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Alignment Healthcare (NASDAQ: ALHC) raises 2026 outlook after Q2 revenue jump

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Alignment Healthcare reported results for the quarter ended June 30, 2026, with total revenue of $1,335.6 million, up 31.6% year-over-year, and health plan membership of approximately 294,100, up 31.5%. The company stated that performance surpassed the high end of its guidance across key metrics.

Adjusted gross profit was $182.9 million, up 35.3%, and income from operations was $42.1 million. Medical benefits ratio based on adjusted gross profit was 86.3%, improving about 40 basis points year-over-year. Adjusted EBITDA was $68.1 million, reflecting a 5.1% margin, while net income increased to $36.6 million from $15.7 million.

For the third quarter of 2026, the company forecasts revenue between $1,300 million and $1,320 million and adjusted EBITDA between $20 million and $30 million. For full-year 2026, revenue guidance is $5,195 million to $5,225 million and adjusted EBITDA guidance is $145 million to $163 million, alongside higher expected membership and adjusted gross profit.

Positive

  • Total revenue rose to $1,335.6 million in Q2 2026, up 31.6% year-over-year, while net income increased to $36.6 million from $15.7 million a year earlier.
  • Adjusted EBITDA grew 48.4% year-over-year to $68.1 million in Q2 2026, with an adjusted EBITDA margin of 5.1% and an improved medical benefits ratio of 86.3%.
  • The company raised the midpoint of all full-year 2026 guidance metrics, including revenue of $5,195–$5,225 million and adjusted EBITDA of $145–$163 million.

Negative

  • None.

Filing Explained

At June 30, 2026, reported cash was $693,453 thousand against $324,056 thousand of long-term debt, with 207,178,193 common shares outstanding.

This Form 8-K reports a specified material event—the company’s second-quarter results for the period ended June 30, 2026. The results are furnished through Exhibit 99.1, rather than treated as filed under Section 18 of the Exchange Act.

The filing’s balance sheet records $693,453 thousand of cash and cash equivalents against $324,056 thousand of long-term debt at June 30, 2026, establishing the company’s reported liquidity and debt position at that date.

Common stock issued and outstanding was 207,178,193 shares at June 30, 2026, compared with 204,153,619 at December 31, 2025; the filing reports the share counts but does not assign the change to a specific transaction.

Adjusted gross profit and adjusted EBITDA are supplemental non-GAAP measures: the release defines them by excluding specified items from GAAP results, so they do not replace income from operations or net income.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $1,335.6 million Total revenue for the three months ended June 30, 2026
Q2 2026 Net Income $36.6 million Net income for the three months ended June 30, 2026
Q2 2026 Adjusted EBITDA $68.1 million Adjusted EBITDA for the three months ended June 30, 2026, 48.4% year-over-year growth
Medical Benefits Ratio 86.3% MBR based on adjusted gross profit for Q2 2026, about 40 bps improvement year-over-year
Health Plan Membership 294,100 members Approximate health plan membership at June 30, 2026, up 31.5% year-over-year
Cash and Cash Equivalents $693,453 thousand Cash and cash equivalents balance as of June 30, 2026
2026 Revenue Guidance (High End) $5,225 million High end of full-year 2026 revenue guidance range
2026 Adjusted EBITDA Guidance Range $145–$163 million Full-year 2026 adjusted EBITDA guidance range
Adjusted EBITDA financial
"Adjusted EBITDA is a non-GAAP financial measure that we define as net income (loss)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted gross profit financial
"Adjusted gross profit is a non-GAAP financial measure that we define as income (loss) from operations"
Adjusted gross profit is a company’s revenue from selling goods or services minus the direct costs of producing them, with one-time or unusual items added back or removed to show the core margin. Investors use it like a cleaned-up snapshot of how much a business actually earns on its products, similar to measuring body weight after removing heavy clothes, because it helps compare performance across periods and companies without noise from rare events.
Medical Benefits Ratio financial
"We calculate our MBR by dividing total medical expenses, excluding depreciation, and medical equity-based compensation"
The medical benefits ratio is the share of an insurer’s premium income that is paid out for customers’ medical care and health services, expressed as a percentage. Investors use it like a car’s fuel gauge: a higher percentage means more of each dollar goes to care rather than administration or profits, signaling tight margins or strong claim activity, while a lower percentage can indicate greater profitability or under‑provision of care.
non-GAAP financial measures financial
"Certain of these financial measures are considered “non-GAAP” financial measures within the meaning of Item 10"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
equity-based compensation financial
"Represents equity-based compensation related to grants made in the applicable year"
Equity-based compensation is pay given to employees or contractors in the form of company ownership—such as stock, stock options, or restricted shares—instead of or in addition to cash. It matters to investors because it aligns workers’ interests with shareholders (like giving employees a slice of the company pie), but can also dilute existing owners and appears as a real cost on financial statements, affecting earnings and share value.
Five Star Quality Rating System financial
"our ability to maintain a high rating for our plans on the Five Star Quality Rating System"
Total revenue $1,335.6 million up 31.6% year-over-year
Health plan membership 294,100 members up 31.5% year-over-year
Adjusted EBITDA $68.1 million up 48.4% year-over-year
Adjusted gross profit $182.9 million up 35.3% year-over-year
Net income $36.6 million compared with $15.7 million a year earlier
Guidance

