Evolent Health (EVH) 10-K 20 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37415
Entity Registrant Name	Evolent Health, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0454912
Entity Address, Address Line One	1812 N. Moore Street
Entity Address, Address Line Two	Suite 1705
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	571
Local Phone Number	389-6000
Title of 12(b) Security	Class A Common Stock of Evolent Health, Inc., par value $0.01 per share
Trading Symbol	EVH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding (in shares)		116,591,148
Documents Incorporated by Reference	Selected portions of the Proxy Statement for the Annual Meeting of Stockholders, scheduled for June 5, 2025, have been incorporated by reference into Part III of this Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.
Entity Central Index Key	0001628908
Amendment Flag	false
Document Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	McLean, VA

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 104,203	$ 192,825
Restricted cash and restricted investments		59,295	13,768
Accounts receivable, net	[1]	414,681	446,749
Prepaid expenses and other current assets		28,938	30,331
Total current assets		607,117	683,673
Restricted cash and restricted investments		14,998	16,864
Investments and equity method investees		8,588	4,895
Property and equipment, net		73,151	78,194
Right-of-use assets - operating		6,134	11,983
Prepaid expenses and other noncurrent assets		3,569	4,028
Contract cost assets		13,378	12,120
Intangible assets, net		680,156	752,009
Goodwill		1,137,320	1,116,542
Total assets		2,544,411	2,680,308
Current liabilities:
Accounts payable	[1]	96,025	48,246
Accrued liabilities		66,361	149,849
Operating lease liability - current		26,717	9,738
Accrued compensation and employee benefits		33,719	56,385
Deferred revenue		2,507	5,976
Short-term debt, net		171,467	0
Reserve for claims and performance - based arrangements		318,705	404,048
Total current liabilities		715,501	674,242
Long-term debt, net		490,520	597,049
Other long-term liabilities		2,984	3,637
Tax receivables agreement liability		108,105	107,932
Operating lease liabilities - noncurrent		24,969	38,009
Deferred tax liabilities, net		10,900	13,311
Total liabilities		1,352,979	1,434,180
Commitments and Contingencies (See Note 10)
Mezzanine Equity
Preferred class A common stock - $0.01 par value; 50,000,000 shares authorized; 175,000 issued, respectively		190,173	178,427
Shareholders' Equity
Class A common stock - $0.01 par value; 750,000,000 shares authorized; 116,575,773 and 115,424,833 shares issued, respectively		1,166	1,154
Additional paid-in-capital		1,803,786	1,808,121
Accumulated other comprehensive loss		(1,753)	(1,257)
Retained earnings (accumulated deficit)		(780,817)	(719,194)
Treasury stock, at cost; 1,537,582 shares issued, respectively		(21,123)	(21,123)
Total shareholders' equity		1,001,259	1,067,701
Total liabilities, mezzanine equity and shareholders' equity		$ 2,544,411	$ 2,680,308
[1]See Note 19 for amounts attributable to related parties included in these line items.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Mezzanine Equity
Preferred class A common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred class A common stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred class A common stock, shares issued (in shares)	175,000	175,000
Shareholders' Equity
Class A common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A common stock, shares authorized (in shares)	750,000,000	750,000,000
Class A common stock, shares issued (in shares)	116,575,773	115,424,833
Treasury stock, shares issued (in shares)	1,537,582	1,537,582

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	[1]	$ 2,554,741	$ 1,963,896	$ 1,352,013
Expenses
Cost of revenue	[1]	2,187,388	1,503,426	1,035,429
Selling, general and administrative expenses	[1]	263,050	358,110	269,269
Depreciation and amortization expenses		118,370	123,415	67,195
Loss on disposal of non-strategic assets		0	8,107	0
Right-of-use assets impairment		2,588	24,065	0
Loss on lease termination		18,922	0	0
Change in fair value of contingent consideration		4,908	17,984	(23,522)
Total operating expenses		2,595,226	2,035,107	1,348,371
Operating income (loss)		(40,485)	(71,211)	3,642
Interest income		5,544	5,256	1,369
Interest expense		(24,722)	(54,205)	(15,572)
Gain (loss) from equity method investees		(3,441)	1,290	4,569
Loss on extinguishment/repayment on long-term debt, net		0	(21,010)	(10,192)
Change in tax receivables agreement liability		(173)	(61,982)	(45,950)
Other income (expense), net		241	(543)	57
Loss before income taxes		(63,036)	(202,405)	(62,077)
Benefit from income taxes		(1,413)	(89,365)	(43,376)
Loss from continuing operations		(61,623)	(113,040)	(18,701)
Loss from discontinued operations, net of tax	[2]	0	0	(463)
Loss before preferred dividends and accretion of Series A Preferred Stock		(61,623)	(113,040)	(19,164)
Dividends and accretion of Series A Preferred Stock		(31,831)	(29,220)	0
Net loss attributable to common shareholders of Evolent Health, Inc. - basic		(93,454)	(142,260)	(19,164)
Net loss attributable to common shareholders of Evolent Health, Inc. - diluted		$ (93,454)	$ (142,260)	$ (19,164)
Basic and diluted
Basic (in dollars per share)		$ (0.81)	$ (1.28)	$ (0.20)
Diluted (in dollars per share)		$ (0.81)	$ (1.28)	$ (0.20)
Weighted-average common shares outstanding
Basic (in shares)		114,682	111,251	93,699
Diluted (in shares)		114,682	111,251	93,699
Comprehensive loss
Net loss attributable to common shareholders of Evolent Health, Inc.		$ (93,454)	$ (142,260)	$ (19,164)
Other comprehensive loss, net of taxes, related to:
Foreign currency translation adjustment		(496)	(79)	(816)
Total comprehensive loss attributable to common shareholders of Evolent Health, Inc.		$ (93,950)	$ (142,339)	$ (19,980)
[1] See Note 19 for amounts attributable to unconsolidated related parties included in these line items. Includes $0.5 million loss on disposal of discontinued operations

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Statement [Abstract]
Loss on disposal of discontinued operations	$ 0.5
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Loss from discontinued operations, net of tax

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE AND SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Cumulative-effect adjustment from adoption of ASC 2020-06	Leveraged Stock Units (LSUs)	Class A Common Stock	Class A Common Stock Performance-Based Restricted Stock Units (PSUs)	Class A Common Stock Leveraged Stock Units (LSUs)	Additional Paid-In Capital	Additional Paid-In Capital Cumulative-effect adjustment from adoption of ASC 2020-06	Additional Paid-In Capital Performance-Based Restricted Stock Units (PSUs)	Additional Paid-In Capital Leveraged Stock Units (LSUs)	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative-effect adjustment from adoption of ASC 2020-06	Treasury Stock
Series A preferred stock , beginning balance (in shares) at Dec. 31, 2021	0
Series A preferred stock , beginning balance at Dec. 31, 2021	$ 0
Series A preferred stock , ending balance (in shares) at Dec. 31, 2022	0
Series A preferred stock , ending balance at Dec. 31, 2022	$ 0
Beginning balance (in shares) at Dec. 31, 2021				90,759,000
Beginning balance at Dec. 31, 2021	693,633	$ (66,383)		$ 908			$ 1,340,989	$ (106,172)			$ (362)	$ (626,779)	$ 39,789	$ (21,123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	33,981						33,981
Exercise of stock options (in shares)				651,000
Exercise of stock options	4,452			$ 6			4,446
Restricted stock units vested, net of shares withheld for taxes (in shares)				496,000
Restricted stock units vested, net of shares withheld for taxes	(7,086)			$ 5			(7,091)
Stock units vested, net of shares withheld for taxes (in shares)				459,000
Stock units vested, net of shares withheld for taxes	(11,232)			$ 5			(11,237)
Exchange of 2024 notes (in shares)				5,394,000
Exchange of 2024 notes	101,857			$ 54			101,803
Shares issued for acquisition (in shares)				3,742,000
Shares issued for acquisition	130,175			$ 37			130,138
Foreign currency translation adjustment	(816)										(816)
Net loss attributable to common shareholders of Evolent Health, Inc.	(19,164)											(19,164)
Ending balance (in shares) at Dec. 31, 2022				101,501,000
Ending balance at Dec. 31, 2022	$ 859,417			$ 1,015			1,486,857				(1,178)	(606,154)		(21,123)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of series A preferred stock, net of issuance costs (in shares)	175,000
Issuance of series A preferred stock, net of issuance costs	$ 168,000
Series A preferred stock , ending balance (in shares) at Dec. 31, 2023	175,000
Series A preferred stock , ending balance at Dec. 31, 2023	$ 178,427
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	40,501						40,501
Exercise of stock options (in shares)				1,406,000
Exercise of stock options	12,519			$ 14			12,505
Restricted stock units vested, net of shares withheld for taxes (in shares)				630,000
Restricted stock units vested, net of shares withheld for taxes	(11,317)			$ 6			(11,323)
Stock units vested, net of shares withheld for taxes (in shares)					202,000	1,040,000
Stock units vested, net of shares withheld for taxes	(3,975)		$ 0		$ 2	$ 10			$ (3,977)	$ (10)
Exchange of 2024 notes (in shares)				1,294,000
Exchange of 2024 notes	23,073			$ 13			23,060
Shares issued for acquisition (in shares)				8,475,000
Shares issued for acquisition	261,271			$ 85			261,186
Class A common stock issued for payment of earn-outs (in shares)				877,000
Class A common stock issued for payment of earn-outs	28,551			$ 9			28,542
Foreign currency translation adjustment	(79)										(79)
Net loss attributable to common shareholders of Evolent Health, Inc.	$ (142,260)						(29,220)					(113,040)
Ending balance (in shares) at Dec. 31, 2023	115,424,833			115,425,000
Ending balance at Dec. 31, 2023	$ 1,067,701			$ 1,154			1,808,121				(1,257)	(719,194)		(21,123)
Series A preferred stock , ending balance (in shares) at Dec. 31, 2024	175,000
Series A preferred stock , ending balance at Dec. 31, 2024	$ 190,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 39,746						39,746
Exercise of stock options (in shares)	283,000			335,000
Exercise of stock options	$ 3,461			$ 4			3,457
Restricted stock units vested, net of shares withheld for taxes (in shares)				611,000
Restricted stock units vested, net of shares withheld for taxes	(11,135)			$ 6			(11,141)
Stock units vested, net of shares withheld for taxes (in shares)					205,000
Stock units vested, net of shares withheld for taxes	(4,564)				$ 2				$ (4,566)
Foreign currency translation adjustment	(496)										(496)
Net loss attributable to common shareholders of Evolent Health, Inc.	$ (93,454)						(31,831)					(61,623)
Ending balance (in shares) at Dec. 31, 2024	116,575,773			116,576,000
Ending balance at Dec. 31, 2024	$ 1,001,259			$ 1,166			$ 1,803,786				$ (1,753)	$ (780,817)		$ (21,123)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN MEZZANINE AND SHAREHOLDERS’ EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows Provided by (Used In) Operating Activities
Net loss before preferred dividends and accretion of Series A preferred stock	$ (61,623)	$ (113,040)	$ (19,164)
Adjustments to reconcile net loss to net cash and restricted cash provided by (used in) operating activities:
Change in fair value of contingent consideration	4,908	17,984	(23,522)
Loss on disposal of non-strategic assets	0	8,107	0
Loss on discontinued operations	0	0	463
Loss (gain) from equity method investees	3,441	(1,290)	(4,569)
Depreciation and amortization expenses	118,370	123,415	67,195
Stock-based compensation expense	39,746	40,501	33,981
Deferred tax benefit	(2,989)	(93,254)	(45,608)
Amortization of contract cost assets	4,798	10,944	23,056
Amortization of deferred financing costs	3,547	3,812	2,302
Loss on extinguishment/repayment of debt, net	0	21,010	10,192
Right-of-use asset impairment	2,588	24,065	0
Loss on lease termination	18,922	0	0
Change in tax receivables agreement liability	173	61,982	45,950
Right-of-use operating assets	3,261	16,625	2,500
Other current operating cash inflows (outflows), net	180	(171)	2,612
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net and contract assets	32,062	(164,694)	(102,980)
Prepaid expenses and other current and non-current assets	4,510	(10,613)	1,673
Contract cost assets	(6,056)	(5,602)	(7,693)
Accounts payable	4,248	(6,723)	13,165
Accrued liabilities	(24,198)	23,653	(28,791)
Operating lease liabilities	(14,983)	(15,373)	(2,983)
Accrued compensation and employee benefits	(22,675)	(2,052)	447
Deferred revenue	(3,469)	(263)	(6,508)
Reserve for claims and performance-based arrangements	(85,343)	204,318	28,436
Other long-term liabilities	(653)	(759)	(1,707)
Net cash and restricted cash provided by (used in) operating activities	18,765	142,582	(11,553)
Cash Flows Used In Investing Activities
Cash paid for asset acquisitions and business combinations	(30,725)	(388,246)	(248,111)
Proceeds from transfer of membership and release of Passport escrow	0	0	30,969
Disposal of non-strategic assets and divestiture of discontinued operations, net	0	577	(9,164)
Return of equity method investments	7	870	5,552
Purchases of investments and contributions to equity method investees	(7,321)	0	0
Investments in internal-use software and purchases of property and equipment	(24,893)	(28,745)	(38,361)
Net cash and restricted cash used in investing activities	(62,932)	(415,544)	(259,115)
Cash Flows (Used In) Provided by Financing Activities
Changes in working capital balances related to claims processing	43,537	(1,514)	(59,449)
Payment of contingent consideration	(70,355)	(46,873)	0
Proceeds from stock option exercises	3,461	12,519	4,452
Proceeds from issuance of long-term debt, net of offering costs	58,576	647,494	219,740
Repayment of long-term debt	0	(464,201)	0
Distributions to Sponsors	0	0	(14,884)
Proceeds from issuance of preferred stock, net of offering costs	0	168,000	0
Payment of preferred dividends	(20,085)	(18,793)	0
Taxes withheld and paid for vesting of equity awards	(15,699)	(15,292)	(18,318)
Net cash and restricted cash (used in) provided by financing activities	(565)	281,340	131,541
Effect of exchange rate on cash and cash equivalents and restricted cash	(229)	(79)	(657)
Net (decrease) increase in cash and cash equivalents and restricted cash	(44,961)	8,299	(139,784)
Cash and cash equivalents and restricted cash as of beginning-of-period	223,457	215,158	354,942
Cash and cash equivalents and restricted cash as of end-of-period	$ 178,496	$ 223,457	$ 215,158

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Evolent Health, Inc. was incorporated in December 2014 in the state of Delaware and through its subsidiaries is a market leader in connecting care for people with complex conditions like cancer, cardiovascular disease, and musculoskeletal diagnoses. We work on behalf of health plans and other risk-bearing entities and payers (our customers) to support physicians and other healthcare providers (our users) in providing the best evidence-based care to their patients. We believe adherence to the best evidence supports better outcomes for patients, a better experience for physicians, and lower costs for the healthcare system overall. As of December 31, 2024, the Company had unrestricted cash and cash equivalents of $104.2 million. The Company believes it has sufficient liquidity to meet its working capital and capital expenditure requirements for at least the next twelve months as of the date the financial statements were issued. The Company made organizational changes, including re-evaluating its reportable segments, as a result of growth in our value-based specialty care business, both organically and through acquisitions. Effective during the three months ended March 31, 2023, the Company changed its reportable segments to reflect changes in the way its chief operating decision maker (“CODM”) evaluates the performance of its operations, develops strategy and allocates capital resources. Specifically, the Company collapsed its previous two segments, Evolent Health Services and Clinical Solutions into one segment. We have one operating segment and one reportable segment as our CODM, who is our Chief Executive Officer, reviews financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. The Company’s headquarters is located in Arlington, Virginia. Evolent Health LLC Governance

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles	Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”). Our consolidated financial statements include the accounts of all subsidiaries. Summary of Significant Accounting Policies Certain GAAP policies that significantly affect the determination of our financial position, results of operations and cash flows are summarized below. Accounting Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. In the accompanying consolidated financial statements, estimates are used for, but not limited to, the valuation of assets (including intangibles assets, goodwill and long-lived assets), liabilities, consideration related to business combinations and asset acquisitions, revenue recognition (including variable consideration), estimated selling prices for performance obligations in contracts with multiple performance obligations, reserves for claims and performance-based arrangements, credit losses, depreciable lives of assets, impairment of long-lived assets, stock-based compensation, deferred income taxes and valuation allowance, contingent liabilities, purchase price allocation in taxable stock transactions and useful lives of intangible assets. Principles of Consolidation The consolidated financial statements include the accounts of Evolent Health, Inc. and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Cash and Cash Equivalents Accounts Receivable and Allowances Property and Equipment, Net Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are computed using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. The following summarizes the estimated useful lives by asset classification: Computer hardware 3 years Computer software 1 year Furniture and equipment 3 - 7 years Internal-use software development costs 5 years Leasehold improvements Shorter of useful life or remaining lease term When an item is sold or retired, the cost and related accumulated depreciation or amortization is eliminated and the resulting gain or loss, if any, is recorded in loss on disposal of non-strategic assets on our consolidated statements of operations and comprehensive income (loss). Software Development Costs The Company capitalizes the cost of developing internal-use software, consisting primarily of personnel and related expenses (including employee taxes and benefits) for employees and third parties who devote time to their respective projects. Internal-use software costs are capitalized during the application development stage – when the research stage is complete and management has committed to a project to develop software that will be used for its intended purpose. Any costs incurred during subsequent efforts to significantly upgrade and enhance the functionality of the software are also capitalized. Capitalized software costs are included in property and equipment, net on our consolidated balance sheets. Amortization of internal-use software costs are recorded on a straight-line basis over their estimated useful life and begin once the project is substantially complete and the software is ready for its intended purpose. Business Combinations Companies acquired during each reporting period are reflected in the results of the Company effective from their respective dates of acquisition through the end of the reporting period. The Company allocates the fair value of purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Critical estimates used to value certain identifiable assets include, but are not limited to, expected long-term revenues, future expected operating expenses, cost of capital and appropriate discount rates. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed in the acquired entity is recorded as goodwill. If the Company obtains new information about facts and circumstances that existed as of the acquisition date during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded on the Company's consolidated statements of operations and comprehensive income (loss). For contingent consideration recorded as a liability, the Company initially measures the amount at fair value as of the acquisition date and adjusts the liability to fair value at each reporting period. Changes in the fair value of contingent consideration, other than measurement period adjustments, are recognized in operating expenses on the consolidated statements of operations and comprehensive income (loss). Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. See Note 4 for additional discussion regarding business combinations. Equity Method Investments For entities that are not consolidated, but where the Company has significant influence over the operating or financial decisions of the entity, the Company accounts for the investment under the equity method of accounting. In accordance with the equity method of accounting, the Company will recognize its share of earnings or losses of the investee in the period in which they are reported by the investee. The Company also considers whether there are any indicators of other-than-temporary impairment of its investments accounted for under the equity method. These investments are included in investments in equity method investees on the consolidated balance sheets with income or loss included in gain from equity method investees on the consolidated statements of operations and comprehensive income (loss). See Note 17 for additional discussion regarding our equity method investments. Goodwill We recognize the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired as goodwill. Goodwill is not amortized, but is reviewed at least annually for indications of impairment, with consideration given to financial performance and other relevant factors. We perform impairment tests of goodwill at a reporting unit level on October 31 of each year. We perform impairment tests between annual tests if an event occurs, or circumstances change, that we believe would more likely than not reduce the fair value of a reporting unit below its carrying amount. Our goodwill impairment analysis first assesses qualitative factors to determine whether events or circumstances existed that would lead the Company to conclude it is more likely than not that the fair value of its reporting unit is below its carrying amount. If the Company determines that it is more likely than not that the fair value of its reporting unit is below the carrying amount, a quantitative goodwill assessment is required. In the quantitative evaluation, the fair value of our reporting unit is determined and compared to the carrying value. If the fair value is greater than the carrying value, then the carrying value is deemed to be recoverable and no further action is required. If the fair value estimate is less than the carrying value, goodwill is considered impaired for the amount by which the carrying amount exceeds our reporting unit’s fair value and a charge is reported in goodwill impairment on our consolidated statements of operations and comprehensive income (loss). See Note 8 for additional discussion regarding the goodwill impairment test conducted during 2024 and 2023. Intangible Assets, Net Identified intangible assets are recorded at their estimated fair values at the date of acquisition and are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are used. The following summarizes the estimated useful lives by asset classification: Customer relationships 11 - 25 years Technology 5 years Provider network contracts 2 - 5 years As part of the organizational changes as a result of growth in our value-based specialty care business, we will sunset several corporate trade names and replace them with Evolent signifying our adoption and launch of a unified brand. As a result, we accelerated amortization such that all corporate trade names were fully amortized by December 2024. Intangible assets are reviewed for impairment if circumstances indicate the Company may not be able to recover the asset’s carrying value. The Company evaluates recoverability by determining whether the undiscounted cash flows expected to result from the use and eventual disposition of that asset or group exceed the carrying value at the evaluation date. If the undiscounted cash flows are not sufficient to cover the carrying value, the Company measures an impairment loss as the excess of the carrying amount of the long-lived asset or group over its fair value. See Note 8 for additional discussion regarding our intangible assets. Research and Development Costs Research and development costs consist primarily of personnel and related expenses (including stock-based compensation and employee taxes and benefits) for employees engaged in research and development activities as well as third-party fees. All such costs are expensed as incurred. We focus our research and development efforts on activities that support our technology infrastructure, clinical program development, data analytics and network development capabilities. Research and development costs are recorded within cost of revenue and selling, general and administrative expenses on our consolidated statements of operations and comprehensive income (loss). Reserves for Claims and Performance-based Arrangements Reserves for claims and performance-based arrangements reflect estimates of payments under performance-based arrangements and the ultimate cost of claims that have been incurred but not reported, including expected development on reported claims, those that have been reported but not yet paid (reported claims in process) and other medical care expenses and services payable that are primarily composed of accruals for incentives and other amounts payable to health care professionals and facilities. The Company uses actuarial principles and assumptions that are consistently applied in each reporting period and recognizes the actuarial best estimate of the ultimate liability along with a margin for adverse deviation. This approach is consistent with actuarial standards of practice that the liabilities be adequate under moderately adverse conditions. The process of estimating reserves involves a considerable degree of judgment by the Company and, as of any given date, is inherently uncertain. The methods for making such estimates and for establishing the resulting liability are continually reviewed and adjustments are reflected in current results of operations in the period in which they are identified as experience develops or new information becomes known. See Note 22 for additional discussion regarding our reserves for claims and performance-based arrangements. Right of Offset Certain customer arrangements give the Company the legal right to net payment for amounts due from customers and claims payable. As of December 31, 2024 and 2023, approximately 67% and 57%, respectively, of gross accounts receivable has been netted against claims payable in lieu of cash receipt. Furthermore, as of December 31, 2024, approximately 23% of our accounts receivable, net could ultimately be settled on a net basis, once the criteria for netting have been met. Additionally, the Company offsets its accounts receivable and claims reserve under its total cost of care management solution. Long-term Debt Convertible notes and amounts borrowed under our Credit Agreement are carried at cost, net of debt discounts and issuance costs, as long-term debt on the consolidated balance sheets. The debt discounts and issuance costs are amortized to interest expense on the consolidated statements of operations and comprehensive income (loss) using the effective interest rate method. Cash interest payments are due either quarterly or semi-annually in arrears and we accrue interest expense monthly based on the annual coupon rate. See Note 9 for further discussion regarding our convertible notes and Credit Agreement. Leases The Company enters into various office space, data center and equipment lease agreements in conducting its normal business operations. At the inception of any contract, the Company evaluates the agreement to determine whether the contract contains a lease. If the contract contains a lease, the Company then evaluates the term and whether the lease is an operating or finance lease. Most leases include one or more options to renew or may have a termination option. The Company determines whether these options are reasonably certain to be exercised at the inception of the lease. The rent expense is recognized on a straight-line basis in the consolidated statements of operations and comprehensive income (loss) over the terms of the respective leases. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Further, the Company treats all lease and non-lease components as a single combined lease component for all classes of underlying assets. The Company also enters into sublease agreements for some of its leased office space. Rental income attributable to subleases is immaterial and is offset against rent expense over the terms of the respective leases. The Company reviews long-lived assets, which include operating lease right-of-use asset assets, for impairment when facts or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. Fair values are determined based on quoted market values, discounted cash flows and external market data, as applicable. Refer to Note 11 for additional lease disclosures. Revenue Recognition Our revenue contracts are typically multi-year arrangements with customers to provide solutions designed to lower the medical expenses of our partners and include our total cost of care management and specialty care management services solutions, provide comprehensive health plan operations and claims processing services, and also include transition or run-out services to customers. We use the following 5-step model, outlined in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), to determine revenue recognition from our contracts with customers: • Identify the contract(s) with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to performance obligations • Recognize revenue when (or as) the entity satisfies a performance obligation Cost of Revenue Our cost of revenue includes direct expenses and shared resources that perform services in direct support of partners. Costs consist primarily of employee-related expenses (including compensation, payroll taxes, benefits and stock-based compensation), expenses for TPA support and other services, as well as other professional fees and technology services. In certain cases, our cost of revenue also includes claims and capitation payments to providers and payments for pharmaceutical treatments and other health care expenditures through capitated arrangements. Selling, general and administrative expenses Our selling, general and administrative expenses consist of employee-related expenses (including compensation, benefits and stock-based compensation) for selling and marketing, corporate development, finance, legal, human resources, corporate information technology, professional fees and other corporate expenses associated with these functional areas. Selling, general and administrative expenses also include costs associated with our centralized infrastructure and research and development activities to support our network development capabilities, claims processing services, including PBM administration, technology infrastructure, clinical program development and data analytics. Stock-based Compensation The Company sponsors a stock-based incentive plan that provides for the issuance of stock-based awards to employees, vendors and non-employee directors of the Company or its consolidated subsidiaries. Our stock-based awards vest over a three Income Taxes Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. A valuation allowance is recorded to the extent required. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies we would employ to avoid a tax benefit from expiring unused. We use a recognition threshold and a measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. We recognize interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense, when applicable. As of December 31, 2024 and 2023, our identified balance of uncertain income tax positions would not have a material impact to the consolidated financial statements. We are subject to taxation in various jurisdictions in the United States, India and the Philippines and remain subject to examination by taxing jurisdictions for the year 2011 and all subsequent periods due to the availability of NOL carryforwards. Loss per Common Share Basic loss per common share is computed by dividing net loss available to Class A common shareholders of Evolent Health, Inc. by the weighted-average number of Class A common shares outstanding. For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings per share by dividing net income available to Class A common shareholders by the weighted average number of Class A common shares plus the weighted average number of Class A common shares assuming the conversion of our convertible notes, as well as the impact of all potential dilutive common shares, consisting primarily of common stock options and unvested restricted stock awards using the treasury stock method and our Series A Preferred Stock. For periods of net loss, shares used in the diluted loss per share calculation represent basic shares as using potentially dilutive shares would be anti-dilutive. Fair Value Measurement Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. Our consolidated balance sheets include various financial instruments (primarily cash not held in money market funds, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities) that are carried at cost which approximates fair value. Refer to Note 18 for further discussion regarding fair value measurement. Our shares of Convertible Preferred Equity are classified within temporary equity, as events outside the Company’s control triggers such shares to become redeemable. Costs associated with the issuance of redeemable preferred stock are presented as discounts to the carrying value of the redeemable preferred stock and are amortized using the effective interest method, over the term of the Convertible Preferred Equity. Refer to Note 12 for further discussion of our Convertible Preferred Equity.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements, including those companies with a single operating segment. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 for the year ended December 31, 2024. See Note 21 for segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-09, but does not expect the adoption to have a significant impact to our income tax disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied prospectively with the option for retrospective application for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures. In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20) “Induced Conversions of Convertible Debt Instruments” to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. Under the amendments, to account for a settlement of a convertible debt instrument as an induced conversion, an inducement offer is required to provide the debt holder with, at a minimum, the consideration (in form and amount) issuable under the conversion privileges provided in the terms of the instrument. An entity should assess whether this criterion is satisfied as of the date the inducement offer is accepted by the holder. If, when applying this criterion, the convertible debt instrument had been exchanged or modified (without being deemed substantially different) within the one-year period leading up to the offer acceptance date, an entity should compare the terms provided in the inducement offer with the terms that existed one year before the offer acceptance date. The amendments in this update also clarify that the induced conversion guidance applies to a convertible debt instrument that is not currently convertible as long as it had a substantive conversion feature as of both its issuance date and the date the inducement offer is accepted. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company is examining the impact this pronouncement may have on the Company’s consolidated financial statements.

