Alignment Healthcare, Inc. (NASDAQ: ALHC), a tech-enabled Medicare
Advantage company, today reported financial results for its fourth
quarter and full year ending Dec. 31, 2022.
“Alignment Healthcare’s relentless focus on quality allowed us
to deliver strong financial results in 2022, having exceeded or met
our guidance across all four of our key performance indicators for
the eighth consecutive quarter,” said John Kao, founder and CEO.
“As we approach the company’s 10-year anniversary, we’re confident
that strategic investments in our people and technology will
continue to drive meaningful improvements in the health and quality
of life of all those we serve.”
Fourth Quarter 2022 Financial HighlightsAll
comparisons, unless otherwise noted, are to the three months ended
Dec. 31, 2021.
- Health plan
membership at the end of the quarter was approximately 98,400, up
14.3% year over year
- Total revenue was
$361.8 million, up 21.3% year over year
- Health plan premium
revenue of $344.9 million represented 21.5% growth year over
year
- Adjusted gross
profit was $38.3 million and loss from operations was ($52.1)
million
- Adjusted gross
profit excludes depreciation and amortization of $4.8 million and
selling, general, and administrative expenses of $83.2 million
(which includes $20.5 million of equity-based compensation).
Adjusted gross profit also excludes an additional $2.4 million
of equity-based compensation recorded within medical expenses
- Medical benefits ratio based on adjusted gross profit was
89.4%
- Adjusted EBITDA was
($23.7) million and net loss was ($57.0) million
Full Year 2022 Financial HighlightsAll
comparisons, unless otherwise noted, are to the twelve months ended
Dec. 31, 2021.
- Total revenue was $1,434.2 million, up 22.8% year over
year
- Health plan premium revenue of $1,372.3 million represented
22.4% growth year over year
- Adjusted gross profit was $193.6 million and loss from
operations was ($128.6) million
- Adjusted gross profit excludes depreciation and amortization of
$17.5 million and selling, general, and administrative expenses of
$295.6 million (which includes $72.6 million of equity-based
compensation). Adjusted gross profit also excludes an additional
$9.1 million of equity-based compensation recorded within medical
expenses
- Medical benefits ratio based on adjusted gross profit was
86.5%
- Adjusted EBITDA was ($26.7) million and net loss was ($149.6)
million
- As of Dec. 31, 2022, total cash was $409.5 million, and debt
was $165.0 million (excluding unamortized debt issuance costs)
Adjusted Gross Profit is reconciled as follows:
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
Loss from
operations |
$ |
(52,106 |
) |
|
$ |
(43,466 |
) |
|
$ |
(128,639 |
) |
|
$ |
(178,072 |
) |
Add
back: |
|
|
|
|
|
|
|
Equity-based compensation (medical expenses) |
|
2,377 |
|
|
|
3,960 |
|
|
|
9,128 |
|
|
|
15,418 |
|
Depreciation (medical expenses) |
|
64 |
|
|
|
61 |
|
|
|
213 |
|
|
|
220 |
|
Depreciation and amortization |
|
4,687 |
|
|
|
4,088 |
|
|
|
17,273 |
|
|
|
15,813 |
|
Selling, general, and administrative expenses |
|
83,228 |
|
|
|
78,081 |
|
|
|
295,646 |
|
|
|
290,991 |
|
Total add back |
|
90,356 |
|
|
|
86,190 |
|
|
|
322,260 |
|
|
|
322,442 |
|
Adjusted
gross profit |
$ |
38,250 |
|
|
$ |
42,724 |
|
|
$ |
193,621 |
|
|
$ |
144,370 |
|
Adjusted
gross profit % |
|
10.6 |
% |
|
|
14.3 |
% |
|
|
13.5 |
% |
|
|
12.4 |
% |
Medical
benefit ratio |
|
89.4 |
% |
|
|
85.7 |
% |
|
|
86.5 |
% |
|
|
87.6 |
% |
|
|
|
|
|
|
|
|
Adjusted EBITDA is reconciled as follows:
