Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 7, 2023

APOLLO MEDICAL HOLDINGS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-37392	95-4472349
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

1668 S. Garfield Avenue, 2nd Floor, Alhambra, California 91801

(Address of Principal Executive Offices) (Zip Code)

(626) 282-0288

Registrant’s Telephone Number, Including Area Code

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AMEH	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02

Results of Operations and Financial Condition.

On November 7, 2023, Apollo Medical Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2023. A copy of the press release and supplemental data is furnished with this Current Report on Form 8-K as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by this reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release of Apollo Medical Holdings, Inc. Regarding its Financial Results for the Three and Nine Months Ended September 30, 2023, dated November 7, 2023.
99.2		Supplemental Data of Apollo Medical Holdings, Inc., dated November 7, 2023.
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	APOLLO MEDICAL HOLDINGS, INC.

Date: November 7, 2023	By:	/s/ Thomas S. Lam
	Name:	Thomas S. Lam, M.D., M.P.H.
	Title:	Co-Chief Executive Officer and President

Exhibit 99.1

Apollo Medical Holdings, Inc. Reports Third Quarter 2023 Results

Company to Host Conference Call on Tuesday, November 7, 2023, at 2:30 p.m. PT/5:30 p.m. ET

ALHAMBRA, Calif., November 7, 2023 /PRNewswire/ -- Apollo Medical Holdings, Inc. (“ApolloMed,” and together with its subsidiaries and affiliated entities, the “Company”) (NASDAQ: AMEH), a leading physician-centric, technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, today announced its consolidated financial results for the third quarter ended September 30, 2023.

“I’m pleased to report strong third quarter performance with total revenue up 10% and capitated revenue up 34% compared to a year ago. We delivered a 15% adjusted EBITDA margin, we narrowed our guidance range for the full year, and we ended the third quarter well-positioned to generate sustainable and profitable growth going forward,” said Brandon Sim, Co-Chief Executive Officer of ApolloMed.

“Today, we also announced our intent to acquire assets relating to Community Family Care Medical Group, which currently manages total cost of care for over 200,000 members, diversifying our membership mix and providing us a pathway to expand our value-based Care Partners business. Additionally, we announced two other provider group partnerships this quarter, which bring a combined membership of approximately 30,000, and our total number of provider group partnerships signed this year so far to five,” continued Mr. Sim.

Mr. Sim concluded, “During the third quarter, we continued to make strong progress against our key operational goals, successfully managing our value-based care population, and delivering high-quality care. Our platform’s momentum is accelerating as we work towards our mission of ensuring that everyone across the country has access to high-quality and high-value healthcare, and I am very excited about our opportunities ahead.”

Financial Highlights for Third Quarter Ended September 30, 2023:

All comparisons are to the quarter ended September 30, 2022 unless otherwise stated.

Total revenue of $348.2 million, up 10% from $317.0 million

Care Partners revenue of $326.5 million, up 11% from $293.6 million

Net income attributable to ApolloMed of $22.1 million, compared to $23.2 million

Earnings per share - diluted (“EPS - diluted”) of $0.47, compared to $0.50 per share

Adjusted EBITDA of $52.0 million, compared to $57.1 million

Financial Highlights for Nine Months Ended September 30, 2023:

All comparisons are to the nine months ended September 30, 2022 unless otherwise stated.

Total revenue of $1,033.6 million, up 22% from $850.0 million

Care Partners revenue of $966.4 million, up 24% from $782.2 million

Net income attributable to ApolloMed of $48.4 million, compared to $48.9 million

EPS-diluted of $1.03, compared to $1.06 per share

Adjusted EBITDA of $117.6 million, compared to $116.4 million

Recent Operating Highlights:

On November 3, 2023, the Company entered into a Third Amendment to the Amended and Restated Credit Agreement which provides a new term loan to the Company in an aggregate amount of up to $300.0 million. This increases the Company’s facility to $700.0 million with our existing $400.0 million revolver. Pursuant to the Third Amendment, among other changes, ApolloMed (i) increased the maximum levels of certain forms of permitted indebtedness, (ii) increased the maximum levels of certain forms of restricted payments, including the ability to pursue certain specified share repurchases (up to $300 million) subject to certain conditions and (iii) increased the maximum levels for certain permitted investments.

On November 6, 2023, the Company entered into a stock repurchase agreement with Allied Physicians of California, a Professional Medical Corporation (“APC”), to repurchase approximately $100.0 million of the Company’s common stock from APC. The Company intends to finance the share repurchase with borrowings under its Third Amendment to the Amended and Restated Credit Agreement.

On November 7, 2023, the Company announced that it and its affiliated professional entity have entered into an agreement to acquire assets relating to Community Family Care Medical Group IPA, Inc. (“CFC”), including the CFC independent physician association, the CFC Health Plan and CFC’s management services organization entities. CFC manages the healthcare of over 200,000 members in the Los Angeles, California area, serving patients across Medicare, Medicaid, and Commercial payers and has a Restricted Knox Keene (“RKK”) license for Medicaid members. The Company intends to finance the acquisition with cash on hand and borrowings under its Third Amendment to the Amended and Restated Credit Agreement. The CFC acquisition remains subject to customary closing conditions.

On November 7, 2023, the Company announced a partnership with Associated Hispanic Physicians, a group of over 150 primary care providers and over 450 specialists in Los Angeles with around 25,000 Medicaid, Medicare, and Commercial members in value-based care arrangements, in order to support their group with our Care Enablement offering. We expect Associated Hispanic Physicians’ providers will be onboarded onto our Care Enablement platform by March of 2024.

