Apollo Medical(AMEH) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for the year ended December 31, 2024, was $2,034.5 million, representing a 47% increase from $1,386.7 million in 2023[8] - Care Partners revenue reached $1,949.0 million, up 52% from $1,284.1 million year-over-year[8] - For the fourth quarter of 2024, total revenue was $665.2 million, an 88% increase from $353.0 million in the same quarter of 2023[8] - Capitation revenue for the year ended December 31, 2024, was $1,856,785, a 52.6% increase from $1,215,614 in 2023[29] - Total revenue for the year ended December 31, 2024, was $2,034,540, representing a 46.7% increase from $1,386,661 in 2023[29] Financial Performance - Adjusted EBITDA for the year was $170.4 million, a 16% increase from $146.6 million in 2023[8] - Adjusted EBITDA for the year ended December 31, 2024, was $170,370, up 16.2% from $146,587 in 2023[31] - The company reported an Adjusted EBITDA margin of 8% for the year ended December 31, 2024, down from 11% in 2023[31] - The company’s total stockholders' equity increased to $712,720 in 2024 from $614,218 in 2023, reflecting a growth of 16.0%[27] Net Income and Loss - The company reported a net loss of $7.0 million for Q4 2024, compared to a net income of $12.4 million in Q4 2023[8] - Net loss attributable to Astrana Health, Inc. for the three months ended December 31, 2024, was $6,951, compared to a net income of $12,356 in the same period of 2023[29] Guidance for 2025 - Astrana's 2025 guidance projects total revenue between $2,500 million and $2,700 million[15] - Adjusted EBITDA guidance for 2025 is estimated to be between $170 million and $190 million[15] - 2025 guidance range for net income is projected between $62,500,000 and $73,500,000[36] - EBITDA is expected to range from $145,000,000 to $165,000,000 in 2025[36] - Adjusted EBITDA is forecasted to be between $170,000,000 and $190,000,000[36] - Interest expense is estimated to be between $16,000,000 and $19,000,000[36] - Provision for income taxes is projected to be between $34,000,000 and $40,000,000[36] - Stock-based compensation is expected to remain at $21,000,000[36] Assets and Liabilities - Total assets increased to $1,356,458 as of December 31, 2024, from $933,361 in 2023, marking a 45.2% growth[27] - Total liabilities rose to $842,290 in 2024, compared to $522,593 in 2023, reflecting a 60.1% increase[27] - Cash and cash equivalents decreased slightly to $288,455 in 2024 from $293,807 in 2023[26] Operational Initiatives - In late 2024, Astrana initiated a Care Enablement partnership with Provider HealthLink to support approximately 10,000 Medicare Advantage members[13] - Eight affiliates of Astrana were recognized with Elite five-star status in the 2024 Standards of Excellence survey by America's Physician Groups[13] Non-GAAP Measures - Adjusted EBITDA margin is defined as Adjusted EBITDA over total revenue[37] - Non-GAAP measures like Adjusted EBITDA are used for evaluating operational performance and financial decision-making[38] - The company emphasizes the importance of non-GAAP measures for a meaningful understanding of ongoing operating performance[38] - The reconciliation of GAAP and non-GAAP measures is provided for comparative purposes[38]