Earnings release
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Exhibit 99.1 * . Astrana Health Astrana Health , Inc. Reports Second Quarter 2026 Results Company to Host Conference Call on Thursday , August 6 , 2026 , at 2:30 p.m. PT / 5 : 30 Reports revenue of $ 972.5 million , up 49 % year - over - year , net income of $ 18.5 million , up EBITDA ( ¹ ) of $ 68.9 million , up 43 % year - over - year for the three months ended June 30 , 2026 81 % p.m. ET year - over - year , and adjusted Reports net cash provided by operating activities of $ 100.8 million and free cash flow ( 2 ) of $ 92.9 million for the six months ended June 30 , 2026 ALHAMBRA , Calif . , August 6 , 2026 / PRNewswire / -- Astrana Health , Inc. ( " Astrana , ” and together with its subsidiaries and affiliated entities , the " Company " ) ( NASDAQ : ASTH ) , a physician - centric , technology - enabled healthcare company empowering providers to deliver accessible , high - quality , and high - value care to all , today announced its consolidated financial results for the second quarter ended June 30 , 2026 . " Our second quarter results reflect the strength of Astrana's physician - centric , AI - native healthcare operating system and the disciplined execution of our team , ” said Brandon Sim , President and Chief Executive Officer of Astrana Health . “ We continue to see accelerating demand from both providers and payers for our platform , driving strong growth , record - high adjusted diluted EPS , and robust free cash flow generation . Our performance gives us the confidence to raise our adjusted EBITDA guidance for 2026 even as we reinvest a substantial portion of our first - half outperformance into attractive growth opportunities that we believe will further strengthen our earnings power over time . " Financial Highlights for Second Quarter Ended June 30 , 2026 : All comparisons are to the three months ended June 30 , 2025 unless otherwise stated . Total revenue of $ 972.5 million , up 49 % from $ 654.8 million Care Partners revenue of $ 932.8 million , up 48 % from $ 631.4 million Net income attributable to Astrana of $ 19.7 million , up 109 % from $ 9.4 million Earnings per share ( " EPS " ) - diluted of $ 0.40 , up 111 % from $ 0.19 Adjusted EBITDA ( ¹ ) of $ 68.9 million , up 43 % from $ 48.1 million Adjusted EPS - diluted ( 3 ) of $ 0.80 , up 45 % from $ 0.55 Financial Highlights for Six Months Ended June 30 , 2026 : All comparisons are to the six months ended June 30 , 2025 unless otherwise stated . Total revenue of $ 1,937.6 million , up 52 % from $ 1,275.2 million Care Partners revenue of $ 1,842.5 million , up 50 % from $ 1,232.4 million Net income attributable to Astrana of $ 34.2 million , up 112 % from $ 16.1 million EPS diluted of $ 0.69 , up 109 % from $ 0.33 Adjusted EBITDA ( ¹ ) of $ 135.2 million , up 60 % from $ 84.5 million Adjusted EPS - diluted ( ³ ) of $ 1.54 , up 59 % from $ 0.97 Net cash provided by operating activities of $ 100.8 million Free cash flow ( 2 ) of $ 92.9 million
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(1) See “Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin” and “Use of Non-GAAP Financial Measures” below for additional information. (2) See reconciliation provided with the condensed consolidated statements of cash flow and “Use of Non-GAAP Financial Measures” below for additional information. (3) See “Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted” and “Use of Non- GAAP Financial Measures” below for additional information.