On November 7, 2023, the Company announced its expanded relationship with Advantage Health Network, a group of approximately 15 primary care providers and several hundred specialists in Los Angeles which supports around 4,500 Medicaid, Medicare, and Commercial members in value-based care arrangements. As part of the partnership, Advantage’s providers are slated to join our Care Partners business. We also acquired five primary care clinics in the Advantage Health Network, which will be integrated into our Care Delivery business.

On November 7, 2023, the Company announced its strategic partnership with Wider Circle, a peer-based community health organization working with payers and providers to connect neighbors for better health. Under this partnership, the two organizations will provide comprehensive patient-centered care and Enhanced Care Management for Medicaid members with complex needs, an integral component of the California Advancing and Innovating Medi-Cal, or CalAIM, initiative.

Segment Results for the Third Quarter Ended September 30, 2023:

	Three Months Ended September 30, 2023
($ in thousands)	Care Partners			Care Delivery			Care Enablement			Other			Intersegment Elimination			Corporate Costs			Consolidated Total
Total revenues	$	326,499		$	29,261		$	36,910		$	294		$	(44,791	)	$	—		$	348,173
% change vs. prior year quarter		11	%		18	%		22	%

Cost of services		279,769			25,647			13,658			76			(43,775	)		—			275,375
General and administrative⁽¹⁾		6,390			4,649			16,804			875			(2,086	)		7,083			33,715
Total expenses		286,159			30,296			30,462			951			(45,861	)		7,083			309,090

Income (loss) from operations	$	40,340		$	(1,035	)	$	6,448		$	(657	)	$	1,070	⁽²⁾	$	(7,083	)	$	39,083
% change vs. prior year quarter		(13	)%		(133	)%		27	%

⁽¹⁾ Balance includes general and administrative expenses and depreciation and amortization.

⁽²⁾ Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income which is not presented in the table.

Guidance:

ApolloMed is narrowing its full-year 2023 guidance. The net income and EBITDA guidance ranges below include the impact of the excluded assets held by APC, which are solely for the benefit of APC and its shareholders. Any gains or losses associated with these excluded assets do not have an impact on Adjusted EBITDA and earnings per share — diluted. These guidance ranges are based on the Company’s existing business, current view of existing market conditions, and assumptions for the year ending December 31, 2023.

($ in millions)	2023 Guidance Range				2023 Guidance Range
	(as of November 7, 2023)				(as of February 23, 2023)
	Low		High		Low		High
Total revenue	$	1,340.0	$	1,390.0	$	1,300.0	$	1,500.0
Net income	$	59.5	$	71.5	$	49.5	$	71.5
EBITDA	$	114.5	$	129.5	$	89.5	$	129.5
Adjusted EBITDA	$	135.0	$	150.0	$	120.0	$	160.0
EPS – diluted	$	1.10	$	1.20	$	0.95	$	1.20

See “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non-GAAP Financial Measures” below for additional information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements” below for additional information.

Conference Call and Webcast Information:

ApolloMed will host a conference call at 2:30 p.m. PT/5:30 p.m. ET today (Tuesday, November 7, 2023), during which management will discuss the results of the third quarter ended September 30, 2023. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:

U.S. & Canada (Toll-Free): +1 (866) 682-6100

International (Toll): +1 (862) 298-0702

The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=woZLVfk8.

An accompanying slide presentation will be available in PDF format on the “IR Calendar” page of the Company’s website (https://www.apollomed.net/investors/news-events/ir-calendar) after issuance of the earnings release and will be furnished as an exhibit to ApolloMed’s current report on Form 8-K to be filed with the SEC, accessible at www.sec.gov.

Those who are unable to attend the live conference call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call.

Note About Consolidated Entities

The Company consolidates entities in which it has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights, and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. Noncontrolling interests represent third party equity ownership interests in the Company’s consolidated entities (including certain VIEs). The amount of net income attributable to noncontrolling interests is disclosed in the Company’s consolidated statements of income.

Note About Stockholders’ Equity, Certain Treasury Stock and Earnings Per Share

As of the date of this press release, 41,048 holdback shares have not been issued to certain former shareholders of the Company’s subsidiary, Network Medical Management, Inc. (“NMM”), who were NMM shareholders at the time of closing of the merger, as they have yet to submit properly completed letters of transmittal to ApolloMed in order to receive their pro rata portion of ApolloMed’s common stock and warrants as contemplated under that certain Agreement and Plan of Merger, dated December 21, 2016, among ApolloMed, NMM, Apollo Acquisition Corp. (“Merger Subsidiary”) and Kenneth Sim, M.D., as amended, pursuant to which Merger Subsidiary merged with and into NMM, with NMM as the surviving corporation. Pending such receipt, such former NMM shareholders have the right to receive, without interest, their pro rata share of dividends or distributions with a record date after the effectiveness of the merger. The Company’s consolidated financial statements have treated such shares of common stock as outstanding, given the receipt of the letter of transmittal is considered perfunctory and ApolloMed is legally obligated to issue these shares in connection with the merger.

Shares of ApolloMed’s common stock owned by Allied Physicians of California, a Professional Medical Corporation d.b.a. Allied Pacific of California (“APC”), a VIE of the Company, are legally issued and outstanding but excluded from shares of common stock outstanding in the Company’s consolidated financial statements, as such shares are treated as treasury shares for accounting purposes. Such shares, therefore, are not included in the number of shares of common stock outstanding used to calculate the Company’s earnings per share.

About Apollo Medical Holdings, Inc.

ApolloMed is a leading physician-centric, technology-powered, risk-bearing healthcare company. Leveraging its proprietary end-to-end technology solutions, ApolloMed operates an integrated healthcare delivery platform that enables providers to successfully participate in value-based care arrangements, thus empowering them to deliver outcomes-based medical care to patients in a cost-effective manner.

