PART I - FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The IPG acquisition drove significant increases in assets and liabilities, improving Q3 net income and reducing the nine-month net loss [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $156,756 | $266,280 | | Goodwill | $722,790 | $426,297 | | Intangible assets, net | $451,398 | $279,784 | | **Total assets** | **$1,759,182** | **$1,419,458** | | Long-term debt, net | $412,444 | $215,676 | | Tax receivable agreement liability | $42,870 | $0 | | **Total liabilities** | **$903,044** | **$725,825** | | **Total shareholders' equity** | **$856,138** | **$693,633** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | 9 Months 2022 | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $352,585 | $222,471 | $969,581 | $659,599 | | Operating income (loss) | $12,951 | $(6,581) | $5,520 | $(30,197) | | Net income (loss) | $2,123 | $(13,040) | $(7,815) | $(31,954) | | Diluted EPS | $0.02 | $(0.15) | $(0.09) | $(0.37) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(47,248) | $(27,909) | | Net cash (used in) provided by investing activities | $(254,659) | $38,582 | | Net cash provided by (used in) financing activities | $142,395 | $(90,446) | | **Net decrease in cash** | **$(160,124)** | **$(79,826)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the IPG acquisition's impact on assets and liabilities, new credit agreements, and a potential material goodwill impairment [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights strong Q3 revenue growth from new partners and the IPG acquisition, discusses segment performance, liquidity, and a potential Q4 goodwill impairment [Business Overview and Recent Developments](index=43&type=section&id=Business%20Overview%20and%20Recent%20Developments) - Evolent is a market leader in value-based care, providing integrated solutions to providers and payers through two segments: **Evolent Health Services (EHS)** and **Clinical Solutions**[215](index=215&type=chunk)[217](index=217&type=chunk) - On August 1, 2022, the company acquired Implantable Provider Group (IPG) for total consideration of **$461.7 million**, consisting of cash, stock, and contingent earn-outs. IPG is consolidated into the Clinical Solutions segment[229](index=229&type=chunk)[230](index=230&type=chunk) - To finance the IPG acquisition, the company entered into a new credit agreement on August 1, 2022, for a **$175.0 million term loan** and a **$50.0 million revolving credit facility**[231](index=231&type=chunk) - In August 2022, the company exchanged **$92.8 million of its 2024 Convertible Notes** for **5.4 million shares of Class A common stock**, resulting in a **$10.2 million loss on debt extinguishment**[232](index=232&type=chunk) - Subsequent Event: On October 11, 2022, Bright Health Group notified the company of its intent to exit certain business lines, which may cause a **material goodwill impairment** to the EHS segment (with **$214.2 million of goodwill**) in Q4 2022[233](index=233&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Consolidated Results Summary (in thousands) | Metric | Q3 2022 | Q3 2021 | Change | 9 Months 2022 | 9 Months 2021 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $352,585 | $222,471 | +58.5% | $969,581 | $659,599 | +47.0% | | Cost of Revenue | $266,617 | $163,126 | +63.4% | $736,061 | $493,071 | +49.3% | | SG&A | $68,521 | $51,292 | +33.6% | $186,408 | $152,582 | +22.2% | | Operating Income (Loss) | $12,951 | $(6,581) | +296.8% | $5,520 | $(30,197) | +118.3% | - Q3 2022 revenue growth of **$130.1 million** was driven by new partners and expansion. Evolent Health Services revenue grew by **$44.5 million**, and Clinical Solutions revenue grew by **$85.6 million**[258](index=258&type=chunk)[259](index=259&type=chunk) - Cost of revenue for Q3 2022 increased by **$103.5 million**, primarily due to **$68.6 million in higher claims activity**, **$11.7 million in higher personnel costs**, and **$15.1 million in device costs** from the IPG acquisition[262](index=262&type=chunk) - SG&A expenses for Q3 2022 increased by **$17.2 million**, mainly due to the acquisitions of Vital Decisions and IPG, leading to higher personnel costs (**$8.1 million**) and technology services (**$2.6 million**)[263](index=263&type=chunk) - A non-operating loss on debt extinguishment of **$10.2 million** was recorded in Q3 2022 related to the exchange of 2024 Notes[278](index=278&type=chunk) - A charge of **$42.9 million** was recorded for the Tax Receivable Agreement (TRA) liability, triggered by the reduction in the valuation allowance from deferred tax liabilities created by the IPG