7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 
      
    		                       
      cash flows from operating activities
    		                       
      income before preferred dividends and accretion of series a preferred stock including excise tax
    		                       
      adjustments to reconcile net income to net cash and restricted cash from operating activities:
    		                       
      change in fair value of contingent consideration
    		-1,089,000 3,206,000 -280,000 -4,200,000 200,000 0 8,908,000 5,937,000 11,300,000 -7,822,000 8,569,000 -17,700,000 -12,700,000 800,000 6,078,000         
      gain from equity method investees
    		-156,000 -197,000 19,000 -182,000 2,229,000 1,700,000 -306,000 -28,000 -684,000 -155,000 -423,000 -629,000 -1,392,000 -1,952,000 -596,000         
      extinguishment of series a preferred stock and other refinancing fees
    		                       
      gain on extinguishment of short-term debt
    		                       
      loss on option exercise
    		0 196,000 52,348,000                     
      depreciation and amortization expenses
    		23,615,000 23,141,000 24,058,000 29,296,000 29,701,000 29,870,000 29,503,000 29,602,000 32,404,000 32,134,000 29,275,000 19,781,000 17,196,000 15,112,000 15,106,000 14,915,000 14,859,000 14,916,000 15,347,000 14,865,000 14,694,000 15,778,000 16,138,000 
      stock-based compensation expense
    		14,682,000 11,580,000 11,081,000 -6,115,000 14,416,000 12,659,000 18,786,000 10,603,000 10,222,000 8,966,000 10,710,000 14,631,000 6,992,000 7,012,000 5,346,000 4,957,000 4,395,000 3,653,000 3,706,000 4,231,000 3,164,000 3,703,000 3,508,000 
      deferred tax expense
    		627,000 -865,000 295,000                     
      amortization of contract cost assets
    		3,181,000 1,286,000 1,237,000 1,194,000 1,285,000 1,114,000 1,205,000 2,939,000 2,333,000 3,382,000 2,290,000 8,288,000 1,582,000 1,497,000 11,689,000 3,113,000 1,617,000 5,256,000 3,055,000 5,258,000 5,665,000 4,658,000 5,614,000 
      amortization of deferred financing costs
    		2,359,000 1,249,000 1,154,000 897,000 885,000 883,000 882,000 900,000 997,000 1,004,000 911,000 540,000 683,000 540,000 539,000 4,646,000 4,562,000 4,467,000 4,370,000 4,687,000 4,014,000 3,070,000 3,009,000 
      loss on lease termination
    		-1,230,000 0 1,906,000                     
      change in tax receivables agreement liability
    		   0 0 0 173,000 -4,202,000                
      right-of-use operating assets
    		505,000 384,000 408,000 522,000 799,000 747,000 1,193,000 5,496,000 9,982,000 -3,473,000 4,620,000 1,669,000 1,500,000 -2,387,000 1,718,000 2,436,000 1,787,000 1,781,000 2,840,000 2,441,000 5,873,000 -3,075,000 6,695,000 
      other current operating cash inflows (outflows)
    		  2,000 0        449,000 1,471,000 1,049,000 -357,000     935,000 1,585,000 -300,000 524,000 
      changes in assets and liabilities, net of acquisitions:
    		                       
