Evolent Health, Inc · NYSE:EVH
Evolent Health — Investor Day (May 2023)
94 slides from Evolent Health's investor day presentation, May 23, 2023
Slide 1: Investor Day
Investor Day May 23, 2023
Slide 2: Welcome & Agenda
Welcome & Agenda Seth Frank, Vice President, Investor Relations
Slide 3: Safe Harbor Statement
Safe Harbor Statement Certain statements, including but not imited to estimates of revenve, revenue growth, revenue renewal rates, Adjusted EBITDA, Adusted EBITDA growth, cash available for investing and financing activities, and net leverage ratios, made in this presentation and in other written or
Slide 4: One Evolent: Focusing on Specialty Care
© Ceeee’ One Evolent: Focusing on Specialty Care Seth Blackley, Chief Executive Officer
Slide 5: Agenda
Agenda Welcome One Evolent: Focusing on Specialty Care The Specialty Value-Based Care Opportunity Spotlight on Oncology & Cardiology Spotlight on Musculoskeletal Executing on The Specialty Opportunity Human Capital at Evolent Financial Considerations and Outlook Audience Q&A Seth Frank — Vice Presid
Slide 6: Evolent seeks to drive better outcomes across healthcare
Evolent seeks to drive better Evolent supports health plans outcomes across healthcare pepe Ee Our and risk providers with clinical Fah technology and services that Motivation , ; seek to improve patient outcomes and lower costs for patients with complex medical specialties Patients Better Treatment
Slide 7: We are accelerating our market leadership
We are accelerating our market leadership 2011 2017 2024+ ecapebilties, Leadership Evolution, Value. eer, Vaue-Batsed Ps ’ Based Specialty Focus : Ps Technology Specialty-Led Company evolent ©) evolent Specializing in Connected Care. Mission Statement: To Improve The Health Of The Nation By Improvin
Slide 8: We are accelerating our market leadership
We are accelerating our market leadership evolent Specializing in Connected Care.”
Slide 9: Key metrics: 2023 revenue outlook, CAGR, Adjusted EBITDA
$1.95B 2023 Revenue Outlook at Midpoint 39%1 Revenue CAGR Q4 2019 – Q1 2023 $190M1 2023 Adjusted EBITDA Outlook at Midpoint ~110% Revenue Renewal Rate (2022) $50B Cross-Sell Revenue Opportunity out of $150B Specialty TAM ~5,000 FTE’s Including ~300 MDs and ~1,100 Other Clinicians
Slide 10: The Evolent investment case
The Evolent investment case Strong Organic Growth o Large specialty TAM with $50B cross-sell opportunity o <5% penetrated today o Differentiated portfolio in a highly fragmented specialty care end market Expanding Margins o Track record of disciplined execution o Balance between Technology & Service
Slide 11: Evolent's platform creates a differentiated strategy for growth
Evolent’s platform creates a differentiated strategy for long-term, sustainable growth Sources of Differentiation Oncology Cardiology complex Breadth and Depth (aka Evolent Care Partners) Trust and Independence Advance Care Planning Radiology Genetic Testing : Delivering Targeted Client Results Admi
Slide 12: Proven growth algorithm
Proven growth algorithm 73 41 1.6 15,400 ~5% operating million average PMPM average member of product-members partners! unique products per unique cases at Q1.2023 covered in Performance members! member Suite today Humana . . PY ‘ BRRMOUNG Blue BO blue @ california 6 6 rporatio million product o mar
Slide 13: Performance Suite and Technology and Service Suite business model
Performance Suite Technology and Service Suite/Other Business Model Mature1 Flow- Through Margins Estimated % Company Adj. EBITDA2 Future Growth ✓ Recurring Capitation; Targeted Results ✓ “Risk-Based” ✓ Recurring Technology, Service, and Case Revenue ✓ “Subscription” and Services-based Business Mode
Slide 14: Unified operating model to drive clinical outcomes and scale
There is significant opportunity to drive clinical outcomes and operating scale through a unified operating model evolent fi2hsccs evolent 220% 4 New Century Health @D vital Decisions iPG ~~ evolent Integrated Operating Model (“One Evolent’’) organized to deliver financial and operational synergies