acquisition[282](index=282&type=chunk) [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) - As of September 30, 2022, the company had **$156.8 million in cash and cash equivalents** and believes this is sufficient to meet working capital and capital expenditure needs for the next twelve months[286](index=286&type=chunk)[287](index=287&type=chunk) Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(47,248) | $(27,909) | | Net cash used in/provided by investing activities | $(254,659) | $38,582 | | Net cash provided by (used in) financing activities | $142,395 | $(90,446) | - Cash used in investing activities of **$254.7 million** was primarily for the **$245.0 million acquisition of IPG** and **$27.6 million in capital expenditures**[292](index=292&type=chunk) - Cash provided by financing activities of **$142.4 million** was primarily from **$219.7 million in proceeds** from the new 2022 Credit Agreement, partially offset by claims processing outflows and taxes paid for equity awards[294](index=294&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk from its new floating-rate debt, with a 1% SOFR increase adding $2.3 million in annual interest expense, and minor foreign currency risk - The company has **$225.0 million in floating-rate debt** (**$175.0M term loan**, **$50.0M revolving facility**) based on SOFR. For every **1% increase in SOFR**, annual interest expense would increase by **$2.3 million**[305](index=305&type=chunk) - The company's **$196.8 million in convertible notes** are fixed-rate instruments and not subject to interest rate fluctuations[305](index=305&type=chunk) - The company has foreign currency risk from operating expenses denominated in Indian Rupees, recognizing a translation loss of **$0.7 million** for the nine months ended September 30, 2022[307](index=307&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of September 30, 2022, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2022[309](index=309&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[310](index=310&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a settled shareholder class action, expected to be insurance-funded, and an ongoing shareholder derivative action - A shareholder class action lawsuit has been settled for **$23.5 million**, which is expected to be **fully covered by insurance**, resulting in no significant net loss or cash outflow for the company. The settlement is pending final court approval[150](index=150&type=chunk)[315](index=315&type=chunk) - A shareholder derivative action filed in June 2021, related to oversight of the Passport Health Plan, is ongoing. The company has filed a motion to dismiss and believes the case has **little legal or factual merit**[151](index=151&type=chunk)[315](index=315&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) Key risks include inflationary pressures, significant interest rate risk from new floating-rate debt, and restrictive covenants limiting operational flexibility - Increasing inflationary pressures on wages and other costs may **negatively impact** the company's margins, profitability, and results of operations[317](index=317&type=chunk)[318](index=318&type=chunk) - The company is exposed to interest rate risk from its new 2022 Credit Agreement, as its floating rate (based on SOFR) could **significantly increase debt service obligations** if rates continue to rise[319](index=319&type=chunk) - The 2022 Credit Agreement imposes **significant operating and financial restrictions**, including limitations on incurring additional debt, making investments, and paying dividends. Failure to comply with these covenants could result in an **event of default**[320](index=320&type=chunk)[323](index=323&type=chunk)

Evolent Health, Inc. (NYSE:EVH) Q2 2022 Earnings Conference Call August 2, 2022 5:00 PM ET Company Participants Seth Frank - Vice President, Investor Relations Seth Blackley - Chief Executive Officer John Johnson - Chief Financial Officer Conference Call Participants Ryan Daniels - William Blair Sean Dodge - RBC Capital Markets Anne Samuel - JPMorgan Sandy Draper - Guggenheim David Larsen - BTIG Jessica Tassan - Piper Sandler Richard Close - Canaccord Genuity Charles Rhyee - Cowen Operator Good evening and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) S QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37415 _________________________ | --- | --- | --- | --- | |----------------- ...

| --- | --- | |--------------------------------------------------------|-------| | | | | | | | | | | Evolent Health First Quarter 2022 Results May 4, 2022 | | | | | | 0 | | Safe Harbor Statement Certain statements made in this report and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limit ...

