- Exceeded 2022 Guidance for Membership and Revenue and Met
2022 Guidance for Adjusted EBITDA (Inclusive of De Novo Pre-Opening
Costs and Post-Opening Losses)
- Year-end 2022 Medicare Advantage Membership of 93,500, up 179%
year-over-year
- Full Year 2022 Total Revenue of $631 million, up 113%
year-over-year on a GAAP Basis, or up 57% on a Pro Forma
Basis1,3
- Expanded Presence with De Novo Openings in New York, Tennessee,
Texas and Florida, Bringing Year-End Center Count to 62
- Guided to Continued Growth in Medicare Advantage Membership,
Revenue and Adjusted EBITDA in 2023
- Increased Delayed Draw Term Loan Capacity on Existing Credit
Facility by $60 million
- CareMax Scheduled to Host Investor Day in Miami on March
13
CareMax, Inc. (NASDAQ: CMAX; CMAXW) (“CareMax” or the
“Company”), a leading technology-enabled value-based care delivery
system, today announced financial results for the fourth quarter
and full year ended December 31, 2022.
“CareMax delivered strong results in 2022 driven by disciplined
execution of our strategy,” said Carlos de Solo, Chief Executive
Officer. “In the past year, we reached a major milestone in our
mission to transform healthcare for seniors throughout the U.S.
with our acquisition of Steward Health Care’s value-based care
business. We are now focused on integrating this business into our
MSO and are excited about the benefits we expect to realize in 2023
and beyond. We remain committed to delivering excellent care and
service to our patients and their families, while creating
long-term value for our stakeholders.”
Recast 2022 Guidance Reflecting Inclusion of De Novo
Pre-Opening and Post-Opening Losses
Beginning with this earnings release, the Company has revised
its presentation and calculation of Adjusted EBITDA to no longer
add back de novo pre-opening costs and post-opening losses and has
recast its prior presentation of Adjusted EBITDA, including its
prior Adjusted EBITDA guidance.
2022 Original Guidance
2022 Revised Guidance
Actual
Medicare Advantage Membership
38,000 to 40,000
>40,000
93,500
Revenue
$540 million to $560 million
$600 to $620 million
$631 million
Adjusted EBITDA*
$10 million to $20 million
$10 million to $20 million
$22 million
Centers
60
60
62
* Recast Adjusted EBITDA includes the impacts of de novo
pre-opening costs and post-opening losses.
Fourth Quarter 2022 Results1,2
- Total revenue was $164.3 million, up 39% year-over-year.
- Medical Expense Ratio was 69.5%, compared to 71.5% for the
fourth quarter of 2021.
- Net income was $10.4 million, compared to net loss of $3.6
million for the fourth quarter of 2021.
- Net income in the fourth quarter of 2022 includes a $76.3
million non-cash gain on remeasurement of contingent earnout
liabilities and a $20.1 million non-cash tax benefit, partially
offset by a $70.0 million non-cash goodwill impairment.
- Adjusted EBITDA (including the impact of de novo pre-opening
costs and post-opening losses) was $5.1 million for the fourth
quarter of 2022 and $3.0 million for the fourth quarter of 2021.
- The Company has revised its presentation and calculation of
Adjusted EBITDA to no longer add back de novo pre-opening costs and
post-opening losses and has recast its prior presentation of
Adjusted EBITDA. Adjusted EBITDA as previously reported for the
fourth quarter of 2021 included an addback of $1.3 million for de
novo pre-opening costs and post-opening losses. De novo pre-opening
costs and post-opening losses for the fourth quarter of 2022 were
$5.5 million.
- Platform Contribution was $25.6 million, compared to $16.0
million for the fourth quarter of 2021.
Full Year 2022 Results1,2,3
- Total revenue was $631.1 million, up 113% year-over-year on a
GAAP basis, or up 57% on a pro forma basis.
- Medical Expense Ratio was 72.7%, compared to the pro forma
Medical Expense Ratio of 74.7% for the year ended December 31,
2021.
- Net loss was $37.8 million, compared to net loss of $6.7
million for the year ended December 31, 2021.
- Adjusted EBITDA (including the impact of de novo pre-opening
costs and post-opening losses) was $22.0 million for the year ended
December 31, 2022 and $10.7 million for the year ended December 31,
2021.
