Alignment Healthcare, Inc. (NASDAQ: ALHC), today reported financial
results for its fourth quarter and full year ended Dec. 31, 2023.
“Alignment Healthcare is built to thrive in the current Medicare
Advantage market with our clinical framework and data-driven
operations,” said John Kao, founder and CEO. “I am confident that
the investments we have made to strengthen our visibility and
control over medical costs and the member experience will continue
to bolster growth in 2024 and beyond.”
Fourth Quarter 2023 Financial HighlightsAll
comparisons, unless otherwise noted, are to the three months ended
Dec. 31, 2022.
- Health plan
membership at the end of the quarter was approximately 119,200, up
21.1% year over year
- Total revenue was
$465.4 million, up 28.6% year over year
- Health plan premium
revenue of $459.0 million represented 27.5% growth year over
year
- Adjusted gross
profit was $49.2 million and loss from operations was ($41.9)
million
- Adjusted gross
profit excludes depreciation and amortization of $5.9 million and
selling, general, and administrative expenses of $83.7 million
(which includes $14.1 million of equity-based compensation).
Adjusted gross profit also excludes an additional $1.5 million
of equity-based compensation recorded within medical expenses
- Medical benefits ratio based on adjusted gross profit was
89.4%
- Adjusted EBITDA was
($19.7) million and net loss was ($47.2) million
Full Year 2023 Financial HighlightsAll
comparisons, unless otherwise noted, are to the twelve months ended
Dec. 31, 2022.
- Total revenue was $1,823.6 million, up 27.2% year over
year
- Health plan premium revenue of $1,800.9 million represented
25.8% growth year over year
- Adjusted gross profit was $208.8 million and loss from
operations was ($127.8) million
- Adjusted gross profit excludes depreciation and amortization of
$21.7 million and selling, general, and administrative expenses of
$307.4 million (which includes $59.3 million of equity-based
compensation). Adjusted gross profit also excludes an additional
$7.5 million of equity-based compensation recorded within medical
expenses
- Medical benefits ratio based on adjusted gross profit was
88.5%
- Adjusted EBITDA was ($35.3) million and net loss was ($148.2)
million
- As of Dec. 31, 2023, total cash was $202.9 million, and debt
was $165.0 million (excluding unamortized debt issuance costs)
Adjusted Gross Profit is reconciled as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(41,913 |
) |
|
|
$ |
(52,106 |
) |
|
|
$ |
(127,817 |
) |
|
$ |
(128,639 |
) |
Add
back: |
|
|
|
|
|
|
|
|
Equity-based compensation (medical expenses) |
|
|
1,517 |
|
|
|
2,377 |
|
|
|
7,541 |
|
|
|
9,128 |
|
Depreciation (medical expenses) |
|
|
60 |
|
|
|
64 |
|
|
|
254 |
|
|
|
213 |
|
Depreciation and amortization |
|
|
5,801 |
|
|
|
4,687 |
|
|
|
21,414 |
|
|
|
17,273 |
|
Selling, general, and administrative expenses |
|
|
83,737 |
|
|
|
83,228 |
|
|
|
307,433 |
|
|
|
295,646 |
|
Total add back |
|
|
91,115 |
|
|
|
90,356 |
|
|
|
336,642 |
|
|
|
322,260 |
|
Adjusted
gross profit |
|
$ |
49,202 |
|
|
$ |
38,250 |
|
|
$ |
208,825 |
|
|
$ |
193,621 |
|
Medical
benefit ratio |
|
|
89.4 |
% |
|
|
89.4 |
% |
|
|
88.5 |
% |
|
|
86.5 |
% |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA is reconciled as follows:
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(47,231 |
) |
|
$ |
(56,995 |
) |
|
$ |
(148,173 |
) |
$ |
(149,639 |
) |
|
Less: Net
loss attributable to noncontrolling interest |
|
|
22 |
|
|
|
92 |
|
|
|
156 |
|
|
|
92 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
5,484 |
|
|
|
