an update on the strategic investments in our agents, technology, brand, and Encompass platform. We believe the investments we have made and will continue to make will act as a catalyst for GoHealth in 2022 and beyond, enabling us to capitalize on the market opportunity in front of us and position ourselves for the near and long term. In our last update, we told you our investment in agent capacity was more expensive and taking us longer than originally planned. I am pleased to report we've exceeded our goal of increasing our agent base by over 50% despite the continued tight labor market. Most importantly, these new agents have completed 500+ hours of training to ensure they have the knowledge necessary to educate consumers on their plan options. These short-term investments in our people will provide long-term benefits and meaningful upside for years to come. It is worth noting that included in our increased agent base is an over 100% increase in associates on our TeleCare team. As a reminder, our TeleCare team is the group of dedicated employees who onboard new members and help them understand and utilize their plan benefits. While we do not expect a material margin increase from our TeleCare investments this year, we expect these agents to play a meaningful role in our future success, including customer persistency and the expansion of our Encompass platform. Our technology investments, combined with tight integrations with carriers and partners, continue to differentiate us. These investments provide our specialized agents with the decision support technology needed to enroll consumers in the right plan from day one. Our expanded carrier offering, driven by our technology, is a differentiator for GoHealth as we continue to be the trusted advisor for seniors. Lastly, our Encompass platform and GoHealth brand investments are on track. We are investing in our people so they can serve our customers, investing in our technology so it can accelerate our efficiency, and investing in our brand so customers know that when you are talking to a GoHealth agent, there is no better partner for their healthcare journey. We are happy to announce that we are ahead of our Encompass platform goals due to the success with various carriers and partners. This platform, combined with our increasing scale, positions us well for success. Slide 5 highlights our strong quarter and year-to-date top-line financial performance, with the revenue up 30% and 42% respectively. Additionally, commission revenue exceeded our expectations, up 73% and 60% for the quarter and year-to-date. These results were driven by investments in our expanded agent force and powerful internal marketing engine. Our growth continues to be driven by our Medicare insurance business, which generated growth of 19% in the third quarter and 51% year-to-date, proving our ability to drive gains in the growing Medicare market by standing out as a leading choice platform for seniors. Medicare Advantage enrollments continue to drive growth, with third quarter Medicare Advantage carrier-approved submissions increasing 100% to roughly 193,000. Our focus continues to be on acquiring members, engaging them, and improving their health outcomes. That is why we are and will continue to provide value-added services beyond enrollment through our Encompass platform. Our year-to-date Encompass revenue of $32 million is ahead of our expectations. We are very excited about the progress we have made with Encompass and look forward to sharing more about our 2022 strategy around this important initiative on our fourth quarter call. Moving to slide 6. Given the progress we have made towards our full year strategic investments, we are reaffirming our full year outlook for revenue of $1.2 billion-$1.3 billion, propelled by strong commission growth. We also expect Adjusted EBITDA of $300 million-$330 million. More importantly, we expect our 2021 investments in agents, technology, brand, and Encompass will continue to drive profitable growth into 2022 and beyond as we distance ourselves as a leader in the Medicare market. With that as a quick intro, let me pass the call over to Travis to run through our third quarter results in more detail. I will come back and provide an update on our Encompass platform and our progress during this year's AEP. Travis? Thanks, Clint. Slide 8 looks at our top line results during the third quarter and year to date, which was ahead of expectations. Total revenue grew 30% compared to the third quarter of 2021, and 42% year to date. Year to date total revenue of $613 million is ahead of internal expectations. For both periods, you will notice the outpaced growth in commission revenue compared to our enterprise revenue line item. This was deliberate, as our strategic focus during 2021 has been on commission growth, both in absolute dollars and as a percentage of our total revenue composition. The commission growth is partially due to Encompass, one of the strategic investments Clint just mentioned, which saw $32 million of year-to-date revenue. As for enterprise, that portion of the business had lower revenue than anticipated in Q3, but this is a timing difference driven by carrier campaigns and is still pacing towards our $200 million annual target we shared earlier this year. Fueling our