Slide 15: A deep and experienced leadership team
A deep and experienced leadership team built for the long term Seth Blackley Dan nae Pell Kali Beyah sna eae 89% enaagcnent Score CEO & Co-Founder President Chief Financial Officer Chief People & General Counsel Brand Officer 7 Average Tenure of Top 13 Leaders t Average Annual q > 8 Tenure of Top 10
Slide 16: Reiterating 2023 and 2024 outlook, introducing 2025 and beyond
Building on a strong foundation: reiterating 2023 and 2024 outlook....and introducing 2025 and beyond... 2023 revenue range of $1.935B-$1.965B, inclusive of Evolent revenue growth of 25-28% (growth excluding NIA revenue, compared to 2022) 2023 Adjusted EBITDA’? of $180M-$200M IS *@s|]_ - Evolent + N
Slide 17: The Specialty Value-Based Care Opportunity
© Ceege' The Specialty Value-Based Care Opportunity Dan McCarthy —- President
Slide 18: EVH Specialty Care Journey
49 279 542 598 945 1,378 Q1 ‘23 Annualized220222019 20212020 +54% Specialty Care Revenue1, $ Millions EVH Specialty Care Journey 9% 40% 59% 66% 70% +80% % of Total Revenue 20182
Slide 19: The opportunity in value-based specialty care
The opportunity in value-based specialty care $150B Total Specialty TAM! ~$1.4B - Q1‘23 @ $508 - Cross-Sell Opportunity? @ Annualized Revenue Spiraling Costs Uneven Quality Broken Experience Large Specialty TAM with Low Penetration Significant Customer Unmet Need U.S. spend increased by >$50B for on
Slide 20: Challenges in managing specialty care
Challenges in managing specialty care @ Extensive Clinical Complexity Steep Innovation Curve + >75K genetic tests on the market! + >6K types of medical devices regulated by FDA? Specialty Solutions Are Clinically Thin or Fragmented + Breadth instead of depth in solutions offered + Solutions with dep
Slide 21: Our vision for transforming specialty care nationally
Our vision for transforming specialty care nationally CHALLENGES OUR SOLUTION EXAMPLE CAPABILITIES + Deep bench of ~1,400 clinicians across the organization o3 Extensive Clinical PEC MESSSEMAStsCaiecEe * Independent scientific advisory boards Complexity + Proprietary value-based pathways + Purpose-b
Slide 22: Our vision for transforming specialty care nationally
Our vision for transforming specialty care nationally @ Oncology Cardiology MSK Complex Care Deep Multi- Specialty Expertise Radiology Genetic Testing End-of-Life Next Gen Provider pivereneaed a . Member Decision Support Alignment Journey Configurable Technology and Administrative Platform Actionabl
Slide 23: How our model works in practice
How our model works in practice Example Patient 81-year-old with congestive heart failure who recently found a lump on his neck, confirmed by subsequent testing as cancer Deep Multi- Specialty Expertise Next Gen Decision Support Provider Alignment Differentiated Member Journey Informal consult with
Slide 24: Preferred pathway and AUC score results
• • Q4 2020 Q2 2021 Q4 2021 Q2 2022 Q4 2022 Preferred Pathway Non-Preferred Pathway 6.6 7.7 6.5 7.0 7.5 8.0 8.5 Q1 2020 Q4 2022 Requested AUC Score Approved AUC Score 2019 2020 2021 2022 Total Hip Replacement Total Knee Replacement
Slide 25: Delivering on our comprehensive value proposition
..and delivering on our comprehensive value proposition ook EXPERIENCE ° Clinical Interventions in Return on Investment for ° lest ilbeileolae 79 % Oncology Resulted in 6 - 1 National Oncology Tech & 84 % an e 7 : : Os Across Oncology and Lower Toxicity Services Partner in 2022: : Cardiology’ of Ree
Slide 26: Accelerating our impact through growth
Accelerating our impact through growth Products rooted in unmet customer need PHILOSOPHY DELIVER Compelling customer C2) ROI across all @ dimensions BUILD CAPTURE Resulting growth opportunity through comprehensive go-to- market model WIN THEMES vA Breadth and depth VY Trust and Independence ye Deliv