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(dollars in thousands) |
|
|
|
|
|
|
|
Net
loss |
$ |
(56,995 |
) |
|
$ |
(47,834 |
) |
|
$ |
(149,639 |
) |
|
$ |
(195,286 |
) |
Less: Net
loss attributable to noncontrolling interest |
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
Add
back: |
|
|
|
|
|
|
|
Interest expense |
|
4,793 |
|
|
|
4,452 |
|
|
|
18,289 |
|
|
|
17,443 |
|
Depreciation and amortization |
|
4,751 |
|
|
|
4,149 |
|
|
|
17,486 |
|
|
|
16,033 |
|
Income taxes |
|
172 |
|
|
|
— |
|
|
|
339 |
|
|
|
— |
|
EBITDA |
|
(47,187 |
) |
|
|
(39,233 |
) |
|
|
(113,433 |
) |
|
|
(161,810 |
) |
Equity-based
compensation(1) |
|
22,885 |
|
|
|
28,814 |
|
|
|
81,718 |
|
|
|
121,999 |
|
Reorganization and transaction-related expenses(2) |
|
— |
|
|
|
527 |
|
|
|
579 |
|
|
|
4,585 |
|
Acquisition
expenses(3) |
|
548 |
|
|
|
1,020 |
|
|
|
1,614 |
|
|
|
2,110 |
|
Loss on
sublease and disposal of assets(4) |
|
102 |
|
|
|
— |
|
|
|
611 |
|
|
|
— |
|
Loss on
extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
2,196 |
|
|
|
— |
|
Adjusted
EBITDA |
$ |
(23,652 |
) |
|
$ |
(8,872 |
) |
|
$ |
(26,715 |
) |
|
$ |
(33,116 |
) |
|
|
|
|
|
|
|
|
(1) 2022 represents
equity-based compensation related to grants made in the current
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. 2021
represents equity-based compensation related to the timing of the
IPO as previously discussed. Equity-based compensation expense for
the year ended December 31, 2021 includes $11.4 million related to
the cash settlement of SARs.
(2) Represents legal,
professional, accounting and other advisory fees related to our
pre-IPO corporate reorganization and the IPO that are considered
non-recurring and non-capitalizable.
(3) Represents
acquisition-related fees, such as legal and advisory fees, that are
non-capitalizable.
(4) Represents loss related to
right of use (“ROU”) assets that were subleased in the second
quarter of 2022 and loss related to disposal of assets.
Outlook for First Quarter and Fiscal Year
2023
|
Three Months Ending March 31,
2023 |
Twelve Months Ending|March 31,
2023 |
$ Millions |
Low |
|
High |
|
Low |
|
High |
Health Plan Membership |
|
109,300 |
|
|
|
109,500 |
|
|
|
113,000 |
|
|
|
115,000 |
|
Revenue |
|
$429 |
|
|
|
$434 |
|
|
|
$1,705 |
|
|
|
$1,730 |
|
Adjusted Gross Profit1 |
|
$38 |
|
|
|
$41 |
|
|
|
$205 |
|
|
|
$217 |
|
Adjusted EBITDA2 |
|
($17) |
|
|
|
($14) |
|
|
|
($34) |
|
|
|
($20) |
|
_______________________
- 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, reorganization and
transaction-related expenses, equity-based compensation expense,
loss on sublease 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 p.m. EST today to discuss these results and
management’s outlook for future financial and operational
performance. A live audio webcast will be available online at
https://ir.alignmenthealthcare.com/. At the start of the conference
call, participants may access the webcast at the following
link: https://edge.media-server.com/mmc/p/83hqdb3q. 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 is a
tech-enabled Medicare Advantage company that offers more than 40
benefits-rich, value-driven plans that serve 52 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, 2023, and year ending December 31, 2023.
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; 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; the impact of shortages of
qualified personnel and related increases in our labor costs; and
the impact of COVID-19 on our business and results of operation.
