Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Apollo Medical Holdings — Q3 2022 Earnings Presentation
18 slides from Astrana Health's earnings presentation, Nov 4, 2022
Slide 1: Third Quarter 2022 Earnings Call Supplement
1 Apollo Medical Holdings (NASDAQ: AMEH) Powered by Technology. Built by Doctors. For Patients. Third Quarter 2022 Earnings Call Supplement November 4, 2022
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 the Compan
Slide 3: Company Overview
14 * managed IPAs and medical groups IPA: independent physician association *As of 9/30/2022 1.2M managed lives Company Overview 3 10,600+ contracted physicians 25+ years of operation ApolloMed is a tech - powered, value - based healthcare network that serves all Americans. • We provide quality care
Slide 4: Q3 and Recent Highlights
Strong Q3 2022 financial results Q3 and Recent Highlights Strategic transactions Closed the following transactions in October 2022: • Acquisition of All American Medical Group (“AAMG”), a physician group in the SF Bay Area • Acquisition of nine primary care clinics in Nevada and Texas operating as V
Slide 5: Historical Financial Profile
Historical Financial Profile $10. 8 $14. 1 $37. 9 $73. 9 2018 2019 2020 2021 $520 $561 $774 $687 $1, 105 Historical revenue growth ($ in millions) www.apollomed.net 5 Historical net income attributable to ApolloMed growth ($ in millions) 2021 2022* * midpoint of 2022 guidance range 2018 2019 2020
Slide 6: Summary of Selected Financial Results
Summary of Selected Financial Results www.apollomed.net 6 Three Months Ended September 30, Nine Months Ended September 30, $ in 000s except per share data 2022 2021 2022 2021 Revenue Capitation, net $ 227,571 $ 149,059 $ 677,253 $ 438,350 Risk pool settlements and incentives 64 , 849 59 , 923 101,71
Slide 7: Revenue Breakdown
Capitation, net – Capitation from payers (including government payers) for medical services, typically pre - paid monthly based on number of enrollees 79.7% 12.0% 3.6% 4. 2 % 0.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Capitation, net Risk Pool Settlements & Incentives Management Fee income Fee
Slide 8: Business Mix by Payer Type
55% 25% 15% 5% Q1 - Q3 2022 (% OF TOTAL REVENUE) Medicare Medicaid Co m m er c ial Other Third Parties Business Mix by Payer Type www.apollomed.net 8
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights $ in millions 9/30/2022 12/31/2021 $ Change % Change Cash and cash equivalents and investments in marketable securities $217.3 $286.5 ($69.2) 24% Working capital $287.4 $283.4 $4.0 1% Total stockholders’ equity $513.5 $460.5 $53.0 12% www.apollomed.net 9
Slide 10: Current Capitalization
Current Capitalization www.apollomed.net 10 Note: Data is as of 9/30/2022 unless otherwise stated. (1) Excludes restricted cash of $75.5M. (figures in millions, except per share price) Recent Share Price (as of 11/1/2022) $ 35.23 Common Shares Outstanding 56.7 Market Capitalization $ 1,997.5 Plus: T
Slide 11: Updated 2022 Guidance
Updated 2022 Guidance www.apollomed.net 11 $ in millions 2022 Guidance Range (as of May 5, 2022) 2022 Guidance Range (as of November 3, 2022) Total Revenue $1,055.0 - $1,085.0 $1,095.0 - $1,115.0 Net Income (1) $38.0 - $57.0 $50.5 - $67.0 EBITDA (1,2) $81.0 - $111.0 $107.5 - $133.5 Adjusted EBITDA (
Slide 12: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
2022 2021 2022 2021 Net income $ 27 . 4 $ ( 5 . 4 ) $ 50.1 $ 68 . 6 Interest expense 2 . 4 1.0 5.3 4.3 Interest income ( 0 . 2 ) ( 0 . 4 ) (0.7) ( 1 . 3 ) Provision for income taxes 13 . 9 ( 0 . 1 ) 26.1 31 . 6 Depreciation and amortization 4 . 8 4.7 13.5 13 . 1 EBITDA (1) $ 48 . 2 $ ( 0 . 3 ) $ 94.
Slide 13: Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA www.apollomed.net 13 (1) See “Use of Non - GAAP Financial Measures” slide for more information. ($ in millions) Low High Low High Net income $ 38.0 $ 57.0 $ 50.5 $ 67.0 Interest expense 4 . 0 4 . 0 8 . 0 8 . 0 Provision for income t
Slide 14: Revenue and Income Breaking Out Excluded Assets
Revenue Capitation, net $ 677.3 - 677.3 $ 593.2 - 593.2 $ 557.3 - 557.3 Risk pool settlements and incentives 101.7 - 101.7 111.6 - 111.6 77 . 4 - 77.4 Management fee income 30.5 - 30 . 5 36.0 - 36 . 0 34.9 - 34.9 Fee - for - service, net 35 . 7 - 35 . 7 26 . 6 - 26 . 6 12 . 7 - 12.7 Other income 4.8
Slide 15: Summary Balance Sheet – Breaking Out Excluded Assets
Summary Balance Sheet – Breaking Out Excluded Assets related party current assets parties, net of current portion entities $ in millions ApolloMed C o ns o l id a t e d E x c l ud e d Assets Ap o ll o M e d Assets ApolloMed C o ns o l id a t e d E x c l ud e d Assets Ap o ll o M e d Assets ApolloMed
Slide 16: Summary Balance Sheet – Breaking Out Excluded Assets (continued)
Summary Balance Sheet – Breaking Out Excluded Assets (continued) li ab i li t i e s current portion deferred financing costs equity $ in millions ApolloMed C o ns o l i da t e d E x c l u d e d Assets Ap o ll oM e d Assets ApolloMed C o ns o l i da t e d E x c l u d e d Assets Ap o ll oM e d Assets
Slide 17: Use of Non-GAAP Financial Measures
Use of Non - GAAP Financial Measures www.apollomed.net 17 This presentation contains the non - GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income
Slide 18: For inquiries, please contact
1 8 For inquiries, please contact: ApolloMed Investor Relations (626) 943 - 6491 investors@apollomed.net Carolyne Sohn, The Equity Group (408) 538 - 4577 csohn@equityny.com
Apollo Medical Holdings — Q3 2022 Earnings Presentation on 6ix