Astrana Health, Inc. Reports Second Quarter 2025 Results
Astrana Health (NASDAQ: ASTH) reported strong Q2 2025 financial results, with total revenue reaching $654.8 million, up 35% year-over-year, and adjusted EBITDA of $48.1 million. The company's Care Partners segment led growth with revenue of $631.4 million, a 36% increase.
Key highlights include the completion of the Prospect Health acquisition for $707.9 million on July 1, 2025, financed through a five-year delayed draw term loan. The company also strengthened its leadership team with several strategic appointments, including Sherry McBride as COO.
Astrana reiterated its full-year 2025 guidance, projecting total revenue between $3.1-3.3 billion and adjusted EBITDA of $215-225 million, which includes the Prospect Health acquisition impact.
Astrana Health (NASDAQ: ASTH) ha comunicato solidi risultati finanziari per il secondo trimestre 2025, con ricavi totali pari a 654,8 milioni di dollari, in crescita del 35% rispetto all'anno precedente, e un EBITDA rettificato di 48,1 milioni di dollari. Il segmento Care Partners dell'azienda ha guidato la crescita con ricavi di 631,4 milioni di dollari, un aumento del 36%.
Tra i punti salienti, il completamento dell'acquisizione di Prospect Health per 707,9 milioni di dollari il 1掳 luglio 2025, finanziata tramite un prestito a termine con prelievo ritardato di cinque anni. L'azienda ha inoltre rafforzato il proprio team dirigenziale con diverse nomine strategiche, tra cui Sherry McBride come COO.
Astrana ha confermato le previsioni per l'intero anno 2025, prevedendo ricavi totali tra 3,1 e 3,3 miliardi di dollari e un EBITDA rettificato tra 215 e 225 milioni di dollari, includendo l'impatto dell'acquisizione di Prospect Health.
Astrana Health (NASDAQ: ASTH) present贸 s贸lidos resultados financieros para el segundo trimestre de 2025, con ingresos totales que alcanzaron los 654,8 millones de d贸lares, un aumento del 35% interanual, y un EBITDA ajustado de 48,1 millones de d贸lares. El segmento Care Partners de la compa帽铆a lider贸 el crecimiento con ingresos de 631,4 millones de d贸lares, un incremento del 36%.
Entre los aspectos destacados est谩 la finalizaci贸n de la adquisici贸n de Prospect Health por 707,9 millones de d贸lares el 1 de julio de 2025, financiada mediante un pr茅stamo a plazo con desembolso diferido a cinco a帽os. La empresa tambi茅n fortaleci贸 su equipo directivo con varios nombramientos estrat茅gicos, incluyendo a Sherry McBride como COO.
Astrana reiter贸 sus previsiones para todo el a帽o 2025, proyectando ingresos totales entre 3,1 y 3,3 mil millones de d贸lares y un EBITDA ajustado de 215 a 225 millones de d贸lares, incluyendo el impacto de la adquisici贸n de Prospect Health.
Astrana Health (NASDAQ: ASTH)電� 2025雲� 2攵勱赴 臧曤牓頃� 鞛 鞁れ爜鞚� 氚滍憸頄堨溂氅�, 齑� 毵れ稖鞎§潃 6鞏� 5,480毵� 雼煬搿� 鞝勲厔 雽�牍� 35% 歃濌皜頄堦碃, 臁办爼 EBITDA電� 4,810毵� 雼煬毳� 旮半頄堨姷雼堧嫟. 須岇偓鞚� Care Partners 攵�氍胳澊 6鞏� 3,140毵� 雼煬鞚� 毵れ稖搿� 36% 靹膘灔頃橂┌ 靹膘灔鞚� 欤茧弰頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� 2025雲� 7鞗� 1鞚� 7鞏� 790毵� 雼煬 攴滊鞚� Prospect Health 鞚胳垬 鞕勲臧� 鞛堨溂氅�, 鞚措姅 5雲� 毵岅赴 歆�鞐� 鞚胳稖順� 雽�於滊 鞛愱笀鞚� 臁半嫭頄堨姷雼堧嫟. 霕愴暅 Sherry McBride毳� COO搿� 鞛勲獏頃橂姅 霌� 鞐煬 鞝勲灥鞝� 鞚胳偓毳� 韱淀暣 瓴届榿歆勳潉 臧曧檾頄堨姷雼堧嫟.
