Evolent Health Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share data)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue(1) | $1,963,896 | $1,352,013 | $907,957 |
| Expenses | |||
| Cost of revenue (1) | 1,503,426 | 1,035,429 | 657,551 |
| Selling, general and administrative expenses (1) | 358,110 | 269,269 | 219,499 |
| Depreciation and amortization expenses | 123,415 | 67,195 | 60,037 |
| Loss on disposal of non-strategic assets | 8,107 | — | — |
| Right-of-use assets impairment | 24,065 | — | — |
| Change in fair value of contingent consideration | 17,984 | (23,522) | 13,281 |
| Total operating expenses | 2,035,107 | 1,348,371 | 950,368 |
| Operating income (loss) | (71,211) | 3,642 | (42,411) |
| Interest income | 5,256 | 1,369 | 407 |
| Interest expense | (54,205) | (15,572) | (25,425) |
| Gain from equity method investees | 1,290 | 4,569 | 13,179 |
| Gain on transfer of membership | — | — | 45,938 |
| Loss on extinguishment/repayment on long-term debt, net | (21,010) | (10,192) | (21,343) |
| Change in tax receivables agreement liability | (61,982) | (45,950) | — |
| Other income (expense), net | (543) | 57 | (146) |
| Loss before income taxes | (202,405) | (62,077) | (29,801) |
| Provision for (benefit from) income taxes | (89,365) | (43,376) | 483 |
| Loss from continuing operations | (113,040) | (18,701) | (30,284) |
| Loss from discontinued operations, net of tax (2) | — | (463) | (7,317) |
| Loss before preferred dividends and accretion of Series A Preferred Stock | (113,040) | (19,164) | (37,601) |
| Dividends and accretion of Series A Preferred Stock | (29,220) | — | — |
| Net loss attributable to common shareholders of Evolent Health, Inc. | $(142,260) | $(19,164) | $(37,601) |
| Loss per common share | |||
| Basic and diluted: | |||
| Continuing operations | $(1.28) | $(0.20) | $(0.35) |
| Discontinued operations | — | — | (0.09) |
| Basic and diluted loss per share attributable to common shareholders of Evolent Health, Inc. | $(1.28) | $(0.20) | $(0.44) |
| Weighted-average common shares outstanding | |||
| Basic and diluted | 111,251 | 93,699 | 86,067 |
| Comprehensive loss | |||
| Net loss attributable to common shareholders of Evolent Health, Inc. | $(142,260) | $(19,164) | $(37,601) |
| Other comprehensive loss, net of taxes, related to: | |||
| Foreign currency translation adjustment | (79) | (816) | (84) |
| Total comprehensive loss attributable to common shareholders of Evolent Health, Inc. | $(142,339) | $(19,980) | $(37,685) |
(1)See Note 20 for amounts attributable to unconsolidated related parties included in these line items.
(2)Includes $0.5 million and $6.8 million loss on disposal ofdiscontinued operations for the years ended December 31, 2022 and 2021, respectively.
See accompanying Notes to Consolidated Financial Statements.
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