Transactions

Transactions	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Transactions	Transactions Business Combinations Machinify On August 1, 2024, the Company completed its acquisition of certain assets of Machinify, Inc. and the exclusive, perpetual and royalty-free license of Machinify Auth, a software platform that leverages the latest advances in artificial intelligence (“Machinify”). The acquisition consideration was $28.5 million which included $19.5 million of cash, $11.0 million which was paid upon closing and $8.5 million which was paid on November 1, 2024, as well as an earn-out consisting of additional consideration of up to $12.5 million payable in cash or shares of the Company’s Class A common stock at the election of the Company in the second quarter of 2025. As of August 1, 2024, the contingent consideration was fair valued at $9.0 million. See Note 18 for additional information regarding the fair value determination of the earn-out consideration. The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of August 1, 2024, as follows (in thousands): Purchase consideration: Cash $ 19,500 Fair value of contingent consideration 9,000 Total consideration $ 28,500 Identifiable intangible assets acquired: Technology $ 7,700 Total identifiable intangible assets acquired 7,700 Liabilities assumed: Accrued compensation and employee benefits 9 Total liabilities assumed 9 Goodwill 20,809 Net assets acquired $ 28,500 Identifiable intangible assets associated with technology will be amortized on a straight-line basis over their preliminary estimated useful lives of 5 years. The fair value of the intangible assets was determined using the replacement cost method which involves estimating an asset’s value by the cost to replace the asset with a similar asset in a similar condition on the closing date of the transaction. Goodwill is calculated as the difference between the acquisition date fair value of the total consideration and the fair value of the net assets acquired and represents the future economic benefits that we expect to achieve as a result of the acquisition. The goodwill is deductible for tax purposes. National Imaging Associates Inc. On January 20, 2023, the Company completed its acquisition of NIA, including all of the issued and outstanding shares of capital stock of NIA as well as certain assets held by Magellan Health, Inc. (“Magellan”) and certain of its subsidiaries that were used in the Magellan Specialty Health division. NIA is a specialty benefit management organization that focuses on managing cost and quality in the areas of radiology, musculoskeletal, physical medicine and genetics. The transaction is expected to accelerate our strategy to become a leading provider of value-based specialty care solutions as well as diversify our revenue streams with a larger customer portfolio. Total acquisition consideration, net of cash on hand and certain closing adjustments, was $715.7 million, based on the closing price of the Company’s Class A common stock on the NYSE on January 20, 2023. The acquisition consideration consisted of approximately $387.8 million of cash consideration (inclusive of certain post-closing adjustments), 8.5 million shares of the Company’s Class A common stock, fair valued at $261.3 million as of January 20, 2023, and an earn-out consisting of additional consideration of up to $150.0 million payable in cash and, at the Company’s election, up to 50% in shares of the Company’s Class A common stock. As of January 20, 2023, the contingent consideration was fair valued at $66.6 million. See Note 18 for additional information regarding the fair value determination of the earn-out consideration. The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of January 20, 2023 as follows (in thousands): Purchase consideration: Cash $ 387,823 Fair value of Class A common stock issued 261,271 Fair value of contingent consideration 66,600 Total consideration $ 715,694 Tangible assets acquired: Accounts receivable $ 28,065 Prepaid expenses and other current assets 675 Total tangible assets acquired 28,740 Identifiable intangible assets acquired: Customer relationships 345,100 Technology 50,700 Corporate trade name 8,200 Total identifiable intangible assets acquired 404,000 Liabilities assumed: Accrued liabilities 5,409 Accrued compensation and employee benefits 6,173 Deferred tax liabilities, net 100,486 Deferred revenue 142 Total liabilities assumed 112,210 Goodwill (1) 395,164 Net assets acquired $ 715,694 ———————— (1) Goodwill acquired does not include $1.0 million of measurement period adjustments and $2.4 million in goodwill written off upon disposal of non-strategic assets. The fair value of the receivables acquired, as shown in the table above, approximates the gross contractual amounts and is expected to be collectible in full. Identifiable intangible assets associated with customer relationships, technology and the corporate trade name will be amortized on a straight-line basis over their preliminary estimated useful lives of 15 years, 5 years and 2 years, respectively. The customer relationships are primarily attributable to existing contracts with current customers. The technology consists primarily of proprietary software that supports NIA’s core business applications and specialty business. The corporate trade name reflects the value that we believe the NIA brand name carries in the market, however due to organization changes we retired the NIA trade name in December 2024. The fair value of the intangible assets was determined using the income approach and the relief from royalty approach. The income approach estimates fair value for an asset based on the present value of cash flows projected to be generated by the asset. Projected cash flows are discounted at a required rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The relief from royalty approach estimates the fair value of an asset by calculating how much an entity would have to spend to lease a similar asset. Goodwill is calculated as the difference between the acquisition date fair value of the total consideration and the fair value of the net assets acquired and represents the future economic benefits that we expect to achieve as a result of the acquisition. The Company received carryover tax basis in the assets and liabilities acquired; accordingly, the Company recognized net deferred tax liabilities associated with the difference between the book basis and the tax basis for the assets and liabilities acquired. The goodwill is not deductible for tax purposes. Additionally, a tax benefit of $56.1 million was recorded in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2023, to account for the valuation allowance release primarily related to the acquired intangible assets, which resulted in a deferred tax liability that provided a source of income supporting realization of other deferred tax assets.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Our revenue contracts are typically multi-year arrangements with customers to provide solutions designed to lower the medical expenses of our partners and include our total cost of care management and specialty care management services solutions, provide comprehensive health plan operations and claims processing services, and also include transition or run-out services to customers. Our performance obligation in these arrangements is to provide an integrated suite of services, including access to our platform that is customized to meet the specialized needs of our partners and providers. Generally, we will apply the series guidance to the performance obligation as we have determined that each time increment is distinct. We primarily utilize a variable fee structure for these services that typically includes a monthly payment that is calculated based on a specified per member per month rate, multiplied by the number of members that our partners are managing under a value-based care arrangement or a percentage of plan premiums. Our arrangements may also include other variable fees related to service level agreements, shared medical savings arrangements and other performance measures. Variable consideration is estimated using the most likely amount based on our historical experience and best judgment at the time. Due to the nature of our arrangements, certain estimates may be constrained if it is probable that a significant reversal of revenue will occur when the uncertainty is resolved. We recognize revenue over time using the time elapsed output method. Fixed consideration is recognized ratably over the contract term. In accordance with the series guidance, we allocate variable consideration to the period to which the fees relate. Our revenue includes certain services which are billed on a per-case basis. Contracts with Multiple Performance Obligations Our contracts with customers may contain multiple performance obligations, primarily when the partner has requested both administrative services and other services such as our specialty care management or total cost of care management services as these services are distinct from one another. When a contract has multiple performance obligations, we allocate the transaction price to each performance obligation based on the relative standalone selling price using the expected cost margin approach. This approach requires estimates regarding both the level of effort it will take to satisfy the performance obligation as well as fees that will be received under the variable pricing model. We also take into consideration customer demographics, current market conditions, the scope of services and our overall pricing strategy and objectives when determining the standalone selling price. Principal vs. Agent We use third parties to assist in satisfying our performance obligations. In order to determine whether we are the principal or agent in the arrangement, we review each third-party relationship on a contract-by-contract basis. As we integrate goods and services provided by third parties into our overall service, we control the services provided to the customer prior to its delivery. As such, we are the principal and we will recognize revenue on a gross basis. In certain cases, we do not control the services from third parties before it is delivered to the customer, thereby recognizing revenue on a net basis. Disaggregation of Revenue The following table represents Evolent’s revenue disaggregated by line of business and product type (in thousands): For the Year Ended December 31, 2024 2023 2022 Medicaid $ 862,401 $ 785,053 $ 559,362 Medicare 1,045,921 708,853 458,413 Commercial and other 646,419 469,990 334,238 Total $ 2,554,741 $ 1,963,896 $ 1,352,013 Performance Suite $ 1,801,879 $ 1,214,661 $ 808,642 Specialty Technology and Services Suite 338,306 296,366 51,898 Administrative Services 238,036 296,244 407,523 Cases 176,520 156,625 83,950 Total $ 2,554,741 $ 1,963,896 $ 1,352,013 Transaction Price Allocated to the Remaining Performance Obligations For contracts with a term greater than one year, we have allocated approximately $18.7 million of transaction price to performance obligations that are unsatisfied as of December 31, 2024. We do not include variable consideration that is allocated entirely to a wholly unsatisfied performance obligation accounted for under the series guidance in the calculation. As a result, the balance represents the value of the fixed consideration in our long-term contracts that we expect will be recognized as revenue in a future period and excludes the majority of our revenue, which is primarily derived based on variable consideration as discussed in Note 2. We expect to recognize revenue on approximately 100% of these remaining performance obligations by December 31, 2025. However, because our existing contracts may be canceled or renegotiated including for reasons outside our control, the amount of revenue that we actually receive may be more or less than this estimate and the timing of recognition may not be as expected. Contract Balances Contract balances consist of accounts receivable, contract assets and deferred revenue. Contract assets are recorded when the right to consideration for services is conditional on something other than the passage of time. Contract assets relating to unbilled receivables are transferred to accounts receivable when the right to consideration becomes unconditional. We classify contract assets as current or non-current based on the timing of our rights to the unconditional payments. Our contract assets are generally classified as current and recorded within prepaid expenses and other current assets on our consolidated balance sheets. Our current accounts receivables are classified within accounts receivable, net on our consolidated balance sheets and our non-current accounts receivable are classified within prepaid expenses and other non-current assets on our consolidated balance sheets. Deferred revenue includes advance customer payments and billings in excess of revenue recognized. We classify deferred revenue as current or non-current based on the timing of when we expect to recognize revenue. Our current deferred revenue is recorded within deferred revenue on our consolidated balance sheets and non-current deferred revenue is recorded within other long-term liabilities on our consolidated balance sheets. The following table provides information about receivables, contract assets and deferred revenue from contracts with customers as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Short-term receivables (1) $ 413,346 $ 446,220 Short-term deferred revenue 2,507 5,976 Long-term deferred revenue — 1,173 ———————— (1) Excludes pharmacy rebate receivable and pharmacy claims receivable. Changes in deferred revenue for the year ended December 31, 2024 are as follows (in thousands): Deferred revenue Balance as of beginning-of-period $ 7,149 Reclassification to revenue, as a result of performance obligations satisfied (5,672) Cash received in advance of satisfaction of performance obligations 1,030 Balance as of end of period $ 2,507 The amount of revenue, excluding customer discounts of $7.7 million and $6.3 million for the year ended December 31, 2024 and 2023, respectively, recognized from performance obligations satisfied (or partially satisfied) in a previous period was $23.0 million, $37.2 million and $36.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, due primarily to retroactive contract amendments offset by net gain share as well as changes in other estimates. Contract Cost Assets Certain bonuses and commissions earned by our sales team are considered incremental costs of obtaining a contract with a customer that we expect to be recoverable. The capitalized contract acquisition costs are classified as non-current assets and recorded within contract cost assets on our consolidated balance sheets. Amortization expense is recorded within selling, general and administrative expenses on the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2024 and 2023, the Company had $2.9 million and $2.8 million, respectively, of contract acquisition cost assets, net of accumulated amortization recorded in contract cost assets on the consolidated balance sheets. In addition, the Company recorded amortization expense of $1.1 million, $1.8 million and $3.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. In our revenue contracts, we incur certain costs related to the implementation of our platform before we begin to satisfy our performance obligation to the customer. The costs, which we expect to recover, are considered costs to fulfill a contract. Our contract fulfillment costs primarily include our employee labor costs and third-party vendor costs. The capitalized contract fulfillment costs are classified as non-current and recorded within contract cost assets on our consolidated balance sheets. Amortization expense is recorded within cost of revenue on the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2024 and 2023, the Company had $10.4 million and $9.3 million, respectively, of contract fulfillment cost assets, net of accumulated amortization recorded in contract cost assets on the consolidated balance sheets. In addition, the Company recorded amortization expense including the acceleration of amortization of contract costs for certain customers of $3.7 million, $9.2 million and $20.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. These costs are deferred and then amortized on a straight-line basis over a period of benefit that we have determined to be the shorter of the contract term or five years. The period of benefit is based on our technology, the nature of our partner arrangements and other factors.

Credit Losses

Credit Losses	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Credit Losses	Credit Losses We are exposed to credit losses primarily through our accounts receivable from revenue transactions, investments held at amortized cost and other notes receivable. We estimate expected credit losses based on past events, current conditions and reasonable and supportable forecasts. Expected credit losses are measured over the remaining contractual life of these assets. As part of our consideration of current and forward-looking economic conditions, current inflationary pressures on our customers’ and other third parties’ ability to pay, we did observe a modest decrease in delinquencies with certain partners’ mainly due to timing of payments which resulted in a higher provision for credit losses for the year ended December 31, 2024. Accounts Receivable from Revenue Transactions Accounts receivable represent the amounts owed to the Company for goods or services provided to customers or third parties. Current accounts receivables are classified within accounts receivable, net on the Company’s consolidated balance sheets, while non-current accounts receivables are classified within prepaid expenses and other noncurrent assets on the Company’s consolidated balance sheets. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms, due dates and business strategy. Our activities include timely account reconciliation, dispute resolution and payment confirmation. In addition, the Company will establish a general reserve based on delinquency rates. Historical loss rates are determined for each delinquency bucket in 30-day past-due intervals and then applied to the composition of the reporting date balance based on delinquency. The allowance implied from application of the historical loss rates is then adjusted, as necessary, for current conditions and reasonable and supportable forecasts. The following table compiles the percentages of outstanding accounts receivable based on our aging analysis of our trade accounts receivable, non-trade accounts receivable and contract assets (in thousands): December 31, 2024 2023 Current 54 % 54 % Past due 1-60 days 15 % 17 % Past due 61+ days 31 % 29 % Accounts receivable, net of allowance $ 420,914 $ 472,350 The following table summarizes the changes in allowance for credit losses on our accounts receivables, certain non-trade accounts receivable and contract assets (in thousands): For the Year Ended December 31, 2024 2023 Balance as of beginning of period $ (16,361) $ (10,180) Acquisitions — (240) Provision for credit losses (4,803) (10,773) Charge-offs (1) 5,796 4,832 Balance as of end of period $ (15,368) $ (16,361) ———————— (1) Charge-offs for the years ended December 31, 2024 and 2023 are primarily related to balances written-off that were previously reserved.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net The following summarizes our property and equipment (in thousands): December 31, 2024 2023 Computer hardware $ 14,734 $ 21,501 Furniture and equipment 983 1,297 Internal-use software development costs 235,831 212,913 Leasehold improvements 1,479 1,052 Total property and equipment 253,027 236,763 Accumulated depreciation expense (179,876) (158,569) Total property and equipment, net $ 73,151 $ 78,194 The Company capitalized $22.9 million, $23.8 million and $29.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, of internal-use software development costs. The net book value of capitalized internal-use software development costs was $68.7 million and $70.9 million as of December 31, 2024 and 2023, respectively. Depreciation expense related to property and equipment was $30.3 million, $32.4 million and $32.0 million for the years ended December 31,

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill Goodwill has an estimated indefinite life and is not amortized; rather, it is reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Our annual goodwill impairment review occurs on October 31 of each fiscal year. We evaluate qualitative factors that could cause us to believe the estimated fair value of our reporting unit may be lower than the carrying value and trigger a quantitative assessment, including, but not limited to (i) macroeconomic conditions, (ii) industry and market considerations, (iii) our overall financial performance, including an analysis of our current and projected cash flows, revenues and earnings, (iv) a sustained decrease in share price and (v) other relevant entity-specific events including changes in management, strategy, partners, or litigation. 2024 Goodwill Impairment Test The Company elected to forego the qualitative assessment and proceed directly to the quantitative assessment of the goodwill impairment test for our sole reporting unit. To determine the implied fair value for our single reporting unit, we used a discounted cash flow valuation approach (“income approach”). In determining the estimated fair value using the income approach, we projected future cash flows based on management’s estimates and long-term plans and applied a discount rate based on the Company’s weighted average cost of capital. This analysis required us to make judgments about revenues, expenses, fixed asset and working capital requirements, applicable tax rates, capital market assumptions and other subjective inputs. In our quantitative assessment, the most sensitive assumption related to the income approach, other than the projected cash flows, was the discount rate. A significant increase in the discount rate in isolation would result in a significantly lower fair value. The concluded fair value under the income approach exceeded carrying value of consolidated total assets by approximately $336.0 million, or 13.6%, as of October 31, 2024. As fair value was greater than carrying value under the income approach, goodwill was not impaired as of October 31, 2024. As of December 31, 2024, Evolent assessed whether there were events or changes in circumstances that would more likely than not reduce the fair value of its goodwill below its carrying amount and require an additional impairment test. The Company determined there had been no such indicators. Therefore, it was unnecessary to perform an additional goodwill impairment assessment as of December 31, 2024. 2023 Goodwill Impairment Test On October 31, 2023, the Company performed its annual goodwill impairment review for fiscal year 2023. In addition, the Company underwent organizational changes which required a reassessment of reporting units. As a result, the Company determined it has one reporting unit. Based on our qualitative assessment, we did not identify sufficient indicators of impairment that would suggest the fair value of our reporting unit was below its respective carrying values. As a result, a quantitative goodwill impairment analysis was not required. Change in Goodwill The following table summarizes the changes in the carrying amount of goodwill, for the periods presented (in thousands): For the Year Ended December 31, 2024 2023 2022 Balance, beginning of period $ 1,116,542 $ 722,774 $ 426,297 Goodwill acquired (1) 20,809 395,164 296,597 Measurement period adjustment — 971 — Goodwill disposal (2) — (2,363) — Foreign currency translation (31) (4) (120) Balance, end of period $ 1,137,320 $ 1,116,542 $ 722,774 ———————— (1) Goodwill acquired from the addition of IPG in August 2022, NIA in January 2023 and Machinify in August 2024 as described in Note 4. (2) Goodwill written-off upon disposal of non-strategic assets. Intangible Assets, Net Details of our intangible assets (in thousands, except weighted-average useful lives) are presented below: December 31, 2024 December 31, 2023 Weighted- Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted- Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Value Corporate trade name 0.0 $ 51,965 $ 51,965 $ — 1.0 $ 51,965 $ 30,288 $ 21,677 Customer relationships 13.5 806,668 186,377 620,291 14.5 806,668 139,150 667,518 Technology 3.0 169,715 117,924 51,791 3.8 162,015 101,566 60,449 Below market lease, net 0.0 1,218 1,218 — 0.0 1,218 1,218 — Provider network contracts 4.8 26,522 18,448 8,074 1.1 18,054 15,689 2,365 Total intangible assets, net $ 1,056,088 $ 375,932 $ 680,156 $ 1,039,920 $ 287,911 $ 752,009 Amortization expense related to intangible assets was $88.1 million, $91.0 million and $35.2 million for the years ended December 31, 2024, 2023 and 2022 respectively. Future estimated amortization of intangible assets (in thousands) as of December 31, 2024, is as follows: 2025 $ 66,203 2026 65,953 2027 63,211 2028 51,277 2029 48,864 Thereafter 384,648 Total future amortization of intangible assets $ 680,156 As part of the organizational changes as a result of growth in our value-based specialty care business, we will sunset several corporate trade names and replace them with Evolent signifying our adoption and launch of a unified brand. As a result, we accelerated amortization such that all corporate trade names were fully amortized by December 2024. Intangible assets are reviewed for impairment if circumstances indicate the Company may not be able to recover the assets’ carrying value. We did not identify any circumstances during the year ended December 31, 2024 that require an impairment test for our intangible assets.

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Terms of Convertible Senior Notes The Company issued $117.1 million aggregate principal amount of its 3.50% Convertible Senior Notes due 2024 in August 2020 (the “2024 Notes”) in privately negotiated exchange and/or subscription agreements, $172.5 million aggregate principal amount of its 1.50% Convertible Senior Notes due 2025 in October 2018 (the “2025 Notes”) in private placements to qualified institutional buyers within the meaning of Rule 144A under the Securities Act and $402.5 million aggregate principal amount of its 3.50% Convertible Senior Notes due 2029 in December 2023 (the “2029 Notes,” and together with the 2024 Notes and 2025 Notes, the “Convertible Senior Notes”), in private placements to qualified institutional buyers within the meaning of Rule 144A under the Securities Act. All 2025 Notes and 2029 Notes will mature on the date in the table below, unless earlier repurchased, redeemed or converted in accordance with their respective terms prior to such date. The Company redeemed all outstanding 2024 Notes on October 13, 2023. The Convertible Senior Notes are recorded on our accompanying consolidated balance sheets at their net carrying values. All of our Convertible Senior Notes also have embedded conversion options and contingent interest provisions, which have not been recorded as separate financial instruments and their fair values are Level 2 inputs. Refer to Note 18 for additional discussion on the fair value classifications of our Convertible Senior Notes. The 2025 Notes and 2029 Notes are convertible into cash, shares of the Company's Class A common stock, or a combination of cash and shares of the Company's Class A common stock, at the Company's election, based on an initial conversion rate of Class A common stock per $1,000 principal amount of the 2025 Notes and 2029 Notes, which is equivalent to an initial conversion price of the Company’s Class A common stock. In the aggregate, the 2025 Notes and 2029 Notes are initially convertible into 20.3 million shares of the Company’s Class A common stock. The conversion rate may be adjusted under certain circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash or shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. The following table summarizes the terms of our Convertible Senior Notes as of December 31, 2024 (in thousands, except per share conversion rates and prices): 2025 Notes 2029 Notes Aggregate principal amount at issuance $ 172,500 $ 402,500 Interest rate per annum 1.5 % 3.5 % Debt issuance costs $ 5,929 $ 11,598 Net proceeds $ 166,571 $ 390,902 Issuance date October 22, 2018 December 8, 2023 Maturity date October 15, 2025 December 1, 2029 Interest payment dates (1) April 15 and October 15 June 1 and December 1 Conversion rate per $1,000 of principal 29.9135 26.3125 Conversion price $ 33.43 $ 38.00 Shares issuable upon conversion (2) 5,160 10,592 Carrying value $ 171,467 $ 392,916 Unamortized debt discount and issuance costs 1,033 9,584 Outstanding principal $ 172,500 $ 402,500 Remaining amortization period (years) 0.8 4.9 Fair value (3) $ 167,180 $ 344,403 ———————— (1) Holders of the Convertible Senior Notes are entitled to cash payments, which are payable semiannually in arrears on the dates indicated above. (2) Measured in shares of the Company’s Class A common stock and represents the number of shares of the Company’s Class A common stock that the Convertible Senior Notes are convertible into as of December 31, 2024. Upon conversion, the Company will pay or deliver, as the case may be, cash or shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. (3) Fair values for notes are derived from available trading prices closest to the respective balance sheet date. Holders of the 2025 Notes and 2029 Notes may require the Company to repurchase all or part of their notes upon the occurrence of a fundamental change at a price equal to 100.0% of the principal amount of the notes being repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The Company may redeem for cash all or any portion of the 2025 Notes, at its option if the last reported sale price of the Company’s Class A common stock has been at least 130.0% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100.0% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to the close of business on the business day immediately preceding April 15, 2025, the 2025 Notes will be convertible at the option of the holders only upon the satisfaction of certain conditions. At any time on or after April 15, 2025, until the close of business on the business day immediately preceding the maturity date, holders of the 2025 Notes may convert, at their option, all or any portion of their 2025 Notes at the conversion rate. The Company may not redeem the 2029 Notes prior to December 6, 2026. The Company may redeem for cash all or any portion of the 2029 Notes, at its option, on or after December 6, 2026, if the last reported sale price of the Company’s Class A common stock has been at least 130.0% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100.0% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Prior to the close of business on the business day immediately preceding September 1, 2029, the 2029 Notes will be convertible at the option of the holders only upon the satisfaction of certain conditions. At any time on or after September 1, 2029, until the close of business on the business day immediately preceding the maturity date, holders of the 2029 Notes may convert, at their option, all or any portion of their 2029 Notes at the conversion rate. 2024 Notes Exchange and Redemption On August 2, 2023, the Company issued a notice of redemption to the holders of its outstanding 2024 Notes, pursuant to which it redeemed the outstanding 2024 Notes for cash at a price of 100% of the principal amount of the 2024 Notes, plus accrued and unpaid interest, if any, on October 13, 2023 (the “Redemption Date”). Prior to the Redemption Date, holders of the 2024 Notes were entitled to convert to shares of the Company’s Class A common stock at a rate of 55.6153 shares per $1,000 principal amount of 2024 Notes. During the year ended December 31, 2023, holders of the 2024 Notes converted $23.3 million in aggregate principal amount of such notes to 1.3 million shares of the Company’s Class A common stock and the Company repaid the remaining $1.0 million balance in cash, satisfying all of the Company’s remaining payment obligations under the 2024 Notes on the Redemption Date. 2029 Notes Issuance In December 2023, the Company issued $402.5 million aggregate principal amount of its 2029 Notes in a private placement to qualified institutional buyers within the meaning of Rule 144A of the Securities Act. The 2029 Notes were issued at an issue price of 100.00% of par for net proceeds of approximately $390.9 million, after deducting fees and estimated expenses. We incurred $11.6 million of debt issuance costs in connection with the 2029 Notes. 2022 Credit Agreement On August 1, 2022 (the “IPG Closing Date”), the Company entered into a credit agreement, by and among the Company, Evolent Health LLC, as administrative borrower (the “ Borrower”), certain subsidiaries of the Company, as co-borrowers and guarantors, the lenders from time to time party thereto, and Ares Capital Corporation (“Ares”), as administrative agent, collateral agent and revolver agent (as modified by Amendment No. 1 and Amendment No. 2 (each, as defined below), the “Existing Credit Agreement” and as modified by Amendment No. 3 (as defined below), the “Credit Agreement”), pursuant to which the lenders agreed to extend credit to the Borrower in the form of (i) initial term loans in an aggregate principal amount of $175.0 million (the “Initial Term Loan Facility”) and (ii) asset-based revolving credit commitments in an aggregate principal amount of $50.0 million (the “Initial Revolving Facility”), the availability of which shall be determined by reference to the lesser of $50.0 million and a borrowing base calculation. The Borrowers borrowed full amount under the Initial Term Loan Facility and the Initial Revolving Facility on the IPG Closing Date. A closing fee of (a) 2.00% of the aggregate amount of the commitments in respect of the Initial Term Loan Facility and (b) 2.00% of the aggregate amount of the commitments in respect of the Initial Revolving Facility was paid as of the IPG Closing Date. On January 20, 2023 (“the NIA Closing Date”), the Company entered into Amendment No. 1 to the Credit Agreement (“Amendment No. 1”), pursuant to which the lenders agreed to extend credit to the Borrower in the form of (i) additional commitments under the Company’s existing asset-based revolving credit facility in an aggregate principal amount equal to $25.0 million (the “2023 Revolver Increase”), and (ii) additional term loans in an aggregate principal amount equal to $240.0 million, (the “2023 Additional Term Loans”). The Borrowers borrowed the full amount under the Incremental Term Loan Facility and the Incremental Revolving Facility on the NIA Closing Date to finance, together with the proceeds from the sale of the Series A Preferred Stock, the cash consideration payable in connection with the NIA acquisition on the NIA Closing Date and pay transaction fees and expenses. A closing fee of (a) 3.00% of the aggregate amount of the commitments in respect of the Incremental Term Loan Facility and (b) 3.00% of the aggregate amount of the commitments in respect of the Incremental Revolving Facility was paid as of the NIA Closing Date. On December 5, 2023, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the Credit Agreement pursuant to which the lenders agreed to certain mechanical changes necessary to permit issuance by the Company of additional unsecured convertible notes. On December 6, 2024 (the “Amendment No. 3 Effective Date”), the Company entered into Amendment No. 3 (“Amendment No. 3”) to the Credit Agreement that provides new secured debt financing in the form of (i) additional commitments under the Company’s existing asset-based revolving credit facility in an aggregate principal amount equal to $50.0 million (the “2024 Revolver Increase”, and together with the Initial Revolving Facility and the 2023 Revolver Increase, the “Revolving Facility”), (ii) a new delayed draw term loan facility in an aggregate principal amount equal to $125.0 million (the “2024-A Delayed Draw Term Loan Facility”), and (iii) a new delayed draw term loan facility in an aggregate principal amount equal to $75.0 million (the “2024-B Delayed Draw Term Loan Facility” and together with the 2024 Revolver Increase and the 2024-A Delayed Draw Term Loan Facility, the “2024 Incremental Facilities”; the Initial Term Loan Facility, the 2023 Additional Term Loans, the 2024-A Delayed Draw Term Loan Facility and the 2024-B Delayed Draw Term Loan Facility are collectively referred to herein as the “Term Loan Facility”; the Revolving Facility and the Term Loan Facility are collectively referred to herein as the “Credit Facilities”), and effected certain amendments to the Existing Credit Agreement. The Borrower paid closing fees equal to 1.00% of the aggregate commitments provided in respect of the 2024 Incremental Facilities on the date the commitment letter in respect of the 2024 Incremental Facilities was executed. The Borrowers borrowed the full amount under the 2024-A Delayed Draw Term Loan Facility and the 2024-B Delayed Draw Term Loan Facility on January 29, 2025 to fund general corporate purposes, including working capital and the management of future liabilities. The Borrower paid upfront fees equal to 1.00% of the aggregate commitments of the 2024 Revolver Increase Facility on the Amendment No. 3 Effective Date and upfront fees equal to 2.00% of the of the aggregate principal amount of the loans funded under the 2024-A Delayed Draw Term Loan Facility and the 2024-B Delayed Draw Term Loan Facility on the applicable funding date. All loans under the Credit Agreement (including loans under the 2024 Incremental Facilities and loans outstanding under the Existing Credit Agreement) (collectively, the “Loans”) will mature on the date that is the earliest of (a) December 6, 2029, (b) the date on which all amounts outstanding under the Credit Agreement have been declared or have automatically become due and payable under the terms of the Credit Agreement, (c) the date that is one hundred eighty (180) days prior to the maturity date of the Company’s Convertible Senior Notes due 2029 and (d) the date that is ninety-one (91) days prior to the maturity date of any other Junior Debt (as defined in the Credit Agreement) unless certain liquidity conditions are satisfied. The interest rate for all Loans will be calculated, at the option of the borrowers, (a) in the case of the Revolving Facility, at either the adjusted term SOFR rate plus 4.00%, or the base rate plus 3.00% and (b) in the case of the Term Loan Facility, at either the adjusted term SOFR rate plus 5.50% or the base rate plus 4.50%, subject to step downs based on a total secured leverage ratio. The Credit Facilities are guaranteed by the Company and the Company’s domestic subsidiaries, subject to certain customary exceptions. The Credit Facilities are secured by a first priority security interest in all of the capital stock of each borrower and guarantor (other than the Company) and substantially all of the assets of each borrower and guarantor, subject to certain customary exceptions. Loans in respect of the Term Loan Facility outstanding under the Credit Agreement may be prepaid and commitments in respect of the Revolving Facility outstanding under the Credit Agreement may be terminated at the option of the Borrower subject to applicable premiums and a call protection premium payable on the amount prepaid or terminated, as applicable, in certain instances as follows: (1) 2.00% of the principal amount so prepaid or terminated after the Amendment No. 3 Effective Date but prior to the first anniversary of the Amendment No. 3 Effective Date; (2) 1.00% of the principal amount so prepaid or terminated after the first anniversary of the Amendment No. 3 Effective Date but prior to the second anniversary of the Amendment No. 3 Effective Date; and (3) 0.00% of the principal amount so prepaid or terminated on or after the second anniversary of the Amendment No. 3 Effective Date. The Borrowers will pay an unused line fee equal to 0.50% times the result of (i) the aggregate amount of the Revolving Facility, less (ii) the average Revolving Facility usage during the immediately preceding month (or portion thereof), which fee shall be due and payable quarterly in arrears, on the first day of each calendar quarter from and after the IPG Closing Date and on the date on which (X) the Credit Facilities are paid in full in cash and (y) the Revolving Facility is otherwise terminated in accordance with the terms of the Credit Agreement. Loans under the 2024 Incremental Facilities are subject to the same security and guarantee arrangements and affirmative and negative covenants, mandatory prepayment provisions and events of default as loans outstanding under the Existing Credit Agreement, in each case, subject to certain modifications agreed by the parties. We incurred debt issuance costs of $14.6 million in connection with the Existing Credit Agreement and $3.4 million in connection with borrowings under the 2024 Incremental Facilities, respectively, which will be amortized into interest expense over the life of the Credit Agreement. During the year ended December 31, 2024, the Company borrowed $62.5 million under the Revolving Facility. As of December 31, 2024, there was $100.0 million outstanding under the Company’s Revolving Facility. During the year ended December 31, 2023, the Company prepaid $37.5 million under the Revolving Facility and $415.0 million of the Term Loan Facility that was utilized to acquire IPG and NIA. The total amount paid to Ares under the Credit Agreement in connection with the prepayment was $434.8 million, which included $415.0 million of principal, $9.1 million in accrued interest and $10.7 million in prepayment premium. In addition, the Company recognized $10.3 million of acceleration of amortization of deferred financing costs. Interest Expense Interest expense and amortization of debt issuance costs activity were as follows (in thousands): For the Year Ended December 31, 2024 2023 2022 2029 Notes Interest expense $ 14,087 $ 900 $ — Amortization of debt issuance costs 1,921 122 — Interest expense for 2029 Notes $ 16,008 $ 1,022 $ — 2022 Credit Agreement Interest expense $ 4,500 $ 46,538 $ 7,939 Amortization of debt issuance costs 330 2,256 433 Interest expense for 2022 Credit Agreement $ 4,830 $ 48,794 $ 8,372 2024 Notes Interest expense $ — $ 367 $ 2,743 Amortization of debt issuance costs — 148 592 Interest expense for 2024 Notes $ — $ 515 $ 3,335 2025 Notes Interest expense $ 2,588 $ 2,588 $ 2,588 Amortization of debt issuance costs 1,296 1,286 1,277 Interest expense for 2025 Notes $ 3,884 $ 3,874 $ 3,865