Slide 27: Examples of unlocking growth through strong performance
Examples of unlocking growth through strong performance... Annual Revenue Business Model Initial Partnership Current Partnership CENTENE orporation 2020 2021 2022 2023 Tech & Services 1 State, 1 Line of Business Medical Oncology National Footprint, All Lines of Business Medical Oncology, Radiation O
Slide 28: Continued runway remaining across partner base
. with continued runway remaining across partner base Penetration Rate at Top 10 EVH Customers by Payer Total Membership" % Capture of Total Addressable Product Lives ~14% Weighted average penetration on product lives Represents less than ~3% of revenue opportunity for these partners, 28% 18% 19% 1%
Slide 29: Growth strategy for business lines
Growth strategy for business lines Tech & Services Performance Suite = Increase client penetration via cross-sell Integrate capabilities to drive value in current contracts > g = New client sales through comprehensive bundled offerings * Incubate musculoskeletal performance suite product fe . dk ha
Slide 30: Significant runway, differentiated portfolio, focused plan
Significant runway in large and growing market with high unmet need Differentiated product portfolio with demonstrated proof points of client value Focused plan to execute against comprehensive growth opportunity
Slide 31: Hear from some of our clients
HEAR FROM SOME OF OUR CLIENTS Kim Henrichsen Yvonne Collins, M.D. Pat Geraghty SVP, Population Health & Chief Medical Officer President & CEO Clinical Operations Centene Corporation CountyCare Health Plan GuideWell & Florida Blue
Slide 32: Slide 32
Slide 33: Spotlight on Oncology & Cardiology
© Ceeee’ Spotlight on Oncology & Cardiology Scott Pritchard, Ph.D. - President, Performance Suite Andrew Hertler, M.D. - Chief Medical Officer
Slide 34: Evolent product portfolio seeking to transform specialty care
Evolent product portfolio seeking to transform specialty care @ P Oncology Cardiology MSK Complex Care Deep Multi- Specialty = Expertise Radiology Genetic Testing NC iD elle Next Gen Provider Differentiated Decision Support Alignment Member Journey Configurable Technology and Administrative Platform
Slide 35: The case for oncology and cardiology specialty management
The case for oncology and cardiology specialty management Astronomical Annual US Health Expenditures" Despite sizeable costs, questions around $ Billions Cardiology Oncology remain by of cardiac stress tests with imaging were judged probably inappropriate, with associated annual costs of $501 millio
Slide 36: Clinical intersection between complex oncology and cardiology
Clinical intersection between complex oncology and cardiology specialties even more challenging to manage Increasing cardiovascular complications of anticancer therapies a Growing number of cancer treatments linked to cardiomyopathy, atrial fibrillation, arterial hypertension, myocarditis, etc.' 5-1
Slide 37: Our team of clinical experts drive the core IP
Our team of clinical experts drive the core IP of Evolent’s differentiated model EXPERIENCED CLINICAL LEADERSHIP NOTEWORTHY ACCREDITATIONS Andrew Hertler, MD Terra Wonsettler, Fernando Villacian, Connie Ducaine, PhD, INDEPENDENT SCIENTIFIC ADVISORY BOARDS Chief Medical Officer Pharm.D, MBA s ee FACC
Slide 38: How we partner and define success today
How we partner and define success today Three pillars anchor how measure and deliver value to our partners eo e C3) Design optimized value- Deploy a provider . based pathways to improve performance model through Align treatment plans with z oa . . . member goals and promote efficacy and reduce toxic
Slide 39: Evidence-based treatment through curated pathways
Foundation rooted in evidence-based treatment through Evolent’s curated pathways ROOTED IN CLINICAL EVIDENCE TUNED FOR THE PATIENT cost Ue ceiaens CES Anti-Cancer Regimens Example Options Level 2 Pathways National Guidelines Physician Trade Organizations Efficacy Bye = G)\a Practicing Physicians Tox
