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Classified in: Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

CareMax, Inc. Reports Second Quarter 2022 Results; Raises Full Year Medicare Advantage Membership and Revenue Outlook


CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today financial results for the second quarter ended June 30, 2022.

"Our strong second quarter results reflect disciplined execution of our strategy and continued growth of our whole-person health model. As a result of our performance year-to-date, we are increasing our full-year membership and revenue outlook," said Carlos de Solo, Chief Executive Officer. "As announced in June, our acquisition of Steward Health Care System's Medicare value-based care business will significantly accelerate our growth and reach, and further our mission of reducing healthcare costs, improving overall health outcomes, and promoting health equity for seniors. This transaction will create one of the largest, independent senior value-based care platforms across the U.S., and is expected to be immediately accretive to revenue and Adjusted EBITDA following close. We are working diligently to close the transaction and look forward to realizing the anticipated benefits of this highly complementary acquisition."

Second Quarter 2022 Results1,2

Recent Business Highlights

Financial Outlook for Full Year 20221,2

CareMax is raising the following full year 2022 financial guidance:

CareMax is reaffirming the following full year 2022 financial guidance:

1Pro Forma year-over-year comparisons to 2021 reflect the business combinations of IMC Medical Group Holdings and Care Holdings as if they had occurred on January 1, 2021. A reconciliation of the pro forma financial information to GAAP financial statements is included in this earnings release.

2Adjusted EBITDA and Platform Contribution are non-GAAP financial metrics. A reconciliation of non-GAAP metrics to GAAP financial statements is included in this earnings release.

3Medical Expense Ratio equals external provider costs divided by Medicare and Medicaid risk-based revenues.

Conference Call Details

Management will host a conference call at 8:30 am ET today to discuss the results. The conference call can be accessed by dialing (888) 440-6519 for U.S. participants, or (646) 960-0384 for international participants, and referencing conference ID 4345921. A live audio webcast as well as related presentation materials will also be available on the "Events & Presentations" section of CareMax's investor relations website at ir.caremax.com. Following the live call, a replay will be available on the Company's website.

About CareMax

CareMax is a technology-enabled care platform providing value-based care and chronic disease management to seniors. CareMax operates centers that offer a comprehensive suite of healthcare and social services, and a proprietary software and services platform that provides data, analytics, and rules-based decision tools/workflows for physicians across the United States. Learn more at www.caremax.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and strategy, the effects of the restatement of the Company's past financial statements and the filing of the Company's periodic reports. 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 reflect the Company's expectations, plans or forecasts of future events and views as of the date of this press release. 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 the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, whether the Company's pending acquisition of Steward Value-Based Care will close and the risks associated therewith, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for de novo centers and the costs of opening such de novo centers; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs and the Company's ability to comply with the covenants under its credit agreement; the Company's ability to recruit and retain qualified team members and independent physicians; and risks related to future acquisitions. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this press release.

Use of Non-GAAP Financial Information

Certain financial information and data contained in this press release is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA and Platform Contribution and margin thereof have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes.

The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they 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. For this reason, these non-GAAP measures may not be comparable to other Companies' similarly labeled non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company's audited financial statements, which have been filed by the Company with the SEC.

A reconciliation for Adjusted EBITDA and Platform Contribution to the most directly comparable GAAP financial measures is included below. A reconciliation of projected 2022 Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company's future GAAP results.

Use of Pro Forma Financial Information and Pro Forma Non-GAAP Financial Information

Certain of the information presented in the Non-GAAP Financial Summary and in the reconciliations to non-GAAP financial measures includes pro forma information derived from the unaudited pro forma statements of operations which are provided for informational purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC and Care Holdings had occurred in the stated historical periods, nor are they indicative of the future results or financial position of the combined company. The unaudited pro forma statements of operations do not give effect to the potential impact, of any anticipated synergies, operating efficiencies or cost savings that may result from the acquisitions of IMC and Care Holdings, any integration costs or tax deductibility of transaction costs.

Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC and Care Holdings as if they had occurred in historical periods. Such non-GAAP financial measures do not necessarily reflect what the Company's Adjusted EBITDA would have been had the acquisitions occurred on the dates indicated.

