Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q4 2023 Earnings Presentation
21 slides from Astrana Health's earnings presentation, Feb 27, 2024
Slide 1: Q4 2023 Earnings Supplement
Feb 2024 Q4 2023 Earnings Supplement
Slide 2: Forward Looking Statements
2 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
Slide 3: Q4 2023 Earnings Supplement
3 Q4 2023 Earnings Supplement Feb 2024
Slide 4: ApolloMed became Astrana Health, trading as ASTH
4 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 local communities across the count
Slide 5: Astrana Health overview: Care Enablement, Care Delivery, Care Partners
5 Care Enablement Full-stack technology and solutions platform, empowering providers to deliver the best possible care to all patients in their communities Care Delivery Flexible footprint of owned primary care and multi-specialty clinics with employed providers who deliver personalized care Care Pa
Slide 6: Segment overview: Care Partners, Care Delivery, Care Enablement
6 Care Partners Care Delivery Care Enablement Year ended 12/31/2023 $ in millions High-performing network of aligned providers High-quality system of employed providers Full-stack tech, clinical, and operations platform Total revenues, $M $1,300 $120 $136 Income (loss) from operations, $M $92 $6 $19
Slide 7: Revenue and Adjusted EBITDA growth
7 Note: For more information, see “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures“ slides for more information 1. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue 2. 2020-2021 Adj. EBITDA benefitted from tailwinds o
Slide 8: Q4 2023 financial results and 2024 guidance
8 ($ in millions, except for per share information) Q4 2023 financial results Revenue $353.0 Net Income attr. to ASTH $12.4 Adjusted EBITDA1 $29.0 EPS – Diluted $0.26 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Income to EBITDA and Adjusted EB
Slide 9: Recent business highlights
9 Executed spinoff of APC real estate Excluded Assets at the end of Dec 26, 2023 Leadership changes effective Jan 19, 2024 Closed part one of CFC IPA asset purchase on Jan 31, 2024 Changed name to Astrana Health, trading with ticker ASTH effective Feb 26, 2024 Astrana Health Added 3 clinics in San F
Slide 10: Investment highlights
10 Admits/K 46% below benchmark; ER visits 40% below benchmark3 Tech-powered, integrated care delivery model results in industry-leading clinical outcomes 26% 5-year adj. EBITDA CAGR2 ; Proven ability to consistently scale business at 10-15% EBITDA margins Proven track record of consistent profitabi
Slide 11: Selected Financial Results
Selected Financial Results
Slide 12: Consolidated financial results
12 Three Months Ended December 31, Twelve Months Ended December 31, $ in 000s except per share data 2023 2022 2023 2022 Revenue Capitation, net $ 309,184 $ 252,878 $ 1,215,614 $ 930,131 Risk pool settlements and incentives 14,863 15,537 63,468 117,254 Management fee income 6,390 10,607 38,677 41,094
Slide 13: Segment results, twelve months ended Dec 31, 2023
13 $ in 000s Care Partners Care Delivery Care Enablement Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 1,300,112 119,904 135,824 937 (170,116) 1,386,661 % change vs prior year 24% 25% 13% 21% Cost of services 1,182,484 96,265 59,075 296 (166,417) 0 1,171,703 Gene
Slide 14: Cash, working capital and equity
14 $ in millions 12/31/2023 12/31/2022 $ Change Cash and cash equivalents and investments in marketable securities1 $296.31 $293.59 $2.72 Working capital $242.83 $279.52 ($36.69) Total stockholders’ equity $616.65 $544.31 $72.34 1. Excluding restricted cash
Slide 15: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
15 Three Months Ended December 31, Twelve Months Ended December 31, $ in 000s 2023 2022 2023 2022 Net (loss) Income $ (94) $ (883) $ 57,849 $ 45,741 Interest Expense 5,422 2,572 16,102 7,920 Interest income (4,591) (1,286) (14,208) (1,976) Provision for income taxes 1,018 11,338 31,989 40,875 Deprec
Slide 16: Five-year reconciliation of Net Income to Adjusted EBITDA
16 For the twelve months ended $ in millions 2023 2022 2021 2020 2019 Net Income $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 16.1 7.9 5.4 9.5 4.7 Interest income (14.2) (2.0) (1.6) (2.8) (2.0) Provision for income taxes 32.0 40.9 31.7 56.3 10.0 Depreciation and amortization 17.7 17.5 17.5 1
Slide 17: 2024 guidance reconciliation of Net Income to Adjusted EBITDA
17 Note: See “Use of Non-GAAP Financial Measures” slide for more information. 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
Slide 18: Income statement excluding excluded assets
18 $ in millions December 31, 2023 December 31, 2022 Astrana Health Consolidated Excluded Assets Astrana Health Assets Astrana Health Consolidated Excluded Assets Astrana Health Assets Revenue Capitation, net $ 1,215.6 - 1,215.6 $ 930.1 - 930.1 Risk pool settlements and incentives 63.5 - 63.5 117.3
Slide 19: Balance sheet: assets
19 $ in millions December 31, 2023 December 31, 2022 Astrana Health Consolidated Excluded Assets Astrana Health Assets Astrana Health Consolidated Excluded Assets1 Astrana Health Assets Current assets Cash and cash equivalents $ 293.8 - 293.8 $ 288.0 30.2 257.8 Investments in marketable securities 2
Slide 20: Balance sheet: liabilities
20 $ in millions December 31, 2023 December 31, 2022 Astrana Health Consolidated Excluded Assets Astrana Health Assets Astrana Health Consolidated Excluded Assets1 Astrana Health Assets Current liabilities Fiduciary payable, accounts payable and accrued liabilities $ 67.7 - 67.7 $ 57.7 2.8 54.9 Medi
Slide 21: Investor Relations
Investor Relations Asher Dewhurst (626) 943-6491 investors@astranahealth.com