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Recent Operating Highlights · Daniel Rothman joined as President of Physician Enterprise and Vishal Gupta joined as Senior Vice President of Enterprise Transformation, further strengthening the executive leadership team as the Company continues to scale its physician-centric, AI- native operating platform for value-based care. · Astrana’s affiliated Accountable Care Organizations (“ACOs”) generated $120.4 million in gross shared savings for the 2024 performance year, and Astrana Care Partners ACO ranked seventh nationwide in net shared savings per beneficiary in its first performance year. · Astrana continued to expand its Medicare Advantage footprint, including new agreements in Hawaii and Texas. The Texas agreement added approximately 3,000 new Medicare Advantage professional-risk lives. Segment Results for three months ended June 30, 2026: All comparisons are to the three months ended June 30, 2025 unless otherwise stated. Three Months Ended June 30, 2026 (in thousands) Care Partners Care Delivery Care Enablement Intersegment Elimination Corporate Costs Consolidated Total Total revenues $ 932,836 $ 74,696 $ 85,598 $ (120,610) $ — $ 972,520 % change vs. prior year quarter 48% 95% 109% Cost of services 805,469 61,923 51,665 (50,559) — 868,498 General and administrative expenses 72,133 14,552 16,158 (70,091) 21,398 54,150 Depreciation and amortization 12,362 1,188 1,378 — 622 15,550 Total expenses 889,964 77,663 69,201 (120,650) 22,020 938,198 Income (loss) from operations $ 42,872 $ (2,967) $ 16,397 $ 40(1) $ (22,020) $ 34,322 % change vs. prior year quarter (14)% (238)% * * Percentage change of over 500%. (1) Income from operations for the intersegment elimination represents sublease income between segments. Sublease income is presented within other income, which is not presented in the table.
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2026 Guidance: Based on the Company’s existing business, current view of existing market conditions, and assumptions, Astrana is providing the following guidance for total revenue and Adjusted EBITDA for the three months ending September 30, 2026, updating Adjusted EBITDA guidance for the year ending December 31, 2026, and reaffirming revenue and free cash flow guidance for the year ending December 31, 2026. Three Months Ending September 30, 2026 Year Ending December 31, 2026 Guidance Range Guidance Range ($ in millions) Low High Low High Total revenue $ 1,000 $ 1,030 $ 3,800 $ 4,100 Adjusted EBITDA $ 72.5 $ 77.5 $ 255 $ 280 Free cash flow $ 105 $ 132.5 See “Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA,” “Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow,” and “Use of Non-GAAP Financial Measures” below for additional information. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. See “Forward-Looking Statements” below for additional information.
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Conference Call and Webcast Information: Astrana will host a conference call at 2:30 p.m. PT/5:30 p.m. ET today (Thursday, August 6, 2026), during which management will discuss the results of the second quarter ended June 30, 2026. To participate in the conference call, please use the following dial-in numbers about 5 minutes prior to the scheduled conference call time: U.S. & Canada (Toll-Free):+1 (877) 858-9810 International (Toll): +1 (201) 689-8517 The conference call can also be accessed via webcast at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=w7Ip0KQB An accompanying slide presentation will be available in PDF format on the “IR Calendar” page of the Company’s website (https://ir.astranahealth.com/news-events/ir-calendar) after issuance of the earnings release and will be furnished as an exhibit to Astrana’s current report on Form 8-K to be filed with the SEC, accessible at www.sec.gov. Those who are unable to attend the live conference call may access the recording at the above webcast link, which will be made available shortly after the conclusion of the call. Note About Consolidated Entities The Company consolidates entities in which it has a controlling financial interest. The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights, and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. Non-controlling interests represent third party equity ownership interests in the Company’s consolidated entities (including certain VIEs). The amount of net income or loss attributable to non-controlling interests is disclosed in the Company’s consolidated statements of income. About Astrana Health, Inc. Astrana Health is a physician-centric, AI-powered healthcare company committed to delivering high-quality, patient-centered care. Built from the physician's perspective, Astrana combines its scalable care delivery infrastructure, proprietary technology platform, and aligned provider networks to enable proactive, preventive care at scale - improving patient outcomes, enhancing patient experiences, supporting provider well-being, and driving greater value across the healthcare system. Today, Astrana supports more than 20,000 providers and approximately 1.5 million patients in value-based care arrangements through its affiliated provider networks, management services organization, and integrated care delivery clinics spanning primary, specialty, and ancillary care. Together, Astrana is building the healthcare system we all deserve - one that delivers better care, better experiences, and better outcomes for all. For more information, visit www.astranahealth.