Astrana Health Inc. · NASDAQ:ASTH
Astrana Health — Apollo Medical Holdings — Q4 2022 Earnings Presentation
17 slides from Astrana Health's earnings presentation, Feb 23, 2023
Slide 1: Fourth Quarter and Year-End 2022 Earnings Call Supplement
1 Powered by Technology. Built by Doctors. For Patients. Apollo Medical Holdings (NASDAQ: AMEH) Fourth Quarter and Year-End 2022 Earnings Call Supplement February 24, 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 the Company's bu
Slide 3: Company Overview
14* managed IPAs and medical groups 1.3M managed lives Company Overview 3 11,000+ contracted physicians 25+ years in operation ApolloMed is a tech-powered, value-based healthcare network that serves all Americans. • We provide quality care to underserved communities. • We enable best in class clinic
Slide 4: Q4/YE and Recent Highlights
Strong YE 2022 financial results Q4/YE and Recent Highlights Expected to close in Q1 2023: • Entered into a definitive agreement to acquire 100% of For Your Benefit (“FYB”), as well as certain managed care assets Strategic transactions www.apollomed.net *See “Reconciliation of Net Income to EBITDA a
Slide 5: Historical Financial Profile
Historical Financial Profile www.apollomed.net $54.2 $102.8 $133.5 $140.0 $140.0 2019 2020 2021 2022 2023* $561 $687 $774 $1,144 $1,400 Historical revenue growth ($ in millions) * midpoint of 2023 guidance range ($ in millions) Historical Adjusted EBITDA(1) 2019 2020 2021 5 2022 2023* 2021 benefitte
Slide 6: Summary of Selected Financial Results
Summary of Selected Financial Results www.apollomed.net 6 Three Months Ended December 31, Year Ended December 31, $ in 000s except per share data 2022 2021 2022 2021 Revenue Capitation, net $ 252,878 $ 154,874 $ 930,131 $ 593,224 Risk pool settlements and incentives 15,537 17,481 117,254 111,627 Man
Slide 7: Revenue Breakdown
Capitation, net –Capitation from payers (including government payers) for medical services, typically pre- paid monthly based on number of enrollees 0.5% 4.3% 3.6% 10.3% 81.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Capitation, net Risk Pool Settlements & Incentives Management Fee income Fee-for
Slide 8: Business Mix by Payer Type
55% 25% 15% 5% FULL YEAR 2022 (% OF TOTAL REVENUE) Medicare Medicaid Commercial Other Third Parties Business Mix by Payer Type 8www.apollomed.net
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights 9 $ in millions 12/31/2022 12/31/2021 $ Change % Change Cash and cash equivalents and investments in marketable securities $293.6 $286.5 $7.1 2% Working capital $287.8 $283.4 $4.4 2% Total stockholders’ equity $555.0 $460.5 $94.5 21% www.apollomed.net
Slide 10: 2023 Guidance
2023 Guidance 10www.apollomed.net $ 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-$1.2
Slide 11: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA 11www.apollomed.net (1) See “Use of Non-GAAP Financial Measures” slide for more information. (2) Other, net for the three months ended December 31, 2022, relates to changes in the fair value of mandatory purchase of investments and contingen
Slide 12: Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA 12www.apollomed.net (1) See “Use of Non-GAAP Financial Measures” slide for more information. ($ 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 amortizati
Slide 13: Income Statement Breaking Out Excluded Assets
www.apollomed.net 13 Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Revenue Ca
Slide 14: Summary Balance Sheet – Breaking Out Excluded Assets
www.apollomed.net 14 Summary Balance Sheet – Breaking Out Excluded Assets $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Current assets Cash and cash equivalents $ 2
Slide 15: Summary Balance Sheet – Breaking Out Excluded Assets (continued)
www.apollomed.net 15 Summary Balance Sheet – Breaking Out Excluded Assets (continued) $ in millions ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Current liabilities Fiduciary pa
Slide 16: 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 financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are not
Slide 17: For inquiries, please contact
17 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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