EVH
Evolent Health, Inc.4.0700
-0.0500-1.21%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A adds reserving color, reaffirms guide
Q&A largely reaffirmed the prepared script, offering color on conservative reserving for $900 million in new Performance Suite launches that drives 103% MER and H1 EBITDA pressure via GAAP IBNR for data flows—yet contract protections limit downside. Oncology trends hold steady at 2025 levels, with 80% exposure to controllable therapeutics dosing. Analysts pressed on MER credibility and cap alloc; management touted asymmetry, >20% hurdles, pipeline balance for '27, and deleveraging focus despite debt discounts. No walk-backs. Guidance feels conservatively baked. Investors will eye MER progression.
Key Stats
Market Cap
472.00MP/E (TTM)
-Basic EPS (TTM)
-1.58Dividend Yield
0%Recent Filings
10-K
FY2025 results
Evolent Health's FY2025 revenue fell 26.6% y/y to $1.88B, driven by Performance Suite contract restructurings that cut $714.7M but slashed claims costs even more, dropping MER to 89.0% excluding divested ECP (96.0% prior). Q4 accelerated with $469M revenue, sequential gains in Specialty Tech/Services lives (78K avg), while divestiture of ECP on Dec 5 netted $91M cash and $15M gain after allocating $45M goodwill. $398M goodwill impairment hit amid stock plunge from $23 to $7; net loss swelled to $579M. Debt refinanced via $167M 2031 Notes and $175M second lien term loan, ending year with $365M total debt, $152M cash. No annual guidance disclosed. Key risk: partner contract losses could stall quarterly momentum.
8-K
Q4 loss on impairment; 2026 guide up
Evolent Health reported Q4 2025 revenue of $469M but posted a $429M net loss from $398M goodwill impairment, while Adjusted EBITDA hit $38M (8.1% margin), down from prior year yet resilient. Full-year revenue fell to $1.88B with $151M Adjusted EBITDA. Guides 2026 revenue to $2.4-2.6B, Adjusted EBITDA $110-140M. H1 margins pressured by new contracts.
8-K
Board change, guidance reaffirmed
Evolent Health saw board veteran Cheryl Scott retire on December 1, 2025, with no disagreements, prompting accelerated vesting of 21,979 RSUs. Jill Smith, 67, with 25+ years leading tech firms like DigitalGlobe, joined December 2 as independent director through the 2026 annual meeting. Ahead of investor meetings, the company reaffirmed Q4 2025 revenue guidance of $462-$472 million and Adjusted EBITDA of $30-$40 million. Board refresh bolsters tech expertise.
10-Q
Q3 FY2025 results
Evolent swung to a slim operating profit of $0.9M in Q3 ended September 30, 2025, up from a $16.3M loss y/y, as revenue fell 22.8% to $479.5M (derived) on Performance Suite contract restructurings that cut scope and shifted one client to lower-risk tech services—slashing claims costs 33% y/y while gross margins widened to 20.8% from 13.0%. SG&A climbed 15.7% y/y on personnel, yet cash holds steady at $116.7M amid $1.1B long-term debt (First Lien Term $200M at SOFR+5.5%, Second Lien $175M at SOFR+6%, convertibles $574M); operating cash drained $10.0M YTD on claims payouts. Assets held for sale flagged at $94.6M net for Q4 ECP divestiture ($100M cash + $13M contingent). Heavy reliance on top partners like Molina (26% revenue) poses concentration risk.
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