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s guidance for the quarter ending September 30, 2026 and the year ending December 31, 2026, ability to meet operational goals, ability to meet expectations in deployment of care coordination and management capabilities, ability to decrease cost of care while improving quality and outcomes, ability to deliver sustainable revenue and EBITDA growth as well as long-term value, ability to respond to the changing environment, statements about the Company's liquidity, and successful completion and implementation of strategic growth plans, acquisition strategy, and merger integration efforts, as well as statements regarding the material weakness in internal control over financial reporting and the Company’s ability to remediate such material weakness in a timely manner. Forward- looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent quarterly reports on Form 10-Q. Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. FOR MORE INFORMATION, PLEASE CONTACT: Investor Relations investors@astranahealth.com
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ASTRANA HEALTH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) June 30, 2026 December 31, 2025 (Unaudited) Assets Current assets Cash and cash equivalents $ 400,792 $ 429,474 Receivables, net (including amounts from related parties) 465,080 374,465 Income taxes receivable — 1,799 Other receivables 24,113 26,385 Prepaid expenses and other current assets 25,857 26,264 Loans receivable 3,318 4,926 Total current assets 919,160 863,313 Non-current assets Property and equipment, net 62,567 57,332 Intangible assets, net 243,312 270,968 Goodwill 886,995 865,305 Income taxes receivable, net of current portion 26,220 26,220 Loans receivable, net of current portion 49,273 48,724 Investments in other entities – equity method 27,805 25,637 Operating lease right-of-use assets 39,194 35,738 Other assets 27,554 25,424 Total non-current assets 1,362,920 1,355,348 Total assets (1) $ 2,282,080 $ 2,218,661 Liabilities, Mezzanine Deficit, and Stockholders’ Equity Current liabilities Accounts payable and accrued expenses $ 245,860 $ 195,912 Fiduciary accounts payable 3,771 3,524 Income taxes payable 2,082 — Medical liabilities 415,765 335,705 Operating lease liabilities 8,938 7,809 Current portion of long-term debt 53,848 47,865 Other liabilities 17,375 24,458 Total current liabilities 747,639 615,273 Non-current liabilities Deferred tax liability 8,795 5,491 Operating lease liabilities, net of current portion 33,975 31,552 Long-term debt, net of current portion and deferred financing costs 882,650 990,904 Other long-term liabilities 10,442 17,107 Total non-current liabilities 935,862 1,045,054 Total liabilities (1) 1,683,501 1,660,327 Mezzanine deficit Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation (“APC”) (242,261) (234,962) Stockholders’ equity
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Preferred stock, $0.001 par value per share; 5,000,000 shares authorized; and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025 — — Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,226,943 and 48,885,358 shares issued and outstanding, excluding 10,695,758 and 10,571,011 treasury shares, as of June 30, 2026 and December 31, 2025, respectively 49 49 Additional paid-in capital 487,820 470,863 Retained earnings 342,355 308,379 Total stockholders’ equity 830,224 779,291 Non-controlling interests 10,616 14,005 Total equity 840,840 793,296 Total liabilities, mezzanine deficit, and stockholders’ equity $ 2,282,080 $ 2,218,661 (1) The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include (a) total assets of $1,268.9 million and $1,276.5 million as of June 30, 2026 and December 31, 2025, respectively, that can be used only to settle obligations of the Company’s consolidated VIEs and (b) total liabilities of the consolidated VIEs of $366.9 million and $376.0 million as of June 30, 2026 and December 31, 2025, respectively, for which creditors do not have recourse to the general credit of the Company, the VIE’s primary beneficiary. These VIE balances do not include $284.6 million of investment in affiliates and $25.1 million of amount due from affiliates as of June 30, 2026 and $152.2 million of investment in affiliates and $58.3 million of amount due from affiliates as of December 31, 2025, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets.
