Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Q1 2025 Earnings Presentation
18 slides from Astrana Health's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Earnings Supplement
May 2025 First Quarter 2025 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: Q1 2025 Financial Results
3 Q1 2025 Financial Results Revenue $620.4 Net Income attr. to ASTH $6.7 1. See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” slides for more information. First Quarter 2025 Performance Highlights ($ in millions, except for per share informatio
Slide 4: First Quarter 2025 Highlights and Recent Updates
4 Growth First Quarter 2025 Highlights and Recent Updates Risk Progression Increasing alignment through total cost of care responsibility in value-based arrangements 75% of total capitation revenue came from full risk arrangements 38% of Care Partners members in full risk arrangements Outcomes and C
Slide 5: Prudently transitioning to full-risk contracts
5 Prudently transitioning to full-risk contracts to better align incentives around patient outcomes and improve unit economics Projected Full-risk Partial-risk 1. Revenue by risk arrangement represents capitation revenue only 2. Members by risk arrangement represent Care Partners membership only as
Slide 6: Our Value-Based Care Business is Diverse
6 94% 2% 1% 2% 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 March 31, 2025 2. Revenue by risk arrangement represents capitation revenue only 3. Members by risk arrangement represent Car
Slide 7: Financial Profile
7 Note: For more information, 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 1. 2020-2021 Adj. EBITDA benefitted from tailwinds of lower util
Slide 8: Quarter over Quarter Segment Revenue
8 Quarter over Quarter Segment Revenue Revenue $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Care Partners High-performing network of aligned providers $382.3 $463.3 $455.8 $647.7 Care Delivery High-quality system of employed providers $30.7 $34.9 $34.7 $36.4 Care Enablement Full-stack tech,
Slide 9: Building the premier, patient-centered healthcare platform for all
9 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. Proforma to Prospect acquisition; Markets defined as metropolit
Slide 10: FY2025 Guidance
10 Q1 2025 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 mater
Slide 11: Selected Financial Results
11 Selected Financial Results
Slide 12: Summary of Selected Financial Results
12 Three Months Ended March 31, $ in thousands except per share data 2025 2024 Revenue Capitation, net $ 583,963 $ 365,910 Risk pool settlements and incentives 14,491 17,377 Management fee income 2,310 4,078 Fee-for-service, net 14,890 15,937 Other revenue 4,736 1,054 Total revenue 620,390 404,356 T
Slide 13: Segment results for the three months ended March 31, 2025
13 $ in thousands Care Partners Care Delivery Care Enablement Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 600,951 33,388 39,562 - (53,511) - 620,390 % change vs prior year quarter 57% 9% 19% 53% Cost of services 512,668 27,139 25,818 - (16,564) - 549,061 Genera
Slide 14: Balance Sheet Highlights
14 $ in millions 3/31/2025 12/31/2024 $ Change Cash and cash equivalents and investments in marketable securities1 $260.9 $290.8 $(29.9) Working capital $252.0 $272.9 $(20.9) Total stockholders’ equity $750.4 $716.7 $33.7 1. Excluding restricted cash Balance Sheet Highlights
Slide 15: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
15 Three Months Ended March 31, $ in thousands 2025 2024 Net Income $ 6,221 $ 16,862 Interest Expense 7,308 7,585 Interest income (2,312) (3,996) Provision for income taxes 3,383 7,142 Depreciation and amortization 6,849 5,096 EBITDA 21,449 32,689 Loss (income) from equity method investments 867 (63
Slide 16: Reconciliation of Net Income to EBITDA and Adjusted EBITDA (TTM and annual)
16 For the twelve months ended TTM Ended Year Ended $ in millions March 31, 2025 2024 2023 2022 2021 2020 2019 Net Income $ 39.3 $ 49.9$ 57.8 $ 45.7 $ 46.1 $ 122.1 $ 15.8 Interest expense 32.8 33.1 16.1 7.9 5.4 9.5 4.7 Interest income (12.8) (14.5) (14.2) (2.0) (1.6) (2.8) (2.0) Provision for income
Slide 17: Guidance Reconciliation & Adjusted EBITDA
17 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 Income from
Slide 18: Investor Relations
Investor Relations investors@astranahealth.com