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WASHINGTON, May 8, 2025 /PRNewswire/ -- Evolent Health, Inc. (NYSE: EVH) ("Evolent" or the "Company"), a company that specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable, today announced financial results for the three months ended March 31, 2025.
Seth Blackley, Co-Founder and Chief Executive Officer of Evolent stated, "Evolent Health kicked off 2025 with first quarter results at the high end of our expectations, and we are reiterating our outlook for full year 2025 revenue and Adjusted EBITDA. We continue to see a very strong selling environment and we achieved significant organic growth with five new revenue agreements announced today. Operationally, we continue scaling our innovative oncology condition management solution to help Evolent further impact specialty care member experience, costs and outcomes. Performance Suite margins, including leading indicators on utilization, and AI-based automation initiatives, like Auth Intel, are both currently tracking favorably. From an innovation perspective we remain focused on improving member and provider experience in specialty care, while continuing to manage affordability for the system – a combination we believe Evolent is uniquely positioned to deliver. In the time ahead we'll remain disciplined in capital allocation, prioritizing cash generation and debt paydown. I am proud of our recent progress and I believe that our strong pipeline, low market penetration, innovative product stack and highly engaged team of 4,500 professionals, positions Evolent to deliver sustained value to our shareholders, partners and members in the short and long term."
Highlights from the quarter ended March 31, 2025 include (in thousands, except for average PMPM fees and revenue per case):
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Financial Results: | |||
Revenue | $ 483,649 | $ 639,653 | |
Net loss attributable to common shareholders of Evolent Health, Inc. | $ (72,250) | $ (25,225) | |
Net loss margin | (14.9) % | (3.9) % | |
Adjusted EBITDA | $ 36,860 | $ 54,097 | |
Adjusted EBITDA Margin | 7.6 % | 8.5 % | |
Average Lives on Platform/Cases | |||
Performance Suite | 6,486 | 7,050 | |
Specialty Technology and Services Suite | 77,079 | 72,302 | |
Administrative Services | 1,213 | 1,254 | |
Cases | 14 | 15 | |
Average Unique Members | 40,628 | 39,888 | |
Average PMPM Fees/ Revenue per Case | |||
Performance Suite | $ 15.57 | $ 21.19 | |
Specialty Technology and Services Suite | 0.36 | 0.41 | |
Administrative Services | 15.72 | 15.57 | |
Cases | 2,947 | 2,849 |
The rising medical costs impacting health plans continue to drive robust demand for Evolent's complex specialty care solutions.
Evolent announced the following new revenue agreements as follows:
Financial Results of Evolent Health, Inc.
In our earnings releases, prepared remarks, conference calls, slide presentations and webcasts, we may use or discuss financial measures not prepared in accordance with generally accepted accounting principles ("GAAP"). Definitions of the non-GAAP financial measures as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are presented herein. See Non-GAAP Financial Measures for more information.
Reported Results
Evolent Health, Inc. reported the following results in accordance with GAAP (in thousands, except for per share data):
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Revenue | $ 483,649 | $ 639,653 | |
Cost of revenue | $ 381,178 | $ 535,547 | |
Selling, general and administrative expenses | $ 78,409 | $ 79,104 | |
Net loss attributable to common shareholders of Evolent Health, Inc. | $ (72,250) | $ (25,225) | |
Net loss margin | (14.9) % | (3.9) % | |
Loss per share attributable to common shareholders of Evolent Health, Inc.: | |||
Basic and diluted | $ (0.63) | $ (0.22) |
Total cash and cash equivalents was $246.5 million as of March 31, 2025.