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ASTRANA HEALTH, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Capitation and other revenue, net $ 972,520 $ 654,808 $ 1,937,620 $ 1,275,196 Operating expenses Cost of services, excluding depreciation and amortization 868,498 576,839 1,727,855 1,125,900 General and administrative expenses 54,150 50,725 115,888 94,623 Depreciation and amortization 15,550 6,904 31,028 13,752 Total expenses 938,198 634,468 1,874,771 1,234,275 Income from operations 34,322 20,340 62,849 40,921 Other (expense) income Income (loss) from equity method investments 548 381 2,268 (486) Interest expense (15,997) (7,382) (32,098) (14,690) Interest income 5,907 2,336 9,723 4,647 Unrealized gain (loss) on investments 4,732 14 5,816 (30) Other (loss) income (2,302) 1,136 (1,640) (3,934) Total other expense, net (7,112) (3,515) (15,931) (14,493) Income before provision for income taxes 27,210 16,825 46,918 26,428 Provision for income taxes 8,758 6,609 15,335 9,991 Net income 18,452 10,216 31,583 16,437 Net (loss) income attributable to non-controlling interests (1,287) 793 (2,592) 322 Net income attributable to Astrana Health, Inc. $ 19,739 $ 9,423 $ 34,175 $ 16,115 Earnings per share – basic $ 0.40 $ 0.19 $ 0.70 $ 0.33 Earnings per share – diluted $ 0.40 $ 0.19 $ 0.69 $ 0.33 Weighted average shares of common stock outstanding – basic 49,115,835 49,187,885 48,986,953 48,831,265 Weighted average shares of common stock outstanding – diluted 49,778,028 49,470,677 49,418,278 49,162,653 Revenue consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Capitation, net $ 905,804 $ 614,108 $ 1,798,712 $ 1,198,071 Risk pool settlements and incentives 21,816 15,402 34,302 29,893 Management fee income 13,211 2,577 28,896 4,887 Fee-for-service, net 22,982 17,878 60,813 32,769 Other revenue 8,707 4,843 14,897 9,576 Capitation and other revenue, net $ 972,520 $ 654,808 $ 1,937,620 $ 1,275,196
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ASTRANA HEALTH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net income $ 31,583 $ 16,437 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 31,028 13,752 Amortization of debt issuance cost 2,280 1,740 Share-based compensation 21,682 19,519 Non-cash lease expense 4,131 2,559 Deferred tax 2,734 (1,961) Change in fair value of contingent consideration liabilities (4,820) 3,351 Other (6,735) 560 Changes in operating assets and liabilities, net of business combinations 18,921 51,571 Net cash provided by operating activities 100,804 107,528 Cash flows from investing activities Payments for business and assets acquisition, net of cash acquired (3,739) — Purchases of property and equipment (7,878) (4,490) Other 2,545 1,019 Net cash used in investing activities (9,072) (3,471) Cash flows from financing activities Dividends paid (199) (6,233) Borrowings on debt — 412,000 Repayment of debt (103,933) (431,357) Deferred financing cost — (17,241) Payment of contingent liabilities (2,864) (3,631) Taxes paid from net share settlement of restricted stock (3,834) (5,053) Repurchase of treasury shares (4,364) (1,316) Other (4,840) 23 Net cash used in financing activities (120,034) (52,808) Net (decrease) increase in cash, cash equivalents, and restricted cash (28,302) 51,249 Cash, cash equivalents, and restricted cash, beginning of period 434,045 289,101 Cash, cash equivalents, and restricted cash, end of period $ 405,743 $ 340,350 Supplemental disclosures of cash flow information Cash paid for income taxes (1) $ 4,728 Cash paid for interest $ 29,348 $ 13,535 Supplemental disclosures of non-cash investing and financing activities Right-of-use assets obtained in exchange for operating lease liabilities $ 2,795 $ 7,110 Dividend paid in the form of common stock $ — $ 21,935 (1) Following the adoption of ASC 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures", cash paid for income taxes is presented net of tax refunds, for the quarterly period ended June 30, 2026, under Item 1 of the Company’s Quarterly Report on Form 10-Q. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total amounts of cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows (in thousands): June 30, 2026 December 31, 2025 June 30, 2025
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Cash and cash equivalents $ 400,792 $ 429,474 $ 339,703 Restricted cash (1) 4,951 4,571 647 Total cash, cash equivalents, and restricted cash, end of period shown in the statement of cash flows $ 405,743 $ 434,045 $ 340,350 (1) Restricted cash is included in other assets on the condensed consolidated balance sheets. Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Six Months Ended June 30, (in thousands) 2026 2025 Net cash provided by operating activities $ 100,804 $ 107,528 Purchases of property and equipment (7,878) (4,490) Free cash flow $ 92,926 $ 103,038
