EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

附錄99.1

Alignment Healthcare報告2024年第三季度業績

  • 報告 $692.4 ，收入總額上升 51.6% ，較去年同期增長
  • 增加了醫療保險優勢會員，達到 57.7% 大約 182,300 名會員，超出第三季度和年底預期
  • 作爲全國七個獲得康哲藥業評爲5顆星（滿分5顆星）合同之一，在2025年98%的公司醫療保險優勢會員所在計劃獲得了4顆星或更高評級
  • 提高了年底健康計劃會員人數和營業收入指導，縮小了全年調整後毛利潤和調整後息稅折舊攤銷前利潤指導範圍

ORANGE, Calif.,2024年10月29日(GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (納斯達克: ALHC) 今天發佈了截至2024年9月30日的第三季度財務報告。

「康哲藥業出色的第三季度業績使我們在醫療保險優勢方面脫穎而出，證明我們可以通過善行而取得良好業績，」創始人兼首席執行官John Kao說。「我們成功的基石之一是交付高質量護理的善循環，同時有效管理成本。這一理念導致了我們在第三季度實現的星級、增長和盈利成果。隨着CMS繼續專注於三重目標，我們確信我們擁有提供最佳護理以最低成本驅動長期價值的正確平台，以造福我們的會員和股東。康哲藥業對醫療保險優勢的正確實踐。」

2024年第三季度財務亮點
除非另有說明，所有比較均爲截至 2023年9月30日

  • 季末健康計劃會員約爲182,300人，同比增長57.7%
  • 總營業收入爲$69,240萬，同比增長51.6%。不包括ACO REACH的營業收入爲$69,220萬，同比增長62.4%
  • 調整後毛利潤爲$8050萬，營運虧損爲$(1950)萬
    • 調整後毛利潤不包括折舊和攤銷費用爲$760萬，以及銷售、管理及行政費用爲$9090萬（其中包括$1,580萬的股權補償）。調整後毛利潤還排除醫療費用中記入的額外$150萬股權補償
    • 基於調整後毛利潤的醫療補償比率爲88.4%。
  • 調整後EBITDA爲$590萬，淨虧損爲$(2640)萬

調整後的毛利潤如下:

 截至9月30日的三個月 截至9月30日的九個月
 2024 2023 2024 2023
（以千美元計）       
運營損失$(19,522) $(29,756) $(79,010) $(85,904)
重新添加：       
股權補償（醫療費用） 1,489   1,733   3,384   6,024 
折舊（醫療費用） 46   64   144   194 
重組成本（醫療費用）(1) —   —   796   — 
折舊和攤銷(2) 7,640   5,497   20,110   15,613 
銷售費用、一般費用和管理費用 90,871   83,089   269,246   223,696 
加回總額 100,046   90,383   293,680   245,527 
調整後的毛利$80,524  $60,627  $214,670  $159,623 
                

(1) 代表作爲公司重組的一部分所發生的解僱和相關成本，旨在簡化我們的組織結構並推動運營效率。

(2)包括在本季度列支的60萬美元的減值費用，這些費用與已報廢的無形資產有關。

調整後的EBITDA如下所示：

 截至9月30日的三個月 截至9月30日的九個月
 2024 2023 2024 2023
（以千美元計）       
淨虧損$(26,429) $(35,077) $(97,007) $(100,942)
減去：歸屬於非控股權益的淨虧損 16   30   63   134 
調整：       
利息支出 6,937   5,466   18,055   15,747 
折舊和攤銷(1) 7,686   5,561   20,254   15,807 
所得稅 (8)  —   14   2 
基於股權的薪酬(2) 17,258   13,569   54,896   51,183 
收購費用(3) 14   81   26   761 
訴訟費用(4) 456   1,950   1,177   1,950 
ROU 資產（收益）虧損(5) —   —   143   (289)
出售財產和設備的收益 (8) $—   (8)  — 
重組成本(6) —   —   2,363   — 
調整後 EBITDA$5,922  $(8,420) $(24) $(15,647)
                