4,793 |
|
|
|
21,231 |
|
|
|
18,289 |
|
|
Depreciation and amortization |
|
|
5,861 |
|
|
|
4,751 |
|
|
|
21,668 |
|
|
|
17,486 |
|
|
Income taxes |
|
|
(24 |
) |
|
|
172 |
|
|
|
(22 |
) |
|
|
339 |
|
|
Equity-based compensation(1) |
|
|
15,652 |
|
|
|
22,885 |
|
|
|
66,835 |
|
|
|
81,718 |
|
|
Transaction-related expenses(2) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
579 |
|
|
Acquisition expenses(3) |
|
|
216 |
|
|
|
548 |
|
|
|
977 |
|
|
|
1,614 |
|
|
Litigation costs and settlement (4) |
|
|
348 |
|
|
|
— |
|
|
|
2,298 |
|
|
|
— |
|
|
(Gain) loss on right of use assets (5) |
|
|
— |
|
|
|
102 |
|
|
|
(289 |
) |
|
|
611 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,196 |
|
|
Adjusted
EBITDA |
|
$ |
(19,672 |
) |
|
$ |
(23,652 |
) |
|
$ |
(35,319 |
) |
|
$ |
(26,715 |
) |
|
(1) |
|
Represents equity-based compensation related to grants made in the
applicable year, as well as equity-based compensation related to
the timing of the IPO, which includes previously issued stock
appreciation rights ("SARs") liability awards, modifications
related to transaction vesting units, and grants made in
conjunction with the IPO. |
(2) |
|
Represents legal, professional,
accounting and other advisory fees related to a secondary offering
that are considered nonrecurring and non-capitalizable. |
(3) |
|
Represents acquisition-related
fees, such as legal and advisory fees, that are
non-capitalizable. |
(4) |
|
Represents litigation costs
considered outside of the ordinary course of business based on the
following considerations which we assess regularly: (i) the
frequency of similar cases that have been brought to date, or are
expected to be brought within two years, (ii) complexity of the
case, (iii) nature of the remedies sought, (iv) litigation posture
of the Company, (v) counterparty involved, and (vi) the Company's
overall litigation strategy. This includes (a) $0.1 million in
legal fees and a $0.9 million reserve for settlement related to a
wage and hour class action lawsuit and (b) $1.1 million in legal
fees related to legal action initiated by the Company seeking
injunctive relief prohibiting member solicitation in violation of
CMS regulations. Refer to Note 12, "Commitments and Contingencies"
in our consolidated financial statements for more information
regarding certain related litigation. |
(5) |
|
Represents gain or loss related
to right of use (‘ROU”) assets that were terminated or subleased in
the respective period. |
|
|
|
Outlook for First Quarter and Fiscal Year
2024
|
Three Months Ending March 31,
2024 |
Twelve Months EndingDecember 31,
2024 |
$ Millions |
Low |
High |
Low |
High |
Health Plan Membership |
157,000 |
159,000 |
162,000 |
164,000 |
Revenue |
$590 |
$600 |
$2,380 |
$2,410 |
Adjusted Gross Profit(1) |
$52 |
$58 |
$275 |
$310 |
Adjusted EBITDA(2) |
($19) |
($13) |
($15) |
$15 |
|
|
|
|
|
- Adjusted gross profit is a non-GAAP
financial measure that is presented as supplemental disclosure,
that we define as loss from operations before depreciation and
amortization, clinical equity-based compensation expense, and
selling, general, and administrative expenses. We cannot reconcile
our estimated ranges for adjusted gross profit to loss from
operations, the most directly comparable GAAP measure, and cannot
provide estimated ranges for loss from operations, without
unreasonable efforts because of the uncertainty around certain
items that may impact loss from operations, including equity-based
compensation expense and depreciation and amortization, that are
not within our control or cannot be reasonably predicted.
