Evolent Health, Inc · NYSE:EVH
Evolent Health — Q3 2025 Earnings Presentation
13 slides from Evolent Health's earnings presentation, Nov 6, 2025
Slide 1: Evolent Health, Inc. Third Quarter 2025 Results
Evolent Health, Inc. Third Quarter 2025 Results November 6, 2025 CONTACT: investorrelations@evolent.com 1 Confidential – Do Not Distribute
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made in this report and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is n
Slide 3: Evolent Q3 2025 Highlights
Evolent Q3 2025 Highlights • Revenue of $479.5 million represents sequential growth of 8% driven by new launches in both Performance Suite and Specialty Tech & Services. • Announced two new revenue arrangements, one in the Performance Suite and one in the Technology and Services Suite, bringing GROW
Slide 4: 2025 Financial Outlook
2025 Financial Outlook 2025 Full Year Low End High End Revenue $1.87 billion $1.88 billion Adjusted EBITDA1 $144 million $154 million Cash deployed to capitalized software $35 million $35 million development Q4 2025 Low End High End Revenue $462 million $472 million Adjusted EBITDA1 $30 million $40
Slide 5: Supplemental Information and Appendices
Supplemental Information and Appendices 5 Confidential – Do Not Distribute
Slide 6: How We Calculate Business Drivers: PMPM, Lives and Cases
How We Calculate Business Drivers: PMPM, Lives and Cases • Performance Suite: consists of the average monthly membership over the period for the Company’s risk-based solutions for oncology, cardiology and Evolent Care Partners. • Specialty Technology and Services Suite consists of the average monthl
Slide 7: Appendix A – Revenue by Line of Business and Product Type
Appendix A – Revenue by Line of Business and Product Type For the Three Months Ended September 30, (In thousands) 2025 2024 2025 2024 $ % of Revenue Medicaid $ 227,535 $ 214,627 47 % 35 % Medicare 128,714 238,527 27 % 38 % Commercial and Other 123,284 168,246 26 % 27 % Total $ 479,533 $ 621,400 100
Slide 8: Appendix B – Capital Structure Metrics
Appendix B – Capital Structure Metrics (In thousands) Sequential Year over Year Q3 2025 Q2 2025 Q3 2024 Change Change Cash and cash equivalents $ 116,650 $ 150,995 $ (34,345) $ 96,583 $ 20,067 Revolving credit availability 47,500 62,500 (15,000) 37,500 10,000 Total available liquidity $ 164,150 $ 21
Slide 9: Appendix C – Volume and Pricing Metrics
Appendix C – Volume and Pricing Metrics Evolent Quarterly Business Drivers Average Lives on Platform/Cases (in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Performance Suite 6,474 6,490 6,486 7,145 6,916 6,901 Specialty Technology and Services Suite 78,050 77,019 77,079 75,158 74,192 7
Slide 10: Appendix D – Non-GAAP Financial Measures
Appendix D – Non-GAAP Financial Measures In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss certain non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance. Net Debt is defin
Slide 11: Appendix D – Non-GAAP Financial Measures (continued)
Appendix D – Non-GAAP Financial Measures (continued) The Company views the following activities as integral to understanding its non-GAAP financial measures: Repositioning costs include but are not limited to severance, termination benefits and related payroll taxes, dedicated employee costs, and th
Slide 12: Appendix E – Evolent Health, Inc. Adjusted EBITDA Reconciliation
Appendix E – Evolent Health, Inc. Adjusted EBITDA Reconciliation ($ in thousands) Q3 2025 Q3 2024 LTM Q2 2025 LTM Q2 2024 Net loss attributable to common shareholders of Evolent Health, Inc. $ (26,930) $ (31,231) $ (180,885) $ (104,234) Net loss margin (5.6)% (5.0)% (8.8)% (4.2)% Less: Interest inco
Slide 13: Appendix F – Reserve for Claims and Performance-Based Arrangements
Appendix F – Reserve for Claims and Performance - Based Arrangements Sequential Year over YTD Q3 2025 YTD Q2 2025 YTD Q3 2024 Change Year Change Balance, beginning of period $ 318,705 $ 318,705 $ — $ 404,048 $ (85,343) Incurred health care costs: Current year to date period 690,793 445,292 245,501 1