(1) 包括本季度衝減的60萬資產減值損失，涉及無形資產。

(2) 代表與適用年度授予的基於股權的補償以及與IPO發生時間有關的基於股權的補償，其中包括先前發行的股票增值權益（SARs）責任獎勵、與交易限制單位相關的修改以及與IPO相結合的授予。

(3) 代表着不可資本化的收購相關費用，如法律和諮詢費用。

(4) 代表着我們根據以下定期評估的考慮因素，將訴訟費用視爲業務範圍外的費用：(i) 迄今爲止或預計將在未來兩年內提起的類似案件的頻率，(ii) 案件的複雜程度，(iii) 尋求的救濟措施的性質，(iv) 公司的訴訟立場，(v) 相關的對手方，以及(vi) 公司的整體訴訟策略。

(5)代表了在相應期間終止或轉租的租賃資產相關的收益或損失。

(6)代表作爲企業重組的一部分而發生的解僱和相關費用，旨在簡化我們的組織結構並推動運營效率。

2024財年第四季度和財年展望

 結束三個月
2024年12月31日		十二個月結束時間
2024年12月31日
百萬美元收盤最低價高收盤最低價高
醫療計劃會員資格184,000186,000184,000186,000
營業收入6636782,6652,680
調整後的毛利潤（1）6782282297
調整後的EBITDA(2)(10)5(10)5

_______________________

  1. 調整後的毛利潤是一種非GAAP財務指標，作爲補充披露，我們將其定義爲在折舊和攤銷，臨床股權獎勵費用，臨床重組費用和銷售，總務和行政費用之前的營業虧損。我們無法將調整後的毛利潤的估計範圍與最直接可比的GAAP指標營業虧損相協調，並且不能在不合理的情況下提供營業虧損的估計範圍，因爲某些可能影響營業虧損的項目具有不確定性，包括股權獎勵費用和折舊和攤銷，這些項目不在我們的控制範圍內，或者不能合理地預測。
  2. 調整後的EBITDA是一種非GAAP財務指標，作爲補充披露，我們將其定義爲利息費用、所得稅、折舊和攤銷費用、收購費用、某些訴訟成本、租賃資產處置的收益或損失、出售固定資產的收益或損失、重組費用和股權報酬支出之前的淨損失。我們無法將調整後的EBITDA的預估範圍與最直接可比的GAAP指標淨損失調和，也無法提供淨損失的預估範圍，因爲由於可能影響淨損失的某些項目不確定性，包括股權報酬支出和折舊攤銷，這些項目不在我們的控制範圍內，或者無法合理預測。

Conference Call Details
The company will host a conference call at 5 p.m. EDT today to discuss these results and management’s outlook for future financial and operational performance. A live audio webcast will be available online at https://ir.alignmenthealth.com/. At the start of the conference call, participants may access the webcast at the following link: https://edge.media-server.com/mmc/p/dh2kdfjr. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web links, and will remain available for approximately 12 months.

About Alignment Health
Alignment Health is championing a new path in senior care that empowers members to age well and live their most vibrant lives. A consumer brand name of Alignment Healthcare (NASDAQ: ALHC), Alignment Health’s mission-focused team makes high-quality, low-cost care a reality for its Medicare Advantage members every day. Based in California, the company partners with nationally recognized and trusted local providers to deliver coordinated care, powered by its customized care model, 24/7 concierge care team and purpose-built technology, AVAⓇ. As it expands its offerings and grows its national footprint, Alignment upholds its core values of leading with a serving heart and putting the senior first. For more information, visit www.alignmenthealth.com.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 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 our financial outlook for the quarter and year ending December 31, 2024. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to attract new members and enter new markets, including the need for certain governmental approvals; our ability to maintain a high rating for our plans on the Five Star Quality Rating System; our ability to develop and maintain satisfactory relationships with care providers that service our members; risks associated with being a government contractor; changes in laws and regulations applicable to our business model; risks related to our indebtedness, including the potential for rising interest rates; changes in market or industry conditions and receptivity to our technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in our labor costs. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023, and the other periodic reports we file with the SEC. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.

