Astrana Health(ASTH) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 was $478.7 million, a 37% increase from $348.2 million in Q3 2023[3] - Care Partners revenue reached $455.8 million, up 42% from $320.9 million year-over-year[3] - Net income attributable to Astrana decreased by 27% to $16.1 million from $22.1 million in the same quarter last year[3] - Adjusted EBITDA for Q3 2024 was $45.2 million, down 13% from $52.0 million in Q3 2023[3] - Total revenue for the three months ended September 30, 2024, was $478,710,000, a 37.5% increase from $348,173,000 in the same period of 2023[20] - Net income for the three months ended September 30, 2024, was $18,981,000, compared to $27,973,000 in the same period of 2023, reflecting a decrease of 32.1%[20] - Adjusted EBITDA for the three months ended September 30, 2024, was $45,170,000, down 13% from $51,974,000 in the same period last year[22] - Adjusted EBITDA margin decreased to 9% for the three months ended September 30, 2024, compared to 15% for the same period in 2023[22] Revenue Guidance - 2024 revenue guidance is raised to a range of $1,950 million to $2,030 million[8] - Net income guidance for 2024 is set between $52 million and $58 million[8] - Adjusted EBITDA guidance for 2024 is projected between $165 million and $175 million[8] - Diluted EPS guidance for 2024 is expected to be between $1.06 and $1.19[8] - The company provided guidance for 2024 with a net income range of $59,340,000 to $66,240,000[25] - The guidance for Adjusted EBITDA in 2024 is projected to be between $165,000,000 and $175,000,000[25] Assets and Liabilities - Total current assets increased to $596,990,000 in 2024 from $461,507,000 in 2023, representing a growth of 29.3%[17] - Total assets rose to $1,285,376,000 in 2024, up from $933,361,000 in 2023, marking an increase of 37.7%[19] - Total liabilities increased to $778,269,000 in 2024 from $522,593,000 in 2023, an increase of 48.8%[19] - Cash and cash equivalents grew to $347,994,000 in 2024, up from $293,807,000 in 2023, a rise of 18.4%[17] - The company’s total non-current assets increased to $688,386,000 in 2024 from $471,854,000 in 2023, a growth of 45.8%[17] - The company’s retained earnings increased to $293,234,000 in 2024 from $243,134,000 in 2023, reflecting a growth of 20.6%[19] Other Financial Metrics - The company reported a capitation revenue of $431,401,000 for the three months ended September 30, 2024, compared to $305,678,000 in 2023, an increase of 41.1%[20] - Earnings per share (diluted) for the three months ended September 30, 2024, was $0.33, down from $0.47 in the same period of 2023[20] - Interest expense increased significantly to $8,856,000 for the three months ended September 30, 2024, compared to $3,779,000 for the same period in 2023[22] - Provision for income taxes was $7,831,000 for the three months ended September 30, 2024, down from $10,042,000 in the same period last year[22] - Stock-based compensation increased to $6,163,000 for the three months ended September 30, 2024, compared to $5,706,000 for the same period in 2023[22] - The company reported a loss from equity method investments of $(1,353,000) for the three months ended September 30, 2024, compared to a gain of $2,016,000 in the same period last year[22] Acquisitions - The company closed the acquisition of Collaborative Health Systems, LLC and other entities for $37.5 million, with potential earnout payments of up to $21.5 million[4]