Astrana電� Prospect Health 鞚胳垬 須臣毳� 韽暔頃橃棳 2025雲� 鞝勳泊 臧�鞚措崢鞀るゼ 鞛檿鞚疙晿氅�, 齑� 毵れ稖鞎§潉 31鞏祣33鞏� 雼煬, 臁办爼 EBITDA毳� 2鞏� 1,500毵寏2鞏� 2,500毵� 雼煬搿� 鞝勲頄堨姷雼堧嫟.
Astrana Health (NASDAQ : ASTH) a annonc茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires total atteignant 654,8 millions de dollars, en hausse de 35 % sur un an, et un EBITDA ajust茅 de 48,1 millions de dollars. Le segment Care Partners de l'entreprise a men茅 la croissance avec un chiffre d'affaires de 631,4 millions de dollars, soit une augmentation de 36 %.
Parmi les points forts, la finalisation de l'acquisition de Prospect Health pour 707,9 millions de dollars le 1er juillet 2025, financ茅e par un pr锚t 脿 terme 脿 tirage diff茅r茅 sur cinq ans. L'entreprise a 茅galement renforc茅 son 茅quipe de direction avec plusieurs nominations strat茅giques, dont Sherry McBride en tant que COO.
Astrana a r茅it茅r茅 ses pr茅visions pour l'ann茅e 2025, projetant un chiffre d'affaires total compris entre 3,1 et 3,3 milliards de dollars et un EBITDA ajust茅 de 215 脿 225 millions de dollars, incluant l'impact de l'acquisition de Prospect Health.
Astrana Health (NASDAQ: ASTH) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025 mit Gesamtumsatz von 654,8 Millionen US-Dollar, was einem Anstieg von 35 % gegen眉ber dem Vorjahr entspricht, und einem bereinigten EBITDA von 48,1 Millionen US-Dollar. Das Segment Care Partners des Unternehmens f眉hrte das Wachstum mit einem Umsatz von 631,4 Millionen US-Dollar an, was einem Anstieg von 36 % entspricht.
Zu den wichtigsten Highlights z盲hlt der Abschluss der 脺bernahme von Prospect Health f眉r 707,9 Millionen US-Dollar am 1. Juli 2025, finanziert durch einen f眉nfj盲hrigen verz枚gerten Abrufdarlehen. Das Unternehmen verst盲rkte zudem sein F眉hrungsteam mit mehreren strategischen Ernennungen, darunter Sherry McBride als COO.
Astrana best盲tigte seine Prognose f眉r das Gesamtjahr 2025 und erwartet Gesamtumsatz zwischen 3,1 und 3,3 Milliarden US-Dollar sowie ein bereinigtes EBITDA von 215 bis 225 Millionen US-Dollar, einschlie脽lich der Auswirkungen der Prospect Health 脺bernahme.
- Total revenue increased 35% year-over-year to $654.8 million
- Care Partners revenue grew 36% to $631.4 million
- Net income of $9.4 million with EPS of $0.19
- Successfully completed Prospect Health acquisition, expanding market presence
- Medical cost trends remained within expectations across all business lines
- Took on significant debt with $707.3 million term loan for Prospect acquisition
- Care Enablement segment showed 73% decline in operating income
- Purchase price adjustments required through side letter agreement
Insights
Astrana Health reports strong Q2 with 35% revenue growth, successful acquisition completion, and reaffirmed guidance signaling sustainable growth trajectory.