For Q3 2026, revenue guidance is $1,300–$1,320 million and adjusted EBITDA $20–$30 million; for full-year 2026, revenue guidance is $5,195–$5,225 million and adjusted EBITDA $145–$163 million.

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FAQ

How did Alignment Healthcare (ALHC) perform financially in Q2 2026?
Alignment Healthcare reported $1,335.6 million in Q2 2026 revenue, up 31.6% year-over-year, and net income of $36.6 million, compared with $15.7 million a year earlier. Adjusted EBITDA was $68.1 million, reflecting 48.4% year-over-year growth and a 5.1% margin.

What were Alignment Healthcare (ALHC)’s key operating metrics in Q2 2026?
Health plan membership reached approximately 294,100 at June 30, 2026, up 31.5% year-over-year. The medical benefits ratio based on adjusted gross profit was 86.3%, an improvement of about 40 basis points compared with the prior-year quarter.

What guidance did Alignment Healthcare (ALHC) give for Q3 2026?
For Q3 2026, Alignment Healthcare forecast revenue of $1,300–$1,320 million and adjusted EBITDA of $20–$30 million, with expected health plan membership between 295,500 and 297,500 members and adjusted gross profit of $148–$158 million.

What is Alignment Healthcare (ALHC)’s full-year 2026 financial outlook?
For 2026, Alignment Healthcare guided to revenue of $5,195–$5,225 million and adjusted EBITDA of $145–$163 million. It also expects health plan membership of 298,000–301,000 and adjusted gross profit of $630–$650 million.

How strong is Alignment Healthcare (ALHC)’s balance sheet as of June 30, 2026?
As of June 30, 2026, Alignment Healthcare held $693,453 thousand in cash and cash equivalents and total assets of $1,279,038 thousand. Total stockholders’ equity was $265,131 thousand, up from $179,277 thousand at December 31, 2025.

How does Alignment Healthcare (ALHC) define Adjusted EBITDA and Adjusted Gross Profit?
Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation and amortization, certain litigation costs, gains or losses on sale of property and equipment, and equity-based compensation. Adjusted gross profit is income from operations before depreciation and amortization, medical equity-based compensation, and selling, general, and administrative expenses.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 30, 2026

_______________________________

Alignment Healthcare, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware001-4029546-5596242
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

1100 W. Town and Country Road, Suite 1600

Orange, California 92868

(Address of Principal Executive Offices) (Zip Code)

(844) 310-2247

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareALHCThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

 

On July 30, 2026, Alignment Healthcare, Inc. issued a press release announcing its financial results for its second quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

 

The information contained in this Current Report on Form 8-K and in the accompanying exhibit are “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number Description
   
99.1 Press Release dated July 30, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Alignment Healthcare, Inc.
   
  
Date: July 30, 2026By: /s/ James M. Head        
  James M. Head
  Chief Financial Officer
  