- Adjusted EBITDA is a non-GAAP
financial measure that is presented as supplemental disclosure,
that we define as net loss before interest expense, income taxes,
depreciation and amortization expense, transaction-related
expenses, acquisition expenses, certain litigation costs and
settlements, gains or losses on ROU assets, equity-based
compensation expense, and loss on extinguishment of debt. We cannot
reconcile our estimated ranges for Adjusted EBITDA to net loss, the
most directly comparable GAAP measure, and cannot provide estimated
ranges for net loss, without unreasonable efforts because of the
uncertainty around certain items that may impact net loss,
including equity-based compensation expense and depreciation and
amortization, that are not within our control or cannot be
reasonably predicted.
Conference Call DetailsThe company will host a
conference call at 5:30 p.m. EDT today to discuss these results and
management’s outlook for future financial and operational
performance. A live audio webcast along with supplemental financial
information will be available online at
https://ir.alignmenthealth.com/. At the start of the conference
call, participants may access the webcast at the following link:
https://edge.media-server.com/mmc/p/qz3mqmh6. A replay of the call
will be available via webcast for on-demand listening shortly after
the completion of the call, at the same web links, and will remain
available for approximately 12 months.
About Alignment HealthAlignment Health is
championing a new path in senior care that empowers members to age
well and live their most vibrant lives. A consumer brand name of
Alignment Healthcare (NASDAQ: ALHC), Alignment Health offers more
than 50 benefits-rich, value-driven Medicare Advantage plans that
serve 53 counties across six states. The company partners with
nationally recognized and trusted local providers to deliver
coordinated care, powered by its customized care model, 24/7
concierge care team and purpose-built technology, AVAⓇ. Based in
California, the company’s mission-focused team makes high-quality,
low-cost care a reality for members every day. As it expands its
offerings and grows its national footprint, Alignment upholds its
core values of leading with a serving heart and putting the senior
first. For more information,
visit www.alignmenthealth.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and the Private Securities Litigation Reform Act of 1995, as
amended. These forward-looking statements include statements
regarding our future growth and our financial outlook for the first
quarter ending March 31, 2024 and year ending December 31, 2024.
Forward-looking statements are subject to risks and uncertainties
and are based on assumptions that may prove to be inaccurate, which
could cause actual results to differ materially from those expected
or implied by the forward-looking statements. Actual results may
differ materially from the results predicted, and reported results
should not be considered as an indication of future performance.
Important risks and uncertainties that could cause our actual
results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others,
the following: our ability to attract new members and enter new
markets, including the need for certain governmental approvals; our
ability to maintain a high rating for our plans on the Five Star
Quality Rating System; our ability to develop and maintain
satisfactory relationships with care providers that service our
members; risks associated with being a government contractor;
changes in laws and regulations applicable to our business model;
risks related to our indebtedness, including the potential for
rising interest rates; changes in market or industry conditions and
receptivity to our technology and services; results of litigation
or a security incident; and the impact of shortages of qualified
personnel and related increases in our labor costs. For a detailed
discussion of the risk factors that could affect our actual
results, please refer to the risk factors identified in our Annual
Report on Form 10-K for the year ended December 31, 2023, and the
other periodic reports we file with the SEC. All information
provided in this release and in the attachments is as of the date
hereof, and we undertake no duty to update or revise this
information unless required by law.
