Latest news with #PMPM
Yahoo
2 days ago
- Business
- Yahoo
Evolent Health (EVH) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
Evolent Health (EVH) reported $444.33 million in revenue for the quarter ended June 2025, representing a year-over-year decline of 31.3%. EPS of -$0.10 for the same period compares to $0.30 a year ago. The reported revenue represents a surprise of -2.86% over the Zacks Consensus Estimate of $457.4 million. With the consensus EPS estimate being $0.09, the EPS surprise was -211.11%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Evolent Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Average PMPM Fees / Revenue per Case - Performance Suite: $13.76 versus $14.21 estimated by three analysts on average. Average PMPM Fees / Revenue per Case - Specialty Technology and Services Suite: $0.35 versus $0.36 estimated by three analysts on average. Average PMPM Fees / Revenue per Case - Administrative Services: $15.13 versus the three-analyst average estimate of $15.82. Average Lives on Platform / Cases - Cases: 13 thousand versus the three-analyst average estimate of 14.39 thousand. Average Lives on Platform / Cases - Performance Suite: 6.49 million compared to the 6.48 million average estimate based on three analysts. Average Lives on Platform / Cases - Specialty Technology and Services Suite: 77.02 million versus 77.71 million estimated by three analysts on average. Average Lives on Platform / Cases - Administrative Services: 1.23 million compared to the 1.22 million average estimate based on three analysts. Average PMPM Fees / Revenue per Case - Cases: $2,969.00 versus the three-analyst average estimate of $3,008.56. View all Key Company Metrics for Evolent Health here>>> Shares of Evolent Health have returned -16.7% over the past month versus the Zacks S&P 500 composite's +1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Evolent Health, Inc (EVH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
15-07-2025
- Business
- Yahoo
Independent / Provider-Sponsored Plans' Administrative Expenses Decelerate in 2024
PHILADELPHIA, July 15, 2025--(BUSINESS WIRE)--Holding product mix constant, Independent / Provider-Sponsored plans' per member costs grew by 6.2% in 2024 compared with 8.4% in 2023. The growth in Medicare Advantage and decline in Medicaid membership led to as reported growth of 9.5%, compared with 10.5% in 2023. Median PMPM costs for all reporting plans was $55.67 PMPM. While most Sales and Marketing functions decelerated, the plans emphasized Customer Services, Actuarial and Rating and Underwriting. There was also notable growth in Information systems, and acceleration in Medical Management. Staffing ratios, compensation and outsourcing increased. The results are summarized in Plan Management Navigator, posted at The Navigator draws from the 2025 Independent / Provider-Sponsored plan edition of the Sherlock Benchmarks. It analyzes and details results from in-depth surveys of 12 IPS Plans serving 8.7 million members, a high share of such health plans and especially of the members served by this industry segment. We will discuss the results via a free web conference on Wednesday, July 16th, from 2:00 PM to 3:00 PM Eastern Daylight Time. Douglas Sherlock will offer a brief presentation, followed by questions and answers. To participate in the web conference, please register at Once registered, dial-in information and a link to connect will be provided in a confirmation email. The Sherlock Benchmarks are the health plan industry's "gold standard" metrics of administrative activities, costs and operational drivers. They reflect 28 consecutive years and more than 1,000 health plan years of experience. Health plans use the Sherlock Benchmarks to determine whether their administrative costs are optimal and to prioritize improvements among numerous specific activities. Other applications include informing strategic corporate planning and cost-benefit analyses. This year, collectively, Benchmark participants serve 58 million Americans in Blue and other universes. Other universes include Blue Cross Blue Shield plans, Medicare plans and Medicaid plans. Health plan users of the Sherlock Benchmarks serve over 170 million members since June 2022. Sherlock Company ( based in Gwynedd Valley, Pennsylvania, provides informed solutions for health plan financial management. Since its founding in 1987, Sherlock Company has been known for its impartiality and technical competence in service to its clients. View source version on Contacts Douglas B. Sherlock, CFA215-628-2289sherlock@
Business Wire
15-07-2025
- Business
- Business Wire
Independent / Provider-Sponsored Plans' Administrative Expenses Decelerate in 2024