 
Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
(Unaudited)
    
 September 30,
2024		 December 31,
2023
Assets   
Current Assets:   
Cash and cash equivalents$340,300  $202,904 
Accounts receivable (less allowance for credit losses of $123 at September 30, 2024 and $0 at December 31, 2023) 138,852   119,749 
Investments - current 40,676   115,914 
Prepaid expenses and other current assets 53,779   44,970 
Total current assets 573,607   483,537 
Property and equipment, net 64,692   51,901 
Right of use asset, net 8,124   9,959 
Goodwill 34,826   34,826 
Intangible Assets, net 4,550   5,252 
Other assets 6,488   6,405 
Total assets$692,287  $591,880 
Liabilities and Stockholders' Equity   
Current Liabilities:   
Medical expenses payable$297,125  $205,399 
Accounts payable and accrued expenses 25,394   23,511 
Accrued compensation 33,951   34,112 
Current maturities of long-term debt 1,613   — 
Total current liabilities 358,083   263,022 
Long-term debt, net of current maturities and debt issuance costs 210,386   161,813 
Long-term portion of lease liabilities 8,191   8,974 
Total liabilities 576,660   433,809 
Stockholders' Equity:   
Preferred stock, $.001 par value; 100,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 —   — 
Common stock, $.001 par value; 1,000,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 191,595,786 and 188,951,643 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 191   189 
Additional paid-in capital 1,091,561   1,037,015 
Accumulated deficit (977,202)  (880,258)
Total Alignment Healthcare, Inc. stockholders' equity 114,550   156,946 
Noncontrolling interest 1,077   1,125 
Total stockholders' equity 115,627   158,071 
Total liabilities and stockholders' equity$692,287  $591,880 
        


 
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
    
 Three Months Ended September 30, Nine Months Ended September 30,
 2024 2023 2024 2023
Revenues:       
Earned premiums$684,496  $450,235  $1,980,146  $1,341,924 
Other 7,937   6,474   22,174   16,319 
Total revenues 692,433   456,709   2,002,320   1,358,243 
Expenses:       
Medical expenses 613,444   397,879   1,791,974   1,204,838 
Selling, general, and administrative expenses 90,871   83,089   269,246   223,696 
Depreciation and amortization 7,640   5,497   20,110   15,613 
Total expenses 711,955   486,465   2,081,330   1,444,147 
Loss from operations (19,522)  (29,756)  (79,010)  (85,904)
Other expenses:       
Interest expense 6,937   5,466   18,055   15,747 
Other income, net (22)  (145)  (72)  (711)
Total other expenses 6,915   5,321   17,983   15,036 
Loss before income taxes (26,437)  (35,077)  (96,993)  (100,940)
Provision (benefit) for income taxes (8)  —   14   2 
Net loss$(26,429) $(35,077) $(97,007) $(100,942)
Less: Net loss attributable to noncontrolling interest 16   30   63   134 
Net loss attributable to Alignment Healthcare, Inc.$(26,413) $(35,047) $(96,944) $(100,808)
Total weighted-average common shares outstanding - basic and diluted 191,361,283   187,328,318   190,423,014   185,493,345 
Net loss per share - basic and diluted$(0.14) $(0.19) $(0.51) $(0.54)
                


