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  "authorName": "Clover Health",
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  "presentationDate": "2020-11-01 00:00:00",
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  "notes": "The slide includes detailed footnotes explaining the financial definitions and projections.",
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      "text": "(1) Clover's formal 2021 outlook will be provided in early 2021, after the completion of AEP and following further CMS guidance on Direct Contracting (2) Excludes Direct Contracting and any other non-MA subsidiaries/entities. (3) Represents average number of members projected over the course of the year. Includes growth through AEP prior to the year and then OEP and SEP during the year. (4) Adjusted EBITDA is a non-GAAP financial measure defined by us as net loss before interest expense and amortization of notes and securities discounts, provision for income taxes, depreciation and amortization expense, change in fair value of warrants expense, loss (gain) on derivative, restructuring cost, stock-based compensation expense and health insurance industry fee. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Gross Premium Revenue.",
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      "text": "Metric ($ in mm) 2021E (1) 2022E 2023E Long-Term Commentary Average MA Membership(3) 73,477 99,194 138,871 NA Increasing market share in existing markets and new market expansion Member Growth 30% 35% 40% 30%+ Capital raised in transaction is expected to accelerate membership growth in 2023+ Premium Revenue $872 $1,214 $1,717 NA Increase as membership grows Medical Care Ratio, Net 89.3% 85.7% 84.0% 82-83% Increasing CA adoption and product enhancements expected to more than offset increasing share of new members (who typically have higher MCRs) Operating Expense Ratio 20.9% 17.2% 15.4% ~11% Improvement as we grow membership and gain efficiency on fixed costs and less variable cost on a PMPM basis Adjusted EBITDA Margin(4) (9.4%) (2.6%) 1.1% 6-7% Profitability by 2023 and long-term above-industry margin (~4%) while maintaining above-industry growth (~10%) Clover Assistant Penetration 64% 67% 69% 70%+ Continue to drive higher CA adoption in existing and new markets",
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      "text": "Projected Financial Results(1,2)",
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