- As noted above, the Company has revised its presentation and
calculation of Adjusted EBITDA to no longer add back de novo
pre-opening costs and post-opening losses and has recast its prior
presentation of Adjusted EBITDA. Adjusted EBITDA as previously
reported for the year ended December 31, 2021 included an addback
of $2.6 million for de novo pre-opening costs and post-opening
losses. De novo pre-opening costs and post-opening losses for the
year ended December 31, 2022 were $13.0 million.
- Platform Contribution was $85.1 million, compared to $49.9
million pro forma Platform Contribution for the year ended December
31, 2021.
Financial Outlook for Full Year 2023
- Year-end Medicare Advantage membership of 110,000 to 120,000,
up 18% to 28% year-over-year.
- Total revenue of $700 million to $750 million, up 11% to 19%
year-over-year.
- Adjusted EBITDA of $25 million to $35 million, up 13% to 59%
year-over-year, compared to $22 million for the year-ended December
31, 2022. As noted above, pre-opening costs and post-opening losses
are no longer added back to the Company’s calculation of Adjusted
EBITDA, and are anticipated to be approximately $25 million in
2023.
1Fourth Quarter 2022 and Full Year 2022 includes the activities
of Steward Value-Based Care for the period from November 10, 2022
(closing) to (and including) December 31, 2022.
2Adjusted EBITDA and Platform Contribution are non-GAAP
financial metrics. A reconciliation of non-GAAP metrics to GAAP
financial statements is included in the appendix to this earnings
release.
3Pro Forma year-over-year comparisons to full year 2021 reflect
the business combinations of IMC Medical Group Holdings and Care
Holdings as if they had occurred on January 1, 2021. A
reconciliation of the pro forma financial information to GAAP
financial statements is included in this earnings release.
Increased Delayed Draw Term Loan Capacity on Existing Credit
Facility by $60 million
On March 8, 2023, the Company entered into an amendment to its
existing credit facility to provide for a delayed draw term loan B
facility in the amount of $60.0 million, which may be drawn by the
Company in up to five borrowings over the next twelve months,
bringing the total committed amount of the credit facility to
$360.0 million, $125.0 million of which is not currently drawn.
Conference Call Details
Management will host a conference call at 8:30 am ET today to
discuss the results. The conference call can be accessed by dialing
(888) 330-2508 for U.S. participants, or (240) 789-2735 for
international participants, and referencing conference ID 7874605.
A live audio webcast as well as related presentation materials will
also be available on the “Events & Presentations” section of
CareMax’s investor relations website at ir.caremax.com. Following
the live call, a replay will be available on the Company's
website.
About CareMax
Founded in 2011, CareMax is a value-based care delivery system
that utilizes a proprietary technology-enabled platform and
multi-specialty, whole person health model to deliver
comprehensive, preventative and coordinated care for its members.
With over 2,000 employed and affiliated providers across 10 states,
and fully integrated, Five-Star Quality rated health and wellness
centers, CareMax is redefining healthcare across the country by
reducing costs, improving overall outcomes and promoting health
equity for seniors. Learn more at www.caremax.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, 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, strategy and financial performance,
the closing of the Steward transaction and the benefits thereof,
and the filing of the Company’s periodic reports. Words such as
"anticipate," "believe," "budget," "contemplate," "continue,"
"could," "envision," "estimate," "expect," "guidance," "indicate,"
"intend," "may," "might," "plan," "possibly," "potential,"
"predict," "probably," "pro forma," "project," "seek," "should,"
"target," or "will," or the negative or other variations thereof,
and similar words or phrases or comparable terminology, are
intended to identify forward-looking statements. These
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views as of the date of
this press release. These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements.
