GoHealth, Inc.GOCOQ

GoHealth, Inc. Leases Disclosure

10-KFiled Feb 27, 20252 min read
LEASES
The Company has entered into operating agreements with lease periods expiring between 2025 and 2032. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Components of lease expense are as follows, all recorded within operating expenses in the Consolidated Statements of Operations:
Twelve months ended Dec. 31,
(in thousands)202420232022
Finance lease cost (1)
$— $— $102 
Operating lease cost8,113 7,952 8,286 
Short-term lease cost (2)
63 57 420 
Variable lease cost (3)
697 852 689 
Sublease income(2,591)(1,577)(1,243)
Total net lease expense$6,282 $7,284 $8,254 
(1)Primarily consists of amortization of finance lease right-of-use assets and an immaterial amount of interest on finance lease liabilities recorded in operating expenses and interest expense in the Consolidated Statements of Operations.
(2)Includes costs related to leases, which at the commencement date, have a lease term of twelve months or less.
(3)Includes costs incurred by the Company for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time.

As of December 31, 2024, future minimum lease payments for operating leases consisted of the following:
(in thousands)Operating Leases
20259,339 
20268,144 
20278,242 
20287,278 
20296,186 
Thereafter14,480 
Total lease payments$53,669 
Less: Imputed interest(13,064)
Present value of lease liabilities$40,605 
Supplemental cash flow information related to leases are as follows:
Dec. 31,
(in thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$9,826 $12,383 $10,380 
Non-cash activity:
Operating lease assets obtained in exchange for new lease obligations (1)
$1,361 $6,735 $26,405 
Reduction in operating lease ROU assets and lease liabilities due to reassessment of lease terms$— $— $4,155 
(1)For the twelve months ended December 31, 2024, the Company recognized operating lease assets arising from operating leases of an acquiree. For the twelve months ended December 31, 2023, the Company entered into a lease agreement for its corporate headquarters in Chicago, Illinois, which commenced on July 5, 2023. For the twelve months ended December 31, 2022, the Company entered into a lease agreement with Wilson Tech 5, LLC for office space in Lindon, Utah, which commenced on June 8, 2022.
The weighted average remaining operating lease term and discount rate are as follows:
Dec. 31,
202420232022
Weighted average remaining lease term (in years)6.4 years7.1 years7.5 years
Weighted average discount rate9.2 %9.0 %8.1 %
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Historical Timeline

Fiscal YearFiled
2024Feb 27, 2025Showing above
2023Mar 14, 2024

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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