 

EXHIBIT 99.1

Alignment Healthcare Reports Second Quarter 2026 Results, Surpassing High End of Guidance Across All Key Metrics

  • Generates $1.3 billion in total revenue, representing 31.6% growth year-over-year
  • Grows Medicare Advantage membership 31.5% year-over-year to approximately 294,100 members
  • Raises the midpoint of all full-year guidance metrics: membership, revenue, adjusted gross profit and adjusted EBITDA

ORANGE, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (NASDAQ: ALHC), today reported financial results for its second quarter ended June 30, 2026.

“Our second quarter results underscore the strength of our purpose-built Medicare Advantage platform and place us in a strong position to deliver upon our full-year objectives," said John Kao, chairman and CEO. “We are continuing to realize the benefits of ongoing investments we have made across our clinical model, AI-enabled capabilities and operational infrastructure. These financial results are a reflection of how we are delivering for our seniors and demonstrate that better outcomes, stronger member experiences and sustainable profitable growth can all go hand in hand."

Second Quarter 2026 Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

  • Health plan membership at the end of the quarter was approximately 294,100, up 31.5% year-over-year
  • Total revenue was $1,335.6 million, up 31.6% year-over-year
  • Adjusted gross profit* was $182.9 million, up 35.3% year-over-year, and income from operations was $42.1 million
    • Adjusted gross profit excludes depreciation and amortization of $7.9 million and selling, general, and administrative expenses of $131.0 million (which includes $16.3 million of equity-based compensation). Adjusted gross profit also excludes $1.9 million of equity-based compensation recorded within medical expenses
    • Medical benefits ratio based on adjusted gross profit was 86.3%, an improvement of approximately 40 basis points year-over-year
  • Adjusted EBITDA* of $68.1 million represented an adjusted EBITDA margin of 5.1% and grew 48.4% year-over-year, while net income was $36.6 million, compared to $15.7 million the year prior

* Please see "Second Quarter 2026 Non-GAAP Reconciliation Tables" below for more information on the non-GAAP financial measures reported here as supplemental information.

Outlook for Third Quarter and Fiscal Year 2026

  Three Months Ending September 30, 2026
 Twelve Months Ending December 31, 2026
$ Millions Low
 High
 Low
 High
Health Plan Membership 295,500 297,500 298,000 301,000
Revenue $1,300 $1,320 $5,195 $5,225
Adjusted Gross Profit(1) $148 $158 $630 $650
Adjusted EBITDA(1) $20 $30 $145 $163
_______________________
(1) Adjusted gross profit and adjusted EBITDA are non-GAAP financial measures presented as supplemental disclosure. We cannot provide estimated ranges for the most directly comparable GAAP measures without unreasonable efforts because of the uncertainty around certain items that may impact such GAAP measures, including equity-based compensation expense and depreciation and amortization, that are not within our control or cannot be reasonably predicted. See “Second Quarter 2026 Non-GAAP Reconciliation Tables” for additional information.


Second Quarter 2026 Non-GAAP Reconciliation Tables

Adjusted Gross Profit(1) is reconciled as follows:

  Three Months Ended June 30,
 Six Months Ended June 30,
   2026   2025   2026   2025 
(dollars in thousands)            
Income from operations $42,100  $22,748  $57,603  $17,355 
Add back:            
Equity-based compensation (medical expenses)  1,893   1,594   3,304   2,746 
Depreciation (medical expenses)  3   33   26   66 
Depreciation and amortization(2)  7,854   7,003   15,693   14,597 
Selling, general, and administrative expenses  131,003   103,797   252,141   207,628 
Total add back  140,753   112,427   271,164   225,037 
Adjusted gross profit $182,853  $135,175  $328,767  $242,392 

(1) Adjusted gross profit is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as income (loss) from operations before depreciation and amortization, medical equity-based compensation expense, and selling, general, and administrative expenses.
(2) Amortization expense for the six months ended June 30, 2025, includes $0.6 million in impairment expense related to the remeasurement of goodwill associated with one of our subsidiaries. There was no impairment expense for the three months ended June 30, 2025.


