Core Insights - Oscar Health Inc. reported fourth-quarter revenue of approximately $2.81 billion, missing the consensus estimate of $3.12 billion, while total revenue for fiscal 2025 reached approximately $11.7 billion, up from $9.2 billion a year ago, driven by higher membership [1] - The medical loss ratio increased to 95.4% for the quarter from 88.1% a year ago, primarily due to higher average market morbidity and increased utilization [2] - The company reported a loss of $1.24 per share, missing the consensus estimate of 89 cents, while the loss from operations was $333.75 million, up from $147.73 million a year ago [2][4] Financial Performance - The SG&A expense ratio improved to 18.2% from 19.5%, attributed to greater fixed cost leverage and disciplined cost management [3] - Adjusted EBITDA loss for the quarter was $101.5 million, an improvement from a loss of $307.78 million in the previous year [4] - Total membership increased significantly from 1.68 million to 2.04 million in the quarter [4] Strategic Outlook - The CEO stated that 2025 was a reset year for the individual market, with plans to return to profitability in 2026 through new affordable products and enhanced member experience [5] - Oscar Health announced a $475 million three-year revolving credit facility to strengthen its balance sheet and optimize capital structure [6] - The company projects fiscal 2026 sales between $18.7 billion and $19 billion, significantly above Wall Street's estimate of $12.57 billion [7] Guidance - Oscar Health expects a medical loss ratio of 82.4%-83.4% for 2025, an SG&A expense ratio of 15.8%-16.3%, and operating earnings between $250 million and $450 million [8] - Oscar shares rose by 5.60% to $13.39, with a daily high of $14.37 and a low of $13.01 [8]

Financial Data and Key Metrics Changes - Total revenue for 2025 was reported at $11.7 billion, reflecting a 28% year-over-year increase [6][17] - The SG&A expense ratio improved by approximately 160 basis points to 17.5% [7][18] - The Medical Loss Ratio (MLR) increased by 570 basis points year-over-year to 87.4% [7][17] - The loss from operations for 2025 was approximately $396 million, a change of $454 million year-over-year [18][22] - The adjusted EBITDA loss for the full year was approximately $280 million, a change of $479 million year-over-year [18] Business Line Data and Key Metrics Changes - Membership grew to approximately 2 million in Q4 2025, a 22% increase year-over-year [15] - The company served 3.4 million members as of February 1, 2026, with expectations to start Q2 with around 3 million paid members, a 58% increase year-over-year [10][42] - Market share increased from 17% in 2025 to 30% in 2026 [10] Market Data and Key Metrics Changes - Overall market membership was reported at 23 million lives, a better-than-expected decline of 5% year-over-year [9] - The individual market is expected to experience a contraction of 20%-30% due to the expiration of enhanced premium tax credits [9][19] - The average member age is 38 years, approximately one year younger year-over-year [20] Company Strategy and Development Direction - The company aims to accelerate national Individual and Family Plans (IFP) and Individual Coverage Health Reimbursement Arrangements (ICHRA) expansion [13] - Oscar is focusing on creating lifestyle products with exceptional consumer experiences and driving operational excellence through AI [13][14] - The company has introduced new cost-effective Bronze and Gold plans to support consumers losing Enhanced Premium Tax Credits [11] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2025 was a reset year for the industry, with higher market morbidity impacting dynamics [8] - The company expects a significant year-over-year improvement of nearly $750 million in earnings from operations in 2026 [7] - Management expressed confidence in returning to profitability in 2026, driven by disciplined pricing and innovative product offerings [22][26] Other Important Information - Oscar's investments in AI have led to a reduction in administrative costs by 160 basis points year-over-year while increasing membership [12] - The company ended 2025 with approximately $5.5 billion in cash and investments, including $414 million at the parent level [23] Q&A Session Summary Question: How does the company get comfort on new membership for 2026 and MLR projections? - Management indicated that they have significant information on renewing members and are leveraging third-party data for new members to project behaviors accurately [29][32] Question: Can you elaborate on 4Q utilization and its relation to 2026 expectations? - Utilization was modestly higher than expected, driven by members seeking care before losing subsidies [36] Question: What is the expected membership cadence following the 1Q grace period? - Higher churn is expected in the first quarter due to increased premiums, with a return to pre-ARPA churn patterns thereafter [44] Question: How does the mix of metal plans affect membership and profitability? - The company has seen a significant shift from Silver to Bronze and Gold plans, which may impact churn rates due to higher deductibles [47] Question: What are the key levers to achieving EBITDA profitability without enhanced subsidies? - Growth, AI efficiencies, and disciplined management of medical costs are key levers for profitability [73]