top line growth is our Medicare Advantage carrier-approved submission growth of 67% for the year-to-date period. This growth in market share speaks to the skill of our licensed agents, the breadth of our technology, and the secular shift in consumers preferring our platform. On slide 9, we highlight our revenue breakdown by segment. Our Medicare Internal segment delivered 19% revenue growth during the third quarter compared to the prior period, and 51% growth versus the prior year-to-date period. We are also pleased with the performance of our Medicare External segment, which grew revenue 52% year to date. Our Medicare External segment is powered by small and mid-sized agencies operating under our carrier agreements, compliance, and technology platforms. Medicare External contributes to our size and scale and deepens our carrier relationships. In fact, in many instances, carriers are referring these partners to us, demonstrating the power of our enrollment platform, our Encompass strategy, and prominence in the Medicare space. Slide 10 highlights our quarterly Medicare Advantage LTV per approved submission. The decrease compared to last year's third quarter is primarily attributable to three things. First, a changing mix, both consumer and carrier. Second, the impact of new agents, and third, macro shopping trends. To provide more transparency, I want to briefly unpack each of these. First, with respect to our changing mix, third quarter LTVs reflect a lower percentage of consumers who are new to Medicare and an increase in consumers that shop more often. The dynamics of these consumers is different, and so are their persistency traits. As it relates to carrier mix, we continue to see our enrollments more closely mirror overall market penetration, and these new carriers added have lower modeled LTVs. Second, as Clint mentioned earlier, Q3's main focus was on continuing to expand our agent base ahead of AEP. While we are encouraged by the number of agents added in the quarter, it did have an expected short-term LTV hit, as we saw our most recent cohorts of agents driving lower effectuation and persistency rates as compared to last year's vintages. As our agents become more tenured, we expect their performance to drive improved LTVs. As mentioned on previous calls, we analyze and update our LTV model quarterly and have embedded into our LTVs the impact of these new agents. Finally, we continue to refine our LTV model quarterly and have included updated assumptions on our newest vintages to address the macro shopping trends that we and others in our space have experienced. On slide 11, you will see an update of our Medicare revenue per submission, which is up over 8% year-to-date compared to last year. As we have mentioned previously, we believe this metric is an important barometer of our performance as it demonstrates our ability to outperform on a combined revenue basis, including commission, Encompass, and enterprise revenue. As a reminder, as Encompass and enterprise grow, our payback period shortens, another validation of these strategic investments. Over time, we believe this view will become more important, especially as we lengthen our lead in the Medicare space through our Encompass platform. Slide 12 shows the progress we delivered towards our full-year Adjusted EBITDA guidance. The investments we have made and will continue to make during AEP gives us confidence in our ability to deliver on our full year guidance. As discussed in prior calls, our strategic investments in agent capacity, technology, the GoHealth brand, and Encompass have had a short-term impact on profitability. Customer care and enrollment costs, including our vitally important TeleCare team, were up 112% in the third quarter compared to the prior year, excluding non-recurring accelerated vesting related to the IPO. In addition to the cost to onboard and train new agents, short-term productivity from these newly hired agents was low, as expected, given new agents entering our comprehensive training program generally have lower productive hours combined with the lower LTVs. As these agents gain more experience with our tools and technology, we expect productivity to increase. You will recall that agent capacity was a limiting factor for us last year, especially during AEP. As such, as we have described previously, we have built the infrastructure necessary to capitalize on the large and growing Medicare market during this year's AEP by ensuring we have the right amount of agents ready to serve our customers. We expect this agent capacity growth to pay dividends over both the near and long term. Moving down the P&L, marketing and advertising costs, combined with cost of revenue, grew in line with our expectations. Combined costs were up 44% year to date, roughly in line with total revenue growth of 42%. Our marketing team continues to diversify our marketing mix to optimize the returns on investment. Turning now to our full year guidance shown on slide 14. Our full year 2021 revenue and Adjusted EBITDA guidance remains unchanged. Our outlook for full year net revenue is $1.2 billion-$1.3 billion, and our adjusted EBITDA outlook is $300 million-$330 million, much of which will be driven by this year's AEP. One key point on the revenue guidance. While revenue