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, 2022,
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 31,2022 |
|
December 31,2021 |
Assets |
|
|
|
Current
Assets: |
|
|
|
Cash |
$ |
409,549 |
|
|
$ |
466,600 |
|
Accounts receivable (less allowance for credit losses of $0 at
December 31, 2022 and $111 at December 31, 2021, respectively) |
|
92,890 |
|
|
|
58,512 |
|
Prepaid expenses and other current assets |
|
42,107 |
|
|
|
27,747 |
|
Total current assets |
|
544,546 |
|
|
|
552,859 |
|
Property and equipment, net |
|
37,169 |
|
|
|
30,358 |
|
Right of use asset, net |
|
5,825 |
|
|
|
7,853 |
|
Goodwill and intangible assets, net |
|
40,288 |
|
|
|
35,116 |
|
Other assets |
|
6,035 |
|
|
|
4,709 |
|
Total assets |
$ |
633,863 |
|
|
$ |
630,895 |
|
Liabilities and Stockholders' Equity |
|
|
|
Current
Liabilities: |
|
|
|
Medical expenses payable |
$ |
170,135 |
|
|
$ |
125,886 |
|
Accounts payable and accrued expenses |
|
32,288 |
|
|
|
17,431 |
|
Accrued compensation |
|
27,538 |
|
|
|
23,928 |
|
Total current liabilities |
|
229,961 |
|
|
|
167,245 |
|
Long-term debt, net of debt issuance costs |
|
160,902 |
|
|
|
150,620 |
|
Long-term portion of lease liabilities |
|
3,698 |
|
|
|
6,975 |
|
Total liabilities |
|
394,561 |
|
|
|
324,840 |
|
Stockholders' Equity: |
|
|
|
Preferred stock, $.001 par value; 100,000,000 and 100,000,000
shares authorized as of December 31, 2022 and December 31, 2021,
respectively; no shares issued and outstanding as of December 31,
2022 and December 31, 2021 |
|
— |
|
|
|
— |
|
Common stock, $.001 par value; 1,000,000,000 shares authorized as
of December 31, 2022 and December 31, 2021; 187,280,015 and
187,193,613 shares issued and outstanding as of December 31, 2022
and December 31, 2021, respectively |
|
187 |
|
|
|
187 |
|
Additional paid-in capital |
|
970,180 |
|
|
|
888,547 |
|
Accumulated deficit |
|
(732,241 |
) |
|
|
(582,694 |
) |
Total Alignment Healthcare, Inc. stockholders' equity |
|
238,126 |
|
|
|
306,040 |
|
Noncontrolling interest |
|
1,176 |
|
|
|
15 |
|
Total stockholders' equity |
|
239,302 |
|
|
|
306,055 |
|
Total liabilities and stockholders' equity |
$ |
633,863 |
|
|
$ |
630,895 |
|
|
|
|
|
Consolidated Statements of
Operations(in thousands, except per share
amounts)(Quarterly data unaudited)
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
Earned premiums |
$ |
360,100 |
|
|
$ |
298,071 |
|
|
$ |
1,431,550 |
|
|
$ |
1,167,085 |
|
Other |
|
1,711 |
|
|
|
203 |
|
|
|
2,609 |
|
|
|
688 |
|
Total revenues |
|
361,811 |
|
|
|
298,274 |
|
|
|
1,434,159 |
|
|
|
1,167,773 |
|
Expenses: |
|
|
|
|
|
|
|
Medical expenses |
|
326,002 |
|
|
|
259,571 |
|
|
|
1,249,879 |
|
|
|
1,039,041 |
|
Selling, general, and administrative expenses |
|
83,228 |
|
|
|
78,081 |
|
|
|
295,646 |
|
|
|
290,991 |
|
Depreciation and amortization |
|
4,687 |
|
|
|
4,088 |
|
|
|
17,273 |
|
|
|
15,813 |
|
Total expenses |
|
413,917 |
|
|
|
341,740 |
|
|
|
1,562,798 |
|
|
|
1,345,845 |
|
Loss from
operations |
|
(52,106 |
) |
|
|
(43,466 |
) |
|
|
(128,639 |
) |
|
|
(178,072 |
) |
Other
expenses: |
|
|
|
|
|
|
|
Interest expense |
|
4,793 |
|
|
|
4,452 |
|
|
|
18,289 |
|
|
|
17,443 |
|
Other expenses (income) |
|
(76 |
) |
|
|
(84 |
) |
|
|
176 |
|
|
|
(229 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
2,196 |
|
|
|
— |
|
Total other expenses |
|
4,717 |
|
|
|
4,368 |
|
|
|
20,661 |
|
|
|
17,214 |
|
Loss before
income taxes |
|
(56,823 |
) |
|
|
(47,834 |
) |
|
|
(149,300 |
) |
|
|
(195,286 |
) |
Provision
for income taxes |
|
172 |
|
|
|
— |
|
|
|
339 |
|
|
|
— |
|
Net
loss |
$ |
(56,995 |
) |
|
$ |
(47,834 |
) |
|
$ |
(149,639 |
) |
|
$ |
(195,286 |
) |
Less: Net
loss attributable to noncontrolling interest |
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
Net loss
attributable to Alignment Healthcare, Inc. |
$ |
(56,903 |
) |
|
$ |
(47,834 |
) |
|
$ |
(149,547 |
) |
|
$ |
(195,286 |
) |
Total
weighted-average common shares outstanding - basic and diluted |
