agilon health(AGL) - 2024 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 2024 increased by 52% to $1.6 billion compared to $1.05 billion in Q1 2023[3] - Total revenues for Q1 2024 reached $1,604,354, a 52.2% increase from $1,054,312 in Q1 2023[23] - Medical services revenue was $1,601,195, up from $1,053,119, reflecting a growth of 52.1% year-over-year[23] - For FY 2024, total revenue guidance is set between $6.125 billion and $6.175 billion[10] - Q2 2024 revenue is projected to be between $1.55 billion and $1.57 billion[11] Membership Growth - Medicare Advantage membership rose by 43% to 523,000, with total members on the agilon platform growing to 654,000[3] - New partnerships announced with five physician groups are expected to add over 60,000 Medicare Advantage members[8] Financial Metrics - Adjusted EBITDA for Q1 2024 was $29 million, a 21% increase from $24 million in Q1 2023[4] - Adjusted EBITDA for the three months ended March 31, 2024, was $29,054,000, an increase from $24,038,000 in the same period of 2023, reflecting a growth of approximately 41.5%[30] - The company emphasizes that Medical Margin and Adjusted EBITDA are key metrics for evaluating ongoing operating performance and financial health[32] Medical Margin - Medical margin for Q1 2024 was $157 million, slightly up from $156 million in Q1 2023[4] - The medical margin for Q1 2024 was $157,353,000, up from $155,547,000 in Q1 2023, reflecting a growth of 1.2%[29] - Medical margin for the three months ended March 31, 2024, was $157,353,000, up from $41,368,000 in the same period of 2023, showing a strong improvement in profitability[31] - The company expects Medical Margin to increase in absolute dollars as its platform matures, although PMPM may vary with new member additions[32] Expenses and Losses - Total expenses for Q1 2024 were $1,611,532, an increase from $1,053,895 in Q1 2023, representing a 52.5% rise[23] - The company reported a net loss of $6,064 for Q1 2024, compared to a net income of $16,022 in Q1 2023[23] - For the three months ended March 31, 2024, the company reported a net loss of $6,034,000 compared to a net income of $15,959,000 for the same period in 2023[30] Cash and Liabilities - Cash, cash equivalents, and marketable securities totaled $426 million as of March 31, 2024[9] - Cash and cash equivalents at the end of Q1 2024 were $118,550, up from $404,394 at the end of Q1 2023[25] - Current liabilities increased to $1,526,648 in Q1 2024 from $977,156 in Q4 2023, a rise of 56.2%[19] - Medical claims and related payables rose to $1,266,651 in Q1 2024, compared to $737,724 in Q4 2023, marking a 72% increase[19] Stock-Based Compensation - The company incurred $16,909 in stock-based compensation expense in Q1 2024, up from $13,585 in Q1 2023[28] - Stock-based compensation expense increased to $16,909,000 for the three months ended March 31, 2024, from $13,585,000 in the same period of 2023[30] Depreciation and Interest - The company incurred $5,844,000 in depreciation and amortization for the three months ended March 31, 2024, compared to $2,954,000 in the same period of 2023[30] - Interest expense for the three months ended March 31, 2024, was $1,284,000, a decrease from $1,493,000 in the same period of 2023[30] Data Integration - Agilon health expects to onboard over 75% of member data into its financial data pipeline during Q2 2024[7]