agilon health (AGL) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	AGL
Entity Registrant Name	agilon health, inc.
Entity Central Index Key	0001831097
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, $0.01 par value
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6210 E Hwy 290
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78723
City Area Code	(562)
Local Phone Number	256-3800
Entity File Number	001-40332
Entity Tax Identification Number	37-1915147
Entity Common Stock, Shares Outstanding		406,730,863
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 1,021,754	$ 1,040,039
Restricted cash and equivalents	[1]	14,470	14,781
Receivables, net		571,869	293,407
Prepaid expenses and other current assets, net		19,847	18,968
Total current assets		1,627,940	1,367,195
Property and equipment, net		12,526	9,161
Intangible assets, net		53,709	55,398
Goodwill		41,540	41,540
Other assets, net		119,496	112,958
Total assets		1,855,211	1,586,252
Current liabilities:
Medical claims and related payables		472,323	239,014
Accounts payable and accrued expenses		133,138	112,946
Current portion of long-term debt		5,000	5,000
Total current liabilities		610,461	356,960
Long-term debt, net of current portion		42,172	43,401
Other liabilities		91,101	94,295
Total liabilities		743,734	494,656
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.01 par value: 2,000,000 shares authorized; 405,727 and 400,095 shares issued and outstanding, respectively		4,057	4,001
Additional paid-in capital		2,064,242	2,045,572
Accumulated deficit		(956,447)	(957,677)
Total agilon health, inc. stockholders' equity (deficit)		1,111,852	1,091,896
Noncontrolling interests		(375)	(300)
Total stockholders’ equity (deficit)		1,111,477	1,091,596
Total liabilities and stockholders' equity (deficit)		$ 1,855,211	$ 1,586,252
[1]	Restricted cash and equivalents primarily consist of amounts used as collateral to secure letters of credit that the Company is required to maintain pursuant to contracts with payors.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	405,727,000	400,095,000
Common stock, shares outstanding	405,727,000	400,095,000
Assets	$ 1,855,211	$ 1,586,252
Liabilities	743,734	494,656
Variable Interest Entity, Primary Beneficiary
Assets	712,600	420,500
Liabilities	$ 535,900	$ 282,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 653,445	$ 413,104
Expenses:
Medical services expense	566,208	360,354
Other medical expenses	44,773	23,661
General and administrative (including noncash stock-based compensation expense of $3,970 and $1,472, respectively)	39,834	37,777
Depreciation and amortization	3,373	3,427
Total expenses	654,188	425,219
Income (loss) from operations	(743)	(12,115)
Other income (expense):
Other income (expense), net	2,269	1,336
Interest expense	(871)	(2,941)
Income (loss) before income taxes	655	(13,720)
Income tax benefit (expense)	71	(16)
Income (loss) from continuing operations	726	(13,736)
Discontinued operations:
Income (loss) before income taxes	429	(1,351)
Income tax benefit (expense)	0	(64)
Total discontinued operations	429	(1,415)
Net income (loss)	1,155	(15,151)
Noncontrolling interests' share in (earnings) loss	75	73
Net income (loss) attributable to common shares	$ 1,230	$ (15,078)
Net income (loss) per common share, basic and diluted
Continuing operations	$ 0	$ (0.04)
Discontinued operations	$ 0	$ (0.01)
Basic	401,964	325,659
Diluted	424,065	325,659
Medical Services Revenue
Revenues:
Total revenues	$ 652,423	$ 412,412
Other Operating Revenue
Revenues:
Total revenues	$ 1,022	$ 692

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
General And Administrative Including Non Cash Stock-based Compensation Expense	$ 3,970	$ 1,472

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CONTINGENTLY REDEEMABLE COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interests	Contingently Redeemable Common Stock
Beginning balance at Dec. 31, 2020	$ (284,730)	$ 2,494	$ 263,966	$ (551,190)
Contingently Redeemable Common Stock, Beginning balance, shares at Dec. 31, 2020						76,201
Contingently Redeemable Common Stock, Beginning balance at Dec. 31, 2020						$ 309,500
Beginning balance, shares at Dec. 31, 2020		249,374
Net income (loss)	(15,151)			(15,078)	$ (73)
Exercise of stock options and other, net	165		165
Exercise of stock options and other, net, shares		100
Stock-based compensation expense	1,472		1,472
Ending balance at Mar. 31, 2021	(298,244)	$ 2,494	265,603	(566,268)	(73)
Contingently Redeemable Common Stock, Ending balance, shares at Mar. 31, 2021						76,201
Contingently Redeemable Common Stock, Ending balance at Mar. 31, 2021						$ 309,500
Ending balance, shares at Mar. 31, 2021		249,474
Beginning balance at Dec. 31, 2021	$ 1,091,596	$ 4,001	2,045,572	(957,677)	(300)
Beginning balance, shares at Dec. 31, 2021	400,095	400,095
Net income (loss)	$ 1,155			1,230	(75)
Exercise of stock options and other, net	14,756	$ 56	14,700
Exercise of stock options and other, net, shares		5,632
Stock-based compensation expense	3,970		3,970
Ending balance at Mar. 31, 2022	$ 1,111,477	$ 4,057	$ 2,064,242	$ (956,447)	$ (375)
Ending balance, shares at Mar. 31, 2022	405,727	405,727

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 1,155	$ (15,151)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,373	3,481
Stock-based compensation expense	3,970	1,472
Loss on debt extinguishment	0	1,186
Loss (Income) from equity method investments	(2,033)	3
Other noncash items	556	1,763
Changes in operating assets and liabilities	(30,254)	(33,582)
Net cash provided by (used in) operating activities	(23,233)	(40,828)
Cash flows from investing activities:
Purchase of property and equipment, net	(4,049)	(178)
Purchase of intangible assets	(1,000)	(3,986)
Investment in loans receivable and other	(4,503)	(1,204)
Proceeds from repayment of loans receivable and other	183	0
Proceeds from sale of business and property, net of cash divested	500	(3,706)
Net cash provided by (used in) investing activities	(8,869)	(9,074)
Cash flows from financing activities:
Proceeds from exercise of stock options	14,756	165
Proceeds from the issuance of long-term debt	0	100,000
Repayments of long-term debt	(1,250)	(68,649)
Debt issuance costs	0	(1,218)
Net cash provided by (used in) financing activities	13,506	30,298
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents	(18,596)	(19,604)
Cash, cash equivalents and restricted cash and equivalents from continuing operations, beginning of period	1,054,820	135,178
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, beginning of period		3,917
Cash, cash equivalents and restricted cash and equivalents, beginning of period	1,054,820	139,095
Cash, cash equivalents and restricted cash and equivalents, end of period	$ 1,036,224	$ 119,491

