The following tables set forth the components of our results of operations for the periods indicated (unaudited): Three months ended Mar.31, 2025 2024 (in thousands, except percentages and per share amounts) Dollars % of Net Revenues Dollars % of Net Revenues $ Change % ChangeNet revenues $220,972 100.0% $185,600 100.0% $35,372 19.1%Operating expenses: Revenue share 39,272 17.8% 38,013 20.5% 1,259 3.3%Marketing and advertising 67,415 30.5% 52,775 28.4% 14,640 27.7%Consumer care and enrollment 51,698 23.4% 47,861 25.8% 3,837 8.0%Technology 9,038 4.1% 10,550 5.7% (1,512) (14.3)%General and administrative 22,656 10.3% 16,919 9.1% 5,737 33.9%Amortization of intangible assets 23,514 10.6% 23,514 12.7% — —%Operating lease impairment charges 710 0.3% — —% 710 NMTotal operating expenses 214,303 97.0% 189,632 102.2% 24,671 13.0%Income (loss) from operations 6,669 3.0% (4,032) (2.2)% 10,701 (265.4)%Interest expense 15,954 7.2% 17,951 9.7% (1,997) (11.1)%Other (income) expense, net (601) (0.3)% (566) (0.3)% (35) 6.2%Income (loss) before income taxes (8,684) (3.9)% (21,417) (11.5)% 12,733 (59.5)%Income tax (benefit) expense 1,102 0.5% (71) —% 1,173 (1652.1)%Net income (loss) $(9,786) (4.4)% $(21,346) (11.5)% $11,560 (54.2)%Net income (loss) attributable to non-controlling interests (5,378) (2.4)% (12,130) (6.5)% 6,752 (55.7)%Net income (loss) attributable to GoHealth, Inc. $(4,408) (2.0)% $(9,216) (5.0)% $4,808 (52.2)%Net income (loss) per share: Net income (loss) per share of Class A common stock — basic and diluted $(0.52) $(1.04) Weighted-average shares of Class A common stock outstanding — basic and diluted 10,373 9,715 Non-GAAP financial measures: EBITDA $33,747 $22,780 Adjusted EBITDA $42,060 $26,894 Net Income (Loss) Margin (4.4)% (11.5)% Adjusted EBITDA Margin 19.0% 14.5% NM = Not meaningful The following tables set forth the reconciliations of GAAP net income (loss) to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated (unaudited): Three months ended Mar.31,(in thousands) 2025 2024 Net revenues $220,972 $185,600 Net income (loss) (9,786) (21,346)Interest expense 15,954 17,951 Income tax expense (benefit) 1,102 (71)Depreciation and amortization expense 26,477 26,246 EBITDA 33,747 22,780 Severance costs(1) 3,815 1,828 Share-based compensation expense(2) 2,803 1,783 Professional services(3) 796 — Operating lease impairment and other charges(4) 474 — Legal fees(5) 425 503 Adjusted EBITDA $42,060 $26,894 Net Income (Loss) Margin (4.4)% (11.5)%Adjusted EBITDA Margin 19.0 % 14.5 % (1) Represents severance costs and other fees associated with a reduction in workforce unrelated to restructuring activities.(2) Represents non-cash share-based compensation expense relating to equity awards as well as share-based compensation expense relating to liability classified awards that will be settled in cash.(3) Represents costs associated with non-routine consulting fees and other professional services.(4) Represents operating lease impairment charges, reducing the carrying value of the associated ROU assets and leasehold improvements to their estimated fair values.
For the three months ended March 31, 2025, the amount includes a one-time gain of $0.2 million from the remeasurement of the lease liability and adjustment of the ROU asset (which was previously impaired) related to the early termination of a lease.(5) Represents legal fees, settlement accruals and other expenses related to certain acquisitions, litigation, Credit Agreement amendments and other non-routine legal or regulatory matters. The table below depicts the disaggregation of revenue and is consistent with how the Company evaluates its financial performance (unaudited): Three months ended Mar.31,(in thousands) 2025 2024Medicare Revenue Agency Revenue Commission Revenue(1) $167,109 $79,733Partner Marketing and Other Revenue 20,524 19,391Total Agency Revenue 187,633 99,124Non-Agency Revenue 31,771 85,902Total Medicare Revenue 219,404 185,026Other Revenue 1,568 574Total Net Revenues $220,972 $185,600 (1) Commission revenue excludes commissions generated from the sale of individual and family plan insurance products. The following table sets forth the net cash provided by (used in) operating activities for the periods presented (unaudited): Net cash provided by (used in) operating activities Three months ended Mar.31, Trailing Twelve Months ended Mar.31, 2025 2024 2025 2024 $(12,405) $12,512 $ (46,525) $101,174 The following tables set forth the ending commissions receivable balances for the periods presented (unaudited): Mar.31, 2025 Dec.31, 2024Commissions receivable - current $207,443 $320,399Commissions receivable - non-current $793,174 $733,161 In addition to traditional financial metrics, we rely upon certain business and operating metrics to evaluate our business performance and facilitate our operations.
These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the factors described in the sections titled "Summary Risk Factors,” "Risk Factors” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 ("2024 Annual Report on Form 10-K”), our forthcoming Quarterly Report on Form 10-Q for the first quarter ended March 31, 2025 ("Q1 2025 Quarterly Report on Form 10-Q”) and in our other filings with the Securities and Exchange Commission.
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