Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Apollo Medical Holdings — Q1 2023 Earnings Presentation
19 slides from Astrana Health's earnings presentation, May 8, 2023
Slide 1: First Quarter 2023 Earnings Call Supplement
1 Powered by Technology. Built by Doctors. For Patients. Apollo Medical Holdings (NASDAQ: AMEH) First Quarter 2023 Earnings Call Supplement May 8, 2023
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: Company Overview
15* managed IPAs and groups 1.3M managed lives Company Overview 3 12,000+ contracted physicians 25+ years in operation ApolloMed is a technology-powered, value-based care healthcare platform that enables the delivery of high-quality, coordinated, efficient, and accessible care for all through the fo
Slide 4: Highlights
Highlights 4 Strong Q1 2023 financial results Operational updates Revenue $337.2M 28% Net income attr. to AMEH $14.6M 3% EPS – diluted $0.31 Adj. EBITDA* $29.8M Received DHMC approval for the change of control for FYB’s Restricted Knox-Keene license to ApolloMed Appointed Chan Basho as Chief Financi
Slide 5: Historical Financial Profile
Historical Financial Profile 5 2021 Adjusted EBITDA benefitted from tailwinds of lower utilization during the COVID-19 pandemic; return to pre-pandemic utilization in 2022 and 2023 (1) See “Use of Non-GAAP Financial Measures” slide for more information. $561 $687 $774 $1,144 $1,300 - $1,500 Historic
Slide 6: Summary of Selected Financial Results
Summary of Selected Financial Results 6 Three Months Ended March 31, $ in 000s except per share data 2023 2022 Revenue Capitation, net $ 300,204 $ 222,060 Risk pool settlements and incentives 13,462 18,075 Management fee income 9,896 10,473 Fee-for-service, net 12,062 11,095 Other income 1,620 1,555
Slide 7: Segment Results
Segment Results 7 $ in 000s Care Enablement Care Partners Care Delivery Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 30,566 314,653 25,383 240 (33,598) - 337,244 Cost of services 15,621 286,078 21,363 63 (33,728) - 289,397 General and administrative expenses(1)
Slide 8: Revenue Breakdown
Revenue Breakdown 8For the three months ended March 31, 2023 Revenue by Line of Business Business Mix By Payer Type 89.0% 4.0% 2.9%3.6% 0.5% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income 64% 20% 12% 4% Medicare Medicaid Commerical Other Th
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights 9 $ in millions 3/31/2023 12/31/2022 $ Change % Change Cash and cash equivalents and investments in marketable securities $278.7 $293.6 ($14.9) 5% Working capital $292.7 $287.8 $4.9 2% Total stockholders’ equity $563.2 $555.0 $8.2 2%
Slide 10: 2023 Guidance
2023 Guidance 10 $ in millions, except for per share information Actual YE 2022 Results 2023 Guidance Range Total Revenue $1,144.2 $1,300.0-$1,500.0 Net Income(1) $50.5 $49.5-$71.5 EBITDA(1,2) $110.1 $89.5-$129.5 Adjusted EBITDA(2) $140.0 $120.0-$160.0 EPS – Diluted $1.08 $0.95-$1.20 (1) Net income
Slide 11: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 11 (1) See “Use of Non-GAAP Financial Measures” slide for more information. (2) Other, net for the three months ended March 31, 2023, relates to changes in the fair value of the Company’s financing obligations to purchase the remaining equit
Slide 12: Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA 12 (1) See “Use of Non-GAAP Financial Measures” slide for more information. ($ in millions) Low High Net income $ 49.5 $ 71.5 Interest expense 1.0 1.0 Provision for income taxes 23.0 38.0 Depreciation and amortization 16.0 19.0 EBIT
Slide 13: Summary of Selected Financial Results – Breaking Out Excluded Assets
13 Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Revenue Capitation, net $ 300.2 - 300.2 $ 222.1 - 222.1 Risk pool settlements and incentives 13.5 - 13.
Slide 14: Summary Balance Sheet – Breaking Out Excluded Assets
14 Summary Balance Sheet – Breaking Out Excluded Assets $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Current assets Cash and cash equivalents $ 274.6 16.1 258.5 $ 288.0 30.2 257.8 Investments in marketable securities 4.
Slide 15: Summary Balance Sheet – Breaking Out Excluded Assets (continued)
15 Summary Balance Sheet – Breaking Out Excluded Assets (continued) $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Current liabilities Fiduciary payable, accounts payable and accrued liabilities $ 58.5 1.3 57.2 $ 57.7 2.8
Slide 16: Summary Cash Flow Statement – Breaking Out Excluded Assets
Summary Cash Flow Statement – Breaking Out Excluded Assets www.apollomed.net 16 $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Cash flows from operating activities Net income $ 14.3 (1.8) 16.1 $ 12.1 (8.1) 20.2 Adjustment
Slide 17: Summary Cash Flow Statement – Breaking Out Excluded Assets (continued)
Summary Cash Flow Statement – Breaking Out Excluded Assets (continued) www.apollomed.net 17 $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Cash flows from investing activities Payments for business acquisition, net of cas
Slide 18: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains the non-GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are not
Slide 19: For inquiries, please contact
19 For inquiries, please contact: ApolloMed Investor Relations (626) 943-6491 investors@apollomed.net Carolyne Sohn, The Equity Group (408) 538-4577 csohn@equityny.com
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