Slide 40: Peer-to-peer outcomes
P2P Attempted Not Successful P2P Attempted Successful Outreach Recommend Adverse Determination Approved Withdrawn Cancel Discontinued Forwarded Void
Slide 41: Topotecan vs lurbinectedin comparison
topotecan lurbinectedin Median overall survival, months 8 9 Median progression-free survival, months 4 3.5 Objective remission rate % 30 30 Quarterly cost $620 $42,800
Slide 42: Our clinical model in action: cardiology illustrative case
Our clinical model in action — cardiology illustrative case PROBLEM oe 6) a &S cD : . ae Patient with Stage C Heart Failure on a diuretic, beta The patient was not on appropriate dosage Cardiologists over-utilize procedures in lieu blocker and ACE inhibitor and had 2 recent admissions for initial th
Slide 43: Promoting a differentiated member journey
The power of our integrated solution: promoting a differentiated member journey > a, Provider engagement and advanced analytics (GD Relationship-first model with personalized outreach <2 Technology integration to facilitate referrals to palliative and hospice Predictive mortality modeling to leverag
Slide 44: A video case study on advance care planning
A VIDEO CASE STUDY ON THE POWER OF ADVANCE CARE PLANNING Hear from Rachel, an Evolent Living Well Specialist, on the power of palliative care
Slide 45: Takeaways
Takeaways Deep bench of clinical expertise with the goal of driving meaningful improvements in cost and quality Proven capabilities to engage and satisfy providers Moving the member to the center of the care journey Evolent | 45
Slide 46: Spotlight on Musculoskeletal
Spotlight on Musculoskeletal John Tam, M.D. - Chief Strategy Officer Matthew Walker, M.D. —- Medical Director
Slide 47: Evolent product portfolio to transform specialty care
Evolent product portfolio to transform specialty care Cardiology psx | Complex Care Radiology O.... Multi- Specialty Expertise Oncology Genetic Testing End-of-Life Next Gen Provider Differentiated Decision Support Alignment Member Journey | | | Configurable Technology and Administrative Platform Act
Slide 48: Back pain patients bounce across specialties
Back pain patients often bounce across specialties with no consistent journey2 MSK
Slide 49: An exceptional and deep team supports MSK
An exceptional and deep team supports a highly specialized MSK space EXPERIENCED LEADERSHIP $2 09 Matt Walker, MD Stephanie Thompson, MD, William Carson, MD Christin Gallo, DO Medical Director, PharmD Medical Director, Joint VP, Quality and Spine Surgery Medical Director, Surgery Medical Policy Inte
Slide 50: How we seek to ensure success today
How we seek to ensure success today Four pillars anchor how we deliver value to our partners °e + & + ooo ooo =~ Be “Wide net” to address inappropriate treatments For appropriate procedures, optimize cost of surgery and procedures Use multiple points of entry to Improve clinical decision Shift to lo
Slide 51: MSK portfolio offers multiple points of entry
Our MSK portfolio offers multiple “points of entry” to support clinicians and members wherever they begin their journey Given the High Variability of Member Care Journeys... .. Optimization Requires Multi-Disciplinary Expertise s Interventional Pain Management 3 Physical Medicine Advanced Imaging ha
Slide 52: Digital platform and automated decision-making
= @\ eLe = Digital Platform & Automated Decision-Making Proprietary algorithms expedite the review workflow and determination process without compromising clinical quality Automated approval for evidence-based, clinically unambiguous requests Real-time upload of images support collaborative peer-to-
Slide 53: Device cost comparison
$14,500 $15,500 Device Cost ($1,000) $28,500
Slide 54: Ambulatory surgery center partners and prospects
ASC 10 ASC 9 ASC 8 ASC 7 ASC 6 ASC 5 ASC 4 ASC 3 ASC 2 ASC 1 Prospect Partner
Slide 55: Transparency optimizes clinical decision-making on device selection
