Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Apollo Medical Holdings — Q2 2023 Earnings Presentation
20 slides from Astrana Health's earnings presentation, Aug 7, 2023
Slide 1: Second Quarter 2023 Earnings Call Supplement
1 Powered by Technology. Built by Doctors. For Patients. Apollo Medical Holdings (NASDAQ: AMEH) Second Quarter 2023 Earnings Call Supplement August 7, 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 t he Comp
Slide 3: Company Overview
15 * ma naged 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 healthcare platform that enables the delivery of high - quality, coordinated, efficient, and accessible care for all through the
Slide 4: Highlights
Highlights 4 Operational updates Revenue $348.2M 29% Net income attr. to AMEH $13.2M 10% EPS – diluted $0.28 8% Adj. EBITDA* $35.8M 44% *See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non - GAAP Financial Measures” slides for more infor mation. Please note that beginnin
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 $561 $687 $774 $1,144 $1,300 - $1,500 Historical Revenue Growth ($ in millions) 2019 2020 2021 2022 2023 26% CAGR f
Slide 6: Tax Restatement
Tax Restatement 6 Note: 2019 was immaterial and therefore no restatement As Restated As Original $ Change $ in 000s except per share data 2022 2021 2020 2022 2021 2020 2022 2021 2020 Income before provision for income tax $ 86,616 77,748 178,427 $ 86,616 77,748 178,427 $ - - - Provision for income t
Slide 7: Summary of Selected Financial Results
Summary of Selected Financial Results 7 Three Months Ended June 30, Six Months Ended June 30, $ in 000s except per share data 2023 2022 (restated) 2023 (restated) 2022 (restated) Revenue Capitation, net $ 300,549 $ 227,623 $ 600,753 $ 449,682 Risk pool settlements and incentives 21,121 18,793 33,583
Slide 8: Segment Results
Segment Results 8 $ in 000s Care Enablement Care Partners Care Delivery Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 34,975 325,246 26,718 157 (38,887) - 348,209 % change vs prior year quarter 18% 31% 14% 29% Cost of services 15,162 292,119 22,523 70 (36,988) -
Slide 9: Revenue Breakdown
Revenue Breakdown 9 For the six months ended June 30, 2023 Revenue by Line of Business Business Mix By Payer Type 87.6% 4.9% 3.3% 3.7% 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 Thi
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights 10 $ in millions 6/30/2023 12/31/2022 $ Change % Change Cash and cash equivalents and investments in marketable securities* $297.7 $293.6 $4.1 1.0% Working capital $280.0 $279.5 $0.5 0.2% Total stockholders’ equity $566.0 $542.6 $23.4 4.3% *Excluding restricted cash
Slide 11: 2023 Guidance
2023 Guidance 11 $ 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 - $1.20 (1
Slide 12: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 12 (1) See “Use of Non - GAAP Financial Measures” slide for more information. (2) Other, net for the three and six months ended June 30, 2023, relates to non - cash changes in the fair value of the Company’s fina ncing obligations to purchas
Slide 13: Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA 13 (1) See “Use of Non - GAAP Financial Measures” slide for more information. ($ 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 EB
Slide 14: Summary of Selected Financial Results – Breaking Out Excluded Assets
14 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 $ in millions ApolloMed Consolidated Excluded Assets (1) ApolloMed Assets ApolloMed Consolidated Excluded Assets (1) ApolloMed Assets Revenue Capitation, net $ 600.8 - 600.8 $ 449.7 - 449.7 Risk pool settlements and incentives 33.6 - 3
Slide 15: Summary Balance Sheet – Breaking Out Excluded Assets
15 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 $ 294.2 13.1 281.1 $ 288.0 30.2 257.8 Investments in marketable securities 3.
Slide 16: Summary Balance Sheet – Breaking Out Excluded Assets (continued)
16 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 0.7 57.8 $ 57.7 2.8
Slide 17: Summary Cash Flow Statement – Breaking Out Excluded Assets
Summary Cash Flow Statement – Breaking Out Excluded Assets 17 $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Cash flows from operating activities Net income $ 30.0 0.9 29.1 $ 22.7 (10.1) 32.8 Adjustments to reconcile net
Slide 18: Summary Cash Flow Statement – Breaking Out Excluded Assets (continued)
Summary Cash Flow Statement – Breaking Out Excluded Assets (continued) 18 $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Cash flows from investing activities Payments for business and asset acquisition, net of cash acquir
Slide 19: 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 fin ancial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are
Slide 20: For inquiries, please contact
20 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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