Alignment Healthcare(ALHC) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $701.2 million, up 50.7% year-over-year, while full-year revenue was $2,703.6 million, up 48.3% year-over-year[8] - Adjusted EBITDA for Q4 2024 was $1.4 million, with a net loss of $(31.1) million, compared to a net loss of $(47.2) million in Q4 2023[8] - Adjusted gross profit for Q4 2024 was $87.9 million, compared to $49.2 million in Q4 2023[8] - Total revenues for 2024 reached $2,703,561, a 48.3% increase from $1,823,630 in 2023[17] - Earned premiums increased to $2,671,931 in 2024, up 48.3% from $1,800,933 in 2023[17] - Total expenses for 2024 were $2,805,116, a 43.8% increase compared to $1,951,447 in 2023[17] - Net loss for 2024 was $128,071, an improvement from a net loss of $148,173 in 2023[19] - Net loss per share attributable to Alignment Healthcare, Inc. improved to $(0.67) in 2024 from $(0.79) in 2023[17] Membership Growth - Health plan membership reached 189,100 as of December 31, 2024, representing a 58.6% increase year-over-year[7] - The midpoint of 2025 health plan membership guidance was raised by 2,000 due to strong open enrollment momentum[7] Cash and Assets - Cash and cash equivalents increased to $432.9 million as of December 31, 2024, up from $202.9 million in 2023[16] - Cash and cash equivalents at the end of 2024 were $432,859, compared to $204,954 at the end of 2023[20] - Total assets grew to $782.1 million as of December 31, 2024, compared to $591.9 million in 2023[16] Debt and Financial Position - Long-term debt increased to $321.4 million as of December 31, 2024, up from $161.8 million in 2023[16] - Net cash provided by operating activities was $34,770 in 2024, a recovery from a cash used of $(59,187) in 2023[20] Future Guidance - The company introduced 2025 revenue guidance of $3.72 billion to $3.78 billion, indicating a year-over-year growth of 37.6% to 39.6%[7] Operational Metrics - Medical benefits ratio based on adjusted gross profit was 87.5% for Q4 2024, compared to 88.8% for the full year 2024[8] - Adjusted EBITDA is used by management to assess operating performance, although specific figures were not disclosed in the provided content[23] - Medical Benefits Ratio (MBR) is calculated by dividing total medical expenses by total revenues, although specific MBR figures were not provided[25] Strategic Initiatives - The company plans to continue evaluating acquisition opportunities as part of its business strategy[22]