agilon health(AGL) - 2024 Q4 - Annual Results

Revenue Growth - Revenue increased 44% to $1.52 billion in Q4 2024 compared to $1.06 billion in Q4 2023[1] - Total revenue for fiscal year 2024 reached $6.06 billion, a 40% increase from $4.32 billion in 2023[3] - Total revenues for the year ended December 31, 2024, increased to $6,060.5 million, up 40.5% from $4,316.4 million in 2023[21] - Medical services revenue for the fourth quarter of 2024 was $1,519.2 million, compared to $1,053.5 million in the same period of 2023, representing a 43.9% increase[21] Membership Growth - Medicare Advantage membership grew 36% year-over-year to 527,000 members as of December 31, 2024[3] - Full year 2025 guidance anticipates adding approximately 20,000 Medicare Advantage members[1] Financial Performance - Net loss for Q4 2024 was $106 million, a 54% improvement from a net loss of $230 million in Q4 2023[4] - The net loss for the year ended December 31, 2024, was $260.1 million, slightly improved from a net loss of $262.8 million in 2023[23] - The company reported a net loss of $(105,790) thousand for the three months ended December 31, 2024, compared to a net loss of $(230,484) thousand in 2023[31] Cost and Expenses - Total expenses for the year ended December 31, 2024, were $6,352.7 million, a 39.6% increase from $4,548.5 million in 2023[21] - Medical claims and related payables increased to $931.7 million in 2024, compared to $737.7 million in 2023, reflecting a 26.3% rise[21] - General and administrative expenses for the year ended December 31, 2024, totaled $268.9 million, down from $285.8 million in 2023[26] - The company incurred $3.6 million in impairments for the year ended December 31, 2024, compared to no impairments in 2023[23] - Other medical expenses for the twelve months ended December 31, 2024 totaled $213,159 thousand, down from $238,034 thousand in 2023[30] EBITDA and Margins - Adjusted EBITDA loss narrowed to $84 million in Q4 2024 from a loss of $137 million in Q4 2023[4] - Adjusted EBITDA for the twelve months ended December 31, 2024 was $(154,215) thousand, a decrease from $(95,001) thousand in 2023[31] - The medical margin for the three months ended December 31, 2024 was $566 thousand, compared to $(101,853) thousand in the same period of 2023[30] - The company expects Medical Margin to increase in absolute dollars as its platform matures, despite potential fluctuations in Medical Margin per member per month (PMPM)[38] Cash and Debt - Cash and cash equivalents totaled $406 million as of December 31, 2024, with total debt of $35 million[8] - Cash and cash equivalents at the end of 2024 were $193.9 million, up from $114.3 million at the end of 2023[23] Other Financial Metrics - Adjusted EBITDA contribution from ACO model entities expected to be approximately $35-$40 million for fiscal year 2025[10] - The company reported a gross profit of $(38.3) million for the fourth quarter of 2024, compared to $(94.9) million in the same quarter of 2023[25] - For the three months ended December 31, 2024, the company reported a gross profit of $(38,255) thousand, compared to $(94,868) thousand for the same period in 2023[30] - The company incurred interest expense of $6,177 thousand for the twelve months ended December 31, 2024, slightly down from $6,658 thousand in 2023[31] - The weighted average shares outstanding for the year ended December 31, 2024, were 410,966, compared to 408,917 in 2023[21] Non-GAAP Measures - The company emphasizes that Medical Margin and Adjusted EBITDA are non-GAAP financial measures that provide insight into underlying business trends and operational performance[41]