Adjusted Results
Evolent Health, Inc. reported the following adjusted results (in thousands, except for per share data):
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Adjusted cost of revenue | $ 380,521 | $ 534,542 | |
Adjusted selling, general and administrative expenses | $ 66,268 | $ 51,014 | |
Adjusted EBITDA | $ 36,860 | $ 54,097 | |
Adjusted EBITDA margin | 7.6 % | 8.5 % | |
Adjusted income (loss) attributable to common shareholders | $ 7,445 | $ 24,144 | |
Adjusted income (loss) per common share attributable to common shareholders: | |||
Basic | $ 0.06 | $ 0.21 |
Business Outlook
The Company does not believe it can meaningfully reconcile guidance for non-GAAP Adjusted EBITDA to net income (loss) attributable to common shareholders of Evolent Health, Inc. because the Company cannot provide guidance for the more significant reconciling items between net income (loss) attributable to common shareholders of Evolent Health, Inc. and Adjusted EBITDA without unreasonable effort. This is due to the fact that future period non-GAAP guidance includes adjustments for items not indicative of our core operations, and as a result from changes to our business due to transactions and other events. Such items may, from time to time, include loss on repayment/extinguishment of debt; gain (loss) from equity method investees, loss on option exercise, change in fair value of contingent consideration, change in tax receivable agreement liability, other income (expense), gain (loss) on disposal of non-strategic assets, right-of-use asset impairments, losses on lease terminations, repositioning costs, stock-based compensation expense, severance costs, dividends and accretion on Series A Preferred Stock and transaction-related costs. Such adjustments may be affected by changes in ongoing assumptions, judgements, as well as nonrecurring, unusual or unanticipated charges, expenses or gains (losses) or other items that may not directly correlate to the underlying performance of our business operations. The exact amount of these adjustments is not currently determinable but may be significant.
Second Quarter 2025 Guidance
For the three months ended June 30, 2025, revenue is expected to be in the range of $440.0 million to $470.0 million. Adjusted EBITDA is expected to be in the range of $33.0 million to $40.0 million.
Full Year 2025 Guidance
The Company reiterated its outlook for the full year ending December 31, 2025, with revenue expected to be in the range of approximately $2.06 billion to $2.11 billion, and adjusted EBITDA expected to be in the range of approximately $135.0 million to $165.0 million.
Additional Outlook Information
The Company reiterated its expectation to deploy approximately $35 million in cash for capitalized software development during 2025.
This "Business Outlook" section contains forward-looking statements, and actual results may differ materially. Factors that may cause actual results to differ materially from our current expectations in addition to those set forth above are set forth below in "Forward Looking Statements - Cautionary Language" and Evolent Health, Inc.'s filings with the Securities and Exchange Commission ("SEC").
Web and Conference Call Information
Evolent Health, Inc. will hold a conference call to discuss its financial performance and related matters this evening, May 8, 2025, at 5:00 p.m., Eastern Time. To listen to a live broadcast via the internet and view the accompanying materials, please visit the Company's Investor Relations website at http://ir.evolent.com. To participate by telephone, dial (855) 940-9467, or (412) 317-6034 for international callers, and ask to join the "Evolent Health call." Participants are advised to dial in at least fifteen minutes prior to the call to register. The call will be archived on the Company's website for one week and will be available beginning later this evening. Evolent invites all interested parties to attend the conference call.
About Evolent
Evolent specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable. Evolent serves a national base of leading payers and providers and is consistently recognized as a top place to work in health care nationally. Learn more about how Evolent is changing the way health care is delivered by visiting evolent.com.
Contacts:
[email protected]
Revenue Agreements
Evolent reports the number of new revenue agreements signed for Performance Suite, Specialty Technology and Services Suite, Administrative Services and Case-based products. A new revenue agreement includes incremental revenue to the Company reflecting contracts for services to both new partner entities, corporations or health plans as well as additional sales to existing partners. New revenue agreements may include incremental services, geographic, or line of business expansions or a combination thereof. The conversion of Specialty Technology and Services Suite contracts to Performance Suite are also included in this definition. The Company does not count renewals for existing scope, growth of membership within an existing contract scope or transaction-related purchase agreements, if applicable, in this metric.
Lives on Platform and Per Member Per Month ("PMPM") Fee
Performance Suite Lives on Platform are calculated by summing monthly members covered for specialty care services for contracts not under ASO arrangements, plus members managed by Complex Care in capitation arrangements and divided by the number of months in the period. Specialty Technology and Services Suite Lives on Platform are calculated by summing monthly members covered for oncology, cardiology, musculoskeletal, advanced imaging and other diagnostic specialty care services for contracts under ASO arrangements divided by the number of months in the period. Administrative Services Lives on Platform are calculated by summing monthly members covered for administrative services implementation and core performance services divided by the number of months in the period. Cases are calculated by summing the number of individuals receiving services through our surgery management and advanced care planning programs in a given period. Members covered for more than one category are counted in each category.