 
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
  
 Nine Months Ended September 30,
 2024 2023
Operating Activities:   
Net loss$(97,007) $(100,942)
Adjustments to reconcile net loss to net cash provided by operating activities:   
Provision for credit loss 123   91 
Loss (gain) on right of use assets 135   (289)
Gain on sale of property and equipment (8)  — 
Depreciation and amortization 20,254   15,807 
Amortization-investment discount (2,084)  (3,349)
Amortization-debt issuance costs 978   1,037 
Equity-based compensation 54,896   51,183 
Non-cash lease expense 1,360   1,653 
Changes in operating assets and liabilities:   
Accounts receivable (19,226)  (12,724)
Prepaid expenses and other current assets (8,809)  (3,771)
Other assets 77   (119)
Medical expenses payable 91,726   33,299 
Accounts payable and accrued expenses 2,835   (4,613)
Deferred premium revenue (116)  146,034 
Accrued compensation (161)  7,604 
Lease liabilities (1,492)  (2,622)
Net cash provided by operating activities 43,481   128,279 
Investing Activities:   
Purchase of investments (75,524)  (281,582)
Sale of property and equipment 14   — 
Maturities of investments 152,755   160,735 
Acquisition of property and equipment (32,134)  (25,398)
Net cash provided by (used in) investing activities 45,111   (146,245)
Financing Activities:   
Proceeds from long-term debt 50,000   — 
Debt issuance costs (512)  — 
Payment of employment taxes related to release of restricted stock (350)  — 
Contributions from noncontrolling interest holders 15   60 
Net cash provided by financing activities 49,153   60 
Net increase (decrease) in cash 137,745   (17,906)
Cash, cash equivalents and restricted cash at beginning of period 204,954   411,299 
Cash, cash equivalents and restricted cash at end of period$342,699  $393,393 
Supplemental disclosure of cash flow information:   
Cash paid for interest$15,602  $13,943 
Supplemental non-cash investing and financing activities:   
Acquisition of property in accounts payable$112  $117 
        

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total above:

 September 30, 2024 September 30, 2023
Cash and cash equivalents$340,300  $391,643 
Restricted cash in other assets 2,399   1,750 
Total$342,699  $393,393 
        

Non-GAAP Financial Measures
Certain of these financial measures are considered “non-GAAP” financial measures within the meaning of Item 10 of Regulation S-K promulgated by the SEC. We believe that non-GAAP financial measures provide an additional way of viewing aspects of our operations that, when viewed with the GAAP results, provide a more complete understanding of our results of operations and the factors and trends affecting our business. These non-GAAP financial measures are also used by our management to evaluate financial results and to plan and forecast future periods. However, non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP financial measures used by us may differ from the non-GAAP measures used by other companies, including our competitors. To supplement our consolidated financial statements presented on a GAAP basis, we disclose the following non-GAAP measures: Medical Benefits Ratio, Adjusted EBITDA and Adjusted Gross Profit as these are performance measures that our management uses to assess our operating performance. Because these measures facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes and in evaluating acquisition opportunities.

Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that we define as net loss before interest expense, income taxes, depreciation and amortization expense, acquisition expenses, certain litigation costs, gains or losses on right of use ("ROU") assets, gains or losses on sale of property and equipment, restructuring costs and equity-based compensation expense.

Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA in lieu of net loss, which is the most directly comparable financial measure calculated in accordance with GAAP.

Our use of the term Adjusted EBITDA may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies.

Medical Benefits Ratio (MBR)
We calculate our MBR by dividing total medical expenses, excluding depreciation, equity-based compensation and clinical restructuring costs, by total revenues in a given period.

Adjusted Gross Profit
Adjusted gross profit is a non-GAAP financial measure that we define as loss from operations before depreciation and amortization, clinical equity-based compensation expense, clinical restructuring costs and selling, general, and administrative expenses.

Adjusted gross profit should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted gross profit in lieu of loss from operations, which is the most directly comparable financial measure calculated in accordance with GAAP.

Our use of the term adjusted gross profit may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies.

Investor Contact
Harrison Zhuo
hzhuo@ahcusa.com

Media Contact
Priya Shah
mPR, Inc. for Alignment Health
alignment@mpublicrelations.com