Consolidated Balance Sheets(in
thousands, except par value and share amounts)
|
|
December 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
202,904 |
|
|
$ |
409,549 |
|
Accounts receivable (less allowance for credit losses of $0 at
December 31, 2023 and 2022) |
|
|
119,749 |
|
|
|
92,890 |
|
Prepaid expenses and other current assets |
|
|
44,970 |
|
|
|
42,107 |
|
Investments - current |
|
|
115,914 |
|
|
|
— |
|
Total current assets |
|
|
483,537 |
|
|
|
544,546 |
|
Property and equipment, net |
|
|
51,901 |
|
|
|
37,169 |
|
Right of use asset, net |
|
|
9,959 |
|
|
|
5,825 |
|
Goodwill |
|
|
34,826 |
|
|
|
34,810 |
|
Intangible Assets, net |
|
|
5,252 |
|
|
|
5,478 |
|
Other assets |
|
|
6,405 |
|
|
|
6,035 |
|
Total assets |
|
$ |
591,880 |
|
|
$ |
633,863 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Medical expenses payable |
|
$ |
205,399 |
|
|
$ |
170,135 |
|
Accounts payable and accrued expenses |
|
|
23,511 |
|
|
|
32,288 |
|
Accrued compensation |
|
|
34,112 |
|
|
|
27,538 |
|
Total current liabilities |
|
|
263,022 |
|
|
|
229,961 |
|
Long-term debt, net of debt issuance costs |
|
|
161,813 |
|
|
|
160,902 |
|
Long-term portion of lease liabilities |
|
|
8,974 |
|
|
|
3,698 |
|
Total liabilities |
|
|
433,809 |
|
|
|
394,561 |
|
Commitments
and Contingencies |
|
|
|
|
Stockholders' Equity: |
|
|
|
|
Preferred stock, $.001 par value; 100,000,000 shares authorized as
of December 31, 2023 and 2022; no shares issued and outstanding as
of December 31, 2023 and 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $.001 par value; 1,000,000,000 shares authorized as
of December 31, 2023 and December 31, 2022; 188,951,643 and
187,280,015 shares issued and outstanding as of December 31, 2023
and December 31, 2022, respectively |
|
|
189 |
|
|
|
187 |
|
Additional paid-in capital |
|
|
1,037,015 |
|
|
|
970,180 |
|
Accumulated deficit |
|
|
(880,258 |
) |
|
|
(732,241 |
) |
Total Alignment Healthcare, Inc. stockholders' equity |
|
|
156,946 |
|
|
|
238,126 |
|
Noncontrolling interest |
|
|
1,125 |
|
|
|
1,176 |
|
Total stockholders' equity |
|
|
158,071 |
|
|
|
239,302 |
|
Total liabilities and stockholders' equity |
|
$ |
591,880 |
|
|
$ |
633,863 |
|
|
Consolidated Statements of
Operations(in thousands, except per share amounts)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Earned premiums |
|
$ |
459,009 |
|
|
$ |
360,100 |
|
|
$ |
1,800,933 |
|
|
$ |
1,431,550 |
|
|
Other |
|
|
6,378 |
|
|
|
1,711 |
|
|
|
22,697 |
|
|
|
2,609 |
|
|
Total revenues |
|
|
465,387 |
|
|
|
361,811 |
|
|
|
1,823,630 |
|
|
|
1,434,159 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Medical expenses |
|
|
417,762 |
|
|
|
326,002 |
|
|
|
1,622,600 |
|
|
|
1,249,879 |
|
|
Selling, general, and administrative expenses |
|
|
83,737 |
|
|
|
83,228 |
|
|
|
307,433 |
|
|
|
295,646 |
|
|
Depreciation and amortization |
|
|
5,801 |
|
|
|
4,687 |
|
|
|
21,414 |
|
|
|
17,273 |
|
|
Total expenses |
|
|
507,300 |
|
|
|
413,917 |
|
|
|
1,951,447 |
|
|
|
1,562,798 |
|
|
Loss from
operations |
|
|
(41,913 |
) |
|
|
(52,106 |
) |
|
|
(127,817 |
) |
|
|
(128,639 |
) |
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
5,484 |
|
|
|
4,793 |
|
|
|
21,231 |
|
|
|
18,289 |
|
|
Other expenses (income) |
|
|
(142 |
) |
|
|
(76 |
) |
|
|
(853 |
) |
|
|
176 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,196 |
|
|
Total other expenses |
|
|
5,342 |
|
|
|
4,717 |
|
|
|
20,378 |
|
|
|
20,661 |
|
|
Loss before
income taxes |
|
|
(47,255 |
) |
|
|
(56,823 |
) |
|
|
(148,195 |
) |
|
|
(149,300 |
) |
|
Provision
for income taxes |
|
|