      accounts receivable, net and contract assets
    		-48,561,000 71,740,000 -15,815,000 -6,782,000 -34,177,000 54,012,000 19,009,000 -52,517,000 -49,040,000 -82,969,000 19,832,000 -68,184,000 -47,838,000 59,341,000 -46,299,000 47,099,000 67,188,000 -56,833,000 -63,233,000 -31,352,000 8,281,000 12,703,000 -36,649,000 
      prepaid expenses and other current and non-current assets
    		2,191,000 5,926,000 -7,729,000 -3,241,000 1,816,000 -1,231,000 7,166,000 5,781,000 4,748,000 -7,384,000 -13,758,000 4,082,000 6,044,000 -2,382,000 -6,071,000 5,739,000 3,299,000 -4,476,000 1,037,000     
      contract cost assets
    		-1,837,000 -456,000 -1,193,000 -1,369,000 -1,068,000 -2,063,000 -1,556,000 -1,644,000 -1,099,000 -1,533,000 -1,326,000 -961,000 -3,448,000 -2,178,000 -1,106,000 -10,540,000 -4,448,000 -2,301,000 -1,690,000 -3,454,000 -2,443,000 -2,177,000 -3,326,000 
      accounts payable
    		3,312,000 14,925,000 3,264,000 2,988,000 16,590,000 -6,909,000 -8,421,000 5,905,000 104,000 853,000 -13,585,000 7,229,000 6,759,000 -1,249,000 426,000 -914,000 -1,740,000 509,000 9,395,000 3,941,000 -12,084,000 622,000 11,068,000 
      accrued liabilities
    		1,468,000 13,012,000 -18,879,000 -41,846,000 18,138,000 -11,125,000 10,635,000 -3,884,000 15,593,000 7,159,000 4,785,000 -888,000 -3,077,000 -27,046,000 2,220,000 13,569,000 3,832,000 -8,027,000 -9,698,000 2,537,000 2,193,000 4,749,000 -678,000 
      operating lease liabilities
    		-9,014,000 -18,153,000 -2,820,000 -2,774,000 -1,521,000 -8,106,000 -2,582,000 -4,941,000 -10,094,000 3,912,000 -4,250,000 -1,760,000 -1,402,000 2,171,000 -1,992,000 -1,933,000 -1,870,000 -1,948,000 -771,000 -2,292,000 -2,273,000 7,703,000 -5,920,000 
      accrued compensation and employee benefits
    		17,118,000 2,348,000 2,195,000 2,105,000 285,000 2,214,000 -27,279,000 6,755,000 11,836,000 10,758,000 -31,401,000 14,898,000 7,928,000 10,056,000 -32,435,000 16,349,000 8,694,000 6,509,000 -28,014,000 15,793,000 5,468,000 8,025,000 -18,143,000 
      deferred revenue
    		-462,000 -2,684,000 2,510,000 -114,000 -1,937,000 -1,578,000 160,000 -127,000 -1,186,000 -119,000 1,169,000 -1,767,000 -1,508,000 -4,577,000 1,344,000 -3,842,000 613,000 -194,000 2,684,000 1,868,000 -4,411,000 -3,777,000 -2,623,000 
      reserve for claims and performance-based arrangements
    		24,401,000 -146,591,000 15,137,000 6,018,000 -4,876,000 -51,076,000 -35,409,000 104,306,000 53,931,000 48,614,000 -2,533,000 64,032,000 9,738,000 -38,278,000 -7,056,000 -20,583,000 -45,830,000 30,113,000 32,501,000 -19,629,000 -49,738,000 5,399,000 27,860,000 
      other long-term liabilities
    		-3,000 518,000 285,000 -263,000 -189,000 -136,000 -65,000 0 -282,000 -200,000 -277,000 -523,000 -326,000 -344,000 -514,000 -3,942,000 -310,000 -407,000 1,925,000 3,758,000 3,935,000 380,000 93,000 
      net cash and restricted cash from operating activities
    		15,812,000 -30,334,000 4,565,000 -26,231,000 18,670,000 21,417,000 4,909,000 89,381,000 60,521,000 654,000 -7,974,000 35,695,000 -3,470,000 13,664,000 -57,442,000 66,656,000 44,501,000 -24,247,000 -48,163,000 -12,851,000 -20,499,000 37,666,000 -20,541,000 
      cash flows used in investing activities
    		                       
      cash paid for asset acquisitions and business combinations
    		2,000 -51,549,000 -4,498,000 -13,778,000 -11,000,000 -4,562,000 -1,385,000 0 0 -1,522,000 -386,724,000 -3,090,000 -235,951,000 -9,000,000 -70,000         
      return of equity method investments
    		198,000   0 0   0 71,000 13,000 786,000 1,377,000 0 1,800,000 2,375,000 0 4,846,000 0 9,372,000     
      purchases of investments and contributions to equity method investees
    		0   -1,000 -2,440,000                   
      investments in internal-use software and purchases of property and equipment
    		-8,962,000 -8,770,000 -8,595,000 -6,151,000 -6,289,000 -7,106,000 -5,347,000 -6,052,000 -6,793,000 -6,845,000 -9,055,000 -10,743,000 -9,874,000 -9,236,000 -8,508,000 -7,244,000 -6,227,000 -5,571,000 -5,941,000 -5,859,000 -6,159,000 -10,055,000 -7,400,000 
      net cash and restricted cash from investing activities
    		-8,762,000 -60,531,000 -13,093,000 -19,930,000 -19,729,000 -13,541,000 -9,732,000 -6,052,000 -6,145,000 -8,354,000 -394,993,000 -4,456,000 -254,989,000 -16,436,000 16,766,000 -54,368,000 -1,798,000 -5,571,000 45,951,000 -2,225,000 281,679,000 -7,575,000 -10,807,000 
      cash flows from financing activities
    		                       