Financial Data and Key Metrics Changes - Evolent Health reported total revenue of $297.1 million for Q1 2022, representing a 38% increase compared to Q1 2021 [5][19] - Adjusted EBITDA for Q1 2022 was $24.3 million, reflecting a 63% growth year-over-year, with an adjusted EBITDA margin expansion of 130 basis points to 8.2% [5][19] - The company exceeded its revenue outlook range for the quarter, which was $280 to $295 million, and delivered at the high end of its adjusted EBITDA outlook of $20 million to $25 million [5][19] Business Line Data and Key Metrics Changes - Revenue from Clinical Solutions increased by 46.1% to $190.2 million, driven by same-store sales and new client growth [19] - Evolent Health Services revenue grew by 25.9% to $106.9 million, supported by new client go-lives, including the addition of approximately 330,000 Bright HealthCare lives [21] - Membership in the Performance suite for Clinical Solutions was 1.5 million, with a PMPM fee of $38.07, up from $26.32 in the prior year [20] Market Data and Key Metrics Changes - The company ended the quarter covering 20.3 million lives across all platforms, a 74% increase from 11.6 million a year ago [6][18] - The growth was primarily driven by New Century Health and Evolent Care Partners, which together constitute the Clinical Solutions segment [6] - The PMPM fee for the Technology and Services suite decreased slightly to $0.38 from $0.43 in the prior year [21] Company Strategy and Development Direction - Evolent Health focuses on three core operating priorities: strong organic growth, expanding margins, and optimal capital allocation [8][14] - The company aims to drive innovation through internal development, accretive M&A, and strategic partnerships [26][39] - Evolent sees significant opportunities for growth in oncology, cardiology, and musculoskeletal services, responding to customer demand for expanded capabilities [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong revenue growth and margin expansion, driven by the Clinical Solutions segment [13][19] - The macro environment is viewed as a tailwind for growth, with increased urgency for health plans to drive quality care while lowering costs [12][18] - The company raised its revenue guidance for the year to a range of $1.16 to $1.21 billion and adjusted EBITDA to between $85 and $95 million [23] Other Important Information - Evolent Health's cash position at the end of the quarter was $210.2 million, with $156.3 million available after accounting for cash held in regulated accounts [22] - The company anticipates continued strong performance in the second quarter, with adjusted revenue forecasted at $290 million to $305 million [23] Q&A Session Summary Question: Can you discuss the Oncology Care Partners relationship and its financial relevance for 2022? - Management indicated that the relationship is part of their innovation strategy and is not expected to have a significant short-term financial impact [26][28] Question: What are the growth opportunities with existing clients? - Management highlighted the potential for upselling existing clients to the Performance suite, which could lead to significant revenue increases [33][34] Question: How do you view the impact of potential recession on your pipeline? - Management believes that the core dynamics of managing care will remain stable regardless of economic conditions, although they are monitoring the situation [75][72] Question: What is the expected impact of Medicaid redeterminations? - Management expects a slow ramp in membership rolling off due to redeterminations, with minimal impact on overall guidance [60][61] Question: Can you provide details on the performance fees recognized in the quarter? - Performance fees were recognized based on savings driven relative to benchmarks, contributing to the top-line beat [67][68]

Part I [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Q1 2022 and Q1 2021, including balance sheets, income statements, and cash flows Consolidated Balance Sheet Summary (Unaudited) | Balance Sheet Items | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 210,158 | 266,280 | | Accounts receivable, net | 179,270 | 130,604 | | Total current assets | 463,388 | 523,960 | | Goodwill | 426,274 | 426,297 | | **Total assets** | **1,339,149** | **1,419,458** | | **Liabilities & Equity** | | | | Total current liabilities | 382,465 | 445,493 | | Long-term debt, net | 282,598 | 215,676 | | Total liabilities | 727,940 | 725,825 | | Total shareholders' equity | 611,209 | 693,633 | | **Total liabilities and shareholders' equity** | **1,339,149** | **1,419,458** | Consolidated Statement of Operations Summary (Unaudited) | Income Statement Items | Three Months Ended Mar 31, 2022 ($ thousands) | Three Months Ended Mar 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Revenue | 297,057 | 215,071 | | Total operating expenses | 299,855 | 231,016 | | Operating loss | (2,798) | (15,945) | | Net loss attributable to common shareholders | (5,350) | (9,807) | | Basic and diluted loss per share | (0.06) | (0.12) | Consolidated Statement of Cash Flows Summary (Unaudited) | Cash Flow Items | Three Months Ended Mar 31, 2022 ($ thousands) | Three Months Ended Mar 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (57,442) | (48,163) | | Net cash provided by investing activities | 16,766 | 45,951 | | Net cash used in financing activities | (51,376) | (55,584) | | Net decrease in cash and restricted cash | (92,156) | (57,795) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2022 financial performance, noting a **38.1% revenue increase** and narrowed operating loss, with sufficient liquidity - The company operates through two reportable segments: Evolent Health