Revenue increased 39% to $1.5 billion,
Medicare Advantage membership increased 38% to 513,000, and total
members on the agilon platform grew 40% to 645,000
Executing targeted action plan and
prioritizing profitability
First half results reflect retroactive
membership adjustments to January 1, 2024 related to agilon’s
termination of select contracts
Maintains 2024 Medical Margin and Adjusted
EBITDA Guidance
agilon health, inc. (NYSE: AGL), the trusted partner empowering
physicians to transform health care in our communities, announced
results for the second quarter ended June 30, 2024.
"Our second quarter results were in-line with our guidance, and
we are maintaining medical margin and Adjusted EBITDA guidance for
the full year," said Steve Sell, chief executive officer. "We
continue to make progress implementing our performance action plan
which should contribute to accelerating our profitability over time
and strengthening our value proposition to physicians and
payers."
Second Quarter 2024
Results:
- Total members on the agilon platform increased to 645,000 as of
June 30, 2024, comprising 513,000 Medicare Advantage members and
132,000 ACO model beneficiaries. Medicare Advantage membership
increased 38%, with 6% growth in same partner geographies.
- Select unprofitable contract terminations were made effective
retroactive to January 1, 2024. This reduced membership by 17,000
members and reduced total Revenues by $110 million compared to
previous guidance and had no effect on medical margin for second
quarter.
- Total revenue of $1.48 billion in the second quarter 2024
increased 39% compared to $1.07 billion in the second quarter
2023.
- Gross profit was $32 million in the second quarter 2024
compared to $55 million in the second quarter 2023. Net loss was
$31 million in the second quarter 2024 compared to $17 million in
the second quarter 2023.
- Medical margin was $106 million during the second quarter 2024,
compared to $134 million for the same period 2023.
- Adjusted EBITDA totaled a $3 million loss in the second quarter
2024 compared to earnings of $12 million for the same period in
2023.
Key Financial and Operating Metrics
($M):
(Second Quarter 2024 vs. 2023)
Three Months
Ended June 30,
Change
2024
2023
% YoY
Medicare Advantage Members1
512,800
372,800
38%
ACO Model Members1, 2
131,700
87,000
51%
Total Members Live on Platform1, 2
644,600
459,800
40%
Avg. Medicare Advantage Members
507,000
373,500
36%
Total revenues
$1,483
$1,069
39%
Gross Profit
$32
$55
(41%)
Medical Margin
$106
$134
(21%)
Net (Loss) Income
($31)
($17)
(83%)
Adjusted EBITDA3
($3)
$12
NM
Geography Entry Costs
$5
$19
(74%)
- Membership metrics reflect end of period results.
- agilon’s ACO model entities are not included within its
consolidated financial results.
- agilon’s ACO model entities contributed $11 million to Adjusted
EBITDA during both the second quarter 2024 and 2023.
Continued Progress on Performance Action Plan
agilon health is making tangible progress against its targeted
action plan to improve performance. This plan includes refining
payor relationships, increasing engagement among PCPs to reduce
variability, improving data visibility and analytics, and
accelerating operating efficiency.
agilon health continues to make progress on obtaining favorable
health plan agreements across markets and payer types. The company
continues to deploy structured training and local medical director
engagement with PCPs. In the second quarter, this activity covered
20 markets and ~75% of PCPs in the model. agilon achieved its
target of onboarding ~75% of member data into the company's
financial data pipeline and expects to onboard the remaining
balance through the second half of 2024. The company continues to
focus on improving operating expense efficiency; platform support
costs accounted for 2.8% of revenue in the second quarter, compared
to the company's 3% target for 2024.
Capital Position and Balance Sheet:
agilon health’s balance sheet as of June 30, 2024 included cash,
cash equivalents and marketable securities of $408 million and
total debt of $36 million. At the end of the quarter agilon health
had $104 million of cash associated with the company’s
unconsolidated ACO model entities.
Outlook for
Fiscal Year 2024 ($M):
Year Ended December 31,
2024
Updated Guidance
Previous Guidance
Low
High
Low
High
Medicare Advantage Members1
518,000
520,000
510,000
515,000
ACO Model Members1,2
123,000
128,000
120,000
125,000
Total Members Live on Platform1
641,000
648,000
630,000
640,000
Avg. Medicare Advantage Members
513,000
514,000
510,000
514,000
Total Revenues
$6,010
$6,040
$6,125
$6,175
Medical Margin
$400
$450
$400
$450
Adjusted EBITDA3
($60)
($15)
($60)
($15)
Geography Entry Costs4
$55
$45
$65
$55
- Membership reflects management’s outlook for end of
period.