Important risks and uncertainties that could cause the Company's
actual results and financial condition to differ materially from
those indicated in forward-looking statements include, among
others, the Company’s ability to integrate acquired businesses,
including the ability to implement business plans, forecasts, and
other expectations after the completion of the Steward transaction;
the failure to realize anticipated benefits of the Steward
transaction or to realize estimated pro forma results and
underlying assumptions; the impact of COVID-19 or any variant
thereof or any other pandemic or epidemic on the Company's business
and results of operation; the Company’s ability to attract new
patients; the availability of sites for de novo centers and the
costs of opening such de novo centers; changes in market or
industry conditions, regulatory environment, competitive
conditions, and receptivity to the Company's services; the
Company's ability to continue its growth, including in new markets;
changes in laws and regulations applicable to the Company's
business, in particular with respect to Medicare Advantage and
Medicaid; the Company's ability to maintain its relationships with
health plans and other key payers; any delay, modification or
cancellation of government contracts; the Company's future capital
requirements and sources and uses of cash, including funds to
satisfy its liquidity needs and the Company’s ability to comply
with the covenants under the agreements governing its indebtedness;
the Company’s ability to address the material weakness in its
internal control over financial reporting; the Company's ability to
recruit and retain qualified team members and independent
physicians; and risks related to future acquisitions. For a
detailed discussion of the risk factors that could affect the
Company's actual results, please refer to the risk factors
identified in the Company's reports filed with the SEC. All
information provided in this press release is as of the date
hereof, and the Company undertakes no duty to update or revise this
information unless required by law, and forward-looking statements
should not be relied upon as representing the Company’s assessments
as of any date subsequent to the date of this press release.
Use of Non-GAAP Financial Information
Certain financial information and data contained in this press
release is unaudited and does not conform to Regulation S-X.
Accordingly, such information and data may not be included in, may
be adjusted in, or may be presented differently in, any periodic
filing, information or proxy statement, or prospectus or
registration statement to be filed by the Company with the SEC.
Some of the financial information and data contained in this press
release, such as Adjusted EBITDA and Platform Contribution and
margin thereof have not been prepared in accordance with United
States generally accepted accounting principles (“GAAP”). These
non-GAAP measures of financial results are not GAAP measures of our
financial results or liquidity and should not be considered as an
alternative to net income (loss) as a measure of financial results,
cash flows from operating activities as a measure of liquidity, or
any other performance measure derived in accordance with GAAP. The
Company believes these non-GAAP measures of financial results
provide useful information to management and investors regarding
certain financial and business trends relating to the Company’s
financial condition and results of operations. The Company’s
management uses these non-GAAP measures for trend analyses and for
budgeting and planning purposes.
The Company believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating projected operating results and trends in and in
comparing the Company’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. Management does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. The principal limitation of
these non-GAAP financial measures is that they exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s financial statements. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which expenses and income are excluded or included
in determining these non-GAAP financial measures. For this reason,
these non-GAAP measures may not be comparable to other companies’
similarly labeled non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP
financial measures in connection with GAAP results.
A reconciliation for Adjusted EBITDA and Platform Contribution
to the most directly comparable GAAP financial measures is included
below. A reconciliation of projected 2023 Adjusted EBITDA to the
most directly comparable GAAP financial measure is not included in
this press release because, without unreasonable efforts, the
Company is unable to predict with reasonable certainty the amount
or timing of non-GAAP adjustments that are used to calculate this.
In addition, the Company believes such a reconciliation would imply
a degree of precision and certainty that could be confusing to
investors. The variability of the specified items may have a
significant and unpredictable impact on the Company’s future GAAP
results.
Use of Pro Forma Financial Information and Pro Forma Non-GAAP
Financial Information
Certain of the information presented in the Non-GAAP Financial
Summary and in the reconciliations to non-GAAP financial measures
includes pro forma information derived from the unaudited pro forma
statements of operations which are provided for informational
purposes only and are not necessarily indicative of the operating
results or financial position that would have occurred if the
acquisitions of IMC and Care Holdings had occurred in the stated
historical periods, nor are they indicative of the future results
or financial position of the combined company. The unaudited pro
forma statements of operations do not give effect to the potential
impact of any anticipated synergies, operating efficiencies or cost
savings that may result from the acquisitions of IMC and Care
Holdings, any integration costs or tax deductibility of transaction
costs.
Additionally, Adjusted EBITDA presented on a pro forma basis
gives effect to the acquisitions of IMC and Care Holdings as if
they had occurred in historical periods. Such non-GAAP financial
measures do not necessarily reflect what the Company’s Adjusted
EBITDA would have been had the acquisitions occurred on the dates
indicated.
