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Confidential – Do Not Distribute1 Evolent Health, Inc. Fourth Quarter 2024 Results February 20, 2025 CONTACT: Seth R. Frank Evolent Investor Relations sfrank@evolent.com
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Evolent | 2 Safe Harbor Statement Certain statements made in this presentation 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”). These include statements relating to future actions, trends in our businesses, prospective services, new partner additions/expansions, our business outlook and future performance or financial results, and the closing of pending transactions and the outcome of contingencies, such as legal proceedings, and in particular, our expected $115 million improvement to Adjusted EBITDA as a result of Performance Suite negotiations; the expected impact on our results of sector-wide headwinds, including membership declines and the pace of growth of oncology costs; our TAM and our ability to capitalize on the cross-sell opportunity and the significant running room for continue growth; our target of strong expansion in both T&S and PS solutions; the impacts of updated Performance Suite contracts and members moving to our T&S suite, including our expectations that certain new contract changes are expected to be Adjusted EBITDA accretive; our long-term revenue and Adjusted EBITDA outlook; the expected contribution from T&S in 2025; our anticipated expanding gross margins into 2026 from increased process automation and efficiency gains; our expectations for the adjusted Performance Suite going forward; our expected stabilization of medical costs; the statement that we are not focused on M&A in near-term; and our expectation to address 2025 convertible notes with new delayed draw term loans. 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 significant portion of revenue we derive from our largest partners, and the potential loss, termination or renegotiation of our relationship or contract with any significant partner, or multiple partners in the aggregate; the increasing number of risk-sharing arrangements we enter into with our partners; the growth and success of our partners and certain revenues from our engagements, which are difficult to predict and are subject to factors outside of our control, including governmental funding reductions and other policy changes; our ability to accurately predict our exposure under performance-based contracts; failure by our customers to provide us with accurate and timely information; our ability to recover the upfront costs in our partner relationships and develop our partner relationships over time; our ability to attract new partners and successfully capture new opportunities; our ability to offer new and innovative products and services and our ability to keep pace with industry standards, technology and our partners’ needs; our ability to maintain and enhance our reputation and brand recognition; our dependency on our key personnel, and our ability to attract, hire, integrate and retain key personnel; risks related to completed and future acquisitions, investments, alliances and joint ventures, which could divert management resources, result in unanticipated costs or dilute our stockholders; our ability to effectively manage our growth and maintain an efficient cost structure; our ability to partner with providers due to exclusivity provisions in our and some of our partner and founder contracts; risks related to managing our offshore operations and cost reduction goals; our ability to estimate the size of our target markets for our services; consolidation in the health care industry; competition which could limit our ability to maintain or expand market share within our industry; risks related to audits by CMS and other governmental payers and actions, including whistleblower claims under the False Claims Act; evolution of the healthcare regulatory and political framework; restrictions on the manner in which we access personal data and penalties as a result of privacy and data protection laws; data loss or corruption due to failures or errors in our systems and service disruptions at our data centers; liabilities and reputational risks related to our ability to safeguard the security and privacy of confidential data; our ability to obtain, maintain and enforce intellectual property rights and protect our trademarks and trade names, including from third parties alleging that we are infringing or violating their intellectual property rights; our ability to protect the confidentiality of our trade secrets; risks associated with our use of artificial intelligence (“AI”) and machine learning models; our use of “open-source” software; our reliance on third parties and licensed technologies; restrictions on our ability to use, disclose, de-identify or license data and to integrate third-party technologies; our reliance on Internet infrastructure, bandwidth providers, data center providers, other third parties and our own systems for providing services to our partners and operating our business; material weaknesses in the future may impact our ability to conclude that our internal control over financial reporting is not effective and we may be unable to produce timely and accurate financial statements; our ability to achieve profitability in the future; the impact of additional goodwill and intangible asset impairments on our results of operations; our obligations to make material payments to certain of our pre-IPO investors for certain tax benefits we may claim in the future; our obligations to make payments under the tax receivables agreement that may be accelerated or may exceed the tax benefits we realize; our ability to utilize benefits under the tax receivables agreement; the terms of agreements between us and certain of our pre-IPO investors may contain different terms than comparable agreement we may enter into with unaffiliated third parties; our inability to obtain financing may result in a reduction in the ownership of our stockholders; the conditional conversion features, and changes in accounting treatment, of the 2025 Notes and the 2029 Notes, which, if triggered, may adversely affect our financial condition and operating results; our ability to raise funds necessary to settle conversions of our notes in cash, to repurchase our notes for cash upon a fundamental change or to pay the redemption price for any notes we redeem; interest rate risk and other restrictive covenants under the Credit Agreement and the terms of our Cumulative Series A Convertible Preferred Shares, par value $0.01 per share (“Series A Preferred Stock”); our indebtedness, our ability