Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q4 2024 Earnings Presentation
19 slides from Astrana Health's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter & Full Year 2024 Earnings Supplement
February 2025 Fourth Quarter & Full Year 2024 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: Fourth Quarter & FY 2024 Performance Highlights
3 $353.0 $665.2 Q4 2023 Q4 2024 $1,386.7 $2,034.5 2023 2024 $29.0 $35.0 Q4 2023 Q4 2024 Q42024 Financial Results Revenue $665.2 Net Loss attr. to ASTH $(7.0) Adjusted EBITDA1 $35.0 EPS – Diluted $(0.15) 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA and “Use of Non-GAAP Financial
Slide 4: FY 2024 Highlights and Recent Updates
4 Growth FY 2024 Highlights and Recent Updates Risk Progression Increasing alignment through total cost of care responsibility in value-based arrangements 73% of total capitation revenue came from full risk by the end of 2024 33% of Care Partners members in full risk arrangements Outcomes and Cost A
Slide 5: Progress towards profitability in Texas and Nevada
5 Nevada Texas Note: For more information, see “Use of Non-GAAP Financial Measures“ slides for more information Source: U.S. Census Bureau; population data as of each respective year; Centers for Medicare and Medicaid Services, Office of the Actuary, National Health Statistics Group 1. Collaborative
Slide 6: Risk Progression: transitioning to full-risk contracts
6 Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Projected Full-risk Partial-risk 1. Revenue for the quarter ended December 31, 2024 2. Revenue by risk arrangement represents capitation revenue only 3. Members by risk arra
Slide 7: Our Value-Based Care Business is Diverse
7 93% 4% 1% 1% 1% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income Revenue by Type1 1. Revenue for the quarter ended December 31, 2024 2. Revenue by risk arrangement represents capitation revenue only 3. Members by risk arrangement represent
Slide 8: Q4 2024 Financial Results and FY2025 Guidance
8 Q4 2024 Financial Results 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” slides for more information There can be no assurance that actual amounts will not be materi
Slide 9: Financial Profile
9 Note: For more information, see “Reconciliation of Net Income to EBITDA and Adjusted EBITDA”, “Updated Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA”, and “Use of Non-GAAP Financial Measures“ slides for more information 1. 2020-2021 Adj. EBITDA benefitted from tailwinds of lo
Slide 10: Year over Year Segment Revenue
10 Year over Year Segment Revenue Revenue $ in millions Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Care Partners High-performing network of aligned providers $326.8 $382.3 $463.3 $455.8 $647.7 Care Delivery High-quality system of employed providers $38.1 $30.7 $34.9 $34.7 $36.4 Care Enablement Full-sta
Slide 11: Building the premier, patient-centered healthcare platform for all
11 Building the premier, patient-centered healthcare platform for all Note: Assumes the closing of the proposed acquisition of Prospect Health; All financial and membership information shown on page are approximations and are rounded. 1. Members in value-based care arrangements 2. Financials shown o
Slide 12: Selected Financial Results
12 Selected Financial Results
Slide 13: Consolidated Results of Operations
13 Three Months Ended December 31, Twelve Months Ended December 30, $ in thousands except per share data 2024 2023 2024 2023 Revenue Capitation, net $ 616,900 $ 309,184 $ 1,856,785 $ $1,215,614 Risk pool settlements and incentives 28,660 14,863 86,224 63,468 Management fee income 5,550 6,390 13,979
Slide 14: Segment Results, Three Months Ended December 31, 2024
14 $ in thousands Care Partners Care Delivery Care Enablement Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 647,678 36,364 45,074 - (63,905) - 665,211 % change vs prior year quarter 98% (5%) 35% 88% Cost of services 583,584 29,512 26,806 - (25,170) - 614,732 Gene
Slide 15: Balance Sheet Highlights
15 $ in millions 12/31/2024 12/31/2023 $ Change Cash and cash equivalents and investments in marketable securities1 $290.8 $296.3 $(5.5) Working capital $246.5 $242.8 $3.7 Total stockholders’ equity $716.7 $616.7 $100.0 1. Excluding restricted cash Balance Sheet Highlights
Slide 16: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
16 Three Months Ended December 31, Twelve Months Ended December 31, $ in thousands 2024 2023 2024 2023 Net Income $ (7,777) $ (94) $ 49,932 $ 57,849 Interest Expense 8,069 5,422 33,097 16,102 Interest income (3,221) (4,591) (14,508) (14,208) Provision for income taxes 5,882 1,018 30,886 31,989 Depre
Slide 17: Annual Reconciliation of Net Income to Adjusted EBITDA
17 For the twelve months ended Year Ended $ in millions 2024 2023 2022 2021 2020 2019 Net Income $ 49.9 $ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 33.1 16.1 7.9 5.4 9.5 4.7 Interest income (14.5) (14.2) (2.0) (1.6) (2.8) (2.0) Provision for income taxes 30.9 32.0 40.9 31.7 56.3 10.0 Deprec
Slide 18: Guidance Reconciliation & Adjusted EBITDA
18 Note: See “Use of Non-GAAP Financial Measures” slide for more information. 2025 Guidance Range (in thousands, $) Low High Net Income 62,500 73,500 Interest expense 16,000 19,000 Provision for income taxes 34,000 40,000 Depreciation and amortization 32,500 32,500 EBITDA 145,000 165,000 Loss (incom
Slide 19: Investor Relations
Investor Relations Asher Dewhurst (626) 943-6491 investors@astranahealth.com