CAREMAX, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
(Unaudited)
December 31, 2022
December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents
$
41,626
$
47,917
Accounts receivable, net
151,036
41,998
Inventory
723
550
Other current assets
3,245
17,040
Risk settlements due from providers
707
539
Total Current Assets
197,336
108,044
Property and equipment, net
21,006
15,993
Operating lease right-of-use assets
108,937
-
Goodwill
700,643
464,566
Intangible assets, net
123,585
59,811
Deferred debt issuance costs
1,685
1,972
Other assets
17,550
2,706
Total Assets
$
1,170,743
$
653,092
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current Liabilities
Accounts payable
$
7,687
$
3,110
Accrued expenses
18,631
8,690
Risk settlements due to providers
14,171
196
Related party debt, net
30,277
-
Current portion of third-party debt
253
6,275
Current portion of operating lease
liabilities
5,512
-
Other current liabilities
790
3,687
Total Current Liabilities
77,322
21,959
Derivative warrant liabilities
3,974
8,375
Long-term debt, net
230,725
110,960
Long-term operating lease liabilities
96,539
-
Contingent earnout liability
134,561
-
Other liabilities
8,075
6,428
Total Liabilities
551,196
147,722
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock (1,000,000 shares
authorized; one and zero shares issued and outstanding as of
December 31, 2022 and December 31, 2021, respectively)
-
-
Class A common stock ($0.0001 par value;
250,000,000 shares authorized; 111,332,584 and 87,367,972 shares
issued and outstanding as of December 31, 2022 and December 31,
2021, respectively)
11
9
Additional paid-in-capital
657,126
505,327
(Accumulated deficit) Retained
earnings
(37,590
)
33
Total Stockholders'
Equity
619,547
505,370
Total Liabilities and
Stockholders' Equity
$
1,170,743
$
653,092
CAREMAX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share data)
(Unaudited)
Three Months Ended December
31,
Years Ended December
31,
2022
2021
2022
2021
Revenue
Medicare risk-based revenue
$
113,041
$
91,277
$
486,718
$
233,282
Medicaid risk-based revenue
36,620
20,160
96,534
46,493
Other revenue
14,602
6,869
47,880
15,987
Total revenue
164,263
118,306
631,132
295,762
Operating expenses
External provider costs
104,078
79,724
424,182
206,747
Cost of care
38,723
22,743
126,648
57,566
Sales and marketing
3,806
2,614
11,761
4,955
Corporate, general and administrative
17,096
16,315
75,824
40,579
Depreciation and amortization
7,180
6,089
21,719
13,216
Goodwill impairment
70,000
-
70,000
-
Acquisition related costs
9,616
494
13,165
1,522
Total operating expenses
250,498
127,982
743,297
324,585
Operating loss
(86,235
)
(9,675
)
(112,165
)
(28,822
)
Nonoperating income (expense)
Interest expense, net
(8,542
)
(1,905
)
(20,242
)
(4,492
)
Change in fair value of derivative warrant
liabilities
7,877
8,735
4,401
20,757
Gain on remeasurement of contingent
earnout liabilities
76,295
-
76,295
5,794
Loss on disposal of fixed assets, net
-
(50
)
-
(50
)
(Loss) gain on extinguishment of debt,
net
-
(7
)
(6,172
)
1,630
Other income (expense), net
966
(493
)
546
(1,333
)
Loss before income
tax
(9,640
)
(3,396
)
(57,337
)
(6,516
)
Income tax (benefit) provision
(20,074
)
159
(19,542
)
159
Net loss
$
10,434
$
(3,555
)
$
(37,796
)
$
(6,675
)
Weighted-average basic shares
outstanding
100,886,695
87,105,940
90,799,308
52,620,980
Net income (loss) per share
Basic
$
0.10
$
(0.04
)
$
(0.42
)
$
(0.13
)
CAREMAX, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Years Ended December
31,
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss
$
(37,796
)
$
(6,675
)
Adjustments to reconcile net loss to net
cash and cash equivalents
Depreciation and amortization expense
21,719
13,215
Amortization of debt issuance costs and
discount
2,382
866
Stock-based compensation expense
10,271
1,341
Income tax provision
(19,542
)
-
Change in fair value of derivative warrant
liabilities
(4,401
)
(20,757
)
Loss (gain) on remeasurement of contingent
earnout liabilities
(76,295