to service our indebtedness, and our ability to obtain additional financing on favorable terms or at all; our ability to service our debt and pay dividends on our Series A Preferred Stock; interference with our ability to access the revolving credit facility under our Credit Agreement; the potential volatility of our Class A common stock price; our Series A Preferred Stock has rights, preferences and privileges that are not held by and are preferential to the rights of holders of our Class A common stock, and could in the future substantially dilute the ownership interest of holders of our Class A common stock; the potential decline of our Class A common stock price if a substantial number of shares are sold or become available for sale, including those issuable upon conversion of our Series A Preferred Stock; provisions in our certificate of incorporation and by-laws and provisions of Delaware law that discourage or prevent strategic transactions, including a takeover of us; provisions in our certificate of incorporation which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees; our intention not to pay cash dividends on our Class A common stock; the impact of litigation proceedings, government inquiries, reviews, audits or investigations; risks related to the failure of any bank in which we deposit our funds, which could reduce the amount of cash we have available to meet our cash commitments and make additional investments; public health emergencies, epidemics, pandemics or contagious diseases; the cost of compliance with sustainability or other ESG law and regulations; and the impact of increasing inflationary pressures and rising consumer costs on our business. 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 Annual Report on Form 10-K for this year ended December 31, 2024 (the "2024 Form 10-K") as amended through subsequent Quarterly Reports on Form 10-Q 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 report except to the extent expressly required by law. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any securities of any nature whatsoever, and it may not be relied upon in connection with the purchase of securities. The contents of this presentation do not constitute legal, tax or business advice. Anyone reading this presentation should seek advice based on their particular circumstances from independent legal, tax and business advisors. Non-GAAP Measures and Other Data This presentation contains certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP"). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found in the appendices included herein. Unless indicated otherwise, we based the information concerning our markets/industry contained herein on our general knowledge of and expectations concerning those markets/industry, on data from various industry analysis, on our own internal research, and on adjustments and assumptions that we believe to be reasonable. However, we have not independently verified data from market/industry analysis and cannot guarantee their accuracy or completeness. The information in this document is provided as at the date of this presentation and is subject to change without notice or liability to any person.
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Growth Expanded customer relationships to an average of 84 million product members, generating year over year revenue growth of 30%. Strongest year on record for new business development, with 17 new revenue agreements announced during 2024. 100% logo renewal rate for our top customers, which together represent more than 90% of 2024 revenue. Profitability Adjusted EBITDA of $160.5 million at the lower end of expected range given on our Q3 earnings call; results impacted by higher-than-expected oncology expenses in the Performance Suite. Successfully renegotiated three Performance Suite contracts resulting in $115 million of projected Adjusted EBITDA improvement for 2025; 100% client retention through those negotiations. Capital Allocation Elected to fund NIA earnout in April with 100% cash consideration, eliminating shareholder dilution. Acquired Machinify Auth assets in August and integrated into our AI platform, Auth Intelligence, accelerating our strategy to deploy advanced technology to streamline customer experience and efficiency. Generated $18.8 million in cash from operations, which included a $22.2 million cash payment for the NIA earnout; excluding this amount cash from operations would have been $41 million. Secured $250 million incremental senior credit facilities for working capital use in 2025 and to provide a proactive option for our 2025 convertible note maturities. Evolent 2024 Highlights 1. Excluding $22 million NIA earnout payment shown in change in accrued liabilities in net cash and restricted cash provided by operation activities. ` Evolent | 3
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Grow Earnings Organic Revenue Growth: Targeting 15-18% growth over 2024 Adjusted Revenue1, which accounts for one-time revenue impact of ($765M) from: (1) conversion of one PS oncology contract to tech and services, and (2) expected change to net revenue recognition for two additional PS contracts (one for complex care; one for advanced imaging). This revenue recognition change does not impact bottom line opportunity. Note that 15-18% growth target is after the impact of 7% revenue headwind from lower membership as a result of customer plan exits. Excluding this headwind growth target would be 22-25%. Gross Margin: Contractual adjustments drive partial recovery of Performance Suite margins despite assumption of 2025 oncology expense growth in excess of Q4 2024. Anticipate exiting 2025 with over $20 million in annualized operating expense improvements driven by Auth Intelligence and other efficiency initiatives. Enhance Earnings Visibility/ Stability 80% of mid-point Adjusted EBITDA expected to come from non-risk contracts. Significantly restructured key Performance Suite contracts entering 2025, with more than 75% of Performance Suite expected 2025 revenue covered by enhanced features of our risk model. Capital Allocation Continued investment in product development, including rolling out Auth Intelligence. Free cash generation will be allocated first to liability management and de-levering, including our 2025 convertible notes. Evolent 2025 Value Creation Pillars Evolent | 4 Sets Evolent up to achieve long-term growth metrics of at least 15% revenue and 20% Adjusted EBITDA growth annually after 2025. 1. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition and Appendix C for reconciliation to GAAP. Revenue for the year ended December 31,2024 was $2,554.7 million.
