Evolent restates Magellan Specialty Health financials for revenue recognition error

Evolent Health, Inc.

Restatement corrects ASC 606 accounting: net accounting applied to risk-based contracts instead of gross (previously overstated revenue).
Managed care and other revenue adjusted: down $339M for nine months ended Sep 2021 (to $162.7M) and $106M for Sep 2022 (to $194.4M); net income unchanged.
Balance sheet: accounts receivable reduced by $79.7M (Dec 2021) and $33.6M (Sep 2022); medical claims payable and other medical liabilities eliminated.
Depreciation and amortization reclassified: $1.1M (2021) and $1.5M (2022) moved from D&A to direct service costs.
Restatement has no impact on income before income taxes or net income for any period.

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