Headquartered in Alhambra, California, ApolloMed’s subsidiaries and affiliates include management services organizations (MSOs), affiliated independent practice associations (IPAs), and entities participating in the Centers for Medicare & Medicaid Services Innovation Center (CMMI) innovation models. For more information, please visit www.apollomed.net.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s guidance for the year ending December 31, 2023, ability to meet operational goals, ability to meet expectations in deployment of care coordination and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability to deliver sustainable revenue and EBITDA growth as well as long-term value, ability to respond to the changing environment, and successful implementation of strategic growth plans, acquisition strategy, and merger integration efforts. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation, the risk factors discussed in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022, and any subsequent quarterly reports on Form 10-Q. Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Restatement

In connection with a review of the Company’s income tax filing structure, the Company identified unintentional errors in its accounting for the income tax effects of certain intercompany dividends and certain net operating losses, which resulted in an understatement of income tax expense in prior periods and also had an impact on purchase accounting (goodwill) as a portion of the net operating losses affected by the errors pertained to acquisitions in prior periods. As a result of the errors, the Company has restated the December 31, 2022 consolidated balance sheet and the consolidated statement of operations for each of the three and nine months ended September 30, 2022.

FOR MORE INFORMATION, PLEASE CONTACT:

Investor Relations
(626) 943-6491
investors@apollomed.net

Asher Dewhurst, ICR Westwicke

ApolloMedIR@westwicke.com

APOLLO MEDICAL HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

	September 30, 2023		December 31, 2022
		(Unaudited)		As restated
Assets

Current assets
Cash and cash equivalents	$	273,941	$	288,027
Investments in marketable securities		3,021		5,567
Receivables, net		95,892		49,631
Receivables, net – related parties		86,948		65,147
Other receivables		1,501		1,834
Prepaid expenses and other current assets		13,953		14,798
Loans receivable		973		996
Loan receivable – related party		—		2,125

Total current assets		476,229		428,125

Non-current assets
Land, property, and equipment, net		128,575		108,536
Intangible assets, net		74,209		76,861
Goodwill		275,528		269,053
Income taxes receivable, non-current		15,943		15,943
Loan receivable, non-current		25,040		—
Investments in other entities – equity method		44,428		40,299
Investments in privately held entities		2,896		896
Restricted cash, non-current		345		—
Operating lease right-of-use assets		21,482		20,444
Other assets		8,586		6,056

Total non-current assets		597,032		538,088

Total assets⁽¹⁾	$	1,073,261	$	966,213

Liabilities, mezzanine equity and equity

Current liabilities

Accounts payable and accrued expenses	$	53,136	$	49,562
Fiduciary accounts payable		6,257		8,065
Medical liabilities		97,519		81,255
Income taxes payable		30,112		4,279
Dividend payable		638		664
Finance lease liabilities		655		594
Operating lease liabilities		3,528		3,572

	September 30, 2023		December 31, 2022
Current portion of long-term debt		2,991		619
Other liabilities		8,121		—
Total current liabilities		202,957		148,610

Non-current liabilities
Deferred tax liability		12,145		14,217
Finance lease liabilities, net of current portion		1,195		1,275
Operating lease liabilities, net of current portion		21,006		19,915
Long-term debt, net of current portion and deferred financing costs		206,213		203,389
Other long-term liabilities		14,105		20,260

Total non-current liabilities		254,664		259,056

Total liabilities⁽¹⁾		457,621		407,666

Mezzanine equity
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation		17,931		14,237

Stockholders’ equity
Series A Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series B Preferred stock); 1,111,111 issued and zero outstanding		—		—
Series B Preferred stock, par value $0.001; 5,000,000 shares authorized (inclusive of Series A Preferred stock); 555,555 issued and zero outstanding		—		—
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 46,607,356 and 46,575,699 shares issued and outstanding, excluding 10,569,340 and 10,299,259 treasury shares, at September 30, 2023, and December 31, 2022, respectively		47		47
Additional paid-in capital		362,889		360,097
Retained earnings		230,778		182,417
Total stockholders’ equity		593,714		542,561

Non-controlling interest		3,995		1,749

Total equity		597,709		544,310

Total liabilities, mezzanine equity and equity	$	1,073,261	$	966,213

⁽¹⁾ The Company’s consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). The consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $554.0 million and $523.7 million as of September 30, 2023 and December 31, 2022, respectively, and total liabilities of the Company’s consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary of $142.4 million and $131.8 million as of September 30, 2023 and December 31, 2022, respectively. The VIE balances do not include $317.7 million of investment in affiliates and $16.3 million of amounts due to affiliates as of September 30, 2023 and $304.8 million of investment in affiliates and $30.3 million of amounts due from affiliates as of December 31, 2022 as these are eliminated upon consolidation and not presented within the consolidated balance sheets.

APOLLO MEDICAL HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

(UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
				(Restated)						(Restated)
Revenue
Capitation, net	$	305,678		$	227,571		$	906,430		$	677,253
Risk pool settlements and incentives		15,022			64,849			48,605			101,717
Management fee income		9,898			10,030			32,287			30,487
Fee-for-service, net		15,892			12,859			41,216			35,694
Other revenue		1,683			1,692			5,087			4,804

Total revenue		348,173			317,001			1,033,625			849,955

Operating expenses
Cost of services, excluding depreciation and amortization		275,375			240,768			857,648			691,566
General and administrative expenses		29,410			21,388			74,648			53,224
Depreciation and amortization		4,305			4,754			12,846			13,480