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Update On Performance Suite With Contractual Changes November Goals: Drive $100M+ in Earnings Improvement Across 3 Contracts; Evolve Risk Model Client & Specialties Amendment Signed Rate Increases for 2025 Conversion to T&S Corridor Protections for 2025 Client 1: Oncology N/A Client 2: Oncology & Cardiology Client 3: Oncology & Cardiology All contracts signed and effect January 1st. Anticipate $115M in total improvement to Adjusted EBITDA, exceeding target. 100% client retention through negotiations. Client & Specialties Anticipate Switch to Net Revenue in 2025 Bottom Line Impact of Switch Corridor Protections for 2025 Client 4: Complex Care None Client 5: Advanced Imaging None Making contractual changes to these two contracts that we expect will result in a change from gross revenue. recognition (current) to net revenue recognition (in 2025). Bottom line opportunity remains unchanged, and these contracts will continue to be reported with our Performance Suite. Evolent | 5 Additional Goal: Narrow Scope for Solutions Outside of Core Oncology and Cardiology; Simplify Reporting
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Projection for 2025 Oncology Cost Growth Exceeds Q4 2024 and Comparable Historical Experience 11% 8% 12% Estimated Q4 2024 Growth Rate Excluding Redeterminations Typical Historical Experience Assumption at Midpoint of 2025 Adjusted EBITDA Guidance Annual Growth in Per Member Oncology Expenses Evolent | 6 Note: “Typical Historical Experience” represents an average of Evolent’s actual experience between 2018-2019 and 2021-2023 on a mix adjusted basis.
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2025 Full Year Low End High End Revenue $2.06 billion (15% y/y growth above 2024 Adjusted Revenue2) $2.11 billion (18% y/y growth above 2024 Adjusted Revenue2) Adjusted EBITDA2 $135 million $165 million Cash deployed to capitalized software development $35 million $35 million Q1 2025 Low End High End Revenue $440 million $470 million Adjusted EBITDA2 $31 million $37 million 1. Evolent does not provide a reconciliation of non-GAAP forward-looking guidance as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Refer to "Non-GAAP Measures" in the Appendix. 2. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition. Evolent | 7 Introducing 2025 Financial Outlook1
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($765) ($125) $2,555 $1,790 $420 $2,085 Commentary: Evolent | 8 Guidance contemplates 15%-18% growth over 2024 Adjusted Revenue1, and after incorporating one-time membership headwinds from customer plan exits. Excluding the impact of membership headwind above, year over year growth would be 22%-25%. 2025 Mid-Point Revenue Outlook Growth to Mid- Point of Guidance One-Time Membership Headwinds 2024 Adjusted Revenue1 One-Time Contractual Changes 2024 Revenue Actual Revenue ($MM) 1. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition and Appendix C for reconciliation to GAAP. Bridging to 2025 Revenue Outlook
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$90 ($25) $115 ($10) ($20) ($25) $25 $150 Q4 2024 Annualized Estimated Annualized Normalizing Adjustements Expected Impact of Performance Suite Negotiations 2025 Time- Bound Platform Investment and Client Efficiencies Estimated Membership Headwinds Estimated Impact of 12% Oncology Trend Core Organic Growth 2025 Adjusted EBITDA Midpoint Adjust for Q4 seasonality and 2024 compensation incentive accrual Predominantly MA membership decline disclosed in January 12% y/y growth in Performance Suite oncology expenses AI implementation and spending in 2025 expected to drive gross margin improvement beginning in 2026. Spending limited to 2025. Improved rates and contractual terms Significantly covered by deals already announced but not implemented Evolent | 91. Evolent does not provide a reconciliation of non-GAAP forward-looking guidance as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. Refer to "Non-GAAP Measures" in the Appendix. 2. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition and Appendix for reconciliation to GAAP. 3. $22.6M of Q4 2024 adjusted EBITDA times 4. Adjusted EBITDA2 ($MM) Bridging to 2025 Adjusted EBITDA1 Outlook Commentary: 3
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Confidential – Do Not Distribute10 Supplemental Information and Appendices