Business

Business	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Business	NOTE 1. Business Description of Business agilon health, inc., through its partnerships and platform, provides the necessary capabilities, capital, and business model for existing physician groups to create a Medicare-centric, globally capitated line of business. As of March 31, 2022, the Company, through its contracted physician networks, provided care to approxima tely 250,300 Medic are Advantage members enrolled with private health plans. Beginning January 1, 2022, the Company expanded its operations into: (i) Syracuse, New York, (ii) Grand Rapids and Traverse City, Michigan; (iii) Pinehurst, North Carolina; and (iii) Longview and Texarkana, Texas, along with additional partnerships in the Company’s existing Ohio markets. Beginning January 1, 2022, the Company also began operating three additional Direct Contracting Entities (“DCE”) that, in collaboration with four of its physician group partners, are participating in the Center for Medicare & Medicaid Services Innovation Center’s Direct Contracting Model, which is being redesigned and renamed the Accountable Care Organization Realizing Equity, Access, and Community Health (“ACO REACH”) beginning in 2023. See Note 13 for additional discussions related to the Company’s involvement with VIEs. The Company is ultimately controlled by an investment fund associated with Clayton Dubilier & Rice, LLC (“CD&R”), a private equity firm headquartered in New York, New York. All funds affiliated with CD&R are considered related parties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. The condensed consolidated financial statements include the accounts of agilon health, inc., its wholly-owned subsidiaries, and both joint ventures and VIEs that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments unless otherwise indicated), which the Company considers necessary to present fairly its financial position, results of operations, and cash flows, have been included. Operating results for the three months ended March 31, 2022, including the impact of COVID-19, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying condensed consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates can include, among other things, those used to determine revenues and related receivables from risk adjustments, medical services expense and related payables (including the reserve for incurred but not reported (“IBNR”) claims), and the valuation and related recognition of impairments of long-lived assets, including goodwill. Management’s estimates for revenue recognition, medical services expense, and other estimates, judgments, and assumptions, may be materially and adversely different from actual results as a result of the COVID-19 pandemic, among other things. See Note 8 for additional discussion on the impact of the COVID-19 pandemic. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. Goodwill and Amortizable Intangible Assets As of both March 31, 2022 and December 31, 2021, goodwill of $ 39.0 million was allocated to the Company’s Hawaii reporting unit, which had a negative carrying value. As of March 31, 2022 and December 31, 2021, the Company’s gross carrying amount of amortizable intangible assets was $ 109.7 million and $ 108.7 million, with accumulated amortization of $ 56.0 million and $ 53.3 million, respectively. For the three months ended March 31, 2022 and 2021, the Company recognized $ 2.7 million and $ 2.8 million, respectively, in amortization expense, which is included in depreciation and amortization expense in the condensed consolidated statement of operations. Property and Equipment As of March 31, 2022 and December 31, 2021, the Company’s gross carrying amount of property and equipment was $ 21.4 million and $ 17.4 million, with accumulated depreciation of $ 8.9 million and $ 8.2 million, respectively. For the three months ended March 31, 2022 and 2021, the Company recognized $ 0.7 million and $ 0.6 million, respectively, in depreciation expense, which is included in depreciation and amortization expense in the condensed consolidated statement of operations. Income Taxes The Company determined the income tax provision for interim periods using an estimate of the Company’s annual effective tax rate, applied to year-to-date results, adjusted for discrete items arising in that quarter. In each quarter, the Company updates its estimated annual effective tax rate, and if the estimated annual effective tax rate changes, a cumulative catch-up adjustment is recorded in that quarter. The Company applied the intra-period tax allocation rules to allocate income taxes between continuing operations and discontinued operations as prescribed in U.S. GAAP, where the tax effect of income (loss) before income taxes from continuing operations is computed without regard to the tax effects of income (loss) before income taxes from the other categories.

Other Assets, net

Other Assets, net	3 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Other Assets, net	NOTE 4. Other Assets, net The following table summarizes the Company’s other assets, net (in thousands): March 31, December 31, Loans to physician partners $ 78,686 $ 76,821 Indemnification assets 2,117 2,107 Health plan deposits 11,728 11,523 Equity method investments (1) 11,236 6,690 Right-of-use assets 12,042 11,739 Other 3,687 4,078 $ 119,496 $ 112,958 (1) See Note 13 for additional discussion related to the Company's equity method investments. Loans to Physician Partners The Company provided loans to its physician partners in connection with taxes payable on shares distributed to them in connection with the initial public offering ("IPO") . These loans mature between 2026 and 2031 with nominal interest compounding annually and no prepayment penalties. Such loans are stated at the amount expected to be collected. Indemnification Assets Indemnification assets have been established to offset certain pre-closing liabilities for which the prior owners of some of the Company’s California subsidiaries are obligated to indemnify the Company. The Company deems the amounts receivable under the indemnification agreements to be fully collectible should indemnification claims arise, and, as such, a valuation allowance is not deemed necessary.