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Letters of Credit As of December 31, 2024 and 2023, the Company was party to irrevocable standby letters of credit with a bank for $17.7 million and $17.9 million, respectively, for the benefit of regulatory authorities, real estate and risk-sharing agreements. As such, we held $18.5 million and $18.4 million, respectively, in restricted cash and restricted investments as collateral as of December 31, 2024 and 2023, respectively, inclusive of accrued interest. The letters of credit have current expiration dates between November 2025 and January 2026 and will automatically extend without amendment for an additional one-year period and will continue to automatically extend after each one-year term from the expiry date unless the bank elects not to extend beyond the initial or any extended expiry date. As of December 31, 2024, the Company maintained various surety bonds totaling $15.3 million for the benefit of regulatory authorities and risk-sharing agreements. The surety bonds have expiration dates between May 2025 and December 2025 and automatically extend for additional one-year periods. Indemnifications The Company’s customer agreements generally include a provision by which the Company agrees to defend its partners against third-party claims (a) for death, bodily injury, or damage to personal property caused by Company negligence or willful misconduct, (b) by former or current Company employees arising from such managed service agreements, (c) for intellectual property infringement under specified conditions and (d) for Company violation of applicable laws, and to indemnify them against any damages and costs awarded in connection with such claims. To date, the Company has not incurred any material costs as a result of such indemnities and has not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. Guarantees On July 16, 2020, EVH Passport, Evolent Health LLC and Molina Healthcare, Inc. (“Molina”) entered into an Asset Purchase Agreement (the “Molina APA”), which contemplated the sale by EVH Passport to Molina of certain assets, including certain intellectual property rights of EVH Passport and EVH Passport’s rights under the UHC’s Kentucky Medicaid Contract (the “Passport Medicaid Contract”). On September 1, 2020, EVH Passport and Molina consummated the transactions contemplated by the Molina APA (the “Molina Closing”) and the Passport Medicaid Contract was novated to Molina. In connection with the Molina Closing, the Company continued to provide administrative support services relating to the Passport Medicaid Contract to Molina through the end of 2020. Following the Molina Closing, EVH Passport began working with regulatory authorities including the Kentucky Department of Insurance (“KY DOI”) regarding the wind down of its operations throughout 2021, 2022 and a portion of 2023. The wind down process is now complete and on October 10, 2023, the KY DOI approved our application to surrender our certificate of authority. As part of that wind down process, the Company, as the parent of EVH Passport, entered into a guarantee for the benefit of the KY DOI to satisfy any EVH Passport liability or obligation in the event EVH Passport is not able to meet its wind down liabilities or obligations. As of December 31, 2024, no amounts have been funded under this guarantee. UPMC Reseller Agreement The Company and UPMC are parties to a reseller, services and non-competition agreement, dated August 31, 2011, which was amended and restated by the parties on June 27, 2013 (as amended through the date hereof, the “UPMC Reseller Agreement”). Under the terms of the UPMC Reseller Agreement, UPMC has appointed the Company as a non-exclusive reseller of certain services, subject to certain conditions and limitations specified in the UPMC Reseller Agreement. In consideration for the Company’s obligations under the UPMC Reseller Agreement and subject to certain conditions described therein, UPMC has agreed not to sell certain products and services directly to a defined list of 20 of the Company’s customers. Tax Receivables Agreement In connection with the Offering Reorganization, the Company entered into the Tax Receivables Agreement (the “TRA”) with certain of its investors, which provides for the payment by the Company to these investors of 85% of the amount of the tax benefits, if any, that the Company is deemed to realize as a result of increases in our tax basis related to exchanges of Class B common units as well as tax benefits attributable to the future utilization of pre-IPO NOLs. The Company recognized a TRA liability of $108.1 million and $107.9 million as of December 31, 2024 and 2023, respectively, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA. We will assess the realizability of the deferred tax assets at each reporting period, and a change in our estimate of our liability associated with the tax receivables agreement may result as additional information becomes available, including results of operations in future periods. The total amount of the TRA liability may vary due to changes in federal and state income tax rates and availability of net operating losses. Contingencies Litigation Matters We are engaged from time to time in certain legal disputes arising in the ordinary course of business, including employment claims. When the likelihood of a loss contingency becomes probable and the amount of the loss can be reasonably estimated, we accrue a liability for the loss contingency. We continue to review accruals and adjust them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel, and other relevant information. To the extent new information is obtained, and our views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in our accrued liabilities would be recorded in the period in which such determination is made. On June 8, 2021, a shareholder of the Company filed a derivative action in the Delaware Chancery Court against some current and former Board members and against the Company as a nominal defendant, alleging that the Company’s Board was negligent in its oversight of the Company’s relationship with University Healthcare, Inc d/b/a Passport Health Plan. The case is Lincolnshire Police Pension Fund, derivatively on behalf of Evolent Health, Inc., v. Blackley, Williams, Scott, Holder, Farner, D’Amato, Duffy, Felt, Samet, Hobart, and Payson, and Evolent Health, Inc. (the “Derivative Action”). The Company and the Director-Defendants filed a motion to dismiss the complaint on August 27, 2021, and Plaintiffs responded by filing an amended complaint on October 26, 2021. Defendants filed a motion to dismiss the amended complaint on December 17, 2021. Plaintiffs filed a motion to dismiss the case without prejudice, which was granted by the Delaware Chancery Court on January 5, 2023. On April 6, 2023, a shareholder of the Company sent a letter to the Company’s Board (the “Demand”) requesting that the Company’s Board of Directors (the “Board”), among other things, investigate alleged wrongdoing and commence litigation for breach of fiduciary duty against the individuals named as defendants in the Derivative Action. The Board considers it appropriate to investigate, evaluate, and consider the issues and matters raised in the Demand, and are working with outside counsel to do so. On February 15, 2024, the Board, following careful deliberation, responded that it was in the best interests of the Company and its stockholders to refuse to take the actions, including commencing litigation, that were made in the Demand. The Company cannot currently estimate the loss or the range of possible losses it may experience in connection with this request. Credit and Concentration Risk The Company is subject to significant concentrations of credit risk related to cash and cash equivalents and accounts receivable. As of December 31, 2024, approximately 95.1% of our $178.5 million of cash and cash equivalents, restricted cash and restricted investments were held in either bank deposits with FDIC participating banks or overnight sweep accounts invested in money-market funds and approximately 4.9% were held in international banks. While the Company maintains its cash and cash equivalents with financial institutions with high credit ratings, it often maintains these deposits in federally insured financial institutions in excess of federally insured limits. The Company is closely monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally. The Company has not experienced any realized losses on cash and cash equivalents to date; however, no assurances can be provided. The Company is also subject to significant concentration of accounts receivable risk as a substantial portion of our trade accounts receivable is derived from a small number of our partners. The following table summarizes the partners who represented at least 10.0% of our consolidated short-term trade accounts receivable, excluding pharmacy claims receivable and premiums receivable: December 31, 2024 2023 Cook County Health and Hospitals System 45.8% 46.9% ———————— * Represents less than 10.0% of the respective balance. In addition, the Company is subject to significant concentration of revenue risk as a substantial portion of our revenue is derived from a small number of contractual relationships with our partners. The following table summarizes those partners who represented at least 10.0% of our consolidated revenue: For the Year Ended December 31, 2024 2023 2022 Cook County Health and Hospitals System 11.5% 15.7% 22.4% Florida Blue Medicare, Inc. 12.9% 10.4% 11.5% Humana Insurance Company 19.3% 12.0% * Molina Healthcare, Inc. 13.7% 13.5% * ———————— * Represents less than 10.0% of the respective balance.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company enters into various office space, data center, and equipment lease agreements in conducting its normal business operations. At the inception of any contract, the Company evaluates the agreement to determine whether the contract contains a lease. If the contract contains a lease, the Company then evaluates the term and whether the lease is an operating or finance lease. Most leases include one or more options to renew or may have a termination option. The Company determines whether these options are reasonably certain to be exercised or not at the inception of the lease. In addition, some leases contain escalation clauses. The rent expense is recognized on a straight-line basis in the consolidated statements of operations and comprehensive income (loss) over the term of the lease. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheets. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Further, the Company treats all lease and non-lease components as a single combined lease component for all classes of underlying assets. The Company also enters into sublease agreements for some of its leased office space. Immaterial rental income attributable to subleases is offset against rent expense over the terms of the respective leases. The Company leases office space and computer and other equipment under operating lease agreements expiring at various dates. Under the lease agreements, in addition to base rent, the Company is generally responsible for operating and maintenance costs and related fees. Several of these agreements include tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, we record such items in right-of-use assets and operating lease liabilities on our consolidated balance sheets equal to the difference between rent expense and future minimum lease payments due. The rent expense related to these items is recognized on a straight-line basis over the terms of the leases. Effective January 1, 2024, the Company’s primary office location is in Arlington, Virginia with a lease that expires in January 2031. In connection with various lease agreements, the Company is required to maintain $1.9 million and $2.1 million in letters of credit as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024 and 2023, the Company held $1.9 million and $2.1 million in restricted cash and restricted investments on the consolidated balance sheet as collateral for the letters of credit, respectively. Loss on Lease Termination During the year ended December 31, 2024, the Company terminated its Chicago, IL lease effective October 31, 2024 and recognized the impact of a $39.8 million termination penalty in its operating lease liability - current and operating lease liability - noncurrent on its consolidated balance sheet. The termination payment will consist of payments of $1.7 million, $23.0 million and $15.0 million to be paid in 2024, 2025 and 2026, respectively. Right-of-Use Asset Impairment During the year ended December 31, 2024, the Company decommissioned its Alpharetta, GA and Brea, CA leases and wrote off the associated right-of-use asset, recognizing an impairment charge of $2.6 million in right-of-use assets impairment on the consolidated statements of operations and comprehensive income (loss). The Company terminated a portion of its previous headquarters lease in Arlington, VA effective December 31, 2023 and recognized the impact of a $6.5 million termination penalty in its operating lease liability - current on its consolidated balance sheet. The termination payment consisted of two payments of $3.25 million that were paid on October 1, 2023 and April 1, 2024. In addition, the Company terminated the remainder of its previous headquarters lease in Arlington, VA effective March 27, 2024 and paid a $3.5 million termination penalty on April 1, 2024. The following table summarizes our primary office leases as of December 31, 2024 (in thousands, other than term): Location Lease Termination Term (in years) Future Minimum Lease Commitments Letter of Credit Amount Required Arlington, VA (1) 6.1 $ 3,218 $ 1,579 Edison, NJ 1.3 707 222 Makati City, Philippines 3.4 2,286 — Alpharetta, GA 0.7 361 — Pune, India 3.2 1,877 — Brea, CA 2.4 2,373 — ———————— (1) Amounts required under the letter of credit for our previous headquarters’ lease in Arlington, VA until November 2025. The following table summarizes the components of our lease expense (in thousands): For the Year Ended December 31, 2024 2023 2022 Operating lease cost $ 2,960 $ 7,984 $ 8,956 Variable lease cost 5,301 6,004 5,682 Total lease cost $ 8,261 $ 13,988 $ 14,638 Maturity of lease liabilities including future lease termination payments (in thousands) is as follows: Operating lease expense 2025 $ 27,610 2026 18,719 2027 3,008 2028 1,785 2029 1,370 Thereafter 1,663 Total lease payments 54,155 Less: Interest 2,469 Present value of lease liabilities $ 51,686 Our weighted-average discount rate and our weighted remaining lease terms (in years) are as follows: December 31, 2024 2023 2022 Weighted average discount rate 9.09 % 6.40 % 6.36 % Weighted average remaining lease term 4.3 6.0 7.8

Convertible Preferred Equity

Convertible Preferred Equity	12 Months Ended
	Dec. 31, 2024
Temporary Equity Disclosure [Abstract]
Convertible Preferred Equity	Convertible Preferred Equity In connection with the NIA closing, on January 20, 2023, the Company entered into a Securities Purchase Agreement (Series A Convertible Preferred Shares) with the Purchasers listed on Schedule I thereto (the “Securities Purchase Agreement”) pursuant to which the Company offered and sold to the Purchasers an aggregate 175,000 shares of the Series A Preferred Stock, par value $0.01 (the “Series A Preferred Stock”), at a purchase price of $960.00 per share, resulting in total gross proceeds to the Company of $168.0 million. The proceeds from the offer and sale of the Series A Preferred Stock were used, together with the proceeds from the Incremental Revolving Facility and Incremental Term Loan Facility, to finance the cash consideration payable at Closing and pay transaction fees and expenses. The Series A Preferred Stock ranks senior with respect to dividend and liquidation rights to the Company’s Class A common stock, par value $0.01 per share and all future series of the Company’s preferred stock. Each share of Series A Preferred Stock has an initial liquidation preference of $1,000.00 per share. Regular dividends on the Series A Preferred Stock will be paid quarterly in cash in arrears at a rate per annum equal to Adjusted Term SOFR (as defined in the Certificate of Designation of the Series A Preferred Stock filed by the Company with the Delaware Secretary of State on January 19, 2023 (the “Certificate of Designation”)) plus 6.00%. The liquidation preference of the Series A Preferred Stock will increase on the last day of each calendar quarter by the amount of any accrued and unpaid regular dividends that have not been paid in cash on the relevant dividend payment date. The regular dividend rate will also increase by 2.0% per annum upon the occurrence and during the continuance of certain triggering events, including a breach of the protective covenants contained in the Investor Rights Agreement or the Company’s failure to pay any regular dividends in cash. Holders of Series A Preferred Stock are also entitled to participate in and receive any dividends declared or paid on the Class A common stock on an as-converted basis. Each holder of Series A Preferred Stock has the right, at its option, to convert its shares of Series A Preferred Stock into shares of Class A common stock at an initial conversion price per share of $40.00 of the then-current liquidation preference per share, subject to customary anti-dilution adjustments. Holders of Series A Preferred Stock are not entitled to vote on any matters, except as required by law and for certain consent rights set forth in the Certificate of Designation. The Company may not redeem the Series A Preferred Stock at its option prior to January 20, 2025. At any time on or after January 20, 2025, the Company may redeem any or all of the Series A Preferred Stock then outstanding for cash at a redemption price per share equal to 165.00% of the then-current liquidation preference of the Series A Preferred Stock, plus all accrued and unpaid dividends on the Series A Preferred Stock being redeemed. If not earlier redeemed, at any time on or after January 20, 2030, at the request of the holders of a majority of the convertible preferred stock, the Company will redeem all shares of Series A Preferred Stock then outstanding for cash at a redemption price per share equal to 150.00% of the then-current liquidation preference per share of the Series A Preferred Stock, plus all accrued and unpaid dividends on the Series A Preferred Stock being redeemed. Upon the occurrence of a refinancing or replacement of the entirety of the indebtedness under the Credit Agreement prior to its maturity that is provided solely by lenders who are not affiliates or approved funds of Ares, the Company will be required to redeem all shares of Series A Preferred Stock then outstanding for cash at a redemption price per share equal to 165.00% of the then-current liquidation preference of the Series A Preferred Stock, plus all accrued and unpaid dividends on the Series A Preferred Stock being redeemed, plus, solely in the event such refinancing or replacement is consummated prior to January 20, 2025, the aggregate amount of dividends per share which would have otherwise been payable on the Series A Preferred Stock from the date of redemption until January 20, 2025. If the Company undergoes a Change of Control (as defined in the Credit Agreement), the Company will be required to redeem all shares of Series A Preferred Stock then outstanding for cash at a price per share equal to the greater of (x) 150.00% of the then-current liquidation preference per share of the Series A Preferred Stock, if such redemption occurs prior to January 20, 2025, and 135.00% of the then-current liquidation preference per share of the Series A Preferred Stock, if such redemption occurs on or after January 20, 2025, and (y) the value of the Class A common stock issuable upon conversion of a share of Series A Preferred Stock, which value shall be determined based on the value attributed to the Class A common stock in connection with such Change of Control. In connection with the NIA closing, the Company entered into an Investors Rights Agreement with the Purchasers named in Schedule I thereto (the “Investors Rights Agreement”). The Investors Rights Agreement contains certain restrictions on the transfer of the Series A Preferred Stock and certain protective covenants in favor of the Purchasers. These covenants include, among other things, covenants limiting the incurrence of Funded Debt (as defined in the Investors Rights Agreement), the ability to make restricted payments and the ability to issue additional indebtedness senior to the Series A Preferred Stock. Each of these covenants is subject to certain exceptions set forth in the Investors Rights Agreement. In connection with the NIA closing, on January 20, 2023, the Company entered into a Registration Rights Agreement with the Stockholders named in Schedule I thereto, which granted certain registration rights to Ares in respect of the shares of the Company’s Class A common stock issuable upon conversion of the Series A Preferred Stock. The Company paid dividends and recorded accretion of deferred issuance costs and redemption value related to the Series A Preferred Stock as presented below (in thousands, except per share data): For the Year Ended December 31, 2024 2023 2022 Cash dividends on Series A Preferred Stock $ 20,085 $ 18,793 $ — Accretion of deferred financing costs and redemption value in excess of par 11,746 10,427 — Total dividends and accretion of Series A Preferred Stock $ 31,831 $ 29,220 $ —

Loss Per Common Share

Loss Per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Loss Per Common Share	Loss Per Common Share The following table sets forth the computation of basic and diluted earnings per share available for common stockholders (in thousands, except per share data): For the Year Ended December 31, 2024 2023 2022 Loss from continuing operations $ (61,623) $ (113,040) $ (18,701) Loss from discontinued operations, net of tax — — (463) Loss before preferred dividends and accretion of Series A Preferred Stock (61,623) (113,040) (19,164) Dividends and accretion of Series A Preferred Stock (31,831) (29,220) — Net loss attributable to common shareholders of Evolent Health, Inc. $ (93,454) $ (142,260) $ (19,164) Weighted-average common shares outstanding - basic and diluted 114,682 111,251 93,699 Loss per common share Basic and diluted $ (0.81) $ (1.28) $ (0.20) Basic net loss per common share is calculated using the weighted average number of common shares outstanding during the period. Diluted net earnings per common share, if any, gives effect to diluted stock options (calculated based on the treasury stock method), shares issuable upon debt conversion (calculated using an as-if converted method). Anti-dilutive shares excluded from the calculation of weighted-average common shares presented above are presented below (in thousands): For the Year Ended December 31, 2024 2023 2022 Restricted stock units ("RSUs"), performance-based RSUs (“PSUs”) and leveraged stock units ("LSUs") 1,213 1,352 1,804 Stock options 245 794 1,769 Series A Preferred Stock 4,375 4,375 — Convertible senior notes 15,752 6,808 9,574 Total 21,585 13,329 13,147