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Non-GAAP Financial Measures In addition to disclosing financial results that are determined in accordance with GAAP, we present and discuss certain non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance. Net Debt is defined as the carrying value outstanding under the Company’s 2025 Notes, 2029 Notes and Credit Facilities adjusted to exclude the impact of net discounts and deferred financing costs less Available Cash. Management uses Net Debt as a supplemental performance measure because the netting of cash and cash equivalents from the principal amount of debt outstanding allows us to determine our debt repayment requirements in excess of available cash. We believe that this measure is also useful to investors because it allows further insight into the capital requirements of the Company that is comparable to other organizations in our industry and in the market in general. Net Debt to LTM Adjusted EBITDA is defined as Net Debt divided by the sum of the Company's LTM Adjusted EBITDA. Management uses Net Debt to LTM Adjusted EBITDA as a supplemental performance measure because it allows the investor to understand capital requirements compared to operating performance over time. We believe that this measure is also useful to investors because it allows further insight into the period over period operational performance in a manner that is comparable to other organizations in our industry and in the market in general. Available Cash is defined as cash and cash equivalents determined in accordance with GAAP adjusted to exclude cash and cash equivalents held at Passport Health Plan. Management uses Available Cash a supplemental performance measure as it excludes cash held by Passport that is not readily accessible for expenditures outside of the Passport corporate entity without regulatory approval from the Kentucky Department of Insurance. Adjusted Revenue is defined as 2024 total revenue calculated in accordance with GAAP adjusted for 2025 revenue that is being converted from Performance Suite in 2024 to Specialty Technology & Services in 2025. Management believe that this measure provides investors with a basis to compare 2024 results with the Company’s 2025 revenue outlook provided on February 20, 2025. Adjusted EBITDA is defined as net loss attributable to common shareholders of Evolent Health, Inc. before interest income, interest expense, benefit from income taxes, depreciation and amortization expenses, loss on repayment / extinguishment of debt, net, change in the tax receivable agreement liability, gain (loss) from equity method investees, change in fair value of contingent consideration, other income (expense), net, loss on disposal of non-strategic assets, right-of-use asset impairment, loss on lease termination, repositioning costs, stock-based compensation expense, severance costs, amortization of contract cost assets, dividends and accretion on Series A Preferred Stock and acquisition-related costs. Adjusted EBITDA Margin is as 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. 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 | 11
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Non-GAAP Financial Measures (continued) The Company views the following activities as integral to understanding its non-GAAP financial measures: Repositioning costs include but are not limited to severance, termination benefits and related payroll taxes, dedicated employee costs, and third-party professional services. Repositioning costs are not part of Evolent’s normal course of business and are incurred when there is a business reason to enact a repositioning plan. Adjusting for these costs gives a better view of the Evolent’s normal operating costs. We only adjust costs that (i) are included within selling, general and administrative expenses on the consolidated statement of operations, (ii) meet the criteria outlined within the respective repositioning plan and (iii) do not relate to normal business operations or ongoing activities. • Dedicated employee costs primarily include project management and technology staff costs needed to migrate acquired businesses to Evolent’s integrated technology platform and costs related to the consolidation of internal operations, strategies, processes and platforms. Dedicated employee costs are limited to employees that will have no role in ongoing operations and have no planned role at Evolent once the repositioning activities are completed. ◦ Professional services costs primarily relate to services provided by a third-party vendor to review our operating model and organizational design in order to improve our profitability, create value through our solutions and invest in strategic opportunities in future periods. Acquisition-related costs include but are not limited to integration consultants, investor outreach services, external valuation and accounting advisory services, legal fees and transaction bonuses paid to certain employees. We do not believe we 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 because 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 acquisitions and other events. Such items may, from time to time, include loss on repayment/extinguishment of debt; gain (loss) from equity method investees, 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, repositioning costs, stock-based compensation expense, severance costs, dividends and accretion on Series A Preferred Stock, acquisition-related costs and certain other items the company believes to be non-indicative of its ongoing operations. 