GoHealth Prioritizes Retention, Quality, and Strategic Flexibility as Medicare Advantage Market Rationalizes; Reports Third Quarter 2025 Results

Press Release Details Investor Relations Disciplined pullback aims to preserve high-quality member base, retention and engagement model, and platform efficiency. CHICAGO, Nov. 13, 2025 (GLOBE NEWSWIRE) -- GoHealth, Inc. (NASDAQ: GOCO) (“GoHealth” or the “Company”), a leading health insurance marketplace and Medicare-focused digital health company, today announced financial results for the three and nine months ended September 30, 2025. The Company navigated a materially different Medicare Advantage environment by intentionally reducing Medicare Advantage volume, conserving liquidity, and preserving the core capabilities required to scale when market conditions stabilize. Based on our analysis, health plans continue to emphasize margin integrity, renewal stability, and long-term member value over raw enrollment growth. GoHealth anticipated this shift and aligned its operating model accordingly, focusing on: Disciplined Pullback: Intentionally reduced Medicare Advantage volume in response to announced health plan emphasis on renewal stability, member quality, and unit economics.Retention-First Strategy: Reinforcing objective guidance—confirming a member’s current plan when appropriate—protecting the quality and durability of the member base.Leadership in Special Needs Plans: Maintaining a leading position in SNP categories where health plans continue to allocate resources.Preserved Strategic Capabilities: Sustaining the core infrastructure required to lead when conditions stabilize, including agent enablement technology, retention operations, and back-book value.Strengthened Strategic Flexibility: Secured superpriority term loan facility, received covenant relief, and refreshed the Company’s Board of Directors to enable potential integration and consolidation opportunities in a fragmented broker landscape. “Our pullback over the last two quarters was intentional. The market shifted toward retention, member stability, and disciplined unit economics,” said Vijay Kotte, CEO of GoHealth. “We aligned with that shift by focusing on quality over quantity, reinforcing objective guidance to our members, and protecting the capabilities that matter to us: our high-quality member book, our retention and engagement model, our platform efficiency, and our leadership in Special Needs Plans.” “If our assessment of the changing market dynamics proves premature, we believe we have preserved flexibility. But if we had chased projected volume into deteriorating economics, the downside could have been significant and lasting. We believe our discipline protects value in either scenario and positions us to expand and integrate as the market rationalizes.” “Our third-quarter performance reflects disciplined execution in an environment where we see health plans prioritizing margin and stability,” said Brendan Shanahan, CFO of GoHealth. “We maintained liquidity, reduced fixed cost, and continued to automate and streamline core parts of the operating model. We believe our balance sheet is stable, our platform remains efficient, and our variable cost structure provides flexibility. We expect to be well-positioned to evaluate and pursue opportunities that create long-term value.” Additional information, including with respect to the Company’s preliminary financial results for the three and nine months ended September 30, 2025, is included in the tables at the end of this press release. Conference Call Details The Company will host a conference call today, Thursday, November 13, 2025 at 8:00 a.m. (ET) to discuss prioritization of retention, quality, and strategic flexibility. A live audio webcast of the conference call will be available via GoHealth's Investor Relations website, https://investors.gohealth.