(24 |
) |
|
|
172 |
|
|
|
(22 |
) |
|
|
339 |
|
|
Net
loss |
|
|
(47,231 |
) |
|
$ |
(56,995 |
) |
|
$ |
(148,173 |
) |
|
$ |
(149,639 |
) |
|
Less: Net
loss attributable to noncontrolling interest |
|
|
22 |
|
|
|
92 |
|
|
|
156 |
|
|
|
92 |
|
|
Net loss
attributable to Alignment Healthcare, Inc. |
|
$ |
(47,209 |
) |
|
$ |
(56,903 |
) |
|
$ |
(148,017 |
) |
|
$ |
(149,547 |
) |
|
Total
weighted-average common shares outstanding - basic and diluted |
|
|
188,328,517 |
|
|
|
182,540,539 |
|
|
|
186,214,784 |
|
|
|
181,212,757 |
|
|
Net loss per
share attributable to Alignment Healthcare, Inc. - basic and
diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.79 |
) |
|
$ |
(0.83 |
) |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash
Flows (in thousands)
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Operating Activities: |
|
|
|
Net loss |
$ |
(148,173 |
) |
|
$ |
(149,639 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Provision for credit loss |
|
91 |
|
|
|
150 |
|
(Gain) loss on right of use assets |
|
(289 |
) |
|
|
510 |
|
Depreciation and amortization |
|
21,668 |
|
|
|
17,486 |
|
Amortization- debt insurance costs and investment discount |
|
(3,663 |
) |
|
|
1,850 |
|
Amortization of payment-in-kind interest |
|
— |
|
|
|
2,943 |
|
Loss on disposal of property and equipment |
|
— |
|
|
|
101 |
|
Equity-based compensation |
|
66,835 |
|
|
|
81,718 |
|
Non-cash lease expense |
|
2,318 |
|
|
|
2,811 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
2,196 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(26,950 |
) |
|
|
(34,377 |
) |
Prepaid expenses and other current assets |
|
(2,863 |
) |
|
|
(14,356 |
) |
Other assets |
|
(142 |
) |
|
|
(86 |
) |
Medical expenses payable |
|
35,264 |
|
|
|
44,250 |
|
Accounts payable and accrued expenses |
|
(6,347 |
) |
|
|
13,743 |
|
Accrued compensation |
|
6,574 |
|
|
|
3,609 |
|
Lease liabilities |
|
(3,510 |
) |
|
|
(4,214 |
) |
Payment-in-kind interest |
|
— |
|
|
|
(14,122 |
) |
Net cash used in operating activities |
|
(59,187 |
) |
|
|
(45,427 |
) |
Investing Activities: |
|
|
|
Purchase of business, net of cash received |
|
— |
|
|
|
(4,043 |
) |
Purchase of investments |
|
(379,058 |
) |
|
|
(2,825 |
) |
Sale of investments |
|
267,790 |
|
|
|
2,425 |
|
Acquisition of property and equipment |
|
(35,995 |
) |
|
|
(23,774 |
) |
Net cash used in investing activities |
|
(147,263 |
) |
|
|
(28,217 |
) |
Financing Activities: |
|
|
|
Repurchase of noncontrolling interest |
|
— |
|
|
|
(100 |
) |
Contributions from noncontrolling interest holders |
|
105 |
|
|
|
68 |
|
Issuance of long-term debt |
|
— |
|
|
|
165,000 |
|
Debt issuance costs |
|
— |
|
|
|
(5,196 |
) |
Repayment of long-term debt |
|
— |
|
|
|
(143,179 |
) |
Net cash provided by financing activities |
|
105 |
|
|
|
16,593 |
|
Net
(decrease) increase in cash |
|
(206,345 |
) |
|
|
(57,051 |
) |
Cash, cash
equivalents and restricted cash at beginning of period |
|
411,299 |
|
|
|
468,350 |
|
Cash, cash
equivalents and restricted cash at end of period |
$ |
204,954 |
|
|
$ |
411,299 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
19,165 |
|
|
$ |
22,447 |
|
Supplemental non-cash investing and financing
activities: |
|
|
|
Acquisition of property in accounts payable |
$ |
59 |
|
|
$ |
47 |
|
Purchase of business in accounts payable |
$ |
— |
|
|
$ |
505 |
|
|
|
|
|
The following table provides a reconciliation of cash, cash
equivalents and restricted cash reported within the consolidated
balance sheets to the total above:
|
|
December 31, 2023 |
|
December 31, 2022 |