Total expenses		309,090			266,910			945,142			758,270

Income from operations		39,083			50,091			88,483			91,685

Other income (expense)
(Loss) income from equity method investments		(2,104	)		1,452			3,104			4,397
Interest expense		(3,779	)		(2,422	)		(10,680	)		(5,348	)
Interest income		3,281			223			9,617			690
Unrealized loss on investments		(342	)		(6,763	)		(5,875	)		(17,591	)
Other income (expense)		1,876			(1,318	)		4,265			2,328

Total other (expense) income, net		(1,068	)		(8,828	)		431			(15,524	)

Income before provision for income taxes		38,015			41,263			88,914			76,161

Provision for income taxes		10,042			17,366			30,971			29,537

Net income		27,973			23,897			57,943			46,624

Net income (loss) attributable to non-controlling interest		5,914			712			9,582			(2,275	)

Net income attributable to Apollo Medical Holdings, Inc.	$	22,059		$	23,185		$	48,361		$	48,899

Earnings per share – basic	$	0.47		$	0.52		$	1.04		$	1.09

Earnings per share – diluted	$	0.47		$	0.50		$	1.03		$	1.06

Weighted average shares used in computing earnings per share:
Basic		46,547,502			44,946,725			46,527,350			44,795,295
Diluted		46,920,607			46,152,536			46,881,567			45,993,001

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2023			2022			2023			2022
				(Restated)						(Restated)
Net income	$	27,973		$	23,897		$	57,943		$	46,624
Interest expense		3,779			2,422			10,680			5,348
Interest income		(3,281	)		(223	)		(9,617	)		(690	)
Provision for income taxes		10,042			17,366			30,971			29,537
Depreciation and amortization		4,305			4,754			12,846			13,480
EBITDA		42,818			48,216			102,823			94,299

Income from equity method investments		2,016			(1,469	)		(3,160	)		(4,358	)
Other, net		1,723	⁽¹⁾		1,382	⁽²⁾		1,507	⁽¹⁾		1,382	⁽²⁾
Stock-based compensation		5,706			3,502			13,364			10,477
APC excluded assets costs		(289	)⁽³⁾		5,505			3,039	⁽³⁾		14,574
Adjusted EBITDA	$	51,974		$	57,136		$	117,573		$	116,374

⁽¹⁾ Other, net for the three and nine months ended September 30, 2023 relates to transaction costs incurred for our investments and tax restructuring fees and non-cash changes related to change in the fair value of our financing obligation to purchase the remaining equity interests, changes in the fair value of our contingent liabilities, and changes in the fair value of the Company's Collar Agreement.

⁽²⁾ Other, net for the three and nine months ended September 30, 2022 relates to transaction costs incurred, net of the write-off related to APCMG contingent consideration to reflect the fair value as of September 30, 2022.

⁽³⁾ Certain APC minority interests where APC owns the asset but not the right to the dividends is reclassified from APC excluded asset costs to income from equity method investments

Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA

	2023 Guidance Range						2023 Guidance Range
	(as of November 7, 2023)						(as of February 23, 2023)
(in thousands)	Low			High			Low			High
Net income	$	59,500		$	71,500		$	49,500		$	71,500
Interest expense		1,500			1,500			1,000			1,000
Provision for income taxes		36,500			39,500			23,000			38,000
Depreciation and amortization		17,000			17,000			16,000			19,000
EBITDA		114,500			129,500			89,500			129,500

Loss (income) from equity method investments		(4,500	)		(4,500	)		(750	)		(750	)
Other, net		1,000			1,000			3,250			3,250
Stock-based compensation		20,000			20,000			16,000			16,000
APC excluded assets costs		4,000			4,000			12,000			12,000
Adjusted EBITDA	$	135,000		$	150,000		$	120,000		$	160,000

Use of Non-GAAP Financial Measures

This Quarterly Report on Form 10-Q contains the non-GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are not in accordance with, or alternatives to GAAP, and may be different from other non-GAAP financial measures used by other companies. The Company uses Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding income or loss from equity method investments, non-recurring and non-cash transactions, stock-based compensation, and APC excluded assets costs. Beginning in the third quarter ended September 30, 2022, the Company has revised the calculation for Adjusted EBITDA to exclude provider bonus payments and losses from recently acquired IPAs, which it believes to be more reflective of its business.

The Company believes the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company’s ongoing operating performance. In addition, these non-GAAP financial measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate both EBITDA and Adjusted EBITDA differently, limiting the usefulness of these measures for comparative purposes. To the extent this release contains historical or future non-GAAP financial measures, the Company has provided corresponding GAAP financial measures for comparative purposes. The reconciliation between certain GAAP and non-GAAP measures is provided above.

Exhibit 99.2

Powered by Technology. Built by Doctors. For Patients. Apollo Medical Holdings (NASDAQ: AMEH) Third Quarter 2023 Earnings Call Supplement November 7, 2023

Forward - Looking Statements This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward - looking statements include any statements about t he Company's business, financial condition, operating results, plans, objectives, expectations and intentions, expansion plans, int egration of acquired companies and any projections of earnings, revenue, EBITDA, Adjusted EBITDA or other financial items, such as the Company's projected capitation and future liquidity, and may be identified by the use of forward - looking terms such as “anticipa te,” “could,” “can,” “may,” “might,” “potential,” “predict,” “should,” “estimate,” “expect,” “project,” “believe,” “plan,” “envisi on, ” “intend,” “continue,” “target,” “seek,” “will,” “would,” and the negative of such terms, other variations on such terms or other simila r o r comparable words, phrases or terminology. Forward - looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward - looking statements due to risks, uncerta inties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports to the U.S. Securities and Exchange Commission (the “SEC”), including without limitation the risk factors discussed in the Company's Annu al Report on Form 10 - K for the year ended December 31, 2022, and subsequent Quarterly Reports on Form 10 - Q. Because the factors referred to above could cause actual results or outcomes to differ materially from those expressed or imp lie d in any forward - looking statements, you should not place undue reliance on any such forward - looking statements. Any forward - looking statements speak only as of the date of this presentation and, unless legally required, the Company does not undertake any ob lig ation to update any forward - looking statement, as a result of new information, future events or otherwise. 2