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call. About GoHealth, Inc. GoHealth is a leading health insurance marketplace and Medicare-focused digital health company whose purpose is to compassionately ensure consumers’ peace of mind when making healthcare decisions so they can focus on living life. For many of these consumers, enrolling in a health insurance plan is confusing and difficult, and seemingly small differences between health plans may lead to significant out-of-pocket costs or lack of access to critical providers and medicines. GoHealth’s proprietary technology platform leverages modern machine-learning algorithms, powered by over two decades of insurance purchasing behavior, to reimagine the process of matching a health plan to a consumer’s specific needs. Its unbiased, technology-driven marketplace coupled with highly skilled licensed agents has facilitated the enrollment of millions of consumers in Medicare plans since GoHealth’s inception. For more information, visit https://www.gohealth.com. Investor Relations:John [email protected] Media Relations:[email protected] Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our liquidity, future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the expected results of the strategic capital and governance actions entered into on August 6, 2025, our pursuit of strategic alternatives and other shifts in our strategy, health plans’ respective decisions related to plan offerings and associated compensation for broker services, our expected growth, future capital expenditures, debt service obligations, future ability to continue as a going concern, adoption and use of artificial intelligence technologies, the impact on our business from regulatory changes, the impact on our business from the acquisition of e-TeleQuote Insurance, Inc. (“e-TeleQuote”) our ability to successfully integrate e-TeleQuote’s operations, technologies and employees into our business, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “aims,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “likely,” “future” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions, projections and other statements about future events that are based on current expectations and assumptions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. 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 Quarterly Report on Form 10-Q for the first quarter ended March 31, 2025, our Quarterly Report on Form 10-Q for the second quarter ended June 30, 2025, the forthcoming Quarterly Report on Form 10-Q for the third quarter ended September 30, 2025 and in our other filings with the Securities and Exchange Commission. You should read this press release and the documents that we reference in this press release completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Non-GAAP Financial Measures Throughout this press release, we use a number of non-GAAP financial measures. Non-GAAP financial measures are supplemental measures of our performance that are derived from our consolidated financial information, but which are not presented in our Condensed Consolidated Financial Statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). We define these non-GAAP financial measures as follows: “Adjusted EBITDA” represents, as applicable for the period, EBITDA as further adjusted for certain items summarized in the table furnished below in this press release.“Adjusted EBITDA Margin” refers to Adjusted EBITDA divided by net revenues.“EBITDA” represents net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization expense. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. Adjusted EBITDA is the primary financial performance measure used by management to evaluate the business and monitor the results of operations, as well as a basis for certain compensation programs sponsored by the Company. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to its most directly comparable GAAP financial measure are presented in the tables furnished below in this press release. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-routine items. Key Business Performance and Operating Metrics In addition to traditional financial metrics, we rely upon certain business and operating metrics to evaluate our business performance and facilitate our operations. The most relevant business and operating metrics are as follows: “Direct Operating Cost of Submission” is an operating metric that represents costs directly attributable to Submissions generated during a reporting period and excludes costs that are indirect or fixed. Direct Operating Cost of Submission is comprised of the portion of the respective operating expenses for revenue share, marketing and advertising and consumer care and enrollment that are directly related to the Submissions generated in the reporting period.