agilon health (AGL) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40332
Entity Registrant Name	agilon health, inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1915147
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
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	AGL
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		411,261,609
Entity Central Index Key	0001831097
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 111,706	$ 107,570
Restricted cash and equivalents	6,844	6,759
Marketable securities	307,359	380,773
Receivables, net	1,571,143	942,461
Prepaid expenses and other current assets, net	39,757	42,513
Total current assets	2,036,809	1,480,076
Property and equipment, net	27,539	27,576
Intangible assets, net	72,076	63,769
Goodwill	24,133	24,133
Other assets	155,906	145,312
Total assets	2,316,463	1,740,866
Current liabilities:
Medical claims and related payables	1,266,651	737,724
Accounts payable and accrued expenses	252,497	233,182
Current portion of long-term debt	7,500	6,250
Total current liabilities	1,526,648	977,156
Long-term debt, net of current portion	29,834	32,308
Other liabilities	71,495	70,381
Total liabilities	1,627,977	1,079,845
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.01 par value: 2,000,000 shares authorized; 410,843 and 406,387 shares issued and outstanding, respectively	4,108	4,064
Additional paid-in capital	2,020,803	1,986,899
Accumulated deficit	(1,332,890)	(1,326,826)
Accumulated other comprehensive income (loss)	(2,747)	(2,298)
Total agilon health, inc. stockholders' equity (deficit)	689,274	661,839
Noncontrolling interests	(788)	(818)
Total stockholders’ equity (deficit)	688,486	661,021
Total liabilities and stockholders’ equity (deficit)	$ 2,316,463	$ 1,740,866

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	410,843,000	406,387,000
Common stock, shares outstanding (in shares)	410,843,000	406,387,000
Assets	$ 2,316,463	$ 1,740,866
Liabilities	1,627,977	1,079,845
Variable Interest Entity, Primary Beneficiary
Assets	1,710,000	1,070,000
Liabilities	$ 1,490,000	$ 930,600

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 1,604,354	$ 1,054,312
Expenses:
General and administrative (including noncash stock-based compensation expense of $16,909 and $13,585, respectively)	76,422	69,752
Depreciation and amortization	5,844	2,954
Total expenses	1,611,532	1,053,895
Income (loss) from operations	(7,178)	417
Other income (expense):
Income (loss) from equity method investments	5,684	1,376
Other income (expense), net	5,892	7,892
Interest expense	(1,284)	(1,493)
Income (loss) before income taxes	3,114	8,192
Income tax benefit (expense)	133	1,759
Income (loss) from continuing operations	3,247	9,951
Discontinued operations:
Income (loss) before gain (loss) on sales	(518)	6,008
Gain (loss) on sales of assets, net	(8,763)	0
Total discontinued operations	(9,281)	6,008
Net income (loss)	(6,034)	15,959
Noncontrolling interests’ share in (earnings) loss	(30)	63
Net income (loss) attributable to common shares	$ (6,064)	$ 16,022
Net income (loss) per common share, basic and diluted
Continuing operations, basic (in dollars per share)	$ 0.01	$ 0.02
Continuing operations, diluted (in dollars per share)	0.01	0.02
Discontinued operations, basic (in dollars per share)	(0.02)	0.02
Discontinued operations, diluted (in dollars per share)	$ (0.02)	$ 0.02
Weighted average shares outstanding
Basic (in shares)	408,938	413,136
Diluted (in shares)	413,437	426,586
Medical services revenue
Revenues:
Revenues	$ 1,601,195	$ 1,053,119
Expenses:
Expenses	1,443,842	897,572
Other operating revenue
Revenues:
Revenues	3,159	1,193
Expenses:
Expenses	$ 85,424	$ 83,617

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Stock-based compensation expense	$ 16,909	$ 13,585

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (6,034)	$ 15,959
Other comprehensive income (loss):
Net unrealized gain (loss) on marketable securities, net of tax	(457)	1,896
Foreign currency translation adjustment	8	115
Total comprehensive income (loss)	(6,483)	17,970
Comprehensive (income) loss attributable to noncontrolling interests	(30)	63
Total comprehensive income (loss) attributable to agilon health, inc.	$ (6,513)	$ 18,033