ApolloMed At - A - Glance 3 ApolloMed is a technology powered, risk - bearing healthcare platform and healthcare provider supporting physicians and patients in delivering value - based care. The three pillars of our business are: 25% Revenue growth CAGR from 2019 - 2023E 30+ Markets $141M TTM Adj. EBITDA Care Delivery: Owned and operated facilities delivering primary care, specialty care, and ancillary services Care Partners: Network of employed and partnered providers, organized into multi - payer risk - bearing entities 0.9M Total value - based lives 20+ Payer partners $1.3B TTM revenue Note: 1. ApolloMed Medicare Advantage and ACO clinical outcomes as of 06/30/2023 vs. CMS benchmark; CMS. Office of Enterprise Data and Analytic s Care Enablement: Technology platform to support independent and partnered physicians and medical groups in delivering patient care 61% Lower vs. benchmark for ER visits / k (1) 54% Lower inpatient bed days / k (1)

ApolloMed can flexibly support patients and providers across segment offerings depending on their needs 4 Qtr ended 09/30/2023 $ in millions Total revenues, $M Income (loss) from operations, $M % Margin Total members in VBC 1 , K Primary Revenue Model Degree of Risk Care Partners High - performing network of aligned provider partners $326M $40M 12 % ~600K Partial & full - risk Care Delivery High - quality system of employed partner providers $29M ( $1M) (3.5 %) ~ 7 00K Partial & full - risk PMPM payments Partial & full - risk Care Enablement End - to - end integrated clinical, operational, financial, and administrative platform $37M $6M 16 % ~900K Partial & full - risk PMPM payments FFS N/A Percentage of premium opp. 80 - 90% 80 - 90% 10 - 15% LT profitability target 10 - 20% 10 - 20% 20 - 30% Percent of collections/revenue (1) Members in value - based care arrangements for Care Partners or Care Enablement; unique visits over LTM for Care Delivery

Our comprehensive and flexible platform allows us to deliver care via our owned and partnered entities 5 Specialists Ancillary ACO Network Independent Physician Associations and Networks ApolloMed Ecosystem • Patients receive care through our high - quality employed providers • Providers include primary care and specialty clinics, ASCs, SNFs, UCs, labs, and diagnostics centers • Platform supports capitation, shared savings, FFS and other flexible VBC arrangements • Leveraged across Care Partners, Care Delivery and 3 rd party providers • 20+ payer partners • ~15 years avg partnership • 10,000+ contracted providers across all specialties • P ayer agnostic, serving all patients (Medicare FFS, MA, Medicaid, Commercial, and Exchange) Primary Care Providers Care Partners Care Delivery Care Enablement

Historical Financial Profile 6 2021 Adjusted EBITDA benefitted from tailwinds of lower utilization during the COVID - 19 pandemic; Return to pre - pandemic utilization in 2022 and 2023 $561 $687 $774 $1,144 $1,340 - $1,390 Historical Revenue Growth ($ in millions) 2019 2020 2021 2022 2023E 25% CAGR from 2019 - 2023E $54.2 $102.8 $133.5 $140.0 ($ in millions) Historical Adjusted EBITDA (1) 27% CAGR from 2019 - 2023E 2019 2020 2021 2022 2023E $135.0 - $150.0 (1) See “Use of Non - GAAP Financial Measures” slide for more information

Revenue Breakdown 7 Note: For the nine months ended September 30, 2023 Revenue by Line of Business Business Mix By Payer Type 87% 5% 3% 4% 1% Capitation, net Risk Pool Settlements & Incentives Management Fee Income Fee-for-service, net Other Income 63% 20% 12% 5% Medicare Medicaid Commerical Other Third Parties

Grow Within Existing Markets • Continue to build a strong core in the Southern California market with an emphasis on access to care and delivering culturally - aligned care to our communities ApolloMed’s multi - pronged growth strategy 8 Expand Into New Markets • Transform healthcare for local communities across the country by partnering with new provider groups, building care delivery capabilities, and extending payer relationships nationally Deepen Integration Across ApolloMed’s Segments • Increase growth of existing Care Enablement providers as they integrate more deeply into ApolloMed ’s ecosystem as Care Partners Advance Contracts Across Risk Spectrum • Migrate member lives under partial risk contracts into full risk and total cost of care arrangements Identify Opportunities For M&A • Continue to execute on M&A strategy across all segments and lines of business

Community Family Care Acquisition

Our M&A playbook enables us to effectively scale and enter into new markets 10 • 2023E Revenue: $190M • 2023E EBITDA: $25M • FV / 2023E EBITDA: 8.1x Financial Highlights Total Consideration • $20 2 M total consideration o $152M cash, $20M equity, $30M performance - based milestone payments • Two - part close to occur, anticipated in Q1 2024 Expected Closing Transaction Highlights • CFC’s unique network of providers focused on Medicaid strengthens ApolloMed’s ability to reach underserved populations • ApolloMed deepens relationship with CFC providers as they join capitated, full - risk Care Partners segment • CFC’s 18% revenue CAGR and 35% EBITDA CAGR since ApolloMed began managing in 2020, showing success in CE 1 positioning for even more success in CP 2 • Highly attractive synergy opportunities: o Transition CFC Medicare members to full risk o Transition ApolloMed CA Medicaid members to full risk Strategic Rationale • CFC is a scaled Medicaid focused provider group with over 200k patients across Medicare, Medicaid and Commercial payers in LA County • CFC already bears f ull - risk on Medicaid members via RKK health plan license Community Family Care (“CFC”) Overview (1) Care Enablement (2) Care Partners Breadth of CFC Provider Network and Membership Concentration