Services (EHS), providing administrative and clinical platforms, and Clinical Solutions, focusing on specialty care management and total cost of care improvement[208](index=208&type=chunk) - To date, the COVID-19 pandemic has not materially impacted the company's financial condition or results of operations, and its cash balance of **$210.2 million** as of March 31, 2022, is believed to be sufficient for liquidity needs over the next twelve months[210](index=210&type=chunk) - On October 1, 2021, the company acquired Vital Decisions, a provider of technology-enabled advance care planning services, for **$46.5 million** in cash and **1.8 million** shares of Class A common stock, integrated into the Clinical Solutions segment[219](index=219&type=chunk) - On March 31, 2021, the company completed the sale of its subsidiary True Health New Mexico to Bright HealthCare, with True Health's results now reported as discontinued operations[222](index=222&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q1 2022 revenue grew **38.1%** to **$297.1 million**, driven by Clinical Solutions, with operating loss significantly improving Revenue by Segment (in thousands) | Segment | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Evolent Health Services | $106,858 | $84,838 | | Clinical Solutions | $190,199 | $130,233 | Lives on Platform (in thousands) and Average PMPM Fees | Metric | As of/For Q1 2022 | As of/For Q1 2021 | | :--- | :--- | :--- | | **Evolent Health Services** | | | | Lives on Platform | 2,079 | 1,982 | | Average PMPM Fee | $19.17 | $14.60 | | **Clinical Solutions** | | | | Performance Suite Lives | 1,495 | 1,405 | | Performance Suite PMPM | $38.07 | $26.32 | | Tech & Services Suite Lives | 16,721 | 8,246 | | Tech & Services Suite PMPM | $0.38 | $0.43 | - Cost of revenue increased by **$61.9 million (39.2%)**, primarily due to **$38.6 million** in higher claims activity in the Clinical Solutions segment, **$8.3 million** in higher personnel costs, and **$9.6 million** from accelerated amortization of contract costs[257](index=257&type=chunk) - Selling, general, and administrative (SG&A) expenses increased by only **$0.3 million (0.6%)**, as higher personnel costs (**$8.3 million**) and stock compensation (**$1.4 million**) were largely offset by lower professional fees (**$7.4 million**) from the Repositioning Plan and shareholder advisory services[258](index=258&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$210.2 million** in cash, with management affirming sufficient liquidity for the next twelve months despite Q1 operating cash outflow - The company had **$210.2 million** of cash and cash equivalents as of March 31, 2022[273](index=273&type=chunk) - Net cash used in operating activities was **$57.4 million** for Q1 2022, primarily due to the net loss, timing of customer and vendor payments, and changes in working capital balances[272](index=272&type=chunk)[277](index=277&type=chunk) - Net cash provided by investing activities was **$16.8 million**, mainly from a **$23.0 million** payment related to the transfer of membership (Passport), partially offset by **$8.5 million** in capital expenditures[279](index=279&type=chunk) - Net cash used in financing activities was **$51.4 million**, largely due to a **$34.4 million** decrease in working capital balances for partner claims processing and **$16.2 million** for taxes withheld on vested equity awards[281](index=281&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk is minimal, primarily from fixed-rate convertible notes and immaterial foreign currency exposure to Indian Rupee operating expenses - The company's outstanding convertible notes of **$289.6 million** are fixed-rate instruments, thus not subject to fluctuations in interest rates[293](index=293&type=chunk) - Foreign currency risk is related to operating expenses denominated in Indian Rupee, but the impact is currently minimal, with a recognized loss of **$0.1 million** for the quarter[294](index=294&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of March 31, 2022, with no material changes to internal controls during the quarter - Management concluded that as of March 31, 2022, the company's disclosure controls and procedures were effective[296](index=296&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, internal controls[297](index=297&type=chunk) Part II [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company faces shareholder class action and derivative lawsuits concerning alleged misstatements and board negligence related to Passport Health Plan - A shareholder class action lawsuit filed in August 2019 alleges the company made false or misleading statements regarding its business with Passport, currently in the discovery phase after a partial motion to dismiss ruling[135](index=135&type=chunk) - A shareholder derivative action was filed in June 2021 against board members, alleging negligence in oversight of the company's relationship with Passport Health Plan, with a motion to dismiss currently being briefed[137](index=137&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from those disclosed in the 2021 Annual Report on Form 10-K - No material changes to risk factors were reported for the quarterly period ended March 31, 2022, from those disclosed in the 2021 Form 10-K[302](index=302&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including agreements and CEO/CFO certifications

| --- | --- | |---------------------------------------------------------------|-------| | | | | | | | | | | Evolent Health Fourth Quarter 2021 Results February 23, 2022 | | | | | | | | Safe Harbor Statement Certain statements made in this report and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, w ...