Astrana Health delivered a robust Q2 2025 performance with
The financial results landed at the higher end of management's guidance, which demonstrates strong execution ability. Particularly notable is the company's assertion that they're effectively managing medical cost trends across all business lines - a critical factor in healthcare profitability that directly impacts margins. This cost control, combined with revenue growth, suggests their physician-focused, technology-enabled model is successfully balancing care quality with financial sustainability.
The July 1st completion of the Prospect Health acquisition marks a significant expansion. The final purchase price was negotiated down from
Management's decision to maintain full-year 2025 guidance of
The addition of several key executives, particularly a new COO focused on operational integration, aligns with the company's need to effectively absorb and optimize the major acquisition. This strengthened leadership team will be essential as Astrana scales its platform while maintaining operational discipline.
Company to Host Conference Call on Thursday, August 7, 2025, at 2:30 p.m. PT/5:30 p.m. ET
- Reports total revenue of
$654.8 million $48.1 million - Continues to manage medical cost trends effectively, with trend within expectations across all lines of business
- Reiterates full-year 2025 guidance which is inclusive of the now-closed Prospect Health acquisition
"Astrana Health's strong second quarter results underscore the power of our physician-focused, technology-enabled model to drive profitable growth and deliver better outcomes at scale," said Brandon Sim, President and CEO of Astrana Health. "Our unique ability to build longitudinal relationships with our patients, paired with leading clinical capabilities and a purpose-built technology platform affording us real-time visibility of our patients' health, allows us to operate from a position of strength in a complex and evolving healthcare landscape. As we look ahead, we remain focused on disciplined execution and expanding access to high-quality, coordinated care for the patients and communities we serve."
Financial Highlights for Second Quarter Ended June听30, 2025:
All comparisons are to the three months ended June听30, 2024听unless otherwise stated.
- Total revenue of
$654.8 million 35% from$486.3 million - Care Partners revenue of
$631.4 million 36% from$463.3 million - Net income attributable to Astrana of
$9.4 million - Earnings per share - diluted ("EPS - diluted") of
$0.19 - Adjusted EBITDA(1) of
$48.1 million
Financial Highlights for Six Months Ended听 June听30, 2025:
All comparisons are to the six months ended June听30, 2024 unless otherwise stated.
- Total revenue of
$1,275.2 million 43% from$890.6 million - Care Partners revenue of
$1,232.4 million 46% from$845.6 million - Net income attributable to Astrana of
$16.1 million - Earnings per share - diluted ("EPS - diluted") of
$0.33 - Adjusted EBITDA(1) of
$84.5 million
(1)听See "Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin" and "Use of Non-GAAP Financial Measures" below for additional information.
Recent Operating Highlights
- On July 1, 2025, the Company completed its previously announced acquisition of Prospect Health consisting of businesses and assets relating to Prospect Health System, including its
California licensed health care service plan (Prospect Health Plan), medical groups inCalifornia ,Texas ,Arizona andRhode Island (Prospect Medical Groups), management service organization (Prospect Medical Systems), pharmacy (RightRx), and Foothill Regional Medical Center. Concurrently with the close, the Company entered into a side letter agreement that, among other things, reduced the aggregate purchase price from$745.0 million $707.9 million $707.3 million - Astrana announced Sherry McBride has joined as Chief Operating Officer of Astrana Health - Management Services Organization, effective Monday, June 2, 2025. Ms. McBride is leading operational integration and execution and working alongside Astrana's Executive Leadership Team as the Company accelerates the scale of its leading care delivery platform. Ms. McBride's appointment complements several other strategic additions to the leadership team, including Georgie Sam as Chief Data and Analytics Officer, Glenn Sobotka as Chief Accounting Officer, and the promotion of Rita Pew to Chief People Officer.
Segment Results for three months ended June听30, 2025:
All comparisons are to the three months ended June听30, 2024 unless otherwise stated.