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Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Set forth below are reconciliations of Net Income to EBITDA and Adjusted EBITDA, as well as the reconciliations to Adjusted EBITDA margin for the three and six months ended June 30, 2026 and 2025. The Company defines Adjusted EBITDA margin as Adjusted EBITDA over total revenue. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income $ 18,452 $ 10,216 $ 31,583 $ 16,437 Interest expense 15,997 7,382 32,098 14,690 Interest income (5,907) (2,336) (9,723) (4,647) Provision for income taxes 8,758 6,609 15,335 9,991 Depreciation and amortization 15,550 6,904 31,028 13,752 EBITDA 52,850 28,775 100,321 50,223 (Income) loss from equity method investments (548) (381) (2,268) 486 Other, net 4,800(1) 7,998(2) 15,450(3) 14,257(4) Stock-based compensation 11,787 11,709 21,682 19,519 Adjusted EBITDA $ 68,889 $ 48,101 $ 135,185 $ 84,485 Total revenue $ 972,520 $ 654,808 $ 1,937,620 $ 1,275,196 Adjusted EBITDA margin 7% 7% 7% 7% (1) Other, net, for the three months ended June 30, 2026, relates to post-acquisition integration costs, non-cash update to the fair value of an equity purchase financing obligation, accruals for non-routine legal matters, and severance. (2) Other, net, for the three months ended June 30, 2025, relates to transaction and other costs related to our acquisitions including Prospect, non-cash changes in the fair value of our call option and collar agreement, and severance. (3) Other, net, for the six months ended June 30, 2026 relates to an allowance on receivables that the Company plans to recover from the payer, post-acquisition integration costs, non-cash update to the fair value of an equity purchase financing obligation, accruals for non-routine legal matters, and severance. (4) Other, net, for the six months ended June 30, 2025 relates to debt issuance costs expensed in connection with our Second Amended and Restated Credit Facility, transaction and other costs related to our acquisitions including Prospect, non-cash changes in the fair values of our call option and collar agreement, and severance.
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Reconciliation of Net Income to Adjusted Net Income Attributable to Astrana and Adjusted EPS - Diluted Set forth below are reconciliations of net income to adjusted net income attributable to Astrana as well as the reconciliation to adjusted EPS - diluted for the three and six months ended June 30, 2026 and 2025. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except for share and per share data) 2026 2025 2026 2025 Net income $ 18,452 $ 10,216 $ 31,583 $ 16,437 (Income) loss from equity method investments (548) (381) (2,268) 486 Other, net (1) 4,800 7,998 15,450 14,257 Stock-based compensation 11,787 11,709 21,682 19,519 Amortization of intangible assets attributable to acquisitions 13,806 6,179 27,656 12,442 Tax adjustments (5,965)(2) (4,637)(3) (13,490)(2) (9,238)(3) Adjusted net income attributable to non-controlling interests (2,561)(4) (3,715)(5) (4,489)(4) (6,032)(5) Adjusted net income attributable to Astrana Health, Inc. $ 39,771 $ 27,369 $ 76,124 $ 47,871 Weighted average shares of common stock outstanding – diluted 49,778,028 49,470,677 49,418,278 49,162,653 Adjusted earnings per share - diluted $ 0.80 $ 0.55 $ 1.54 $ 0.97 (1) The components of other, net, as set forth in the table above, are described in the footnotes to the table under “Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin”. Please see the footnotes to such table for additional information. (2) Tax adjustments for the three and six months ended June 30, 2026, includes the tax effect for, at a 27.4% statutory blended tax rate, the adjustments made to net income of $8.2 million and $17.0 million, respectively, partially offset by 162(m) impact of $2.2 million and $3.5 million, respectively. (3) Tax adjustments for the three and six months ended June 30, 2025, includes the tax effect for, at a 27.1% statutory blended tax rate, the adjustments made to net income of $6.9 million and $12.7 million, respectively, partially offset by 162(m) impact of $2.3 million and $3.4 million, respectively. (4) Includes net loss attributable to non-controlling interests ("NCI") of $1.3 million and $2.6 million, respectively, offset by adjustments attributable to NCI of $3.8 million and $7.1 million, respectively, for the three and six months ended June 30, 2026. (5) Includes net income attributable to NCI of $0.8 million and $0.3 million, respectively, as well as adjustments attributable to NCI of $2.9 million and $5.7 million, respectively, for the three and six months ended June 30, 2025.