guidance remains unchanged, we anticipate that the volume of Medicare Advantage submissions to be higher than originally anticipated. As Clint mentioned earlier, we have exceeded our goal of increasing our agent base by over 50%. This, combined with the continued outperformance of our Medicare External segment, will drive a higher volume of MA submissions than originally anticipated. However, we expect LTVs to be down relative to last year, given the current trends we are experiencing in carrier mix, new agents, and macro shopping trends discussed earlier. Moving now to our cash flow and capital profile on slide 15. Cash and capital management are a priority for us. We have built a business and membership base that generates substantial cash flow, with year-to-date cash receipts on our commission receivables totaling more than $335 million, up 74% from the prior year period. We have $175 million in unused revolver capacity and $85 million cash on hand as of September 30. While these sources of cash allow us the flexibility and opportunity to reinvest in our business, we continue to evaluate a variety of non-equity ways to fund our growth given favorable market conditions, including using our large and growing receivable balance of nearly $1 billion. We expect that 2022 will not require the same level of investment as 2021. With that, Clint will now provide some updates on our Encompass initiatives and this year's AEP. Clint? Thanks, Travis. As we've talked about in previous earnings, slide 17 revisits the strategy behind our Encompass platform as we build additional ways to monetize a rapidly growing member base and drive long-term growth. We are seeing increased momentum and conviction from carriers and partners around our Encompass strategy and will serve as a key growth catalyst for 2022. Our Encompass platform differentiates GoHealth members' value proposition in a number of ways. First, we are uniquely positioned to help GoHealth members better navigate their healthcare journey and improve outcomes. Second, we enable carriers to improve their key financial and quality metrics by better understanding their customers' needs and driving an improved engagement experience. Third, we advocate for consumers and connect them with high-quality care partners that further support the goals of consumers and carriers. Our Encompass results year to date validate our belief that there is a significant market opportunity to expand GoHealth's downstream capabilities, and we are excited about the infrastructure we are investing in to strengthen our leadership position by creating a great experience for consumers and partners. Moving to Slide 18. Executing on our Encompass strategy will lead to continued revenue growth through persistency gains and additional revenue opportunities, as evidenced by our $32 million in Encompass revenue year to date. We expect to drive $18 million-$28 million of Encompass revenue in Q4, driving roughly $50 million-$60 million for the full year, above our original $40 million 2021 Encompass expectations. We are also encouraged by the number of Encompass partners making up this revenue, with six carriers and multiple other non-carrier partners leveraging the platform. Being the largest Medicare Advantage enrollment platform has enabled this early success and momentum in Encompass, strengthening our position in the market. We plan continued investment to rapidly scale our Encompass platform into 2022 and expect it to be a meaningful driver of sustainable and scaled growth while helping our members navigate their healthcare journeys and improve overall outcomes. Prior to closing, I wanna provide a brief update on AEP. First, we have the trained agent force in place to serve our customers. Second, we continue to see strong demand from our customers for education and choice in this complex space. Third, we have the necessary carrier product offerings and quality standards to ensure we can enroll each consumer in the best plan for them, all of which validate the investments we've made throughout this year. Finally, as we are focused on executing the remainder of AEP, I think it's important to put 2021 in perspective. We have invested more than originally planned in this challenging environment to achieve the following strategic objectives. First, we are the biggest Medicare Advantage enroller with a very large and growing membership base. This scale is important to our carrier partners and is a launchpad for our Encompass platform. Second, we have a large base of licensed agents and TeleCare representatives that we can further optimize to execute our 2022 growth plans for our core business and Encompass platform. Third, we have demonstrated that the Encompass platform engages the consumer, enhances their health outcomes, and provides increased value to our carriers and other partners. In closing, I wanna give a special call-out and thanks to Travis, given we are well into our CFO search, and this is likely Travis's last earnings call. Travis has been a tremendous asset to GoHealth, and I am especially pleased that I and GoHealth will continue to benefit from Travis's many talents when he transitions to our Chief Transformation Officer once a new CFO is on board. Finally, I wanna reiterate why GoHealth exists and why I'm more