Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q1 2024 Earnings Presentation
20 slides from Astrana Health's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Update
Q1 2024 Update Q1 2024 Earnings Supplement May 2024
Slide 2: Forward Looking Statements; Use of Non-GAAP Financial Measures
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 b
Slide 3: ApolloMed is now Astrana Health
ApolloMed is now Astrana Health Q1 2024 Earnings Supplement May 2024 3
Slide 4: ApolloMed is now Astrana Health
ApolloMed is now Astrana Health ApolloMed became Astrana Health and trades under the ticker ASTH on the NASDAQ, effective February 26, 2024 Astrana Health represents a unifying brand that reflects our rapidly expanding national footprint and our deep commitment to providing high-quality care to loca
Slide 5: Q1 2024 Performance Highlights
Q1 2024 Performance Highlights ($ in millions, except for per share information) Revenue Net Income attr. To ASTH 20% 13% Q1 2024 financial results $404.4 $14.8 $337.2 $13.1 Revenue $404.4 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Adjusted EBITDA EPS - Diluted Net Income attr. to ASTH $14.8 42% 11% Adjusted E
Slide 6: Q1 2024 Highlights
Q1 2024 Highlights Care Partners Community Family Care Health Plan acquisition closed March 31, 2024 Prime Community Care of Central Valley joins our Care Partners segment Started full risk delegated contract in Nevada 60% revenue in full risk arrangements1 Care Delivery Opened 2 new de novo clinics
Slide 7: Financial Profile
Financial Profile Revenue ($ in millions) Adj. EBITDA ($ in millions) ~26% CAGR ~26% CAGR $165.0- $1,650- $185.0 $1,850 $146.6 $140.0 $1,387 $133.5 $1,144 $102.8 $774 $687 $561 $54.2 2019 2020 2021 2022 2023 2024E 2019 20202 20212 20222 20232 2024E 10% 15% 17% 12% 11% 10% % Adjusted EBITDA Margin1 N
Slide 8: Quarter over Quarter Segment Revenue
Quarter over Quarter Segment Revenue Care Partners Care Delivery Care Enablement Other Intercompany Total High-performing network of High-quality system of Full-stack tech, clinical, and Revenue aligned providers employed providers operations platform $ in millions Q1 2024 $397.1 $30.7 $33.3 $0.0 $(
Slide 9: Astrana Reiterates Guidance for 2024
Astrana Reiterates Guidance for 2024 ($ in millions, except for per share information) Q1 2024 Actual FY 2023 2024 Guidance financial results Results Range Revenue $404.4 Total Revenue $1,386.7 $1,650 - $1,850 Net Income attr. to ASTH $14.8 Net Income attr. to ASTH $60.7 $61 - $73 Adjusted EBITDA1 $
Slide 10: Selected Financial Results
Selected Financial Results 10
Slide 11: Summary of Selected Financial Results
Summary of Selected Financial Results Three Months Ended March 31, $ in 000s except per share data 2024 2023 Revenue Capitation, net $ 365,910 $ 300,204 $ Risk pool settlements and incentives 17,377 13,462 Management fee income 4,078 9,896 Fee-for-service, net 15,937 12,062 Other revenue 1,054 1,620
Slide 12: Segment Results
Segment Results For the three months ended March 31, 2024 Care Care Care Intersegment Corporate Consolidated $ in 000s Other Partners Delivery Enablement Elimination Costs Total Total revenues $ 397,095 30,719 33,274 - (56,732) - 404,356 % change vs prior year 26% 21% 9% 20% Cost of services 314,966
Slide 13: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 3/31/2024 12/31/2023 $ Change Cash and cash equivalents and $337.29 $296.31 $40.98 investments in marketable securities1 Working capital $183.54 $242.83 $(59.29) Total stockholders’ equity $657.98 $616.65 $41.33 1. Excluding restricted cash 13
Slide 14: Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Reconciliation of Net Income to EBITDA & Adjusted EBITDA Three Months Ended March 31, $ in 000s 2024 2023 Net Income $ 16,862 $ 12,488 Interest Expense 7,585 3,269 Interest income (3,996) (3,009) Provision for income taxes 7,142 6,921 Depreciation and amortization 5,096 4,292 EBITDA 32,689 23,961 In
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 March, 31, 2024 2023 2022 2021 2020 2019 Net Income $ 62.2 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 20.4 16.1 7.9 5.4 9.5 4.7 Interest income (15.2) (14.2)
Slide 16: Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA & Adjusted EBITDA 2024 Guidance Range ($ in 000s except per share data) Low High Net Income 71,500 85,500 Interest expense 14,500 12,500 Provision for income taxes 36,500 44,500 Depreciation and amortization 14,500 14,500 EBITDA 137,000 157,000 Loss (i
Slide 17: Astrana Health at-a-glance
Astrana Health at-a-glance Astrana Health is a healthcare platform that organizes and A platform with… empowers providers to drive accessible, high-quality, and high- value care for all patients through a provider-centric, technology- Scale driven approach via its three business segments: ~1M 10k+ M
Slide 18: Astrana flexibly supports patients and providers
Astrana flexibly supports patients and providers Care Partners Care Delivery Care Enablement Quarter ended 3/31/2024 High-performing network High-quality system of Full-stack tech, clinical, and $ in 000s of aligned providers employed providers operations platform Total VBC members1, K ~880K ~800K ~
Slide 19: Key Takeaways
Key Takeaways 26% 5-year revenue CAGR1; Clear levers and a repeatable growth playbook Clear visibility into continued 25%+ to drive further nationwide expansion growth in medium term and beyond 26% 5-year adj. EBITDA CAGR2; Proven track record of consistent profitability Proven ability to consistent
Slide 20: Investor Relations
Investor Relations Asher Dewhurst (626) 943-6491 investors@astranahealth.com