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Guidance Reconciliation of Net Income to EBITDA and Adjusted EBITDA Year Ending December 31, 2026 Guidance Range (in thousands) Low High Net income $ 59,000 $ 74,000 Interest expense 49,000 53,000 Provision for income taxes 38,000 44,000 Depreciation and amortization 65,000 65,000 EBITDA 211,000 236,000 Income from equity method investments (4,000) (4,000) Other, net 9,000 9,000 Stock-based compensation 39,000 39,000 Adjusted EBITDA $ 255,000 $ 280,000 The Company has not provided a quantitative reconciliation of EBITDA and Adjusted EBITDA for the three months ending September 30, 2026 to the most comparable GAAP measure on a forward-looking basis within this press release because the Company is unable, without unreasonable efforts, to provide reconciling information with respect to certain line items that cannot be calculated for the three month period. These items, which could materially affect the computation of forward-looking GAAP net income, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. Guidance Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Year Ending December 31, 2026 Guidance Range (in thousands) Low High Net cash provided by operating activities $ 125,000 $ 145,000 Cash used in purchases of property and equipment (20,000) (12,500) Free cash flow $ 105,000 $ 132,500
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Use of Non-GAAP Financial Measures This press release contains the non-GAAP financial measures EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income attributable to Astrana, and adjusted EPS – diluted, of which the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”) is net income. This press release also contains the non-GAAP financial measure free cash flow, of which the most directly comparable financial measure presented in accordance with U.S. GAAP is net cash provided by operating activities. These measures are not in accordance with, or alternatives to, GAAP, and may be calculated differently from similar non-GAAP financial measures used by other companies. We use Adjusted EBITDA, Adjusted EBITDA margin, adjusted EPS – diluted, and free cash flow as supplemental performance measures of our operations, for financial and operational decision-making, and as supplemental means of evaluating period-to-period comparisons on a consistent basis and, for free cash flow, to reflect the cash flow trends in our business. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation, and amortization, excluding income or loss from equity method investments, non-recurring and non-cash transactions, and stock-based compensation. We define Adjusted EBITDA margin as Adjusted EBITDA over total revenue. Adjusted net income attributable to Astrana is calculated as net income, excluding income or loss from equity method investments, non-recurring and non-cash transactions, stock-based compensation, amortization of intangible assets attributable to acquisitions, certain tax adjustments, and amounts related to net income or loss attributable to non-controlling interests. We define adjusted EPS – diluted as adjusted net income attributable to Astrana over weighted average shares of common stock outstanding – diluted. We define free cash flow as net cash provided by operating activities minus cash used in purchases of property and equipment. We believe the presentation of these non-GAAP financial measures provides investors with relevant and useful information, as it allows investors to evaluate the operating performance of the business activities without having to account for differences recognized because of non-core or non-recurring financial information. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of our ongoing operating performance. In addition, these non- GAAP financial measures are among those indicators we use as a basis for evaluating operational performance, allocating resources, and planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation, or as a substitute for, GAAP financial measures. Other companies may calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income attributable to Astrana, adjusted EPS – diluted, and free cash flow differently, limiting the usefulness of these measures for comparative purposes. To the extent this press release contains historical or future non-GAAP financial measures, we have provided corresponding GAAP financial measures for comparative purposes. The reconciliations between certain GAAP and non-GAAP measures are provided above.