agilon health inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule I—Registrant’s Financial Statements
Schedule I: Condensed Financial Information Of Registrant
CONDENSED BALANCE SHEETS
(in thousands, except per share data)
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| ASSETS | ||
| Prepaid expenses and other current assets, net | $344 | $467 |
| Total current assets | 344 | 467 |
| Investment in wholly owned subsidiary | 618,570 | 977,883 |
| Loans receivable | 61,862 | 69,383 |
| Total assets | $680,776 | $1,047,733 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||
| Accounts payable and accrued expenses | $16,639 | $— |
| Total current liabilities | 16,639 | — |
| Other liabilities | $— | $953 |
| Stockholders' equity (deficit): | ||
| Common stock, $0.01 par value: 2,000,000 shares authorized; 406,387 and 412,385 shares issued and outstanding, respectively | 4,064 | 4,124 |
| Additional paid-in capital | 1,986,899 | 2,106,886 |
| Accumulated deficit | (1,326,826) | (1,064,230) |
| Total stockholders' equity (deficit) | 664,137 | 1,046,780 |
| Total liabilities and stockholders’ equity (deficit) | $680,776 | $1,047,733 |
See accompanying Notes to the Condensed Financial Statements.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Equity in net income (loss) of subsidiary | $(263,233) | $(107,281) | $(406,936) |
| Interest income | 637 | 728 | 449 |
| Net income (loss) attributable to common shares | $(262,596) | $(106,553) | $(406,487) |
See accompanying Notes to the Condensed Financial Statements.
NOTES TO CONDENSED FINANCIAL STATEMENTS
NOTE 1. Description of agilon health, inc.
agilon health, inc., (“Parent”) was incorporated in Delaware and indirectly owns 1% of the equity interest in agilon health management, inc. (“agilon”). Parent has no significant operations or assets other than its indirect ownership of the equity of agilon. Accordingly, Parent is dependent upon distributions from agilon to fund its obligations. However, under the terms of the agreements governing agilon’s borrowings, agilon’s ability to pay dividends or lend to Parent is restricted. While certain exceptions to the paying of dividends or lending funds restrictions exist, these restrictions have resulted in the restricted net assets (as defined in Rule 4-08(e)(3) of Regulation S-X) of Parent’s subsidiaries exceeding 0.25% of the consolidated net assets of Parent and its subsidiaries. agilon has no obligation to pay dividends to Parent.
Condensed statements of cash flows have not been presented, as Parent did not have any cash as of, or for the years ended December 31, 2023, 2022 and 2021; see Note 3 for issuance of common stock.
NOTE 2. Basis of Presentation
The accompanying condensed Parent-only financial statements include the amounts of Parent and its investment in agilon under the equity method, and do not present the financial statements of Parent and agilon on a consolidated basis. Under the equity method, Parent’s investment in agilon is stated at cost plus contributions and equity in undistributed income (loss) of agilon less distributions received since the date of acquisition.
These condensed Parent-only financial statements have been prepared using the same accounting principles and policies described in the notes to the agilon health, inc. consolidated financial statements, with the only exception being that Parent accounts for its subsidiaries using the equity method. These condensed Parent-only financial statements should be read in conjunction with the agilon health, inc. consolidated financial statements and their accompanying notes.
NOTE 3. Equity
A discussion of Parent’s contingently redeemable common stock and stockholders’ equity activities for the years ended December 31, 2023, 2022 and 2021 can be found in Note 13 in “Notes to the Consolidated Financial Statements” of the agilon health, inc. consolidated financial statements.
There wereno cash dividends paid to Parent from agilon’s consolidated subsidiaries for the years ended December 31, 2023, 2022 and 2021.
Supplemental Cash Flow Information
The following table provides supplemental cash flow information for the year ended December 31, 2021 (in thousands):
| Supplemental disclosure of non-cash financing activities: | |
|---|---|
| Reclassification of contingently redeemable common stock in connection with IPO | 309,500 |
| Issuance of common stock under partner physician group equity agreements upon IPO | 268,467 |
| Non-cash investment in unconsolidated subsidiaries | 763 |
NOTE 4. Stock Incentive Plan
A discussion of Parent’s Stock Incentive Plan for the years ended December 31, 2023, 2022 and 2021 can be found in Note 14 in the section, “Notes to the Consolidated Financial Statements” of the agilon health, inc. consolidated financial statements.
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