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022		412,385
Beginning balance at Dec. 31, 2022	$ 1,040,609	$ 4,124	$ 2,106,886	$ (1,064,230)	$ (5,560)	$ (611)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,959			16,022		(63)
Other comprehensive income (loss)	2,011				2,011
Exercise of stock options (in shares)		2,002
Exercise of stock options	9,617	$ 20	9,597
Vesting of restricted stock units (in shares)		79
Vesting of restricted stock units	0	$ 1	(1)
Shares withheld related to net share settlement (in shares)		(1)
Shares withheld related to net share settlement	(28)		(28)
Stock-based compensation expense	13,672		13,672
Ending balance, (in shares) at Mar. 31, 2023		414,465
Ending balance at Mar. 31, 2023	$ 1,081,840	$ 4,145	2,130,126	(1,048,208)	(3,549)	(674)
Beginning balance (in shares) at Dec. 31, 2023	406,387	406,387
Beginning balance at Dec. 31, 2023	$ 661,021	$ 4,064	1,986,899	(1,326,826)	(2,298)	(818)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,034)			(6,064)		30
Other comprehensive income (loss)	(449)				(449)
Exercise of stock options (in shares)		1,434
Exercise of stock options	2,455	$ 14	2,441
Vesting of restricted stock units (in shares)		1,170
Vesting of restricted stock units	0	$ 11	(11)
Shares withheld related to net share settlement (in shares)		(122)
Shares withheld related to net share settlement	(646)	$ (1)	(645)
Issuance of common stock (in shares)		1,974
Issuance of common stock	15,230	$ 20	15,210
Stock-based compensation expense	$ 16,909		16,909
Ending balance, (in shares) at Mar. 31, 2024	410,843	410,843
Ending balance at Mar. 31, 2024	$ 688,486	$ 4,108	$ 2,020,803	$ (1,332,890)	$ (2,747)	$ (788)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (6,034)	$ 15,959
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	5,844	4,189
Stock-based compensation expense	16,909	13,672
Loss (income) from equity method investments	(5,684)	(1,376)
(Gain) loss on sale of assets, net	4,996	0
Other noncash items	(472)	(1,785)
Changes in operating assets and liabilities:	(63,335)	(91,470)
Net cash provided by (used in) operating activities	(47,776)	(60,811)
Cash flows from investing activities:
Purchase of property and equipment	(3,139)	(3,717)
Purchase of intangible assets	(11,438)	0
Funding of loans receivable and other	(8,508)	(1,301)
Investments in marketable securities	0	(29,969)
Proceeds from maturities of marketable securities and other	74,523	28,540
Net cash paid in business combination	0	(44,367)
Net cash provided by (used in) investing activities	51,438	(50,814)
Cash flows from financing activities:
Proceeds from equity issuances, net	1,809	9,589
Repayments of long-term debt	(1,250)	(1,250)
Net cash provided by (used in) financing activities	559	8,339
Net increase (decrease) in cash, cash equivalents and restricted cash and equivalents	4,221	(103,286)
Cash, cash equivalents and restricted cash and equivalents from continuing operations, beginning of period	114,329	475,912
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, beginning of period	0	31,768
Cash, cash equivalents and restricted cash and equivalents, beginning of period	114,329	507,680
Cash, cash equivalents and restricted cash and equivalents from continuing operations, end of period	118,550	397,023
Cash, cash equivalents and restricted cash and equivalents from discontinued operations, end of period	0	7,371
Cash, cash equivalents and restricted cash and equivalents, end of period	$ 118,550	$ 404,394