- agilon’s partnered ACO model entities are not consolidated
within its financial results.
- Adjusted EBITDA contribution from ACO model is expected to be
approximately $35 million for fiscal year 2024.
- Geography Entry Costs represent the corresponding expense
included in the low-end and high-end of management’s outlook for
Adjusted EBITDA.
Outlook for Third
Quarter 2024 ($M):
Quarter Ended
September 30, 2024
Low
High
Medicare Advantage Members1
514,000
516,000
ACO Model Members1,2
125,000
130,000
Total Members Live on Platform1
639,000
646,000
Avg. Medicare Advantage Members
511,000
513,000
Total Revenues
$1,465
$1,475
Medical Margin
$90
$110
Adjusted EBITDA3
($30)
($10)
Geography Entry Costs4
$19
$14
- Membership reflects management’s outlook for end of
period.
- agilon’s partnered ACO model entities are not consolidated
within its financial results.
- Adjusted EBITDA contribution from ACO model is expected to be
approximately $8 million for the third quarter 2024.
- Geography Entry Costs represent the corresponding expense
included in the low-end and high-end of management’s outlook for
Adjusted EBITDA.
The company has not reconciled guidance for medical margin to
gross profit or adjusted EBITDA to net income (loss), the most
comparable GAAP measures, and has not provided forward-looking
guidance for net income (loss) in each case because of the
uncertainty around certain items that may impact gross profit or
net income (loss), including non-cash stock-based compensation.
Webcast and Conference Call:
agilon health will host a conference call to discuss second
quarter 2024 results on Tuesday, August 6, 2024 at 4:30 PM Eastern
Time. The conference call can be accessed by dialing (833) 470-1428
for U.S. participants and +1 (404) 975-4839 for international
participants and referencing participant code 689044. A
simultaneous webcast can be accessed by visiting the “Events &
Presentations” section of agilon’s Investor Relations website at
https://investors.agilonhealth.com. A replay of the call will be
available via webcast for on-demand listening shortly after the
completion of the call.
About agilon health
agilon health is the trusted partner empowering physicians to
transform health care in our communities. Through our partnerships
and purpose-built platform, agilon is accelerating at scale how
physician groups and health systems transition to a value-based
Total Care Model for their senior patients. agilon provides the
technology, people, capital, process, and access to a peer network
of 3,000+ PCPs that allow its physician partners to maintain their
independence and focus on the total health of their most vulnerable
patients. Together, agilon and its physician partners are creating
the healthcare system we need – one built on the value of care, not
the volume of fees. The result: healthier communities and empowered
doctors. agilon is the trusted partner in 30+ diverse communities
and is here to help more of our nation's leading physician groups
and health systems have a sustained, thriving future. For more
information visit www.agilonhealth.com and connect with us on
Instagram, LinkedIn and YouTube.