      changes in working capital balances related to claims processing
    		-578,000 -3,278,000 -41,476,000 42,953,000 -5,525,000 -31,411,000 37,520,000                 
      payment of contingent consideration
    		-750,000   0 0 -66,600,000 -3,755,000                 
      proceeds from stock option exercises
    		   -1,000 2,343,000 61,000 1,058,000 3,336,000 4,529,000 3,073,000 1,581,000  2,971,000 0 309,000   2,858,000 6,518,000   442,000 84,000 
      proceeds from issuance of long-term debt, net of offering costs
    		168,740,000 0 221,000,000 59,105,000 0 0 -529,000 391,431,000 0 -267,000 256,330,000             
      repayment of long-term debt
    		-166,755,000 0 -62,500,000     -416,701,000 -10,000,000 0 -37,500,000             
      repurchase of common stock
    		                       
      payment of preferred dividends
    		-1,929,000 -4,621,000 -4,577,000 -4,806,000 -5,134,000 -5,067,000 -5,078,000 -5,162,000 -5,096,000 -4,884,000 -3,651,000             
      taxes withheld and paid for vesting of equity awards
    		-547,000 -28,000 -4,593,000 -309,000 -692,000 -364,000 -14,334,000 -944,000 -1,603,000 -138,000 -12,607,000  -948,000 -257,000 -16,214,000         
      net cash and restricted cash from financing activities
    		-41,815,000 -8,927,000 107,854,000 96,942,000 -9,008,000 -103,381,000 14,882,000 -84,352,000 -37,367,000 23,330,000 379,729,000  173,081,000 20,690,000 -51,376,000   -35,503,000 -55,584,000     
      effect of exchange rate on cash and cash equivalents and restricted cash
    		-201,000 -83,000 23,000 -136,000 -31,000 -24,000 -38,000 -18,000 -110,000 -1,000 50,000  -237,000 -271,000 -104,000   -55,000 1,000   -15,000 41,000 
      net decrease in cash and cash equivalents and restricted cash
    		         15,629,000 -23,188,000  -85,615,000 17,647,000 -92,156,000         
      cash and cash equivalents and restricted cash as of beginning-of-period
    		   0    0 0 0 215,158,000  0 0 354,942,000   17,000 361,564,000     
      cash and cash equivalents and restricted cash as of end-of-period
    		   50,645,000    -1,041,000 16,899,000 15,629,000 191,970,000  -85,615,000 17,647,000 262,786,000   -65,359,000 303,769,000     
      net income before preferred dividends and accretion of series a preferred stock
    		 -19,897,000 -64,618,000 -22,802,000 -23,137,000 1,596,000 -17,280,000                 
      extinguishment of series a preferred stock
    		                       
      net increase in cash and cash equivalents and restricted cash
    		  99,349,000 50,645,000   10,021,000 -1,041,000          -65,376,000 -57,795,000     
      loss on disposal of non-strategic assets
    		                       
      loss on discontinued operations
    		                       
      deferred tax benefit
    		   -1,073,000    -15,058,000    777,000    -238,000 -20,000 -209,000 -59,000 -359,000 119,000 -950,000 58,000 
      loss on extinguishment/repayment of debt
    		           0            
      right-of-use asset impairment
    		       0 0               
      proceeds from transfer of membership and release of passport escrow
    		           8,000,000 0 0 22,969,000 0 0 0 42,996,000     
      disposal of non-strategic assets and divestiture of discontinued operations
    		       0    0    0 0 0 3,490,000     
      distributions to sponsors
    		            0 -13,784,000 -1,100,000         
      proceeds from issuance of preferred stock, net of offering costs
    		       0 0 0 168,000,000             
      deferred tax provision
    		     -1,160,000 181,000   -2,291,000 -68,728,000   604,000 -132,000         
      other current operating cash outflows
    		     6,000 6,000 -51,000 -140,000 76,000 -56,000      1,443,000 -663,000 -66,000     
      purchases of investments
    		      -3,000,000         -1,000 0 0 -2,994,000 -2,000 -9,721,000 -109,000 -1,338,000 
      net income before dividends declared and accretion of series a preferred stock
    		       -33,411,000 -25,324,000 -34,323,000 -19,982,000             
      gain on transfer of membership
    		               -22,969,000 0 0 -22,969,000     
      maturities and sales of investments
    		               0 0 0 500,000 2,536,000   618,000 
      changes in working capital balances related to claims processing on behalf of partners
    		       -9,439,000 -25,197,000 25,546,000 7,576,000  -48,682,000 34,731,000 -34,371,000 60,057,000 -1,294,000 -36,606,000 39,005,000 -3,832,000 -28,927,000 -6,963,000 33,678,000 
      repayment and repurchase of 2021 notes and financing fees
    		                       
