ALHC - Alignment Healthcare Inc. (ALHC) Q1 2024 Earnings Call Transcript
2024-05-04 12:38:08 ET
Alignment Healthcare, Inc. (ALHC)
Q1 2024 Earnings Conference Call
May 2, 2024 17:00 ET
Company Participants
John Kao - Founder and Chief Executive Officer
Thomas Freeman - Chief Financial Officer
Conference Call Participants
Nathan Rich - Goldman Sachs
Ryan Daniels - William Blair
John Ransom - Raymond James
Adam Ron - Bank of America
Whit Mayo - Leerink Partners
Jess Tassan - Piper Sandler
John Ransom - Raymond James
Presentation
Operator
Good afternoon, and welcome to Alignment Healthcare’s First Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] Please note that this event is being recorded. Leading today’s call are John Kao, Founder and CEO; and Thomas Freeman, Chief Financial Officer.
Before we begin, we would like to remind you that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our filings with the SEC, including the Risk Factors section of our annual report on Form 10-K for the fiscal year ended December 31, 2023. Although we believe our expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.
In addition, please note that the company will be discussing certain non-GAAP financial measures that they believe are important in evaluating performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliation of historical non-GAAP financial measures can be found in the press release that is posted on the company’s website and in our Form 10-Q for the fiscal quarter ended March 31, 2024.
I would now like to hand the conference over to your speaker today, John Kao, Founder and CEO. You may begin.
John Kao
Hello and thank you for joining us on our first quarter earnings conference call. For the first quarter 2024, our health plan membership of 165,100 members represented approximately 50% growth year-over-year. Total revenue of $629 million grew approximately 43% year-over-year and approximately 54%, excluding ACO REACH. Adjusted gross profit was $57 million, producing a consolidated MBR of 90.9% and an MBR, excluding Part D, of 88.3%. Meanwhile, our adjusted EBITDA of negative $12 million exceeded the high end of our first quarter outlook range and represents solid progress toward our full year adjusted EBITDA objective....
Alignment Healthcare, Inc. (ALHC) Q1 2024 Earnings Call Transcript