CareMax Inc. Announces Second Quarter 2021 Financial Results

CareMax, Inc. (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today financial results for the second quarter ended June 30, 2021.

Business Highlights

  • Announced collaboration with Anthem described in separate press release issued earlier today
  • Entered into agreement with The Related Companies, a leading national affordable housing developer, to support CareMax in opening centers inside or near affordable senior housing nationwide
  • Anticipate opening at least 75 new CareMax centers over the next three years
  • Completed the acquisition of Senior Medical Associates (SMA) and entered into a definitive agreement to acquire DNF Medical Centers, expanding our penetration in Central Florida
  • Scheduled Investor Day to discuss key growth strategies on September 9, 2021 at 9:30am ET

Second Quarter 2021 Results1

  • GAAP total revenue was $44.9 million for the second quarter of 2021 and $72.8 million for the first half of the year.
  • GAAP net loss was $7.4 million for the second quarter of 2021, or $0.26 per diluted share, and $6.0 million, or $0.31 per share, for the first half of the year.
  • On a pro forma basis, total revenue was $97.8 million for the second quarter of 2021 and $193.2 million for the first half of the year.
  • Adjusted EBITDA2 was $1.5 million for the second quarter of 2021 and $10.2 million for the first half of 2021. Direct COVID headwinds accounted for an approximately $11 million reduction in adjusted EBITDA.
  • The Company ended the quarter with approximately 61,500 total members and 21,500 Medicare Advantage members, not including the more than 4,000 members from the planned acquisition of DNF Medical Centers.
  • As of June 30, 2021, the Company operated 34 medical centers, with two additional centers in progress and slated to open in 2022. Six additional centers are anticipated to be added as part of the planned acquisition of DNF Medical Centers.
 

1 GAAP presentation is for CareMax Medical Group and includes the financial information and activities for IMC for the period from June 8, 2021 (the closing of the business combination) to (and including) June 30, 2021 (23 days). Pro forma and other non-GAAP information gives effect to the business combination and the acquisition of SMA as if the transactions had occurred in historical periods.

2 Adjusted EBITDA and pro forma medical expense ratio are non-GAAP financial metrics. A reconciliation of non-GAAP metrics to GAAP financial statements is included in this release.

Management Commentary

Carlos de Solo, Chief Executive Officer, commented, “After the merger with IMC, the recent closing of our acquisition of Senior Medical Associates and the anticipated closing of the DNF acquisition this quarter, CareMax has a strong, sustainable foundation of profitability in South and now Central Florida from which to take our model nationwide. In our current markets, we are focused on organic growth and constantly improving our care model for the benefit of our members.”

"Anchored by our collaborations with Anthem and The Related Companies, we are developing a unique ecosystem whereby the most underserved communities receive access to our care model. We believe we have the ability to deliver consistent, replicable results nationwide, giving us conviction to accelerate our de novo growth with a goal of opening at least 75 new CareMax centers in the next three years. These key agreements provide us with a multi-faceted growth strategy designed to enable us to confidently expand at a rapid pace.”

“To supplement the outstanding talent in CareMax and IMC, we are in the process of building out an executive team that is capable of implementing our ambitious plans. We are making these investments in talent to maximize the opportunities in our base business as well as execute on the growth opportunities ahead of us.”

“While we, like our peers, experienced headwinds in 2021 related to COVID-19, we believe these challenges are unique to the current pandemic and non-recurring in nature. I am proud and pleased to say that our core business remains sound and growing – a testament to our high-caliber medical and support personnel who have worked tirelessly throughout the pandemic to meet our members’ needs.”

Conference Call

Management will host a conference call at 8:30 am ET today to discuss the results and business activities. Interested parties may participate in the call by dialing:

(877) 407-9753 (Domestic) or

(201) 493-6739 (International)

The conference call will also be available on the Company's website, ir.caremax.com. Following the live call, a replay will be available on the Company's website.

An investor presentation has also been posted to ir.caremax.com

About CareMax

CareMax is a technology-enabled care platform providing value-based care and chronic disease management to seniors. CareMax operates medical centers that offer a comprehensive suite of healthcare and social services, and a proprietary software and services platform that provides data, analytics, and rules-based decision tools/workflows for physicians across the United States. Learn more at www.caremax.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, 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 strategy. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company 's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for medical facilities and the costs of opening such medical facilities; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; the Company or any other party’s ability to fulfill contractual obligations; and the Company's ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release.