excited than ever at the opportunity in front of us. During this time of year, our colleagues are working early mornings, late evenings, weekends, and holidays to deliver on our mission to improve access to healthcare in America. I want to extend a sincere note of gratitude to all GoHealth employees. You are the reason GoHealth is the largest Medicare Advantage marketplace in the United States and the reason why I'm so excited about our future. With that, I will turn the call over for questions. Thank you. Again, ladies and gentlemen, if you'd like to ask a question, please press star then one on your touchtone telephone. Again, to ask a question, please press star then one. We do ask that you please limit yourself to one question and a follow-up. Our first question comes from Elizabeth Anderson of Evercore. Your line is open. Hi, guys. Thanks so much for the question this afternoon. I guess my question would just be focused on sort of the AEP and what you've seen so far. I mean, we've heard comments about longer CMS required scripts, et cetera, impeding productivity, and you know, that might have also been a factor in the third quarter as well. I was wondering if you could talk about how that is specifically impacting you guys. It sounds like you also have some offsetting strategies that you've been working through. Any additional color there would be helpful. Yeah. Thanks, Elizabeth. I think this year, more than ever, you know, we've seen a heightened awareness from CMS around quality standards, and we've obviously heard that from our carriers as well. We've you know since early this summer worked really closely with our carrier partners to ensure that we have all the right quality standards and metrics in place, including additional training for our agents. We have not seen any sort of material impact on our AEP results thus far, nor did we expect to. We think long term this is a great thing for the industry, right. Imposing you know higher quality standards for all players in the market. We, you know, we feel we were already in a really good position, you know, with the carriers and the partners we serve. Got it. That's really helpful. Maybe if you could talk a little bit more about some of the tech investments. I mean, you said you obviously pointed to that as sort of like an increase in investments over time, but that would help drive growth. Where are you seeing those pay off in the nearer term, and where might we see some of that pay off as we get into 2022 and beyond? Yep. Yeah, great question. You know, this year, primarily a couple different categories. The first category really around agent efficiency, as you think about consumers calling in and, you know, helping our agents be more successful through improved needs analysis and plan finder tools that help agents, you know, identify and enroll people in the right plan up front. Obviously, you can imagine, you know, the amount of training that goes into an agent to get them onboarded and fully understanding everything about the different carrier options that we have and ensuring somebody has the right knowledge to make sure that they, you know, we get our consumers in the right plan. That's the first category. Second category is within our Encompass platform. You know, obviously this is a newer initiative for us that really started late last year. You can imagine any time you roll out a new platform and strategy, there's gonna be meaningful investment behind that to ensure the technology can drive the results we're looking for, which we're really excited about kind of the year-to-date results and where we sit and the momentum we have, not only going into Q4, but also as we think about our position for 2022 and beyond, what that can mean. You know, we're still, you know, early stages. By no means are we declaring, you know, a victory here, but just the early momentum and kind of what we see setting up into 2022, I think that's where you'll start to see a lot of those returns on that investment. That's helpful. Maybe just a quick follow-up to that one. On the Encompass revenues, where are you seeing sort of if we think about what the contribution buckets are for the Encompass revenue in the quarter and maybe any kind of commentary you can provide for 4Q, is that still predominantly sort of health risk assessments? Are you finding traction in other areas? How do we think about that? Yep. Good question. It's a kind of a menu of options and, you know, each carrier partner has kind of a unique desire of some of the services that we offer as well as our non-carrier partners. Think about health risk assessments, preferred provider enrollment, preferred pharmacy enrollments, benefit navigation, preventive care models, a lot of success in SDOH or social determinants of health programs. We continue to add and invest in those platforms and channels. It's a, you know, our goal, you know, over the next several years is to continue to add products and services that, you know, serve our clientele, and the needs they have, as well as a, you know, a good partnership with our carriers and other partners as well. Okay, that's super helpful. Thank you very much. Thank you. Our next question comes from Michael Cherny of Bank of America. Your line is open. Afternoon, congratulations on the strong