Cash and cash equivalents |
|
$ |
202,904 |
|
$ |
409,549 |
Restricted
cash in other assets |
|
|
2,050 |
|
|
1,750 |
Total |
|
$ |
204,954 |
|
$ |
411,299 |
|
|
|
|
|
Non-GAAP Financial Measures
Certain of these financial measures are considered “non-GAAP”
financial measures within the meaning of Item 10 of Regulation S-K
promulgated by the SEC. We believe that non-GAAP financial measures
provide an additional way of viewing aspects of our operations
that, when viewed with the GAAP results, provide a more complete
understanding of our results of operations and the factors and
trends affecting our business. These non-GAAP financial measures
are also used by our management to evaluate financial results and
to plan and forecast future periods. However, non-GAAP financial
measures should be considered as a supplement to, and not as a
substitute for, or superior to, the corresponding measures
calculated in accordance with GAAP. Non-GAAP financial measures
used by us may differ from the non-GAAP measures used by other
companies, including our competitors. To supplement our
consolidated financial statements presented on a GAAP basis, we
disclose the following non-GAAP measures: Medical Benefits Ratio,
Adjusted EBITDA and Adjusted Gross Profit as these are performance
measures that our management uses to assess our operating
performance. Because these measures facilitate internal comparisons
of our historical operating performance on a more consistent basis,
we use these measures for business planning purposes and in
evaluating acquisition opportunities.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure that we define
as net loss before interest expense, income taxes, depreciation and
amortization expense, transaction-related expenses, acquisition
expenses, certain litigation costs and settlements, gains or losses
on ROU assets, equity-based compensation expense, and loss on
extinguishment of debt.
Adjusted EBITDA should not be considered in isolation of, or as
an alternative to, measures prepared in accordance with GAAP. There
are a number of limitations related to the use of Adjusted EBITDA
in lieu of net loss, which is the most directly comparable
financial measure calculated in accordance with GAAP.
Our use of the term Adjusted EBITDA may vary from the use of
similar terms by other companies in our industry and accordingly
may not be comparable to similarly titled measures used by other
companies.
Medical Benefits Ratio (MBR)
We calculate our MBR by dividing total medical expenses,
excluding depreciation and equity-based compensation, by total
revenues in a given period.
Adjusted Gross Profit
Adjusted gross profit is a non-GAAP financial measure that we
define as loss from operations before depreciation and
amortization, clinical equity-based compensation expense, and
selling, general, and administrative expenses.
Adjusted gross profit should not be considered in isolation of,
or as an alternative to, measures prepared in accordance with GAAP.
There are a number of limitations related to the use of adjusted
gross profit in lieu of loss from operations, which is the most
directly comparable financial measure calculated in accordance with
GAAP.
Our use of the term adjusted gross profit may vary from the use
of similar terms by other companies in our industry and accordingly
may not be comparable to similarly titled measures used by other
companies.
Investor Contact Harrison
Zhuohzhuo@ahcusa.com
Media Contact Priya ShahmPR, Inc. for Alignment
Healthalignment@mpublicrelations.com
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