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 are not currently determinable but may be significant. ($ in thousands) Q4 2024 Q4 2023 LTM Q4 2024 LTM Q4 2023 Severance and termination benefits $ — $ 2,001 $ 1,835 $ 8,564 Dedicated employee costs — 2,838 1,185 6,900 Professional services — 4,145 4,128 12,910 Office space consolidation — 6,862 3,452 6,862 Total $ — $ 15,846 $ 10,600 $ 35,236 Evolent | 12
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How We Calculate Volume and Revenue Metrics: PMPM, Lives and Cases 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 Evolent Care Partners in risk 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 diagnostics 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 Products Per Unique Members are calculated as the sum of Performance Suite Lives on Platform, Specialty Technology and Services Suite Lives on Platform, Administrative Services Lives on Platform and Cases divided by Average Unique Members. Average Unique Members are calculated by summing members covered by our Performance Suite, Specialty Technology and Services Suite and Administrative Services. In cases where clients cross between multiple products, we only capture members from the product with the maximum number of members. Product Members is defined as Average Products Per Unique Member multipled by Average Unique Members. Management uses Lives on Platform, PMPM fees, Cases, Revenue per Case, Average Products per Average Unique Members, Average Unique Members and Product 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. We believe that these measures are also useful to investors because they allow further insight into the period over period operational performance. • Performance Suite: consists of the average monthly membership over the period for the Company’s risk-based solutions for oncology, cardiology and Evolent Care Partners. • Specialty Technology and Services Suite consists of the average monthly membership over the period for the Company’s fee-based solutions for oncology, cardiology, musculoskeletal, advanced imaging and other supportive diagnostics. • Administrative Services consists of the average monthly membership over the period for the Company’s Administrative Services. • Cases consists of the sum of total case counts over the period for the Company’s surgery management solution and Advance Care Planning/End of Life services. • Unique Members: Company estimation of monthly unique members over the period that are covered for one or more EVH solutions. Evolent | 13
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Q4 2024 Q4 2023 Y/Y Growth % Income Statement (In thousands) Total Revenue $ 646,542 $ 556,055 16.3 % Adjusted EBITDA1 22,612 48,055 (52.9) % Adjusted EBITDA Margin %1 3.5 % 8.6% Balance Sheet / Cash Flow (In thousands) Change in Available Cash from prior quarter 2 6,889 19,451 Internal-use software development costs 6,871 5,660 Total Debt2 Convertible Notes Face Value 575,000 575,000 Senior Secured Credit Facility 100,000 37,500 Total Debt2 675,000 612,500 Net Debt 2 570,797 420,720 LTM Adjusted EBITDA1 160,460 194,676 Net Debt / LTM Adjusted EBITDA 2 3.6x 2.2x 1. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition and Appendix A for reconciliation to GAAP. Q4 2024 and Q4 2023 GAAP net loss attributable to common shareholders was $(30.6) million and $(41.4) million, respectively, and Q4 2024 and Q4 2023 net loss margin was (4.7)% and (7.4)%, respectively. 2. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition and Appendix B for reconciliation to GAAP. Evolent | 14 Year-Over-Year Metrics
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Evolent Quarterly Business Drivers 1. NOTE: Provided above are average product lives for the quarter and corresponding PMPM per platform or per case pricing. 2. Multiplying the average product lives above by the PMPM provides the approximate revenue generated for each revenue component in the quarter. 3. See additional definitions Slide 13.. Average Lives on Platform/Cases (in thousands) Q4 2024 Q4 2023 Performance Suite 7,145 5,986 Specialty Technology and Services Suite 75,158 72,139 Administrative Services 1,203 1,815 Cases 16 15 Average Products Per Unique Member 2.1 2.0 Average Unique Members 40,712 40,576 Average PMPM Fees / Revenue per Case Q4 2024 Q4 2023 Performance Suite $ 21.32 $ 20.86 Specialty Technology and Services Suite 0.37 0.34 Administrative Services 16.43 12.25 Cases 3,073 2,748 Evolent | 15 Volume and Pricing Metrics