“Direct Operating Cost per Submission” is an operating metric that represents the average performance of Submissions generated during a reporting period. Direct Operating Cost per Submission refers to (x) Direct Operating Cost of Submission for a reporting period divided by (y) the number of Submissions generated for such period.“Sales/Direct Operating Cost of Submission” represents (x) the numerator of Sales per Submission, as defined below, divided by (y) Direct Operating Cost of Submission. “Sales per Submission” is an operating metric that represents the average performance of Submissions generated during a reporting period. Sales per Submission measures revenues only from the Submissions generated in the period and excludes items that are unrelated to such Submissions, including any impact of revenue adjustments recorded in the period, but relating to performance obligations satisfied in prior periods. Sales per Submission equals (x) the sum of (i) Medicare agency revenues, comprised of the expected amount of initial commission revenue and any renewal commissions to be paid from the health plan partners on such placement as long as the policyholder remains with the same insurance product, as well as partner marketing and other revenue, (ii) Medicare non-agency revenues, comprised of the enrollment and engagement services for which cash is collected in advance or in close proximity to the point in time revenue is recognized, and (iii) revenues from GoHealth Protect, divided by (y) the number of Submissions generated for such period.“Submission” refers to either (i) a completed Medicare application with our licensed agent that is submitted to the health plan partner and subsequently approved by the health plan partner during the indicated period, (ii) a transfer by our agent to the health plan partner through the Encompass operating model during the indicated period, or (iii) a completed GoHealth Protect application with our licensed agent that is submitted, approved by the health plan partner, and for which the payment information was received by the health plan partner during the indicated period. Direct Operating Cost of Submission, Direct Operating Cost per Submission, Sales/Direct Operating Cost of Submission, Sales per Submission and Submissions are key operating metrics we use to understand our underlying financial performance and trends. The following tables set forth the components of our results of operations for the periods indicated (unaudited): Three months ended Sep. 30, 2025 2024 (in thousands, except percentages and per share amounts) Dollars % of Net Revenues Dollars % of Net Revenues $ Change % ChangeNet revenues $ 34,186 100.0 % $ 118,292 100.0 % $ (84,106) (71.1) %Operating expenses: Revenue share 20,095 58.8 % 19,683 16.6 % 412 2.1 %Marketing and advertising 17,471 51.1 % 45,270 38.3 % (27,799) (61.4) %Consumer care and enrollment 17,201 50.3 % 45,556 38.5 % (28,355) (62.2) %Technology 9,970 29.2 % 9,801 8.3 % 169 1.7 %General and administrative 27,689 81.0 % 17,140 14.5 % 10,549 61.5 %Amortization of intangible assets 23,514 68.8 % 23,514 19.9 % — — %Indefinite and long-lived asset impairment charges 206,163 603.1 % — — % 206,163 NMTotal operating expenses 322,103 942.2 % 160,964 136.1 % 161,139 100.1 %Income (loss) from operations (287,917) (842.2) % (42,672) (36.1) % (245,245) 574.7 %Interest expense 24,762 72.4 % 19,086 16.1 % 5,676 29.7 %Loss on extinguishment of debt 1,655 4.8 % — — % 1,655 NMGain on bargain purchase — — % (77,363) (65.4) % 77,363 (100.0) %Other (income) expense, net 70 0.2 % 250 0.2 % (180) (72.0) %Income (loss) before income taxes (314,404) (919.7) % 15,355 13.0 % (329,759) (2147.6) %Income tax (benefit) expense (486) (1.4) % (11) — % (475) 4318.2 %Net income (loss) (313,918) (918.3) % 15,366 13.0 % (329,284) (2142.9) %Net income (loss) attributable to non-controlling interests (148,072) (433.1) % 8,591 7.3 % (156,663) (1823.6) %Net income (loss) attributable to GoHealth, Inc. $ (165,846) (485.1) % $ 6,775 5.7 % $ (172,621) (2547.9) %Net income (loss) per share (Note 7): Net income (loss) per share of Class A common stock — basic $ (11.80) $ 0.58 Net income (loss) per share of Class A common stock — diluted $ (11.80) $ 0.46 Weighted-average shares of Class A common stock outstanding — basic 14,136 10,077 Weighted-average shares of Class A common stock outstanding — diluted 14,136 14,580 Non-GAAP financial measures: EBITDA $ (262,620) $ 60,860 Adjusted EBITDA $ (47,090) $ (12,106) Net Income (Loss) Margin (918.3) % 13.0 % Adjusted EBITDA Margin (137.7) % (10.2) %  NM = Not meaningful Nine months ended Sep. 30, 2025 2024 (in thousands, except percentages and per share amounts) Dollars % of Net Revenues Dollars % of Net Revenues $ Change % ChangeNet revenues $ 349,206 100.0 % $ 409,762 100.0 % $ (60,556) (14.8) %Operating expenses: Revenue share 91,777 26.3 % 78,376 19.1 % 13,401 17.1 %Marketing and advertising 112,937 32.3 % 136,049 33.2 % (23,112) (17.0) %Consumer care and enrollment 95,119 27.2 % 132,731 32.4 % (37,612) (28.3) %Technology 27,220 7.8 % 28,921 7.1 % (1,701) (5.9) %General and administrative 72,284 20.7 % 50,457 12.3 % 21,827 43.3 %Amortization of intangible assets 70,542 20.2 % 70,542 17.2 % — — %Indefinite and long-lived asset impairment charges 259,961 74.4 % — — % 259,961 NMTotal operating expenses 729,840 209.0 % 497,076 121.3 % 232,764 46.8 %Income (loss) from operations (380,634) (109.0) % (87,314) (21.3) % (293,320) 335.9 %Interest expense 57,661 16.5 % 55,133 13.5 % 2,528 4.6 %Loss on extinguishment of debt 1,655 0.5 % — — % 1,655 NMGain on bargain purchase — — % (77,363) (18.9) % 77,363 (100.0) %Other (income) expense, net (520) (0.1) % 332 0.1 % (852) (256.6) %Income (loss) before income taxes (439,430) (125.8) % (65,416) (16.0) % (374,014) 571.7 %Income tax (benefit) expense 263 0.1 % (122) — % 385 (315.6) %Net income (loss) (439,693) (125.9) % (65,294) (15.9) % (374,399) 573.4 %Net income (loss) attributable to non-controlling interests (215,162) (61.6) % (36,857) (9.0) % (178,305) 483.8 %Net income (loss) attributable to GoHealth, Inc. $ (224,531) (64.3) % $ (28,437) (6.9) % $ (196,094) 689.6 %Net income (loss) per share (Note 7): Net income (loss) per share of Class A common stock — basic $ (19.14) $ (3.14) Net income (loss) per share of Class A common stock — diluted $ (19.14) $ (3.14) Weighted-average shares of Class A common stock outstanding — basic 11,884 9,922 Weighted-average shares of Class A common stock outstanding — diluted 11,884 9,922 Non-GAAP financial measures: EBITDA $ (302,073) $ 68,679 Adjusted EBITDA $ (16,325) $ 2,479 Net Income (Loss) Margin (125.9) % (15.9) % Adjusted EBITDA Margin (4.7) % 0.6 %  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 Sep. 30, Nine months ended Sep. 30,(in thousands) 2025 2024 2025 2024Net revenues $34,186 $118,292 $349,206 $409,762Net income (loss) (313,918) 15,366 (439,693) (65,294)Interest expense 24,762 19,086 57,661 55,133Income tax expense (benefit) (486) (11) 263 (122)Depreciation and amortization expense 27,022 26,419 79,696 78,962EBITDA (262,620) 60,860 (302,073) 68,679Indefinite and long-lived asset impairment charges(1) 206,163 — 259,675 —Loss on extinguishment of debt(2) 1,655 — 1,655 —Share-based compensation expense (benefit)(3) 3,496 2,859 6,164 6,534Professional services(4) 3,327 818 10,708 818Legal fees(5) 889 654 3,731 1,331Severance costs(6) — 66 3,815 2,480Gain on bargain purchase(7) — (77,363) — (77,363)Adjusted EBITDA $(47,090) $(12,106) $(16,325) $2,479Net Income (Loss) Margin (918.3) % 13.0 % (125.9) % (15.9) %Adjusted EBITDA Margin (137.7) % (10.2) % (4.7) % 0.6 %(1) Represents indefinite-lived intangible asset, definite-lived intangible asset, capitalized software and other long-lived asset impairment charges for the three and nine months ended September 30, 2025. For the nine months ended September 30, 2025, the amount includes one-time gains of $0.3 million from the remeasurement of the lease liability and adjustment of the ROU asset (which was previously impaired) related to the early termination of leases during the first half of the fiscal year. (2) Represents the loss on debt extinguishment related to entry into Amendment No. 14 to the Existing Credit Agreement and the Superpriority Credit Agreement.(3) Represents non-cash share-based compensation expense (benefit) relating to equity awards as well as share-based compensation expense (benefit) relating to liability classified awards that will be settled in cash.(4) Represents costs associated with non-routine consulting fees and other professional services.(5) Represents legal fees, settlement accruals and other expenses related to certain acquisitions, litigation, Existing Credit Agreement amendments or new credit agreements and other non-routine legal or regulatory matters.