Q3 2023 Update

Q3 2023 performance highlights; Updated 2023E Guidance 12 Total Revenue $1,144.2 $1,340.0 - $1,390.0 Net Income 1 $45.7 $59.5 - $71.5 EBITDA 1,2 $110.1 $114.5 - $129.5 Adjusted EBITDA 2 $140.0 $135.0 - $150.0 EPS - Diluted $0.99 $1.10 - $1.20 Q3 2023 financial results ($ in millions, except for per share information) Actual YE 2022 Results 2023 Guidance Range Revenue $348.2M Net income attr. to AMEH $22.1M EPS – diluted $0.47 Adj. EBITDA* $52.0M (1)Net income and EBITDA forecast includes the impact of APC excluded assets, which assume no change in value. (2)See “Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Income to EBITDA and Adj ust ed EBITDA” and “Use of Non - GAAP Financial Measures” slides for more information. There can be no assurance that actual amounts will not be materially higher or lower than these exp ectations. See “Forward - Looking Statements” on slide 2.

Q3 2023 operational highlights 13 • Acquisition of Community Family Care and integration into Care Partner segment by end of 2023 while continuing to leverage our Care Enablement platform • Advantage Health Network acquisition into Care Partners while continuing to be on our Care Enablement platform • Acquisition of Ardmore Medical Clinic into our Care Delivery segment • Associated Hispanic Partners will be onboarded onto Care Enablement platform by Q1 2024 • Wider Circle – Enhanced Care Management joint venture provides comprehensive patient - centered care for Medicaid members with complex needs Care Enablement Care Delivery Care Partners

10% - 17% adj. EBITDA margins over the last 4 years 2 Bed days 54% below benchmark; ER visits 61% below benchmark 3 0.9M members in VBC arrangements across Medicare, Medicaid, and Commercial 4 27% 4 - year EBITDA CAGR with 15% EBITDA margins at scale Key takeaways Strongly positioned to create a future where all can get access to high quality healthcare Proven track record of consistent profitability Tech - powered, integrated care delivery model results in industry - leading clinical outcomes Flexible, capital efficient model with predictable unit economics Clear levers and a repeatable growth playbook to drive further nationwide expansion (1) Growth figures are based on historical revenue and estimates through FY 2023 (2) See the “TTM and Year - end Reconciliation of Net Income to EBITDA and Adjusted EBITDA” slide for additional information. (3) Across all consolidated ApolloMed IPAs for Medicare Advantage as of 6/30/2023, benchmarks derived from CMS data (4) As of 9/30/2023 25% 4 - year revenue CAGR with clear visibility into continued 25%+ growth 1 14

Summary of Selected Financial Results 15 Three Months Ended September 30, Nine Months Ended September 30, $ in 000s except per share data 2023 2022 (restated) 2023 2022 (restated) Revenue Capitation, net $ 305,678 $ 227,571 $ 906,430 $ 677,253 Risk pool settlements and incentives 15,022 64,849 48,605 101,717 Management fee income 9,898 10,030 32,287 30,487 Fee - for - service, net 15,892 12,859 41,216 35,694 Other income 1,683 1,692 5,087 4,804 Total revenue 348,173 317,001 1,033,625 849,955 Total expenses 309,090 266,910 945,142 758,270 Income from operations 39,083 50,091 88,483 91,685 Net income 27,973 23,897 57,943 46,624 Net income (loss) attributable to noncontrolling interests 5,914 712 9,582 (2,275) Net income attributable to ApolloMed $ 22,059 $ 23,185 $ 48,361 $ 48,899 Earnings per share – diluted $ 0.47 $ 0.50 $ 1.03 $ 1.06 EBITDA $ 42,818 $ 48,216 $ 102,823 $ 94,299 Adjusted EBITDA $ 51,974 $ 57,136 $ 117,573 $ 116,374

Segment Results 16 $ in 000s Care Partners Care Delivery Care Enablement Other Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 326,499 29,261 36,910 294 (44,791) - 348,173 % change vs prior year quarter 11% 18% 22% 10% Cost of services 279,769 25,647 13,658 76 (43,775) - 275,375 General and administrative expenses (1) 6,390 4,649 16,804 875 (2,086 ) 7,083 33,715 Total expenses 286,159 30,296 30,462 951 (45,861) 7,083 309,090 Income (loss) from operations $ 40,340 (1,035) 6,448 (657) 1,070 (2) (7,083) 39,083 % change vs prior year quarter (13%) (133%) 27% (22%) For the three months ended September 30, 2023 (1) Balance includes general and administrative expenses and depreciation and amortization . (2) Income from operations for the intersegment elimination represents rental income from segments renting from other segments. R ent al income is presented within other income, which is not presented in the table.