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For the Three Months Ended December 31, (In thousands) 2024 2023 2024 2023 Medicaid $ 215,582 $ 197,442 33.3 % 35.5 % Medicare 251,762 234,318 38.9 % 42.1 % Commercial and Other 179,198 124,295 27.7 % 22.4 % Total $ 646,542 $ 556,055 100.0 % 100.0 % Performance Suite $ 456,959 $ 374,490 70.7 % 67.3 % Specialty Technology and Services Suite 82,314 72,768 12.7 % 13.1 % Administrative Services 59,301 66,710 9.2 % 12.0 % Cases 47,968 42,087 7.4 % 7.6 % Total $ 646,542 $ 556,055 100.0 % 100.0 % Revenue by Line of Business and by Product Type Evolent | 16
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($ in thousands) Q4 2024 Q4 2023 LTM Q4 2024 LTM Q4 2023 Net loss attributable to common shareholders of Evolent Health, Inc. $ (30,615) $ (41,395) $ (93,454) $ (142,260) Net loss margin (4.7)% (7.4)% (3.7)% (7.2)% Less: Interest income 830 2,521 5,544 5,256 Interest expense (6,720) (12,238) (24,722) (54,205) Benefit from (provision for) income taxes 1,121 14,656 1,413 89,365 Depreciation and amortization expenses (29,296) (29,602) (118,370) (123,415) Loss on repayment/extinguishment of debt, net — (21,010) — (21,010) Change in tax receivable agreement liability — 4,202 (173) (61,982) Gain (loss) from equity method investees 182 28 (3,441) 1,290 Change in fair value of contingent consideration 4,200 (5,937) (4,908) (17,984) Other income (expense), net 434 (220) 294 (543) Loss on disposal of non-strategic assets — (6,010) — (8,107) Right-of-use asset impairment (2,588) — (2,588) (24,065) Loss on lease termination (18,975) — (18,975) — Repositioning costs (1) — (15,846) (10,599) (35,236) Stock-based compensation expense 6,115 (10,603) (39,746) (40,501) Severance costs (17) (551) (2,877) (1,505) Dividend and accretion on Series A Preferred Stock (7,813) (7,984) (31,831) (29,220) Acquisition-related costs (700) (856) (863) (15,076) Adjusted EBITDA $ 22,612 $ 48,055 $ 160,460 $ 194,676 Adjusted EBITDA Margin 3.5% 8.6% 6.3% 9.9% Appendix A – Evolent Health, Inc. Adjusted EBITDA Reconciliation 1. See “Non-GAAP Financial Measures” for definition or repositioning costs. Evolent | 17
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Appendix B – Net Debt to LTM Adjusted EBITDA 1. Principal amounts of short-term and long-term debt were comprised of $172.5 million of 2025 Notes, $402.5 million of 2029 Notes and $100.0 million of Ares Debt as of December 31, 2024 and $1.0 million of 2024 Notes, $172.5 million of 2025 Notes and $442.5 million of Ares Credit Facilities as of December 31, 2023. 2. Non-GAAP measure, see “Non-GAAP Financial Measures” for definition and Appendix A for reconciliation to GAAP. ($ in thousands) 12/31/2024 12/31/2023 Short-term debt, net of discount $171,467 $0 Long-term debt, net of discount 490,520 597,049 Net discount and deferred financing costs 13,013 15,451 Principal amounts of long-term debt 1 675,000 612,500 Less: Cash, cash equivalents and investments 104,203 192,825 Cash, cash equivalents and investments related to wind-down of Passport - 1,045 Available Cash 104,203 191,780 Net debt 570,797 420,720 Divided by: LTM Adjusted EBITDA2 160,460 194,676 Net debt to LTM Adjusted EBITDA 3.6x 2.2x Evolent | 18
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Appendix C – Adjusted Revenue ($ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024 Revenue $646,542 $621,401 $647,145 $639,653 $2,554,741 Less: Impact of 2025 contractual changes1 192,453 159,200 213,467 199,653 764,773 Adjusted revenue $454,089 $462,201 $433,678 $440,000 $1,789,968 Evolent | 19 1. Represents 2024 revenue related to (a) one Performance Suite oncology contract that was converted to Specialty Technology & Services in 2025, plus (b) two additional Performance Suite contracts that the Company expects to account as net revenue in 2025 based on contractual changes that do not change the bottom-line opportunity. These two additional contracts are for (i) Advanced Imaging, and (ii) Complex Care, and will continue to be reported in the Performance Suite. Management believe that this measure provides investors with a basis to compare 2024 results with the Company’s 2025 revenue outlook provided on February 20, 2025.
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Appendix D – Reserve for Claims and Performance - Based Arrangements YTD Q4 2024 YTD Q4 2023 Balance, beginning of period $404,048 $199,730 Incurred health care costs: Current year to date period 1,507,740 $928,013 Prior year to date period (24,757) (36,925) Total claims incurred 1,482,983 891,088 Claims paid related to: Current year to date period (1,216,364) (549,691) Prior year to date period (351,962) (137,079) Total claims paid (1,568,326) (686,770) Balance, end of period $318,705 $404,048 Evolent | 20