Financial Data and Key Metrics Changes - For Q4 2021, total revenue was $248.4 million, with revenue excluding divested assets at $245.9 million, reflecting a 39.7% year-over-year growth rate [7][33] - Full year 2021 total revenue reached $908 million, with revenue excluding divested assets at $890.6 million, indicating a growth of 36.7% [9] - Adjusted EBITDA for Q4 was $24.3 million, exceeding the outlook range of $14 million to $18 million [7][33] - Full year adjusted EBITDA totaled $66.3 million, representing a growth of 36.5% year-over-year [9][32] Business Line Data and Key Metrics Changes - Clinical Solutions segment revenue for Q4 increased 9.9% to $161.1 million, with adjusted EBITDA rising to $29.5 million from $8.6 million in the prior year [34] - Evolent Health Services segment revenue decreased 12.7% to $87.2 million, but grew 26.5% excluding divested assets [36] - Membership in the Performance suite for Clinical Solutions was 1.5 million, while Technology and Services suite membership grew to 16.9 million [35] Market Data and Key Metrics Changes - As of December 31, 2021, Evolent's services covered 20 million lives, representing approximately 6% of the U.S. population [8] - The company expects to add over 500,000 members to the Performance suite through migrations with Molina Healthcare [56] Company Strategy and Development Direction - Evolent's strategic focus includes strong organic growth, expanding margins, and optimal capital deployment [6][12] - The company plans to continue investing in R&D, strategic M&A, and innovative partnerships to enhance market leadership [19][25] - Evolent aims for total revenue growth between 23% and 30% in 2022, with adjusted EBITDA projected between $80 million and $90 million [10][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macro environment for value-based care, citing strong demand for solutions from both public and private sectors [29] - The company anticipates strong visibility for 2022 revenue, with the majority already under contract [40] - Management highlighted the importance of proving value to partners to facilitate growth opportunities [44][48] Other Important Information - The acquisition of Vital Decisions is expected to enhance capabilities in managing end-of-life care costs, particularly in oncology and cardiology [22][23] - Evolent ended 2021 with $215.6 million in available cash and a net leverage of 1.1x trailing 12-month adjusted EBITDA [32][39] Q&A Session Summary Question: Can you talk about the up-sell to Molina as a case study? - Management discussed two growth vectors: converting existing Technology and Services suite clients to the Performance suite and expanding into new geographies [44] Question: What are the roadblocks to moving to the Performance suite? - Management noted the need to prove value and the dynamics within the organization as potential roadblocks [45][48] Question: Do you expect a larger percentage of revenue from Performance-based fees in 2022? - Management confirmed an expected increase in revenue from Performance suite contracts [49] Question: What inflections in demand are seen in the pipeline? - Management noted strong demand across all three solutions, particularly in high-cost specialties like cardiology and oncology [52] Question: Can you provide more color on new partnerships and expected PMPM? - Management provided revenue expectations for new partnerships, including Blue Cross and Bright Health, with varying PMPMs [55][56] Question: What is the status of the Cook County RFP? - Management expects a decision on the Cook County RFP in late Q1 [58] Question: Can you elaborate on the North Carolina primary care arrangement? - Management confirmed a capitation model with risk included, indicating confidence in the margin profile [73] Question: How does Evolent guard against challenges in Medicare Advantage margins? - Management stated that their model is capital-light and has not seen spikes in claims costs [76]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 10-K _________________________ (Mark One) S ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | --- | --- | --- | |------------------|-------------------------------------------------- ...

Evolent Health, Inc. (NYSE:EVH) Q3 2021 Earnings Conference Call November 3, 2021 5:30 PM ET Company Participants Seth Blackley - Chief Executive Officer John Johnson - Chief Financial Officer Conference Call Participants Ryan Daniels - William Blair Sean Wieland - Piper Sandler Charles Rhyee - Cowen Inc. David Larsen - BTIG, LLC Operator Welcome to Evolent Health Earnings Conference Call for the Quarter Ended September 30, 2021. As a reminder, this conference call is being recorded. Your host for the call ...