Balance Sheet Highlights 17 $ in millions 9/30/2023 12/31/2022 $ Change Cash and cash equivalents and investments in marketable securities* $277.0 $293.6 ($16.6) Working capital $273.3 $279.5 ($6.2) Total stockholders’ equity $593.7 $542.6 $51.1 *Excluding restricted cash

Reconciliation of Net Income to EBITDA and Adjusted EBITDA 18 (1) Other, net for the three and nine months ended September 30, 2023 relates to transaction costs incurred for our investments and tax restructuring fees and non - cash changes related to change in the fair value of our financing obligation to purchase the remaining equity interests, changes i n t he fair value of our contingent liabilities, and changes in the fair value of the Company's Collar Agreement. Other, net for the three and six months ended June 30, 2023, rel ate s to non - cash changes in the fair value of the Company’s financing obligations to purchase the remaining equity interest, changes in the fair value of its contingent li abi lities, and changes in the fair value of the Company’s Collar Agreement. (2) Other, net for the three and nine months ended September 30, 2022 relates to transaction costs incurred, net of the write - off re lated to APCMG contingent consideration to reflect the fair value as of September 30, 2022. (3) Certain APC minority interests where APC owns the asset but not the right to the dividends is reclassified from APC excluded ass et costs to income from equity method investments

Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA 19 Note: See “Use of Non - GAAP Financial Measures” slide for more information.

Updated 2023 Guidance www.apollomed.net 20 2023 Guidance (Original) 2023 Guidance (Updated) ($'s in K, except EPS) Low High Low High Total Revenue 1,300,000 1,500,000 1,340,000 1,390,000 Net Income 49,500 71,500 59,500 71,500 EBITDA 89,500 129,500 114,500 129,500 Adj. EBITDA 120,000 160,000 135,000 150,000 EPS - Diluted $0.95 $1.20 $1.10 $1.20 Note: See “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA” and “Use of Non - GAAP Financial Measures” for add itional information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward - Looking Statements” for additional i nformation.

21 Summary of Selected Financial Results – Breaking Out Excluded Assets $ in millions Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Revenue $ $ Capitation, net 906.4 - 906.4 677.3 - 677.3 Risk pool settlements and incentives 48.6 - 48.6 101.7 - 101.7 Management fee income 32.3 - 32.3 30.5 - 30.5 Fee - for - services, net 41.2 - 41.2 35.7 - 35.7 Other income 5.1 - 5.1 4.8 - 4.8 Total revenue 1033.6 - 1033.6 850.0 - 850.0 Total operating expenses 945.1 3.3 941.8 758.3 2.9 755.4 Income (losses) per operations 88.5 (3.3) 91.8 91.7 (2.9) 94.6 Total Other income (expense) 0.4 (1.7) 2.1 (15.5) (13.1) (2.4) Net income (loss) $ 57.9 (5) 62.9 $ 46.6 (16.0) 62.6

$ in millions September 30, 2023 December 31, 2022 ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Current assets Cash and cash equivalents $ 273.9 11.6 262.3 $ 288.0 30.2 257.8 Investments in marketable securities 3.0 0.5 2.5 5.6 4.5 1.1 Receivables, net 95.9 0 95.9 49.6 - 49.6 Receivables - related parties and loan receivable - related party 86.9 0 86.9 67.2 - 67.2 Other receivables, prepaid expenses and other current assets 16.5 1.5 15 17.6 0.8 16.8 Income taxes receivable - - - - (1.1) 1.1 Total current assets 476.2 13.6 462.6 428.0 34.4 393.6 Non - current assets Land, property, and equipment, net 128.6 120.4 8.2 108.5 101.3 7.2 Goodwill and intangibles 349.7 - 349.7 346.0 - 346.0 Loan receivable and loan receivable - related parties, net of current portion 25.0 - 25.0 - - - Income taxes receivable, non - current 15.9 - 15.9 15.9 - 15.9 Investments in other entities and privately held entities 47.3 20.6 26.7 41.2 27.6 13.6 Other assets and right - of - use assets 30.4 5.2 25.2 26.5 3.2 23.3 Total non - current assets 596.9 146.2 450.7 538.1 132.1 406.0 Total assets $ 1073.1 159.8 913.3 $ 966.1 166.5 799.6 22 Summary Balance Sheet – Breaking Out Excluded Assets (1) Includes AP Excluded Assets and certain other assets such as APC's minority interests in LSMA and PMIOC where APC owns th e a sset but not the right to the dividends associated with those assets. (1)

$ in millions September 30, 2023 December 31, 2022 ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Current liabilities Fiduciary payable, accounts payable and accrued liabilities $ 59.4 2.3 57.1 $ 57.7 2.8 54.9 Medical liabilities 97.5 - 97.5 81.3 - 81.3 Income taxes payable 30.1 1.1 29 4.3 - 4.3 Dividend payable 0.6 - 0.6 0.7 - 0.7 Finance and operating lease liabilities 4.2 0.1 4.1 4.2 - 4.2 Current portion of long - term debt 3.0 1.0 2.0 0.6 - - Other liabilities - - - - - - Total current liabilities 194.8 4.5 190.3 148.8 3.4 145.4 Non - current liabilities Deferred tax liability $ 12.1 0.9 11.2 14.2 0.9 13.3 Finance and operating lease liabilities, net of current portion 22.2 0.9 21.3 21.2 - 21.2 Long - term debt, net of current portion and deferred financing costs 206.2 28.8 177.4 20.3 - 20.3 Other long - term liabilities 14.1 - 14.1 203.4 26.6 176.8 Total non - current liabilities 254.6 30.6 224.0 259.1 27.5 231.6 Total liabilities 449.4 35.1 414.3 407.9 30.9 377.0 Total mezzanine equity and stockholder's equity $ 623.7 124.7 499.0 $ 558.2 135.6 422.6 23 Summary Balance Sheet – Breaking Out Excluded Assets (continued) (1) Includes AP Excluded Assets and certain other assets such as APC's minority interests in LSMA and PMIOC where APC owns th e a sset but not the right to the dividends associated with those assets. (1)