progress you made in the quarter. I wanna dive in a little bit about that sales force and that agent base that you talked about hiring. I think you alluded to the fact on the training side. As you think about the position that you have for the sales force and think about also the build, what is the sales force now gonna look like transitioning it the next year? Especially with the Encompass platform now in place, how do you think about the permanent nature of these agents that you've hired and the ability to keep them occupied, especially keep the good ones occupied, so that you don't have some of the transient nature that sometimes impacts this industry as a whole? Yeah. Michael, thanks for the question. You know, we feel really obviously this year was a very unique year, hiring the amount of agents that we did with some of the kind of known labor issues. Our team has done a really good job of getting through that. You're absolutely right. We've got the full sales force in place for this AEP, but you know, from an investment standpoint, as we think about 2022, you know, retaining and keeping those agents in a what I'll consider a less seasonal way, where not only can they enroll folks in OEP and FEP, but as you think about our ability to accelerate growth in our Encompass platform, they'll play a vital role to that. As we think about the investments that we've made this year, that we won't necessarily have to make that same level of investment next year, that's what really we get really excited about. You know, as you know, the more time we have an agent with us and the greater their tenure, the better performance they have. You think about that additional return as we get agents through this AEP, and you know, we'll continue to provide additional training programs throughout the different seasons we have. We feel really good about you know, the investments we've made and then the long-term payoff we'll receive as well. Got it. You talked about some of the LTV impacts tied to the new carriers that you brought on. If I missed this, I apologize, but can you give us a sense on how LTVs shook out in terms of on an apples to apples basis, so same carriers year-over-year, how those are trending? Yeah. I'll start at a high level. You know, like we've mentioned, you know, we are especially with newer agents and newer carriers, you do see different persistency and effectuation characteristics. For you know, if you wanna compare apples to apples on a tenured agent with a you know, what I'll call a legacy carrier, no real material movement there. You can imagine the amount of newer agents that we have going into Q3 and selling into Q3, that obviously, you know, moves the needle a little bit. That's kind of where you know, we saw some LTVs come down in Q3 as we think about just the sheer size of newer agents we have on the platform. Thanks. It's really helpful. Thank you. Our next question comes from Jailendra Singh of Credit Suisse. Your line is open. Thank you, Aaron. Thanks for taking my questions here. I want to stay on topic of this MA LTV decline in the quarter. Can you provide a breakdown of the three items you highlighted, like which one was most impactful and which one was less impactful? When you talk about MA LTV to be down in 4Q, are you expecting down similar to the decline of 6% in 4Q? Are you assuming any of these three pressure points improve in 4Q versus 3Q? Hey, Travis, you wanna take that? Sure. Jailendra, you're exactly right. When we unpacked the LTV decrease, we focused on carrier mix Agent mix, consumer mix, and macro shopping trends. Think about the agent mix as being the biggest driver of those three, and then the carrier mix being second, and then the macro shopping trends being third as you think about weighting them. As you think about Q4 LTVs, you're exactly right. Q4 LTVs are our largest. There's obviously seasonality in our LTVs. When you think Q4 relative to Q4 of last year, that mid-single-digit decrease is where we're currently shaking out as we think about this year's guidance here and performance during AEP. I didn't really follow what exactly you meant by the LTV modeling, like assumptions to address macro shopping trends. Can you be a little bit more detailed there what exactly changes you're doing there? Yeah. It's really to account for the persistency changes we've seen during this most recent SEP and beginning of AEP period. Got it. One quick follow-up. I mean, as kind of all the challenges e-brokers are going through and the valuations they're trading at, I was just curious that you guys have any thoughts about this industry consolidation and, you know, I mean, there are various kind of combination people talk about all the time, but just curious, like what do you think from the industry consolidation point of view? Yeah, I mean, I think that, you know, obviously we're still experiencing high rates of growth, and we see a large organic opportunity in front of us. If you think about what we've invested in from and our Encompass strategy moving forward, you know, that's kind of where we're focused. Obviously, there's a subset of competitors in the space that are out there as well. You know, we think that, you know, as we can continue to focus our Encompass strategy and things in the future, that's where we're