Alignment Healthcare Files Q3 2024 10-Q

TL;DR

Alignment Healthcare's Q3 2024 10-Q is in. Financials and operations detailed.

AI Summary

Alignment Healthcare, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the healthcare sector.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Alignment Healthcare, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the healthcare industry is inherently subject to regulatory and market risks.

Key Players & Entities

• Alignment Healthcare, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-29 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ALHC The Nasdaq Stock Market

Filing Documents

• alhc-20240930.htm (10-Q) — 1153KB
• alhc-20240930xex311.htm (EX-31.1) — 11KB
• alhc-20240930xex312.htm (EX-31.2) — 11KB
• alhc-20240930xex321.htm (EX-32.1) — 5KB
• alhc-20240930xex322.htm (EX-32.2) — 5KB
• 0001628280-24-044092.txt ( ) — 6433KB
• alhc-20240930.xsd (EX-101.SCH) — 41KB
• alhc-20240930_cal.xml (EX-101.CAL) — 76KB
• alhc-20240930_def.xml (EX-101.DEF) — 179KB
• alhc-20240930_lab.xml (EX-101.LAB) — 590KB
• alhc-20240930_pre.xml (EX-101.PRE) — 423KB
• alhc-20240930_htm.xml (XML) — 839KB

Financial Statements (Unaudited)

Financial Statements (Unaudited): 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 9 Notes to Unaudited Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II. Other Information 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Throughout this quarterly report on Form 10-Q (this "Quarterly Report"), we make "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Quarterly Report are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning. The forward-looking statements contained in this Quarterly Report are generally located in the material set forth under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" but may be found in other locations as well. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: our history of net losses, and our ability to achieve or maintain profitability in an environment of increasing expenses; the effect of our relatively limited operating history on investors' ability to evaluate our current business and future prospects; the viability of our growth strategy and our ability to realize expected results; our ability to attract new members and to successfully enter into new markets; the quality and pricing of our products and services; our ability to maintain a high rating for our health plans on the Five Star Quality Rating System;

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 4 Table of Contents Alignment Healthcare, Inc. Condensed Consolidated Balance Sheets (amounts in thousands, except par value and share amounts) (Unaudited) September 30, 2024 December 31, 2023 Assets Current Assets: Cash and cash equivalents $ 340,300 $ 202,904 Accounts receivable (less allowance for credit losses of $ 123 at September 30, 2024 and $ 0 at December 31, 2023) 138,852 119,749 Investments - current 40,676 115,914 Prepaid expenses and other current assets 53,779 44,970 Total current assets 573,607 483,537 Property and equipment, net 64,692 51,901 Right of use asset, net 8,124 9,959 Goodwill 34,826 34,826 Intangible Assets, net 4,550 5,252 Other assets 6,488 6,405 Total assets $ 692,287 $ 591,880 Liabilities and Stockholders' Equity Current Liabilities: Medical expenses payable $ 297,125 $ 205,399 Accounts payable and accrued expenses 25,394 23,511 Accrued compensation 33,951 34,112 Current maturities of long-term debt 1,613 — Total current liabilities 358,083 263,022 Long-term debt, net of current maturities and debt issuance costs 210,386 161,813 Long-term portion of lease liabilities 8,191 8,974 Total liabilities 576,660 433,809 Commitments and Contingencies (Note 12) Stockholders' Equity: Preferred stock, $ .001 par value; 100,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ .001 par value; 1,000,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 191,595,786 and 188,951,643 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 191 189 Additional paid-in capital 1,091,561 1,037,015 Accumulated deficit ( 977,202 ) ( 880,258 ) Total Alignment Healthcare, Inc. stockholders' equity 114,550 156,946 Noncontrolling interest 1,077 1,125 Total stockholders' equity 115,627 158,071 Total liabi

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View this 10-Q filing on SEC EDGAR