Evolent Health Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
EVH$4.80+1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows Provided by (Used In) Operating Activities | |||
| Net loss before dividends declared and accretion of Series A preferred stock | $(113,040) | $(19,164) | $(37,601) |
| Adjustments to reconcile net loss to net cash and restricted cash provided by (used in) operating activities: | |||
| Change in fair value of contingent consideration | 17,984 | (23,522) | 13,281 |
| Loss on disposal of non-strategic assets | 8,107 | — | — |
| Loss on discontinued operations | — | 463 | 6,786 |
| Gain from equity method investees | (1,290) | (4,569) | (13,179) |
| Depreciation and amortization expenses | 123,415 | 67,195 | 60,037 |
| Stock-based compensation expense | 40,501 | 33,981 | 16,711 |
| Deferred tax benefit | (93,254) | (45,608) | (526) |
| Amortization of contract cost assets | 10,944 | 23,056 | 13,041 |
| Amortization of deferred financing costs | 3,812 | 2,302 | 18,045 |
| Gain on transfer of membership | — | — | (45,938) |
| Loss on extinguishment/repayment of debt, net | 21,010 | 10,192 | 21,343 |
| Right-of-use asset impairment | 24,065 | — | — |
| Change in tax receivables agreement liability | 61,982 | 45,950 | — |
| Right-of-use operating assets | 16,625 | 2,500 | 8,844 |
| Operating lease liabilities | (15,373) | (2,983) | (6,522) |
| Other current operating cash outflows, net | (171) | 2,612 | 392 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable, net and contract assets | (164,694) | (102,980) | (5,779) |
| Prepaid expenses and other current and non-current assets | (10,613) | 1,673 | 5,599 |
| Contract cost assets | (5,602) | (7,693) | (18,979) |
| Accounts payable | (6,723) | 13,165 | 7,250 |
| Accrued liabilities | 23,653 | (28,791) | (324) |
| Accrued compensation and employee benefits | (2,052) | 447 | 3,538 |
| Deferred revenue | (263) | (6,508) | (739) |
| Reserve for claims and performance-based arrangements | 204,318 | 28,436 | (3,799) |
| Other long-term liabilities | (759) | (1,707) | (2,734) |
| Net cash and restricted cash provided by (used in) operating activities | 142,582 | (11,553) | 38,747 |
| Cash Flows Used In Investing Activities | |||
| Cash paid for asset acquisitions and business combinations | (388,246) | (248,111) | (49,012) |
| Proceeds from transfer of membership and release of Passport escrow | — | 30,969 | 42,996 |
| Disposal of non-strategic assets and divestiture of discontinued operations, net | 577 | (9,164) | 3,490 |
| Return of equity method investments | 870 | 5,552 | 14,218 |
| Purchases of investments | — | — | (2,995) |
| Maturities and sales of investments | — | — | 500 |
| Investments in internal-use software and purchases of property and equipment | (28,745) | (38,361) | (24,983) |
| Net cash and restricted cash used in investing activities | (415,544) | (259,115) | (15,786) |
| Cash Flows Provided by Financing Activities | |||
| Changes in working capital balances related to claims processing on behalf of partners | (1,514) | (59,449) | 61,162 |
| Payment of contingent consideration | (46,873) | — | — |
| Proceeds from stock option exercises | 12,519 | 4,452 | 13,289 |
| Proceeds from issuance of long-term debt, net of offering costs | 647,494 | 219,740 | — |
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Repayment and repurchase of 2021 Notes and financing fees | — | — | (429) |
| Repayment of long-term debt | (464,201) | — | (98,420) |
| Distributions to Sponsors | — | (14,884) | (1,300) |
| Proceeds from issuance of preferred stock, net of offering costs | 168,000 | — | — |
| Payment of preferred dividends | (18,793) | — | — |
| Taxes withheld and paid for vesting of equity awards | (15,292) | (18,318) | (3,850) |
| Net cash and restricted cash provided by (used in) financing activities | 281,340 | 131,541 | (29,548) |
| Effect of exchange rate on cash and cash equivalents and restricted cash | (79) | (657) | (52) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 8,299 | (139,784) | (6,639) |
| Cash and cash equivalents and restricted cash as of beginning-of-period | 215,158 | 354,942 | 361,581 |
| Cash and cash equivalents and restricted cash as of end-of-period | $223,457 | $215,158 | $354,942 |
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