Revenue (Q1 2024 vs Q1 2023)

+49.6% " " "

Revenue increased to $639.7 million, largely driven by robust membership growth in Performance Suite contracts (adding $25 million), revenue recognition from MSSP performance year (adding $18 million with a net $4 million EBITDA benefit), and specialty care revenue growth (up nearly 70% YoY). " " " "

Revenue (Q1 2025 vs Q1 2024)

-24.4% ($156.0 million decline) " "

Total revenue fell to $483.6 million following contractual changes such as transitioning certain contracts and narrowing scopes, along with accounting adjustments including capitation rate true-ups (resulting in a retroactive impact of minus $12.9 million) and a lower Medicare Advantage revenue mix affecting average PMPM fees. " " "

Cost of Revenue (Q1 2025 vs Q1 2024)

-28.8% "

Cost of revenue dropped to $381.2 million owing to the overall reduction in revenue and scope modifications in customer contracts, which naturally reduced the costs associated with delivering services. "

Net Loss (Q1 2025 vs Q1 2024)

Increased from a net loss margin of 3.9% to 14.9% " "

Net loss widened significantly from $(25.2) million in Q1 2024 to $(72.3) million in Q1 2025, reflecting the impact of lower revenue, increased contracting challenges, and the reduced adjusted EBITDA margins. " "

Adjusted EBITDA (Q1 2025 vs Q1 2024)

Declined from $54.1 million (8.5% margin) to $36.9 million (7.6% margin) " "

Adjusted EBITDA fell due to decreased revenue and operational shifts from contractual reclassifications and adjustments in revenue recognition, reducing the operating efficiency compared to the strong performance seen previously in Q1 2024. " "

Performance Suite Avg. PMPM Fees (Q1 2025 vs Q1 2024)

Decreased from $21.19 to $15.57 " "

Average PMPM fees for the Performance Suite dropped, largely due to a lower mix of Medicare Advantage revenue as contracts and membership profiles shifted, impacting the fee structure from the previous quarter. " "

Lives on Platform (Q1 2025 vs Q1 2024)

Increased from 80,606 to 84,778 " "

The total lives on the platform grew despite revenue setbacks, indicating a continued expansion of the member base even though changes in contract terms affected revenue and fee metrics. " "