Performance Suite Average PMPM fee is defined as revenue pertaining to our Performance Suite during the period reported divided by Performance Suite Lives on Platform for the period divided by the number of months in the period. Specialty Technology and Services Suite Average PMPM fee is defined as revenue pertaining to the Specialty Technology and Services Suite during the period reported divided by Specialty Technology and Services Suite Lives on Platform for the period divided by the number of months in the period. Administrative Services Average PMPM fee is defined as revenue pertaining to the Administrative Services during the period reported divided by the Administrative Services Lives on Platform for the period divided by the number of months in the period. Revenue per Case is calculated by the revenue pertaining to surgery management and advanced care planning programs divided by the number of cases for a given period.
Average Unique Members are calculated by summing members covered by our Performance Suite, Specialty Technology and Services Suite and Administrative Services. In cases where partners cross between multiple solutions, we only capture members from the solution with the maximum number of members.
Management uses Lives on Platform, PMPM fees, Cases, Revenue per Case and Average Unique Members because we believe that they provide insight into the unit economics of our services. We believe that these measures are also useful to investors because they allow further insight into the period over period operational performance.
EVOLENT HEALTH, INC.
| ||||
For the Three Months Ended March 31, | ||||
2025 | 2024 | |||
Revenue | $ 483,649 | $ 639,653 | ||
Expenses | ||||
Cost of revenue | 381,178 | 535,547 | ||
Selling, general and administrative expenses | 78,409 | 79,104 | ||
Depreciation and amortization expenses | 24,058 | 29,503 | ||
Loss on lease termination | 1,906 | — | ||
Change in fair value of contingent consideration | (280) | 8,908 | ||
Total operating expenses | 485,271 | 653,062 | ||
Operating income (loss) | (1,622) | (13,409) | ||
Interest income | 1,274 | 2,550 | ||
Interest expense | (10,385) | (5,997) | ||
Gain (loss) from equity method investees | (19) | 306 | ||
Loss on option exercise | (52,348) | — | ||
Change in tax receivables agreement liability | — | (173) | ||
Other income (expense), net | (48) | 8 | ||
Loss before income taxes | (63,148) | (16,715) | ||
Provision for income taxes | 1,470 | 565 | ||
Loss before preferred dividends and accretion of Series A Preferred Stock | (64,618) | (17,280) | ||
Dividends and accretion of Series A Preferred Stock | (7,632) | (7,945) | ||
Net loss attributable to common shareholders of Evolent Health, Inc. | $ (72,250) | $ (25,225) | ||
Loss per common share | ||||
Basic and diluted | $ (0.63) | $ (0.22) | ||
Weighted-average common shares outstanding | ||||
Basic and diluted | 115,315 | 114,141 | ||
Comprehensive loss | ||||
Net loss attributable to common shareholders of Evolent Health, Inc. | $ (72,250) | $ (25,225) | ||
Other comprehensive loss, net of taxes, related to: | ||||
Foreign currency translation adjustment | 24 | (51) | ||
Total comprehensive loss attributable to common shareholders of Evolent Health, Inc. | $ (72,226) | $ (25,276) |
EVOLENT HEALTH, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
| |||
March 31, 2025 | December 31, 2024 | ||
(unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 246,547 | $ 104,203 | |
Restricted cash | 16,239 | 59,295 | |
Accounts receivable, net | 430,496 | 414,681 | |
Prepaid expenses and other current assets | 34,652 | 28,938 | |
Total current assets | 727,934 | 607,117 | |
Restricted cash | 15,059 | 14,998 | |
Investments and equity method investees | 8,569 | 8,588 | |
Property and equipment, net | 74,440 | 73,151 | |
Right-of-use assets - operating | 5,726 | 6,134 | |
Prepaid expenses and other noncurrent assets | 3,188 | 3,569 | |
Contract cost assets | 13,334 | 13,378 | |
Intangible assets, net | 667,881 | 680,156 | |
Goodwill | 1,137,320 | 1,137,320 | |
Total assets | $ 2,653,451 | $ 2,544,411 | |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | |||
Liabilities | |||
Current liabilities: | |||
Accounts payable | $ 57,813 | $ 96,025 | |
Accrued liabilities | 99,531 | 66,361 | |
Operating lease liability - current | 35,187 | 26,717 | |
Accrued compensation and employee benefits | 35,914 | 33,719 | |
Deferred revenue | 5,017 | 2,507 | |
Short-term debt, net | 171,793 | 171,467 | |
Reserve for claims and performance - based arrangements | 333,842 | 318,705 | |
Total current liabilities | 739,097 | 715,501 | |
Long-term debt, net | 647,532 | 490,520 | |