|
182,540,539 |
|
|
|
178,396,999 |
|
|
|
181,212,757 |
|
|
|
171,956,849 |
|
Net loss per
share attributable to Alignment Healthcare, Inc. - basic and
diluted |
$ |
(0.31 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.14 |
) |
|
|
|
|
|
|
|
|
Consolidated Statements of Cash
Flows (in thousands)
|
Year EndedDecember 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating Activities: |
|
|
|
Net loss |
$ |
(149,639 |
) |
|
$ |
(195,286 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
Provision for credit loss |
|
150 |
|
|
|
111 |
|
Loss on sublease |
|
510 |
|
|
|
— |
|
Depreciation and amortization |
|
17,486 |
|
|
|
16,033 |
|
Amortization-debt issuance costs and investment discount |
|
1,850 |
|
|
|
2,254 |
|
Amortization of payment-in-kind interest |
|
2,943 |
|
|
|
4,197 |
|
Loss on disposal of property and equipment |
|
101 |
|
|
|
— |
|
Equity-based compensation and common stock payments |
|
81,718 |
|
|
|
110,600 |
|
Non-cash lease expense |
|
2,811 |
|
|
|
2,731 |
|
Loss on extinguishment of debt |
|
2,196 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(34,377 |
) |
|
|
(17,608 |
) |
Prepaid expenses and other current assets |
|
(14,356 |
) |
|
|
(10,340 |
) |
Other assets |
|
(86 |
) |
|
|
644 |
|
Medical expenses payable |
|
44,250 |
|
|
|
12,512 |
|
Accounts payable and accrued expenses |
|
13,743 |
|
|
|
437 |
|
Accrued compensation |
|
3,609 |
|
|
|
(1,244 |
) |
Lease liabilities |
|
(4,214 |
) |
|
|
(3,817 |
) |
Payment-in-kind interest |
|
(14,122 |
) |
|
|
— |
|
Noncurrent liabilities |
|
— |
|
|
|
— |
|
Net cash (used in) provided by operating activities |
|
(45,427 |
) |
|
|
(78,776 |
) |
Investing Activities: |
|
|
|
Purchase of business, net of cash received |
|
(4,043 |
) |
|
|
— |
|
Asset acquisition, net of cash received |
|
— |
|
|
|
(1,405 |
) |
Purchase of investments |
|
(2,825 |
) |
|
|
(2,475 |
) |
Sale of investments |
|
2,425 |
|
|
|
1,425 |
|
Acquisition of property and equipment |
|
(23,774 |
) |
|
|
(18,360 |
) |
Proceeds from the sale of property and equipment |
|
— |
|
|
|
— |
|
Net cash used in investing activities |
|
(28,217 |
) |
|
|
(20,815 |
) |
Financing Activities: |
|
|
|
Repurchase of noncontrolling interest |
|
(100 |
) |
|
|
— |
|
Contributions from noncontrolling interest holders |
|
68 |
|
|
|
15 |
|
Equity repurchase |
|
— |
|
|
|
(1,474 |
) |
Issuance of long-term debt |
|
165,000 |
|
|
|
— |
|
Debt issuance costs |
|
(5,196 |
) |
|
|
— |
|
Repayment of long-term debt |
|
(143,179 |
) |
|
|
— |
|
Issuance of common stock |
|
— |
|
|
|
390,600 |
|
Common stock issuance costs |
|
— |
|
|
|
(29,011 |
) |
Net cash provided by financing activities |
|
16,593 |
|
|
|
360,130 |
|
Net
(decrease) increase in cash |
|
(57,051 |
) |
|
|
260,539 |
|
Cash and
restricted cash at beginning of period |
|
468,350 |
|
|
|
207,811 |
|
Cash and
restricted cash at end of period |
$ |
411,299 |
|
|
$ |
468,350 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
22,447 |
|
|
$ |
10,992 |
|
Supplemental non-cash investing and financing
activities: |
|
|
|
Acquisition of property in accounts payable |
$ |
47 |
|
|
$ |
347 |
|
Purchase of business in accounts payable |
$ |
505 |
|
|
$ |
— |
|
The following table provides a reconciliation of cash and
restricted cash reported within the condensed consolidated balance
sheets to the total above:
|
December 31, 2022 |
|
December 31, 2021 |
|
December 31, 2020 |
Cash |
$ |
409,549 |
|
|
$ |
466,600 |
|
|
$ |
207,311 |
|
Restricted
cash in other assets |
|
1,750 |
|
|
|
1,750 |
|
|
|
500 |
|
Total |
$ |
411,299 |
|
|
$ |
468,350 |
|
|
$ |
207,811 |
|
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, reorganization and transaction-related
expenses, equity-based compensation expense, loss on sublease 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 Maggie HabibmPR, Inc. for
Alignment Healthalignment@mpublicrelations.com
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