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 for the year was $1,949.0 million, up 52% from $1,284.1 million[8] - For the fourth quarter of 2024, total revenue was $665.2 million, an 88% increase from $353.0 million in Q4 2023[8] - The company expects total revenue for 2025 to range between $2,500 million and $2,700 million[15] Profitability Metrics - Adjusted EBITDA for the year was $170.4 million, an increase of 16% from $146.6 million[8] - Net income for the year ended December 31, 2024, was $49,932, compared to $57,849 in 2023, indicating a decrease of 13.6%[29] - Adjusted EBITDA for the year ended December 31, 2024, was $170,370, up 16.1% from $146,587 in 2023[31] - The Adjusted EBITDA margin for the year ended December 31, 2024, was 8%, down from 11% in 2023[31] - 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 for 2025[36] Expenses and Liabilities - The operating expenses for the year ended December 31, 2024, totaled $1,945,190, up from $1,302,048 in 2023, an increase of 49.4%[29] - Total liabilities rose to $842,290 as of December 31, 2024, compared to $522,593 in 2023, marking an increase of 60.1%[27] - 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] - Depreciation and amortization is expected to remain constant at $32,500,000[36] Assets and Equity - Total assets increased to $1,356,458 as of December 31, 2024, from $933,361 in 2023, reflecting a growth of 45.2%[27] - The company’s total stockholders' equity increased to $712,720 as of December 31, 2024, from $614,218 in 2023, a rise of 16.0%[27] - Cash and cash equivalents decreased slightly to $288,455 as of December 31, 2024, from $293,807 in 2023[26] - The company reported a significant increase in receivables, net, which rose to $226,739 in 2024 from $76,780 in 2023, a growth of 195.5%[26] Strategic Initiatives - Astrana began a Care Enablement partnership with Provider HealthLink, aiming to support approximately 10,000 Medicare Advantage members[13] - The company amended its credit agreement, securing a five-year revolving credit facility of $300 million and a term loan A credit facility of $250 million[13] - Eight affiliates of Astrana were recognized with Elite 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 between GAAP and non-GAAP measures is provided for comparative purposes[38]
Astrana Health(ASTH) - 2024 Q4 - Annual Results