PHILADELPHIA--(BUSINESS WIRE)--Holding product mix constant, Independent / Provider-Sponsored plans' per member costs grew by 6.2% in 2024 compared with 8.4% in 2023. The growth in Medicare Advantage and decline in Medicaid membership led to as reported growth of 9.5%, compared with 10.5% in 2023. Median PMPM costs for all reporting plans was $55.67 PMPM. While most Sales and Marketing functions decelerated, the plans emphasized Customer Services, Actuarial and Rating and Underwriting. There was also notable growth in Information systems, and acceleration in Medical Management. Staffing ratios, compensation and outsourcing increased. The results are summarized in Plan Management Navigator, posted at The Navigator draws from the 2025 Independent / Provider-Sponsored plan edition of the Sherlock Benchmarks. It analyzes and details results from in-depth surveys of 12 IPS Plans serving 8.7 million members, a high share of such health plans and especially of the members served by this industry segment. We will discuss the results via a free web conference on Wednesday, July 16 th, from 2:00 PM to 3:00 PM Eastern Daylight Time. Douglas Sherlock will offer a brief presentation, followed by questions and answers. To participate in the web conference, please register at Once registered, dial-in information and a link to connect will be provided in a confirmation email. The Sherlock Benchmarks are the health plan industry's 'gold standard' metrics of administrative activities, costs and operational drivers. They reflect 28 consecutive years and more than 1,000 health plan years of experience. Health plans use the Sherlock Benchmarks to determine whether their administrative costs are optimal and to prioritize improvements among numerous specific activities. Other applications include informing strategic corporate planning and cost-benefit analyses. This year, collectively, Benchmark participants serve 58 million Americans in Blue and other universes. Other universes include Blue Cross Blue Shield plans, Medicare plans and Medicaid plans. Health plan users of the Sherlock Benchmarks serve over 170 million members since June 2022. Sherlock Company ( based in Gwynedd Valley, Pennsylvania, provides informed solutions for health plan financial management. Since its founding in 1987, Sherlock Company has been known for its impartiality and technical competence in service to its clients.
Business Wire
15-05-2025
- Business
- Business Wire
P3 Health Partners Announces First Quarter 2025 Results
HENDERSON, Nev.--(BUSINESS WIRE)--P3 Health Partners Inc. ('P3' or the 'Company') (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the first quarter ended March 31, 2025, and affirmed its 2025 guidance. 'Our physician-led care enablement model continues to differentiate P3, delivering meaningful improvements in quality measures and cost management through deeper provider partnerships,' said Aric Coffman, CEO of P3. 'Our turnaround plan is ahead of schedule, with three of four markets already achieving breakeven or better in Q1. Beyond our original plan, we've identified additional value creation opportunities through our enhanced complex care programs and payment integrity initiatives. We remain committed to our long-term strategic vision, making targeted investments in technology infrastructure and innovative clinical programs to drive sustainable value for our stakeholders.' First Quarter 2025 Financial Results Average at-risk membership was 115,900 members for the first quarter, a decrease of 8% compared to the full year average membership from the prior year. The decrease reflects previously disclosed network and payer rationalization. Per-member funding PMPM was $1,063, an increase of 8% compared to the per-member funding PMPM from full year 2024. Total revenue was $373.2 million, a decrease of 4% compared to $388.5 million in the first quarter of the prior year. Medical margin(1) was $17.2 million compared to $36.6 million in the first quarter of the prior year. Medical Margin included a negative $23 million net impact from prior year claims related to a single payer. Medical margin PMPM(1) was $49 compared to a medical margin PMPM of $96 in the first quarter of the prior year. Adjusted EBITDA loss(1) was $22.2 million compared to an Adjusted EBITDA loss(1) of $19.8 million in the first quarter of the prior year. Adjusted EBITDA loss included a negative $9 million net impact from prior year claims and retroactive adjustments related to a single payer. Adjusted EBITDA loss PMPM(1) was $64 compared to Adjusted EBITDA loss PMPM of $52 in the first quarter of the prior year. Fiscal 2025 Guidance Year Ended December 31, 2025 Low High At-risk Members(2) 109,000 119,000 Total Revenues (in millions) $ 1,350 $ 1,500 Medical Margin(1)(3) (in millions) $ 174 $ 210 Medical Margin(3) PMPM $ 133 $ 147 Adjusted EBITDA(3) (in millions) $ (35) $ 5 Expand (1) Adjusted EBITDA, Adjusted EBITDA per member, per month ('PMPM'), medical margin, and medical margin PMPM are non-GAAP financial measures. For reconciliations of these measures to the most directly comparable GAAP