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation 2011 and 2015 Equity Incentive Plans The Company issues awards, including stock options, performance-based stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”) and leveraged stock units (“LSUs”), under the Evolent Health Holdings, Inc. 2011 Equity Incentive Plan (the “2011 Plan”) and the 2015 Evolent Health, Inc. Omnibus Incentive Compensation Plan (the “2015 Plan”). We assumed the 2011 Plan in connection with the merger of Evolent Health Holdings with and into Evolent Health, Inc. The 2011 Plan allows for the grant of an array of equity-based and cash incentive awards to our directors, employees and other service providers. The 2011 Plan was amended on September 23, 2013, to increase the number of shares authorized to 9.1 million of the Company’s Class A common stock. As of both December 31, 2024 and 2023, 4.8 million stock options and 3.8 million shares of restricted stock have been awarded, net of forfeitures, under the 2011 Plan. The following table summarizes the Company’s additional shares authorized changes for the 2015 Plan (in thousands): Board Approval Date Shares Added Total Additional Shares Authorized May 1, 2015 6,000 6,000 June 13, 2018 4,525 10,500 April 15, 2021 4,910 15,400 April 20, 2023 4,000 19,400 Upon shareholder approval of the amended 2015 Plan in 2018, the 2011 Plan was automatically terminated and no further awards may be granted under the 2011 Plan. The 2011 Plan continues to govern awards previously granted under the 2011 Plan. As of December 31, 2024, 2.8 million of stock options, 7.3 million RSUs, 1.9 million LSUs and 2.3 million PSUs, have been awarded, net of forfeitures, under the 2015 Plan. As of December 31, 2023, 2.8 million of stock options, 6.3 million RSUs, 1.9 million LSUs and 1.5 million PSUs, have been awarded, net of forfeitures, under the 2015 Plan. We follow an employee model for our stock-based compensation as awards are granted in the stock of the Company to employees and non-employee directors of the Company or its consolidated subsidiaries. Following the adoption of ASU 2018-07 during 2018, we also follow the employee model for stock-based compensation for awards granted to acquire goods and services from non-employees. Stock-based Compensation Expense Total compensation expense by award type and line item in our consolidated financial statements was as follows (in thousands): For the Year Ended December 31, 2024 2023 2022 Award Type Stock options $ — $ 74 $ 416 RSUs 30,122 26,718 17,327 Performance-based RSUs 9,624 13,214 14,308 LSUs — 495 1,930 Total compensation expense by award type $ 39,746 $ 40,501 $ 33,981 Line Item Cost of revenue $ 4,582 $ 1,662 $ 4,387 Selling, general and administrative expenses 35,164 38,839 29,594 Total compensation expense by financial statement line item $ 39,746 $ 40,501 $ 33,981 No stock-based compensation was capitalized as software development costs for the years ended December 31, 2024, 2023 and 2022. Total unrecognized compensation expense (in thousands) and expected weighted-average period (in years) by award type for all of our stock-based incentive plans were as follows: As of December 31, 2024 Unrecognized Compensation Expense Weighted Average Period (years) RSUs $ 41,819 1.54 PSUs 24,547 1.56 Total $ 66,366 Stock Options Other than the performance-based stock options described below, options awarded under the incentive compensation plans are generally subject to a four-year graded service vesting period where 25% of the award vests after each year of service and have a maximum term of 10 years. Information with respect to our options is presented in the following disclosures. The fair value of options is determined using a Black-Scholes options valuation model. The dividend rate is based on the expected dividend rate during the expected life of the option. Expected volatility is based on the historical volatility over the most recent period commensurate with the estimated expected term of the Company’s awards due to the limited history of our own stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life represents the period of time the stock options are expected to be outstanding and is based on the simplified method. Under the simplified method, the expected life of an option is presumed to be the midpoint between the vesting date and the end of the contractual term. We used the simplified method due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. Information with respect to our stock options (in thousands), including weighted-average remaining contractual term (in years) and aggregate intrinsic value (in thousands) was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of December 31, 2023 658 $ 13.23 4.99 $ 13,032 Exercised (283) 10.31 Forfeited — — Outstanding as of December 31, 2024 375 $ 15.43 4.45 $ (1,568) Vested and expected to vest after December 31, 2024 375 $ 15.43 4.45 $ (1,568) Exercisable as of December 31, 2024 375 $ 15.43 4.45 $ (1,568) The total fair value of options vested during the years ended December 31, 2024, 2023 and 2022, was $0.0 million, $0.6 million and $2.6 million, respectively. The total intrinsic value of options exercised during 2024, 2023 and 2022 was $6.9 million, $26.9 million and $16.3 million, respectively. We issue new shares to satisfy option exercises. Performance-based Stock Option Awards In March 2016, the Company granted approximately 0.3 million performance-based options to certain employees to create incentives for continued long-term success and to more closely align executive pay with our stockholders’ interests. Each of the grants is subject to market-based vesting, as follows: • one-third of the shares subject to the option award will vest in the event that the average closing price of the Company’s Class A common stock on the NYSE is at least $13.35 per share for a consecutive ninety day period; • one-third of the shares subject to the option award will vest in the event that the average closing price of the Company’s Class A common stock on the NYSE is at least $16.43 per share for a consecutive ninety day period; and • one-third of the shares subject to the option award will vest in the event that the average closing price of the Company’s Class A common stock on the NYSE is at least $19.51 per share for a consecutive ninety day period. In addition, the percentage of options per tranche that has satisfied the market-based performance hurdle is also subject to a service completion schedule. The aggregate percentage of options eligible to vest is based upon each of the service completions dates below: • 50% of the shares subject to the option award vested on March 1, 2019, and • 50% of the shares subject to the option award vested on March 1, 2020. We measured the fair value of the performance-based stock options using a Monte Carlo simulation approach with the following assumptions: risk-free interest rate of 1.83%, volatility of 65%, expected term of ten years and dividend yield of 0% as we do not currently pay dividends nor expect to do so during the expected option term. These inputs resulted in a weighted-average fair value per option granted of $6.68. During 2016 all of the average stock price milestones were achieved and therefore the awards are now only subject to the service completion obligations. Information with respect to our performance-based stock options (shares and aggregate intrinsic value shown in thousands, weighted-average remaining contractual term shown in years) was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of December 31, 2023 106 $ 10.27 2.17 $ 2,401 Exercised (106) 10.27 Outstanding as of December 31, 2024 — N/A N/A N/A Vested and expected to vest after December 31, 2024 — N/A N/A N/A Restricted Stock Units Other than the performance-based RSUs described below, and other than RSUs granted to our non-employee directors which have a one year vesting period, RSUs awarded under the incentive compensation plans are generally subject to a three Total RSUs Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 2,152 $ 28.55 Granted 1,333 31.55 Forfeited (387) 31.85 Vested (950) 26.46 Outstanding as of December 31, 2024 2,148 $ 30.74 During the years ended December 31, 2024, 2023 and 2022, we granted RSUs with a weighted-average grant date fair value of $31.55, $33.85 and $28.23, respectively, which represents the weighted-average closing price of our common stock on the grant date. The total fair value of RSUs vested during the years ended December 31, 2024, 2023 and 2022 was $25.1 million, $20.2 million and $11.6 million, respectively. Performance-based RSUs During 2021, the Company granted 0.3 million PSUs to certain employees to create incentives for continued long-term success and to more closely align executive pay with our stockholders’ interests. A two goal. The sliding scale is anchored by a minimum performance requirement of cumulative Adjusted EBITDA. If the minimum performance goal is not achieved, then no performance shares are earned. If 100% of the performance goal is achieved, then award is paid at target and if the maximum performance is achieved, then 200% of the targeted shares are earned. If the cumulative Adjusted EBITDA falls between tiers on the sliding scale, the actual cumulative Adjusted EBITDA payout percentage shall be determined by linear interpolation between the percentages on a straight-line basis. Shares earned by the two The price assumptions used for our performance-based stock unit awards were as follows: 1st Tranche 2nd Tranche Weighted-average fair value per performance-based stock unit granted $ 20.64 $ 20.69 Assumptions: Expected term 2 years 3 years Expected volatility 89.5 % 77.7 % Risk-free interest rate 0.12 % 0.25 % Dividend yield — % — % The fair value of PSUs are determined using a Black-Scholes valuation model with the assumptions disclosed in the table above. The dividend rate is based on the expected dividend rate during the expected life of the award. Expected volatility is based on the historical volatility over the most recent period commensurate with the estimated expected term of the Company’s awards due to the limited history of our own stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life represents the period of time the awards are expected to be outstanding and is based on the simplified method. Under the simplified method, the expected life of an award is presumed to be the midpoint between the vesting date and the end of the contractual term. We used the simplified method due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the awards. During the years ended December 31, 2024, 2023 and 2022, the Company granted 0.8 million, 0.5 million and 0.5 million PSUs, respectively, to certain employees to create incentives for continued long-term success and to more closely align executive pay with our stockholders’ interests. A three-year cliff vesting was approved and began on January 1, 2022, January 1, 2023 for the awards granted in 2022 and 2023, respectively. For awards issued during 2024, the vesting period begins on January 1, 2024 and 50% of the awards vest on each of December 31, 2025 and 2026, respectively. Shares are earned based on a sliding scale of performance above and below the performance goal. The sliding scale for the 2024, 2023 and 2022 PSU awards are anchored by a minimum performance requirement of company value. In 2023, the Company amended its 2022 PSUs to modify the business unit performance metrics to align with the Company’s focus on a specialty-led strategy. Under the modified 2022 PSU, the Adjusted EBITDA and revenue growth performance goals for each business unit were replaced with the Adjusted EBITDA for the Company and revenue growth metrics for the remainder of the three-year performance period, with an adjustment made for expected business unit performance results for the period prior to the modification. Per the agreements, company value is calculated using a formula based on revenue growth and cumulative Adjusted EBITDA, as adjusted for any acquired business during the period. If the minimum performance goal is not achieved, then no performance shares are earned. If 100% of the performance goal is achieved, then award is paid at target and if the maximum performance is achieved, then 250% of the targeted shares are earned. If the company value falls between tiers on the sliding scale, the actual company value payout percentage shall be determined by linear interpolation between the percentages on a straight-line basis. Information with respect to our performance-based restricted stock unit awards (shares and aggregate intrinsic value shown in thousands, weighted-average remaining contractual term shown in years) was as follows: Performance- Based Stock Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of December 31, 2023 1,653 $ 30.53 8.42 $ 4,131 Granted 808 34.41 Change in achievement (847) 34.79 Vested (343) 19.54 Forfeited (54) 32.01 Outstanding as of December 31, 2024 1,217 $ 31.54 8.12 $ (24,691) Vested and expected to vest after December 31, 2024 1,217 $ 31.54 8.12 $ (24,691)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our loss from continuing operations before income taxes (in thousands) was as follows: For the Year Ended December 31, 2024 2023 2022 Domestic $ (68,401) $ (206,344) $ (66,055) Foreign 5,365 3,939 3,978 Loss from continuing operations before income taxes $ (63,036) $ (202,405) $ (62,077) Components of income tax expense (benefit) (in thousands) consist of the following: For the Year Ended December 31, 2024 2023 2022 Current Federal $ — $ — $ (875) State and local 125 2,855 1,788 Foreign 1,451 1,034 1,318 Total current tax expense 1,576 3,889 2,231 Deferred Federal (12,259) (42,156) 5,055 State and local (6,521) (12,822) (2,790) Foreign (49) 510 92 Total deferred tax expense (benefit) (18,829) (54,468) 2,357 Change in valuation allowance 15,840 (38,786) (47,964) Total tax expense (benefit) $ (1,413) $ (89,365) $ (43,376) A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below: For the Year Ended December 31, 2024 2023 2022 U.S. statutory tax rate 21.0 % 21.0 % 21.0 % U.S. state income taxes, net of U.S. federal tax benefit 3.6 % 3.0 % (0.6) % Foreign earnings at other than U.S. rates (0.3) % (0.3) % (0.8) % Change in valuation allowance (25.1) % 19.2 % 77.3 % Contingent consideration adjustments (2.9) % (1.2) % (0.1) % Non-deductible excess compensation (8.1) % (6.8) % (27.8) % Excess tax benefits on stock-based compensation 4.8 % 7.1 % 12.2 % Convertible debt extinguishment — % — % (3.4) % Change in uncertain tax positions 0.3 % (0.5) % (1.1) % Nondeductible transaction costs (0.1) % (0.2) % (1.7) % Change in state rate 6.1 % 2.2 % 5.2 % Return to provision and other deferred adjustments 1.7 % (0.1) % (1.1) % Tax receivable agreement 0.3 % (0.9) % (9.1) % Research and development tax credit - federal 1.2 % 1.7 % — % Other, net (0.3) % — % (0.1) % Effective tax rate 2.2 % 44.2 % 69.9 % Deferred tax balances reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the tax rates expected to be in effect when the temporary differences are expected to be recovered or settled. Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows: As of December 31, 2024 2023 Deferred Tax Assets Start-up and organizational costs $ 38 $ 59 Goodwill 7,786 17,501 Operating lease liabilities 12,036 10,015 Accrued expenses 5,682 11,530 Stock based compensation 4,640 3,283 Net operating loss carryforwards 125,248 123,147 Federal and state research tax credits 5,014 4,467 Fixed assets 363 666 Interest deduction limitation 23,851 20,460 Outside basis differences 982 70 Other 7,890 7,417 Subtotal 193,530 198,615 Valuation allowance (47,844) (32,004) Total deferred tax assets 145,686 166,611 Deferred Tax Liabilities Internally developed software costs 2,384 5,697 Intangible assets 146,234 165,742 Right-of-use assets - Operating 670 1,884 Contract fulfillment costs 3,345 3,030 Other 2,453 2,606 Total deferred tax liabilities 155,086 178,959 Net deferred tax liabilities (1) $ (9,400) $ (12,348) ———————— (1) Amount is net of $1.5 million and $1.0 million of deferred tax assets included in prepaid expenses and other noncurrent assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Changes in our valuation allowance (in thousands) were as follows: For the Year Ended December 31, 2024 2023 Balance at beginning-of-year $ 32,004 $ 70,790 Credited to costs and expenses 15,840 (38,786) Balance at end-of-year $ 47,844 $ 32,004 For the year ended December 31, 2024, the effective tax rate was 2.2% and the corresponding tax benefit recorded was $1.4 million. The Company and its U.S. subsidiaries continue to record a valuation allowance against its net deferred tax assets, with the exception of indefinite lived components. The income tax benefit recorded during the year ended December 31, 2024, primarily relates to the tax effect of net losses, offset by the increase in valuation allowance and state and foreign taxes. For the year ended December 31, 2023, the effective tax rate was 44.2% and the corresponding tax benefit recorded was $89.4 million. The Company and its U.S. subsidiaries continue to record a valuation allowance against its net deferred tax assets, with the exception of indefinite lived components. The income tax benefit recorded during the year ended December 31, 2023, primarily related to the deferred tax liabilities established as part of the NIA acquisition accounting, partially offset by state and foreign taxes. For the year ended December 31, 2022, the effective tax rate was 69.9% and the corresponding tax benefit recorded was $43.4 million. The income tax benefit recorded by the company in 2022 primarily related to the deferred tax liabilities established as part of the IPG acquisition accounting, partially offset by state and foreign taxes. As of December 31, 2024, the Company had $153.2 million of federal and $238.3 million of state NOL carryforwards available to offset future taxable income that begin to expire in 2034 and 2025, respectively, and $291.6 million of federal and $366.1 million of state NOLs with an indefinite carryforward period, subject to a utilization limit of 80% of taxable income in any given year. We have established a valuation allowance against those NOLs that cannot be offset with future deferred tax liabilities. Furthermore, Internal Revenue Code Section 382 imposes limitations on the utilization of NOLs in the event of certain changes in ownership of the Company, which may have occurred or could occur in the future. This could result in an annual limit on the Company’s ability to utilize NOLs and could cause federal and state income taxes to be due sooner than if no such limitations applied. As of December 31, 2024, the Company had $6.5 million and $0.3 million of research and development credits for federal and state income tax purposes, respectively, which expire beginning in 2037 and 2028, respectively. Changes in our unrecognized tax benefits (in thousands) were as follows: For the Year Ended December 31, 2024 2023 2022 Balance at beginning-of-year $ 2,600 $ 1,624 $ 609 Gross increases - tax positions in prior period — 7 616 Gross decreases - tax positions in prior period (30) — — Gross increases - tax positions in current period 232 969 399 Lapse of statute of limitations (255) — — Balance at end-of-year $ 2,547 $ 2,600 $ 1,624 We are subject to taxation in various jurisdictions in the United States, India and the Philippines. Tax years 2011 and all subsequent periods remain subject to examination by the federal and state taxing jurisdictions due to the utilization and availability of NOL carryforwards. Included in the balance of unrecognized tax benefits as of December 31, 2024, are $2.5 million of tax benefits that, if recognized, would affect the overall effective tax rate. The Company recognized no interest and penalties related to uncertain tax positions for the years ended December 31, 2024 and 2023. The Company had recognized $0.4 million of interest and penalties related to uncertain tax positions as a component of income tax expense for the year ended December 31, 2022. The Company has accrued interest and penalties related to uncertain tax positions of $0.3 million and $0.4 million as of December 31, 2024 and December 31, 2023, respectively. The Company and its subsidiaries are not currently subject to any material income tax audits in any federal, state or local jurisdiction for any tax year. The Company’s foreign subsidiary is currently under an income tax examination of the financial year ended 2022 India income tax return. Tax Receivables Agreement Pursuant to the Offering Reorganization, Class B Exchanges increased our tax basis in our share of Evolent Health LLC’s tangible and intangible assets. These increases in tax basis increase our depreciation and amortization deductions and create other tax benefits and, therefore, may reduce the amount of tax that we would otherwise be required to pay in the future. In addition, certain NOLs of Evolent Health Holdings (and of an affiliate of TPG) are available to us as a result of the Offering Reorganization. In connection with the Offering Reorganization, we entered into the TRA with the holders of Class B common units. The agreement requires us to pay to such holders 85% of the cash savings, if any, in U.S. federal, state and local, and foreign income tax (as applicable) we realize as a result of any deductions attributable to the increase in tax basis following the Class B Exchanges or deductions attributable to imputed interest or future increases in tax basis following payments made under the TRA. Additionally, pursuant to the same agreement we will pay the former stockholders of Evolent Health Holdings 85% of the amount of the cash savings, if any, in U.S. federal, state and local, and foreign income tax that we realize as a result of the utilization of the NOLs of Evolent Health Holdings (and the affiliate of TPG) attributable to periods prior to the Offering Reorganization, approximately $79.3 million, as well as deductions attributable to imputed interest on any payments made under the agreement. The Company has recorded the full TRA liability of $108.1 million as of December 31, 2024. We will benefit from the remaining 15% of any realized cash savings. The TRA was effective upon the completion of the Offering Reorganization and will remain in effect until all such tax benefits have been used or expired, or until the agreement is terminated. See Note 10 for additional discussion of the implications of the TRA.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We sponsor a tax-qualified 401(k) retirement plan that provides eligible U.S. employees with an opportunity to save for retirement on a tax advantaged basis. We make matching contributions to the plan in accordance with the plan documents and various limitations under Section 401(a) of the Internal Revenue Code of 1986, as amended. The Company made $10.5 million, $10.8 million and $7.4 million

Investments and Equity Method I

Investments and Equity Method Investees	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments and Equity Method Investees	Investments and Equity Method Investees The Company holds ownership interests in joint ventures and other entities which are accounted for under the equity method. Our joint ventures and other investments from time to time may, and some do, include put or call features under which we could be contractually required to purchase interests from our joint venture partner at an exercise price determined in reference to a multiple of the dollar amount of our joint venture partner’s total capital contributions, the performance of the joint venture, and other factors. The Company evaluates its interests in these entities to determine whether they meet the definition of a VIE and whether the Company is required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of the Company's involvement with the VIE. The Company has determined that its interests in these entities meet the definition of a variable interest, however, the Company is not the primary beneficiary since it does not have the power to direct activities, therefore, the Company did not consolidate the VIEs. As of both December 31, 2024 and 2023, the Company’s economic interests in its equity method investments ranged between 4% and 34%, respectively, and voting interests in its equity method investments ranged between 25% and 34%, respectively. The Company determined that it has significant influence over these entities but that it does not have control over any of the entities. Accordingly, the investments are accounted for under the equity method of accounting and the Company is allocated its proportional share of the entities’ earnings and losses for each reporting period. The Company’s proportional share of the gain (loss) from these investments was approximately $(3.4) million and $1.3 million and $4.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company signed services agreements with certain of the aforementioned entities to provide certain management, operational and support services to help manage elements of their service offerings. Revenue related to these services agreements were $13.9 million, $19.1 million and $16.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Investments During the quarter ended March 31, 2024, the Company entered into an agreement to invest $3.0 million in future equity notes. Investment in future equity notes without readily determinable fair values are accounted for as cost method investments. The Company has elected to apply the measurement alternative to measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. For the year ended December 31, 2024, the Company did not record any unrealized gains or losses resulting from observable price changes of future equity notes. As of December 31, 2024, the carrying amount of the investment was $3.0 million.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement GAAP defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) assuming an orderly transaction in the most advantageous market at the measurement date. GAAP also establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: • Level 1 - inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date; • Level 2 - inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date and the fair value can be determined through the use of models or other valuation methodologies; and • Level 3 - inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the particular asset or liability being measured. These items are recorded in accrued liabilities on our consolidated balance sheets. Recurring Fair Value Measurements In accordance with GAAP, certain assets and liabilities are required to be recorded at fair value on a recurring basis. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): December 31, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration (1) $ — $ — $ 5,000 $ 5,000 Total fair value of liabilities measured on a recurring basis $ — $ — $ 5,000 $ 5,000 December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration (2) $ — $ — $ 83,600 $ 83,600 Total fair value of liabilities measured on a recurring basis $ — $ — $ 83,600 $ 83,600 ———————— (1) Represents the earn-out consideration related to the Machinify transaction described in Note 4 and annual incentive payments to Evolent Care Partners providers based on membership attribution. (2) Represents the earn-out consideration related to the NIA transaction described in Note 4 and was paid in cash in April 2024 and annual incentive payments to Evolent Care Partners providers based on membership attribution. The Company recognizes any transfers between levels within the hierarchy as of the beginning of the reporting period. There were no transfers between fair value levels for the year ended December 31, 2024. In the absence of observable market prices, the fair value is based on the best information available and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. The acquisition of NIA included a provision for additional equity consideration, at the Company’s option, contingent upon the Company obtaining certain performance metrics. The earnout period for the NIA contingent consideration is the year ending December 31, 2023 and contingent consideration of $88.8 million was paid in cash during the second quarter of 2024. The acquisition of Machinify includes an earn-outs based on the achievement of certain measures including specific contract renewals prior to December 31, 2024, Machinify Auth volume and performance results through March 31, 2025 and revenue results through July 30, 2025. The changes in our liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value are as follows (in thousands): For the Year Ended December 31, 2024 2023 Balance as of beginning of period $ 83,600 $ 78,000 Additions 9,000 70,200 Settlements (92,508) (82,584) Change in fair value of contingent consideration 4,908 17,984 Balance as of end of period $ 5,000 $ 83,600 The following table summarizes the fair value (in thousands), valuation techniques and significant unobservable inputs of our Level 3 fair value measurements as of the periods presented: December 31, 2024 Fair Valuation Significant Assumption or Value Technique Unobservable Inputs Input Ranges Machinify contingent consideration $ 1,900 Real options approach Risk-neutral expected earnout consideration $ 1,900 Discount rate 6.57 % ECP contingent consideration $ 3,100 Contractual obligation N/A N/A December 31, 2023 Fair Valuation Significant Assumption or Value Technique Unobservable Inputs Input Ranges Contingent consideration $ 83,600 N/A Contractual terms $ 83,600 Nonrecurring Fair Value Measurements In addition to the assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis as required by GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. This includes assets and liabilities recorded in business combinations or asset acquisitions, goodwill, intangible assets, property, plant and equipment and equity method investments. While not carried at fair value on a recurring basis, these items are continually monitored for indicators of impairment that would indicate current carrying value is greater than fair value. In those situations, the assets are considered impaired and written down to current fair value. Other Fair Value Disclosures The carrying amounts of cash and cash equivalents (those not held in a money market fund), restricted cash, receivables, prepaid expenses, accounts payable, accrued liabilities and accrued compensation approximate their fair values because of the relatively short-term maturities of these items and financial instruments. See Note 9 for information regarding the fair value of the 2025 Notes and 2029 Notes.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Parties	Related Parties The entities described below are considered related parties and the balances and/or transactions with them are reported in our consolidated financial statements. The Company had an economic relationship through the ordinary course of business with an entity whose President and Chief Executive Officer was a member of our Board until his retirement from the Board in February 2024. This relationship accounted for the majority of our related party revenue and cost of revenue for the year ended December 31, 2024 and 2023, respectively. As discussed in Note 17, the Company had economic interests in several entities that are accounted for under the equity method of accounting. The Company has allocated its proportional share of the investees’ earnings and losses each reporting period. In addition, Evolent has entered into services agreements with certain of the entities to provide certain management, operational and support services to help the entities manage elements of their service offerings. The following table presents assets and liabilities attributable to our related parties (in thousands): December 31, 2024 2023 Assets Accounts receivable, net $ 7,947 $ 8,045 Liabilities Accounts payable $ 498 $ 390 The following table presents revenues and expenses attributable to our related parties (in thousands): For the Year Ended December 31, 2024 2023 2022 Revenue $ 40,908 $ 192,176 $ 154,591 Expenses Cost of revenue 32,586 162,589 128,308 Selling, general and administrative expenses 777 2,464 1,507

Repositioning and Other Changes

Repositioning and Other Changes	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Repositioning and Other Changes	Repositioning and Other Changes We continually assess opportunities to improve operational effectiveness and efficiency to better align our expenses with revenues, while continuing to make investments in our solutions, systems and people that we believe are important to our long-term goals. During the second quarter of 2023, the Company implemented a broad set of repositioning initiatives designed to further align the Company’s assets and talent towards the value-based specialty care opportunity, with the intent of streamlining its operations and supporting the goal of realizing long-term sustainable earnings growth (the “2023 Repositioning Plan”). These initiatives include making organizational changes across the business that resulted in severance, termination benefits and related payroll taxes and dedicated employee costs associated with recent acquisitions as well as third-party professional fees. Dedicated employee costs primarily include project management and technology staff costs needed to migrate acquired businesses to Evolent’s integrated technology platform and costs related to the consolidation of brands, internal operations, strategies, processes and platforms. Dedicated employee costs are limited to employees that will have no role in ongoing operations and have no planned role at Evolent once the repositioning activities are completed. Professional services costs primarily relate to services provided by a third-party vendor to review our operating model and organizational design in order to improve our profitability, create value through our solutions and invest in strategic opportunities in future periods. Office space consolidation includes early termination penalties and associated expenses. Costs associated with the 2023 Repositioning Plan were recorded in selling, general and administrative expenses on the consolidated statements of operations and comprehensive income (loss). The 2023 Repositioning Plan was completed during the second quarter of 2024. The following table provides a summary of our total costs associated with our repositioning plans for the years ended December 31, 2024 and 2023, respectively, by major type of cost (in thousands): For the Year Ended December 31, Cumulative Amount Incurred Through 2024 2023 Severance and termination benefits $ 1,835 $ 8,564 $ 10,399 Dedicated employee costs 1,185 6,900 8,085 Professional services 4,128 12,910 17,038 Office space consolidation 3,452 6,862 10,314 Total $ 10,600 $ 35,236 $ 45,836

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Between 2020 and 2022, we significantly grew our value-based specialty care business, both organically and through acquisitions. Prior to the quarter ended March 31, 2023, the Company was organized under two operating segments and two reportable segments known as Evolent Health Services and Clinical Solutions. At that time, Clinical Solutions was composed of our specialty care management and physician-oriented total cost of care solutions, along with the New Century Health ("NCH") and Evolent Care Partners brands; and Evolent Health Services was composed of our administrative simplification solution and certain supporting population health infrastructure. Our acquisitions of Implantable Provider Group Inc. (August 2022) and National Imaging Associates, Inc. (January 2023) provided additional specialty care management services and cross-sell opportunities covering both technology enabled care management and value-based health plan administrative services within our customer base. The Company is now providing a broad spectrum of specialty care management services in oncology, cardiology, musculoskeletal markets and holistic total cost of care management along with an integrated platform for health plan administration and value-based business infrastructure under one go to market strategy, "One Evolent." As such, effective during the three months ended March 31, 2023, the Company changed its reportable segments to reflect changes in the way our CODM evaluates the performance of its operations, develops strategy and allocates capital resources. Specifically, the Company collapsed its previous two reportable segments into one reportable segment. We have one operating segment and one reportable segment as our CODM, reviews financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. The transition to “One Evolent” did not change our CODM. We consider our Chief Executive Officer our CODM. The performance measure closest to U.S. GAAP used by our CODM is net loss attributable to common shareholders of Evolent Health, Inc. The CODM uses net loss available to common shareholders of Evolent Health, Inc. to evaluate the performance of the Company’s ongoing operations on a consolidated basis and as part of the Company’s internal planning and forecasting activities. The CODM does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes to the financial statements. The following table presents our revenue, significant expenses reviewed by our CODM and net loss attributable to common shareholders of Evolent Health Inc. (in thousands): For the Year Ended December 31, 2024 2023 2022 Revenue $2,554,741 $1,963,896 $1,352,013 Less: Medical expense and device costs 1,813,052 1,143,499 725,036 Cost of revenue excluding medical expense and device costs and other segment items (1) 369,754 358,265 304,326 Selling, general and administrative expenses excluding other segment items (2) 211,475 267,454 216,320 Depreciation and amortization expenses 118,370 123,415 67,195 Interest income (5,544) (5,256) (1,369) Interest expense 24,722 54,205 15,572 (Gain) loss from equity method investees 3,441 (1,290) (4,569) Benefit from income taxes (1,413) (89,365) (43,376) Change in tax receivables agreement liability 173 61,982 45,950 Other segment items (3) 114,165 193,247 46,092 Net loss attributable to common shareholders of Evolent Health, Inc. $ (93,454) $ (142,260) $ (19,164) ———————— (1) Other segment items excluded from cost of revenue excluding medical expense and device costs include $4.6 million, $1.7 million and $4.4 million of stock compensation for the years ended December 31, 2024, 2023 and 2022, respectively, and $1.6 million of acquisition-related costs and $0.1 million of amortization of contract cost assets for the year ended December 31, 2022. (2) Other segment items excluded from selling, general and administrative expenses includes $35.2 million, $38.8 million and $29.6 million of stock compensation, $2.9 million, $1.5 million and $13.3 million of severance costs, $2.9 million, $15.1 million and $10.1 million of acquisition-related costs and $10.6 million, $35.2 million and $— million of repositioning costs for the years ended December 31, 2024, 2023 and 2022, respectively. (3)