Adjusted EBITDA(1) is reconciled as follows:

  Three Months Ended June 30, Six Months Ended June 30,
   2026   2025   2026   2025 
(dollars in thousands)        
Net income $36,560  $15,653  $47,976  $6,299 
Less: Net loss attributable to noncontrolling interest  —   14   —   254 
Adjustments:        
Interest expense  4,275   3,950   8,337   7,900 
Depreciation and amortization(2)  7,857   7,036   15,719   14,663 
Income tax expense  1,266   3,224   1,291   3,245 
Equity-based compensation(3)  18,174   15,553   32,193   32,740 
Litigation costs(4)  14   555   481   1,062 
Gain on sale of property and equipment  (1)  (72)  (1)  (72)
Adjusted EBITDA $68,145  $45,913  $105,996  $66,091 

(1) Adjusted EBITDA is a non-GAAP financial measure that is presented as supplemental disclosure, that we define as net income (loss) before interest expense, income taxes, depreciation and amortization expense, certain litigation costs, gains or losses on sale of property and equipment, and equity-based compensation expense.
(2) Amortization expense for the six months ended June 30, 2025, includes $0.6 million in impairment expense related to the remeasurement of goodwill associated with one of our subsidiaries. There was no impairment expense for the three months ended June 30, 2025.
(3) Represents equity-based compensation related to grants made in the applicable year.
(4) Represents litigation costs considered outside of the ordinary course of business based on the following considerations which we assess regularly: (i) the frequency of similar cases that have been brought to date, or are expected to be brought within two years, (ii) complexity of the case, (iii) nature of the remedies sought, (iv) litigation posture of the Company, (v) counterparty involved, and (vi) the Company's overall litigation strategy.


Conference Call Details
The company will host a conference call at 5 p.m. EDT 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.alignmenthealth.com/. At the start of the conference call, participants may access the webcast at the following link: https://edge.media-server.com/mmc/p/wpvyxfni. 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 Health
Alignment 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’s mission-focused team makes high-quality, low-cost care a reality for its Medicare Advantage members every day. Based in California, 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®. 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 quarter ending September 30, 2026, and year ending Dec. 31, 2026. 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; our ability to develop and maintain satisfactory relationships with care providers that service our members; risks associated with being a government contractor, including potential federal reductions in MA funding; changes in laws and regulations applicable to our business model; risks related to our indebtedness; changes in market or industry conditions and receptivity to our technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in our labor costs. 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 Dec. 31, 2025, 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.

Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)
(Unaudited)

  June 30,
2026		 December 31,
2025
Assets    
Current Assets:    
Cash and cash equivalents $693,453  $575,817 
Accounts receivable (less allowance for credit losses of $265 at June 30, 2026 and $833 at December 31, 2025)  296,893   253,207 
Investments - current  8,258   28,413 
Prepaid expenses and other current assets  161,845   94,140 
Total current assets  1,160,449   951,577 
Property and equipment, net  66,211   64,251 
Right of use asset, net  7,304   7,019 
Goodwill  32,060   32,060 
Intangible assets, net  4,550   4,550 
Other assets  8,464   6,329 
Total assets $1,279,038  $1,065,786 
Liabilities and Stockholders' Equity    
Current Liabilities:    
Medical expenses payable $612,748  $474,569 
Accounts payable and accrued expenses  32,270   33,284 
Accrued compensation  38,389   49,013 
Total current liabilities  683,407   556,866 
Long-term debt, net of debt issuance costs  324,056   323,176 
Long-term portion of lease liabilities  6,444   6,467 
Total liabilities  1,013,907   886,509 
Stockholders' Equity:    
Preferred stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; no shares issued and outstanding as of June 30, 2026 and December 31, 2025  —   — 
Common stock, $0.001 par value; 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 207,178,193 and 204,153,619 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively  207   205 
Additional paid-in capital  1,225,965   1,188,089 
Accumulated deficit  (961,041)  (1,009,017)
Total stockholders' equity  265,131   179,277 
Total liabilities and stockholders' equity $1,279,038  $1,065,786 


Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)

  Three Months Ended June 30, Six Months Ended June 30,
   2026   2025   2026   2025 
Revenues:        
Earned premiums $1,326,625  $1,006,203  $2,553,191  $1,924,246 
Other  9,008   9,085   17,639   17,974 
Total revenues  1,335,633   1,015,288   2,570,830   1,942,220 
Expenses:        
Medical expenses  1,154,676   881,740   2,245,393   1,702,640 
Selling, general, and administrative expenses  131,003   103,797   252,141   207,628 
Depreciation and amortization  7,854   7,003   15,693   14,597 
Total expenses  1,293,533   992,540   2,513,227   1,924,865 
Income from operations  42,100   22,748   57,603   17,355 
Other expenses:        
Interest expense  4,275   3,950   8,337   7,900 
Other income, net  (1)  (79)  (1)  (89)
Total other expense  4,274   3,871   8,336   7,811 
Income before income taxes  37,826   18,877   49,267   9,544 
Provision for income taxes  1,266   3,224   1,291   3,245 
Net income $36,560  $15,653  $47,976  $6,299 
Less: Net loss attributable to noncontrolling interest  —   14   —   254 
Net income attributable to Alignment Healthcare, Inc. $36,560  $15,667  $47,976  $6,553 
         
Net income per share attributable to Alignment Healthcare, Inc.:        
Basic  0.18   0.08   0.23   0.03 
Diluted  0.17   0.07   0.22   0.03 
Weighted-average common shares outstanding:        
Basic  207,448,894   198,328,613   206,408,426   195,980,569 
Diluted  215,024,483   209,519,629   214,369,175   201,576,078 


Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)

  Six Months Ended June 30,
   2026   2025 
Operating Activities:    
Net income $47,976  $6,299 
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit loss  265   262 
Gain on sale of property and equipment  (1)  (72)
Depreciation and amortization  15,719   14,663 
Amortization-investment discount  (350)  (731)
Amortization-debt issuance costs  1,147   881 
Equity-based compensation  32,193   32,740 
Non-cash lease expense  929   246 
Changes in operating assets and liabilities:    
Accounts receivable  (43,951)  (129,259)
Prepaid expenses and other current assets  (67,705)  (56,333)
Other assets  11   (52)
Medical expenses payable  138,179   165,366 
Accounts payable and accrued expenses  (1,324)  8,631 
Accrued compensation  (10,624)  3,085 
Lease liabilities  (1,096)  20 
   Net cash provided by operating activities  111,368   45,746 
Investing Activities:    
Purchase of investments  (16,835)  (35,001)
Sale of property and equipment  —   75 
Maturities of investments  37,340   39,990 
Sale of business  —   1,065 
Acquisition of property and equipment  (17,509)  (16,255)
   Net cash provided by (used in) investing activities  2,996   (10,126)
Financing Activities:    
Debt issuance costs  (2,397)  (26)
Proceeds from stock option exercises  5,685   1,823 
Net cash provided by financing activities  3,288   1,797 
Net increase in cash  117,652   37,417 
Cash, cash equivalents and restricted cash at beginning of period  577,937   434,942 
Cash, cash equivalents and restricted cash at end of period $695,589  $472,359 
Supplemental disclosure of cash flow information:    
Cash paid for interest $7,013  $6,740 
Supplemental non-cash investing and financing activities:    
Acquisition of property in accounts payable $128  $117 


The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total above:

  June 30, 2026
 June 30, 2025
Cash and cash equivalents $693,453  $470,266 
Restricted cash in other assets  2,136   2,093 
Total $695,589  $472,359 


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 income (loss) before interest expense, income taxes, depreciation and amortization expense, certain litigation costs, gains or losses on sale of property and equipment, and equity-based compensation expense.

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 income (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 medical 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 income (loss) from operations before depreciation and amortization, medical 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 income (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 Zhuo
hzhuo@ahcusa.com

Media Contact
Jerry Slowey
publicrelations@ahcusa.com

Source: View Original Filing on SEC EDGAR

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