Evolent Health Inc
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 21, 2025
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
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash Flows Provided by (Used In) Operating Activities | |||
| Net loss before preferred dividends and accretion of Series A preferred stock | $(61,623) | $(113,040) | $(19,164) |
| Adjustments to reconcile net loss to net cash and restricted cash provided by (used in) operating activities: | |||
| Change in fair value of contingent consideration | 4,908 | 17,984 | (23,522) |
| Loss on disposal of non-strategic assets | — | 8,107 | — |
| Loss on discontinued operations | — | — | 463 |
| Loss (gain) from equity method investees | 3,441 | (1,290) | (4,569) |
| Depreciation and amortization expenses | 118,370 | 123,415 | 67,195 |
| Stock-based compensation expense | 39,746 | 40,501 | 33,981 |
| Deferred tax benefit | (2,989) | (93,254) | (45,608) |
| Amortization of contract cost assets | 4,798 | 10,944 | 23,056 |
| Amortization of deferred financing costs | 3,547 | 3,812 | 2,302 |
| Loss on extinguishment/repayment of debt, net | — | 21,010 | 10,192 |
| Right-of-use asset impairment | 2,588 | 24,065 | — |
| Loss on lease termination | 18,922 | — | — |
| Change in tax receivables agreement liability | 173 | 61,982 | 45,950 |
| Right-of-use operating assets | 3,261 | 16,625 | 2,500 |
| Other current operating cash inflows (outflows), net | 180 | (171) | 2,612 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Accounts receivable, net and contract assets | 32,062 | (164,694) | (102,980) |
| Prepaid expenses and other current and non-current assets | 4,510 | (10,613) | 1,673 |
| Contract cost assets | (6,056) | (5,602) | (7,693) |
| Accounts payable | 4,248 | (6,723) | 13,165 |
| Accrued liabilities | (24,198) | 23,653 | (28,791) |
| Operating lease liabilities | (14,983) | (15,373) | (2,983) |
| Accrued compensation and employee benefits | (22,675) | (2,052) | 447 |
| Deferred revenue | (3,469) | (263) | (6,508) |
| Reserve for claims and performance-based arrangements | (85,343) | 204,318 | 28,436 |
| Other long-term liabilities | (653) | (759) | (1,707) |
| Net cash and restricted cash provided by (used in) operating activities | 18,765 | 142,582 | (11,553) |
| Cash Flows Used In Investing Activities | |||
| Cash paid for asset acquisitions and business combinations | (30,725) | (388,246) | (248,111) |
| Proceeds from transfer of membership and release of Passport escrow | — | — | 30,969 |
| Disposal of non-strategic assets and divestiture of discontinued operations, net | — | 577 | (9,164) |
| Return of equity method investments | 7 | 870 | 5,552 |
| Purchases of investments and contributions to equity method investees | (7,321) | — | — |
| Investments in internal-use software and purchases of property and equipment | (24,893) | (28,745) | (38,361) |
| Net cash and restricted cash used in investing activities | (62,932) | (415,544) | (259,115) |
| Cash Flows (Used In) Provided by Financing Activities | |||
| Changes in working capital balances related to claims processing | 43,537 | (1,514) | (59,449) |
| Payment of contingent consideration | (70,355) | (46,873) | — |
| Proceeds from stock option exercises | 3,461 | 12,519 | 4,452 |
| Proceeds from issuance of long-term debt, net of offering costs | 58,576 | 647,494 | 219,740 |
| Repayment of long-term debt | — | (464,201) | — |
| Distributions to Sponsors | — | — | (14,884) |
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Proceeds from issuance of preferred stock, net of offering costs | — | 168,000 | — |
| Payment of preferred dividends | (20,085) | (18,793) | — |
| Taxes withheld and paid for vesting of equity awards | (15,699) | (15,292) | (18,318) |
| Net cash and restricted cash (used in) provided by financing activities | (565) | 281,340 | 131,541 |
| Effect of exchange rate on cash and cash equivalents and restricted cash | (229) | (79) | (657) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (44,961) | 8,299 | (139,784) |
| Cash and cash equivalents and restricted cash as of beginning-of-period | 223,457 | 215,158 | 354,942 |
| Cash and cash equivalents and restricted cash as of end-of-period | $178,496 | $223,457 | $215,158 |
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