Astrana Health(US:ASTH)2025-11-10 21:28Revenue and Income - Total revenue for the three months ended September 30, 2025, was $956,048,000, a 100.0% increase from $478,710,000 in the same period of 2024[30] - Capitation revenue for the nine months ended September 30, 2025, reached $2,061,451,000, up 66.4% from $1,239,885,000 in 2024[30] - For the three months ended September 30, 2025, net income attributable to Astrana Health, Inc. was $373,000, a decrease of 97.7% compared to $16,094,000 for the same period in 2024[32] - For the nine months ended September 30, 2025, net income was $17,514,000, a decrease of 65.3% compared to $50,100,000 for the same period in 2024[32] - Earnings per share (EPS) – basic for the three months ended September 30, 2025, was $0.01, down from $0.34 in the same period of 2024, reflecting a decline of 97.1%[32] - For the nine months ended September 30, 2025, the basic earnings per share was $0.34, down from $1.05 in 2024, and diluted earnings per share was $0.33 compared to $1.04 in 2024[166] Expenses and Liabilities - Operating income for the three months ended September 30, 2025, was $19,210,000, a decrease of 32.5% compared to $28,425,000 in the same period of 2024[30] - Total liabilities as of September 30, 2025, amounted to $1,682,462,000, representing a 99.9% increase from $840,726,000 as of December 31, 2024[25] - General and administrative expenses for the nine months ended September 30, 2025, were $157,009,000, a 39.6% increase from $112,478,000 in the same period of 2024[30] - Total expenses of $936,838 thousand for the three months ended September 30, 2025, compared to $450,285 thousand in the same period of 2024, an increase of 108%[186] Assets and Cash Flow - Total assets as of September 30, 2025, were $2,237,186,000, an increase of 64.9% from $1,354,894,000 as of December 31, 2024[23] - Cash and cash equivalents increased to $462,227,000 as of September 30, 2025, compared to $288,455,000 as of December 31, 2024, reflecting a growth of 60.2%[23] - Net cash provided by operating activities increased to $117,483,000 from $63,146,000 year-over-year[48] - Cash paid for income taxes decreased significantly to $4,728,000 from $38,270,000 in the previous year[50] Acquisitions and Investments - The company completed the acquisition of certain businesses and assets of Prospect Medical Holdings, Inc., which is expected to enhance future growth opportunities[19] - The Company acquired Prospect Medical Holdings, Inc. for a purchase price of $674.9 million, financed by a $707.3 million loan[87] - The Company recorded acquisition-related costs of $10.3 million and $20.4 million for the three and nine months ended September 30, 2025, respectively[87] - For the period from acquisition dates through September 30, 2025, the total revenue from acquisitions was $308.0 million, and net income was $13.1 million[102] Debt and Financing - Borrowings on long-term debt increased significantly to $1,119,300,000 from $171,875,000 year-over-year[48] - The Company has future debt commitments totaling $1,064,209,000, with the largest portion due in 2029 amounting to $89,746,000[118] - The Company entered into a Second Amended and Restated Credit Agreement on February 26, 2025, which includes a $300 million revolving credit facility and a $250 million term loan[119] - As of September 30, 2025, the Company had outstanding borrowings of $122 million under the Revolver Loan and $942.2 million under Term Loans, with an interest rate of 5.91%[121] Stock and Equity - The company reported a total stockholders' equity of $775,543,000 as of September 30, 2025, an increase of 8.8% from $712,720,000 as of December 31, 2024[27] - The Company repurchased 300,000 shares of its common stock for approximately $10.6 million during the nine months ended September 30, 2025[132] - The Company issued common stock for contingent consideration payment amounting to $2,600,000[50] Tax and Regulatory - The provision for income taxes for the three months ended September 30, 2025, was $4,594,000, a decrease of 41.5% from $7,831,000 in the same period of 2024[32] - The Company's effective income tax rate for the nine months ended September 30, 2025, was 45.4%, up from 30.2% in 2024[158] Other Financial Metrics - Interest expense for the three months ended September 30, 2025, was $(17,718,000), an increase of 99.7% compared to $(8,856,000) for the same period in 2024[32] - The average effective interest rate on the Company's total debt was 6.33% for the nine months ended September 30, 2025, down from 7.08% in the same period of 2024[128] - The Company recognized amortization expense of $14.2 million for the three months ended September 30, 2025, compared to $6.7 million for the same period in 2024[106]