Financial Data and Key Metrics Changes - Total revenue for 2025 was reported at $11.7 billion, reflecting a 28% year-over-year increase [6][17] - The SG&A expense ratio improved by approximately 160 basis points to 17.5% [7][18] - The Medical Loss Ratio (MLR) increased by 570 basis points year-over-year to 87.4% [7][17] - The loss from operations for 2025 was approximately $396 million, a change of $454 million year-over-year [18][22] - The company expects a significant improvement in earnings from operations in 2026, projecting a range of $250 million to $450 million [22] Business Line Data and Key Metrics Changes - Membership grew to approximately 2 million in Q4 2025, a 22% increase year-over-year [15] - The company served 3.4 million members as of February 1, 2026, with expectations to start Q2 with around 3 million paid members, a 58% increase year-over-year [10][43] - Market share increased from 17% in 2025 to 30% in 2026 [10] Market Data and Key Metrics Changes - The overall market membership declined by 5% year-over-year to 23 million lives [9] - The company anticipates that many passively enrolled members will exit the market when grace periods expire, leading to a potential market contraction of 20%-30% [9][40] - The average member age is now 38 years, which is approximately one year younger than the previous year [20] Company Strategy and Development Direction - The company aims to accelerate national Individual and Family Plan (IFP) and Individual Coverage Health Reimbursement Arrangement (ICHRA) expansion [13] - Oscar introduced new cost-effective Bronze and Gold plans to support consumers losing Enhanced Premium Tax Credits [11] - The company is focusing on product innovation, launching several lifestyle offerings tailored to specific conditions [11][12] - Oscar's strategy includes leveraging AI to improve operational efficiency and member experience [12][13] Management's Comments on Operating Environment and Future Outlook - Management described 2025 as a reset year for the industry due to increased market morbidity and changes in market dynamics [8] - The company is positioned for strong top-line growth and margin expansion in 2026, with a disciplined pricing strategy [8][19] - Management expressed confidence in returning to profitability in 2026, with expectations of nearly $750 million improvement in earnings from operations [7][22] Other Important Information - The company ended 2025 with approximately $5.5 billion in cash and investments [23] - Oscar's capital position remains strong, with approximately $1 billion in capital surplus across its insurance subsidiaries [23] Q&A Session Summary Question: How does the company gain comfort on new membership for 2026 and MLR projections? - Management indicated that they have significant data on renewing members and are leveraging third-party data for new members to project behaviors accurately [29][32] Question: Can you elaborate on the utilization trends and expectations for 2026? - Management noted that utilization was modestly higher than expected in Q4, driven by members seeking care before losing subsidies [36] Question: What is the expected membership cadence following the grace period? - Management expects higher churn in Q1 due to increased premiums, estimating a drop from 3.4 million to 3 million paid members by the end of Q1 [44] Question: How does the mix of metal plans affect the company? - Management confirmed a significant shift from Silver to Bronze and Gold plans, which may lead to higher churn due to increased deductibles [47][66] Question: What are the key levers for achieving EBITDA profitability without enhanced subsidies? - Management highlighted growth, AI efficiencies, and disciplined pricing as key levers for profitability [73]

Financial Data and Key Metrics Changes - Total revenue for 2025 was reported at $11.7 billion, reflecting a 28% year-over-year increase [5][15] - The SG&A expense ratio improved by approximately 160 basis points to 17.5% due to efficiency gains and disciplined expense management [5][15] - The Medical Loss Ratio (MLR) increased by 570 basis points year-over-year to 87.4% [5][15] - The loss from operations for 2025 was approximately $396 million, a change of $454 million year-over-year [15][16] - The company expects a significant improvement in earnings from operations in 2026, projecting a range of $250 million to $450 million [21][24] Business Line Data and Key Metrics Changes - Membership grew to approximately 2 million in Q4 2025, a 22% increase year-over-year [13] - The company served 3.4 million members as of February 1, 2026, with expectations to start Q2 with around 3 million paid members, a 58% increase year-over-year [8][40] - Market share increased from 17% in 2025 to 30% in 2026 [8] - New product offerings, including lifestyle plans, contributed to member retention and growth [9][10] Market Data and Key Metrics Changes - Overall market membership declined by 5% year-over-year, with expectations of further contraction as passively enrolled members exit [7][38] - The individual market is expected to stabilize, with more small business owners and gig workers entering due to affordability issues in group insurance [7] - The company anticipates a market contraction tracking toward the lower end of the original projection of 20%-30% [7] Company Strategy and Development Direction - The company aims to accelerate national Individual and Family Plans (IFP) and Individual Coverage Health Reimbursement Arrangements (ICHRA) expansion [11] - Focus on creating lifestyle products with exceptional consumer experiences and driving operational excellence through AI [11][12] - The strategic approach includes disciplined pricing and product innovation to capture profitable growth as competitors exit the market [6][9] Management's Comments on Operating Environment and Future Outlook - Management described 2025 as a reset year for the industry, with higher market morbidity impacting financial performance [6][13] - The company is positioned for strong top-line growth and margin expansion in 2026, with a focus on profitability [5][11] - Management expressed confidence in the ability to manage new membership and projected MLR improvements [30][31] Other Important Information - The company has strengthened its capital position with a $410 million convertible notes offering and a new $475 million revolving credit facility [22] - As of December 31, 2025, the company had approximately $5.5 billion in cash and investments [22] Q&A Session Summary Question: How does the company get comfort on new membership for 2026 and MLR projections? - Management indicated that they have significant data on renewing members and are leveraging third-party data for new members to project behaviors accurately [27][30] Question: Can you elaborate on the utilization trends and expectations for 2026? - Utilization was modestly higher than expected in Q4, driven by members seeking care before losing subsidies [33][34] Question: What is the expected market size post-effectuation and pricing adequacy? - The market has shrunk by 5%, with significant shifts in plan designs leading to changes in membership mix [37][38] Question: What percentage of members work with brokers versus passive renewals? - Approximately 90%-95% of members come through brokers, with some direct enrollments for specific products [55] Question: How does the company plan to achieve EBITDA profitability without enhanced subsidies? - Key levers include growth, AI efficiencies, and disciplined management of medical costs [70][72]