Forward-Looking Statements
Statements in this release that are not historical factual
statements are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include, among other things, statements
regarding our and our officers’ intent, belief or expectation as
identified by the use of words such as “believes,” “expects,”
“may,” “will,” “shall,” “should,” “would,” “could,” “seeks,”
“aims,” “projects,” “is optimistic,” “intends,” “plans,”
“estimates,” “anticipates” or the negative versions of these words
or other comparable terms. Examples of forward-looking statements
include, among other things: statements regarding our expectations
related to operating and financial results, the value of our
full-risk model for primary care physicians, the acceleration of
profitability over time, the strengthening of our value proposition
to physicians and payers, and our long-term opportunities and
strategic growth plans, expected revenue, medical costs, net income
and gross profit, total and average membership, Adjusted EBITDA,
Medical Margin, geography entry costs and other financial
projections and assumptions, including our fiscal year and third
quarter 2024 guidance. Forward-looking statements reflect our
current expectations and views about future events and are subject
to risks and uncertainties that could significantly affect our
future financial condition and results of operations. While
forward-looking statements reflect our good faith belief and
assumptions we believe to be reasonable based upon current
information, we can give no assurance that our expectations or
forecasts will be attained. Forward-looking statements are subject
to known and unknown risks and uncertainties, many of which may be
outside our control. These risks and uncertainties that could cause
actual results and outcomes to differ from those reflected in
forward-looking statements include, but are not limited to: our
history of net losses and the expectation that our expenses will
increase in the future; failure to identify and develop successful
new geographies, physician partners and payors, or execute upon our
growth initiatives; success in executing our operating strategies
or achieving results consistent with our historical performance;
medical expenses incurred on behalf of our members may exceed
revenues we receive; our ability to secure contracts with Medicare
Advantage payors; our ability to grow new physician partner
relationships sufficient to recover startup costs; availability of
additional capital, on acceptable terms or at all, to support our
business in the future; significant reduction in our membership;
transition to a Total Care Model may be challenging for physician
partners; public health crises, such as COVID-19, could adversely
affect us; inaccuracy in estimates of our members’ risk adjustment
factors, medical services expense, incurred but not reported
claims, and earnings pursuant to payor contracts; the impact of
restrictive clauses or exclusivity provisions in some of our
contracts with physician partners; our ability to hire and retain
qualified personnel; our ability to realize the full value of our
intangible assets; security breaches, cybersecurity attacks, loss
of data and other disruptions to our information systems; our
ability to protect the confidentiality of our know-how and other
proprietary and internally developed information; reliance on our
subsidiaries; Environmental, Social, and Governance issues;
reliance on a limited number of key payors; the limited terms of
contracts with our payors and our ability to renew them upon
expiration; reliance on our payors, physician partners and other
providers to operate our business; our ability to obtain accurate
and complete diagnosis data; reliance on third-party software,
data, infrastructure and bandwidth; consolidation and competition
in the healthcare industry; the impact of changes to, and
dependence on, federal government healthcare programs; uncertain or
adverse economic and macroeconomic conditions, including a downturn
or decrease in government expenditures; regulation of the
healthcare industry and our and our physician partners’ ability to
comply with such laws and regulations; federal and state
investigations, audits and enforcement actions; repayment
obligations arising out of payor audits; negative publicity
regarding the managed healthcare industry generally; our use,
disclosure and processing of personally identifiable information,
protected health information, and de-identified data; failure to
obtain or maintain an insurance license, a certificate of authority
or an equivalent authorization; lawsuits not covered by insurance;
changes in tax laws and regulations, or changes in related
judgments or assumptions; our indebtedness and our potential to
incur more debt; dependence on our subsidiaries for cash to fund
all of our operations and expenses; provisions in our governing
documents; ability to achieve a return on your investment depends
on appreciation in the price of our common stock; the material
weakness in our internal control over financial reporting and our
ability to remediate such material weakness; and risks related to
other factors discussed in our filings with the Securities and
Exchange Commission (the “SEC”), including the factors discussed
under “Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, which can be found at the
SEC’s website at www.sec.gov. Except as required by law, we do not
undertake, and hereby disclaim, any obligation to update any
forward-looking statements, which speak only as of the date on
which they are made.
agilon health, inc.
Condensed Consolidated Balance
Sheets
In thousands, except per share
data
June 30,
2024
December 31,
2023
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
109,490
$
107,570
Restricted cash and equivalents
6,846
6,759
Marketable securities
291,622
380,773
Receivables, net
1,437,040
942,461
Prepaid expenses and other current assets,
net
39,012
42,513
Total current assets
1,884,010
1,480,076
Property and equipment, net
27,821
27,576
Intangible assets, net
74,821
63,769
Goodwill
24,133
24,133
Other assets
152,530
145,312
Total assets
$
2,163,315
$
1,740,866
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
Current liabilities:
Medical claims and related payables
$
1,097,664
$
737,724
Accounts payable and accrued expenses
280,899
233,182
Current portion of long-term debt
8,750
6,250
Total current liabilities
1,387,313
977,156
Long-term debt, net of current portion
27,360
32,308
Other liabilities
72,775
70,381
Total liabilities
1,487,448
1,079,845
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.01 par value: 2,000,000
shares authorized; 411,447 and 406,387 shares issued and
outstanding, respectively
4,114
4,064
Additional paid-in capital
2,038,540
1,986,899
Accumulated deficit
(1,363,572
)
(1,326,826
)
Accumulated other comprehensive income
(loss)
(2,447
)
(2,298
)
Total agilon health, inc. stockholders'
equity (deficit)
676,635
661,839
Noncontrolling interests
(768
)
(818
)
Total stockholders’ equity (deficit)
675,867
661,021
Total liabilities and stockholders’ equity
(deficit)
$
2,163,315
$
1,740,866
agilon health, inc.
