Evolent Announces Fourth Quarter and Full Year 2024 Results

Core Insights - Evolent Health, Inc. reported financial results for Q4 and the full year 2024, achieving revenue growth of 16.3% for the quarter and 30.1% for the year compared to 2023 [3][5] - The company maintained a 100% retention rate among its top customers, which account for over 90% of its 2024 revenue [2][3] - Adjusted EBITDA for Q4 was $22.6 million, with an adjusted EBITDA margin of 3.5%, while for the full year, adjusted EBITDA was $160.5 million with a margin of 6.3% [3][6] Financial Performance - Revenue for Q4 2024 was $646.5 million, and for the full year, it was $2.5547 billion [3][5] - The net loss attributable to common shareholders for Q4 was $30.6 million, resulting in a net loss margin of (4.7)%, while the full year net loss was $93.5 million with a margin of (3.7)% [3][5] - Adjusted income (loss) attributable to common shareholders for Q4 was $(2.5) million, and for the full year, it was $47.4 million [6][31] Business Outlook - For Q1 2025, the company expects revenue between $440 million and $470 million, and adjusted EBITDA between $31 million and $37 million [10] - For the full year 2025, revenue is projected to be approximately $2.06 billion to $2.11 billion, indicating a 15%-18% annual growth rate after adjusting for one-time contract changes [11] - The company anticipates an annual improvement of $115 million in net income and adjusted EBITDA due to recent contract amendments [3][11] Operational Metrics - Average lives on the Performance Suite platform increased to 7,145, while the Specialty Technology and Services Suite saw an increase to 75,161 [3][5] - The average PMPM fee for the Performance Suite was $21.32, and for the Specialty Technology and Services Suite, it was $0.37 [3][5] - The company added a primary care practice in the mid-Atlantic region to its Complex Care business, expanding its service offerings [8]