Three Months Ended June听30, 2025 | ||||||||||||||||||||||||
(in thousands) | Care | Care | Care | Intersegment | Corporate | Consolidated | ||||||||||||||||||
Total revenues | $ | 631,442 | $ | 38,394 | $ | 40,901 | $ | (55,929) | $ | 鈥� | $ | 654,808 | ||||||||||||
% change vs. prior year quarter | 36 | % | 10 | % | 13 | % | ||||||||||||||||||
Cost of services | 536,266 | 27,873 | 31,130 | (18,430) | 鈥� | 576,839 | ||||||||||||||||||
General and administrative(1) | 45,491 | 8,374 | 7,930 | (37,511) | 33,345 | 57,629 | ||||||||||||||||||
Total expenses | 581,757 | 36,247 | 39,060 | (55,941) | 33,345 | 634,468 | ||||||||||||||||||
Income (loss) from operations | $ | 49,685 | $ | 2,147 | $ | 1,841 | $ | 12 | (2) | $ | (33,345) | $ | 20,340 | |||||||||||
% change vs. prior year quarter | 23 | % | 18 | % | (73) | % | ||||||||||||||||||
(1)听Balance includes general and administrative expenses and depreciation and amortization. |
(2)听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. |
2025 Guidance:
Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the quarter ending September 30, 2025 and reiterating guidance for the year ending December 31, 2025 based on the Company's existing business, current view of existing market conditions, and assumptions.
($ in millions) | Three Months Ending | Year Ending | ||||||||||||||
Guidance Range | Guidance Range | |||||||||||||||
Low | High | Low | High | |||||||||||||
Total revenue | $ | 925 | $ | 965 | $ | 3,100 | $ | 3,300 | ||||||||
Adjusted EBITDA | $ | 65 | $ | 70 | $ | 215 | $ | 225 | ||||||||
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:
Astrana will host a conference call at 2:30 p.m. PT/5:30 p.m. ET today (Thursday, August 7, 2025), during which management will discuss the results of the second quarter ended June听30, 2025. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time:
International (Toll):听听听听听听听听听听听听听听听听听听 +1 (201) 689-8517
The conference call can also be accessed via webcast at:
An accompanying slide presentation will be available in PDF format on the "IR Calendar" page of the Company's website () after issuance of the earnings release and will be furnished as an exhibit to Astrana's current report on Form 8-K to be filed with the SEC, accessible at .
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
About Astrana Health, Inc.
Astrana Health is a physician-centric, AI-powered healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value across the healthcare system.
Today, Astrana supports more than 20,000 providers and over 1.6 million patients in value-based care arrangements through its affiliated provider networks, management services organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana is building the healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For more information, visit听.
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 quarter ending September 30, 2025 and the year ending听 December听31, 2025, 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, statements about the Company's liquidity, and successful completion and 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听Annual Report on Form 10-K for the year ended December听31, 2024, and subsequent quarterly reports on Form 10-Q. Any forward-looking statements 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.
