Evolent Health, Inc. (NYSE:EVH) Q3 2018 Earnings Conference Call Transcript
Nov 06, 2018 • 05:00 pm ET
Welcome to Evolent Health Earnings Conference Call for the quarter ended September 30, 2018. As a reminder, this conference call is being recorded. Your host for the call today is Mr. Frank Williams, CEO of Evolent Health. This call will be archived and available later this evening and for the next week via the webcast on the Company's website in the section entitled IR.
(Forward-Looking Cautionary Statements)
As a reminder, reconciliations of non-GAAP measures discussed during today's call to the most direct comparable GAAP measures are available in the Company's press release issued today and posted on the IR section of the Company's website, ir.evolenthealth.com, and the 8-K filed by the Company with the SEC earlier today.
At this time, I will turn the call over to the Company's CEO, Mr. Frank Williams.
Thank you, and good evening. I'm Frank Williams, CEO of Evolent Health, and I'm joined by Nicky McGrane, our CFO. I'll open the call this evening with a summary of our financial performance for the quarter and share our perspective on the overall market and our pipeline. I'll then hand it to Nicky to take us through a detailed review of our third quarter results, and I'll close with an update on our organization, as well as an update on our implementation process with Florida Medicaid. As always, we're happy to take questions at the end of the call.
In terms of our results for the quarter ended September 30th, 2018, total adjusted revenue increased 38.6% to $150.2 million from the comparable quarter of the prior year. Adjusted EBITDA for the quarter ended September 30th, 2018, was $4.8 million compared to $2.6 million from the comparable quarter of the prior year. As of September 30th, 2018, we had approximately 3.1 million total lives on the platform. To-date, we've welcomed a total of nine new partners to the Evolent national network this year, including Lee Health, Torrance, Baptist Health Care, Nicklaus Children's Health System and SOMOS IPA, a top-performing innovative provider network in New York City.
Just recently, we were delighted to learn that SOMOS IPA achieved formal designation by the New York State Department of Health, as a value-based payment innovator, opening the door for them to pursue delegated risk arrangements with MCOs throughout the region. I'll touch on this in more detail later, but this represents a very exciting opportunity for Evolent and SOMOS to dramatically improve community health in the New York metropolitan area, while also significantly expanding the number of lives under value-based arrangements. Overall, we're pleased with our results having met our strategic and financial objectives for the quarter.
In terms of what we're seeing in the overall market, this is the time of year, where we gather significant market intelligence from our partners and other key industry stakeholders. To that end, we've just completed several dozen site visits, as well as our Annual Executive Summit event in mid-October, where we convened 200 senior executives from 75 leading provider organizations, including existing and prospective