Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q2 2024 Earnings Presentation
20 slides from Astrana Health's earnings presentation, Aug 7, 2024
Slide 1: Second Quarter 2024 Earnings Supplement
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forwardooking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21€ of the Exchange Act. Forward- looking statements include any statements about the Company's bus
Slide 3: Second Quarter 2024 Performance Highlights
Second Quarter 2024 Performance Highlights (Sin millions, except for per share information) Revenue Net Incomeattr. To ASTH 40% 46% Q22024 financial results ~ Revenue $486.3 2.2023 22024 Q2 2023 22024 NetIncomeattr.toASTH $19.2 Adjusted EBITDA EPS- Diluted 28% 43% Adjusted EBITDA' $47.9 EPS - Dilute
Slide 4: Second Quarter 2024 Highlights and Recent Updates
Second Quarter 2024 Highlights and Recent Updates Care Partners Announced definitive agreement to acquire Collaborative Health Systems, adding a network of 2,500+ PCPs serving over 100,000 primarily Medicare members Entered the state of Arizona through Care Partners segment, partnering with an ancho
Slide 5: Financial Profile
Financial Profile Revenue(S in millions) ~26% CAGR $1,850 2019 2020 2021 2022 2023 2024E % Adjusted EBITDA Margin! Adj. EBITDA(S in millions) $165.0- ~26% CAGR $185.0 a $140.0 $146.6 $102.8 $54.2 | 2019 2020? 20217 20222 2023? 2024E 10% 15% 17% 12% 1% 10% Note: For more information, see "Reconciliat
Slide 6: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Care Partners Care Delivery Care Enablement Other Inter- Total ‘ A ‘ company High-performing network High-quality system of Full-stack tech, clinical, and Reverie of aligned providers employed providers operations platform Sin millions Q2 2024 $463.3 $34.9 $36.2
Slide 7: Astrana Updates Guidance for 2024
Astrana Updates Guidance for 2024 (Sin millions, except for per share information) Q22024 financial results Revenue $486.3 Total Revenue NetIncomeattr.toASTH $19.2 Net Income attr. to ASTH' Adjusted EBITDA $47.9 Adjusted EBITDA2 EPS - Diluted $0.40 EPS - Diluted! Actual FY 2023 Results $60.7 $146.6
Slide 8: Astrana's Pro-Forma Footprint to Span Coast to Coast
Astrana’s Pro-Forma Footprint to Span Coast to Coast B Existing markets = Existing market with New markets! increased density (AZ,NM, AL, GA, FL, VA,MD, CT) . Note: Proforma, anticipated for 2025, as of August 7", 2024, assuming the closing of the proposed acquisition of Collaborative Health Systems
Slide 9: Our Value-Based Care Business is Diverse
Our Value-Based Care Business is Diverse ul Revenue by Type’ 0% 1% 91% 4% a% Capitation, net © Risk Pool Settlements & Incentives ® Management Fee Income | Fee-for-service, net ™ Other Income Revenue By Payer Type’ Medicare | Medicaid =Commercial | Other Third Parties Revenue by Risk Arrangement? 67
Slide 10: Planned Acquisition of Collaborative Health Systems is Highly Strategic
Planned Acquisition of Collaborative Health Systems is Highly Strategic couanone Strate ttione Scale in Texas New Geographies Drive Operational and Clinical Excellence Centene Partnership Path to Profitability .+. Astrana Health + + ion high CHS’ networkin Texas encompasses around 350 PCPs serving o
Slide 11: Selected Financial Results
Selected Financial Results
Slide 12: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended June 30, Six Months Ended June 30, $inthousands except per share data 2024 2023 2024 2023 Revenue Capitation, net $ 442,574 $ 300,549 $ 808,484 $ 600,753 Risk pool settlements and incentives 18,408 20,121 35,785 33,583 Management fee income 1,
Slide 13: Segment Results
Segment Results For the three months ended June 30, 2024 Care Care Care Intersegment Corporate Consolidated Sin thousands Partners Delivery Enablement Other Elimination Costs Total Totalrevenues $ 463,277 34,857 36,172 - (48,041) - 486,265 % change vs prior year quarter 44% 32% 3% 40% Cost of servic
Slide 14: Balance Sheet Highlights
Balance Sheet Highlights $inmillions 6/30/2024 12/31/2023 $ Change Cash and cash equivalents and investments in marketable $327.7 $296.3 $31.4 securities! Working capital $260.5 $242.8 $17.7 Total stockholders’ equity $683.0 $616.7 $66.3 1. Excludingrestricted cash .+. Astrana Health 14
Slide 15: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended June 30, ‘Six Months Ended June 30, Sin thousands 2024 2023 2024 2023 Net Income $ 21,866 $ 17,482 $ 38,728 $ 29,970 Interest Expense 8,587 3,632 16,172 6,901 Interest income (3,513) (3,327) (7,509) (6,335) Provision for inc
Slide 16: 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 Sin millions June 30, 2024 2023 2022 2021 2020 2019 Net Income $ 66.6 $ 578 $ 457 $ 461 $ 1221 $ 15.8 Interest expense 25.4 16.1 79 5.4 9.5 47 Interest income (15.4) (14.2) (2.0) (1.
Slide 17: Updated Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Updated Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2024 Guidance Range (Sinthousands except per share data) Low High Netincome 62,500 75,500 Interest expense 18,000 18,000 Provision for income taxes 28,000 35,000 Depreciation and amortization 28,500 28,500 EBITDA 137,000 157,0
Slide 18: Astrana Health At-a-Glance
Astrana Health At-a-Glance AstranaHealthis 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: Care Partners Affiliated and employe
Slide 19: Astrana Flexibly Supports Patients and Providers
Astrana Flexibly Supports Patients and Providers &s_ Care Partners Ay Care Delivery o Care Enablement Quarter ended 6/30/2024 High-performing network High-quality system of Full-stack tech, clinical, and $in thousands of aligned providers employed providers operations platform Total VBC members’, K
Slide 20: Astrana Health
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