gonna focus our time and energy. I think you're right. We've, you know, all three public peers have been kind of hit this year for different reasons. We think it's still a very robust industry. We think we're doing a lot of good service in helping consumers enroll in the right plan. I think that you know, over time, hopefully you know, the investor base, you know, fully understands that as we get through this. Great. Thanks, guys. Thank you. Our next question comes from Frank Morgan of RBC Capital Markets. Your line is open. Good afternoon. I guess I'll stay on the topic of the decline in LTV, specifically the call out around some of the carriers. Is there anything that you have been able to identify, presumably it's probably the product of the carrier rather than just the carrier themselves, I'm presuming. Is there anything that you're seeing in the product mix from some of these carriers where this issue is more noticeable that you've been able to call out or parse out? Yeah, I'll take that one. I think the biggest thing to call out there, it's not so much about the product differences of these new carriers. The biggest drivers of the lower LTVs with new carriers is usually around compensation and then our modeling around those carriers. As you can appreciate, when you have a new carrier, sometimes while CMS sets a ceiling for what carriers can pay, you don't always get the highest tier of commission when you're a new producer for a carrier, so that plays a role. Secondly, from a modeling perspective, we have less observed data around new carriers, which drives more conservative assumptions on the front end. Over time, as we continue to produce, we would assume that those LTVs across carriers on an apples to apples basis would level out, but that's one of the implications of a new carrier added. Got you. It's not really necessarily for a bad reason, like, you know, higher levels of churn. It's just basically you're getting paid less on the front end. Yep, exactly right. Okay. Secondly, I noticed that there was sort of a big drop in the noncommissionable from last year, down around 1,500 from 6,472 last year, the lowest we've seen in a while. Anything that you would call out there? Yeah. We're just continuing to focus on our customer choice platform. On our consumer choice platform, that's where we get paid the commissions. Again, that's where our focus is right now. We have some timing differences there. There were some unique carrier campaigns in the third quarter of last year as it related to COVID, but it's more of just our focus on the consumer choice platform. Gotcha. When you think about the, I noticed too it looked like a little negative tail revenue in the quarter, but is that being driven, you know, the same factors that are driving LTV, or is it sort of the same, you know, order of magnitude between those three things, or is there something else that you would call out there? Yeah, no, you're exactly right. The same trends that we're talking about, again, are the drivers of the tail revenue adjustment. Again, we update and do that every quarter, and so all those findings make their way, not just in our new LTVs we recognize, but we're also on our look back on a quarterly basis as well. Okay, thank you. Thank you. Our next question comes from Tobey Sommer of Truist Securities. Your line is open. Thank you. I was hoping you could expand upon your description of needing to invest less next year in the context of, is that because of slower growth, which can be a driver of investment or other factors? Yeah. Thanks. Good question. Really that's around the context of the number of agents that we've added this year. You know, you think about the sheer number of agents that we had entering January of 2021 Versus the amount of the number of agents that will enter in January 2022 to continue, you know, at the growth levels we wanna, you know, kind of maintain. We feel really good about that. I think that, you know, that agent force will have an AEP under their belt and additional training. That's really the context around, you know, less investment on just the sheer number of increasing our sales force. Thanks. That's helpful. Could you elaborate on how you could utilize your receivable balance to generate spendable cash sort of quicker and what that market and the variables look like? Thanks. Sure. We've been looking at a number of non-equity financing ways to continue to fund and drive our growth, and one opportunity has been looking at different ways to leverage our receivables balance. Given, you know, we have a large contract value asset commissions receivable balance sitting on the balance sheet, both short-term and long-term, we've been looking at unique ways we might be able to leverage that vehicle to drive financing into the future. Okay, thank you very much. Our next question comes from Greg Peters of Raymond James. Your line is open. Hey, guys. This is Alex Bolton calling in for Greg Peters. Sorry, I'm gonna ask one more question on LTVs. You know, maybe just between the factors, could you talk about, you know, the expected persistence of each one of these factors? You know, it sounds like new agents is more short term, but, you know, I guess how much time does it take for them to improve? You know, new carriers, it sounds