Reserves for Claims and Perform

Reserves for Claims and Performance-Based Arrangements	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Reserves for Claims and Performance-Based Arrangements	Reserve for Claims and Performance-Based Arrangements The Company maintains reserves for its liabilities related to payments to providers and pharmacies under performance-based arrangements related to its specialty care management services solutions. Reserves for claims and performance-based arrangements reflect actual payments under performance-based arrangements and the ultimate cost of claims that have been incurred but not reported, including expected development on reported claims, those that have been reported but not yet paid (reported claims in process), and other medical care expenses and services payable that are primarily composed of accruals for incentives and other amounts payable to health care professionals and facilities. The Company uses actuarial principles and assumptions that are consistently applied each reporting period and recognizes the actuarial best estimate of the ultimate liability along with a margin for adverse deviation. This approach is consistent with actuarial standards of practice that the liabilities be adequate under moderately adverse conditions. This liability predominately consists of incurred but not reported amounts and reported claims in process including expected development on reported claims. The liability for reserves related to its specialty care management services is calculated using "completion factors" developed by comparing the claim incurred date to the date claims were paid. Completion factors are impacted by several key items including changes in: 1) electronic (auto-adjudication) versus manual claim processing, 2) provider claims submission rates, 3) membership and 4) the mix of products. The Company’s policy for reserves related to its specialty care management services solutions is to use historical completion factors combined with an analysis of current trends and operational factors to develop current estimates of completion factors. The Company estimates the liability for claims incurred in each month by applying the current estimates of completion factors to the current paid claims data. This approach implicitly assumes that historical completion rates will be a useful indicator for the current period. For more recent months, and for newer lines of business where there is not sufficient paid claims history to develop completion factors, the Company expects to rely more heavily on medical cost trend and expected loss ratio analysis that reflects expected claim payment patterns and other relevant operational considerations, or authorization analysis. Medical cost trend is primarily impacted by medical service utilization and unit costs that are affected by changes in the level and mix of medical benefits offered, including inpatient, outpatient and pharmacy, the impact of copays and deductibles, changes in provider practices and changes in consumer demographics and consumption behavior. Authorization analysis projects costs based on authorizations per thousand members basis and assigning an average cost per authorization. This is also adjusted for the impact of copays, deductibles, unit cost and historic discontinuation rates for treatment are considered. For each reporting period, the Company compares key assumptions used to establish the reserves for claims and performance-based arrangements to actual experience. When actual experience differs from these assumptions, reserves for claims and performance-based arrangements are adjusted through current period net income. Additionally, the Company evaluates expected future developments and emerging trends that may impact key assumptions. The process used to determine this liability requires the Company to make critical accounting estimates that involve considerable judgment, reflecting the variability inherent in forecasting future claim payments. These estimates are highly sensitive to changes in the Company's key assumptions, specifically completion factors and medical cost trends. Activity in reserves for claims and performance-based arrangements related to specialty care management services solution was as follows (in thousands): For the Year Ended December 31, 2024 2023 Balance, beginning of period $ 404,048 $ 199,730 Incurred health care costs: Current year to date period 1,507,740 928,013 Prior year to date period (24,757) (36,925) Total claims incurred 1,482,983 891,088 Claims paid related to: Current year to date period (1,216,364) (549,691) Prior year to date period (351,962) (137,079) Total claims paid (1,568,326) (686,770) Balance, end of period $ 318,705 $ 404,048

Quarterly Results of Operations

Quarterly Results of Operations (unaudited)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Data [Abstract]
Quarterly Results of Operations (unaudited)	Quarterly Results of Operations (unaudited) The unaudited consolidated quarterly results of operations (in thousands, except per share data) were as follows: For the Three Months Ended December 31 September 30 June 30 March 31 2024 Total revenue $ 646,542 $ 621,401 $ 647,145 $ 639,653 Total operating expenses 665,138 637,669 639,357 653,062 Gain (loss) before preferred dividends and accretion of Series A Preferred Stock (22,802) (23,137) 1,596 (17,280) Dividends and accretion of Series A Preferred Stock (7,813) (8,094) (7,979) (7,945) Net loss attributable to common shareholders of Evolent Health, Inc. (30,615) (31,231) (6,383) (25,225) Loss per common share Basic and diluted $ (0.27) $ (0.27) $ (0.06) $ (0.22) 2023 Total revenue $ 556,055 $ 511,015 $ 469,136 $ 427,690 Total operating expenses 577,405 528,953 490,704 438,045 Loss before preferred dividends and accretion of Series A Preferred Stock (33,411) (25,324) (34,323) (19,982) Dividends and accretion of Series A Preferred Stock (7,984) (7,872) (7,088) (6,276) Net loss attributable to common shareholders of Evolent Health, Inc. (41,395) (33,196) (41,411) (26,258) Loss per common share Basic and diluted $ (0.36) $ (0.30) $ (0.37) $ (0.24)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following represents supplemental cash flow information (in thousands): For the Year Ended December 31, 2024 2023 2022 Supplemental disclosure of non-cash investing and financing activities Accrued property and equipment purchases $ (368) $ 137 $ 573 Increase/decrease to goodwill from measurement period adjustments/business combinations — 2,333 — Class A common stock issued for payment of earn-outs — 28,551 — Accrued deferred financing costs — 529 450 Class A common stock issued in connection with business combinations — 261,271 130,175 Class A common stock issued in connection with debt repayment — 23,073 101,999 Accrued net working capital adjustment with business combinations — 1,098 791 Effects of leases Operating cash flows from operating leases (13,823) (12,844) 14,087 Leased assets disposed of (obtained in) exchange for operating lease liabilities (2,525) (27,327) 4,308 Supplemental Disclosures Cash paid for interest (20,210) (53,591) (6,269) Cash paid for taxes, net (1,386) (4,892) (1,397)

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 29, 2025, the Company borrowed $125.0 million under its 2024-A Delayed Draw Term Loan and $75.0 million under its 2024-B Delayed Draw Term Loan. As of February 14, 2025, there was $262.5 million outstanding under the Company’s Credit Facilities, consisting of $125.0 million outstanding under its 2024-A Delayed Draw Term Loan, $75.0 million outstanding under its 2024-B Delayed Draw Term Loan and $62.5 million outstanding under its Revolving Facility. See Note 9 for further details regarding the terms of the Company’s Credit Facilities.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,802)	$ (23,137)	$ 1,596	$ (17,280)	$ (33,411)	$ (25,324)	$ (34,323)	$ (19,982)	$ (61,623)	$ (113,040)	$ (19,164)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed processes for assessing, identifying and managing material risks from cybersecurity threats. We maintain an enterprise risk management program, which includes management of material risks from cybersecurity threats alongside other Company risks as part of our overall risk assessment process. Our cybersecurity strategy includes defense in depth and zero trust based controls intended to protect our information technology systems. We maintain an enterprise information and cybersecurity program. As part of this program, we employ a range of tools and services to inform our assessment, identification and management of material risks from cybersecurity threats, which include, from time to time, monitoring emerging data protection laws and implementing responsive changes to our processes; undertaking periodic reviews of our partner facing policies and statements related to cybersecurity; conducting cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; conducting phishing email simulations for employees and contractors with access to corporate email systems; requiring employees, as well as third-parties who provide services on our behalf, to treat information and data with care; and employing a cyber risk management and quantification system customized to our environment. We maintain an incident response plan that includes processes to triage, assess severity for, escalate, contain, investigate and remediate material cybersecurity incidents, as well as to comply with potentially applicable legal obligations. As part of the above processes, we periodically engage with assessors, consultants, auditors, and other third-parties, including by periodically annually having a third-party/an independent Qualified Security Assessor review our cybersecurity program to help identify areas for improvement and/or compliance. Our risk management processes also address cybersecurity threat risks associated with our use of third-party service providers. For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the Company, including our business strategy and results of operations, see “Risk Factors – Risks Related to Data Protection Privacy, Cybersecurity, Intellectual Property and Technology” which is incorporated by reference into this Item 1C. In the three most recently completed fiscal years, we have not experienced any material cybersecurity incidents and the expenses we have incurred from cybersecurity incidents were immaterial. This includes penalties and settlements, of which there were none.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed processes for assessing, identifying and managing material risks from cybersecurity threats. We maintain an enterprise risk management program, which includes management of material risks from cybersecurity threats alongside other Company risks as part of our overall risk assessment process. Our cybersecurity strategy includes defense in depth and zero trust based controls intended to protect our information technology systems. We maintain an enterprise information and cybersecurity program. As part of this program, we employ a range of tools and services to inform our assessment, identification and management of material risks from cybersecurity threats, which include, from time to time, monitoring emerging data protection laws and implementing responsive changes to our processes; undertaking periodic reviews of our partner facing policies and statements related to cybersecurity; conducting cybersecurity management and incident training for employees involved in our systems and processes that handle sensitive data; conducting phishing email simulations for employees and contractors with access to corporate email systems; requiring employees, as well as third-parties who provide services on our behalf, to treat information and data with care; and employing a cyber risk management and quantification system customized to our environment.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Compliance and Regulatory Affairs Committee of the Board (the “Compliance and Regulatory Affairs Committee”) provides oversight of risks from cybersecurity threats. The Compliance and Regulatory Affairs Committee receives updates from our Chief Information Security Officer (“CISO”) and other members of management to, among other items, review material cybersecurity incidents, review key metrics on our cybersecurity program and related risk management programs, and discuss our cybersecurity programs and goals. The Compliance and Regulatory Affairs Committee updates the full Board on matters relating to cybersecurity. The Audit Committee of the Board provides an additional layer of cybersecurity oversight on specific financial matters. Our management disclosure and compliance committees, which include representatives from our legal, financial and accounting and information technology (“IT”) teams, meet at least quarterly to monitor potential risks and review procedures and controls relating to cybersecurity. Management periodically assesses such risks and assists in the implementation of policies and procedures related to cybersecurity risk oversight in conjunction with the Compliance and Regulatory Affairs Committee. Our CISO is responsible for assessing and managing the Company’s material risks from cybersecurity threats. Our CISO has served in this role for the past five years, has more than 25 years of experience in the aggregate in various roles involving managing information security, technology infrastructure, IT operations and developing cybersecurity strategy, and is a Certified Information Systems Security Professional (“CISSP”).
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Compliance and Regulatory Affairs Committee of the Board (the “Compliance and Regulatory Affairs Committee”) provides oversight of risks from cybersecurity threats. The Compliance and Regulatory Affairs Committee receives updates from our Chief Information Security Officer (“CISO”) and other members of management to, among other items, review material cybersecurity incidents, review key metrics on our cybersecurity program and related risk management programs, and discuss our cybersecurity programs and goals. The Compliance and Regulatory Affairs Committee updates the full Board on matters relating to cybersecurity. The Audit Committee of the Board provides an additional layer of cybersecurity oversight on specific financial matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Compliance and Regulatory Affairs Committee of the Board (the “Compliance and Regulatory Affairs Committee”) provides oversight of risks from cybersecurity threats. The Compliance and Regulatory Affairs Committee receives updates from our Chief Information Security Officer (“CISO”) and other members of management to, among other items, review material cybersecurity incidents, review key metrics on our cybersecurity program and related risk management programs, and discuss our cybersecurity programs and goals. The Compliance and Regulatory Affairs Committee updates the full Board on matters relating to cybersecurity. The Audit Committee of the Board provides an additional layer of cybersecurity oversight on specific financial matters.
Cybersecurity Risk Role of Management [Text Block]	Our management disclosure and compliance committees, which include representatives from our legal, financial and accounting and information technology (“IT”) teams, meet at least quarterly to monitor potential risks and review procedures and controls relating to cybersecurity. Management periodically assesses such risks and assists in the implementation of policies and procedures related to cybersecurity risk oversight in conjunction with the Compliance and Regulatory Affairs Committee.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Compliance and Regulatory Affairs Committee of the Board (the “Compliance and Regulatory Affairs Committee”) provides oversight of risks from cybersecurity threats. The Compliance and Regulatory Affairs Committee receives updates from our Chief Information Security Officer (“CISO”) and other members of management to, among other items, review material cybersecurity incidents, review key metrics on our cybersecurity program and related risk management programs, and discuss our cybersecurity programs and goals. The Compliance and Regulatory Affairs Committee updates the full Board on matters relating to cybersecurity. The Audit Committee of the Board provides an additional layer of cybersecurity oversight on specific financial matters.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO is responsible for assessing and managing the Company’s material risks from cybersecurity threats. Our CISO has served in this role for the past five years, has more than 25 years of experience in the aggregate in various roles involving managing information security, technology infrastructure, IT operations and developing cybersecurity strategy, and is a Certified Information Systems Security Professional (“CISSP”).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO is informed about and monitors the prevention, detection, mitigation and remediation of cybersecurity incidents through the management of and participation in the cybersecurity risk management and strategy process described above, including the operation of our incident response plan. As discussed above, our CISO reports to the Compliance and Regulatory Affairs Committee, about the risks from cybersecurity threats among other cybersecurity related matters and meets regularly with our Chief Technology Officer.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”). Our consolidated financial statements include the accounts of all subsidiaries.
Accounting Estimates and Assumptions	Accounting Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. In the accompanying consolidated financial statements, estimates are used for, but not limited to, the valuation of assets (including intangibles assets, goodwill and long-lived assets), liabilities, consideration related to business combinations and asset acquisitions, revenue recognition (including variable consideration), estimated selling prices for performance obligations in contracts with multiple performance obligations, reserves for claims and performance-based arrangements, credit losses, depreciable lives of assets, impairment of long-lived assets, stock-based compensation, deferred income taxes and valuation allowance, contingent liabilities, purchase price allocation in taxable stock transactions and useful lives of intangible assets.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Evolent Health, Inc. and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable and Allowances	Accounts Receivable and Allowances
Property and Equipment, Net	Property and Equipment, Net Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment are computed using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. The following summarizes the estimated useful lives by asset classification: Computer hardware 3 years Computer software 1 year Furniture and equipment 3 - 7 years Internal-use software development costs 5 years Leasehold improvements Shorter of useful life or remaining lease term When an item is sold or retired, the cost and related accumulated depreciation or amortization is eliminated and the resulting gain or loss, if any, is recorded in loss on disposal of non-strategic assets on our consolidated statements of operations and comprehensive income (loss).
Software Development Costs	Software Development Costs The Company capitalizes the cost of developing internal-use software, consisting primarily of personnel and related expenses (including employee taxes and benefits) for employees and third parties who devote time to their respective projects. Internal-use software costs are capitalized during the application development stage – when the research stage is complete and management has committed to a project to develop software that will be used for its intended purpose. Any costs incurred during subsequent efforts to significantly upgrade and enhance the functionality of the software are also capitalized. Capitalized software costs are included in property and equipment, net on our consolidated balance sheets. Amortization of internal-use software costs are recorded on a straight-line basis over their estimated useful life and begin once the project is substantially complete and the software is ready for its intended purpose.
Business Combinations	Business Combinations Companies acquired during each reporting period are reflected in the results of the Company effective from their respective dates of acquisition through the end of the reporting period. The Company allocates the fair value of purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Critical estimates used to value certain identifiable assets include, but are not limited to, expected long-term revenues, future expected operating expenses, cost of capital and appropriate discount rates. The excess of the fair value of purchase consideration over the fair value of the assets acquired and liabilities assumed in the acquired entity is recorded as goodwill. If the Company obtains new information about facts and circumstances that existed as of the acquisition date during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded on the Company's consolidated statements of operations and comprehensive income (loss). For contingent consideration recorded as a liability, the Company initially measures the amount at fair value as of the acquisition date and adjusts the liability to fair value at each reporting period. Changes in the fair value of contingent consideration, other than measurement period adjustments, are recognized in operating expenses on the consolidated statements of operations and comprehensive income (loss). Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. See Note 4 for additional discussion regarding business combinations.
Equity Method Investments	Equity Method Investments
Goodwill	Goodwill We recognize the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired as goodwill. Goodwill is not amortized, but is reviewed at least annually for indications of impairment, with consideration given to financial performance and other relevant factors. We perform impairment tests of goodwill at a reporting unit level on October 31 of each year. We perform impairment tests between annual tests if an event occurs, or circumstances change, that we believe would more likely than not reduce the fair value of a reporting unit below its carrying amount.
Intangible Assets, Net	Intangible Assets, Net Identified intangible assets are recorded at their estimated fair values at the date of acquisition and are amortized over their respective estimated useful lives using a method of amortization that reflects the pattern in which the economic benefits of the intangible assets are used. The following summarizes the estimated useful lives by asset classification: Customer relationships 11 - 25 years Technology 5 years Provider network contracts 2 - 5 years As part of the organizational changes as a result of growth in our value-based specialty care business, we will sunset several corporate trade names and replace them with Evolent signifying our adoption and launch of a unified brand. As a result, we accelerated amortization such that all corporate trade names were fully amortized by December 2024.
Research and Development Costs	Research and Development Costs Research and development costs consist primarily of personnel and related expenses (including stock-based compensation and employee taxes and benefits) for employees engaged in research and development activities as well as third-party fees. All such costs are expensed as incurred. We focus our research and development efforts on activities that support our technology infrastructure, clinical program development, data analytics and network development capabilities. Research and development costs are recorded within cost of revenue and selling, general and administrative expenses on our consolidated statements of operations and comprehensive income (loss).
Reserves for Claims and Performance-based Arrangements	Reserves for Claims and Performance-based Arrangements Reserves for claims and performance-based arrangements reflect estimates of payments under performance-based arrangements and the ultimate cost of claims that have been incurred but not reported, including expected development on reported claims, those that have been reported but not yet paid (reported claims in process) and other medical care expenses and services payable that are primarily composed of accruals for incentives and other amounts payable to health care professionals and facilities. The Company uses actuarial principles and assumptions that are consistently applied in each reporting period and recognizes the actuarial best estimate of the ultimate liability along with a margin for adverse deviation. This approach is consistent with actuarial standards of practice that the liabilities be adequate under moderately adverse conditions. The process of estimating reserves involves a considerable degree of judgment by the Company and, as of any given date, is inherently uncertain. The methods for making such estimates and for establishing the resulting liability are continually reviewed and adjustments are reflected in current results of operations in the period in which they are identified as experience develops or new information becomes known. See Note 22 for additional discussion regarding our reserves for claims and performance-based arrangements.
Right of Offset	Right of Offset Certain customer arrangements give the Company the legal right to net payment for amounts due from customers and claims payable. As of December 31, 2024 and 2023, approximately 67% and 57%, respectively, of gross accounts receivable has been netted against claims payable in lieu of cash receipt. Furthermore, as of December 31, 2024, approximately 23% of our accounts receivable, net could ultimately be settled on a net basis, once the criteria for netting have been met. Additionally, the Company offsets its accounts receivable and claims reserve under its total cost of care management solution.
Long-term Debt	Long-term Debt Convertible notes and amounts borrowed under our Credit Agreement are carried at cost, net of debt discounts and issuance costs, as long-term debt on the consolidated balance sheets. The debt discounts and issuance costs are amortized to interest expense on the consolidated statements of operations and comprehensive income (loss) using the effective interest rate method. Cash interest payments are due either quarterly or semi-annually in arrears and we accrue interest expense monthly based on the annual coupon rate. See Note 9 for further discussion regarding our convertible notes and Credit Agreement.
Leases	Leases The Company enters into various office space, data center and equipment lease agreements in conducting its normal business operations. At the inception of any contract, the Company evaluates the agreement to determine whether the contract contains a lease. If the contract contains a lease, the Company then evaluates the term and whether the lease is an operating or finance lease. Most leases include one or more options to renew or may have a termination option. The Company determines whether these options are reasonably certain to be exercised at the inception of the lease. The rent expense is recognized on a straight-line basis in the consolidated statements of operations and comprehensive income (loss) over the terms of the respective leases. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Further, the Company treats all lease and non-lease components as a single combined lease component for all classes of underlying assets. The Company also enters into sublease agreements for some of its leased office space. Rental income attributable to subleases is immaterial and is offset against rent expense over the terms of the respective leases. The Company reviews long-lived assets, which include operating lease right-of-use asset assets, for impairment when facts or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying values are reduced to the estimated fair value. Fair values are determined based on quoted market values, discounted cash flows and external market data, as applicable.
Revenue Recognition	Revenue Recognition Our revenue contracts are typically multi-year arrangements with customers to provide solutions designed to lower the medical expenses of our partners and include our total cost of care management and specialty care management services solutions, provide comprehensive health plan operations and claims processing services, and also include transition or run-out services to customers. We use the following 5-step model, outlined in Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), to determine revenue recognition from our contracts with customers: • Identify the contract(s) with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to performance obligations • Recognize revenue when (or as) the entity satisfies a performance obligation Cost of Revenue Our cost of revenue includes direct expenses and shared resources that perform services in direct support of partners. Costs consist primarily of employee-related expenses (including compensation, payroll taxes, benefits and stock-based compensation), expenses for TPA support and other services, as well as other professional fees and technology services. In certain cases, our cost of revenue also includes claims and capitation payments to providers and payments for pharmaceutical treatments and other health care expenditures through capitated arrangements. Our performance obligation in these arrangements is to provide an integrated suite of services, including access to our platform that is customized to meet the specialized needs of our partners and providers. Generally, we will apply the series guidance to the performance obligation as we have determined that each time increment is distinct. We primarily utilize a variable fee structure for these services that typically includes a monthly payment that is calculated based on a specified per member per month rate, multiplied by the number of members that our partners are managing under a value-based care arrangement or a percentage of plan premiums. Our arrangements may also include other variable fees related to service level agreements, shared medical savings arrangements and other performance measures. Variable consideration is estimated using the most likely amount based on our historical experience and best judgment at the time. Due to the nature of our arrangements, certain estimates may be constrained if it is probable that a significant reversal of revenue will occur when the uncertainty is resolved. We recognize revenue over time using the time elapsed output method. Fixed consideration is recognized ratably over the contract term. In accordance with the series guidance, we allocate variable consideration to the period to which the fees relate. Our revenue includes certain services which are billed on a per-case basis. Contracts with Multiple Performance Obligations Our contracts with customers may contain multiple performance obligations, primarily when the partner has requested both administrative services and other services such as our specialty care management or total cost of care management services as these services are distinct from one another. When a contract has multiple performance obligations, we allocate the transaction price to each performance obligation based on the relative standalone selling price using the expected cost margin approach. This approach requires estimates regarding both the level of effort it will take to satisfy the performance obligation as well as fees that will be received under the variable pricing model. We also take into consideration customer demographics, current market conditions, the scope of services and our overall pricing strategy and objectives when determining the standalone selling price. Principal vs. Agent We use third parties to assist in satisfying our performance obligations. In order to determine whether we are the principal or agent in the arrangement, we review each third-party relationship on a contract-by-contract basis. As we integrate goods and services provided by third parties into our overall service, we control the services provided to the customer prior to its delivery. As such, we are the principal and we will recognize revenue on a gross basis. In certain cases, we do not control the services from third parties before it is delivered to the customer, thereby recognizing revenue on a net basis.
Selling, general and administrative expenses	Selling, general and administrative expenses Our selling, general and administrative expenses consist of employee-related expenses (including compensation, benefits and stock-based compensation) for selling and marketing, corporate development, finance, legal, human resources, corporate information technology, professional fees and other corporate expenses associated with these functional areas. Selling, general and administrative expenses also include costs associated with our centralized infrastructure and research and development activities to support our network development capabilities, claims processing services, including PBM administration, technology infrastructure, clinical program development and data analytics.
Stock-based Compensation	Stock-based Compensation The Company sponsors a stock-based incentive plan that provides for the issuance of stock-based awards to employees, vendors and non-employee directors of the Company or its consolidated subsidiaries. Our stock-based awards vest over a three
Income Taxes	Income Taxes Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. A valuation allowance is recorded to the extent required. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies we would employ to avoid a tax benefit from expiring unused. We use a recognition threshold and a measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. We recognize interest and penalties accrued on any unrecognized tax exposures as a component of income tax expense, when applicable. As of December 31, 2024 and 2023, our identified balance of uncertain income tax positions would not have a material impact to the consolidated financial statements. We are subject to taxation in various jurisdictions in the United States, India and the Philippines and remain subject to examination by taxing jurisdictions for the year 2011 and all subsequent periods due to the availability of NOL carryforwards.
Loss per Common Share	Loss per Common Share Basic loss per common share is computed by dividing net loss available to Class A common shareholders of Evolent Health, Inc. by the weighted-average number of Class A common shares outstanding. For periods of net income, and when the effects are not anti-dilutive, we calculate diluted earnings per share by dividing net income available to Class A common shareholders by the weighted average number of Class A common shares plus the weighted average number of Class A common shares assuming the conversion of our convertible notes, as well as the impact of all potential dilutive common shares, consisting primarily of common stock options and unvested restricted stock awards using the treasury stock method and our Series A Preferred Stock. For periods of net loss, shares used in the diluted loss per share calculation represent basic shares as using potentially dilutive shares would be anti-dilutive.
Fair Value Measurement	Fair Value Measurement Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. Our consolidated balance sheets include various financial instruments (primarily cash not held in money market funds, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities) that are carried at cost which approximates fair value. Refer to Note 18 for further discussion regarding fair value measurement. GAAP defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) assuming an orderly transaction in the most advantageous market at the measurement date. GAAP also establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These tiers include: • Level 1 - inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date; • Level 2 - inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date and the fair value can be determined through the use of models or other valuation methodologies; and • Level 3 - inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the particular asset or liability being measured. These items are recorded in accrued liabilities on our consolidated balance sheets. Nonrecurring Fair Value Measurements In addition to the assets and liabilities that are recorded at fair value on a recurring basis, the Company records certain assets and liabilities at fair value on a nonrecurring basis as required by GAAP. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges. This includes assets and liabilities recorded in business combinations or asset acquisitions, goodwill, intangible assets, property, plant and equipment and equity method investments. While not carried at fair value on a recurring basis, these items are continually monitored for indicators of impairment that would indicate current carrying value is greater than fair value. In those situations, the assets are considered impaired and written down to current fair value. Other Fair Value Disclosures The carrying amounts of cash and cash equivalents (those not held in a money market fund), restricted cash, receivables, prepaid expenses, accounts payable, accrued liabilities and accrued compensation approximate their fair values because of the relatively short-term maturities of these items and financial instruments.
Series A Senior Convertible Preferred Shares	Our shares of Convertible Preferred Equity are classified within temporary equity, as events outside the Company’s control triggers such shares to become redeemable. Costs associated with the issuance of redeemable preferred stock are presented as discounts to the carrying value of the redeemable preferred stock and are amortized using the effective interest method, over the term of the Convertible Preferred Equity.
Adoption of New Accounting Standards	In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements, including those companies with a single operating segment. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 for the year ended December 31, 2024. See Note 21 for segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-09, but does not expect the adoption to have a significant impact to our income tax disclosures. In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires additional disclosure of specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 may be applied prospectively with the option for retrospective application for all prior periods presented. The Company is currently evaluating the impact of adopting this guidance on the Company's current financial position, results of operations or financial statement disclosures. In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20) “Induced Conversions of Convertible Debt Instruments” to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. Under the amendments, to account for a settlement of a convertible debt instrument as an induced conversion, an inducement offer is required to provide the debt holder with, at a minimum, the consideration (in form and amount) issuable under the conversion privileges provided in the terms of the instrument. An entity should assess whether this criterion is satisfied as of the date the inducement offer is accepted by the holder. If, when applying this criterion, the convertible debt instrument had been exchanged or modified (without being deemed substantially different) within the one-year period leading up to the offer acceptance date, an entity should compare the terms provided in the inducement offer with the terms that existed one year before the offer acceptance date. The amendments in this update also clarify that the induced conversion guidance applies to a convertible debt instrument that is not currently convertible as long as it had a substantive conversion feature as of both its issuance date and the date the inducement offer is accepted. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company is examining the impact this pronouncement may have on the Company’s consolidated financial statements.

