0001801170-26-000291
SEC filingClover Q3 2026营收7.59亿美元同比增52.9%，GAAP净利转正至640万美元，全年指引全面上调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $759.3 million | $496.7 million | 52.9% |
| Consolidated Gross profit (Non-GAAP) | $129.8 million | $73.2 million | 77.3% |
| Net income (loss) (GAAP) | $6.4 million | $(24.4) million | N/A |
| Diluted earnings (loss) per share (GAAP) | $0.01 | $(0.05) | N/A |
| Adjusted EBITDA (Non-GAAP) | $16.1 million | $2.1 million | 666.7% |
| Adjusted Net income (Non-GAAP) | $15.4 million | $1.7 million | 805.9% |
| Adjusted SG&A as a % of Total revenues | 15.0% | 14.3% | 70 bps |
| Insurance BER (Non-GAAP) | 91.1% | 93.5% | (240 bps) |
| Average Medicare Advantage membership | 158,383 | 108,231 | 46.3% |
| Insurance revenue | $748.8 million | $479.1 million | 56.3% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Total revenues | $2.97 billion - $3.00 billion | N/A |
| FY2026 | GAAP Net income | $25 million - $35 million | GAAP |
| FY2026 | Consolidated Gross profit | $540 million - $555 million | Non-GAAP |
| FY2026 | Adjusted EBITDA | $75 million - $85 million | Non-GAAP |
| FY2026 | Average Medicare Advantage membership | 157,000 - 158,000 | N/A |
Q3 2026营收$759.3 million、同比增52.9%，主要由Insurance revenue $748.8 million（+56.3%）与平均Medicare Advantage会员158,383人（+46.3%）驱动；Consolidated Gross profit $129.8 million（+77.3%）增速快于营收，Insurance BER由93.5%降至91.1%（-240 bps），医疗成本率改善是利润率扩张的核心。GAAP Net income转正至$6.4 million（去年同期亏损$24.4 million），Diluted EPS $0.01；Adjusted EBITDA $16.1 million、Adjusted Net income $15.4 million，但Adjusted SG&A占营收比升至15.0%（+70 bps），费用端仍有压力。
管理层将2026全年指引全面上调：营收$2.97–3.00 billion、GAAP Net income $25–35 million、Consolidated Gross profit $540–555 million、Adjusted EBITDA $75–85 million，并称2026年有望实现首个全年GAAP盈利、2027年盈利显著扩张；旗舰PPO（约占会员98%）获Payment Year 2028五星评级，为2027年AEP增长提供支撑。年初至今经营现金流$203.5 million，期末现金及等价物$268.1 million、总现金及投资$512.6 million；本季未披露分红或回购，指引依赖Star Ratings与医疗成本趋势，实际结果可能与前瞻陈述存在重大差异。