(6) Represents severance costs and other fees associated with a reduction in workforce unrelated to restructuring activities.(7) Represents the excess of the acquisition-date fair value of the net assets acquired over the acquisition-date fair value of the consideration transferred related to the acquisition of e-TeleQuote during the three months ended September 30, 2024.  The table below depicts the disaggregation of revenue and is consistent with how the Company evaluates its financial performance (unaudited): Three months ended Sep. 30, Nine months ended Sep. 30,(in thousands) 2025 2024 2025 2024Medicare Revenue Medicare Agency Revenue Commission Revenue(1) $ 22,172 $ 77,868 $ 262,603 $ 228,154 Partner Marketing and Other Revenue 4,116 14,408 32,492 47,926 Total Medicare Agency Revenue 26,288 92,276 295,095 276,080 Medicare Non-Agency Revenue 610 24,532 36,592 130,573 Total Medicare Revenue 26,898 116,808 331,687 406,653 Other Revenue Other Non-Agency Revenue 6,886 1,119 16,587 1,896 Other Agency Revenue 402 365 932 1,213 Total Other Revenue 7,288 1,484 17,519 3,109 Total Net Revenues $ 34,186 $ 118,292 $ 349,206 $ 409,762 (1)  Commission revenue excludes commissions generated from the sale of individual and family plan insurance products. The following table sets forth our balance sheets for the periods indicated (unaudited): (in thousands, except per share amounts) Sep. 30, 2025 Dec. 31, 2024Assets Current assets: Cash and cash equivalents $ 32,076 $ 40,921 Accounts receivable, net 2 4,452 Commissions receivable - current 238,947 320,399 Prepaid expense and other current assets 16,437 34,639 Total current assets 287,462 400,411 Commissions receivable - non-current 725,074 733,161 Operating lease ROU asset 10,138 19,317 Property, equipment, and capitalized software, net 5,558 29,320 Intangible assets, net — 302,497 Other long-term assets 2,254 3,717 Total assets $ 1,030,486 $ 1,488,423 Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable 11,853 14,591 Accrued liabilities 60,913 121,346 Commissions payable - current 65,088 98,771 Short-term operating lease liability 4,916 5,705 Deferred revenue 29,195 53,720 Current portion of long-term debt — 39,500 Other current liabilities 3,717 4,419 Total current liabilities 175,682 338,052 Non-current liabilities: Commissions payable - non-current 169,049 177,656 Long-term operating lease liability 29,958 34,900 Deferred tax liability 22,754 22,350 Long-term debt, net of current portion 581,844 447,865 Other non-current liabilities 2,227 9,200 Total non-current liabilities 805,832 691,971 Commitments and Contingencies (Note 11) Series A redeemable convertible preferred stock — $0.0001 par value; 50 shares authorized; 50 shares issued and outstanding as of both September 30, 2025 and December 31, 2024. Liquidation preference of $57.5 million and $54.6 million as of September 30, 2025 and December 31, 2024, respectively. 55,880 52,962 Stockholders’ equity (deficit): Class A common stock – $0.0001 par value; 1,100,000 shares authorized as of both September 30, 2025 and December 31, 2024; 16,803 and 10,614 shares issued as of September 30, 2025 and December 31, 2024, respectively; 16,032 and 10,292 shares outstanding as of September 30, 2025 and December 31, 2024, respectively. 1 1 Class B common stock – $0.0001 par value; 615,825 and 615,917 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 12,621 and 12,711 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. 1 1 Preferred stock – $0.0001 par value; 20,000 shares authorized (including 50 shares of Series A redeemable convertible preferred stock authorized and 200 shares of Series A-1 convertible preferred stock authorized); 50 shares issued and outstanding as of both September 30, 2025 and December 31, 2024. — — Series A-1 convertible preferred stock— $0.0001 par value; 200 shares authorized; no shares issued and outstanding as of both September 30, 2025 and December 31, 2024. — — Treasury stock – at cost; 771 and 322 shares of Class A common stock as of September 30, 2025 and December 31, 2024, respectively. (9,280) (4,150)Additional paid-in capital 725,242 669,346 Accumulated other comprehensive income (loss) (55) (151)Accumulated deficit (647,739) (423,208)Total stockholders’ equity (deficit) attributable to