measures, if applicable, and more information regarding the Company's use of non-GAAP financial measures, please see the section titled 'Non-GAAP Financial Measures.' (2) See 'Key Performance Metrics' for additional information on how the Company defines 'at-risk members.' (3) The Company is not able to provide a quantitative reconciliation of guidance for Adjusted EBITDA, medical margin and medical margin PMPM to net income (loss), gross profit and gross profit PMPM, the most directly comparable GAAP measures, respectively, and has not provided forward-looking guidance for net income (loss), because of the uncertainty around certain items that may impact net income (loss), gross profit (loss) or gross profit (loss) PMPM that are not within our control or cannot be reasonably predicted without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this press release, please see 'Non-GAAP Financial Measures' below. Expand The foregoing 2025 outlook statement represents management's current estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the 'Cautionary Note Regarding Forward-Looking Statements' included in this release. Management does not assume any obligation to update these estimates. Management to Host Conference Call and Webcast on May 15, 2025 at 4:30 PM ET Title & Webcast P3 Health First Quarter Earnings Conference Call Date & Time May 15, 2025, 4:30pm Eastern Time Conference Call Details Toll-Free 1-833-316-0546 (US) International 1-412-317-0692 Ask to be joined into the P3 Health Partners call The conference call will also be webcast live in the 'Events & Presentations' section of the Investor page of the P3 website ( The Company's press release will be available at website in advance of the conference call. An archived recording of the webcast will be available at for a period of 90 days following the conference call. Expand About P3 Health Partners (NASDAQ: PIII): P3 Health Partners Inc. is a leading population health management company committed to transforming healthcare by improving the lives of both patients and providers. Founded and led by physicians, P3 has an expansive network of more than 2,800 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of thousands of patients in 27 counties across five states. P3 supports primary care providers with value-based care coordination and administrative services that improve patient outcomes and lower costs. Through partnerships with these local providers, the P3 care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient's care within the healthcare system. For more information, visit and follow us on LinkedIn and Non-GAAP Financial Measures In addition to the financial results prepared in accordance with accounting principles generally accepted in the U.S. ('GAAP'), this press release contains certain non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and Adjusted EBITDA PMPM, medical margin, medical margin PMPM, and adjusted operating expense. EBITDA is defined as GAAP net income (loss) before (i) interest, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA, further adjusted to exclude the effect of certain supplemental adjustments, such as (i) mark-to-market warrant gain/loss, (ii) premium deficiency reserves, (iii) equity-based compensation expense, (iv) certain transaction and other related costs and (v) certain other items that we believe are not indicative of our core operating performances. Adjusted EBITDA PMPM is defined as Adjusted EBITDA divided by the number of at-risk Medicare members each month divided by the number of months in the period. We believe these non‐GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other similar companies. Medical margin represents the amount earned from capitation revenue after medical claims expenses are deducted and medical margin PMPM is defined as medical margin divided by the number of at-risk Medicare members each month divided by the number of months in the period. Medical claims expenses represent costs incurred for medical services provided to our members. As our platform grows and matures over time, we expect medical margin to increase in absolute dollars; however, medical margin 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. Adjusted operating expense is defined as total operating expense excluding depreciation and amortization and costs that management believes are non-core to the underlying operations of the Company, consisting of (i) medical expense, (ii) premium deficiency reserves, (iii) equity-based compensation, and (iv) certain other items that we believe are not indicative or our core operating performance. We do not consider these non‐GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non‐GAAP financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. The tables at the end of this press release present a reconciliation of Adjusted EBITDA to net income (loss), medical margin to gross profit, and adjusted operating expense to operating expense, which are the most directly comparable financial measures calculated in accordance with GAAP. Key Performance Metrics In addition to our GAAP and non-GAAP financial information, the Company also monitors 'at-risk members' to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. At-risk membership represents the approximate number of Medicare members for whom we receive a fixed percentage of premium under capitation arrangements as of the end of a particular period. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements address various matters, including the Company's future expected growth strategy and operating performance; and the Company's ability to execute on its identified strategic improvement opportunities, all of which reflect the Company's expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected or estimated and you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, our ability to continue as a going concern; our potential need to raise additional capital to fund our existing operations or develop and commercialize new services or expand our operations; our ability to achieve or maintain profitability; our ability to maintain compliance with our debt covenants in the future, or obtain required waivers from our lenders if future operating performance were to fall below current projections, and if there are material changes to management's assumptions, we could be required to recognize non-cash charges to operating earnings for goodwill and/or other intangible asset impairment; our ability to identify and develop successful new geographies, physician partners, payors and patients; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to fund our growth and expand our operations; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payors; the impact of fluctuations in risk adjustments; our ability to establish and maintain effective internal controls and the impact of material weaknesses we have identified; our ability to maintain the listing of our securities on Nasdaq; increased labor costs and medical expense; our ability to recruit and retain qualified team members and independent physicians; and the factors described under Part I, Item 1A. 'Risk Factors' and Part II, Item 7. 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 27, 2024, and in our subsequent filings with the SEC. All information in this press release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release. P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) March 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash $ 40,082 $ 38,816 Restricted cash 1,211 5,286 Health plan receivable, net of allowance for credit losses of $150 129,350 121,266 Clinic fees, insurance and other receivable 5,409 3,947 Prepaid expenses and other current assets 14,980 14,422 Assets held for sale 403 403 TOTAL CURRENT ASSETS 191,435 184,140 Property and equipment, net 5,308 5,734 Intangible assets, net 553,889 574,350 Other long-term assets 33,238 19,196 TOTAL ASSETS (1) $ 783,870 $ 783,420 LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 11,503 $ 8,442 Accrued expenses and other current liabilities 27,971 29,416 Accrued payroll 3,216 2,722 Health plan settlements payable 56,715 55,565 Claims payable 268,664 255,089 Premium deficiency reserve 60,406 67,368 Accrued interest 12,410 12,460 Current portion of long-term debt 65,000 65,000 Short-term debt 796 — Liabilities held for sale 353 353 TOTAL CURRENT LIABILITIES 507,034 496,415 Operating lease liability 10,981 11,339 Warrant liabilities 6,990 10,312 Long-term debt, net 106,121 89,824 Other Long-Term Liabilities 31,665 26,001 TOTAL LIABILITIES (1) 662,791 633,891 COMMITMENTS AND CONTINGENCIES MEZZANINE EQUITY: Redeemable non-controlling interest 57,829 73,593 STOCKHOLDERS' EQUITY: Class A common stock, $0.0001 par value; 800,000 shares authorized; 3,263 and 3,257 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively — — Class V common stock, $0.0001 par value; 205,000 shares authorized; 3,919 shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Additional paid in capital 586,923 579,129 Accumulated deficit (523,673 ) (503,193 ) TOTAL STOCKHOLDERS' EQUITY 63,250 75,936 TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY $ 783,870 $ 783,420 Expand (1) The Company's condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities ('VIEs'). As discussed in Note 13 'Variable Interest Entities,' P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC's consolidated VIEs totaling $10.7 million and $9.3 million as of March 31, 2025 and December 31, 2024, respectively, and total liabilities of P3 LLC's consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $15.6 million and $14.9 million as of March 31, 2025 and December 31, 2024, respectively. These VIE assets and liabilities do not include $41.1 million and $40.3 million of net