 

CAREMAX, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

 

 

 

June 30,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$

68,130

 

 

$

47,917

 

Accounts receivable, net

 

 

72,633

 

 

 

41,998

 

Inventory

 

 

915

 

 

 

550

 

Prepaid expenses

 

 

22,169

 

 

 

17,040

 

Risk settlements due from providers

 

 

500

 

 

 

539

 

Total Current Assets

 

 

164,347

 

 

 

108,044

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

17,332

 

 

 

15,993

 

Goodwill

 

 

464,846

 

 

 

464,566

 

Intangible assets, net

 

 

51,885

 

 

 

59,811

 

Deferred debt issuance costs

 

 

2,309

 

 

 

1,972

 

Other assets

 

 

8,260

 

 

 

2,706

 

Total Assets

 

$

708,979

 

 

$

653,092

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

 

$

9,156

 

 

$

3,110

 

Accrued expenses

 

 

14,250

 

 

 

8,690

 

Risk settlements due to providers

 

 

176

 

 

 

196

 

Current portion of long-term debt

 

 

18

 

 

 

6,275

 

Other current liabilities

 

 

3,514

 

 

 

3,687

 

Total Current Liabilities

 

 

27,113

 

 

 

21,959

 

 

 

 

 

 

 

 

Derivative warrant liabilities

 

 

4,520

 

 

 

8,375

 

Long-term debt, less current portion

 

 

181,501

 

 

 

110,960

 

Other liabilities

 

 

7,717

 

 

 

6,428

 

Total Liabilities

 

 

220,852

 

 

 

147,722

 

COMMITMENTS AND CONTINGENCIES (Note 13)

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Preferred stock (1,000,000 authorized and zero outstanding as of June 30, 2022 and December 31, 2021)

 

 

-

 

 

 

-

 

Class A common stock ($0.0001 par value; 250,000,000 shares authorized; 87,467,972 and 87,367,972 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

 

 

9

 

 

 

9

 

Additional paid-in-capital

 

 

514,262

 

 

 

505,327

 

Retained (deficit) earnings

 

 

(26,144

)

 

 

33

 

Total Stockholders' Equity

 

 

488,127

 

 

 

505,370

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

 

$

708,979

 

 

$

653,092

 

 

 

CAREMAX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Medicare risk-based revenue

 

$

143,664

 

 

$

37,761

 

 

$

251,410

 

 

$

65,577

 

Medicaid risk-based revenue

 

 

19,896

 

 

 

5,449

 

 

 

40,062

 

 

 

5,449

 

Other revenue

 

 

8,719

 

 

 

1,709

 

 

 

17,727

 

 

 

1,811

 

Total revenue

 

 

172,279

 

 

 

44,919

 

 

 

309,199

 

 

 

72,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

External provider costs

 

 

120,348

 

 

 

35,535

 

 

 

213,204

 

 

 

53,694

 

Cost of care

 

 

30,364

 

 

 

7,867

 

 

 

57,712

 

 

 

13,220

 

Sales and marketing

 

 

2,299

 

 

 

775

 

 

 

5,600

 

 

 

1,066

 

Corporate, general and administrative

 

 

18,063

 

 

 

8,881

 

 

 

37,041

 

 

 

10,676

 

Depreciation and amortization

 

 

4,903

 

 

 

1,437

 

 

 

9,965

 

 

 

1,951

 

Acquisition related costs

 

 

2,789

 

 

 

149

 

 

 

3,055

 

 

 

149

 

Total operating expenses

 

 

178,767

 

 

 

54,643

 

 

 

326,577

 

 

 

80,755

 

Operating (loss) income

 

 

(6,488

)

 

 

(9,724

)

 

 

(17,378

)

 

 

(7,918

)

Nonoperating (expenses) income

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(3,896

)

 

 

(792

)

 

 

(5,624

)

 

 

(1,296

)

Gain on remeasurement of warrant liabilities

 

 

7,391

 

 

 

1,795

 

 

 

3,855

 

 

 

1,795

 

Gain on remeasurement of contingent earnout liabilities

 

 

-

 

 

 

17,420

 

 

 

-

 

 

 

17,420

 

Gain (loss) on extinguishment of debt, net

 

 

(6,172

)

 

 

1,358

 

 

 

(6,172

)

 

 

1,358

 

Other income (expense), net

 

 

(45

)

 

 

-

 

 

 

(507

)

 

 

-

 

 

 

 

(2,722

)

 

 

19,781

 

 

 

(8,448

)

 

 

19,277

 

(Loss) income before income tax

 

 

(9,210

)

 

 

10,057

 

 

 

(25,826

)

 

 