Medical Claims and Related Paya

Medical Claims and Related Payables	3 Months Ended
	Mar. 31, 2022
Insurance [Abstract]
Medical Claims and Related Payables	NOTE 5. Medical Claims and Related Payables Medical services expense represents costs incurred for medical services provided to members by physicians, hospitals and other ancillary providers for which the Company is financially responsible and that are paid either directly by the Company or by payors with whom the Company has contracted. Medical services expenses are recognized in the period in which services are provided and include estimates of claims that have been incurred but have either not yet been received, processed, or paid and as such, not reported. Such estimates are developed using actuarial methods commonly used by health insurance actuaries that include a number of factors and assumptions including medical service utilization trends, changes in membership, observed medical cost trends, historical claim payment patterns and other factors. Generally, for the most recent months, the Company estimates claim costs incurred by applying observed medical cost trend factors to the average PMPM medical costs incurred in prior months for which more complete claims data are available. Each period, the Company re-examines previously established medical claims payable estimates based on actual claim submissions and other changes in facts and circumstances. As more complete claims information becomes available, the Company adjusts its estimates and recognizes those changes in estimates in the period in which the change is identified. The difference between the estimated liability and the actual settlements of claims is recognized in the period the claims are settled. The Company’s medical claims payable balance represents management’s best estimate of its liability for unpaid medical costs as of March 31, 2022 and December 31, 2021. The Company uses judgment to determine the appropriate assumptions for developing the required estimates . The following table presents the components of changes in medical claims and related payables (in thousands): March 31, 2022 2021 Medical claims and related payables, beginning of the year $ 239,014 $ 164,161 Components of incurred costs related to: Current year 561,478 359,988 Prior years 4,730 366 Discontinued operations - current year — 1,229 Discontinued operations - prior years ( 85 ) ( 591 ) 566,123 360,992 Claims paid related to: Current year ( 167,526 ) ( 112,968 ) Prior years ( 165,316 ) ( 131,363 ) Discontinued operations - current year — ( 298 ) Discontinued operations - prior year 28 ( 3,540 ) ( 332,814 ) ( 248,169 ) Medical claims and related payables, end of the period $ 472,323 $ 276,984 Medical claims and related payables presented in the periods above include immaterial balances related to claims liabilities associated with certain divested California businesses for which the Company has retained the liability for claims incurred prior to the date of divestiture.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2022
Other Liabilities [Abstract]
Other Liabilities	NOTE 6. Other Liabilities The following table summarizes the Company’s other liabilities (in thousands): March 31, December 31, Other long-term contingencies $ 67,390 $ 71,344 Reserve for uncertain tax positions 2,117 2,107 Lease liabilities, long-term 8,268 7,904 Equity method liabilities – DCEs 7,234 6,380 Other 6,092 6,560 $ 91,101 $ 94,295 As of March 31, 2022 and December 31, 2021, the Company’s accruals for contingent liabilities related to unasserted claims were $ 67.4 million and $ 71.3 million, respectively. The accrued amounts represent the Company’s estimate of probable losses in accordance with ASC Topic 450, Contingencies . The Company’s estimate of the range of reasonably possible losses in excess of such accruals was $ 0 to $ 37.3 million as of March 31, 2022. See Note 13 for equity method liabilities related to the Company's DCE investments.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	NOTE 7. Debt On February 18, 2021, the Company executed a credit facility agreement (as amended by the First Amendment to Credit Agreement, dated as of March 1, 2021, the “Credit Facilities”). The Credit Facilities include: (i) a $ 100.0 million secured term loan (the “Secured Term Loan Facility”) and (ii) a $ 100.0 million senior secured revolving credit facility (the “Secured Revolving Facility”) with a capacity to issue standby letters of credit in certain circumstances up to a maximum of $ 80.0 million. Subject to specified conditions and receipt of commitments, the Secured Term Loan Facility may be expanded (or a new term loan facility, revolving credit facility or letter of credit facility added) by up to (i) $ 50.0 million plus (ii) an additional amount determined in accordance with a formula tied to repayment of certain of the Company’s indebtedness. The proceeds from the Secured Term Loan Facility were used to refinance an aggregate of $ 68.6 million of outstanding indebtedness under the prior credit facility and unsecured debt, with the remaining $ 30.1 million of net proceeds used for working capital and other general corporate purposes. In connection with the refinance of the existing debt, the Company recognized $ 1.1 million of additional interest expense for the write-off of the related debt issuance costs. The Secured Term Loan Facility required, among other things, a mandatory prepayment of $ 50.0 million if gross proceeds from the IPO exceeded $ 1.0 billion. On April 26, 2021, the Company repaid $ 50.0 million of the Secured Term Loan Facility. The maturity date of the Credit Facilities is February 18, 2026 , with mandatory periodic payments. As of March 31, 2022, the Company had $ 47.5 million outstanding under the Secured Term Loan Facility and availability under the Secured Revolving Facility was $ 49.9 million, as the Company had outstanding letters of credit totaling $ 50.1 million, of which $ 26.5 million was for the Company's DCE investments. The standby letters of credit are automatically extended without amendment for one-year periods, unless the Company notifies the institution in advance of the expiration date that the letter will be terminated. No amounts have been drawn on the outstanding letters of credit as of March 31, 2022. At the Company’s option, borrowings under the agreement, can be either: (i) LIBO Rate Loans or (ii) Base Rate Loans. LIBO Rate Loans bear interest at a rate equal to the sum of 4.00 % (stepping down to 3.50 % on and following October 1, 2023) and the higher of (a) LIBO, as defined in the credit agreement, and (b) 0 %. Base Rate Loans bear interest at a rate equal to the sum of 3.00 % (stepping down to 2.50 % on and following October 1, 2023) and the highest of: (a) 0.50 % in excess of the overnight federal funds rate, (b) the prime rate established by the administrative agent from time to time, (c) the one-month LIBO rate (adjusted for maximum reserves) plus 1.00 % and (d) 0 %. Additionally, the Company pays a commitment fee on the unfunded 2021 Revolving Credit Facility amount of 0.50 % (s tepping down to 0.375 % on and following October 1, 2023). The Company must also pay customary letter of credit fees. As of March 31, 2022, the weighted average effective interest rate on the Secured Term Loan Facility was 4.55 %. The Credit Facilities are guaranteed by certain of the Company’s subsidiaries, including those identified as VIEs, and contain customary covenants including, among other things, limitations on restricted payments including: (i) dividends and distributions from restricted subsidiaries, (ii) requirements of minimum financial ratios, and (iii) limitation on additional borrowings based on certain financial ratios. Failure to meet any of these covenants could result in an event of default under the agreement. If an event of default occurs, the lenders could elect to declare all amounts outstanding under the agreement to be immediately due and payable . As of March 31, 2022, the Company was in compliance with all covenants under the Credit Facilities .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8. Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to, or has a significant relationship to, legal proceedings, lawsuits, and other claims. Except as described below, the Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred . COVID-19 The Company continues to monitor and assess the estimated operating and financial impact of the COVID-19 pandemic, and as it evolves, the Company continues to process, assemble, and assess member utilization information. The COVID-19 pandemic continues to evolve and the ultimate impact on the Company's business, results of operations, financial condition and cash flows remains uncertain. During 2021 and the first quarter of 2022, overall care activity continued to increase, including a mix of temporary deferral of care activity and COVID-19 related care costs. These costs may be incurred at future points in time, and it is possible that the deferral of healthcare services, or the impact of the Company’s members (who are seniors typically with chronic conditions) being diagnosed with COVID-19, could cause additional health problems in its existing members, which could increase costs in the future. In future periods, care patterns may moderately exceed normal baselines as previously deferred care is obtained and acuity temporarily rises due to missed regular care. From time to time, health system capacity may be subject to possible increased volatility due to the pandemic. The Company cannot accurately estimate the net ultimate impact, positive or negative, to medical services expense at this time. Given the disruption caused by COVID-19, it is unclear whether the Company’s contracted physicians will be able to document the health conditions of members as comprehensively as they did in historical periods. Because risk adjustment factors in the current period are based on the preceding year’s diagnosed disease conditions, the Company’s revenue in future periods may be adversely impacted. The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, new information that may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption. The ultimate impact of these matters to the Company and its financial condition cannot be reasonably estimated at this time. The Company believes that its cash resources, funds from the IPO in April 2021, borrowi ng capacity available under the Secured Revolving Facility, and cash flow generated from operations will continue to be sufficient to withstand the financial impact of the pandemic and will enable the Company to continue to support its operations, regulatory requirements, debt repayment obligations, and geography expansion for the foreseeable future. Regulatory Matters The healthcare industry is subject to numerous laws and regulations of federal, state, and local governments. Violations of these laws and regulations could result in expulsion from government healthcare programs, together with the imposition of significant fines and penalties. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as regulatory actions unknown or unasserted at this time . The healthcare regulatory landscape is constantly changing. It is difficult to predict which final rules may be adopted and implemented by federal and state authorities, and if such final rules would result in any material adverse effect on the Company’s business, consolidated financial condition, results of operations, or cash flows. Management is unable to determine how any future government spending cuts will affect Medicare reimbursement. There likely will continue to be legislative and regulatory proposals at the federal and state levels directed at containing or lowering the cost of healthcare that, if adopted, could have a material adverse effect on the Company’s condensed consolidated financial statements. Compliance Requirements In February 2018, the Company self-disclosed to the California Department of Managed Health Care (“DMHC”), the California Department of Health Care Services, and its affected payors certain noncompliant practices in the Company’s claims and utilization management. The Company submitted various reports in May, June, and August of 2018 and coordinated with the DMHC and certain of its payors to remediate noncompliant claims and utilization management practices and implement improvements through various corrective action plan (“CAPs”). On December 17, 2019, the Company completed substantial remediation of all known deficiencies identified by the DMHC’s audit findings. In February 2021, the Company completed divesting all of its California operations. On March 9, 2021, the Company received a set of investigative interrogatories from the DMHC pursuant to its investigation of conduct and matters described in the Company’s various reports. The interrogatories sought information concerning certain claims data and authorizations denied due to lack of medical necessity, including information regarding the health plans affected thereby. The Company responded timely to such interrogatories and provided requested information. Any adverse review, audit or investigation could result in, among other things: refunding of amounts the Company have been paid pursuant to its contracts; or the imposition of fines, penalties and other sanctions on the Company, or certain of its payors. While the Company does not expect the amount to be material, it is unable to predict the potential dollar value of recoupments or fines, penalties or other sanctions that may be impo sed on the Company or the impacted payors related to the DMHC’s audit findings, if any. Per publicly available information, six out of the nine impacted payors have entered into letters of agreement with the DMHC whereby each of the payors have agreed to pay an administrative penalty related to the deficiencies. These penalties equal $ 0.2 million in the aggregate. At least one payor formally sought indemnification from the Company in the amount of $ 80,000 for penalties related to the DMHC audit findings. The Company is unable to predict the potential dollar value of claims or demands that could be asserted in the future, if any. While the Company has divested all of its California operations as of February 2021, for the Southern California and Fresno divestiture transactions the Company will continue to be responsible for any liabilities arising from the business which were incurred prior to the closing date of each transaction, including any fines, penalties and other sanctions relating to the DMHC matter described above, the payment of claims for medical services incurred prior to the effective date of each transaction, a liability for unrecognized tax benefits for which the Company is indemnified and other contingent liabilities that management currently believe are remote .