Use of Non-GAAP Financial Information

Certain financial information and data contained this press release is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA and margin thereof and pro forma medical expense ratio have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes.

The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company’s audited financial statements, which have been filed by the Company with the SEC.

A reconciliation for Adjusted EBITDA to the most directly comparable GAAP financial measures is included below.

Use of Pro Forma Financial Information and Pro Forma Non-GAAP Financial Information

The unaudited pro forma statements of operations below are provided for informational purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC, Care Holdings, and SMA had occurred in the stated historical periods, nor is it indicative of the future results or financial position of the combined company. The unaudited pro forma statements of operations do not give effect to the potential impact, of any anticipated synergies, operating efficiencies or cost savings that may result from the acquisitions of IMC, Care Holdings, and SMA, any integration costs or tax deductibility of transaction costs. Pro forma medical expense ratio is calculated from the unaudited pro forma statements of operations.

Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC, Care Holdings, and SMA as if they had occurred in historical periods, which does not necessarily reflect what the Company’s Adjusted EBITDA would have been had the acquisitions occurred on the dates indicated. A reconciliation of projected 2021 pro forma Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this non-GAAP financial measure. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company’s future GAAP results.

CAREMAX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

(Unaudited)

June 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Cash

$

170,080

 

 

$

4,934

 

Restricted cash

 

1,956

 

 

 

-

 

Accounts receivable, net

 

32,031

 

 

 

9,395

 

Inventory

 

190

 

 

 

15

 

Prepaid expenses, net

 

3,449

 

 

 

183

 

Risk settlements due from providers

 

288

 

 

 

80

 

Due from related parties

 

-

 

 

 

274

 

Total Current Assets

 

207,994

 

 

 

14,881

 

 

 

 

 

 

 

Property and equipment, net

 

12,728

 

 

 

4,796

 

Goodwill

 

356,360

 

 

 

10,068

 

Intangible assets, net

 

50,357

 

 

 

8,575

 

Deferred debt issuance costs

 

2,195

 

 

 

-

 

Other assets

 

998

 

 

 

183

 

Total Assets

$

630,632

 

 

$

38,503

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Accounts payable

$

2,546

 

 

$

1,044

 

Accrued expenses

 

10,689

 

 

 

2,572

 

Accrued interest payable

 

264

 

 

 

149

 

Risk settlements due to providers

 

178

 

 

 

643

 

Current portion of long-term debt

 

6,672

 

 

 

1,004

 

Due to related parties

 

-

 

 

 

39

 

Other current liabilities

 

5,771

 

 

 

-

 

Total Current Liabilities

 

26,120

 

 

 

5,451

 

 

 

 

 

 

 

Derivative warrant liabilities

 

27,337

 

 

 

-

 

Long-term debt, less current portion

 

114,222

 

 

 

26,325

 

Other Liabilities

 

2,639

 

 

 

-

 

Total Liabilities

 

170,318

 

 

 

31,776

 

COMMITMENTS AND CONTINGENCIES (Note 14)

 

 

 

 

 

STOCKHOLDERS'/MEMBER'S EQUITY

 

 

 

 

 

Class A common stock ($0.0001 par value; 250,000,000 shares

authorized; 80,632,457 shares issued and outstanding at June 30, 2021)

 

8

 

 

 

-

 

Additional paid-in-capital

 

199,541

 

 

 

-

 

Retained earnings

 

260,765

 

 

 

-

 

Member units (no par value, 200 authorized, issued and outstanding at

December 31, 2020)

 

-

 

 

 

223

 

Members' equity

 

-

 

 

 

6,504

 

Total Stockholders'/Members' Equity

 

460,314

 

 

 

6,727

 

 

 

 

 

 

 

Total Liabilities and Stockholders'/Members' Equity

$

630,632

 

 

$

38,503

 

CAREMAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

June 30

 

 

June 30

 

 

June 30

 

 

June 30

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Medicare risk-based revenue

$

37,761

 

 

$

25,746

 

 

$

65,577

 

 

$

50,841

 

Medicaid risk-based revenue

 

5,449

 

 

 

-

 

 

 

5,449

 

 

 

-

 

Other revenue

 

1,709

 

 

 

49

 

 

 

1,811

 

 

 

188

 