11,359

 

Income tax provision

 

 

(171

)

 

-

 

 

 

(351

)

 

-

 

Net (loss) income

 

$

(9,381

)

 

$

10,057

 

 

$

(26,178

)

 

$

11,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average basic shares outstanding

 

 

87,422,917

 

 

 

28,404,759

 

 

 

87,395,596

 

 

 

19,649,057

 

Weighted-average diluted shares outstanding

 

 

87,422,917

 

 

 

30,906,859

 

 

 

87,395,596

 

 

 

20,907,019

 

Net (loss) income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.11

)

 

$

0.35

 

 

$

(0.30

)

 

$

0.58

 

Diluted

 

$

(0.11

)

 

$

0.33

 

 

$

(0.30

)

 

$

0.54

 

 

 

CAREMAX, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net (loss)/income

 

$

(26,178

)

 

$

11,359

 

Adjustments to reconcile net (loss)/income to net cash

 

 

 

 

 

 

Depreciation and amortization expense

 

 

9,965

 

 

 

1,961

 

Amortization of debt issuance costs

 

 

753

 

 

 

135

 

Stock-based compensation expense

 

 

3,875

 

 

 

-

 

Gain on remeasurement of warrant liabilities

 

 

(3,855

)

 

 

(1,795

)

Gain on remeasurement of contingent earnout liabilities

 

 

-

 

 

 

(17,420

)

Loss (gain) on extinguishment of debt

 

 

6,172

 

 

 

(1,358

)

Non-cash interest expense

 

 

1,078

 

 

 

-

 

Other non-cash, net

 

 

411

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(29,976

)

 

 

1,267

 

Inventory

 

 

(365

)

 

 

-

 

Prepaid expenses

 

 

(139

)

 

 

(1,322

)

Risk settlements due to/(due from) providers

 

 

19

 

 

 

(208

)

Due to/from related parties

 

 

-

 

 

 

235

 

Other assets

 

 

(105

)

 

 

(275

)

Accounts payable

 

 

5,273

 

 

 

(2,113

)

Accrued expenses

 

 

4,910

 

 

 

6,453

 

Other liabilities

 

 

764

 

 

 

99

 

Net Cash used in Operating Activities

 

 

(27,398

)

 

 

(2,983

)

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

Purchase of property and equipment

 

 

(2,893

)

 

 

(1,527

)

Acquisition of businesses

 

 

-

 

 

 

(210,252

)

Net Cash used in Investing Activities

 

 

(2,893

)

 

 

(211,779

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

Proceeds from issuance of Class A common stock

 

 

-

 

 

 

410,000

 

Issuance costs of Class A common stock

 

 

-

 

 

 

(12,471

)

Recapitalization transaction

 

 

-

 

 

 

(108,799

)

Proceeds from borrowings

 

 

184,000

 

 

 

125,000

 

Principal payments on long-term debt

 

 

(121,881

)

 

 

(24,496

)

Payments of debt issuance costs

 

 

(6,174

)

 

 

(6,883

)

Long-term debt extinguishment costs

 

 

-

 

 

 

(487

)

Collateral for letters of credit

 

 

(5,439

)

 

 

-

 

Net Cash provided by Financing Activities

 

 

50,505

 

 

 

381,864

 

 

 

 

 

 

 

 

NET INCREASE IN CASH AND RESTRICTED CASH

 

 

20,214

 

 

 

167,102

 

Cash - Beginning of Period

 

 

47,917

 

 

 

4,934

 

CASH AND RESTRICTED CASH - END OF PERIOD

 

$

68,130

 

 

$

172,036

 

 

Non-GAAP Financial Summary*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in thousands

Jun 30, 2020

 

Sep 30, 2020

 

Dec 31, 2020

 

Mar 31, 2021

 

Jun 30, 2021

 

Sep 30, 2021

 

Dec 31, 2021

 

Mar 31, 2022

 

Jun 30, 2022

 

Medicare risk revenue

$

62,040

 

$

63,188

 

$

65,210

 

$

65,394

 

$

66,618

 

$

76,428

 

$

91,277

 

$

107,747

 

$

143,664

 

Medicaid risk revenue

 

14,828

 

 

20,565

 

 

19,062

 

 

18,897

 

 

20,454

 

 

20,884

 

 

20,160

 

 

20,165

 

 

19,896

 

Other revenue

 

4,126

 

 

3,351

 

 

3,801

 

