Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q3 2024 Earnings Presentation
19 slides from Astrana Health's earnings presentation, Nov 7, 2024
Slide 1: Third Quarter 2024 Earnings Supplement
Third Quarter 2024 Earnings Supplement November 2024 , :s / k A I of di Astrana Health
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include any statements about the Company's bu
Slide 3: Third Quarter 2024 Performance Highlights
Third Quarter 2024 Performance Highlights ($ in millions, except for per share information) Q32024 financial results Revenue $478.7 Net Income attr. to ASTH $16.1 Adjusted EBITDA1 $45.2 EPS - Diluted $0.33 Astrana Health $348.2 Revenue 37% $478.7 Net Income attr. To ASTH (27)% $22.1 $16.1 Q3 2023 Q3
Slide 4: Third Quarter 2024 Highlights and Recent Updates
Third Quarter 2024 Highlights and Recent Updates Care Partners Closed the planned acquisition of Collaborative Health Systems, adding a network of 2,500+ PCPs serving over 100,000 primarily Medicare members across states in the South and along the East coast + Organically added over 200 primary care
Slide 5: Financial Profile
Financial Profile Revenue ($ in millions) Adj. EBITDA ($ in millions) $561 $687 -29% CAGR $774 $1,144 $1,387 % Adjusted EBITDA Margins $165.0- $1,950- $175.0 $2,030 -26% CAGR $54.2 $102.8 $140.0 $146.6 $133.5 2019 2020 2021 2022 2023 2024E 2019 20202 20212 20222 20232 2024E Astrana Health 10% 15% 17
Slide 6: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Revenue $ in millions Care Partners High-performing network of aligned providers Care Delivery High-quality system of employed providers Care Enablement Full-stack tech, clinical, and operations platform Other Inter-company Total Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q
Slide 7: Astrana Updates Guidance for 2024
Astrana Updates Guidance for 2024 ($ in millions, except for per share information) Q32024 financial results Actual 2024 Previous 2024 New FY 2023 Guidance Guidance Results Range Ranges Revenue $478.7 Total Revenue $1,386.7 $1,750 - $1,850 $1,950 - $2,030 Net Income attr. to ASTH $16.1 Net Income at
Slide 8: With the closing of CHS, Astrana's footprint spans coast to coast
With the closing of CHS, Astrana's footprint spans coast to coast Astrana marketsl Jil ,At _ mew Astrana Health Note: Collaborative Health Systems acquisition closed shortly after quarter end as of October 4th, 2024 1. Astrana markets with at least 3,000 members, except for Arizona 's membership whi
Slide 9: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse Revenue by Typel 90% 4% 4% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue By Payer Typel 54% 32% 11% 3% Revenue by Risk Arrangementu Medicare Medicaid Commercial Other Third Parties 67% of ca
Slide 10: Selected Financial Results
Selected Financial Results .. . Astrana Health
Slide 11: Summary of Selected Financial Results
Summary of Selected Financial Results $ in thousands except per share data Revenue Three Months Ended September 30, 2024 2023 Nine Months Ended September 30, 2024 2023 Capitation, net 431,401 $ 305,678 $ 1,239,885 $ 906,430 Risk pool settlements and incentives 21,779 15,022 57,564 48,605 Management
Slide 12: Segment Results
Segment Results For the three months ended September 30, 2024 $ in thousands Care Partners Care Delivery Care Enablement Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 455,760 34,728 40,930 - (52,708) - 478,710 % change vs prior year quarter 42% 20% 11% 37% Cost o
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 9/30/2024 12/31/2023 $ Change Cash and cash equivalents and investments in marketable $350.3 $296.3 $54.0 securities1 Working capital $284.1 $242.8 $41.3 Total stockholders' equity $709.6 $616.7 $92.9 1. Excluding restricted cash .. . Astrana Health 13
Slide 14: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA $ in thousands Three Months Ended September 30, 2024 2023 Nine Months Ended September 30, 2024 2023 Net Income 18,981 27,973 57,709 57,943 Interest Expense 8,856 3,779 25,028 10,680 Interest income (3,778) (3,281) (11,287) (9,617) Provision fo
Slide 15: Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued)
Reconciliation of Net Income to EBITDA & Adjusted EBITDA (continued) For the twelve months ended TTM Ended Year Ended $ in millions September 30, 2024 2023 2022 2021 2020 2019 Net Income $ 57.6 $ 57.8 $ 45.7 $ 46.1 $ 122.1 15.8 Interest expense 30.4 16.1 7.9 5.4 9.5 4.7 Interest income (15.9) (14.2)
Slide 16: Updated Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Updated Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2024 Guidance Range (in thousands, $) Low High Net Income 59,340 66,240 Interest expense 18,750 18,750 Provision for income taxes 26,660 29,760 Depreciation and amortization 27,500 27,500 EBITDA 132,250 142,250 Loss (income) f
Slide 17: Astrana Health At-a-Glance
Astrana Health At-a-Glance Astrana Health is a healthcare platform that organizes and empowers providers to drive accessible, high-quality, and high-value care for all patients through a provider-centric, technology-driven approach via its three business segments: • n+) Care Partners Affiliated and
Slide 18: Astrana Flexibly Supports Patients and Providers
Astrana Flexibly Supports Patients and Providers Quarter ended 9/30/2024 $ in thousands Total VBC membersl, K Total revenues, $ Income from operations, % Margin Primary Revenue Model Degree of Risk Care Partners High-performing network of aligned providers in Care Delivery High-quality system of emp
Slide 19: Investor Relations
0 AMR inve rr o Investor Relations Asher Dewhurst (626) 943-6491 a anahealth.com Agtrana Health