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Common Stock	NOTE 9. Common Stock Common Stock As of March 31 , 2022, the Company’s authorized capital stock consisted of 2.0 billion shares of common stock, par value $ 0.01 per share. 2022 . During the three months ended March 31, 2022, the Company issued approximately 5.6 million shares of common stock primarily in connection with exercises and vesting of stock-based awards. 2021 . During the three months ended March 31, 2021, the Company issued approximately 100,000 shares of common stock primarily in connection with exercises and vesting of stock-based awards.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	NOTE 10. Net Income (Loss) Per Common Share Basic net income (loss) per common share (“EPS”) is computed based upon the weighted average number of common shares outstanding. Diluted net income (loss) per common share is computed based upon the weighted average number of common shares outstanding plus the impact of common shares issuable from the assumed conversion of stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on basic loss per share are included in diluted loss per share during the periods presented. The following table illustrates the computation of basic and diluted EPS (in thousands, except per share amounts): Three Months Ended 2022 2021 Numerator Income (loss) from continuing operations $ 726 $ ( 13,736 ) Noncontrolling interests’ share in (earnings) loss from 75 73 Net income (loss) attributable to common stockholders 801 ( 13,663 ) Income (loss) from discontinued operations 429 ( 1,415 ) Net income (loss) attributable to common stockholders $ 1,230 $ ( 15,078 ) Denominator Weighted average shares outstanding – basic 401,964 325,659 Weighted average shares outstanding – diluted 424,065 325,659 Net income (loss) per share attributable to Net income (loss) per common share from $ — $ ( 0.04 ) Net income (loss) per common share from $ — $ ( 0.01 ) Basic net income (loss) per share is the same as diluted net income (loss) per share for the three months ended March 31, 2021, as the inclusion of all potential common shares outstanding would have been antidilutive. The following table provides the weighted-average potential shares of common stock that were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive (in thousands): Three Months Ended 2022 2021 Stock options - service only condition 1,503 23,582 Equity awards - market and/or performance condition 909 17,830 Restricted stock units 89 110

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 11. Discontinued Operations Discontinued operations are a component of an entity that has either been disposed of or is deemed held-for-sale and, (i) the operations and cash flows of the component have been or will be eliminated from ongoing operations as a result of the disposal transaction, and (ii) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. During 2020, the Company implemented a plan to divest its California operations, which included the entirety of its Medicaid line of business, via three separate transactions with different parties. In August 2020, October 2020 and February 2021, the Company disposed of its Southern California operations, Fresno, California operations, and remaining California operations, respectively. The Company’s decision to exit California and the Medicaid line of business represented a strategic shift that had a major effect on its operations and financial results. As such, the Company’s California operations are reflected in the condensed consolidated financial statements as discontinued operations. See Note 8 for additional details on the Company's investigative interrogatories from the DMHC. The results of discontinued operations are as follows (in thousands): Three Months Ended 2022 2021 Revenues: Medical services revenue $ 344 $ 3,847 Other operating revenue — 23 Total revenues 344 3,870 Expenses: Medical services expense ( 85 ) 638 Other medical expenses — 2,480 General and administrative — 2,588 Depreciation and amortization — 54 Income (loss) from operations 429 ( 1,890 ) Other income (expense), net — 48 Gain (loss) on sale of assets — 491 Income (loss) before income taxes 429 ( 1,351 ) Income tax benefit (expense) — ( 64 ) Net income (loss) from $ 429 $ ( 1,415 ) The following table provides significant non-cash operating items for discontinued operations that are included in the condensed consolidated statements of cash flows (in thousands): For the Three Months Ended March 31, 2022 2021 Non-cash operating activities from discontinued operations: Depreciation and amortization $ — $ 54