)
(5,794
)
Loss (gain) on extinguishment of debt
6,172
(1,630
)
Payment-in-kind interest expense
5,277
-
Provision for credit losses
1,243
-
Goodwill impairment
70,000
-
Other non-cash, net
6,506
331
Changes in operating assets and
liabilities:
Accounts receivable
(66,561
)
(3,836
)
Inventory
(172
)
(85
)
Other current assets
2,678
(768
)
Risk settlements due to (from)
providers
6,775
(459
)
Due to (from) related parties
-
235
Other assets
(3,127
)
(1,501
)
Operating lease assets and liabilities
4,386
-
Accounts payable
1,730
(984
)
Accrued expenses
4,722
1,216
Other liabilities
(4,183
)
1,429
Net cash used in operating activities
(68,216
)
(23,856
)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property and equipment
(7,450
)
(3,990
)
Return of cash held in escrow
785
-
Acquisition of businesses, net of cash
acquired
(55,837
)
(312,589
)
Net cash used in investing activities
(62,502
)
(316,579
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of Class A common
stock
-
415,000
Issuance costs of Class A common stock
-
(12,471
)
Recapitalization transaction
-
(108,435
)
Proceeds from third-party borrowings, net
of discount
230,000
125,000
Proceeds from related party borrowings,
net of discount
29,876
-
Principal payments on long-term debt
(121,977
)
(27,711
)
Payments of debt issuance costs
(8,031
)
(7,478
)
Debt extinguishment costs
-
(487
)
Collateral for letters of credit
(5,439
)
-
Net cash provided by financing
activities
124,428
383,418
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS
(6,290
)
42,983
Cash and cash equivalents - beginning of
period
47,917
4,934
CASH AND CASH EQUIVALENTS - END OF
PERIOD
$
41,626
$
47,917
Non-GAAP Financial Summary*
(in thousands)
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Medicare risk-based revenue
$
65,210
$
65,394
$
66,618
$
76,428
$
91,277
$
107,747
$
143,664
$
122,267
$
113,041
Medicaid risk-based revenue
19,062
18,897
20,454
20,884
20,160
20,165
19,896
19,852
36,620
Other revenue
3,801
4,127
4,839
7,308
6,869
9,008
8,719
15,551
14,602
Total revenue
88,073
88,418
91,911
104,620
118,306
136,920
172,279
157,670
164,263
External provider costs
57,775
60,278
70,466
73,329
79,724
92,856
120,348
106,900
104,078
Cost of care
12,446
13,427
13,246
20,315
22,606
26,854
30,293
30,150
$
34,581
Platform contribution
17,852
14,712
8,199
10,976
15,977
17,210
21,638
20,620
25,604
Platform contribution margin (%)
20.3
%
16.6
%
8.9
%
10.5
%
13.5
%
12.6
%
12.6
%
13.1
%
15.6
%
Sales and marketing
$
1,431
$
391
$
1,688
$
1,274
$
2,615
$
3,301
$
2,299
$
2,355
$
3,806
Corporate, general and administrative
6,519
7,197
6,367
9,212
10,400
10,139
11,464
13,000
16,674
Adjusted operating expenses
7,951
7,588
8,055
10,485
13,015
13,440
13,763
15,355
20,480
Adjusted EBITDA
n/a
n/a
n/a
$
490
$
2,962
$
3,769
$
7,876
$
5,265
$
5,124
Pro Forma Adjusted EBITDA
$
9,901
$
7,124
$
144
n/a
n/a
n/a
n/a
n/a
n/a
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred on
January 1, 2020. Figures may not sum due to rounding.
Non-GAAP Operating Metrics*
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Centers
24
24
34
40
45
48
48
51
62
Markets
1
1
2
3
4
6
6
7
7
Patients (MCREM)**
28,400
29,200
35,300
40,400
50,100
50,600
54,000
57,400
221,500
Patients in value-based care arrangements
(MCREM)
87.7
%
87.0
%
84.1
%
87.2
%
79.3
%
79.8
%
81.0
%
78.2
%
97.6
%
Platform Contribution ($, millions)***
$
17.9
$
14.7
$
8.2
$
11.0
$
16.0
$
17.3
$
21.7
$
20.7
$
25.6
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred on
January 1, 2020.
** MCREM defined as Medicare Equivalent
Members, which assumes the level of support received by a Medicare
patient is equivalent to that received by three Medicaid or
Commercial patients.
*** Platform contribution defined as
revenue less external provider costs and cost of care. For periods
prior to September 30, 2021, the measure was calculated in a manner
consistent with the concepts of Article 8 of Regulation S-X and
represents pro forma Platform Contribution.