FOR MORE INFORMATION, PLEASE CONTACT:
Grant Hesser, Investor Relations
[email protected]
ASTRANA HEALTH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | ||||||||
June听30, | December听31, | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 339,703 | $ | 288,455 | ||||
Investment in marketable securities | 2,417 | 2,378 | ||||||
Receivables, net (including amounts with related parties) | 348,730 | 275,990 | ||||||
Income taxes receivable | 7,893 | 19,316 | ||||||
Other receivables | 8,655 | 29,496 | ||||||
Prepaid expenses and other current assets | 21,754 | 22,861 | ||||||
Total current assets | 729,152 | 638,496 | ||||||
Non-current assets | ||||||||
Property and equipment, net | 17,800 | 14,274 | ||||||
Intangible assets, net | 105,737 | 118,179 | ||||||
Goodwill | 416,917 | 419,253 | ||||||
Income taxes receivable, non-current | 15,943 | 15,943 | ||||||
Loans receivable, non-current | 48,370 | 51,266 | ||||||
Investments in other entities 鈥� equity method | 38,454 | 39,319 | ||||||
Investments in privately held entities | 8,896 | 8,896 | ||||||
Operating lease right-of-use assets | 30,631 | 32,601 | ||||||
Other assets | 30,450 | 16,667 | ||||||
Total non-current assets | 713,198 | 716,398 | ||||||
Total assets(1) | $ | 1,442,350 | $ | 1,354,894 | ||||
Liabilities, Mezzanine Deficit, and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 119,661 | $ | 106,142 | ||||
Fiduciary accounts payable | 4,734 | 8,223 | ||||||
Medical liabilities | 287,691 | 209,039 | ||||||
Operating lease liabilities | 5,319 | 5,350 | ||||||
Current portion of long-term debt | 12,500 | 9,375 | ||||||
Other liabilities | 29,841 | 27,479 | ||||||
Total current liabilities | 459,746 | 365,608 | ||||||
Non-current liabilities | ||||||||
Deferred tax liability | 2,593 | 4,555 | ||||||
Operating lease liabilities, net of current portion | 28,714 | 30,654 | ||||||
Long-term debt, net of current portion and deferred financing costs | 401,057 | 425,299 | ||||||
Other long-term liabilities | 12,294 | 14,610 | ||||||
Total non-current liabilities | 444,658 | 475,118 | ||||||
Total liabilities(1) | 904,404 | 840,726 | ||||||
Mezzanine deficit | ||||||||
Noncontrolling interest in Allied Physicians of | (233,582) | (202,558) | ||||||
Stockholders' equity | ||||||||
Preferred stock, | 鈥� | 鈥� | ||||||
Common stock, | 49 | 48 | ||||||
Additional paid-in capital | 463,203 | 426,389 | ||||||
Retained earnings | 302,209 | 286,283 | ||||||
Total stockholders' equity | 765,461 | 712,720 | ||||||
Non-controlling interest | 6,067 | 4,006 | ||||||
Total equity | 771,528 | 716,726 | ||||||
Total liabilities, mezzanine deficit, and stockholders' equity | $ | 1,442,350 | $ | 1,354,894 | ||||
(1) The Company's condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the Company's consolidated VIEs totaling |
听
ASTRANA HEALTH, INC. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | ||||||||||||||||
Capitation, net | $ | 614,108 | $ | 442,574 | $ | 1,198,071 | $ | 808,484 | ||||||||
Risk pool settlements and incentives | 15,402 | 18,408 | 29,893 | 35,785 | ||||||||||||
Management fee income | 2,577 | 1,604 | 4,887 | 5,682 | ||||||||||||
Fee-for-service, net | 17,878 | 19,959 | 32,769 | 35,896 | ||||||||||||
Other revenue | 4,843 | 3,720 | 9,576 | 4,774 | ||||||||||||
Total revenue | 654,808 | 486,265 | 1,275,196 | 890,621 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of services, excluding depreciation and amortization | 576,839 | 412,805 | 1,125,900 | 743,204 | ||||||||||||
General and administrative expenses | 50,725 | 35,953 | 94,623 | 74,675 | ||||||||||||
Depreciation and amortization | 6,904 | 7,441 | 13,752 | 12,537 | ||||||||||||
Total expenses | 634,468 | 456,199 | 1,234,275 | 830,416 | ||||||||||||
Income from operations | 20,340 | 30,066 | 40,921 | 60,205 | ||||||||||||
Other income (expense) | ||||||||||||||||
Income (loss) from equity method investments | 381 | 902 | (486) | 1,534 | ||||||||||||
Interest expense | (7,382) | (8,587) | (14,690) | (16,172) | ||||||||||||