 

4,127

 

 

4,839

 

 

7,308

 

 

6,869

 

 

9,008

 

 

8,719

 

Total revenue

 

80,994

 

 

87,104

 

 

88,073

 

 

88,418

 

 

91,911

 

 

104,620

 

 

118,306

 

 

136,920

 

 

172,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

External provider costs

 

52,780

 

 

60,158

 

 

57,775

 

 

60,278

 

 

70,466

 

 

73,329

 

 

79,724

 

 

92,856

 

 

120,348

 

Cost of care

 

10,093

 

 

11,417

 

 

12,446

 

 

13,427

 

 

13,246

 

 

20,315

 

 

22,538

 

 

26,791

 

 

30,226

 

Platform contribution

 

18,121

 

 

15,529

 

 

17,852

 

 

14,712

 

 

8,199

 

 

10,976

 

 

16,044

 

 

17,274

 

 

21,705

 

Platform contribution margin (%)

 

22.4

%

 

17.8

%

 

20.3

%

 

16.6

%

 

8.9

%

 

10.5

%

 

13.6

%

 

12.6

%

 

12.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

$

1,245

 

$

1,290

 

$

1,431

 

$

391

 

$

1,688

 

$

1,274

 

$

2,615

 

$

3,301

 

$

2,299

 

Corporate, general and administrative

 

5,667

 

 

6,069

 

 

6,519

 

 

7,197

 

 

6,347

 

 

8,668

 

 

9,662

 

 

9,230

 

 

11,024

 

Adjusted operating expenses

 

6,912

 

 

7,359

 

 

7,951

 

 

7,588

 

 

8,036

 

 

9,942

 

 

12,276

 

 

12,531

 

 

13,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

De novo losses

 

24

 

 

68

 

 

484

 

 

184

 

 

364

 

 

195

 

 

489

 

 

1,119

 

 

993

 

Adjusted EBITDA

$

11,233

 

$

8,237

 

$

10,385

 

$

7,308

 

$

527

 

$

1,229

 

$

4,257

 

$

5,862

 

$

9,374

 

* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding.

 

Non-GAAP Operating Metrics*

Jun 30, 2020

 

Sep 30, 2020

 

Dec 31, 2020

 

Mar 31, 2021

 

Jun 30, 2021

 

Sep 30, 2021

 

Dec 31, 2021

 

Mar 31, 2022

 

Jun 30, 2022

 

Centers

 

21

 

 

22

 

 

24

 

 

24

 

 

34

 

 

40

 

 

45

 

 

48

 

 

48

 

Markets

 

1

 

 

1

 

 

1

 

 

1

 

 

2

 

 

3

 

 

4

 

 

6

 

 

6

 

Patients (MCREM)**

 

27,500

 

 

29,000

 

 

28,400

 

 

29,200

 

 

35,300

 

 

40,400

 

 

50,100

 

 

50,600

 

 

54,000

 

At-Risk

 

86.7

%

 

85.6

%

 

87.7

%

 

87.0

%

 

84.1

%

 

87.2

%

 

79.3

%

 

79.8

%

 

81.0

%

Platform Contribution ($, Millions)***

$

18.1

 

$

15.5

 

$

17.9

 

$

14.7

 

$

8.2

 

$

11.0

 

$

16.0

 

$

17.3

 

$

21.7

 

* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding.

 

** MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients.

 

*** Platform contribution defined as revenue less external provider costs and cost of care.

 

Reconciliation to Adjusted EBITDA*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in thousands

 

Jun 30, 2020

 

 

Sep 30, 2020

 

 

Dec 31, 2020

 

 

Mar 31, 2021

 

 

Jun 30, 2021

 

 

Sep 30, 2021

 

 

Dec 31, 2021

 

 

Mar 31, 2022

 

 

Jun 30, 2022

 

Net Income (Loss)

 

$

3,466

 

 

$

(281

)

 

$

1,218

 

 

$

1,302

 

 

$

10,057

 

 

$

(14,479

)

 

$

(3,553

)

 

$

(16,797

)

 

$

(9,381

)

GAAP Pro Forma Adjustments

 

 

160

 

 

 

(189

)

 

 

1,912

 

 

 

(2,730

)

 

 

(6,186

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Pro Forma Net (Loss) Income

 

$

3,626

 

 

$

(470

)

 

$

3,130

 

 

$

(1,429

)

 

$

3,871

 

 