Total Revenue

 

44,919

 

 

 

25,795

 

 

 

72,837

 

 

 

51,029

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

External provider costs

 

35,535

 

 

 

15,958

 

 

 

53,694

 

 

 

31,806

 

Cost of care

 

7,867

 

 

 

3,886

 

 

 

13,220

 

 

 

7,903

 

Sales and marketing

 

775

 

 

 

272

 

 

 

1,066

 

 

 

500

 

Corporate, general and administrative

 

8,881

 

 

 

1,456

 

 

 

10,676

 

 

 

2,740

 

Depreciation and amortization

 

1,437

 

 

 

356

 

 

 

1,951

 

 

 

712

 

Acquisition related costs

 

149

 

 

 

-

 

 

 

149

 

 

 

-

 

Total costs and expenses

 

54,644

 

 

 

21,928

 

 

 

80,756

 

 

 

43,661

 

Operating income (loss)

 

(9,725

)

 

 

3,867

 

 

 

(7,919

)

 

 

7,368

 

Interest income (expense), net

 

(792

)

 

 

(403

)

 

 

(1,296

)

 

 

(730

)

Gain (loss) on remeasurement of warrant liabilities

 

1,795

 

 

 

-

 

 

 

1,795

 

 

 

-

 

Gain (loss) on extinguishment of debt

 

1,358

 

 

 

-

 

 

 

1,358

 

 

 

-

 

Other expense/(income)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

(Loss) income before income tax

 

(7,364

)

 

 

3,464

 

 

 

(6,062

)

 

 

6,638

 

Income tax provision (benefit)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss)

$

(7,364

)

 

$

3,464

 

 

$

(6,062

)

 

$

6,638

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to non-controlling interest

 

-

 

 

 

82

 

 

 

-

 

 

 

(8

)

Net income (loss) attributable to controlling interest

$

(7,364

)

 

$

3,382

 

 

$

(6,062

)

 

$

6,646

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to CareMax, Inc.

class A common stockholders

$

(7,364

)

 

$

3,382

 

 

$

(6,062

)

 

$

6,646

 

Weighted average basic shares outstanding

 

28,404,759

 

 

 

10,796,069

 

 

 

19,649,057

 

 

 

10,796,069

 

Weighted average diluted shares outstanding

 

28,404,759

 

 

 

10,796,069

 

 

 

19,649,057

 

 

 

10,796,069

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.26

)

 

$

0.31

 

 

$

(0.31

)

 

$

0.62

 

Diluted

$

(0.26

)

 

$

0.31

 

 

$

(0.31

)

 

$

0.62

 

CAREMAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

Six Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

Net (Loss)/Income

$

(6,062

)

 

$

6,638

 

Adjustments to reconcile net (loss)/income to net cash

 

 

 

 

 

Used in operating activities:

 

 

 

 

 

Depreciation expense

 

640

 

 

 

431

 

Amortization expense

 

1,320

 

 

 

281

 

Amortization of discount on debt and related issuance costs

 

135

 

 

 

35

 

Change in fair value of warrant liabilities

 

(1,795

)

 

 

-

 

Gain on extinguishment of debt

 

(1,358

)

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

1,267

 

 

 

(3,607

)

Prepaid expenses

 

(1,322

)

 

 

9

 

Risk settlements due from/due to providers

 

(208

)

 

 

128

 

Due from related parties

 

235

 

 

 

68

 

Other assets

 

(275

)

 

 

18

 

Accounts payable

 

(2,113

)

 

 

(52

)

Accrued expenses

 

6,454

 

 

 

(55

)

Other liabilities

 

(16

)

 

 

-

 

Accrued interest

 

115

 

 

 

-

 

Net Cash (Used In)/Provided by Operating Activities

 

(2,983

)

 

 

3,894

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

Purchase of property and equipment

 

(1,527

)

 

 

(1,592

)

Acquisition of businesses

 

(210,252

)

 

 

-

 

Purchase of noncontrolling interest ownership

 

-

 

 

 

(267

)

Net Cash Used in Investing Activities

 

(211,779

)

 

 

(1,859

)

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

Proceeds from issuance of Class A common stock

 

410,000

 

 

 

 

Issuance costs of Class A common stock

 

(12,471

)

 

 

-

 

Recapitalization transaction

 

(108,799

)

 

 

-

 