Other long-term liabilities | 3,269 | 2,984 | |
Tax receivables agreement liability | 108,105 | 108,105 | |
Operating lease liabilities - noncurrent | 15,585 | 24,969 | |
Deferred tax liabilities, net | 11,114 | 10,900 | |
Total liabilities | 1,524,702 | 1,352,979 | |
Mezzanine Equity | |||
Preferred class A common stock - $0.01 par value; 50,000,000 shares authorized; 175,000 issued, respectively | 193,228 | 190,173 | |
Shareholders' Equity | |||
Class A common stock - $0.01 par value; 750,000,000 shares authorized; 117,397,804 and 116,575,773 shares issued, respectively | 1,174 | 1,166 | |
Additional paid-in-capital | 1,802,634 | 1,803,786 | |
Accumulated other comprehensive loss | (1,729) | (1,753) | |
Retained earnings (accumulated deficit) | (845,435) | (780,817) | |
Treasury stock, at cost; 1,537,582 shares issued, respectively | (21,123) | (21,123) | |
Total shareholders' equity | 935,521 | 1,001,259 | |
Total liabilities, mezzanine equity and shareholders' equity | $ 2,653,451 | $ 2,544,411 |
EVOLENT HEALTH, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands)
| |||
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Cash Flows Provided by Operating Activities | |||
Net loss before preferred dividends and accretion of Series A preferred stock | $ (64,618) | $ (17,280) | |
Adjustments to reconcile net loss to net cash and restricted cash provided by (used in) operating activities: | |||
Change in fair value of contingent consideration | (280) | 8,908 | |
Loss (gain) from equity method investees | 19 | (306) | |
Loss on option exercise | 52,348 | — | |
Depreciation and amortization expenses | 24,058 | 29,503 | |
Stock-based compensation expense | 11,081 | 18,786 | |
Deferred tax benefit | 295 | 181 | |
Amortization of contract cost assets | 1,237 | 1,205 | |
Amortization of deferred financing costs | 1,154 | 882 | |
Loss on lease termination | 1,906 | — | |
Change in tax receivables agreement liability | — | 173 | |
Right-of-use operating assets | 408 | 1,193 | |
Other current operating cash inflows (outflows), net | 2 | 6 | |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable, net and contract assets | (15,815) | 19,009 | |
Prepaid expenses and other current and non-current assets | (7,729) | 7,166 | |
Contract cost assets | (1,193) | (1,556) | |
Accounts payable | 3,264 | (8,421) | |
Accrued liabilities | (18,879) | 10,635 | |
Operating lease liabilities | (2,820) | (2,582) | |
Accrued compensation and employee benefits | 2,195 | (27,279) | |
Deferred revenue | 2,510 | 160 | |
Reserve for claims and performance-based arrangements | 15,137 | (35,409) | |
Other long-term liabilities | 285 | (65) | |
Net cash and restricted cash provided by operating activities | 4,565 | 4,909 | |
Cash Flows Used In Investing Activities | |||
Cash paid for asset acquisitions and business combinations | (4,498) | (1,385) | |
Purchases of investments and contributions to equity method investees | — | (3,000) | |
Investments in internal-use software and purchases of property and equipment | (8,595) | (5,347) | |
Net cash and restricted cash used in investing activities | (13,093) | (9,732) | |
Cash Flows Provided by Financing Activities | |||
Changes in working capital balances related to claims processing | (41,476) | 37,520 | |
Payment of contingent consideration | — | (3,755) | |
Proceeds from stock option exercises | — | 1,058 | |
Proceeds from issuance of long-term debt, net of offering costs | 221,000 | (529) | |
Repayment of long-term debt | (62,500) | — | |
Payment of preferred dividends | (4,577) | (5,078) | |
Taxes withheld and paid for vesting of equity awards | (4,593) | (14,334) | |
Net cash and restricted cash provided by financing activities | 107,854 | 14,882 | |
Effect of exchange rate on cash and cash equivalents and restricted cash | 23 | (38) | |
Net increase in cash and cash equivalents and restricted cash | 99,349 | 10,021 | |
Cash and cash equivalents and restricted cash as of beginning-of-period | 178,496 | 223,457 | |
Cash and cash equivalents and restricted cash as of end-of-period | $ 277,845 | $ 233,478 |
Non-GAAP Financial Measures
The Company views the following activities as integral to understanding its non-GAAP financial measures:
In addition to disclosing financial results that are determined in accordance with GAAP, we present Adjusted Cost of Revenue, Adjusted Selling, General and Administrative Expenses, Adjusted Income (Loss) Attributable to Common Shareholders, Adjusted Income (Loss) per Common Share Attributable to Common Shareholders, Adjusted EBITDA and Adjusted EBITDA Margin, which are all non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance.
Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are defined as cost of revenue and selling, general and administrative expenses calculated in accordance with GAAP, respectively, adjusted to exclude the impact of stock-based compensation expenses, severance costs, transaction-related costs and repositioning costs. Management believes Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are useful to investors, because they facilitate an understanding of our long-term operational costs while removing the effect of costs that are not a representative component of the day-to-day operating performance of our business, and are useful to management as supplemental performance measures.
Adjusted EBITDA is defined as net loss attributable to common shareholders of Evolent Health, Inc. before interest income, interest expense, provision for income taxes, depreciation and amortization expenses, change in the tax receivable agreement liability, gain (loss) from equity method investees, loss on option exercise, change in fair value of contingent consideration, other income (expense), net, loss on lease termination, repositioning costs, stock-based compensation expense, severance costs, dividends and accretion of Series A Preferred Stock and transaction-related costs.
Management believes that Adjusted EBITDA is useful to investors because it allows investors to evaluate the Company's performance using tools that management uses to evaluate past performance and prospects for future performance. Management also uses Adjusted EBITDA as a supplemental performance measure because the removal of adjustments to net loss attributable to common shareholders of Evolent Health, Inc. allows us to focus on operational performance.
Adjusted EBITDA Margin is defined Adjusted EBITDA divided by Revenue. Management believes that this measure is useful to investors because it allows further insight into the period over period operational performance. Management also uses Adjusted EBITDA Margin as a supplemental performance measure because it allows the investor to understand operational performance compared to revenues over time.
Adjusted Income Attributable to Common Shareholders is defined as net loss attributable to common shareholders of Evolent Health, Inc. adjusted to exclude gain (loss) from equity method investees, loss on option exercise, other income (expense), net, provision for income taxes, change in fair value of contingent consideration, change in tax receivable agreement liability, purchase accounting adjustments, loss on lease termination, repositioning costs, stock-based compensation expense, severance costs, transaction-related costs and the tax impact of non-GAAP adjustments.
Adjusted Income per Share Attributable to Common Shareholders is defined as Adjusted Income Attributable to Common Shareholders divided by Weighted-Average Common Shares, and reflects the adjustments made in those non-GAAP measures.
Management believes that Adjusted Income Attributable to Common Shareholders and Adjusted Income per Share Attributable to Common Shareholders are useful to investors because they provide a measure of the Company's net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance.
These adjusted measures do not represent and should not be considered as alternatives to GAAP measurements, and our calculations thereof may not be comparable to similarly entitled measures reported by other companies. A reconciliation of these adjusted measures to their most comparable GAAP financial measures is presented in the tables below. We believe these measures are useful across time in evaluating our fundamental core operating performance.
