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Evolent Investor Relations Evolent Health Announces First Quarter 2021 Results WASHINGTON , May 5 , 2021 / PRNewswire / -- Evolent Health , Inc. ( NYSE : EVH ) , a health care company that delivers proven clinical and administrative solutions to payers and providers , today announced financial results for the quarter ended March 31 , 2021 . Highlights from the first quarter of 2021 announcement include : Quarter ended March 31 , 2021 : • GAAP revenue of $ 215.1 million . • Net loss attributable to common shareholders of Evolent Health , Inc. of $ ( 9.8 ) million . • Achieved Adjusted EBITDA of $ 14.9 million . • Lives on Full Platform of approximately 3.4 million and New Century Health Technology & Services Suite of 8.2 million , for a total of 11.6 million lives managed . Additional announcements : • Evolent announces new partnership with Oak Street Health , which will leverage New Century Health's specialty care management services in oncology and cardiology . • Evolent adds a new large health plan partner , which will leverage the Evolent Health Services ' full clinical technology platform and health plan administrative services . Seth Blackley , Chief Executive Officer and Co - Founder of Evolent Health commented , " Overall , we're pleased that we exceeded our key financial objectives for the quarter , and we are off to a strong start to the year . We are on track towards our target of mid - teens organic top - line growth and expanded margins as we utilize our value - based care solutions to improve the cost and quality of health care . " Mr. Blackley commented , " In terms of new business objectives , we continue to see strong momentum in our pipeline , and that our solutions are increasingly in demand in the market , enabling continued strong organic growth . Payers and risk - bearing providers continue to select Evolent based on our state - of - the - art capabilities and ability to improve savings and outcomes with high - cost , high - risk members and patients . Today , we are excited to announce two new partnerships . First , New Century Health has entered into a partnership with a leading network of risk - based primary care clinics . New Century Health will provide medical oncology , radiation oncology and cardiology services to two markets and we anticipate go - lives for both geographies later this year . Second , Evolent Health Services has entered into a long - term partnership with a large health plan . We will provide our full clinical and administrative solutions to this partner across multiple markets starting in early 2022. Overall , we are excited about the addition of these partners and about our growth outlook across the year . " Mr. Blackley concluded , " In summary , we are proud that Evolent's quality and cost improving solutions were deployed across more than 11.6 million lives during Q1 and we are excited to continue to grow that reach . We continue to make progress and remain focused on our strategic plan of strong organic growth , expanding margins and optimal capital allocation . The overall progress against these strategic initiatives , in addition to our commitments to our partners , has increased our impact on the health of the communities we serve and sets us up well for the year ahead . " Financial Results of Evolent Health , Inc. In our earnings releases , prepared remarks , conference calls , slide presentations and webcasts , we may use or discuss non - GAAP financial measures . 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 included in this earnings release . See Financial Statement Presentation and Non - GAAP Financial Measures for more information . Reported Results Evolent Health , Inc. reported the following results in accordance with U.S. generally accepted accounting principles ( " GAAP " ) : • Revenue of $ 215.1 million and $ 221.2 million for the three months ended March 31 , 2021 and 2020 , respectively . • Cost of revenue of $ 157.8 million and $ 175.6 million for the three months ended March 31 , 2021 and 2020 , respectively . • Selling , general and administrative expenses of $ 58.6 million and $ 52.1 million for the three months ended March 31 , 2021 and 2020 , respectively . • Net loss attributable to common shareholders of Evolent Health , Inc. of $ ( 9.8 ) million and $ ( 78.8 ) million for the three months ended March 31 , 2021 and 2020 , respectively . • Loss attributable to common shareholders of Evolent Health , Inc. , per basic and diluted share , of $ ( 0.12 ) and $ ( 0.93 ) for the three months ended March 31 , 2021 and 2020 , respectively . Total cash and cash equivalents was $ 236.0 million as of March 31 , 2021 . Adjusted Results • Adjusted Cost of Revenue of $ 157.1 million and $ 172.5 million for the three months ended March 31 , 2021 and 2020 , respectively . • Adjusted selling , general and administrative expenses of $ 43.0 million and $ 44.9 million for the three months ended March 31 , 2021 and 2020 , respectively . • Adjusted EBITDA of $ 14.9 million and $ 3.9 million for the three months ended March 31 , 2021 and 2020 , respectively . • Adjusted Loss Available to Common Shareholders of $ ( 1.2 ) million and $ ( 12.0 ) million for the three months ended March 31 , 2021 and 2020 , respectively . • Adjusted Loss per Share Available to Common Shareholders of $ ( 0.01 ) and $ ( 0.14 ) for the three months ended March 31 , 2021 and 2020 , respectively . Business Outlook A reconciliation of forward looking Adjusted EBITDA to net loss attributable to common shareholders of Evolent Health , Inc. , the most comparable GAAP financial measure , is provided in the " Guidance Reconciliation " table below . Revenue for the year ending December 31 , 2021 is expected to be in the range of approximately $ 845.0 million to $ 880.0 million . Adjusted EBITDA is expected to be in the range of approximately $ 42.0 million to $ 52.0 million . For the three months ending June 30 , 2021 , revenue is expected to be in the range of approximately $ 210.0 million to $ 225.0 million . Adjusted EBITDA is expected to be in the range of approximately $ 10.0 million to $ 14.0 million . 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 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 As previously announced , Evolent Health , Inc. will hold a conference call to discuss its first quarter performance this evening , May 5 , 2021 , at 6:00 p.m. , Eastern Time . The conference call will be available via live webcast on the Company's Investor Relations website at http://ir.evolenthealth.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 Health invites all interested parties to attend the conference call . About Evolent Health Evolent Health ( NYSE : EVH ) delivers proven clinical and administrative solutions that improve whole - person health while making health care simpler and more affordable . Our solutions encompass total cost of care management , specialty care management , and administrative simplification . Evolent serves a national base of leading payers and providers , is the first company to receive the National Committee for Quality Assurance's Population Health Program Accreditation , 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 evolenthealth.com . Contacts : Chelsea Griffin Investor Relations 919.817.8045 cgriffin@evolenthealth.com Dan Paladino Media Relations 571.306.3470 dpaladino@evolenthealth.com Non - GAAP Financial Measures