      loss on disposal of assets
    		                      6,447,000 
      cash flows used in operating activities
    		                       
      change in tax receivable agreement liability
    		         0 66,184,000 3,080,000            
      cash flows from investing activities
    		                       
      net income
    		           -11,349,000 2,123,000 -4,588,000 -5,350,000 -5,647,000 -13,040,000 -9,107,000 -9,807,000 -13,803,000 -38,170,000 -203,521,000 -78,752,000 
      impairment of equity method investees
    		                       
      goodwill impairment
    		                   0 0   
      loan for implementation funding
    		                    0 0 -400,000 
      impact to cash and cash equivalents and restricted cash from initial consolidation
    		                       
      other investing activities
    		                       
      gain on discontinued operations
    		            0           
      repayment of credit agreement including settlement of warrants
    		                       
      proceeds from issuance of long term debt, net of offering costs
    		                       
      loss on repayment of debt
    		               2,185,000 0 0 19,158,000     
      cash flows used in financing activities
    		                       
      unrealized loss on investments
    		                       
      repayment and termination of credit agreement including settlement of warrants
    		                       
      change in fair value of contingent consideration and indemnification asset
    		               14,100,000 -225,000 0 -594,000 4,352,000 2,570,000 756,000 -3,818,000 
      (gain) loss on disposal of assets
    		               8,690,000 0 0 -1,904,000     
      (gain) income from equity method investees
    		               -454,000 -63,000 -4,879,000 -7,783,000 975,000    
      impairment of equity method investments
    		                       
      interest from customer advance for regulatory capital requirements
    		               -81,000    -81,000 -472,000 -666,000 -650,000 
      customer advance for regulatory capital requirements
    		                       
      investments in equity method investees
    		                       
      amount received from escrow in asset acquisition
    		                       
      issuance of warrant liability
    		                       
      taxes withheld and paid for vesting of restricted stock units
    		                 -455,000 -2,687,000   -143,000 -1,188,000 
      cash paid for asset acquisitions
    		                -417,000 0 -1,472,000     
      repayment and termination of credit agreement including settlement of warrants.
    		                0 0 -98,420,000     
      bad debt expense
    		                  2,407,000     
      principal repayment of implementation funding loan and regulatory and capital requirements
    		                       
      gain on disposal of assets and consolidation
    		                       
      loss on extinguishment of debt
    		                   0    
      prepaid expenses and other current and noncurrent assets
    		                   -1,773,000 13,025,000 -5,371,000 1,459,000 
      cash flows from (used in) investing activities
    		                       
      cash paid for asset acquisitions or business combinations
    		                       
      disposal of non-strategic assets
    		                   0 0 0 -2,287,000 
      investments in and advances to equity method investees
    		                       
      impact to cash and cash equivalents and restricted cash from initial consolidation of passport
    		                       
      purchase and maturities of restricted investments
    		                   0 -2,000   
      cash flows from (used in) financing activities
    		                       
      gain on disposal of assets
    		                    0   
      equity method investments impairment
    		                    0 0 47,133,000 
      deferred financing costs related to 2025 notes
    		                       
      cash flows from (used in) operating activities
    		                       
      (income) income from equity method investees
    		                       
      maturities of investments
    		                       
      cash flows (used in) from financing activities
    		                       
      income from equity method investees
    		                      412,000 
      net cash and restricted cash (used in) from financing activities
    		                      32,574,000 
      investments in and purchases of property and equipment
    		                       
