Evolent Health, Inc. (NYSE:EVH) Q3 2019 Earnings Conference Call Transcript
Nov 05, 2019 • 05:00 pm ET
Welcome to Evolent Health's Earnings Conference Call for the quarter ended September 30, 2019. [Operator Instruction] Your host for the call today is Mr. Frank Williams, Chief Executive Officer 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 Investor Relations.Here is some important introductory information. This call contains forward looking statements under the US federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present present expectations. A description of some of the risks and uncertainties can be found in the company's reports that are filed with the Securities and Exchange Commission, including cautionary statements included in the current and periodic filings.
For additional information on the company's results and outlook, please refer to its second quarter news press release issued earlier today.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 Investor Relations 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 Chief Executive Officer, Mr. Frank Williams.
Thank you, and good evening. Im Frank Williams, Chief Executive Officer of Evolent Health; and I'm joined by John Johnson, our Chief Financial Officer; and Nicky McGrane, our Executive Vice President of Corporate Performance.I'll open the call this evening with a summary of our recent financial results as well as an update on the market, our current pipeline and progress on Evolent's key strategic priorities for the year ahead. I'll then hand it to John to take us through a more detailed financial review of the third quarter. I'll close with a brief summary of our market leading position, serving both payers and providers, and as always, we'll be happy to take questions at the end of the call.In terms of our results, total adjusted revenue for the quarter ended September 30, 2019, increased 46.7% to $220.3 million from the comparable quarter of the prior year. Adjusted EBITDA for the quarter ended September 30, 2019, was $3.3 million compared to $4.8 million for the quarter ended September 30, 2018.
As of September 30, 2019, we had approximately 3.7 million total lives on the platform and with the addition of Maryland Physicians Care this quarter, we've welcomed seven new partners to the Evolent national network this year.Overall, we're quite pleased with our top and bottom line results for the third quarter and the progress we've made and meeting our key strategic objectives for 2019. We're experiencing strong same-store growth, which is the result of delivering consistent performance improvement operationally, clinically and financially for our partners. In terms of new business, we're continuing to see a deep and diverse new business pipeline, thanks to a compelling macro environment and