Proceeds from borrowings on long-term debt and credit facilities

 

125,000

 

 

 

2,500

 

Principal payments on long-term debt

 

(24,496

)

 

 

(30

)

Payment of deferred financing costs

 

(6,883

)

 

 

-

 

Long-term debt extinguishment costs

 

(487

)

 

 

-

 

Borrowing under paycheck protection program

 

-

 

 

 

2,164

 

Distributions to members

 

-

 

 

 

(81

)

Net Cash Provided by Financing Activities

 

381,864

 

 

 

4,553

 

 

 

 

 

 

 

NET INCREASE IN CASH

 

167,102

 

 

 

6,588

 

Cash - Beginning of Period

 

4,934

 

 

 

4,438

 

CASH - END OF PERIOD

$

172,036

 

 

$

11,026

 

Pro Forma Statements of Operations (Unaudited)1

 

Three Months Ended June 30,

 

$'000s

2021

 

2020

 

$ Change

 

% Change

 

Revenue

 

 

 

 

 

 

 

 

Medicare Risk-Based Revenue

$

71,902

 

$

67,883

 

$

4,019

 

 

5.9

%

Medicaid Risk-Based Revenue

 

20,454

 

 

14,828

 

 

5,626

 

 

37.9

%

Other Revenue

 

5,424

 

 

4,980

 

 

444

 

 

8.9

%

Total Revenue

$

97,780

 

$

87,691

 

$

10,089

 

 

11.5

%

Operating Expense

 

 

 

 

 

 

 

 

External Provider Costs

 

73,491

 

 

56,027

 

 

(17,464

)

 

31.2

%

Cost Of Care

 

12,762

 

 

10,465

 

 

(2,297

)

 

21.9

%

Sales And Marketing

 

1,688

 

 

1,245

 

 

(444

)

 

35.6

%

Corporate, General And Administrative

 

20,720

 

 

8,407

 

 

(12,313

)

 

146.5

%

Depreciation and Amortization

 

3,780

 

 

4,077

 

 

297

 

 

(7.3

)%

Total Costs and Expenses

$

112,441

 

$

80,220

 

$

(32,221

)

 

40.2

%

Operating (loss) income

$

(14,661

)

$

7,471

 

$

(22,133

)

 

(296.2

)%

Interest Expense, Net

 

1,666

 

 

1,456

 

 

(210

)

 

14.4

%

Change in Warrant Liability

 

(1,795

)

 

 

 

1,795

 

 

 

Loss/(Gain) on Extinguishment of Debt

 

(1,358

)

 

 

 

1,358

 

 

 

Other Expense/(Income)

 

(29

)

 

190

 

 

218

 

 

(115.2

)%

Income/(Loss) Before Income Taxes

$

(13,145

)

$

5,826

 

$

(18,971

)

 

(325.6

)%

Provision for Income Taxes

 

 

 

 

 

 

 

 

Net Income/(Loss)

$

(13,145

)

$

5,826

 

$

(18,971

)

 

(325.6

)%

 

Six Months Ended June 30,

 

$'000s

2021

 

2020

 

$ Change

 

% Change

 

Revenue

 

 

 

 

 

 

 

 

Medicare Risk-Based Revenue

$

143,648

 

$

137,119

 

$

6,529

 

 

4.8

%

Medicaid Risk-Based Revenue

 

39,351

 

 

25,655

 

 

13,696

 

 

53.4

%

Other Revenue

 

10,218

 

 

10,373

 

 

(155

)

 

(1.5

)%

Total Revenue

$

193,217

 

$

173,147

 

$

20,070

 

 

11.6

%

Operating Expense

 

 

 

 

 

 

 

 

External Provider Costs

 

139,093

 

 

112,883

 

 

(26,210

)

 

23.2

%

Cost Of Care

 

25,836

 

 

22,841

 

 

(2,995

)

 

13.1

%

Sales And Marketing

 

3,170

 

 

2,330

 

 

(840

)

 

36.1

%

Corporate, General And Administrative

 

31,493

 

 

16,796

 

 

(14,697

)

 

87.5

%

Depreciation and Amortization

 

7,265

 

 

8,424

 

 

1,159

 

 

(13.8

)%

Total Costs and Expenses

$

206,857

 

$

163,274

 

$

(43,584

)

 

26.7

%

Operating (loss) income

$

(13,641

)