$

(14,479

)

 

$

(3,553

)

 

$

(16,797

)

 

$

(9,381

)

Interest expense

 

 

1,689

 

 

 

1,656

 

 

 

1,628

 

 

 

1,400

 

 

 

1,667

 

 

 

1,291

 

 

 

1,905

 

 

 

1,728

 

 

 

3,896

 

Depreciation and amortization

 

 

3,244

 

 

 

3,368

 

 

 

3,418

 

 

 

2,979

 

 

 

3,339

 

 

 

5,176

 

 

 

6,089

 

 

 

5,062

 

 

 

4,903

 

Income tax provision

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

159

 

 

 

181

 

 

 

171

 

Loss/(Gain) on remeasurement of warrant liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,795

)

 

 

(10,227

)

 

 

(8,735

)

 

 

3,536

 

 

 

(7,391

)

Loss/(Gain) on remeasurement of earnout liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,420

)

 

 

11,625

 

 

 

-

 

 

 

-

 

 

 

-

 

Loss on disposal of fixed assets, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50

 

 

 

-

 

 

 

-

 

Loss/(Gain) on extinguishment of debt

 

 

-

 

 

 

-

 

 

 

451

 

 

 

-

 

 

 

806

 

 

 

(279

)

 

 

7

 

 

 

-

 

 

 

6,172

 

Other expense/(income)

 

 

(12

)

 

 

100

 

 

 

(997

)

 

 

212

 

 

 

(2,367

)

 

 

840

 

 

 

493

 

 

 

462

 

 

 

45

 

EBITDA

 

 

8,547

 

 

 

4,653

 

 

 

7,630

 

 

 

3,162

 

 

 

(11,900

)

 

 

(6,053

)

 

 

(3,585

)

 

 

(5,829

)

 

 

(1,585

)

Other adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recurring expenses

 

 

1,985

 

 

 

2,763

 

 

 

1,390

 

 

 

2,795

 

 

 

8,257

 

 

 

4,249

 

 

 

4,653

 

 

 

6,055

 

 

 

3,104

 

Acquisition costs

 

 

678

 

 

 

789

 

 

 

893

 

 

 

1,168

 

 

 

3,806

 

 

 

1,871

 

 

 

2,325

 

 

 

3,429

 

 

 

4,074

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

966

 

 

 

375

 

 

 

1,087

 

 

 

2,788

 

De novo losses

 

 

24

 

 

 

68

 

 

 

484

 

 

 

184

 

 

 

364

 

 

 

195

 

 

 

489

 

 

 

1,119

 

 

 

993

 

Discontinued operations

 

 

(0

)

 

 

(35

)

 

 

(12

)

 

 

(1

)

 

 

(0

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted EBITDA

 

$

11,233

 

 

$

8,237

 

 

$

10,385

 

 

$

7,308

 

 

$

527

 

 

$

1,229

 

 

$

4,257

 

 

$

5,862

 

 

$

9,374

 

* Pro Forma figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred in historical periods. Figures may not sum due to rounding.

 

Reconciliation to Platform Contribution

$ in thousands

GAAP Q2 2022

 

Adjustments

 

Non-GAAP Q2 2022

 

Revenue

$

172,279

 

$

-

 

$

172,279

 

External provider costs

 

120,348

 

 

-

 

 

120,348

 

Cost of care

 

30,364

 

 

(138

)

 

30,226

 

Platform Contribution

 

 

 

 

$

21,705

 

 

 

 

 

 

 

 

External provider costs

$

120,348

 

$

-

 

$

120,348

 

Medicare and Medicaid Risk Revenue

$

163,560

 

 

-

 

 

163,560

 

Medical Expense Ratio

 

 

 

 

 

73.6

%

$ in thousands

GAAP Q2 2021

 

Adjustments

 

Non-GAAP Q2 2021

 

Revenue

$

44,919

 

$

46,992

 

$

91,911

 

External provider costs

 

35,535

 

 

34,931

 

 

70,466

 

Cost of care

 

7,867

 

 

5,379

 

 

13,246

 

Platform Contribution

 

 

 

 

$

8,199

 

 

 

 

 

 

 

 

External provider costs

$

35,535

 

$

34,931

 

$

70,466

 

Medicare and Medicaid Risk Revenue

$

43,210

 

 

43,862

 

 

87,072

 

Medical Expense Ratio

 

 

 

 

 

80.9

%

 


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