Transparency optimizes clinical decision-making on device selection Provider Scorecards' Reveal Device Selection .. Transparency and Education Drive Patterns and Highlight Key Outliers... Appropriate Device Selection one nince se 271 bate, Procedure Summary SF 02i:Came FORE TetAtowed —NotAtewed — 02
Slide 56: MSK clinical model in action: knee procedure
MSK clinical model in action: optimizing a request for knee procedure PROBLEM je) N Patient is 59 years old. For the last year, he’s been experiencing right knee pain. PT, NSAIDS, ice and rest are no longer helping. MRI of the knee. OUR APPROACH @ ato tes eis Rules engine determines in real time the
Slide 57: MSK key takeaways
Unique ability to address both avoidable and necessary procedure spend Promoting transparency to optimize device selection decision-making Multiple points of entry to manage MSK
Slide 58: Executing on the Specialty Opportunity
© Ceeee’ Executing on the Specialty Opportunity Emily Rafferty - Chief Operating Officer Jordan Silvergleid - Chief Product Officer
Slide 59: Evolent platform capabilities
Provider Alignment Next Gen Decision Support Differentiated Member Journey Oncology Cardiology MSK Radiology Genetic Testing Configurable Technology and Administrative Platform Actionable Analytics and Integration End-of-Life Deep Multi- Specialty Expertise Complex Care1 2 3 4
Slide 60: One Evolent operating model
Significant opportunity to drive clinical outcomes and operating scale through one Evolent operating model evolent £28 sexs — Key Drivers of Impact Deep bench of operating and technology leaders to draw from across our organizations evolent 2%. — New Century we — evo | e Nn t Integrated global opera
Slide 61: A deep bench of operational and technology expertise
A deep bench of operational and technology expertise with a strong track record of delivery EXPERIENCED LEADERSHIP NOTEWORTHY ACCREDITATIONS Emily Rafferty Jordan Silvergleid Rob Cruz Chief Operating Officer! Chief Product Officer Chief Technology Officer @ A 3 TRACK RECORD OF DELIVERY 700+ producti
Slide 62: Integrated operating model delivering synergies
Integrated operating model’ delivering financial and operational synergies Unit 2 “One Evolent” In development tra v Lower cost to deliver via realization of organization synergies * Eliminate duplicative, overlapping capabilities and functions * Centralized workforce, performance management and bus
Slide 63: Global operations in India and the Philippines
Headquarters: Pune, India Existing Capabilities • Back-end Administrative Operations (Claims, Enrollment, Provider Data, Workforce Management, Testing/Quality, Implementation) • IT Operations (Data/Production Operations, Technical Support, Corporate Infrastructure) • Product & Engineering (RPA, Prod
Slide 64: Leveraging technology to automate processes
Leveraging technology to automate processes, remove friction and enable high-value touch points Payer Specialty Processes Typically Manual and Advanced Technologies Can Provide Scale While Constrained by Labor Shortage Maintaining Specialty Expertise Q Labor-intensive clinical reviews for v Natural
Slide 65: Natural language processing and machine learning for clinical reviews
Harnessing natural language processing and machine learning to streamline clinical reviews Increase automated approvals by Drive clinical efficiencies extracting structured and * Reduce manual review unstructured data elements from 5: 7 . Natural language clinical records using optical ee al in'sto-
Slide 66: Leveraging robotic process automation
Leveraging robotic process automation to eliminate large proportion of manual processes (Ey Streamline claims adjudication by Drive staffing efficiencies: nes) replicating logic and processes * Monthly claims FTE savings followed by human adjudicators; » Robotic process bots currently support 9 clai
Slide 67: Technology innovation strategy delivers ongoing value