      proceeds from issuance of common stock, net of stock issuance costs
    		                       
      change in warrant liability
    		                       
      proceeds from issuance of long-term debt, net of issuance costs
    		                       
      adjustments to reconcile net income to net cash and restricted cash
    		                       
      provided by operating activities:
    		                       
      non-cash interest income
    		                       
      other
    		                       
      accounts receivables, net and contract assets
    		                       
      reserves for claims and performance-based arrangements
    		                       
      rou operating assets
    		                       
      principal repayment of implementation funding loan and regulatory capital requirements
    		                       
      purchases of restricted investments
    		                       
      maturities of restricted investments
    		                       
      principal repayment of implementation funding loan
    		                       
      income from lease abandonment
    		                       
      acceleration of unvested equity awards for valence health employees
    		                       
      claims reserves
    		                       
      proceeds from issuance of convertible notes, net of issuance costs
    		                       
      accounts receivables
    		                       
      contract assets
    		                       
      principal repayment for implementation funding loan
    		                       
      purchases of property and equipment
    		                       
      purchases and maturities of restricted investments
    		                       
      change in restricted cash held on behalf of partners for claims processing
    		                       
      (income) income from affiliates
    		                       
      impact of lease termination
    		                       
      accretion of bond premium
    		                       
      investments in and advances to affiliates
    		                       
      income from affiliates
    		                       
      contract cost amortization
    		                       
      accretion of bond premium/discounts
    		                       
      amount received from vestica healthcare llc escrow
    		                       
      gain on consolidation
    		                       
      change in fair value of contingent liability
    		                       
      prepaid expenses and other assets
    		                       
      other liabilities
    		                       
      cash acquired upon consolidation of affiliate
    		                       
      cash paid for asset acquisition or business combination
    		                       
      purchase of restricted investments
    		                       
      payments of deferred offering costs
    		                       
      adjustments to reconcile net income to net cash from operating activities:
    		                       
      undistributed losses from affiliates
    		                       
      prepaid expenses and other current assets
    		                       
      accounts payable, net of change in restricted cash and restricted investments
    		                       
      net cash from operating activities
    		                       
      change in restricted cash and restricted investments
    		                       
      net cash from investing activities
    		                       
      net cash from financing activities
    		                       
      net increase in cash and cash equivalents
    		                       
      cash and cash equivalents as of beginning-of-period
    		                       
      cash and cash equivalents as of end-of-period
    		                       
      loss on change in fair value of contingent consideration
    		                       
      taxes withheld for vesting of restricted stock units
    		                       
      gain on change in fair value of contingent liability
    		                       
      acceleration of unvested equity awards for valence employees
    		                       
      other current liabilities
    		                       
      proceeds from initial public offering, net of offering costs
    		                       
      supplemental disclosure of non-cash investing and financing activities
    		                       
      non-cash contribution of common stock to evolent health llc prior to the offering reorganization
    		                       
      non-cash repurchase of series a preferred stock
    		                       
      non-cash issuance of series b-1 preferred stock
    		                       
      non-cash issuance of class a common stock
    		                       
      non-cash deferred financing costs payable
    		                       
      acquisition consideration payable
    		                       
      accrued property and equipment purchases
    		                       
      effects of the offering reorganization
    		                       
      reclassification of deferred offering costs acquired to additional paid-in capital
    		                       
      conversion of existing equity as part of the offering reorganization
    		                       
      issuance of class b common stock
    		                       
      assumption of non-controlling interest as a result of merger with tpg affiliate
    		                       
      effects of the secondary offering
    		                       
      decrease in non-controlling interests as a result of the exchange
    		                       
      changes in assets and liabilities:
    		                       
      change in restricted cash
    		                       
      cash paid in connection with acquisition
    		                       
      stock issued in connection with business combinations
    		                       
      effects of the offering reorganization:
    		                       
      adjustments to reconcile net income to net cash from operating
    		                       
      activities:
    		                       
      gain on deconsolidation
    		                       
      cash transferred upon deconsolidation of affiliate
    		                       
      proceeds from issuance of series b preferred stock
    		                       
      proceeds from issuance of convertible notes
    		                       
      repurchase of series a preferred stock
    		                       
      non-cash settlement of accounts receivable through reacquisition of series a preferred stock
    		                       
      conversion of accrued interest from convertible notes to equity
    		                       
      conversion of convertible notes to equity
    		                       
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.