Basis of Presentation, Summar_3

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Restricted Cash and Restricted Investments	Restricted cash and restricted investments include cash and investments used to collateralize various contractual obligations (in thousands) as follows: December 31, 2024 2023 Collateral for letters of credit for facility leases (1) $ 1,903 $ 2,132 Collateral with financial institutions (2) 16,590 16,237 Claims processing services (3) 55,800 12,263 Total restricted cash and restricted investments $ 74,293 $ 30,632 Current restricted cash $ 59,295 $ 13,768 Total current restricted cash and restricted investments $ 59,295 $ 13,768 Non-current restricted cash $ 14,998 $ 16,864 Total non-current restricted cash and restricted investments $ 14,998 $ 16,864 ———————— (1) Represents restricted cash related to collateral for letters of credit required in conjunction with lease agreements. See Note 11 for further discussion of our lease commitments. (2) Represents collateral held with financial institutions for risk-sharing and other arrangements which are held in a FDIC participating bank account. See Note 18 for discussion of fair value measurement. (3) Represents cash held by the Company related to claims processing services on behalf of partners. These are pass-through amounts and can fluctuate materially from period to period depending on the timing of when the claims are processed.
Schedule of Consolidated Statements of Cash Flows	The following table provides a reconciliation of cash and cash equivalents and current and noncurrent restricted cash and restricted investments reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows (in thousands): December 31, 2024 2023 Cash and cash equivalents $ 104,203 $ 192,825 Restricted cash and restricted investments 74,293 30,632 Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 178,496 $ 223,457
Schedule of Property and Equipment	The following summarizes the estimated useful lives by asset classification: Computer hardware 3 years Computer software 1 year Furniture and equipment 3 - 7 years Internal-use software development costs 5 years Leasehold improvements Shorter of useful life or remaining lease term The following summarizes our property and equipment (in thousands): December 31, 2024 2023 Computer hardware $ 14,734 $ 21,501 Furniture and equipment 983 1,297 Internal-use software development costs 235,831 212,913 Leasehold improvements 1,479 1,052 Total property and equipment 253,027 236,763 Accumulated depreciation expense (179,876) (158,569) Total property and equipment, net $ 73,151 $ 78,194
Schedule of Estimated Useful Lives Assets	The following summarizes the estimated useful lives by asset classification: Customer relationships 11 - 25 years Technology 5 years Provider network contracts 2 - 5 years Details of our intangible assets (in thousands, except weighted-average useful lives) are presented below: December 31, 2024 December 31, 2023 Weighted- Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted- Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Value Corporate trade name 0.0 $ 51,965 $ 51,965 $ — 1.0 $ 51,965 $ 30,288 $ 21,677 Customer relationships 13.5 806,668 186,377 620,291 14.5 806,668 139,150 667,518 Technology 3.0 169,715 117,924 51,791 3.8 162,015 101,566 60,449 Below market lease, net 0.0 1,218 1,218 — 0.0 1,218 1,218 — Provider network contracts 4.8 26,522 18,448 8,074 1.1 18,054 15,689 2,365 Total intangible assets, net $ 1,056,088 $ 375,932 $ 680,156 $ 1,039,920 $ 287,911 $ 752,009

Transactions (Tables)

Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Allocation of Purchase Price	The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of August 1, 2024, as follows (in thousands): Purchase consideration: Cash $ 19,500 Fair value of contingent consideration 9,000 Total consideration $ 28,500 Identifiable intangible assets acquired: Technology $ 7,700 Total identifiable intangible assets acquired 7,700 Liabilities assumed: Accrued compensation and employee benefits 9 Total liabilities assumed 9 Goodwill 20,809 Net assets acquired $ 28,500 The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of January 20, 2023 as follows (in thousands): Purchase consideration: Cash $ 387,823 Fair value of Class A common stock issued 261,271 Fair value of contingent consideration 66,600 Total consideration $ 715,694 Tangible assets acquired: Accounts receivable $ 28,065 Prepaid expenses and other current assets 675 Total tangible assets acquired 28,740 Identifiable intangible assets acquired: Customer relationships 345,100 Technology 50,700 Corporate trade name 8,200 Total identifiable intangible assets acquired 404,000 Liabilities assumed: Accrued liabilities 5,409 Accrued compensation and employee benefits 6,173 Deferred tax liabilities, net 100,486 Deferred revenue 142 Total liabilities assumed 112,210 Goodwill (1) 395,164 Net assets acquired $ 715,694 ———————— (1)
Schedule of Assets Acquired and Liabilities	The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of January 20, 2023 as follows (in thousands): Purchase consideration: Cash $ 387,823 Fair value of Class A common stock issued 261,271 Fair value of contingent consideration 66,600 Total consideration $ 715,694 Tangible assets acquired: Accounts receivable $ 28,065 Prepaid expenses and other current assets 675 Total tangible assets acquired 28,740 Identifiable intangible assets acquired: Customer relationships 345,100 Technology 50,700 Corporate trade name 8,200 Total identifiable intangible assets acquired 404,000 Liabilities assumed: Accrued liabilities 5,409 Accrued compensation and employee benefits 6,173 Deferred tax liabilities, net 100,486 Deferred revenue 142 Total liabilities assumed 112,210 Goodwill (1) 395,164 Net assets acquired $ 715,694 ———————— (1)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table represents Evolent’s revenue disaggregated by line of business and product type (in thousands): For the Year Ended December 31, 2024 2023 2022 Medicaid $ 862,401 $ 785,053 $ 559,362 Medicare 1,045,921 708,853 458,413 Commercial and other 646,419 469,990 334,238 Total $ 2,554,741 $ 1,963,896 $ 1,352,013 Performance Suite $ 1,801,879 $ 1,214,661 $ 808,642 Specialty Technology and Services Suite 338,306 296,366 51,898 Administrative Services 238,036 296,244 407,523 Cases 176,520 156,625 83,950 Total $ 2,554,741 $ 1,963,896 $ 1,352,013
Schedule of Contract with Customer, Asset and Liability	The following table provides information about receivables, contract assets and deferred revenue from contracts with customers as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Short-term receivables (1) $ 413,346 $ 446,220 Short-term deferred revenue 2,507 5,976 Long-term deferred revenue — 1,173 ———————— (1) Excludes pharmacy rebate receivable and pharmacy claims receivable. Changes in deferred revenue for the year ended December 31, 2024 are as follows (in thousands): Deferred revenue Balance as of beginning-of-period $ 7,149 Reclassification to revenue, as a result of performance obligations satisfied (5,672) Cash received in advance of satisfaction of performance obligations 1,030 Balance as of end of period $ 2,507

Credit Losses (Tables)

Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Schedule of Accounts Receivable Aging Analysis	The following table compiles the percentages of outstanding accounts receivable based on our aging analysis of our trade accounts receivable, non-trade accounts receivable and contract assets (in thousands): December 31, 2024 2023 Current 54 % 54 % Past due 1-60 days 15 % 17 % Past due 61+ days 31 % 29 % Accounts receivable, net of allowance $ 420,914 $ 472,350
Schedule of Changes in Allowance for Accounts Receivable	The following table summarizes the changes in allowance for credit losses on our accounts receivables, certain non-trade accounts receivable and contract assets (in thousands): For the Year Ended December 31, 2024 2023 Balance as of beginning of period $ (16,361) $ (10,180) Acquisitions — (240) Provision for credit losses (4,803) (10,773) Charge-offs (1) 5,796 4,832 Balance as of end of period $ (15,368) $ (16,361) ———————— (1) Charge-offs for the years ended December 31, 2024 and 2023 are primarily related to balances written-off that were previously reserved.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following summarizes the estimated useful lives by asset classification: Computer hardware 3 years Computer software 1 year Furniture and equipment 3 - 7 years Internal-use software development costs 5 years Leasehold improvements Shorter of useful life or remaining lease term The following summarizes our property and equipment (in thousands): December 31, 2024 2023 Computer hardware $ 14,734 $ 21,501 Furniture and equipment 983 1,297 Internal-use software development costs 235,831 212,913 Leasehold improvements 1,479 1,052 Total property and equipment 253,027 236,763 Accumulated depreciation expense (179,876) (158,569) Total property and equipment, net $ 73,151 $ 78,194

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Change in Goodwill	The following table summarizes the changes in the carrying amount of goodwill, for the periods presented (in thousands): For the Year Ended December 31, 2024 2023 2022 Balance, beginning of period $ 1,116,542 $ 722,774 $ 426,297 Goodwill acquired (1) 20,809 395,164 296,597 Measurement period adjustment — 971 — Goodwill disposal (2) — (2,363) — Foreign currency translation (31) (4) (120) Balance, end of period $ 1,137,320 $ 1,116,542 $ 722,774 ———————— (1) Goodwill acquired from the addition of IPG in August 2022, NIA in January 2023 and Machinify in August 2024 as described in Note 4. (2) Goodwill written-off upon disposal of non-strategic assets.
Schedule of Intangible Assets, Net	The following summarizes the estimated useful lives by asset classification: Customer relationships 11 - 25 years Technology 5 years Provider network contracts 2 - 5 years Details of our intangible assets (in thousands, except weighted-average useful lives) are presented below: December 31, 2024 December 31, 2023 Weighted- Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted- Average Remaining Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Value Corporate trade name 0.0 $ 51,965 $ 51,965 $ — 1.0 $ 51,965 $ 30,288 $ 21,677 Customer relationships 13.5 806,668 186,377 620,291 14.5 806,668 139,150 667,518 Technology 3.0 169,715 117,924 51,791 3.8 162,015 101,566 60,449 Below market lease, net 0.0 1,218 1,218 — 0.0 1,218 1,218 — Provider network contracts 4.8 26,522 18,448 8,074 1.1 18,054 15,689 2,365 Total intangible assets, net $ 1,056,088 $ 375,932 $ 680,156 $ 1,039,920 $ 287,911 $ 752,009
Schedule of Future Estimated Amortization of Intangible Assets	Future estimated amortization of intangible assets (in thousands) as of December 31, 2024, is as follows: 2025 $ 66,203 2026 65,953 2027 63,211 2028 51,277 2029 48,864 Thereafter 384,648 Total future amortization of intangible assets $ 680,156

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Convertible Debt	The following table summarizes the terms of our Convertible Senior Notes as of December 31, 2024 (in thousands, except per share conversion rates and prices): 2025 Notes 2029 Notes Aggregate principal amount at issuance $ 172,500 $ 402,500 Interest rate per annum 1.5 % 3.5 % Debt issuance costs $ 5,929 $ 11,598 Net proceeds $ 166,571 $ 390,902 Issuance date October 22, 2018 December 8, 2023 Maturity date October 15, 2025 December 1, 2029 Interest payment dates (1) April 15 and October 15 June 1 and December 1 Conversion rate per $1,000 of principal 29.9135 26.3125 Conversion price $ 33.43 $ 38.00 Shares issuable upon conversion (2) 5,160 10,592 Carrying value $ 171,467 $ 392,916 Unamortized debt discount and issuance costs 1,033 9,584 Outstanding principal $ 172,500 $ 402,500 Remaining amortization period (years) 0.8 4.9 Fair value (3) $ 167,180 $ 344,403 ———————— (1) Holders of the Convertible Senior Notes are entitled to cash payments, which are payable semiannually in arrears on the dates indicated above. (2) Measured in shares of the Company’s Class A common stock and represents the number of shares of the Company’s Class A common stock that the Convertible Senior Notes are convertible into as of December 31, 2024. Upon conversion, the Company will pay or deliver, as the case may be, cash or shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election. (3) Fair values for notes are derived from available trading prices closest to the respective balance sheet date.
Schedule of Debt	Interest expense and amortization of debt issuance costs activity were as follows (in thousands): For the Year Ended December 31, 2024 2023 2022 2029 Notes Interest expense $ 14,087 $ 900 $ — Amortization of debt issuance costs 1,921 122 — Interest expense for 2029 Notes $ 16,008 $ 1,022 $ — 2022 Credit Agreement Interest expense $ 4,500 $ 46,538 $ 7,939 Amortization of debt issuance costs 330 2,256 433 Interest expense for 2022 Credit Agreement $ 4,830 $ 48,794 $ 8,372 2024 Notes Interest expense $ — $ 367 $ 2,743 Amortization of debt issuance costs — 148 592 Interest expense for 2024 Notes $ — $ 515 $ 3,335 2025 Notes Interest expense $ 2,588 $ 2,588 $ 2,588 Amortization of debt issuance costs 1,296 1,286 1,277 Interest expense for 2025 Notes $ 3,884 $ 3,874 $ 3,865

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Credit and Concentration Risk	The following table summarizes the partners who represented at least 10.0% of our consolidated short-term trade accounts receivable, excluding pharmacy claims receivable and premiums receivable: December 31, 2024 2023 Cook County Health and Hospitals System 45.8% 46.9% ———————— * Represents less than 10.0% of the respective balance. The following table summarizes those partners who represented at least 10.0% of our consolidated revenue: For the Year Ended December 31, 2024 2023 2022 Cook County Health and Hospitals System 11.5% 15.7% 22.4% Florida Blue Medicare, Inc. 12.9% 10.4% 11.5% Humana Insurance Company 19.3% 12.0% * Molina Healthcare, Inc. 13.7% 13.5% * ———————— * Represents less than 10.0% of the respective balance.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Primary Office Leases and Maturity of Lease Liabilities	The following table summarizes our primary office leases as of December 31, 2024 (in thousands, other than term): Location Lease Termination Term (in years) Future Minimum Lease Commitments Letter of Credit Amount Required Arlington, VA (1) 6.1 $ 3,218 $ 1,579 Edison, NJ 1.3 707 222 Makati City, Philippines 3.4 2,286 — Alpharetta, GA 0.7 361 — Pune, India 3.2 1,877 — Brea, CA 2.4 2,373 — ———————— (1) Amounts required under the letter of credit for our previous headquarters’ lease in Arlington, VA until November 2025. Maturity of lease liabilities including future lease termination payments (in thousands) is as follows: Operating lease expense 2025 $ 27,610 2026 18,719 2027 3,008 2028 1,785 2029 1,370 Thereafter 1,663 Total lease payments 54,155 Less: Interest 2,469 Present value of lease liabilities $ 51,686
Schedule of Components of Lease Expense, Weighted-Average Discount Rate and Weighted-remaining Lease Terms	The following table summarizes the components of our lease expense (in thousands): For the Year Ended December 31, 2024 2023 2022 Operating lease cost $ 2,960 $ 7,984 $ 8,956 Variable lease cost 5,301 6,004 5,682 Total lease cost $ 8,261 $ 13,988 $ 14,638 Our weighted-average discount rate and our weighted remaining lease terms (in years) are as follows: December 31, 2024 2023 2022 Weighted average discount rate 9.09 % 6.40 % 6.36 % Weighted average remaining lease term 4.3 6.0 7.8

Convertible Preferred Equity (T

Convertible Preferred Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Temporary Equity Disclosure [Abstract]
Schedule Of Paid Dividends	The Company paid dividends and recorded accretion of deferred issuance costs and redemption value related to the Series A Preferred Stock as presented below (in thousands, except per share data): For the Year Ended December 31, 2024 2023 2022 Cash dividends on Series A Preferred Stock $ 20,085 $ 18,793 $ — Accretion of deferred financing costs and redemption value in excess of par 11,746 10,427 — Total dividends and accretion of Series A Preferred Stock $ 31,831 $ 29,220 $ —

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share available for common stockholders (in thousands, except per share data): For the Year Ended December 31, 2024 2023 2022 Loss from continuing operations $ (61,623) $ (113,040) $ (18,701) Loss from discontinued operations, net of tax — — (463) Loss before preferred dividends and accretion of Series A Preferred Stock (61,623) (113,040) (19,164) Dividends and accretion of Series A Preferred Stock (31,831) (29,220) — Net loss attributable to common shareholders of Evolent Health, Inc. $ (93,454) $ (142,260) $ (19,164) Weighted-average common shares outstanding - basic and diluted 114,682 111,251 93,699 Loss per common share Basic and diluted $ (0.81) $ (1.28) $ (0.20)
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	Anti-dilutive shares excluded from the calculation of weighted-average common shares presented above are presented below (in thousands): For the Year Ended December 31, 2024 2023 2022 Restricted stock units ("RSUs"), performance-based RSUs (“PSUs”) and leveraged stock units ("LSUs") 1,213 1,352 1,804 Stock options 245 794 1,769 Series A Preferred Stock 4,375 4,375 — Convertible senior notes 15,752 6,808 9,574 Total 21,585 13,329 13,147

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule Of Supply Share Authorized Changes For The Equity-Based	The following table summarizes the Company’s additional shares authorized changes for the 2015 Plan (in thousands): Board Approval Date Shares Added Total Additional Shares Authorized May 1, 2015 6,000 6,000 June 13, 2018 4,525 10,500 April 15, 2021 4,910 15,400 April 20, 2023 4,000 19,400
Schedule of Stock-Based Compensation Expense	Total compensation expense by award type and line item in our consolidated financial statements was as follows (in thousands): For the Year Ended December 31, 2024 2023 2022 Award Type Stock options $ — $ 74 $ 416 RSUs 30,122 26,718 17,327 Performance-based RSUs 9,624 13,214 14,308 LSUs — 495 1,930 Total compensation expense by award type $ 39,746 $ 40,501 $ 33,981 Line Item Cost of revenue $ 4,582 $ 1,662 $ 4,387 Selling, general and administrative expenses 35,164 38,839 29,594 Total compensation expense by financial statement line item $ 39,746 $ 40,501 $ 33,981
Schedule Of Unrecognized Compensation Expense	Total unrecognized compensation expense (in thousands) and expected weighted-average period (in years) by award type for all of our stock-based incentive plans were as follows: As of December 31, 2024 Unrecognized Compensation Expense Weighted Average Period (years) RSUs $ 41,819 1.54 PSUs 24,547 1.56 Total $ 66,366
Schedule of Stock Option Information	Information with respect to our stock options (in thousands), including weighted-average remaining contractual term (in years) and aggregate intrinsic value (in thousands) was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of December 31, 2023 658 $ 13.23 4.99 $ 13,032 Exercised (283) 10.31 Forfeited — — Outstanding as of December 31, 2024 375 $ 15.43 4.45 $ (1,568) Vested and expected to vest after December 31, 2024 375 $ 15.43 4.45 $ (1,568) Exercisable as of December 31, 2024 375 $ 15.43 4.45 $ (1,568)
Schedule of Performance-Based Stock Option Awards Activity	Information with respect to our performance-based stock options (shares and aggregate intrinsic value shown in thousands, weighted-average remaining contractual term shown in years) was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of December 31, 2023 106 $ 10.27 2.17 $ 2,401 Exercised (106) 10.27 Outstanding as of December 31, 2024 — N/A N/A N/A Vested and expected to vest after December 31, 2024 — N/A N/A N/A
Schedule of Restricted Stock Units Information	Information with respect to our RSUs (not including performance-based RSUs) is presented below (in thousands, except for weighted-average grant-date fair value): Total RSUs Weighted Average Grant Date Fair Value Outstanding as of December 31, 2023 2,152 $ 28.55 Granted 1,333 31.55 Forfeited (387) 31.85 Vested (950) 26.46 Outstanding as of December 31, 2024 2,148 $ 30.74
Schedule of Price Assumptions for Performance Based Stock Units	The price assumptions used for our performance-based stock unit awards were as follows: 1st Tranche 2nd Tranche Weighted-average fair value per performance-based stock unit granted $ 20.64 $ 20.69 Assumptions: Expected term 2 years 3 years Expected volatility 89.5 % 77.7 % Risk-free interest rate 0.12 % 0.25 % Dividend yield — % — %
Schedule Of Information Of Performance Based Stock Units	Information with respect to our performance-based restricted stock unit awards (shares and aggregate intrinsic value shown in thousands, weighted-average remaining contractual term shown in years) was as follows: Performance- Based Stock Units Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of December 31, 2023 1,653 $ 30.53 8.42 $ 4,131 Granted 808 34.41 Change in achievement (847) 34.79 Vested (343) 19.54 Forfeited (54) 32.01 Outstanding as of December 31, 2024 1,217 $ 31.54 8.12 $ (24,691) Vested and expected to vest after December 31, 2024 1,217 $ 31.54 8.12 $ (24,691)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Loss Before Provision for Income Taxes	Our loss from continuing operations before income taxes (in thousands) was as follows: For the Year Ended December 31, 2024 2023 2022 Domestic $ (68,401) $ (206,344) $ (66,055) Foreign 5,365 3,939 3,978 Loss from continuing operations before income taxes $ (63,036) $ (202,405) $ (62,077)
Schedule of Components of Income Tax Expense (Benefit)	Components of income tax expense (benefit) (in thousands) consist of the following: For the Year Ended December 31, 2024 2023 2022 Current Federal $ — $ — $ (875) State and local 125 2,855 1,788 Foreign 1,451 1,034 1,318 Total current tax expense 1,576 3,889 2,231 Deferred Federal (12,259) (42,156) 5,055 State and local (6,521) (12,822) (2,790) Foreign (49) 510 92 Total deferred tax expense (benefit) (18,829) (54,468) 2,357 Change in valuation allowance 15,840 (38,786) (47,964) Total tax expense (benefit) $ (1,413) $ (89,365) $ (43,376)
Schedule of Reconciliation of the U.S. Statutory Tax Rate to our Effective Tax Rate	A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below: For the Year Ended December 31, 2024 2023 2022 U.S. statutory tax rate 21.0 % 21.0 % 21.0 % U.S. state income taxes, net of U.S. federal tax benefit 3.6 % 3.0 % (0.6) % Foreign earnings at other than U.S. rates (0.3) % (0.3) % (0.8) % Change in valuation allowance (25.1) % 19.2 % 77.3 % Contingent consideration adjustments (2.9) % (1.2) % (0.1) % Non-deductible excess compensation (8.1) % (6.8) % (27.8) % Excess tax benefits on stock-based compensation 4.8 % 7.1 % 12.2 % Convertible debt extinguishment — % — % (3.4) % Change in uncertain tax positions 0.3 % (0.5) % (1.1) % Nondeductible transaction costs (0.1) % (0.2) % (1.7) % Change in state rate 6.1 % 2.2 % 5.2 % Return to provision and other deferred adjustments 1.7 % (0.1) % (1.1) % Tax receivable agreement 0.3 % (0.9) % (9.1) % Research and development tax credit - federal 1.2 % 1.7 % — % Other, net (0.3) % — % (0.1) % Effective tax rate 2.2 % 44.2 % 69.9 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities (in thousands) were as follows: As of December 31, 2024 2023 Deferred Tax Assets Start-up and organizational costs $ 38 $ 59 Goodwill 7,786 17,501 Operating lease liabilities 12,036 10,015 Accrued expenses 5,682 11,530 Stock based compensation 4,640 3,283 Net operating loss carryforwards 125,248 123,147 Federal and state research tax credits 5,014 4,467 Fixed assets 363 666 Interest deduction limitation 23,851 20,460 Outside basis differences 982 70 Other 7,890 7,417 Subtotal 193,530 198,615 Valuation allowance (47,844) (32,004) Total deferred tax assets 145,686 166,611 Deferred Tax Liabilities Internally developed software costs 2,384 5,697 Intangible assets 146,234 165,742 Right-of-use assets - Operating 670 1,884 Contract fulfillment costs 3,345 3,030 Other 2,453 2,606 Total deferred tax liabilities 155,086 178,959 Net deferred tax liabilities (1) $ (9,400) $ (12,348) ———————— (1) Amount is net of $1.5 million and $1.0 million of deferred tax assets included in prepaid expenses and other noncurrent assets on the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Changes in our valuation allowance (in thousands) were as follows: For the Year Ended December 31, 2024 2023 Balance at beginning-of-year $ 32,004 $ 70,790 Credited to costs and expenses 15,840 (38,786) Balance at end-of-year $ 47,844 $ 32,004
Schedule of Changes in Unrecognized Tax Benefits	Changes in our unrecognized tax benefits (in thousands) were as follows: For the Year Ended December 31, 2024 2023 2022 Balance at beginning-of-year $ 2,600 $ 1,624 $ 609 Gross increases - tax positions in prior period — 7 616 Gross decreases - tax positions in prior period (30) — — Gross increases - tax positions in current period 232 969 399 Lapse of statute of limitations (255) — — Balance at end-of-year $ 2,547 $ 2,600 $ 1,624

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities on Recurring Basis	The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): December 31, 2024 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration (1) $ — $ — $ 5,000 $ 5,000 Total fair value of liabilities measured on a recurring basis $ — $ — $ 5,000 $ 5,000 December 31, 2023 Level 1 Level 2 Level 3 Total Liabilities Contingent consideration (2) $ — $ — $ 83,600 $ 83,600 Total fair value of liabilities measured on a recurring basis $ — $ — $ 83,600 $ 83,600 ———————— (1) Represents the earn-out consideration related to the Machinify transaction described in Note 4 and annual incentive payments to Evolent Care Partners providers based on membership attribution. (2)
Schedule of Changes in Contingent Consideration Measured at Fair Value	The changes in our liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value are as follows (in thousands): For the Year Ended December 31, 2024 2023 Balance as of beginning of period $ 83,600 $ 78,000 Additions 9,000 70,200 Settlements (92,508) (82,584) Change in fair value of contingent consideration 4,908 17,984 Balance as of end of period $ 5,000 $ 83,600
Schedule of Valuation Techniques and Significant Unobservable Inputs	The following table summarizes the fair value (in thousands), valuation techniques and significant unobservable inputs of our Level 3 fair value measurements as of the periods presented: December 31, 2024 Fair Valuation Significant Assumption or Value Technique Unobservable Inputs Input Ranges Machinify contingent consideration $ 1,900 Real options approach Risk-neutral expected earnout consideration $ 1,900 Discount rate 6.57 % ECP contingent consideration $ 3,100 Contractual obligation N/A N/A December 31, 2023 Fair Valuation Significant Assumption or Value Technique Unobservable Inputs Input Ranges Contingent consideration $ 83,600 N/A Contractual terms $ 83,600

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Parties	The following table presents assets and liabilities attributable to our related parties (in thousands): December 31, 2024 2023 Assets Accounts receivable, net $ 7,947 $ 8,045 Liabilities Accounts payable $ 498 $ 390 The following table presents revenues and expenses attributable to our related parties (in thousands): For the Year Ended December 31, 2024 2023 2022 Revenue $ 40,908 $ 192,176 $ 154,591 Expenses Cost of revenue 32,586 162,589 128,308 Selling, general and administrative expenses 777 2,464 1,507

Repositioning and Other Chang_2

Repositioning and Other Changes (Tables)	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Costs Associated with the Repositioning Plan	The following table provides a summary of our total costs associated with our repositioning plans for the years ended December 31, 2024 and 2023, respectively, by major type of cost (in thousands): For the Year Ended December 31, Cumulative Amount Incurred Through 2024 2023 Severance and termination benefits $ 1,835 $ 8,564 $ 10,399 Dedicated employee costs 1,185 6,900 8,085 Professional services 4,128 12,910 17,038 Office space consolidation 3,452 6,862 10,314 Total $ 10,600 $ 35,236 $ 45,836

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Adjusted EBITDA to Net Loss	The following table presents our revenue, significant expenses reviewed by our CODM and net loss attributable to common shareholders of Evolent Health Inc. (in thousands): For the Year Ended December 31, 2024 2023 2022 Revenue $2,554,741 $1,963,896 $1,352,013 Less: Medical expense and device costs 1,813,052 1,143,499 725,036 Cost of revenue excluding medical expense and device costs and other segment items (1) 369,754 358,265 304,326 Selling, general and administrative expenses excluding other segment items (2) 211,475 267,454 216,320 Depreciation and amortization expenses 118,370 123,415 67,195 Interest income (5,544) (5,256) (1,369) Interest expense 24,722 54,205 15,572 (Gain) loss from equity method investees 3,441 (1,290) (4,569) Benefit from income taxes (1,413) (89,365) (43,376) Change in tax receivables agreement liability 173 61,982 45,950 Other segment items (3) 114,165 193,247 46,092 Net loss attributable to common shareholders of Evolent Health, Inc. $ (93,454) $ (142,260) $ (19,164) ———————— (1) Other segment items excluded from cost of revenue excluding medical expense and device costs include $4.6 million, $1.7 million and $4.4 million of stock compensation for the years ended December 31, 2024, 2023 and 2022, respectively, and $1.6 million of acquisition-related costs and $0.1 million of amortization of contract cost assets for the year ended December 31, 2022. (2) Other segment items excluded from selling, general and administrative expenses includes $35.2 million, $38.8 million and $29.6 million of stock compensation, $2.9 million, $1.5 million and $13.3 million of severance costs, $2.9 million, $15.1 million and $10.1 million of acquisition-related costs and $10.6 million, $35.2 million and $— million of repositioning costs for the years ended December 31, 2024, 2023 and 2022, respectively. (3)

Reserves for Claims and Perfo_2

Reserves for Claims and Performance-Based Arrangements (Tables)	12 Months Ended
	Dec. 31, 2024
Insurance [Abstract]
Schedule of Activity in Claims Reserves and Performance - Based Arrangements	Activity in reserves for claims and performance-based arrangements related to specialty care management services solution was as follows (in thousands): For the Year Ended December 31, 2024 2023 Balance, beginning of period $ 404,048 $ 199,730 Incurred health care costs: Current year to date period 1,507,740 928,013 Prior year to date period (24,757) (36,925) Total claims incurred 1,482,983 891,088 Claims paid related to: Current year to date period (1,216,364) (549,691) Prior year to date period (351,962) (137,079) Total claims paid (1,568,326) (686,770) Balance, end of period $ 318,705 $ 404,048