Interest income | 2,336 | 3,513 | 4,647 | 7,509 | ||||||||||||
Unrealized gain (loss) on investments | 14 | (123) | (30) | 976 | ||||||||||||
Other income (loss) | 1,136 | 6,126 | (3,934) | 1,849 | ||||||||||||
Total other (expense) income, net | (3,515) | 1,831 | (14,493) | (4,304) | ||||||||||||
Income before provision for income taxes | 16,825 | 31,897 | 26,428 | 55,901 | ||||||||||||
Provision for income taxes | 6,609 | 10,031 | 9,991 | 17,173 | ||||||||||||
Net income | 10,216 | 21,866 | 16,437 | 38,728 | ||||||||||||
Net income attributable to non-controlling interest | 793 | 2,695 | 322 | 4,722 | ||||||||||||
Net income attributable to Astrana Health, Inc. | $ | 9,423 | $ | 19,171 | $ | 16,115 | $ | 34,006 | ||||||||
Earnings per share 鈥� basic | $ | 0.19 | $ | 0.40 | $ | 0.33 | $ | 0.72 | ||||||||
Earnings per share 鈥� diluted | $ | 0.19 | $ | 0.40 | $ | 0.33 | $ | 0.71 | ||||||||
听
ASTRANA HEALTH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) | ||||||||
Six Months Ended | ||||||||
2025 | 2024 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 16,437 | $ | 38,728 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 13,752 | 12,537 | ||||||
Amortization of debt issuance cost | 1,740 | 917 | ||||||
Share-based compensation | 19,519 | 13,138 | ||||||
Non-cash lease expense | 2,559 | 2,632 | ||||||
Deferred tax | (1,961) | (7,259) | ||||||
Other | 3,910 | 4,581 | ||||||
Changes in operating assets and liabilities, net of business combinations | 51,571 | (36,109) | ||||||
Net cash provided by operating activities | 107,527 | 29,165 | ||||||
Cash flows from investing activities | ||||||||
Payments for business acquisition, net of cash acquired | 鈥� | (114,585) | ||||||
Purchase of investment 鈥� equity method | 鈥� | (5,968) | ||||||
Purchase of call option issued in conjunction with equity method investment | 鈥� | (3,907) | ||||||
Issuance of loan receivable | (1,050) | (21,000) | ||||||
Purchases of property and equipment | (4,490) | (3,205) | ||||||
Other | 2,069 | (2,299) | ||||||
Net cash used in investing activities | (3,471) | (150,964) | ||||||
Cash flows from financing activities | ||||||||
Dividends paid | (6,233) | (1,896) | ||||||
Borrowings on long-term debt | 412,000 | 170,320 | ||||||
Repayment of long-term debt | (431,357) | (11,000) | ||||||
Deferred financing cost | (17,241) | 鈥� | ||||||
Taxes paid from net share settlement of restricted stock | (5,053) | (3,584) | ||||||
Other | (4,924) | (237) | ||||||
Net cash (used in) provided by financing activities | (52,808) | 153,603 | ||||||
Net increase in cash, cash equivalents, and restricted cash | 51,248 | 31,804 | ||||||
Cash, cash equivalents, and restricted cash, beginning of period | 289,102 | 294,152 | ||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 340,350 | $ | 325,956 | ||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid for income taxes | $ | 4,728 | $ | 35,742 | ||||
Cash paid for interest | $ | 13,535 | $ | 14,613 | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | 7,110 | $ | 7,661 | ||||
Common stock issued in business combination | $ | 鈥� | $ | 21,952 | ||||
Draw on letter of credit through Revolver Loan | $ | 鈥� | $ | 4,732 | ||||
Dividend paid in the form of common stock | $ | 21,935 | $ | 鈥� | ||||
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total amounts of cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows (in thousands):
June听30, | ||||||||
2025 | 2024 | |||||||
Cash and cash equivalents | $ | 339,703 | $ | 325,310 | ||||
Restricted cash (1) | 647 | 646 | ||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | 340,350 | $ | 325,956 | ||||
(1)听听 Restricted cash is included in other assets on the condensed consolidated balance sheets. |
Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
Set forth below are reconciliations of Net Income to EBITDA and Adjusted EBITDA as well as the reconciliation to Adjusted EBITDA margin for the three and six months ended June听30, 2025 and 2024. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue.
