agilon health(AGL) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for Q1 2025 were $1.53 billion, a decrease of 4$1.60 billion in Q1 2024[5] - Gross profit for Q1 2025 was $51 million, a 32$75 million in Q1 2024[6] - Net income for Q1 2025 was $12 million, compared to a net loss of$6 million in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $21 million, a decrease of 29$29 million in Q1 2024[6] - Total revenues for Q1 2025 were $1,532,782, a decrease of 4.5$1,604,354 in Q1 2024[20] - Medical services revenue was $1,529,879, down from$1,601,195, reflecting a decline of 4.4% year-over-year[20] - Gross profit for Q1 2025 was $50,722, a decrease of 32.5$75,088 in Q1 2024[24] - Net income for Q1 2025 was $12,112, compared to a net loss of$6,034 in Q1 2024[20] - Adjusted EBITDA for Q1 2025 was $20,567, down from$29,054 in Q1 2024, representing a decline of 29.2%[30] Membership and Membership Trends - Medicare Advantage membership stood at 491,000, down 6% from 523,000 in the previous year[6] - Total members on the agilon platform decreased to 605,000, reflecting a 7% decline year-over-year[6] Guidance and Projections - The company reaffirmed its full-year 2025 earnings guidance, projecting total revenues between $5.85 billion and$6.025 billion[9] - For Q2 2025, total revenue guidance is set between $1.435 billion and$1.505 billion[9] Balance Sheet and Assets - The balance sheet as of March 31, 2025, included cash and marketable securities of $369 million and total debt of$35 million[8] - Total current assets increased to $1,650,722 in Q1 2025 from$1,457,774 in Q4 2024, marking an increase of 13.3%[18] - Total liabilities rose to $1,432,607 in Q1 2025 from$1,263,031 in Q4 2024, an increase of 13.4%[18] - Cash and cash equivalents at the end of Q1 2025 were $138,623, down from$188,231 at the end of Q4 2024, a decrease of 26.4%[18] Medical Margin and Expenses - Medical margin was $128 million, down 19$157 million in the same quarter last year[6] - Medical margin for Q1 2025 was $128,012, down from$157,353 in Q1 2024, a decline of 18.6%[29] - General and administrative expenses decreased to $65,956 in Q1 2025 from$76,422 in Q1 2024, a reduction of 13.6%[25] Definitions and Comparisons - Adjusted EBITDA is defined as net income adjusted to exclude various items, including interest expense and stock-based compensation[37] - Medical Margin is the most directly comparable GAAP measure to Gross Profit, while Adjusted EBITDA relates to Net Income[38] - Medical Margin and Adjusted EBITDA are used to identify underlying trends and evaluate operating performance over multiple periods[39]