Technology innovation strategy delivers ongoing value to partners, providers and members Enterprise Applications Modular architecture enables faster new product development and eases cross-selling Centralized data layer enables integrated view of patient Streamlined infrastructure reduces operationa
Slide 68: Operating takeaways
One Evolent with the goal of delivering operational and financial synergies Significant opportunity to leverage automation and global scale Deep bench of operational and technology expertise
Slide 69: Human Capital at Evolent
Human Capital at Evolent Kali Beyah - Chief People and Brand Officer
Slide 70: Our talent is our differentiator
Our talent is our differentiator Who We Are Our Competitive Advantage 5K 1,400 89% — : employees! _ Clinicians? Employee ti Clinical expertise & depth Engagement? “> Diverse & global workf 89% >95% 48% ga iverse & global workforce Inclusion Retention of Women in Score? Higher Leadership® Performers*
Slide 71: Relentlessly strengthening our talent advantage
Relentlessly strengthening our talent advantage Our Talent Strategy seeks to support Evolent’s strategy and high-performance ethos with a vision of being a destination workplace where the best people find purpose, impact, belonging, growth & sparks of joy each day. - History of successful integratio
Slide 72: Focused talent integration strategy: NIA case study
Focused talent integration strategy: NIA case study + Welcome microsite and toolkits * “Tell Me More” series * Senior Leader Visibility * Targeted Leader Orientation * Sparking joy in onboarding scavenger hunt evolent Evolving Together: Welcoming Our Newest Employees Evolent Health © « 02.0200 80% 8
Slide 73: A high-performing culture attracts, grows and retains talent
A high-performing culture attracts, grows and retains the best talent Internal Growth and Mol y 2013 2015 Today MD, Technolog DP vor D sete ” > «© Y Jessica White 2014 r Director, ¢ : Transformation ry Brian Sze — 2017 Today Sete Deco VP, Corporate Development Bevel Jess Somers Some of the Best Tale
Slide 74: Differentiating the employee experience
Differentiating the employee experience: sparking joy and intentionally nurturing culture Investing in Moments Differentiated Benefits and Effective Listening and that Matter Flexibility Communicating Employees rate our forums favorably in pulse feedback for 2023 Forums 9 86% satistaction with brand
Slide 75: Takeaways
Takeaways Diverse and engaged global workforce, structured to deliver on our mission Strong leadership and leadership bench History of successful integration of employees and fostering a shared Evolent identity Differentiated talent experience and culture, actively fostered Evolent | 75
Slide 76: Financial Considerations and Outlook
© Ceeee’ Financial Considerations and Outlook John Johnson - Chief Financial Officer
Slide 77: Financial highlights
Diversified and resilient revenue streams Proven growth algorithm Attractive gross margin profiles enable sustained earnings growth Capital-light model with clear capital allocation priorities 1 2 3 4
Slide 78: Diversified and resilient revenue streams
© Diversified and resilient revenue streams Q1 2023 Revenue by Line of Business Primary Economic Product Type Q1 2023 % of Customer View of Model Revenue Evolent Fees Risk-Based Performance Suite 56% Medical costs Primarily administrative Se 1 Subscription-Based All other’ 44% costs Commeria/other M
Slide 79: Proven growth algorithm
© Proven growth algorithm Qac Operating Partners 73 operating partners! Humana ee ‘ : BRRMOHNS Blue BO blue @ california CENTENE o maryland Sometaacae hmsage Care Source 66 million product members (2 a Unique Members Add Products 1.6 15,400 be average products per average member unique unique member
Slide 80: Long-term growth drivers
@ long-term growth 73 41 1.6 operating million unique avg products per partners members. unique member out of 6 Targeting 6-8 new partners or significant expansions per year Recent announcements include: ¥ Humana launching Performance Suite for oncology in two states ¥ Regional BCBS plan adding new