Three Months Ended | Six Months Ended | |||||||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
Net income | $ | 10,216 | $ | 21,866 | $ | 16,437 | $ | 38,728 | ||||||||||||
Interest expense | 7,382 | 8,587 | 14,690 | 16,172 | ||||||||||||||||
Interest income | (2,336) | (3,513) | (4,647) | (7,509) | ||||||||||||||||
Provision for income taxes | 6,609 | 10,031 | 9,991 | 17,173 | ||||||||||||||||
Depreciation and amortization | 6,904 | 7,441 | 13,752 | 12,537 | ||||||||||||||||
EBITDA | 28,775 | 44,412 | 50,223 | 77,101 | ||||||||||||||||
(Income) loss from equity method investments | (381) | (902) | 486 | (1,534) | ||||||||||||||||
Other, net | 7,998 | (1) | (2,983) | (2) | 14,257 | (3) | 1,457 | (4) | ||||||||||||
Stock-based compensation | 11,709 | 7,390 | 19,519 | 13,138 | ||||||||||||||||
Adjusted EBITDA | $ | 48,101 | $ | 47,917 | $ | 84,485 | $ | 90,162 | ||||||||||||
Total revenue | $ | 654,808 | $ | 486,265 | $ | 1,275,196 | $ | 890,621 | ||||||||||||
Adjusted EBITDA margin | 7 | % | 10 | % | 7 | % | 10 | % | ||||||||||||
(1) | Other, net for the three months ended June听30, 2025 relates to transaction costs for our acquisition of Prospect Health, certain costs associated with the CHS transaction, non-cash changes related to the change in the fair value of our call option and Collar Agreement, and severance fees incurred. |
(2) | Other, net for the three months ended June听30, 2024, relates to non-cash changes related to change in the fair value of the Company's Collar Agreement, transaction costs incurred for our investments and tax restructuring fees, and reimbursement from a related party of the Company for taxes associated with the Excluded Assets spin-off. |
(3) | Other, net for the six months ended June听30, 2025, relates to debt issuance costs expensed in connection with our Second Amended and Restated Credit Facility, transaction costs for our acquisition of Prospect Health, data transition costs for our recent acquisitions, certain costs associated with the CHS transaction, non-cash changes related to change in the fair value of our call option and Collar Agreement, and severance fees incurred. |
(4) | Other, net for the six months ended June 30, 2024, relates to financial guarantee via a letter of credit that we provided almost three years ago in support of two local provider-led ACOs, non-cash changes related to change in the fair value of our financing obligation to purchase the remaining equity interests in one of our investments, non-cash changes related to change in the fair value of the Company's Collar Agreement, and transaction costs incurred for our investments and tax restructuring fees, and reimbursement from a related party of the Company for taxes associated with the Excluded Assets spin-off. |
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Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA | ||||||||
Year Ending | ||||||||
Guidance Range | ||||||||
(in thousands) | Low | High | ||||||
Net income | $ | 57,500 | $ | 63,500 | ||||
Interest expense | 41,500 | 42,500 | ||||||
Provision for income taxes | 31,000 | 34,000 | ||||||
Depreciation and amortization | 32,000 | 32,000 | ||||||
EBITDA | 162,000 | 172,000 | ||||||
Income from equity method investments | (2,000) | (2,000) | ||||||
Other, net | 20,000 | 20,000 | ||||||
Stock-based compensation | 35,000 | 35,000 | ||||||
Adjusted EBITDA | $ | 215,000 | $ | 225,000 | ||||
The Company has not provided a quantitative reconciliation of EBITDA and Adjusted EBITDA for the quarter ending September 30, 2025 to the most comparable GAAP measure on a forward-looking basis within this press release because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated for the three month period. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently uncertain and depend on various factors, some of which are outside of the Company's control.
Use of Non-GAAP Financial Measures
This press release contains the non-GAAP financial measures EBITDA and Adjusted EBITDA, of which the most directly comparable financial measure presented in accordance with
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.
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