Evolent Health, Inc. Reconciliation of Adjusted Results of Operations (in thousands, unaudited)
| |||
Reconciliation of Adjusted Cost of Revenue to Cost of Revenue | |||
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Cost of revenue | $ 381,178 | $ 535,547 | |
Less: | |||
Stock-based compensation | 657 | 1,005 | |
Adjusted cost of revenue | $ 380,521 | $ 534,542 | |
Reconciliation of Adjusted Selling, General and Administrative Expenses to Selling, General and Administrative Expenses | |||
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Selling, general and administrative expenses | $ 78,409 | $ 79,104 | |
Less: | |||
Stock-based compensation | 10,424 | 17,781 | |
Severance costs | 1,014 | 380 | |
Transaction-related costs | 703 | — | |
Repositioning costs | — | 9,929 | |
Adjusted selling, general and administrative expenses | $ 66,268 | $ 51,014 |
Evolent Health, Inc. Reconciliation of Adjusted EBITDA to Net Income (Loss) Attributable to Common Shareholders of Evolent Health, Inc. (in thousands) (unaudited) | |||
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Net loss attributable to common shareholders of Evolent Health, Inc. | $(72,250) | $(25,225) | |
Net loss margin | (14.9) % | (3.9) % | |
Less: | |||
Interest income | 1,274 | 2,550 | |
Interest expense | (10,385) | (5,997) | |
Provision for income taxes | (1,470) | (565) | |
Depreciation and amortization expenses | (24,058) | (29,503) | |
Change in tax receivable agreement liability | — | (173) | |
Gain (loss) from equity method investees | (19) | 306 | |
Loss on option exercise | (52,348) | — | |
Change in fair value of contingent consideration | 280 | (8,908) | |
Other income (expense), net | (48) | 8 | |
Loss on lease termination | (1,906) | — | |
Repositioning costs | — | (9,929) | |
Stock-based compensation expense | (11,081) | (18,786) | |
Severance costs | (1,014) | (380) | |
Dividends and accretion of Series A Preferred Stock | (7,632) | (7,945) | |
Transaction-related costs | (703) | — | |
Adjusted EBITDA | $ 36,860 | $ 54,097 | |
Adjusted EBITDA margin | 7.6 % | 8.5 % |
Evolent Health, Inc. Reconciliation of Adjusted Income Attributable to Common Shareholders to Net Loss Attributable to Common Shareholders (in thousands, except per share data) (unaudited) | |||
For the Three Months Ended March 31, | |||
2025 | 2024 | ||
Net loss attributable to common shareholders of Evolent Health, Inc. | $ (72,250) | $ (25,225) | |
Less: | |||
Gain (loss) from equity method investees | (19) | 306 | |
Loss on option exercise | (52,348) | — | |
Other income (expense), net | (48) | 8 | |
Provision for income taxes | (1,470) | (565) | |
Change in fair value of contingent consideration | 280 | (8,908) | |
Change in tax receivable agreement liability | — | (173) | |
Purchase accounting adjustments | (13,365) | (17,360) | |
Loss on lease termination | (1,906) | — | |
Repositioning costs | — | (9,929) | |
Stock-based compensation expense | (11,081) | (18,786) | |
Severance costs | (1,014) | (380) | |
Transaction-related costs | (703) | — | |
Tax impact (1) | 1,979 | 6,418 | |
Adjusted income attributable to common shareholders | $ 7,445 | $ 24,144 | |
Loss per share attributable to common shareholders | |||
Basic | $ (0.63) | $ (0.22) | |
Adjusted income per share attributable to common shareholders | |||
Basic | $ 0.06 | $ 0.21 | |
Weighted-average common shares | |||
Basic | 115,315 | 114,141 |
(1) | Non-GAAP financial information for the periods shown are adjusted for an assumed provision for income taxes based on our statutory federal tax rate of 21%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate. |
FORWARD-LOOKING STATEMENTS - CAUTIONARY LANGUAGE
Certain statements made in this report and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "aim," "predict," "potential," "continue," "plan," "project," "will," "should," "shall," "may," "might" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to our ability to weather current dynamics, continue to expand our footprint, future actions, trends in our businesses, prospective services, new partner additions/expansions, our guidance and business outlook and future performance or financial results, and the closing of pending transactions and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.
These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements involve risks and uncertainties that may cause actual results, level of activity, performance or achievements to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements, include, among others:
The risks included here are not exhaustive. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Our periodic reports and other documents filed with the SEC include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.
Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we undertake no obligation to publicly update any forward-looking statements to reflect events or circumstances that occur after the date of this release.
SOURCE Evolent Health, Inc.
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