like you can get better commissions over time. Can you kinda talk through, you know, how long that might last? Sure. Yeah, you're exactly right. When we think about both the agent mix and the carrier mix, over time, as we continue to have agents more tenured and on our platform, we expect them to improve. The longer we have a carrier on our platform, the better the opportunity is for that to improve. Those are definitely levers at our disposal there. The other thing we're keeping a close eye on, though, is the macro shopping trends. As we continue to see, consumers shop in the space and brokers like us making it easier for them to do it, that's a factor that we continue to keep an eye on, which is why we update and do our look back quarterly. Okay. Are you seeing the new agents starting to improve, you know, going into AEP? Yeah, we are. We had a much more robust training program throughout this year. As you recall, you know, last AEP, we had higher customer demand than we had agents to serve those customers, which is why we made the strategic decision earlier this year in Q1 to start our hiring and ramp process. A lot of those agents throughout, you know, the first couple quarters have gone through really strenuous training programs. You think about the last classes that we've had before AEP, the same thing. We've seen continued improvement from all those cohorts of agents and classes, and especially throughout, you know, each week of AEP, improvement as well by that. We will expect that to continue. You know, we have a you know, kind of continuing training program for those agents that may take a little longer to get up to speed, that we can help them be successful in their careers. Okay. Then on free cash flow, you know, I guess you had use of cash of over $100 million last year in the fourth quarter. You know, you got $85 million on the balance sheet. I guess, can you talk about your need for capital and what that might look like? I know you said it's will be less next year than this year, but maybe just talking about before. Sure. Yeah. We also mentioned we have access to a seasonal revolver, of which $175 million is untapped. I think one thing that is a little bit misnomer sometimes in the space is that we incur, you know, the bulk of our cash burn here right now, right? Where we're spending the marketing, we're paying our agents. We start getting those first commission payments on all the policies that we're enrolling as early as mid to late December, and then the bulk of them start to flow in in January, which is why we've leveraged a seasonal revolver historically. You're really talking about just a couple month timeframe where that cash is mismatched, which is why we have that revolver in place. Okay, great. Thanks for the answers. Thank you. Our next question comes from Lauren Schenk of Morgan Stanley. Your line is open. Hi, this is Nathan Feather on for Lauren Schenk. On the sales force, can you provide some more color on the steps taken in the quarter to ensure you hit that hiring goal? Any way to size the kind of one-time cost incurred to meet those goals that you expect maybe shouldn't recur in 2022. Lastly, you noted previously that, you know, you continue to have solid, consistent retention among existing agents. Just confirming you've kind of continued to see that into AEP. Thank you. Yeah. Thank you. Yeah, we saw. You know, obviously, when we talked on our Q2 call, you know, we were experiencing higher attrition. You know, we had a robust top of the funnel, but a lot of, you know, we had challenges getting agents through the training program. We saw attrition levels normalized, kind of in the early part of fall, and a continued robust top of the funnel, recruiting class coming in. You know, we made some operational changes around the way we're recruiting, the way we're onboarding, the way we're training, and we kind of saw all those things come together, right before AEP, with our ability still to get them through the training program and get them ready to sell for the October fifteenth start. That all looks good. As far as, you know, investments, you know, not really a one-time investment I would point to. I would just think about the level of investment we put in in 2021 that we won't necessarily need to put in in 2022 due to the size that we've recruited so far. We're still seeing kind of normalized attrition trends throughout AEP that we've seen in the past, so nothing really alarming there. It's now just about executing for the remainder of AEP and then putting us in a great position as we think about entering 2022. Okay, great. Thank you. Thank you. I'm showing no further questions at this time. I'll just turn the call back over to Clint Jones for any closing remarks. Thank you, everybody. We are encouraged by the progress so far during AEP and in the momentum we continue to see within Encompass. We look forward to sharing our full year results during the fourth quarter call. As Veterans Day approaches, I also wanted to share a big thank you to all of our veterans who's helped serve our country over the years, including the many that work at GoHealth. Thank you everybody for the time today. Have a wonderful holiday season. We look forward to catching up soon. Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.