$ in millions September 30, 2023 September 30, 2022 ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Cash flows from operating activities Net income $ 57.9 (5.0) 63 $ 46.6 (16.0) 62.6 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization $ 12.8 1.3 11.5 $ 13.5 0.9 12.6 Amortization of debt issuance cost 0.7 - 0.7 0.7 - 0.7 Share - based compensation 13.4 - 13.4 10.5 - 10.5 Unrealized loss on investments 6.9 4.0 2.9 21.9 - 5.2 Gain on sales of equity securities - - - (2.3) - (2.3) Loss (income) from equity method investments, net (3.1) 0.1 (3.2) (4.4) - (4.4) Unrealized gain in interest rate swaps (1.0) (1.0) - (4.3) (4.3) - Deferred tax (3.9) - (3.9) (3.1) - (3.1) Other 0.9 0.9 - Changes in operating assets and liabilities, net of acquisition amounts: Receivables, net, receivable, net - related parties, other receivable, prepaid expenses and other current assets, right of use assets, other assets, fiduciary accounts payable, medical liabilities, operating lease liabilities, other long - term liabilities (58.8) (0.8) (58.2) (73.3) 0.6 (73.9) Accounts payable and accrued liabilities (1.1) (1.8) 0.6 0.8 0.4 0.4 Income taxes payable 25.2 - 25.2 (10.4) - (10.4) Net cash provided by operating activities $ 49.0 (3.2) 52 $ (2.9) (0.8) (2.1) Summary Cash Flow Statement – Breaking Out Excluded Assets 24

$ in millions September 30,2023 September 30,2022 ApolloMed Consolidated Excluded Assets ApolloMed Assets ApolloMed Consolidated Excluded Assets ApolloMed Assets Cash flows from investing activities Payments for business and asset acquisitions, net of cash acquired $ (4.7) - (4.7) $ (5.6) (4.8) (0.8) Proceeds from repayment of loans receivable - related parties 2.2 - 2.2 4.1 4 0.1 Purchase of marketable securities (2.1) - (2.1) (1.8) - (1.8) Purchase of investments - privately held (2.0) - (2.0) - - - Purchase of investments - equity method (0.3) - (0.3) - - - Purchases of property and equipment (21.5) (19.1) (2.4) (22.1) (20.7) (1.4) Proceeds of marketable securities - - - - (0.1) 0.1 Purchase of loan reaceivable (25) - (25) - - - Proceeds from sale of marketable securities - - - 6.4 - 6.4 Distribution from investments - equity method - - - 0.4 0.4 - Contribution to investment - equity method (0.7) (0.7) - (1.8) (1.8) - Net cash provided by (used in) investing activities (54.1) (19.8) (34.3) (20.4) (23.0) 2.6 Cash flows from financing activities Dividends paid $ (2.3) - (2.3) $ (12.7) (10.0) (2.7) Repayments on long - term debt (0.5) (0.5) - (3.7) (3.7) - Payment of finance lease obligations (0.5) - (0.5) (0.4) - (0.4) Proceeds from exercise of stock options and warrants 1.3 - 1.3 2.8 - 2.8 Repurchase of treasury shares - - - (9.6) - (9.6) Purchase of Non - Controlling Interest (9.7) - (9.7) (4.3) (4.1) (0.2) Proceeds from sale of non - controlling interest (0.1) - (0.1) 0.1 - 0.1 Borrowings on loan 3.1 2.9 0.2 2.0 2.0 - Amounts due from affiliate - 0.7 - - (15.5) 15.5 Net cash provided by (used in) financing activities (8.7) 3.1 (11.1) (25.8) (31.3) 5.5 Net change in cash and cash equivalents (13.7) (19.7) 6.0 (49.1) (55.1) 6.0 Cash and cash equivalents at beginning of year $ 288 30.2 257.9 $ 233.1 62.5 170.6 Cash and cash equivalents at end of year $ 274.3 10.5 263.9 $ 184.0 7.4 176.6 Summary Cash Flow Statement – Breaking Out Excluded Assets (continued) 25

Use of Non - GAAP Financial Measures This presentation contains the non - GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable fin ancial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. These measures are not in acc ordance with, or alternatives to GAAP, and may be different from other non - GAAP financial measures used by other companies. The Company uses Adju sted EBITDA as a supplemental performance measure of our operations, for financial and operational decision - making, and as a supplemental means o f evaluating period - to - period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and am ortization, excluding income or loss from equity method investments, non - recurring transactions, stock - based compensation, and APC excluded assets costs. Beg inning in the third quarter ended September 30, 2022, the Company has revised the calculation for Adjusted EBITDA to exclude provider bonus payme nts and losses from recently acquired IPAs, which it believes to be more reflective of its business. The Company believes the presentation of these non - GAAP financial measures provides investors with relevant and useful informati on, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recogniz ed because of non - core or non - recurring financial information. When GAAP financial measures are viewed in conjunction with non - GAAP financial measures, in vestors are provided with a more meaningful understanding of the Company’s ongoing operating performance. In addition, these non - GAAP financial measu res are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources, and planning and forecas tin g future periods. Non - GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Othe r c ompanies may calculate both EBITDA and Adjusted EBITDA differently, limiting the usefulness of these measures for comparative purposes. To the exten t t his release contains historical or future non - GAAP financial measures, the Company has provided corresponding GAAP financial measures for comparative purposes. The reconciliation between certain GAAP and non - GAAP measures is provided above. 26

For inquiries, please contact: ApolloMed Investor Relations Asher Dewhurst (626) 943 - 6491 investors@apollomed.net

Cover	Nov. 07, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 07, 2023
Entity File Number	001-37392
Entity Registrant Name	APOLLO MEDICAL HOLDINGS, INC.
Entity Central Index Key	0001083446
Entity Tax Identification Number	95-4472349
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1668 S. Garfield Avenue
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Alhambra
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91801
City Area Code	626
Local Phone Number	282-0288
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	AMEH
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false