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 12. Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Three Months Ended 2022 2021 Supplemental cash flow information: Interest paid $ 959 $ 1,921 Income taxes paid 3,098 16 Supplemental disclosure of non-cash investing and financing activities: Right-of-use asset obtained in exchange for new operating lease liability 1,178 689 Non-cash investment in unconsolidated subsidiaries 190 — The following table summarizes cash, cash equivalents and restricted cash equivalents from continuing operations (in thousands): March 31, December 31, Cash and cash equivalents $ 1,021,754 $ 1,040,039 Restricted cash and equivalents (1) 14,470 14,781 Cash, cash equivalents and restricted cash equivalents $ 1,036,224 $ 1,054,820 Restricted cash and equivalents primarily consist of amounts used as collateral to secure letters of credit that the Company is required to maintain pursuant to contracts with payors.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	NOTE 13. Variable Interest Entities Consolidated Variable Interest Entities agilon health, inc.’s consolidated assets and liabilities as of March 31, 2022 and December 31, 2021 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to agilon health, inc. agilon health, inc.’s consolidated assets and liabilities include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets (1) Cash and cash equivalents $ 124,303 $ 104,741 Restricted cash equivalents 13,210 13,210 Receivables, net 548,462 276,590 Prepaid expenses and other current assets, net 8,042 7,046 Property and equipment, net 1,516 1,147 Intangible assets, net 6,534 7,220 Other assets, net 10,536 10,580 Liabilities (1) Medical claims and related payables 428,847 195,812 Accounts payable and accrued expenses 102,733 81,702 Other liabilities 4,338 4,521 (1) Assets and liabilities of VIEs presented above include the assets and liabilities of the Company’s Independent Practice Associations in California, which are consolidated VIEs and whose operations are reflected in the condensed consolidated financial statements as discontinued operations. Risk-bearing Entities. At March 31, 2022, the Company operates 18 wholly-owned risk-bearing entities (“RBEs”) for the purpose of entering into risk-bearing contracts with payors. Each RBE’s equity at risk is considered insufficient to finance its activities without additional support, and, therefore, each RBE is considered a VIE. The Company consolidates the RBEs as it has determined that it is the primary beneficiary because it has: (i) the ability to control the activities that most significantly impact the RBEs’ economic performance; and (ii) the obligation to absorb losses or right to receive benefits that could potentially be significant to the RBEs. Specifically, the Company has the unilateral ability and authority, through the RBE governance and management agreements, to make significant decisions about strategic and operating activities of the RBEs, including negotiating and entering into risk-bearing contracts with payors and approving the RBEs’ annual operating budgets. The Company also has the obligation to fund losses of the RBEs and the right to receive a significant percentage of any financial surplus generated by the RBEs. The assets of the RBEs primarily consist of cash and cash equivalents, receivables, net, intangible assets, net, and other assets, net; its obligations primarily consist of medical claims and related payables as well as operating expenses of the RBEs (accounts payable and accrued expenses), including incentive compensation obligations to the Company’s physician partners. On February 18, 2021, the Company executed the Credit Facilities, which are guaranteed by certain of the Company’s VIEs. Assets generated by the RBEs (primarily from medical services revenues) may be used, in certain limited circumstances, to settle the Company’s contractual debt obligations. Unconsolidated Variable Interest Entities As of March 31, 2022, the Company had 10 equity method investments (liabilities) that were deemed to be VIEs. The Company has determined that the activities that most significantly impact the performance of these VIEs consist of the allocation of resources to and other decisions related to clinical activities and provider contracting decisions. Because the Company does not have the ability to control these activities due to another party’s control of the VIEs’ board of directors, the Company has determined that it is not the primary beneficiary of and therefore does not consolidate these VIEs. The Company's maximum loss exposure as a result of the Company’s involvement with the VIEs cannot be quantified as the Company has the obligation to provide ongoing operational support to the unconsolidated VIEs, as needed. Equity Method Investments The following table summarizes the Company’s equity method investments (in thousands): March 31, December 31, Equity method investments - Other (1) $ 8,180 $ 6,690 Equity method investments - DCEs (1) 3,056 — Equity method liabilities - DCEs (2) ( 7,234 ) ( 6,380 ) (1) Included in Other assets, net in the consolidated balance sheets. (2) Included in Other liabilities in the consolidated balance sheets. The Company is a partner in eight wholly-owned DCEs in collaboration with 12 of its physician group partners operating in 10 geographies. The combined summarized operating results of the Company’s DCEs are as follows (in thousands): Three Months Ended Medical services revenue $ 267,713 Medical services expense ( 248,351 ) Other medical expenses (1) ( 12,644 ) Net income (loss) (2) 2,012 (1) For the three months ended March 31, 2022, includes physician incentive expenses of $ 6.2 million. (2) Included in Other income (expense) in the consolidated statement of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. The condensed consolidated financial statements include the accounts of agilon health, inc., its wholly-owned subsidiaries, and both joint ventures and VIEs that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments unless otherwise indicated), which the Company considers necessary to present fairly its financial position, results of operations, and cash flows, have been included. Operating results for the three months ended March 31, 2022, including the impact of COVID-19, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accompanying condensed consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”).
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates can include, among other things, those used to determine revenues and related receivables from risk adjustments, medical services expense and related payables (including the reserve for incurred but not reported (“IBNR”) claims), and the valuation and related recognition of impairments of long-lived assets, including goodwill. Management’s estimates for revenue recognition, medical services expense, and other estimates, judgments, and assumptions, may be materially and adversely different from actual results as a result of the COVID-19 pandemic, among other things. See Note 8 for additional discussion on the impact of the COVID-19 pandemic. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates.
Goodwill and Amortizable Intangible Assets	Goodwill and Amortizable Intangible Assets As of both March 31, 2022 and December 31, 2021, goodwill of $ 39.0 million was allocated to the Company’s Hawaii reporting unit, which had a negative carrying value. As of March 31, 2022 and December 31, 2021, the Company’s gross carrying amount of amortizable intangible assets was $ 109.7 million and $ 108.7 million, with accumulated amortization of $ 56.0 million and $ 53.3 million, respectively. For the three months ended March 31, 2022 and 2021, the Company recognized $ 2.7 million and $ 2.8 million, respectively, in amortization expense, which is included in depreciation and amortization expense in the condensed consolidated statement of operations.
Property and Equipment	Property and Equipment As of March 31, 2022 and December 31, 2021, the Company’s gross carrying amount of property and equipment was $ 21.4 million and $ 17.4 million, with accumulated depreciation of $ 8.9 million and $ 8.2 million, respectively. For the three months ended March 31, 2022 and 2021, the Company recognized $ 0.7 million and $ 0.6 million, respectively, in depreciation expense, which is included in depreciation and amortization expense in the condensed consolidated statement of operations.
Income Taxes	Income Taxes The Company determined the income tax provision for interim periods using an estimate of the Company’s annual effective tax rate, applied to year-to-date results, adjusted for discrete items arising in that quarter. In each quarter, the Company updates its estimated annual effective tax rate, and if the estimated annual effective tax rate changes, a cumulative catch-up adjustment is recorded in that quarter. The Company applied the intra-period tax allocation rules to allocate income taxes between continuing operations and discontinued operations as prescribed in U.S. GAAP, where the tax effect of income (loss) before income taxes from continuing operations is computed without regard to the tax effects of income (loss) before income taxes from the other categories.
Medical Services Revenue	Medical Services Revenue Medical services revenue consists of capitation fees under contracts with various Medicare Advantage payors (“payors”). Under the typical capitation arrangement, the Company is entitled to monthly per-member, per-month (“PMPM”) fees to provide a defined range of healthcare services for Medicare Advantage health plan members (“members”) attributed to the Company’s contracted primary care physicians. PMPM fees are determined as a percent of the premium payors receive from the Centers for Medicare & Medicaid Services’ (“CMS”) for these members. The Company generally accepts full financial risk for members attributed to its contracted primary care physicians and therefore is responsible for the cost of all healthcare services required by those members. Fees are generally recorded gross in revenue because the Company is acting as a principal in coordinating and controlling the range of services provided (other than clinical decisions) under its capitation contracts with payors. Capitation contracts with payors are generally multi-year arrangements and have a single performance obligation that constitutes a series, as defined by Accounting Standards Codification ("ASC") 606, Revenue From Contracts With Customers , to stand ready on a monthly basis to provide all aspects of necessary medical care to members for the contracted period. The Company recognizes revenue in the month in which eligible members are entitled to receive healthcare benefits during the contract term. The transaction price for the Company’s capitation contracts is variable, as the PMPM fees to which the Company is entitled are subject to periodic adjustment under CMS’s risk adjustment payment methodology. CMS deploys a risk adjustment model that determines premiums paid to all payors according to each member’s health status and certain demographic factors. Under this risk adjustment methodology, CMS calculates the risk adjusted premium payment using diagnosis data from various settings. The Company and healthcare providers collect and submit the necessary and available diagnosis data to payors and such data is utilized by the Company to estimate risk adjustment payments to be received in subsequent periods. Risk adjustment-related revenues are estimated using the most likely amount methodology and amounts are only included in revenue to the extent that it is probable that a significant reversal of cumulative revenue will not occur once any uncertainty is resolved. PMPM fees are also subject to adjustment for incentives or penalties based on the achievement of certain quality metrics defined in the Company’s contracts with payors. The Company recognizes incentive revenue as earned using the most likely amount methodology and only to the extent that it is probable that a significant reversal of cumulative revenue will not occur once any uncertainty is resolved. Neither the Company nor any of its affiliates is a registered insurance company because state law in the states in which it operates does not require such registration for risk-bearing providers.
Receivables	Receivables Receivables primarily consist of amounts due under capitation contracts with various payors. Receivables due under capitation contracts are recorded monthly based on reports received from payors and management’s estimate of risk adjustment payments to be received in subsequent periods for open performance years. Receivables are recorded and stated at the amount expected to be collected.
Concentration	Concentration The Company is economically dependent on maintaining a base of primary care and specialty care physicians as well as capitation contracts with payors. The loss of certain of those contracts could have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company contracts with various payors whereby the Company is entitled to monthly PMPM fees to provide a defined range of healthcare services for members attributed to its contracted primary care physicians. The Company generally accepts full financial risk for such members and therefore is responsible for the cost of all healthcare services required by them. Substantially all of the Company’s receivable balances are from a small number of payors. Revenue from Medicare Advantage constitutes substantially all of the Company’s total revenue, accounting for nearly 100 % of the Company’s total revenues for the three months ended March 31, 2022 and 2021.