分组1 - Oscar Health, Inc. reported a quarterly loss of $1.24 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.84, and a significant increase from a loss of $0.62 per share a year ago, resulting in an earnings surprise of -47.62% [1] - The company posted revenues of $2.81 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 12.49%, compared to revenues of $2.39 billion in the same quarter last year [2] - Oscar Health shares have declined approximately 11.9% since the beginning of the year, contrasting with the S&P 500's gain of 1.7% [3] 分组2 - The earnings outlook for Oscar Health is uncertain, with current consensus EPS estimates at $0.85 on $3.59 billion in revenues for the upcoming quarter and -$0.30 on $14.6 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the bottom 31% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8] - The estimate revisions trend for Oscar Health was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Oscar Health’s fourth-quarter loss widened as the health insurer continued to struggle with the high utilization of medical services by plan enrollees. https://t.co/qOOTxSQlC7 ...

Core Insights - Oscar Health reported a widening loss in the fourth quarter, indicating ongoing challenges with high medical service utilization among its enrollees [1] Company Summary - The health insurer, Oscar Health, is facing difficulties as the utilization of medical services by its plan members remains elevated, contributing to increased financial losses [1]

Exhibit 10.1 CREDIT AGREEMENT dated as of February 6, 2026, among TABLE OF CONTENTS Page | ARTICLE I DEFINITIONS | | | --- | --- | | Section 1.01. | Defined Terms | | Section 1.02. | Terms Generally | | Section 1.03. | Pro Forma Calculations . | | Section 1.04. | Classification of Loans and Borrowings . | | Section 1.05. | [Reserved] . | | Section 1.06. | Limited Condition Acquisitions . | | Section 1.07. | Rates | | Section 1.08 | Divisions. . | | ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS . | | | Se ...

Leadership Transition - CSL is undergoing a leadership transition, which is a significant moment for the company [1] - The call is focused on providing context and clarity regarding this leadership change [2] Financial Performance - Financial results will not be discussed in this session; a separate call is scheduled for the following day to address financial performance [2]

Group 1: U.S. Health Insurance Industry - A U.S. House Judiciary Committee investigation into alleged fraud within the Affordable Care Act (ACA) premium subsidy program has intensified, with subpoenas issued to eight prominent health insurers including Elevance Health (ELV), CVS Health (CVS), Centene (CNC), Guidewell, and Oscar Health (OSCR) [2] - The investigation focuses on potential fraud related to premium subsidies in the individual market, particularly as enhanced premium tax credits for ACA coverage expired on January 1 [2] - Reports suggest that without subsidy extensions, premiums for approximately 22 million ACA enrollees could more than double [2] Group 2: European Defense Industry - European nations are advancing discussions to bolster their defense capabilities and reduce reliance on the United States, with proposals for a phased transfer of military responsibilities from the U.S. to Europe over the next five to ten years [3] - This initiative is driven by concerns over potential shifts in U.S. foreign policy and aims to present a plan to the U.S. before the annual NATO leaders' summit in The Hague in June [3] - The discussions involve commitments to increase European defense spending and military capabilities, potentially including the establishment of a joint armed force of at least 100,000 troops [3] Group 3: Eurozone Liquidity Conditions - The European Central Bank (ECB) reported that 37 million euros were borrowed through its overnight loan facility, while a significantly larger amount of 2394.41 billion euros was deposited using the overnight deposit facility [5] - These figures provide insight into liquidity conditions within the Eurosystem, with the marginal lending facility rate at 2.40% and the deposit facility rate at 2.00%, both remaining unchanged [5]