Quarterly Results of Operatio_2

Quarterly Results of Operations (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Data [Abstract]
Unaudited consolidated quarterly results of operations	The unaudited consolidated quarterly results of operations (in thousands, except per share data) were as follows: For the Three Months Ended December 31 September 30 June 30 March 31 2024 Total revenue $ 646,542 $ 621,401 $ 647,145 $ 639,653 Total operating expenses 665,138 637,669 639,357 653,062 Gain (loss) before preferred dividends and accretion of Series A Preferred Stock (22,802) (23,137) 1,596 (17,280) Dividends and accretion of Series A Preferred Stock (7,813) (8,094) (7,979) (7,945) Net loss attributable to common shareholders of Evolent Health, Inc. (30,615) (31,231) (6,383) (25,225) Loss per common share Basic and diluted $ (0.27) $ (0.27) $ (0.06) $ (0.22) 2023 Total revenue $ 556,055 $ 511,015 $ 469,136 $ 427,690 Total operating expenses 577,405 528,953 490,704 438,045 Loss before preferred dividends and accretion of Series A Preferred Stock (33,411) (25,324) (34,323) (19,982) Dividends and accretion of Series A Preferred Stock (7,984) (7,872) (7,088) (6,276) Net loss attributable to common shareholders of Evolent Health, Inc. (41,395) (33,196) (41,411) (26,258) Loss per common share Basic and diluted $ (0.36) $ (0.30) $ (0.37) $ (0.24)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following represents supplemental cash flow information (in thousands): For the Year Ended December 31, 2024 2023 2022 Supplemental disclosure of non-cash investing and financing activities Accrued property and equipment purchases $ (368) $ 137 $ 573 Increase/decrease to goodwill from measurement period adjustments/business combinations — 2,333 — Class A common stock issued for payment of earn-outs — 28,551 — Accrued deferred financing costs — 529 450 Class A common stock issued in connection with business combinations — 261,271 130,175 Class A common stock issued in connection with debt repayment — 23,073 101,999 Accrued net working capital adjustment with business combinations — 1,098 791 Effects of leases Operating cash flows from operating leases (13,823) (12,844) 14,087 Leased assets disposed of (obtained in) exchange for operating lease liabilities (2,525) (27,327) 4,308 Supplemental Disclosures Cash paid for interest (20,210) (53,591) (6,269) Cash paid for taxes, net (1,386) (4,892) (1,397)

Organization (Details)

Organization (Details) $ in Thousands	3 Months Ended	12 Months Ended		21 Months Ended
	Mar. 31, 2023 segment	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($) segment	Dec. 31, 2024 USD ($) segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents | $		$ 104,203	$ 192,825	$ 104,203
Number of operating segments	2	1	2	1
Number of reportable segments	2	1		1

Basis of Presentation, Summar_4

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles - Schedule of Restricted Cash and Restricted Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and restricted investments	$ 74,293	$ 30,632
Current restricted cash	59,295	13,768
Total current restricted cash and restricted investments	59,295	13,768
Non-current restricted cash	14,998	16,864
Total non-current restricted cash and restricted investments	14,998	16,864
Collateral for letters of credit for facility leases
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and restricted investments	1,903	2,132
Collateral with financial institutions
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and restricted investments	16,590	16,237
Claims processing services
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and restricted investments	$ 55,800	$ 12,263

Basis of Presentation, Summar_5

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles - Schedule of Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 104,203	$ 192,825
Restricted cash and restricted investments	74,293	30,632
Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 178,496	$ 223,457	$ 215,158	$ 354,942

Basis of Presentation, Summar_6

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles - Estimated Useful Life of Property, Plant and Equipment (Details)	Dec. 31, 2024
Computer hardware
Property and Equipment [Line Items]
Useful life	3 years
Computer software
Property and Equipment [Line Items]
Useful life	1 year
Furniture and equipment | Minimum
Property and Equipment [Line Items]
Useful life	3 years
Furniture and equipment | Maximum
Property and Equipment [Line Items]
Useful life	7 years
Internal-use software development costs
Property and Equipment [Line Items]
Useful life	5 years

Basis of Presentation, Summar_7

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles - Schedule of Estimated Useful Lives Assets (Details)	Dec. 31, 2024
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	11 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	25 years
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Provider network contracts | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	2 years
Provider network contracts | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years

Basis of Presentation, Summar_8

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles - Narrative (Details) - option	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accounts receivable netted against claims payable	67%	57%
Accounts receivable, net eligible for net basis settlement	23%
Number of leases option	1

Basis of Presentation, Summar_9

Basis of Presentation, Summary of Significant Accounting Policies and Change in Accounting Principles - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	10 years

Transactions - Narrative (Detai

Transactions - Narrative (Details) - USD ($) $ in Thousands, shares in Millions				3 Months Ended	12 Months Ended
	Nov. 01, 2024	Aug. 01, 2024	Jan. 20, 2023	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Payments to acquire businesses					$ 30,725	$ 388,246	$ 248,111
Payment of contingent consideration					70,355	46,873	0
Fair value of contingent consideration				$ 88,800
Discrete tax benefit					$ 1,413	89,365	$ 43,376
Machinify
Business Acquisition [Line Items]
Total consideration		$ 28,500
Payments to acquire businesses		19,500
Paid upon closing		11,000
Payment of contingent consideration	$ 8,500
Contingent consideration arrangements (up to)	$ 12,500
Fair value of contingent consideration		9,000	$ 66,600
Machinify | Technology
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			5 years
NIA
Business Acquisition [Line Items]
Total consideration			$ 715,694
Payments to acquire businesses			387,823
Contingent consideration arrangements (up to)			150,000
Contingent consideration		$ 9,000
Fair value of Class A common stock issued			$ 261,271
Percentage of contingent consideration allowed to be paid in equity interest (up to)			50%
Fair value of contingent consideration			$ 66,600
Discrete tax benefit						$ 56,100
NIA | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			15 years
NIA | Corporate trade name
Business Acquisition [Line Items]
Finite-lived intangible asset, useful life			2 years
NIA | Common Class A
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares)			8.5

Transactions - Schedule of Allo

Transactions - Schedule of Allocation of Purchase Price and Net Assets Acquired (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended			23 Months Ended
	Aug. 01, 2024	Jan. 20, 2023	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2021
Purchase consideration:
Cash				$ 30,725	$ 388,246	$ 248,111
Fair value of contingent consideration			$ 88,800
Liabilities assumed:
Goodwill				1,137,320	1,116,542	722,774	$ 1,137,320	$ 426,297
Measurement period adjustment				0	971	0
Goodwill disposal				$ 0	$ 2,363	$ 0
Machinify
Purchase consideration:
Cash	$ 19,500
Fair value of contingent consideration	9,000	$ 66,600
Total consideration	28,500
Identifiable intangible assets acquired:
Total identifiable intangible assets acquired	7,700
Liabilities assumed:
Accrued compensation and employee benefits	9
Total liabilities assumed	9
Goodwill	20,809
Net assets acquired	28,500
Machinify | Technology
Identifiable intangible assets acquired:
Total identifiable intangible assets acquired	$ 7,700
NIA
Purchase consideration:
Cash		387,823
Fair value of Class A common stock issued		261,271
Fair value of contingent consideration		66,600
Total consideration		715,694
Tangible assets acquired:
Accounts receivable		28,065
Prepaid expenses and other current assets		675
Total tangible assets acquired		28,740
Identifiable intangible assets acquired:
Total identifiable intangible assets acquired		404,000
Liabilities assumed:
Accrued liabilities		5,409
Accrued compensation and employee benefits		6,173
Deferred tax liabilities, net		100,486
Deferred revenue		142
Total liabilities assumed		112,210
Goodwill		395,164
Net assets acquired		715,694
Measurement period adjustment							$ 1,000
NIA | Customer relationships
Identifiable intangible assets acquired:
Total identifiable intangible assets acquired		345,100
NIA | Technology
Identifiable intangible assets acquired:
Total identifiable intangible assets acquired		50,700
NIA | Corporate trade name
Identifiable intangible assets acquired:
Total identifiable intangible assets acquired		$ 8,200

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 646,542	$ 621,401	$ 647,145	$ 639,653	$ 556,055	$ 511,015	$ 469,136	$ 427,690	$ 2,554,741	[1]	$ 1,963,896	[1]	$ 1,352,013	[1]
Evolent Health Services Segment
Disaggregation of Revenue [Line Items]
Revenue									2,554,741		1,963,896		1,352,013
Evolent Health Services Segment | Performance Suite
Disaggregation of Revenue [Line Items]
Revenue									1,801,879		1,214,661		808,642
Evolent Health Services Segment | Specialty Technology and Services Suite
Disaggregation of Revenue [Line Items]
Revenue									338,306		296,366		51,898
Evolent Health Services Segment | Administrative Services
Disaggregation of Revenue [Line Items]
Revenue									238,036		296,244		407,523
Evolent Health Services Segment | Cases
Disaggregation of Revenue [Line Items]
Revenue									176,520		156,625		83,950
Evolent Health Services Segment | Medicaid
Disaggregation of Revenue [Line Items]
Revenue									862,401		785,053		559,362
Evolent Health Services Segment | Medicare
Disaggregation of Revenue [Line Items]
Revenue									1,045,921		708,853		458,413
Evolent Health Services Segment | Commercial and other
Disaggregation of Revenue [Line Items]
Revenue									$ 646,419		$ 469,990		$ 334,238
[1] See Note 19 for amounts attributable to unconsolidated related parties included in these line items.

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 18.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	100%
Remaining performance obligation, expected timing of satisfaction, period	1 year

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Short-term receivables	$ 413,346	$ 446,220
Short-term deferred revenue	2,507	5,976
Long-term deferred revenue	0	1,173
Deferred revenue
Balance as of beginning-of-period	7,149
Reclassification to revenue, as a result of performance obligations satisfied	(5,672)
Cash received in advance of satisfaction of performance obligations	1,030
Balance as of end of period	2,507	7,149
Revenue	7,700	6,300
Revenue recognized from performed obligations	$ 23,000	$ 37,200	$ 36,300

Revenue Recognition - Contract

Revenue Recognition - Contract Costs Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract cost amortization	$ 4,798	$ 10,944	$ 23,056
Amortization period	5 years
Bonuses and Commissions
Capitalized Contract Cost [Line Items]
Contract cost assets	$ 2,900	2,800
Contract cost amortization	1,100	1,800	3,000
Contract Fulfillment Costs
Capitalized Contract Cost [Line Items]
Contract cost assets	10,400	9,300
Contract cost amortization	$ 3,700	$ 9,200	$ 20,100

Credit Losses - Accounts Receiv

Credit Losses - Accounts Receivable, Current, Past and Current Due (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Noncurrent, Past Due [Line Items]
Percentage of receivables, current	54%	54%
Accounts receivable, net of allowance	$ 420,914	$ 472,350,000
Past due 1-60 days
Accounts Receivable, Noncurrent, Past Due [Line Items]
Percentage of receivables, past due	15%	17%
Past due 61+ days
Accounts Receivable, Noncurrent, Past Due [Line Items]
Percentage of receivables, past due	31%	29%

Credit Losses - Schedule of Cha

Credit Losses - Schedule of Changes in Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning of period	$ (16,361)	$ (10,180)
Acquisitions	0	(240)
Provision for credit losses	(4,803)	(10,773)
Charge-offs	5,796	4,832
Balance as of end of period	$ (15,368)	$ (16,361)

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment [Line Items]
Total property and equipment	$ 253,027	$ 236,763
Accumulated depreciation expense	(179,876)	(158,569)
Total property and equipment, net	73,151	78,194
Net capitalized internal-use software development costs	68,700	70,900
Depreciation expense	30,300	32,400	$ 32,000
Capitalized computer software, amortization	25,600	26,700	27,000
Computer hardware
Property and Equipment [Line Items]
Total property and equipment	14,734	21,501
Furniture and equipment
Property and Equipment [Line Items]
Total property and equipment	983	1,297
Internal-use software development costs
Property and Equipment [Line Items]
Total property and equipment	235,831	212,913
Capitalized computer software additions	22,900	23,800	$ 29,500
Leasehold improvements
Property and Equipment [Line Items]
Total property and equipment	$ 1,479	$ 1,052

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Narrative (Details) $ in Millions		1 Months Ended	12 Months Ended
	Oct. 31, 2024 reportingUnit	Oct. 31, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) reportingUnit	Dec. 31, 2022 USD ($)	Nov. 08, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting units | reportingUnit	1			1
Amortization of intangible assets			$ 88.1	$ 91	$ 35.2
Income Approach
Finite-Lived Intangible Assets [Line Items]
Fair value under the income approach						$ 336
Goodwill in excess of fair value (in percent)		13.60%

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Schedule of Change in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance as of beginning of period	$ 1,116,542	$ 722,774	$ 426,297
Goodwill acquired	20,809	395,164	296,597
Measurement period adjustment	0	971	0
Goodwill disposal	0	(2,363)	0
Foreign currency translation	(31)	(4)	(120)
Balance as of end of period	$ 1,137,320	$ 1,116,542	$ 722,774

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,056,088	$ 1,039,920
Accumulated Amortization	375,932	287,911
Total future amortization of intangible assets	$ 680,156	$ 752,009
Corporate trade name
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life	0 years	1 year
Gross Carrying Amount	$ 51,965	$ 51,965
Accumulated Amortization	51,965	30,288
Total future amortization of intangible assets	$ 0	$ 21,677
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life	13 years 6 months	14 years 6 months
Gross Carrying Amount	$ 806,668	$ 806,668
Accumulated Amortization	186,377	139,150
Total future amortization of intangible assets	$ 620,291	$ 667,518
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life	3 years	3 years 9 months 18 days
Gross Carrying Amount	$ 169,715	$ 162,015
Accumulated Amortization	117,924	101,566
Total future amortization of intangible assets	$ 51,791	$ 60,449
Below market lease, net
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life	0 years	0 years
Gross Carrying Amount	$ 1,218	$ 1,218
Accumulated Amortization	1,218	1,218
Total future amortization of intangible assets	$ 0	$ 0
Provider network contracts
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life	4 years 9 months 18 days	1 year 1 month 6 days
Gross Carrying Amount	$ 26,522	$ 18,054
Accumulated Amortization	18,448	15,689
Total future amortization of intangible assets	$ 8,074	$ 2,365

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Schedule of Future Estimated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 66,203
2026	65,953
2027	63,211
2028	51,277
2029	48,864
Thereafter	384,648
Total future amortization of intangible assets	$ 680,156	$ 752,009

Long-term Debt - Schedule of Co

Long-term Debt - Schedule of Convertible Debt (Details) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) shares $ / shares	Dec. 31, 2023 USD ($)	Oct. 31, 2018 USD ($)
2029 Notes
Debt Instrument [Line Items]
Debt issuance costs		$ 11,600,000
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Aggregate principal amount at issuance	$ 172,500,000		$ 172,500,000
Interest rate per annum	1.50%		1.50%
Debt issuance costs	$ 5,929,000
Net proceeds	$ 166,571,000
Conversion price (in dollars per share) | $ / shares	$ 33.43
Shares issuable upon conversion (in shares) | shares	5,160
Carrying value	$ 171,467,000
Unamortized debt discount and issuance costs	1,033,000
Outstanding principal	$ 172,500,000
Remaining amortization period (years)	9 months 18 days
Senior Notes | 2025 Notes | Level 2
Debt Instrument [Line Items]
Fair value	$ 167,180,000
Senior Notes | 2029 Notes
Debt Instrument [Line Items]
Aggregate principal amount at issuance	$ 402,500,000	$ 402,500,000
Interest rate per annum	3.50%
Debt issuance costs	$ 11,598,000
Net proceeds	$ 390,902,000
Conversion price (in dollars per share) | $ / shares	$ 38
Shares issuable upon conversion (in shares) | shares	10,592
Carrying value	$ 392,916,000
Unamortized debt discount and issuance costs	9,584,000
Outstanding principal	$ 402,500,000
Remaining amortization period (years)	4 years 10 months 24 days
Senior Notes | 2029 Notes | Level 2
Debt Instrument [Line Items]
Fair value	$ 344,403,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) shares in Thousands					1 Months Ended		12 Months Ended
	Dec. 06, 2024 USD ($) day	Aug. 02, 2023	Jan. 20, 2023 USD ($)	Aug. 01, 2022 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2018 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Aug. 31, 2020 USD ($)
Debt Instrument [Line Items]
Upfront fees (in percent)	1%
Prepayment penalty after first anniversary of closing date but prior to second anniversary of closing date (in percent)				1%
Prepayment penalty after second anniversary of closing date but prior to third anniversary of closing date (in percent)				0%
Commitment fee percentage							0.50%
Long-term debt, net					$ 597,049,000		$ 490,520,000	$ 597,049,000
Other long-term liabilities					3,637,000		2,984,000	3,637,000
Line of credit | Term loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 240,000,000	$ 175,000,000
Closing fee percentage			3%	2%
Number of days prior to any junior debt maturity | day	91
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Aggregate principal amount at issuance							415,000,000
Maximum borrowing capacity	$ 50,000,000		$ 25,000,000	$ 50,000,000
Closing fee percentage	1%		3%	2%
Repayments of long-term lines of credit							434,800,000
Cash paid for interest							9,100,000
Prepayment premium							10,700,000
Accelerated amortization of deferred financing costs							10,300,000
Line of credit | 2022 Credit Agreement
Debt Instrument [Line Items]
Prepayment penalty prior to first anniversary of closing date (in percent)				2%
Delayed Draw Term Loan Facility 2024 - A
Debt Instrument [Line Items]
Upfront fees (in percent)	2%
Delayed Draw Term Loan Facility 2024 - A | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000,000
Delayed Draw Term Loan Facility 2024 - B | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
2024 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount at issuance									$ 117,100,000
Interest rate per annum									3.50%
Repurchase covenant, repurchase price due to fundamental change as percentage of principal amount		100%
Aggregate principal amount								$ 23,300,000
Debt conversion issued (in shares) | shares								1,300
Repayments of debt								$ 1,000,000
2024 Notes | Senior Notes | Common Class A | Class A Common Stock
Debt Instrument [Line Items]
Conversion rate per $1,000 of principal						0.0556153
2025 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount at issuance						$ 172,500,000	$ 172,500,000
Interest rate per annum						1.50%	1.50%
Conversion amount (in shares) | shares							5,160
Conversion rate per $1,000 of principal							0.0299135
Debt issuance costs							$ 5,929,000
Unamortized debt discount and issuance costs							1,033,000
2029 Notes
Debt Instrument [Line Items]
Debt issuance costs					11,600,000			11,600,000
2029 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount at issuance					$ 402,500,000		$ 402,500,000	402,500,000
Interest rate per annum							3.50%
Conversion amount (in shares) | shares							10,592
Conversion rate per $1,000 of principal							0.0263125
Debt instrument, issue price, percentage					100%
Proceeds from secured lines of credit					$ 390,900,000
Debt issuance costs							$ 11,598,000
Unamortized debt discount and issuance costs							$ 9,584,000
2029 Notes | Senior Notes | Term loan
Debt Instrument [Line Items]
Number of days prior to any junior debt maturity | day	180
3.50% Convertible Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount at issuance					$ 402,500,000			$ 402,500,000
Interest rate per annum					3.50%			3.50%
Senior Convertible Notes Due 2029 And 2025 | Senior Notes
Debt Instrument [Line Items]
Conversion amount (in shares) | shares							20,300
Senior Convertible Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, repurchase price due to fundamental change as percentage of principal amount							100%
Repurchase covenant, sale price as a percentage of conversion price							130%
Repurchase covenant, trading days, minimum							20 days
Consecutive trading days, minimum							30 days
Repurchase covenant, repurchase price due to change in sale price as percentage of conversion price							100%
2022 Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity							$ 100,000,000
2022 Credit Agreement | Line of credit | Term loan | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				4%
2022 Credit Agreement | Line of credit | Term loan | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				3%
2022 Credit Agreement | Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity							$ 62,500,000
Repayments of long-term lines of credit								$ 37,500,000
2022 Credit Agreement | Line of credit | Revolving credit facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				5.50%
2022 Credit Agreement | Line of credit | Revolving credit facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				4.50%
2022 Credit Agreement | Line of credit | Term Loan Facility
Debt Instrument [Line Items]
Repayments of long-term lines of credit								$ 415,000,000
2022 Credit Agreement | Term loan
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs				$ 14,600,000
Long-term debt, net				$ 3,400,000

Long-term Debt - Schedule of De

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 3,547	$ 3,812	$ 2,302
Interest expense	24,722	54,205	15,572
2029 Notes | Senior Notes
Debt Instrument [Line Items]
Interest expense	14,087	900	0
Amortization of debt issuance costs	1,921	122	0
Interest expense	16,008	1,022	0
2022 Credit Agreement | Line of credit
Debt Instrument [Line Items]
Interest expense	4,500	46,538	7,939
Amortization of debt issuance costs	330	2,256	433
Interest expense	4,830	48,794	8,372
2024 Notes | Senior Notes
Debt Instrument [Line Items]
Interest expense	0	367	2,743
Amortization of debt issuance costs	0	148	592
Interest expense	0	515	3,335
2025 Notes | Senior Notes
Debt Instrument [Line Items]
Interest expense	2,588	2,588	2,588
Amortization of debt issuance costs	1,296	1,286	1,277
Interest expense	$ 3,884	$ 3,874	$ 3,865

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restricted Cash and Cash Equivalents Items [Line Items]
Automatic extension period	1 year
Automatic extension after each period	1 year
Percent of tax savings to be paid	85%
Tax receivables agreement liability	$ 108,105,000	$ 107,932,000
Percentage of cash and cash equivalents held with FDIC participating bank	95.10%
Total restricted cash and restricted investments	$ 178,496,000	223,457,000	$ 215,158,000	$ 354,942,000
Percentage of cash held in international banks	4.90%
Surety bond
Restricted Cash and Cash Equivalents Items [Line Items]
Guarantor obligation	$ 15,300,000
Extension term	1 year
UPMC Reseller Agreement
Restricted Cash and Cash Equivalents Items [Line Items]
Number of customers | customer	20
Letter of credit | Line of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Maximum borrowing capacity	$ 17,700,000	17,900,000
Letter of credit | Line of credit | Collateral with financial institutions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted funds	$ 18,500,000	$ 18,400,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Credit and Concentration Risk (Details) - Customer concentration risk	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable | Trade accounts receivable
Concentration Risk [Line Items]
Concentration risk		10%
Cook County Health and Hospitals System | Accounts receivable | Trade accounts receivable
Concentration Risk [Line Items]
Concentration risk	46.90%	45.80%
Cook County Health and Hospitals System | Revenues
Concentration Risk [Line Items]
Concentration risk		11.50%	15.70%	22.40%
Florida Blue Medicare, Inc. | Revenues
Concentration Risk [Line Items]
Concentration risk		12.90%	10.40%	11.50%
Humana Insurance Company | Revenues
Concentration Risk [Line Items]
Concentration risk		19.30%	12%
Molina Healthcare, Inc. | Revenues
Concentration Risk [Line Items]
Concentration risk		13.70%	13.50%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands		12 Months Ended
	Mar. 27, 2024 USD ($)	Dec. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) option	Dec. 31, 2023 USD ($) payment	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of leases option | option				1
Termination penalty in operating lease				$ 39,800	$ 6,500
Contract termination payment, amount to be paid				1,700
Right-of-use assets impairment				2,588	$ 24,065	$ 0
Number of lease termination payment | payment					2
Termination payment paid					$ 3,250
Loss on lease termination	$ 3,500			18,922	0	$ 0
Forecast | Subsequent event
Lessee, Lease, Description [Line Items]
Contract termination payment, amount to be paid		$ 15,000	$ 23,000
Lease Agreements
Lessee, Lease, Description [Line Items]
Letters of credit outstanding, amount				1,900	2,100
Restricted funds				$ 1,900	$ 2,100

Leases - Schedule of Primary Of

Leases - Schedule of Primary Office Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Future Minimum Lease Commitments	$ 54,155
Arlington, VA
Lessee, Lease, Description [Line Items]
Lease Termination Term (in years)	6 years 1 month 6 days
Future Minimum Lease Commitments	$ 3,218
Letter of Credit Amount Required	$ 1,579
Edison, NJ
Lessee, Lease, Description [Line Items]
Lease Termination Term (in years)	1 year 3 months 18 days
Future Minimum Lease Commitments	$ 707
Letter of Credit Amount Required	$ 222
Makati City, Philippines
Lessee, Lease, Description [Line Items]
Lease Termination Term (in years)	3 years 4 months 24 days
Future Minimum Lease Commitments	$ 2,286
Letter of Credit Amount Required	$ 0
Alpharetta, GA
Lessee, Lease, Description [Line Items]
Lease Termination Term (in years)	8 months 12 days
Future Minimum Lease Commitments	$ 361
Letter of Credit Amount Required	$ 0
Pune, India
Lessee, Lease, Description [Line Items]
Lease Termination Term (in years)	3 years 2 months 12 days
Future Minimum Lease Commitments	$ 1,877
Letter of Credit Amount Required	$ 0
Brea, CA
Lessee, Lease, Description [Line Items]
Lease Termination Term (in years)	2 years 4 months 24 days
Future Minimum Lease Commitments	$ 2,373
Letter of Credit Amount Required	$ 0

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,960	$ 7,984	$ 8,956
Variable lease cost	5,301	6,004	5,682
Total lease cost	$ 8,261	$ 13,988	$ 14,638

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 27,610
2026	18,719
2027	3,008
2028	1,785
2029	1,370
Thereafter	1,663
Total lease payments	54,155
Less:
Interest	2,469
Present value of lease liabilities	$ 51,686

Leases - Schedule of Weighted-a

Leases - Schedule of Weighted-average Discount Rate and Weighted-remaining Lease Terms (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average discount rate	9.09%	6.40%	6.36%
Weighted average remaining lease term	4 years 3 months 18 days	6 years	7 years 9 months 18 days

Convertible Preferred Equity -

Convertible Preferred Equity - Narratives (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
	Jan. 20, 2023	Dec. 31, 2023	Dec. 31, 2024
Temporary Equity [Line Items]
Issuance of series A preferred stock, net of issuance costs (in shares)		175
Preferred class A common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Class A common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Series A Preferred Stock
Temporary Equity [Line Items]
Issuance of series A preferred stock, net of issuance costs (in shares)	175
Preferred class A common stock, par value (in dollars per share)	$ 0.01
Purchase price (in dollars per share)	$ 960
Gross proceeds from sale of temporary equity	$ 168
Liquidation preference (in dollars per share)	$ 1,000
Quarterly dividend rate, basis spread on variable rate	6%
Annual increase in dividend rate	2%
Conversion price (in dollar per share)	$ 40
Series A Preferred Stock | Called by company on or after January 20, 2025
Temporary Equity [Line Items]
Redemption price percentage	165%
Series A Preferred Stock | Called by holder on or after January 20, 2030
Temporary Equity [Line Items]
Redemption price percentage	150%
Series A Preferred Stock | Refinancing or replacement of debt
Temporary Equity [Line Items]
Redemption price percentage	165%
Series A Preferred Stock | Change of control prior to January 20, 2025
Temporary Equity [Line Items]
Redemption price percentage	150%
Series A Preferred Stock | Change of control after January 20, 2025
Temporary Equity [Line Items]
Redemption price percentage	135%
Common Class A
Temporary Equity [Line Items]
Class A common stock, par value (in dollars per share)	$ 0.01

Convertible Preferred Equity _2

Convertible Preferred Equity - Schedule Of Paid Dividends (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Total dividends and accretion of Series A Preferred Stock	$ 7,813	$ 8,094	$ 7,979	$ 7,945	$ 7,984	$ 7,872	$ 7,088	$ 6,276	$ 31,831	$ 29,220	$ 0
Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends on Series A Preferred Stock									20,085	18,793	0
Accretion of deferred financing costs and redemption value in excess of par									11,746	10,427	0
Total dividends and accretion of Series A Preferred Stock									$ 31,831	$ 29,220	$ 0