Other Assets, net (Tables)

Other Assets, net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Schedule of Other Assets, Net	The following table summarizes the Company’s other assets, net (in thousands): March 31, December 31, Loans to physician partners $ 78,686 $ 76,821 Indemnification assets 2,117 2,107 Health plan deposits 11,728 11,523 Equity method investments (1) 11,236 6,690 Right-of-use assets 12,042 11,739 Other 3,687 4,078 $ 119,496 $ 112,958 (1) See Note 13 for additional discussion related to the Company's equity method investments.

Medical Claims and Related Pa_2

Medical Claims and Related Payables (Tables)	3 Months Ended
	Mar. 31, 2022
Insurance [Abstract]
Summary Changes in Medical Claims and Related Payables	The following table presents the components of changes in medical claims and related payables (in thousands): March 31, 2022 2021 Medical claims and related payables, beginning of the year $ 239,014 $ 164,161 Components of incurred costs related to: Current year 561,478 359,988 Prior years 4,730 366 Discontinued operations - current year — 1,229 Discontinued operations - prior years ( 85 ) ( 591 ) 566,123 360,992 Claims paid related to: Current year ( 167,526 ) ( 112,968 ) Prior years ( 165,316 ) ( 131,363 ) Discontinued operations - current year — ( 298 ) Discontinued operations - prior year 28 ( 3,540 ) ( 332,814 ) ( 248,169 ) Medical claims and related payables, end of the period $ 472,323 $ 276,984

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities [Abstract]
Summary of Other Liabilities	The following table summarizes the Company’s other liabilities (in thousands): March 31, December 31, Other long-term contingencies $ 67,390 $ 71,344 Reserve for uncertain tax positions 2,117 2,107 Lease liabilities, long-term 8,268 7,904 Equity method liabilities – DCEs 7,234 6,380 Other 6,092 6,560 $ 91,101 $ 94,295

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table illustrates the computation of basic and diluted EPS (in thousands, except per share amounts): Three Months Ended 2022 2021 Numerator Income (loss) from continuing operations $ 726 $ ( 13,736 ) Noncontrolling interests’ share in (earnings) loss from 75 73 Net income (loss) attributable to common stockholders 801 ( 13,663 ) Income (loss) from discontinued operations 429 ( 1,415 ) Net income (loss) attributable to common stockholders $ 1,230 $ ( 15,078 ) Denominator Weighted average shares outstanding – basic 401,964 325,659 Weighted average shares outstanding – diluted 424,065 325,659 Net income (loss) per share attributable to Net income (loss) per common share from $ — $ ( 0.04 ) Net income (loss) per common share from $ — $ ( 0.01 )
Summary of Weighted-average Potential Shares of Common Stock Were Excluded From Calculation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders	The following table provides the weighted-average potential shares of common stock that were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive (in thousands): Three Months Ended 2022 2021 Stock options - service only condition 1,503 23,582 Equity awards - market and/or performance condition 909 17,830 Restricted stock units 89 110

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Financial Statements Related to Discontinued Operations	Three Months Ended 2022 2021 Revenues: Medical services revenue $ 344 $ 3,847 Other operating revenue — 23 Total revenues 344 3,870 Expenses: Medical services expense ( 85 ) 638 Other medical expenses — 2,480 General and administrative — 2,588 Depreciation and amortization — 54 Income (loss) from operations 429 ( 1,890 ) Other income (expense), net — 48 Gain (loss) on sale of assets — 491 Income (loss) before income taxes 429 ( 1,351 ) Income tax benefit (expense) — ( 64 ) Net income (loss) from $ 429 $ ( 1,415 ) The following table provides significant non-cash operating items for discontinued operations that are included in the condensed consolidated statements of cash flows (in thousands): For the Three Months Ended March 31, 2022 2021 Non-cash operating activities from discontinued operations: Depreciation and amortization $ — $ 54

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Three Months Ended 2022 2021 Supplemental cash flow information: Interest paid $ 959 $ 1,921 Income taxes paid 3,098 16 Supplemental disclosure of non-cash investing and financing activities: Right-of-use asset obtained in exchange for new operating lease liability 1,178 689 Non-cash investment in unconsolidated subsidiaries 190 —
Summary of Cash, Cash Equivalents and Restricted Cash Equivalents from Continuing Operations	The following table summarizes cash, cash equivalents and restricted cash equivalents from continuing operations (in thousands): March 31, December 31, Cash and cash equivalents $ 1,021,754 $ 1,040,039 Restricted cash and equivalents (1) 14,470 14,781 Cash, cash equivalents and restricted cash equivalents $ 1,036,224 $ 1,054,820 Restricted cash and equivalents primarily consist of amounts used as collateral to secure letters of credit that the Company is required to maintain pursuant to contracts with payors.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Variable Interest Entities [Abstract]
Summary of Consolidated Asset and Liabilities Include VIE Assets and Liabilities	agilon health, inc.’s consolidated assets and liabilities include VIE assets and liabilities as follows (in thousands): March 31, December 31, Assets (1) Cash and cash equivalents $ 124,303 $ 104,741 Restricted cash equivalents 13,210 13,210 Receivables, net 548,462 276,590 Prepaid expenses and other current assets, net 8,042 7,046 Property and equipment, net 1,516 1,147 Intangible assets, net 6,534 7,220 Other assets, net 10,536 10,580 Liabilities (1) Medical claims and related payables 428,847 195,812 Accounts payable and accrued expenses 102,733 81,702 Other liabilities 4,338 4,521 (1) Assets and liabilities of VIEs presented above include the assets and liabilities of the Company’s Independent Practice Associations in California, which are consolidated VIEs and whose operations are reflected in the condensed consolidated financial statements as discontinued operations.
Schedule of Equity Method Investments	The following table summarizes the Company’s equity method investments (in thousands): March 31, December 31, Equity method investments - Other (1) $ 8,180 $ 6,690 Equity method investments - DCEs (1) 3,056 — Equity method liabilities - DCEs (2) ( 7,234 ) ( 6,380 ) (1) Included in Other assets, net in the consolidated balance sheets. (2) Included in Other liabilities in the consolidated balance sheets.
Summary of Operating Results	The combined summarized operating results of the Company’s DCEs are as follows (in thousands): Three Months Ended Medical services revenue $ 267,713 Medical services expense ( 248,351 ) Other medical expenses (1) ( 12,644 ) Net income (loss) (2) 2,012 (1) For the three months ended March 31, 2022, includes physician incentive expenses of $ 6.2 million. (2) Included in Other income (expense) in the consolidated statement of operations.