$

9,874

 

$

(23,514

)

 

(238.2

)%

Interest Expense, Net

 

3,063

 

 

2,915

 

 

(147

)

 

5.1

%

Change in Warrant Liability

 

(1,795

)

 

 

 

1,795

 

 

 

Loss/(Gain) on Extinguishment of Debt

 

(1,358

)

 

 

 

1,358

 

 

 

Other Expense/(Income)

 

385

 

 

389

 

 

4

 

 

(1.1

)%

Income/(Loss) Before Income Taxes

$

(13,935

)

$

6,569

 

$

(20,504

)

 

(312.1

)%

Provision for Income Taxes

 

 

 

 

 

 

 

 

Net Income/(Loss)

$

(13,935

)

$

6,569

 

$

(20,504

)

 

(312.1

)%

1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as if they had occurred in historical periods.

Pro Forma Non-GAAP Financial Summary (Unaudited)1

Non-GAAP Financial Summary

 

 

 

 

 

 

$'000s

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

Medicare Risk Revenue

$69,236

$67,883

$69,104

$71,134

$71,746

$71,902

Medicaid Risk Revenue

10,827

14,828

20,565

19,062

18,897

20,454

Other Revenue

5,393

4,980

4,032

4,382

4,793

5,424

Total Revenue

$85,456

$87,691

$93,701

$94,578

$95,436

$97,780

 

External Provider Costs

56,856

56,027

63,719

61,483

65,091

74,491

Cost of Care

12,376

10,465

12,222

13,559

13,074

12,762

Platform Contribution

$16,224

$21,199

$17,760

$19,536

$17,271

$10,527

Platform Contribution Margin (%)

19.0%

24.2%

19.0%

20.7%

18.1%

10.8%

 

Sales and Marketing

1,085

1,245

1,293

1,431

1,482

1,688

Corporate, General and Administrative

8,039

5,720

6,182

5,831

7,138

7,293

Adjusted EBITDA

$7,100

$14,234

$10,285

$12,274

$8,651

$1,546

Adjusted EBITDA Margin (%)

8.3%

16.2%

11.0%

13.0%

9.1%

1.6%

1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as if they had occurred in historical periods.

Select Pro Forma Non-GAAP Operating Metrics1

Pro Forma Non-GAAP Operating Metrics

 

 

 

 

 

 

 

 

 

 

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Centers

31

31

32

34

34

34

Markets

1

1

1

1

1

1

Patients (MCREM)2

28,800

31,500

33,000

32,400

33,100

34,700

At-Risk

85.2%

86.8%

85.9%

87.8%

87.0%

86.3%

Platform Contribution ($, Millions)3

$16.2

$21.2

$17.8

$19.5

$17.3

$10.5

1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as if they had occurred in historical periods.

2 MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare

patient is equivalent to that received by three Medicaid or Commercial patients.

3 Platform contribution defined as risk-based revenues less external provider costs and cost of care,

excluding depreciation and amortization.

Reconciliation to Adjusted EBITDA1

Reconciliation to Adjusted EBITDA

 

 

 

 

 

 

$'000s

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

Net Income (Loss)

$3,174

$3,464

($357)

$1,293

$1,302

($7,364)

 

GAAP Pro Forma Adjustments

(2,430)

2,362

1,139

2,905

(2,091)

(5,781)

 

Pro Forma Net Income

$744

$5,826

$782

$4,198

($789)

($13,145)

 

Interest Expense

1,459

1,456

1,442

1,440

1,396

1,666

Depreciation & Amortization

4,347

4,077

4,175

4,226

3,485

3,780

Change in Warrant Liability

(1,795)

Loss/(Gain) on Extinguishment of Debt

(1,358)

Other Expenses

199

190

301

(345)

413

(29)

 

EBITDA

$6,749

$11,548

$6,701

$9,520

$4,505

($10,881)

 

Other Adjustments

Non-Recurring Expenses

(306)

2,008

2,831

1,874

2,979

8,622

Acquistions Costs

656

678

789

893

1,168

3,806

Discontinued Operations

(0)

(35)

(12)

(1)

(0)

 

Adjusted EBITDA

$7,100

$14,234

$10,285

$12,274

$8,651

$1,546

1 Figures give effect to the combinations of IMC, Care Holdings, and SMA as if they had occurred in historical periods.

 

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