amounts due to affiliates as of March 31, 2025 and December 31, 2024, respectively, as these are eliminated in consolidation and not presented within the consolidated balance sheets. Expand All periods presented have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2025 2024 OPERATING REVENUE: Capitated revenue $ 369,517 $ 384,134 Other patient service revenue 3,708 4,354 TOTAL OPERATING REVENUE 373,225 388,488 OPERATING EXPENSE: Medical expense 372,043 382,057 Premium deficiency reserve (6,962 ) 1,000 Corporate, general and administrative expense 24,999 27,401 Sales and marketing expense 181 322 Depreciation and amortization 21,052 21,539 TOTAL OPERATING EXPENSE 411,313 432,319 OPERATING LOSS (38,088 ) (43,831 ) OTHER INCOME (EXPENSE): Interest expense, net (8,725 ) (4,256 ) Mark-to-market of stock warrants 3,322 216 Other 318 337 TOTAL OTHER (EXPENSE) INCOME (5,085 ) (3,703 ) LOSS BEFORE INCOME TAXES (43,173 ) (47,534 ) PROVISION FOR INCOME TAXES (1,073 ) (2,072 ) NET LOSS (44,246 ) (49,606 ) LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST (23,766 ) (30,906 ) NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST $ (20,480 ) $ (18,700 ) NET LOSS PER SHARE: Basic $ (6.28 ) $ (7.86 ) Diluted $ (6.28 ) $ (7.86 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 3,260 2,378 Diluted 3,260 2,378 Expand All periods presented have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. P3 HEALTH PARTNERS INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (44,246 ) $ (49,606 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 21,052 21,539 Equity-based compensation 1,808 1,449 Amortization of original issue discount and debt issuance costs 331 (140 ) Mark-to-market adjustment of stock warrants (3,322 ) (216 ) Premium deficiency reserve (6,962 ) 1,000 Changes in operating assets and liabilities: Health plan receivable (8,084 ) (25,198 ) Clinic fees, insurance, and other receivable (1,462 ) 2,892 Prepaid expenses and other current assets (558 ) (3,296 ) Other long-term assets (14,345 ) (17 ) Accounts payable, accrued expenses, and other current liabilities 1,593 (5,553 ) Accrued payroll 494 1,542 Health plan settlements payable 1,150 (12,944 ) Claims payable 13,575 44,168 Accrued interest 5,614 4,387 Operating lease liability (104 ) (37 ) Net cash used in operating activities (33,466 ) (20,030 ) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash provided by (used in) investing activities — — CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term debt, net of original issue discount 30,000 10,000 Payment of debt issuance costs (139 ) — Proceeds from at-the-market sales, net of offering costs paid — 33 Payment of tax withholdings upon settlement of restricted stock unit awards — (73 ) Repayment of short-term and long-term debt (341 ) (430 ) Proceeds from short-term debt 1,137 1,871 Net cash provided by financing activities 30,657 11,401 Net change in cash and restricted cash (2,809 ) (8,629 ) Cash and restricted cash, beginning of period 44,102 40,934 Cash and restricted cash, end of period $ 41,293 $ 32,305 Expand RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA LOSS (in thousands, except PMPM) (unaudited) Three Months Ended March 31, 2025 2024 Net loss $ (44,246 ) $ (49,606 ) Interest expense, net 8,725 4,256 Depreciation and amortization 21,052 21,539 Income tax provision 1,073 2,072 Mark-to-market of stock warrants (3,322 ) (216 ) Premium deficiency reserve (6,962 ) 1,000 Equity-based compensation 1,808 1,449 Other(1) (318 ) (264 ) Adjusted EBITDA loss $ (22,190 ) $ (19,770 ) Adjusted EBITDA loss PMPM $ (64 ) $ (52 ) Expand ____________________ (1) Other during the three months ended March 31, 2025 consisted of (i) interest income, (ii) legal settlements, and (iii) valuation allowance on our notes receivable. Other during the three months ended March 31, 2024 consisted of (i) interest income partially offset by (ii) valuation allowance on our notes receivable. Expand MEDICAL MARGIN (in thousands, except PMPM) (unaudited) Three Months Ended March 31, 2025 2024 Capitated revenue $ 369,517 $ 384,134 Less: medical claims expense (352,317 ) (347,582 ) Medical margin $ 17,200 $ 36,552 Medical margin PMPM $ 49 $ 96 Expand RECONCILIATION OF GROSS PROFIT (LOSS) TO MEDICAL MARGIN (in thousands) Three Months Ended March 31, 2025 2024 Gross profit (loss) $ 1,182 $ 6,431 Other patient service revenue (3,708 ) (4,354 ) Other medical expense 19,726 34,475 Medical margin $ 17,200 $ 36,552 Expand RECONCILIATION OF TOTAL OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE (in thousands) (unaudited) Three Months Ended March 31, 2025 2024 Total operating expense $ 411,313 $ 432,319 Medical expense (372,043 ) (382,057 ) Depreciation and amortization (21,052 ) (21,539 ) Premium deficiency reserve 6,962 (1,000 ) Equity-based compensation (1,808 ) (1,449 ) Other 62 (52 ) Adjusted operating expense $ 23,434 $ 26,222 Expand