Reconciliation to Adjusted EBITDA and
Pro Forma Adjusted EBITDA*
(in thousands)
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Net income (loss)
$
1,218
$
1,302
$
10,057
$
(14,479
)
$
(3,553
)
$
(16,797
)
$
(9,381
)
$
(22,052
)
$
10,434
Interest expense
542
504
792
1,291
1,905
1,728
3,896
6,076
8,542
Depreciation and amortization
429
514
1,437
5,176
6,089
5,062
4,903
4,573
7,180
Remeasurement of warrant and contingent
earnout liabilities
-
-
(19,215
)
1,398
(8,734
)
3,536
(7,391
)
7,331
(84,171
)
Goodwill impairment
-
-
-
-
-
-
-
-
70,000
Stock-based compensation
-
-
-
966
375
1,087
2,788
3,611
2,786
Loss (gain) on extinguishment of debt,
net
451
-
(1,358
)
(279
)
7
-
6,172
-
-
Acquisition related costs
893
1,168
3,806
1,871
2,325
3,429
4,074
2,118
10,632
Transaction related restructuring
costs
1,382
1,550
8,059
3,072
4,170
5,083
2,598
3,514
762
Other (income) expense, net
101
1,001
(2,242
)
1,475
218
461
46
(86
)
(967
)
Income tax provision (benefit)
-
-
-
-
159
181
171
181
(20,074
)
Adjusted EBITDA
n/a
n/a
n/a
490
2,962
3,769
7,876
5,265
5,124
Pro forma adjustments
4,885
1,085
(1,192
)
-
-
-
-
-
-
Pro forma Adjusted EBITDA
$
9,901
$
7,124
$
144
n/a
n/a
n/a
n/a
n/a
n/a
* Figures give effect to the Business
Combinations of IMC and Care Holdings as if they had occurred on
January 1, 2020.
Memo:
De Novo Pre-Opening Costs
$
-
$
-
$
19
$
544
$
806
$
973
$
506
$
2,426
$
3,205
De Novo Post-Opening Costs
484
184
364
195
489
1,119
993
1,533
2,274
Reconciliation to Pro Forma Platform
Contribution
in millions
Dec 31, 2020
Mar 31, 2021
Jun 30, 2021
Sep 30, 2021
Dec 31, 2021
Mar 31, 2022
Jun 30, 2022
Sep 30, 2022
Dec 31, 2022
Operating income (loss)
$
2.2
$
1.8
$
(9.7
)
$
(11.2
)
$
(9.7
)
$
(10.9
)
$
(6.5
)
$
(8.6
)
$
(86.2
)
Sales and marketing
0.3
0.3
0.8
1.3
2.6
3.3
2.3
2.4
3.8
Corporate, general and administrative
3.1
1.8
8.9
13.6
16.3
19.0
18.1
21.7
17.0
Depreciation and amortization
0.4
0.6
1.4
5.2
6.1
5.0
4.9
4.6
7.2
Goodwill impairment
-
-
-
-
-
-
-
-
70.0
Acquisition related costs
-
-
0.1
0.9
0.5
0.3
2.8
0.5
9.6
Other adjustments (a)
-
-
-
1.3
0.2
0.6
0.1
0.1
4.1
Pro forma adjustments (b)
11.8
10.3
6.7
-
-
-
-
-
-
Pro forma Platform Contribution
$
17.9
$
14.7
$
8.2
n/a
n/a
n/a
n/a
n/a
n/a
Platform Contribution
n/a
n/a
n/a
11.0
16.0
17.3
21.7
20.7
25.6
(a) Includes costs related to
post-Business Combination restructuring, integration initiatives
and share-based compensation.
(b) Pro Forma adjustments are computed in
a manner consistent with the concepts of Article 8 of Regulation
S-X and give effect to the Business Combinations of IMC and Care
Holdings as if they had occurred on January 1, 2020.
Calculation of the Pro Forma Medical Expense Ratio
Three months ended December
31,
Years ended December
31,
(in thousands)
2022
2021
2022
2021*
External provider costs
$
104,078
$
79,724
$
424,182
$
283,797
Medicare and Medicaid risk-based
revenue
149,661
111,437
583,252
380,112
Medical Expense Ratio
69.5
%
71.5
%
72.7
%
74.7
%
* The 2021 figures were calculated based
on a pro forma basis, assuming the Business Combinations of IMC and
Care Holdings occurred on January 1, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230309005364/en/
Investor Relations Samantha Swerdlin (847) 924-8980
samantha.swerdlin@caremax.com
Media Christine Bucan (305) 542-8855
Christine@thinkbsg.com
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