So you do remember correctly that in Q3 that we did have a catch-up on what was reported coming out of Q2, where there should have been a shift in the turnover members that it was reported in Q3 into Q2. We appreciate. Operator? And really, I think most of your investors view that as the pipeline of future earnings. This is Tim. Yeah. And in that, to the extent that we can generate more enrollments out of Q4 versus Q3, that is exactly what we wanted to do. And then my last question is with respect to retention, do you ever to look at the book in your MA membership based on average star rankings here? And we do expect that our results for the full year will fall in that range, which, if you back into it, is Q4 growth rate on a total-revenue basis of almost 40%; on the Medicare side, almost 50%, which we think is good growth. And given everything you heard on this call around what we see as the anticipated impact of initiatives, we feel very, very good about that being a likely conservative estimate in terms of what LTVs could be next year. In the second year, average churn rates have dropped and have continued decline as policies mature. So I think you should think about the partner channel in two broad buckets. The receivable growth is a bit tricky to look at, which I think is what you're pointing at because the receivable is large. Got it. But I think just looking at the quarter, to me, I wanted to focus first on the LTV number. Like anything particular that you could point to on why that goes back up 5%? Stock Advisor launched in February of 2002. Let me kind of comment on your last comment there, which is a slowdown in growth. In addition, members originating in our strategic partner channel tend to have higher-than-average retention rates regardless of whether they were enrolled telephonically or online. So we believe that the 2019 LTV is a fine short-term goal, but it is, by no means, the long-term success metric here. How do you guys think about it for this year? So when we built that goal, we knew it had a degree of conservatism in it. And then how do we get confidence that that is going to accelerate back up in the fourth quarter again? You know, the other two leading indicators in terms of what we expect to improvement in persistency and LTVs are based on fulfillment mix that we commented on in terms of mix of online, which is 25% to 30% more favorable historically on LTVs, and also the use of internal agents versus vendor agents. Your line is now open. So you're right. We expect it to double this year in aggregate.

Adjusted EBITDA for the third quarter of 2020 was negative $13.3 million, compared to negative $18.8 million for the third quarter of 2019. Summary Chapter 23 CHAPTER 23 Mr. Matthew Pocket assures Pip he is not a scary person, and he hopes Pip is glad to have him as a tutor. George Sutton -- Craig-Hallum Capital Group LLC -- Analyst.

And at the same time, we are, as you have heard here, making good progress in our final implementation of retention initiatives, which won't show up on our reported metrics because we do need observations on how persistency has improved in order for LTVs to increase again. As of September 30, we had $197.8 million in cash, cash equivalents, and marketable securities, and we had no debt outstanding under our line of credit. We have made substantial investments in our platform in the last two years. And we feel very good about how we have kind of allocated our sales and marketing investments toward Q4 growth versus enrollment growth in Q3. And at first blush, I think if we look at some of the metrics around your declining estimated customer care and enrollment per approved member, we look at the declines in IFP and we look at the guidance that's effectively flat relative to the second quarter, it might suggest that there's a slowing growth rate of the organization. Yeah. For next year, we currently maintain a conservative target of getting back to 2019 Medicare Advantage LTV levels. But from an enrollment standpoint, most of our enrollments come from having the email and physical addresses of their patients. Or if these initiatives turn out well, could you, in fact, do better then? So with that said, there are two drivers by which where the receivable will grow faster. So the commission rate increase is not part of that. So I just didn't know in terms of where you're seeing with specific partnerships in terms of like the specific drivers of the applications or how you think about those regarding your LTVs. OK. And then maybe a quick follow-up, I guess, for you or for Scott is, I guess, given Walmart's -- we'll call it their entrance into the market, and you guys have your relationships with some of the pharmacy organizations, and a lot of the large MCOs are talking about both a slowdown in churn and an increase in their reliance on third-party brokers going into this AEP season. We expanded this team above our initial expectations ahead of the AEP. I'm just curious what gives you -- that's a really big number and very differentiated from your competitors. And these partnerships give us access to a far more complete patient history. OK. Just so I heard correctly, you would call folks, and 90% of the folks that you were talking to that were going to churn, you were able to keep in -- did I hear that correctly? See you at the top!

They don't always recall every drug that they're on. So as I said, it's more complicated getting seniors into the right plan than it seems because very often, they don't deliver complete information to us. Tobey Sommer -- Truist Securities -- Analyst. Yeah. So it would take heavier weight for most recent and most volume data. OK. And is that different than last year? Yeah, but not the turnaround rate, the retention figure. In terms of the change as it relates to retention, some of the changes you made are related to the compensation for your sales force, your internal sales force. On the demand side of the equation, our market opportunity is continuing to expand, with CMS projecting another year of strong 10% Medicare Advantage enrollment growth. Our estimated individual and family plan membership at the end of the third quarter was approximately 112,800, down 14% compared to estimated membership reported at the end of the third quarter a year ago. Your next question comes from the line of Daniel Grosslight from Citi. So is it that honing in on the units of economics in the fourth quarter that has led you to slow down growth this quarter, in particular? Their objective is to capture 100% of the share of wallet of the beneficiary. Our partners are increasingly recognizing our value proposition.

Elizabeth Anderson -- Evercore ISI -- Analyst. Even though we try, we exert maximal effort to extract all of that information. Our total revenue for the third quarter was $94.3 million, an increase of 35% compared to the third quarter of 2019. I guess the hard part I'm trying to wrap my arms around is the deceleration of the approved application growth down to 28%, which is less than half of the 60% to 65% growth we saw in the first half of the year. As a reminder, given that we observed churn on a lag, our quarter-end membership figures measure the estimated number of effective policies paid by members based primarily on cash collections and historical retention data. You should expect that we would do closer to the top, if not kind of above the IFP SMB segment guidance for the full year given the performance year to date through Q3. And so we promote directly to them.

This is due to a higher expected percentage of Medicare major medical online enrollments, which include unassisted and partially agent-assisted enrollments compared to 2019, as well as better agent productivity as a result of an enhanced lead ranking and allocation system and new call center technology deployed ahead of the AEP, including an important tool that increases the speed and accuracy of capturing drug and provider data. So then if we don't count as churn, obviously, then our churn numbers will look better but not by much because 10% retention is not a number that we're quite proud of in terms of recapturing customers. So we did have something different this year in terms of sequential change for enrollment growth. And it's going to be related by leveraging the core of experienced agents but by having a better performance of newer agents than we've seen in years past. Yeah.

Jailendra Singh -- Credit Suisse -- Analyst. Our largest enrollment volume quarter is Q4 with members that we enrolled during that period entering the first 90 days of policy life in Q1 of the following year. Returns as of 11/05/2020.

Thanks. So just curious how you think about that from an execution standpoint and investing standpoint.



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