Condensed Consolidated
Statements of Operations
In thousands, except per share
data
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenues:
Medical services revenue
$
1,479,579
$
1,067,234
$
3,080,774
$
2,120,353
Other operating revenue
3,179
1,881
6,338
3,074
Total revenues
1,482,758
1,069,115
3,087,112
2,123,427
Expenses:
Medical services expense
1,374,060
932,823
2,817,902
1,830,395
Other medical expenses
76,523
81,716
161,947
165,333
General and administrative (including
noncash stock-based compensation expense of $18,207, $19,446,
$35,116, and $33,031, respectively)
69,612
79,254
146,034
149,006
Depreciation and amortization
5,907
4,279
11,751
7,233
Total expenses
1,526,102
1,098,072
3,137,634
2,151,967
Income (loss) from operations
(43,344
)
(28,957
)
(50,522
)
(28,540
)
Other income (expense):
Income (loss) from equity method
investments
9,955
8,472
15,639
9,848
Other income (expense), net
4,841
7,087
10,733
14,979
Interest expense
(1,697
)
(1,555
)
(2,981
)
(3,048
)
Income (loss) before income
taxes
(30,245
)
(14,953
)
(27,131
)
(6,761
)
Income tax benefit (expense)
(417
)
(1,073
)
(284
)
686
Income (loss) from continuing
operations
(30,662
)
(16,026
)
(27,415
)
(6,075
)
Discontinued operations:
Income (loss) before gain (loss) on
sales
—
(769
)
(518
)
5,239
Gain (loss) on sales of assets, net
—
—
(8,763
)
—
Total discontinued operations
—
(769
)
(9,281
)
5,239
Net income (loss)
(30,662
)
(16,795
)
(36,696
)
(836
)
Noncontrolling interests’ share in
(earnings) loss
(20
)
46
(50
)
109
Net income (loss) attributable to
common shares
$
(30,682
)
$
(16,749
)
$
(36,746
)
$
(727
)
Net income (loss) per common share,
basic and diluted
Continuing operations
$
(0.07
)
$
(0.04
)
$
(0.07
)
$
(0.01
)
Discontinued operations
$
—
$
—
$
(0.02
)
$
0.01
Weighted average shares
outstanding
Basic
411,271
410,338
409,152
411,748
Diluted
411,271
410,338
409,152
411,748
agilon health, inc.
Condensed Consolidated
Statements of Cash Flows
In thousands
(unaudited)
Six Months Ended June
30,
2024
2023
Cash flows from operating
activities:
Net income (loss)
$
(36,696
)
$
(836
)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization
11,751
9,704
Stock-based compensation expense
35,116
33,244
Loss (income) from equity method
investments
(15,639
)
(9,848
)
Distributions of earnings from equity
method investments
3,340
—
(Gain) loss on sale of assets, net and
impairments
3,784
—
Other noncash items
(837
)
(2,322
)
Changes in operating assets and
liabilities:
(67,312
)
(111,957
)
Net cash provided by (used in) operating
activities
(66,493
)
(82,015
)
Cash flows from investing
activities:
Purchase of property and equipment
(6,451
)
(7,811
)
Purchase of intangible assets
(17,893
)
(1,837
)
Investment in loans receivable and
other
(9,742
)
(8,468
)
Investments in marketable securities
(12,006
)
(65,568
)
Proceeds from maturities of marketable
securities and other
115,747
97,269
Net cash paid in business combination
—
(44,367
)
Net cash provided by (used in) investing
activities
69,655
(30,782
)
Cash flows from financing
activities:
Proceeds from equity issuances, net
1,345
8,802
Common stock repurchase
—
(200,000
)
Repayments of long-term debt
(2,500
)
(2,500
)
Net cash provided by (used in) financing
activities
(1,155
)
(193,698
)
Net increase (decrease) in cash, cash
equivalents and restricted cash and equivalents
2,007
(306,495
)
Cash, cash equivalents and restricted cash
and equivalents from continuing operations, beginning of period
114,329
475,912
Cash, cash equivalents and restricted cash
and equivalents from discontinued operations, beginning of
period
—
31,768
Cash, cash equivalents and restricted
cash and equivalents, beginning of period
114,329
507,680
Cash, cash equivalents and restricted cash
and equivalents from continuing operations, end of period
116,336
184,550
Cash, cash equivalents and restricted cash
and equivalents from discontinued operations, end of period
—
16,635
Cash, cash equivalents and restricted
cash and equivalents, end of period
$
116,336
$
201,185
agilon health, inc.
