Apollo Medical(AMEH) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $486.3 million, a 40% increase from $348.2 million in Q2 2023[3] - Care Partners revenue reached $463.3 million, up 44% from $321.8 million year-over-year[3] - Net income attributable to Astrana was $19.2 million, reflecting a 46% increase from $13.2 million in the same quarter last year[3] - Adjusted EBITDA for Q2 2024 was $47.9 million, a 34% increase from $35.8 million in Q2 2023[3] - Total revenue for the three months ended June 30, 2024, was $486,265, an increase of 39.7% compared to $348,209 for the same period in 2023[26] - Net income for the three months ended June 30, 2024, was $21,866, representing a 25.7% increase from $17,482 in the same period of 2023[26] - Adjusted EBITDA for the six months ended June 30, 2024, was $90,162,000, a significant increase from $65,599,000 in 2023, reflecting a growth of 37.5%[28] - The company provided guidance for 2024 with a net income range of $62,500,000 to $75,500,000, and an EBITDA range of $137,000,000 to $157,000,000[30] Guidance and Projections - For 2024, the company updated its revenue guidance to a range of $1.75 billion to $1.85 billion[10] - Net income guidance for 2024 is set between $54 million and $66 million, with diluted EPS guidance of $1.12 to $1.36[10] - Adjusted EBITDA guidance for 2024 is projected between $165 million and $185 million[10] Assets and Liabilities - Total current assets increased to $570,349 as of June 30, 2024, up from $461,507 as of December 31, 2023, reflecting a growth of 23.6%[21] - Total assets reached $1,252,471 as of June 30, 2024, compared to $933,361 as of December 31, 2023, marking a significant increase of 34.2%[24] - Total liabilities increased to $773,775 as of June 30, 2024, from $522,593 as of December 31, 2023, indicating a rise of 47.9%[24] - Cash and cash equivalents rose to $325,310 as of June 30, 2024, compared to $293,807 as of December 31, 2023, an increase of 10.7%[21] - Total non-current assets increased to $682,122 as of June 30, 2024, from $471,854 as of December 31, 2023, a growth of 44.5%[21] - The company’s total stockholders' equity increased to $683,008 as of June 30, 2024, from $616,651 as of December 31, 2023, reflecting an increase of 10.7%[24] Operational Developments - The company entered Arizona, partnering with a primary care group serving approximately 50,000 patients, expected to onboard by the end of 2024[4] - Astrana announced a partnership with Anthem Blue Cross to improve access to healthcare through new primary care clinics[5] - The acquisition of Collaborative Health Systems is anticipated to close in Q4 2024, expanding care delivery capabilities for over 100,000 beneficiaries[6] Other Financial Metrics - Earnings per share (diluted) for the three months ended June 30, 2024, was $0.40, compared to $0.28 for the same period in 2023, representing a growth of 42.9%[26] - The company reported a capitation revenue of $442,574 for the three months ended June 30, 2024, up from $300,549 in the same period of 2023, reflecting a growth of 47.1%[26] - Interest expense increased to $8,587,000 for the three months ended June 30, 2024, compared to $3,632,000 in the same period last year, marking a rise of 136.5%[28] - Provision for income taxes decreased to $10,031,000 for the three months ended June 30, 2024, down from $14,009,000 in 2023, a decline of 28.4%[28] - Stock-based compensation for the three months ended June 30, 2024, was $7,390,000, an increase of 75.1% from $4,213,000 in the prior year[28] - Other net for the three months ended June 30, 2024, was $(2,983,000), compared to $(1,618,000) in the same period of 2023, indicating increased non-cash changes[28] - The company emphasizes the use of non-GAAP financial measures like Adjusted EBITDA to provide a clearer picture of operational performance[31]