Slide 81: Margin by performance year
2022 margin for populations launched before 2019 Average margin by performance year for populations launched since 20191 0% 2% 4% 6% 8% 10% 12% 14% 16% Mature First Year Second Year Third Year 0.7 million product lives 2.5 million product lives 1.4 million product lives 0.5 million product lives 3
Slide 82: Multiple paths to grow earnings
© Multiple paths to grow earnings An Illustrative 10% growth in product revenue drives.... ..and can be achieved with Tech & Services ¥ 1.5% top line growth for Evolent +0.15 . increase in Suite increase in gross profits first year products per member ¥ 5.6% top-line growth for Evolent +300,000 Perf
Slide 83: Oriented toward sustainable earnings growth
© Oriented toward sustainable earnings growth Revenue Growth .. (excluding divested assets)! Quarterly TTM Adjusted EBITDA" $1349 $133 $106 $98 y +40% $891 +47% $a4 $76 $652 $50 66 $3887 L 2019 2020 2021 2022 Q4FY20 QTFY21 G2FY21 G3FY2I G4'FY21 GIFY22 G2'FY22 G3FY22 Q4'FY22 QIFY23 1. Non-GAAP measur
Slide 84: Adjusted EBITDA to operating cash flow
0 20 40 60 80 100 120 140 Adj. EBITDA1 Cash Interest Other Operating Cash Flows including Working Capital Federal Taxes Operating Cashflow Final Reported operating cashflow Operating cash deployed in acquisitions and severance1 $75 56% of Adj EBITDA 4
Slide 85: Capital allocation prioritizing de-levering
© Capital allocation prioritizing de-levering Consistent Capital Allocation Priorities *Ensuring our products and teams are world- class, enabling strong customer satisfaction, v Targeting <2.0x net leverage by end of retention, growth and profitability 2024 *Continued strong annual R&D investment E
Slide 86: Path to 2024 Adjusted EBITDA target
2022 Adjusted EBITDA Acquired Adjusted EBITDA (fully synergized) Performance Suite Maturation by EOY 2024 Line of Sight Before Net New Growth Target Adjusted EBITDA from Net New Growth by EOY 2024 Exit 2024 Target
Slide 87: Long-term financial framework
Long-term financial framework We are focused on driving towards our $300 million target exiting 2024. Upon reaching that profitability level, we expect the following targets for long-term growth: mid-teens%++ 20%+ 65-70% “20x Revenue Growth will be driven by mix of Performance Suite and Tech & Servi
Slide 88: Audience Q&A
Audience Q&A
Slide 89: Appendix
Appendix
Slide 90: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss certain non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental ‘operational performance. Adjusted EBITDA is defined as
Slide 91: How we calculated product type: PMPM, lives, cases
How we calculated product type: PMPM, lives, cases and operating partners Performance Suite Lives on Platform are calculated by summing monthly members covered for oncology and cardiology specialty care services for contracts not under ASO arrangements, plus members managed by Evolent Care Partners
Slide 92: Adjusted EBITDA reconciliation
($ in millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Net income (loss) attributable to common shareholders of Evolent Health, Inc. $(26.3) $(11.3) $2.1 $(4.5) $(5.4) $(5.6) $(13.0) $(9.1) $(9.8) $(14.6) $(37.3) $(203.5) $(78.7) Less:
Slide 93: Revenue excluding divested assets
1.Eliminations represent revenue that the legacy Evolent Health Services segment earned from transactions with the legacy Clinical Solutions segment and was eliminated upon consolidation. ($ in millions) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
Slide 94: Appendix C - Revenue by Product Type
Appendix C - Revenue by Product Type Q1 2023 Risk vs. Product Type % of Customer View Subscription Revenue | of Evolent Fees Risk Performance Suite 56.1% Medical costs Administrative 19.4% Administrative Services costs Subscription- Specialty Tech & 15.3% Administrative based Services ° costs Case-R