Alignment Healthcare reports Q4 2023 revenue $465M, up 28.6% YoY; guides FY2024 EBITDA breakeven at midpoint

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

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