Business - Additional Informati

Business - Additional Information (Details)	Mar. 31, 2022Medicare
Description of Business [Line Items]
Number of medicare advantage members enrolled with private health plans	250,300

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Gross carrying amount of amortizable intangible assets	$ 109.7		$ 108.7
Accumulated amortization	56		53.3
Amortization expense	2.7	$ 2.8
Gross carrying amount of property and equipment	21.4		17.4
Accumulated amortization	8.9		8.2
Depreciation expense	0.7	$ 0.6
Hawaii Reporting Unit
Summary Of Significant Accounting Policies [Line Items]
Goodwill	$ 39		$ 39

Revenue, Receivables, and Conce

Revenue, Receivables, and Concentration of Credit Risk - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total Revenues | Medicare Advantage Payors | Major Payors
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%

Revenue, Receivables, and Con_2

Revenue, Receivables, and Concentration of Credit Risk - Schedules of Concentration of Risk as a Percentage of Revenues and Receivables (Details) - Major Payors	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total Revenues | Payor A
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%	28.00%
Total Revenues | Payor B
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	21.00%
Total Revenues | Payor C
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	12.00%
Total Revenues | Payor D
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%
Receivables | Payor A
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%		18.00%
Receivables | Payor B
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%		21.00%
Receivables | Payor C
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%		14.00%
Receivables | Payor D
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%		12.00%

Revenue, Receivables, and Con_3

Revenue, Receivables, and Concentration of Credit Risk - Schedules of Concentration of Risk as a Percentage of Revenues and Receivables (Parenthetical) (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total Revenues | Payor D | Major Payors
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%
Receivables | Payor D | Major Payors
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%		12.00%
Maximum [Member] | Total Revenues | Payor E
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	10.00%

Other Assets, net - Schedule of

Other Assets, net - Schedule of Other Assets, Net (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Other Assets [Line Items]
Other assets, net		$ 119,496	$ 112,958
Equity method investments		7,234	6,380
Loans to Physician Partners
Other Assets [Line Items]
Other assets, net		78,686	76,821
Indemnification Assets
Other Assets [Line Items]
Other assets, net		2,117	2,107
Health Plan Deposits
Other Assets [Line Items]
Other assets, net		11,728	11,523
Right-Of-Use Assets
Other Assets [Line Items]
Right-of-use assets		12,042	11,739
Other
Other Assets [Line Items]
Other assets, net		3,687	4,078
Other Assets
Other Assets [Line Items]
Equity method investments	[1]	$ 11,236	$ 6,690
[1]	See Note 13 for additional discussion related to the Company's equity method investments.

Medical Claims and Related Pa_3

Medical Claims and Related Payables - Summary Changes in Medical Claims and Related Payables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability For Claims And Claims Adjustment Expense [Line Items]
Medical claims and related payables, beginning of the year	$ 239,014
Claims paid related to:
Medical claims and related payables, end of the period	472,323
Medical Claims and Related Payables
Liability For Claims And Claims Adjustment Expense [Line Items]
Medical claims and related payables, beginning of the year	239,014	$ 164,161
Components of incurred costs related to:
Current year	561,478	359,988
Prior years	4,730	366
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims	566,123	360,992
Claims paid related to:
Current year	(167,526)	(112,968)
Prior years	(165,316)	(131,363)
Claims paid related	(332,814)	(248,169)
Medical claims and related payables, end of the period	472,323	276,984
Discontinued Operations | Medical Claims and Related Payables
Components of incurred costs related to:
Current year	0	1,229
Prior years	(85)	(591)
Claims paid related to:
Current year	0	(298)
Prior years	$ (28)	$ (3,540)

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities [Line Items]
Other long-term contingencies	$ 67,390	$ 71,344
Reserve for uncertain tax positions	2,117	2,107
Lease liabilities, long-term	$ 8,268	$ 7,904
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Equity method liabilities - DCEs	$ 7,234	$ 6,380
Other	6,092	6,560
Other liabilities	$ 91,101	$ 94,295

Other Liabilities - Additional

Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities [Line Items]
Other long-term contingencies	$ 67,390	$ 71,344
Unasserted Claim [Member]
Other Liabilities [Line Items]
Other long-term contingencies	67,400	$ 71,300
Minimum [Member]
Other Liabilities [Line Items]
Estimated range of reasonably possible losses in excess of reserves accrued	0
Maximum [Member]
Other Liabilities [Line Items]
Estimated range of reasonably possible losses in excess of reserves accrued	$ 37,300

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Oct. 01, 2023	Apr. 26, 2021	Feb. 18, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Refinance of aggregate outstanding indebtedness				$ 1,250,000	$ 68,649,000
Additional interest expense recognized to refinance of existing debt				0	$ (1,186,000)
2021 Secured Term Loan Facility
Debt Instrument [Line Items]
Maturity date		Feb. 18, 2026
Standby Letters of Credit
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity			$ 80,000,000
Total outstanding letters of credit				$ 50,100,000
Extended term of letters of credit				1 year
Outstanding letters of credit, amount drawn				$ 0
Prior Credit Facility and Unsecured Debt
Debt Instrument [Line Items]
Refinance of aggregate outstanding indebtedness			68,600,000
Additional interest expense recognized to refinance of existing debt			1,100,000
Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity			100,000,000
Increase in amount of credit facility			50,000,000
Net proceeds from credit facility used for working capital and other general corporate purposes			30,100,000
Debt repayment		$ 50,000,000
Prepayment provision of the debt agreement			50,000,000
Credit facility amount outstanding				$ 47,500,000
Weighted average effective interest rate				4.55%
Secured Term Loan Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Proceeds from offering		$ 1,000,000,000
Secured Revolving Facility [Member]
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity			$ 100,000,000
Credit facility amount outstanding				$ 49,900,000
Secured Revolving Facility [Member] | Unfunded Loan Commitment
Debt Instrument [Line Items]
Percentage of commitment fee				0.50%
Secured Revolving Facility [Member] | Forecast | Unfunded Loan Commitment
Debt Instrument [Line Items]
Percentage of commitment fee	0.375%
Secured Term Loan And Revolving Facility [Member]
Debt Instrument [Line Items]
Credit facility, covenant terms, description				Failure to meet any of these covenants could result in an event of default under the agreement. If an event of default occurs, the lenders could elect to declare all amounts outstanding under the agreement to be immediately due and payable
Credit facility, covenant compliance				As of March 31, 2022, the Company was in compliance with all covenants under the Credit Facilities.
Secured Term Loan And Revolving Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.00%
Secured Term Loan And Revolving Facility [Member] | LIBO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.00%
Secured Term Loan And Revolving Facility [Member] | LIBO | Forecast
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Secured Term Loan And Revolving Facility [Member] | LIBO | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				4.00%
Secured Term Loan And Revolving Facility [Member] | Base Rate Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.00%
Secured Term Loan And Revolving Facility [Member] | Base Rate Loans | Forecast
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Secured Term Loan And Revolving Facility [Member] | Overnight Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.50%
Secured Term Loan And Revolving Facility [Member] | One-month LIBO Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
DCE Investment | Standby Letters of Credit
Debt Instrument [Line Items]
Total outstanding letters of credit				$ 26,500,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Payers
Commitments And Contingencies [Line Items]
Payors agree to pay administrative penalty to DMHC | $	$ 200,000
Number of payors entered to agreement | Payers	6
Number of payors | Payers	9
Penalty amount for DHMC audit | $	$ 80,000