Loss Per Common Share - Schedul

Loss Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Loss from continuing operations										$ (61,623)	$ (113,040)	$ (18,701)
Loss from discontinued operations, net of tax	[1]									0	0	(463)
Loss before preferred dividends and accretion of Series A Preferred Stock		$ (22,802)	$ (23,137)	$ 1,596	$ (17,280)	$ (33,411)	$ (25,324)	$ (34,323)	$ (19,982)	(61,623)	(113,040)	(19,164)
Dividends and accretion of Series A Preferred Stock		(7,813)	(8,094)	(7,979)	(7,945)	(7,984)	(7,872)	(7,088)	(6,276)	(31,831)	(29,220)	0
Net loss attributable to common shareholders of Evolent Health, Inc. - basic		(30,615)	(31,231)	(6,383)	(25,225)	(41,395)	(33,196)	(41,411)	(26,258)	(93,454)	(142,260)	(19,164)
Net loss attributable to common shareholders of Evolent Health, Inc. - diluted		$ (30,615)	$ (31,231)	$ (6,383)	$ (25,225)	$ (41,395)	$ (33,196)	$ (41,411)	$ (26,258)	$ (93,454)	$ (142,260)	$ (19,164)
Weighted-average common shares outstanding - basic (in shares)										114,682	111,251	93,699
Weighted-average common shares outstanding - diluted (in shares)										114,682	111,251	93,699
Basic and diluted
Basic (in dollars per share)		$ (0.27)	$ (0.27)	$ (0.06)	$ (0.22)	$ (0.36)	$ (0.30)	$ (0.37)	$ (0.24)	$ (0.81)	$ (1.28)	$ (0.20)
Diluted (in dollars per share)		$ (0.27)	$ (0.27)	$ (0.06)	$ (0.22)	$ (0.36)	$ (0.30)	$ (0.37)	$ (0.24)	$ (0.81)	$ (1.28)	$ (0.20)
[1] Includes $0.5 million loss on disposal of discontinued operations

Loss Per Common Share -Schedule

Loss Per Common Share -Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	21,585	13,329	13,147
Restricted stock units ("RSUs"), performance-based RSUs (“PSUs”) and leveraged stock units ("LSUs")
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,213	1,352	1,804
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	245	794	1,769
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,375	4,375	0
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	15,752	6,808	9,574

Stock-based Compensation - Sche

Stock-based Compensation - Schedule Of Supply Share Authorized Changes For The Equity-Based (Details) - shares	Apr. 20, 2023	Apr. 15, 2021	Jun. 13, 2018	May 01, 2015
Share-Based Payment Arrangement [Abstract]
Shares Added	4,000	4,910	4,525	6,000
Total Additional Shares Authorized	19,400	15,400	10,500	6,000

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	$ 39,746	$ 40,501	$ 33,981
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	4,582	1,662	4,387
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	35,164	38,839	29,594
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	0	74	416
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	30,122	26,718	17,327
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	9,624	13,214	14,308
LSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total compensation expense by financial statement line item	$ 0	$ 495	$ 1,930

Stock-based Compensation - Sc_3

Stock-based Compensation - Schedule Of Unrecognized Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized Compensation Expense	$ 66,366
RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized Compensation Expense	$ 41,819
Weighted Average Period (years)	1 year 6 months 14 days
PSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized Compensation Expense	$ 24,547
Weighted Average Period (years)	1 year 6 months 21 days

Stock-based Compensation - Sc_4

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options
Outstanding at the beginning of the period (in shares)	658
Exercised (in shares)	(283)
Forfeited (in shares)	0
Outstanding at the end of the period (in shares)	375	658
Vested and expected to vest at the end of the period (in shares)	375
Exercisable at the end of the period (in shares)	375
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 13.23
Exercised (in dollars per share)	10.31
Forfeited (in dollars per share)	0
Outstanding at the end of the period (in dollars per share)	15.43	$ 13.23
Vested and expected to vest at the end of the period (in dollars per share)	15.43
Exercisable at the end of the period (in dollars per share)	$ 15.43
Weighted Average Remaining Contractual Term
Outstanding	4 years 5 months 12 days	4 years 11 months 26 days
Vested and expected to vest	4 years 5 months 12 days
Exercisable	4 years 5 months 12 days
Aggregate Intrinsic Value
Outstanding	$ (1,568)	$ 13,032
Vested and expected to vest	(1,568)
Exercisable	$ (1,568)

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) - Stock options - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Vesting percentage	25%
Expiration period	10 years
Fair value of options vested	$ 0	$ 0.6	$ 2.6
Intrinsic value of options exercised	$ 6.9	$ 26.9	$ 16.3

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Units (Details) - $ / shares shares in Thousands		12 Months Ended
	Mar. 31, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total RSUs
Vested (in shares)		(343)
Weighted-Average Grant-Date Fair Value
Vested (in dollars per share)		$ 19.54
2nd Tranche
Weighted-Average Grant-Date Fair Value
Weighted-average fair value per option granted (in dollars per share)		20.69
1st Tranche
Weighted-Average Grant-Date Fair Value
Weighted-average fair value per option granted (in dollars per share)		$ 20.64
RSUs
Total RSUs
Outstanding at the beginning of the period (in shares)		2,152
Granted (in shares)		1,333
Forfeited / Canceled (in shares)		(387)
Vested (in shares)		(950)
Outstanding at the end of the period (in shares)		2,148	2,152
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)		$ 28.55
Weighted-average fair value per option granted (in dollars per share)		31.55	$ 33.85	$ 28.23
Forfeited (in dollars per share)		31.85
Vested (in dollars per share)		26.46
Outstanding at the end of the period (in dollars per share)		$ 30.74	$ 28.55
Vesting percentage		25%
RSUs | 1st Tranche
Weighted-Average Grant-Date Fair Value
Vesting percentage		33%
Performance-based stock options | 2nd Tranche | Common Class A
Weighted-Average Grant-Date Fair Value
Vesting percentage	33.33%
Performance-based stock options | 1st Tranche | Common Class A
Weighted-Average Grant-Date Fair Value
Vesting percentage	33.33%

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)		1 Months Ended	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 performancePeriod shares	Apr. 20, 2023 shares	Apr. 15, 2021 shares	Jun. 13, 2018 shares	May 01, 2015 shares	Sep. 23, 2013 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)							19,400	15,400	10,500	6,000
Number of options issued (in shares)			375,000	658,000
Stock-based compensation capitalized | $			$ 0	$ 0	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
1st Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per option granted (in dollars per share) | $ / shares			$ 20.64
2nd Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per option granted (in dollars per share) | $ / shares			$ 20.69
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued (in shares)			2,148,000	2,152,000
Vesting period			3 years
Vesting percentage			25%
Weighted-average fair value per option granted (in dollars per share) | $ / shares			$ 31.55	$ 33.85	$ 28.23
Aggregate intrinsic value, vested | $			$ 25,100,000	$ 20,200,000	$ 11,600,000
Granted (in shares)			1,333,000
RSUs | New Century Health
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
RSUs | Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period for vesting			3 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period for vesting			4 years
RSUs | 1st Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued (in shares)			1,217,000	1,653,000
Vesting period				3 years
Weighted-average fair value per option granted (in dollars per share) | $ / shares			$ 34.41
Granted (in shares)			808,000	500,000	500,000	300,000
Performance goal threshold					100%
Maximum performance achieved, percentage of targeted shares earned				250%		200%
Percentage adjustment of shares earned, total shareholder return in top quartile						10%
Number of performance period | performancePeriod						2
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EBITDA, goal period						2 years
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EBITDA, goal period						3 years
PSUs | 1st Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
Risk-free interest rate			0.12%
Expected volatility rate			89.50%
Expected term			2 years
Expected dividend rate			0%
PSUs | 2nd Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
Risk-free interest rate			0.25%
Expected volatility rate			77.70%
Expected term			3 years
Expected dividend rate			0%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Vesting percentage			25%
Expiration period			10 years
Fair value of options vested | $			$ 0	$ 600,000	$ 2,600,000
Intrinsic value of options exercised | $			$ 6,900,000	$ 26,900,000	$ 16,300,000
Performance-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued (in shares)			0	106,000
Granted (in shares)		300,000
Risk-free interest rate		1.83%
Expected volatility rate		65%
Expected term		10 years
Expected dividend rate		0%
Weighted-average fair value per option granted (in dollars per share) | $ / shares		$ 6.68
Performance-based stock options | Vest on March 1, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50%
Performance-based stock options | Vest on March 1, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50%
Common Class A | Performance-based stock options | 1st Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Award vesting rights, share price threshold (in dollars per share) | $ / shares		$ 13.35
Consecutive term		90 days
Common Class A | Performance-based stock options | 2nd Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Award vesting rights, share price threshold (in dollars per share) | $ / shares		$ 16.43
Consecutive term		90 days
Common Class A | Performance-based stock options | 3rd Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Award vesting rights, share price threshold (in dollars per share) | $ / shares		$ 19.51
Consecutive term		90 days
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued (in shares)			4,800,000
2011 Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued (in shares)				3,800,000
2011 Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)											9,100,000
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued (in shares)			2,800,000	2,800,000
2015 Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued (in shares)			7,300,000	6,300,000
2015 Plan | Leveraged Stock Units (LSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued (in shares)			1,900,000	1,900,000
2015 Plan | PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued (in shares)			2,300,000	1,500,000

Stock-based Compensation - Perf

Stock-based Compensation - Performance-based Stock Option Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options
Outstanding at the beginning of the period (in shares)	658
Outstanding at the end of the period (in shares)	375	658
Vested and expected to vest at the end of the period (in shares)	375
Weighted Average Exercise Price
Outstanding at the end of the period (in dollars per share)	$ 15.43	$ 13.23
Outstanding at the beginning of the period (in dollars per share)	13.23
Exercisable at the end of the period (in dollars per share)	15.43
Weighted Average Exercise Price, vested and expected to vest at the end of the period (in dollars per share)	$ 15.43
Weighted Average Remaining Contractual Term
Outstanding	4 years 5 months 12 days	4 years 11 months 26 days
Vested and expected to vest	4 years 5 months 12 days
Aggregate Intrinsic Value
Outstanding	$ (1,568)	$ 13,032
Vested and expected to vest	$ (1,568)
Performance-based stock options
Options
Outstanding at the beginning of the period (in shares)	106
Exercised (in shares)	(106)
Outstanding at the end of the period (in shares)	0	106
Vested and expected to vest at the end of the period (in shares)	0
Weighted Average Exercise Price
Outstanding at the end of the period (in dollars per share)		$ 10.27
Outstanding at the beginning of the period (in dollars per share)	$ 10.27
Exercisable at the end of the period (in dollars per share)	$ 10.27
Weighted Average Remaining Contractual Term
Outstanding		2 years 2 months 1 day
Aggregate Intrinsic Value
Outstanding		$ 2,401

Stock-based Compensation - Pe_2

Stock-based Compensation - Performance-based RSUs (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares
1st Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per option granted (in dollars per share)	$ 20.64
2nd Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per option granted (in dollars per share)	20.69
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per option granted (in dollars per share)	$ 34.41
PSUs | 1st Tranche
Assumptions:
Expected term	2 years
Expected volatility rate	89.50%
Risk-free interest rate	0.12%
Expected dividend rate	0%
PSUs | 2nd Tranche
Assumptions:
Expected term	3 years
Expected volatility rate	77.70%
Risk-free interest rate	0.25%
Expected dividend rate	0%

Stock-based Compensation - Pe_3

Stock-based Compensation - Performance-based RSU Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance- Based Stock Units
Vested (in shares)	(343)
Weighted-Average Grant-Date Fair Value
Vested (in dollars per share)	$ 19.54
PSUs
Performance- Based Stock Units
Outstanding at the beginning of the period (in shares)	1,653
Granted (in shares)	808	500	500	300
Change in achievement (in shares)	(847)
Forfeited (in shares)	(54)
Outstanding at the end of the period (in shares)	1,217	1,653
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 30.53
Weighted-average fair value per option granted (in dollars per share)	34.41
Change in achievement (in dollars per share)	34.79
Forfeited (in dollars per share)	32.01
Outstanding at the end of the period (in dollars per share)	$ 31.54	$ 30.53
Weighted Average Remaining Contractual Term	8 years 1 month 13 days	8 years 5 months 1 day
Aggregate Intrinsic Value	$ (24,691)	$ (4,131)
Vested and expected to vest
Performance Based Stock Units (in shares)	1,217
Weighted Average Grant Date Fair Value (in dollars per share)	$ 31.54
Weighted Average Remaining Contractual Term	8 years 1 month 13 days
Aggregate Intrinsic Value	$ (24,691)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ (1,413)	$ (89,365)	$ (43,376)
Effective tax rate	2.20%	44.20%	69.90%
Unrecognized tax benefits	$ 2,547	$ 2,600	$ 1,624	$ 609
Amount of tax benefit percent	85%

Income Taxes - Schedule of Loss

Income Taxes - Schedule of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Domestic	$ (68,401)	$ (206,344)	$ (66,055)
Foreign	5,365	3,939	3,978
Loss before income taxes	$ (63,036)	$ (202,405)	$ (62,077)

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 0	$ 0	$ (875)
State and local	125	2,855	1,788
Foreign	1,451	1,034	1,318
Total current tax expense	1,576	3,889	2,231
Deferred
Federal	(12,259)	(42,156)	5,055
State and local	(6,521)	(12,822)	(2,790)
Foreign	(49)	510	92
Total deferred tax expense (benefit)	(18,829)	(54,468)	2,357
Change in valuation allowance	15,840	(38,786)	(47,964)
Total tax expense (benefit)	$ (1,413)	$ (89,365)	$ (43,376)

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of the U.S. Statutory Tax Rate to our Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21%	21%	21%
U.S. state income taxes, net of U.S. federal tax benefit	3.60%	3%	(0.60%)
Foreign earnings at other than U.S. rates	(0.30%)	(0.30%)	(0.80%)
Change in valuation allowance	(25.10%)	19.20%	77.30%
Contingent consideration adjustments	(0.029)	(0.012)	(0.001)
Non-deductible excess compensation	(8.10%)	(6.80%)	(27.80%)
Excess tax benefits on stock-based compensation	4.80%	7.10%	12.20%
Convertible debt extinguishment	0	0	(0.034)
Change in uncertain tax positions	0.30%	(0.50%)	(1.10%)
Nondeductible transaction costs	(0.10%)	(0.20%)	(1.70%)
Change in state rate	6.10%	2.20%	5.20%
Return to provision and other deferred adjustments	1.70%	(0.10%)	(1.10%)
Tax receivable agreement	0.30%	(0.90%)	(9.10%)
Research and development tax credit - federal	1.20%	1.70%	0%
Other, net	(0.30%)	0%	(0.10%)
Effective tax rate	2.20%	44.20%	69.90%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Start-up and organizational costs	$ 38	$ 59
Goodwill	7,786	17,501
Operating lease liabilities	12,036	10,015
Accrued expenses	5,682	11,530
Stock based compensation	4,640	3,283
Net operating loss carryforwards	125,248	123,147
Federal and state research tax credits	5,014	4,467
Fixed assets	363	666
Interest deduction limitation	23,851	20,460
Outside basis differences	982	70
Other	7,890	7,417
Subtotal	193,530	198,615
Valuation allowance	(47,844)	(32,004)
Total deferred tax assets	145,686	166,611
Deferred Tax Liabilities
Internally developed software costs	2,384	5,697
Intangible assets	146,234	165,742
Right-of-use assets - Operating	670	1,884
Contract fulfillment costs	3,345	3,030
Other	2,453	2,606
Total deferred tax liabilities	155,086	178,959
Deferred Tax Liabilities, Net	(9,400)	(12,348)
Prepaid expenses and other noncurrent assets	$ 1,500	$ 1,000

Income Taxes - Changes in Valua

Income Taxes - Changes in Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning-of-year	$ 32,004	$ 70,790
Credited to costs and expenses	15,840	(38,786)
Balance at end-of-year	$ 47,844	$ 32,004

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Benefit from income taxes	$ (1,413,000)	$ (89,365,000)	$ (43,376,000)
Effective tax rate	2.20%	44.20%	69.90%
Federal and state research tax credits	$ 5,014,000	$ 4,467,000
Unrecognized tax benefits that would not impact effective tax rate	2,500,000
Interest and penalties related to uncertain tax positions	0	0	$ 400,000
Accrued interest and penalties related to uncertain tax positions	300,000	400,000
Unrecognized tax benefits	$ 2,547,000	$ 2,600,000	$ 1,624,000	$ 609,000
Amount of tax benefit percent	85%
TRA liability	$ 108,100,000
Tax receivable agreement, percent of cash savings not paid to shareholders	15%
Periods Prior to June 2015
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 79,300,000
Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Federal and state research tax credits	6,500,000
Domestic Tax Jurisdiction | Finite-lived Tax Credit Carryforward
Income Tax Contingency [Line Items]
Net operating loss carryforwards	153,200,000
Domestic Tax Jurisdiction | Indefinite-lived Tax Credit Carryforward
Income Tax Contingency [Line Items]
Net operating loss carryforwards	291,600,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Federal and state research tax credits	300,000
State and Local Jurisdiction | Finite-lived Tax Credit Carryforward
Income Tax Contingency [Line Items]
Net operating loss carryforwards	238,300,000
State and Local Jurisdiction | Indefinite-lived Tax Credit Carryforward
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 366,100,000

Income Taxes - Changes In Unrec

Income Taxes - Changes In Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning-of-year	$ 2,600	$ 1,624	$ 609
Gross increases - tax positions in prior period	0	7	616
Gross decreases - tax positions in prior period	(30)	0	0
Gross increases - tax positions in current period	232	969	399
Lapse of statute of limitations	(255)	0	0
Balance at end-of-year	$ 2,547	$ 2,600	$ 1,624

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer discretionary contribution amount	$ 10.5	$ 10.8	$ 7.4

Investments and Equity Method_2

Investments and Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Loss from equity method investees		$ (3,441)	$ 1,290	$ 4,569
Investments in equity method carrying amount		$ 8,588	$ 4,895
Minimum
Schedule of Equity Method Investments [Line Items]
Economic interest percentage		4%
Voting interest percentage		25%
Maximum
Schedule of Equity Method Investments [Line Items]
Economic interest percentage			34%
Voting interest percentage			34%
Equity Method Investee | Services Agreements
Schedule of Equity Method Investments [Line Items]
Revenue related to services agreements		$ 13,900	$ 19,100	$ 16,900
Investments in equity method carrying amount		$ 3,000
Related party | Services Agreements
Schedule of Equity Method Investments [Line Items]
Revenue related to services agreements	$ 3,000

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Assets and Liabilities on Recurring Basis (Details) - Fair value, recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities
Contingent consideration	$ 5,000	$ 83,600
Total fair value of liabilities measured on a recurring basis	5,000	83,600
Level 1
Liabilities
Contingent consideration	0	0
Total fair value of liabilities measured on a recurring basis	0	0
Level 2
Liabilities
Contingent consideration	0	0
Total fair value of liabilities measured on a recurring basis	0	0
Level 3
Liabilities
Contingent consideration	5,000	83,600
Total fair value of liabilities measured on a recurring basis	$ 5,000	$ 83,600

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value of contingent consideration	$ 88.8

Fair Value Measurement - Sche_2

Fair Value Measurement - Schedule of Changes in Contingent Consideration Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	$ 83,600	$ 78,000
Additions	9,000	70,200
Settlements	(92,508)	(82,584)
Change in fair value of contingent consideration	4,908	17,984
Balance as of end of period	$ 5,000	$ 83,600
Fair value recurring basis unobservable input reconciliation liability gain loss statement of income extensible list not disclosed flag	Change in fair value of contingent consideration	Change in fair value of contingent consideration

Fair Value Measurement - Sche_3

Fair Value Measurement - Schedule of Valuation Techniques and Significant Unobservable Inputs (Details) - Fair value, recurring - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 5,000,000	$ 83,600,000
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	5,000,000	$ 83,600,000
Level 3 | Real options approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	1,900,000
Level 3 | Contractual obligation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value	$ 3,100,000
Level 3 | Risk-neutral expected earnout consideration
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assumption or input ranges	1,900,000
Level 3 | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assumption or input ranges	0.0657
Level 3 | Contractual terms
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assumption or input ranges		83,600,000

Related Parties - Assets and Li

Related Parties - Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Accounts receivable, net	[1]	$ 414,681	$ 446,749
Liabilities
Accounts payable	[1]	96,025	48,246
Related party
Assets [Abstract]
Accounts receivable, net		7,947	8,045
Liabilities
Accounts payable		$ 498	$ 390
[1]See Note 19 for amounts attributable to related parties included in these line items.

Related Parties - Revenues and

Related Parties - Revenues and Expenses (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses
Selling, general and administrative expenses	[1]	$ 263,050	$ 358,110	$ 269,269
Related party
Related Party Transaction [Line Items]
Revenue		40,908	192,176	154,591
Expenses
Cost of revenue		32,586	162,589	128,308
Selling, general and administrative expenses		$ 777	$ 2,464	$ 1,507
[1] See Note 19 for amounts attributable to unconsolidated related parties included in these line items.

Repositioning and Other Chang_3

Repositioning and Other Changes (Details) - USD ($) $ in Thousands	12 Months Ended			21 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]				Selling, general and administrative expenses
Severance and termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,900	$ 1,500	$ 13,300
Repositioning Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10,600	35,236		$ 45,836
Repositioning Plan | Severance and termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,835	8,564		10,399
Repositioning Plan | Dedicated employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,185	6,900		8,085
Repositioning Plan | Professional services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,128	12,910		17,038
Repositioning Plan | Office space consolidation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3,452	$ 6,862		$ 10,314

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - segment	3 Months Ended	12 Months Ended		21 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Segment Reporting [Abstract]
Number of operating segments	2	1	2	1
Number of reportable segments	2	1		1

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 646,542	$ 621,401	$ 647,145	$ 639,653	$ 556,055	$ 511,015	$ 469,136	$ 427,690	$ 2,554,741	[1]	$ 1,963,896	[1]	$ 1,352,013	[1]
Depreciation and amortization expenses									118,370		123,415		67,195
Interest income									(5,544)		(5,256)		(1,369)
Interest expense									24,722		54,205		15,572
Gain (loss) from equity method investees									3,441		(1,290)		(4,569)
Benefit from income taxes									(1,413)		(89,365)		(43,376)
Change in tax receivables agreement liability									173		61,982		45,950
Net loss attributable to common shareholders of Evolent Health, Inc. - basic	(30,615)	(31,231)	(6,383)	(25,225)	(41,395)	(33,196)	(41,411)	(26,258)	(93,454)		(142,260)		(19,164)
Net loss attributable to common shareholders of Evolent Health, Inc. - diluted	$ (30,615)	$ (31,231)	$ (6,383)	$ (25,225)	$ (41,395)	$ (33,196)	$ (41,411)	$ (26,258)	(93,454)		(142,260)		(19,164)
Total compensation expense by financial statement line item									39,746		40,501		33,981
Amortization of contract cost assets									4,798		10,944		23,056
Severance and termination benefits
Segment Reporting Information [Line Items]
Restructuring charges									2,900		1,500		13,300
Cost of revenue
Segment Reporting Information [Line Items]
Total compensation expense by financial statement line item									4,582		1,662		4,387
Acquisition related costs													1,600
Amortization of contract cost assets													100
Selling, general and administrative expenses
Segment Reporting Information [Line Items]
Total compensation expense by financial statement line item									35,164		38,839		29,594
Acquisition related costs									2,900		15,100		10,100
Repositioning costs									10,600		35,200		0
Reportable segment
Segment Reporting Information [Line Items]
Revenue									2,554,741		1,963,896		1,352,013
Medical expense and device costs									1,813,052		1,143,499		725,036
Adjusted cost of revenue after medical expense and device costs									369,754		358,265		304,326
Adjusted selling, general and administrative expenses									211,475		267,454		216,320
Depreciation and amortization expenses									118,370		123,415		67,195
Interest income									(5,544)		(5,256)		(1,369)
Interest expense									24,722		54,205		15,572
Gain (loss) from equity method investees									3,441		(1,290)		(4,569)
Benefit from income taxes									(1,413)		(89,365)		(43,376)
Change in tax receivables agreement liability									173		61,982		45,950
Other segment items									$ 114,165		$ 193,247		$ 46,092
[1] See Note 19 for amounts attributable to unconsolidated related parties included in these line items.

Reserves for Claims and Perfo_3

Reserves for Claims and Performance-Based Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance, beginning of period	$ 404,048	$ 199,730
Incurred health care costs:
Current year to date period	1,507,740	928,013
Prior year to date period	(24,757)	(36,925)
Total claims incurred	1,482,983	891,088
Claims paid related to:
Current year to date period	(1,216,364)	(549,691)
Prior year to date period	(351,962)	(137,079)
Total claims paid	(1,568,326)	(686,770)
Balance, end of period	$ 318,705	$ 404,048

Quarterly Results of Operatio_3

Quarterly Results of Operations (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Quarterly Financial Data [Abstract]
Revenue	$ 646,542	$ 621,401	$ 647,145	$ 639,653	$ 556,055	$ 511,015	$ 469,136	$ 427,690	$ 2,554,741	[1]	$ 1,963,896	[1]	$ 1,352,013	[1]
Total operating expenses	665,138	637,669	639,357	653,062	577,405	528,953	490,704	438,045	2,595,226		2,035,107		1,348,371
Loss before preferred dividends and accretion of Series A Preferred Stock	(22,802)	(23,137)	1,596	(17,280)	(33,411)	(25,324)	(34,323)	(19,982)	(61,623)		(113,040)		(19,164)
Dividends and accretion of Series A Preferred Stock	(7,813)	(8,094)	(7,979)	(7,945)	(7,984)	(7,872)	(7,088)	(6,276)	(31,831)		(29,220)		0
Net loss attributable to common shareholders of Evolent Health, Inc. - basic	(30,615)	(31,231)	(6,383)	(25,225)	(41,395)	(33,196)	(41,411)	(26,258)	(93,454)		(142,260)		(19,164)
Net loss attributable to common shareholders of Evolent Health, Inc. - diluted	$ (30,615)	$ (31,231)	$ (6,383)	$ (25,225)	$ (41,395)	$ (33,196)	$ (41,411)	$ (26,258)	$ (93,454)		$ (142,260)		$ (19,164)
Loss per common share
Basic (in dollars per share)	$ (0.27)	$ (0.27)	$ (0.06)	$ (0.22)	$ (0.36)	$ (0.30)	$ (0.37)	$ (0.24)	$ (0.81)		$ (1.28)		$ (0.20)
Diluted (in dollars per share)	$ (0.27)	$ (0.27)	$ (0.06)	$ (0.22)	$ (0.36)	$ (0.30)	$ (0.37)	$ (0.24)	$ (0.81)		$ (1.28)		$ (0.20)
[1] See Note 19 for amounts attributable to unconsolidated related parties included in these line items.

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of non-cash investing and financing activities
Accrued property and equipment purchases	$ (368)	$ 137	$ 573
Increase/decrease to goodwill from measurement period adjustments/business combinations	0	2,333	0
Class A common stock issued for payment of earn-outs	0	28,551	0
Accrued deferred financing costs	0	529	450
Class A common stock issued in connection with business combinations	0	261,271	130,175
Class A common stock issued in connection with debt repayment	0	23,073	101,999
Accrued net working capital adjustment with business combinations	0	1,098	791
Effects of leases
Operating cash flows from operating leases	(13,823)	(12,844)	14,087
Leased assets disposed of (obtained in) exchange for operating lease liabilities	(2,525)	(27,327)	4,308
Cash paid for interest	(20,210)	(53,591)	(6,269)
Cash paid for taxes, net	$ (1,386)	$ (4,892)	$ (1,397)

Subsequent Events (Details)

Subsequent Events (Details) - Line of credit - USD ($)	Feb. 14, 2025	Jan. 29, 2025	Dec. 06, 2024	Jan. 20, 2023	Aug. 01, 2022
Term loan
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 240,000,000	$ 175,000,000
Revolving credit facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 50,000,000	$ 25,000,000	$ 50,000,000
Subsequent event | Term loan | Delayed Draw Term Loan Facility 2024 - A
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 125,000,000
Subsequent event | Term loan | Delayed Draw Term Loan Facility 2024 - B
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 75,000,000
Subsequent event | Revolving credit facility
Subsequent Event [Line Items]
Line of credit facility, remaining borrowing capacity	$ 262,500,000
Subsequent event | Revolving credit facility | The Credit Facility
Subsequent Event [Line Items]
Line of credit facility, remaining borrowing capacity	$ 62,500,000