Key Operating Metrics
In thousands
(unaudited)
GROSS PROFIT
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Total revenues
$
1,482,758
$
1,069,115
$
3,087,112
$
2,123,427
Medical services expense
(1,374,060
)
(932,823
)
(2,817,902
)
(1,830,395
)
Other medical expenses(1)
(76,523
)
(81,716
)
(161,947
)
(165,333
)
Gross profit
$
32,175
$
54,576
$
107,263
$
127,699
______________________________________________________________
(1)
Represents physician compensation expense
related to surplus sharing and other care management expenses that
help to create medical cost efficiency. Includes costs in
geographies that are in implementation and are not yet generating
revenue and investments to grow existing markets. For the three
months ended June 30, 2024 and 2023, costs incurred in implementing
geographies were $18,000 and $7.7 million, respectively. For the
six months ended June 30, 2024 and 2023, costs incurred in
implementing geographies were $0.6 million and $10.0 million,
respectively.
GENERAL AND ADMINISTRATIVE COSTS,
INCLUDING PLATFORM SUPPORT COSTS
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Platform support costs
$
41,687
$
42,041
$
87,399
$
85,333
Geography entry costs(1)
4,866
11,306
15,325
20,556
Severance and related costs
868
—
3,283
188
Stock-based compensation expense
18,207
19,446
35,116
33,031
Other(2)
3,984
6,461
4,911
9,898
General and administrative
$
69,612
$
79,254
$
146,034
$
149,006
______________________________________________________________
(1)
Represents direct geography entry costs,
including investments to develop and expand our platform and costs
in geographies that are in implementation and are not yet
generating revenue and investments to grow existing markets.
(2)
Includes transaction-related costs.
Our platform support costs, which include
regionally-based support personnel and other operating costs to
support our geographies, are expected to decrease over time as a
percentage of revenue as our physician partners add members and our
revenue grows. Our operating expenses at the enterprise level
include resources and technology to support payor contracting,
clinical program development, quality, data management, finance,
and legal and compliance functions.
agilon health, inc.
Non-GAAP Financial
Measures
In thousands
(unaudited)
MEDICAL MARGIN
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Gross profit(1)
$
32,175
$
54,576
$
107,263
$
127,699
Other operating revenue
(3,179
)
(1,881
)
(6,338
)
(3,074
)
Other medical expenses
76,523
81,716
161,947
165,333
Medical margin
$
105,519
$
134,411
$
262,872
$
289,958
______________________________________________________________
(1)
Gross profit is defined as total revenues
less medical services expense and other medical expenses.
ADJUSTED EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net income (loss)(1)
$
(30,662
)
$
(16,795
)
$
(36,696
)
$
(836
)
(Income) loss from discontinued
operations, net of income taxes
—
769
9,281
(5,239
)
Interest expense
1,697
1,555
2,981
3,048
Income tax expense (benefit)
417
1,073
284
(686
)
Depreciation and amortization
5,907
4,279
11,751
7,233
Severance and related costs
868
—
3,283
188
Stock-based compensation expense
18,207
19,446
35,116
33,031
EBITDA adjustments related to equity
method investments
1,404
2,757
5,306
4,724
Other(2)
(668
)
(615
)
(5,082
)
(4,956
)
Adjusted EBITDA
$
(2,830
)
$
12,469
$
26,224
$
36,507
______________________________________________________________
(1)
Includes direct geography entry costs,
including investments to develop and expand our platform and costs
in geographies that are in implementation and are not yet
generating revenue and investments to grow existing markets. For
the three months ended June 30, 2024 and 2023, (i) $18,000 and $7.7
million, respectively, are included in other medical expenses and
(ii) $4.8 million and $11.3 million, respectively, are included in
general and administrative expenses. For the six months ended June
30, 2024 and 2023, (i) $0.6 million and $10.0 million,
respectively, are included in other medical expenses and (ii) $15.3
million and $20.6 million, respectively, are included in general
and administrative expenses.