GoHealth, Inc. 68,170 241,839 Non-controlling interests (75,078) 163,599 Total stockholders’ equity (deficit) (6,908) 405,438 Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) $ 1,030,486 $ 1,488,423 The following table sets forth our statements of cash flows for the periods indicated (unaudited): Nine months ended Sep. 30,(in thousands) 2025 2024Operating Activities Net income (loss) $ (439,693) $ (65,294)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Share-based compensation 6,164 6,534 Depreciation and amortization 9,154 8,420 Amortization of intangible assets 70,542 70,542 Amortization of debt discount and issuance costs 4,687 7,319 Deferred tax liability 403 — Non-cash lease expense 2,459 2,907 Other non-cash items (346) (98)Accrued interest payable in kind 27,322 — Loss on extinguishment of debt 1,655 — Indefinite and long-lived asset impairment charges 259,961 — Gain on bargain purchase — (77,363)Changes in assets and liabilities: Accounts receivable 4,450 (4,578)Commissions receivable 89,598 104,570 Prepaid expenses and other assets 18,327 28,644 Accounts payable (2,739) (4,268)Accrued liabilities (60,383) (44,227)Deferred revenue (24,526) (9,708)Commissions payable (42,291) (44,735)Operating lease liabilities (3,874) (4,976)Other liabilities (3,743) (9,900)Net cash provided by (used in) operating activities (82,873) (36,211)Investing Activities Acquisition of business, net — 17,536 Purchases of property, equipment and software (8,248) (11,511)Net cash provided by (used in) investing activities (8,248) 6,025 Financing Activities Repayment of borrowings (2,375) (50,000)Proceeds from borrowings 97,999 40,000 Debt issuance cost payments (8,408) (13,584)Repurchase of shares to satisfy employee tax withholding obligations (5,130) (1,484)Proceeds from stock option exercises 1 4 Net cash provided by (used in) financing activities 82,087 (25,064)Effect of exchange rate changes on cash and cash equivalents 189 (32)Increase (decrease) in cash and cash equivalents (8,845) (55,282)Cash and cash equivalents at beginning of period 40,921 90,809 Cash and cash equivalents at end of period $ 32,076 $ 35,527 Supplemental Disclosure of Cash Flow Information Non-cash investing and financing activities: Purchases of property, equipment and software included in accounts payable $— $ 154 In addition to traditional financial metrics, we rely upon certain business and operating metrics to evaluate our business performance and facilitate our operations. The most relevant business and operating metrics for our single operating and reportable segment are furnished in the tables below (unaudited). Beginning in the quarter ended June 30, 2025, we revised the definitions of certain business and operating metrics to reflect our recent expansion into GoHealth Protect. This revised presentation aligns with how we currently manage our operations. We did not revise prior periods’ metrics because GoHealth Protect was not significant prior to the second quarter of 2025. The following table presents the number of Submissions for the periods presented: Three months ended Sep. 30, 2025 2024 Change % Change 72,183 166,195 (94,012) (56.6)%Submissions Nine months ended Sep. 30, 2025 2024 Change % Change 516,286 534,737 (18,451) (3.5)% The following table presents the Sales per Submission for the periods presented: Three months ended Sep. 30, 2025 2024 $ Change % Change $461 $702 $(241) (34.3)%Sales per Submission Nine months ended Sep. 30, 2025 2024 $ Change % Change $669 $761 $(92) (12.1)% The following table presents the Direct Operating Cost per Submission for the periods presented: Three months ended Sep. 30, 2025 2024 $ Change % Change $756 $663 $93 14.0%Direct Operating Cost per Submission Nine months ended Sep. 30, 2025 2024 $ Change % Change $579 $647 $(68) (10.5)% The following are our Direct Operating Cost of Submission (in thousands) and Sales/Direct Operating Cost of Submission for the periods presented: Three months ended Sep. 30, Nine months ended Sep. 30, 2025 2024 2025 2024 Direct Operating Cost of Submission $54,547 $110,245 $299,036 $346,112Sales/Direct Operating Cost of Submission 0.6 1.1 1.2 1.2 Our Awards Deloitte Technology Fast 500 Crain's Fast 50 Techweek100 Chicago's Best and Brightest Companies to Work For Ernst & Young Entrepreneur Of The Year Built In Chicago’s list of Best Places to Work in 2020