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Common stock, authorized capital stock	2,000,000,000		2,000,000,000
Common stock, par value	$ 0.01		$ 0.01
Number of shares issued under share-based awards	5,600,000	100,000

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Income (loss) from continuing operations	$ 726	$ (13,736)
Noncontrolling interests' share in (earnings) loss from continuing operations	75	73
Net income (loss) attributable to common stockholders before discontinued operations	801	(13,663)
Income (loss) from discontinued operations	429	(1,415)
Net income (loss) attributable to common shares	$ 1,230	$ (15,078)
Denominator
Weighted average shares outstanding - basic	401,964	325,659
Weighted average shares outstanding - diluted	424,065	325,659
Net income (loss) per common share, basic and diluted
Net income (loss) per common share from continuing operations, basic and diluted	$ 0	$ (0.04)
Net income (loss) per common share from discontinued operations, basic and diluted	$ 0	$ (0.01)

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Summary of Weighted-average Potential Shares of Common Stock Were Excluded From Calculation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock Options - Service Only Condition
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,503	23,582
Equity Awards - Market and/or Performance Condition
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	909	17,830
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	89	110

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Description of divest operations	During 2020, the Company implemented a plan to divest its California operations, which included the entirety of its Medicaid line of business, via three separate transactions with different parties.

Discontinued Operations - Summa

Discontinued Operations - Summary of Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total revenues	$ 344	$ 3,870
Income (loss) from operations	429	(1,890)
Other income (expense), net	0	48
Gain (loss) on sale of assets	0	491
Income (loss) before income taxes	429	(1,351)
Income tax benefit (expense)	0	(64)
Total discontinued operations	429	(1,415)
Medical Services Revenue
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total revenues	344	3,847
Other Operating Revenue
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total revenues	0	23
Medical Services Expense
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Expenses	(85)	638
Other Medical Expenses
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Expenses	0	2,480
General and Administrative
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Expenses	0	2,588
Depreciation and Amortization
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Expenses	$ 0	$ 54

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Significant Non-Cash Operating Items for Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Non-cash operating activities from discontinued operations:
Depreciation and amortization	$ 0	$ 54

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Interest paid	$ 959	$ 1,921
Income taxes paid	3,098	16
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use asset obtained in exchange for new operating lease liability	1,178	689
Non-cash investment in unconsolidated subsidiaries	$ 190	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Summary of Cash, Cash Equivalents and Restricted Cash Equivalents from Continuing Operations (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents		$ 1,021,754	$ 1,040,039
Restricted cash and equivalents	[1]	14,470	14,781
Cash, cash equivalents and restricted cash equivalents		$ 1,036,224	$ 1,054,820	$ 135,178
[1]	Restricted cash and equivalents primarily consist of amounts used as collateral to secure letters of credit that the Company is required to maintain pursuant to contracts with payors.

Variable Interest Entities - Su

Variable Interest Entities - Summary of Consolidated Asset and Liabilities Include VIE Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents		$ 1,021,754	$ 1,040,039
Receivables, net		571,869	293,407
Prepaid expenses and other current assets, net		19,847	18,968
Property and equipment, net		12,526	9,161
Intangible assets, net		53,709	55,398
Liabilities
Medical claims and related payables		472,323	239,014
Accounts payable and accrued expenses		133,138	112,946
Variable Interest Entity
ASSETS
Cash and cash equivalents	[1]	124,303	104,741
Restricted cash equivalents	[1]	13,210	13,210
Receivables, net	[1]	548,462	276,590
Prepaid expenses and other current assets, net	[1]	8,042	7,046
Property and equipment, net	[1]	1,516	1,147
Intangible assets, net	[1]	6,534	7,220
Other assets, net	[1]	10,536	10,580
Liabilities
Medical claims and related payables	[1]	428,847	195,812
Accounts payable and accrued expenses	[1]	102,733	81,702
Other liabilities	[1]	$ 4,338	$ 4,521
[1]	Assets and liabilities of VIEs presented above include the assets and liabilities of the Company’s Independent Practice Associations in California, which are consolidated VIEs and whose operations are reflected in the condensed consolidated financial statements as discontinued operations.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022EquityEntityPhysicianGeographies
Variable Interest Entity [Line Items]
Number of geographies | Geographies	10
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of wholly-owned risk-bearing entities	18
Variable interest entity, methodology for determining whether Entity is primary beneficiary	The Company consolidates the RBEs as it has determined that it is the primary beneficiary because it has: (i) the ability to control the activities that most significantly impact the RBEs’ economic performance; and (ii) the obligation to absorb losses or right to receive benefits that could potentially be significant to the RBEs. Specifically, the Company has the unilateral ability and authority, through the RBE governance and management agreements, to make significant decisions about strategic and operating activities of the RBEs, including negotiating and entering into risk-bearing contracts with payors and approving the RBEs’ annual operating budgets.
Number of Direct Contracting Entities	8
Number of physician group partners | Physician	12
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of equity method investments for VIEs | Equity	10

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands		Mar. 31, 2022		Dec. 31, 2021
Other Assets | Equity Method Investments
Schedule Of Equity Method Investments [Line Items]
Equity method investments	[1]	$ 8,180		$ 6,690
Other Assets | Direct Contracting Entities
Schedule Of Equity Method Investments [Line Items]
Equity method investments		3,056	[1]
Other Liabilities | Direct Contracting Entities
Schedule Of Equity Method Investments [Line Items]
Equity method investments	[2]	$ (7,234)		$ (6,380)
[1]	Included in Other assets, net in the consolidated balance sheets.
[2]	Included in Other liabilities in the consolidated balance sheets.

Variable Interest Entities - _2

Variable Interest Entities - Summary of Operating Results (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Subsidiary or Equity Method Investee [Line Items]
Total revenues		$ 653,445	$ 413,104
Medical services expense		(566,208)	(360,354)
Other medical expenses		44,773	23,661
Net income (loss)		1,230	(15,078)
Medical Services Revenue
Subsidiary or Equity Method Investee [Line Items]
Total revenues		652,423	$ 412,412
Direct Contracting Entities
Subsidiary or Equity Method Investee [Line Items]
Medical services expense		(248,351)
Other medical expenses	[1]	(12,644)
Net income (loss)	[2]	(2,012)
Direct Contracting Entities | Medical Services Revenue
Subsidiary or Equity Method Investee [Line Items]
Total revenues		$ 267,713
[1]	For the three months ended March 31, 2022, includes physician incentive expenses of $ 6.2 million.
[2]	Included in Other income (expense) in the consolidated statement of operations.

Variable Interest Entities - _3

Variable Interest Entities - Summary of Operating Results (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Other Assets [Abstract]
Physician Compensation Expense	$ 6.2