(2)
Includes interest income and
transaction-related costs.
agilon health, inc.
Supplemental Financial
Information
In thousands
(unaudited)
Three Months Ended
June 30, 2024
Six Months Ended
June 30, 2024
Medicare
Advantage
(Consolidated)
CMS ACO Models
(Unconsolidated)
Medicare
Advantage
(Consolidated)
CMS ACO Models
(Unconsolidated)
Medical services revenue
$
1,479,579
$
446,914
$
3,080,774
$
887,074
Other operating revenue
3,179
—
6,338
—
Total revenues
1,482,758
446,914
3,087,112
887,074
Medical services expense
(1,374,060
)
(406,921
)
(2,817,902
)
(805,713
)
Other medical expenses
(76,523
)
(22,268
)
(161,947
)
(47,673
)
Gross profit
32,175
17,725
107,263
33,688
Other operating revenue
(3,179
)
—
(6,338
)
—
Other medical expenses
76,523
22,268
161,947
47,673
Medical margin
$
105,519
$
39,993
$
262,872
$
81,361
Certain of our operations are not
consolidated for the period presented because we do not have the
ability to control certain activities due to another party’s
control of the entities’ board of directors. Although revenues of
the unconsolidated operations are not recorded as revenues by us,
income (loss) from equity method investments is nonetheless a
significant portion of our overall earnings. See Note 14 to the
Condensed Consolidated Financial Statements in the Quarterly Report
on Form 10-Q for the period ending June 30, 2024 for additional
discussion on our equity method investments.
In addition to providing results that are
determined in accordance with GAAP, we present Medical Margin and
Adjusted EBITDA, which are non-GAAP financial measures.
We define Medical Margin as medical
services revenue after medical services expense is deducted.
Medical services expense represents costs incurred for medical
services provided to our members. As our platform matures over
time, we expect Medical Margin to increase in absolute dollars.
However, Medical Margin per member per month (PMPM) may vary as the
percentage of new members brought onto our platform fluctuates. New
membership added to the platform is typically dilutive to Medical
Margin PMPM. We believe this metric provides insight into the
economics of our capitation arrangements as it includes all medical
services expense directly associated with our members’ care.
We define Adjusted EBITDA as net income
(loss) adjusted to exclude: (i) income (loss) from discontinued
operations, net of income taxes, (ii) interest expense, (iii)
income tax expense (benefit), (iv) depreciation and amortization,
(v) stock-based compensation expense, (vi) severance and related
costs, and (vii) certain other items that are not considered by us
in the evaluation of ongoing operating performance. We reflect our
share of Adjusted EBITDA for equity method investments by applying
our actual ownership percentage for the period to the applicable
reconciling items on an entity-by-entity basis.
Gross profit is the most directly
comparable GAAP measure to Medical Margin. Net income (loss) is the
most directly comparable GAAP measure to Adjusted EBITDA.
We believe Medical Margin and Adjusted
EBITDA help identify underlying trends in our business and
facilitate evaluation of period-to-period operating performance of
our operations by eliminating items that are variable in nature and
not considered by us in the evaluation of ongoing operating
performance, allowing comparison of our recurring core business
operating results over multiple periods. We also believe Medical
Margin and Adjusted EBITDA provide useful information about our
operating results, enhance the overall understanding of our past
performance and future prospects, and allow for greater
transparency with respect to key metrics we use for financial and
operational decision-making. We believe Medical Margin and Adjusted
EBITDA or similarly titled non-GAAP measures are widely used by
investors, securities analysts, ratings agencies, and other parties
in evaluating companies in our industry as a measure of financial
performance. Other companies may calculate Medical Margin and
Adjusted EBITDA or similarly titled non-GAAP measures differently
from the way we calculate these metrics. As a result, our
presentation of Medical Margin and Adjusted EBITDA may not be
comparable to similarly titled measures of other companies,
limiting their usefulness as comparative measures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806375848/en/
Investor Contact Leland Thomas Investor Relations
investors@agilonhealth.com
Media Contact Maureen Merkle Communications & Public
Affairs media@agilonhealth.com
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