Business

Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [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, 2024, the Company, through its contracted physician networks, provided care to approximately 522,800 Medicare Advantage members enrolled with private health plans. Beginning January 1, 2024, the Company expanded its operations into: (i) Lexington, Kentucky and (ii) Augusta, Georgia, along with additional partnerships in the Company’s existing Texas, Pennsylvania, and Michigan markets. Additionally, beginning January 1, 2024, the Company began participating in the Centers for Medicare & Medicaid Services' (“CMS”) Shared Savings Program (“MSSP”), along with its existing participation in the Accountable Care Organization Realizing Equity, Access, and Community Health (“ACO REACH”) Model, (collectively, “CMS ACO Models”). See Note 14 for additional discussions related to the Company’s involvement with VIEs. The Company’s largest shareholder is an investment fund associated with Clayton Dubilier & Rice, LLC (“CD&R”), a private equity firm. All funds affiliated with CD&R are considered related parties.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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”). 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. 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 valuation of long-lived assets, goodwill and intangible assets (acquired in business combinations and analysis of impairment). Management’s estimates for revenue recognition, medical services expense, and other estimates, judgments, and assumptions, may be materially and adversely different from actual results. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. Property and Equipment As of March 31, 2024 and December 31, 2023, the Company’s gross carrying amount of property and equipment was $44.3 million and $41.9 million, with accumulated depreciation of $16.8 million and $14.3 million, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized $2.8 million and $1.7 million, respectively, in depreciation expense, which is included in depreciation and amortization expense in the condensed consolidated statements of operations. Income Taxes The Company determines 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. Recent Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends certain reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Additionally, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in ASU 2023-07 are required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2023-07 on the disclosures in its condensed consolidated financial statements. In December of 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures ( “ ASU 2023-09”), which amends certain disclosure requirements related to income taxes. The amendments in ASU 2023-09 require public business entities on an annual basis to: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The amendments in ASU 2023-09 can be applied on a prospective basis or retrospective application. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on the disclosures in its condensed consolidated financial statements.

Revenue, Receivables, and Conce

Revenue, Receivables, and Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Revenue, Receivables, and Concentration of Credit Risk	NOTE 3. Revenue, Receivables, and Concentration of Credit Risk 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 (“ASC 606”), 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 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 at the amount expected to be realized. Concentration 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 payors constitutes substantially all of the Company’s total revenue for the three months ended March 31, 2024 and 2023. The following table provides the Company’s revenue concentration with respect to major payors as a percentage of the Company’s total revenues: Three Months Ended 2024 2023 Payor A 22 % 20 % Payor B 15 % 17 % Payor C 14 % 13 % Payor D * 10 % ___________________________________________ * Less than 10% of total revenues. The following table provides the Company’s concentration of credit risk with respect to major payors as a percentage of receivables, net: March 31, December 31, Payor A 14 % 13 % Payor B 14 % 11 % Payor C 12 % * Payor D 13 % 21 % ___________________________________________ * Less than 10% of total receivables.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Debt Securities [Abstract]
Marketable Securities and Fair Value Measurements	NOTE 4. Marketable Securities and Fair Value Measurements Marketable Securities The following table summarizes the Company’s marketable securities (in thousands): March 31, 2024 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities: Corporate debt securities $ 184,107 $ 63 $ (1,547) $ 182,623 $ 234,821 $ 180 $ (1,604) $ 233,397 U.S. Treasury notes 126,085 53 (1,402) 124,736 138,329 261 (1,206) 137,384 Other — — — — 10,000 — (8) 9,992 $ 310,192 $ 116 $ (2,949) $ 307,359 $ 383,150 $ 441 $ (2,818) $ 380,773 For the three months ended March 31, 2024, the Company recognized total interest income of $5.4 million, of which $4.0 million was related to its marketable securities investments and $1.4 million was related to interest on cash and cash equivalent balances. For the three months ended March 31, 2023, the Company recognized total interest income of $8.3 million, of which $4.9 million was related to its marketable securities investments and $3.4 million was related to interest on cash and cash equivalent balances. The following table summarizes the Company’s marketable securities maturity as of March 31, 2024 (in thousands): Year Amortized Cost Fair Value 2024 $ 92,005 $ 91,495 2025 176,926 174,802 2026 41,261 41,062 $ 310,192 $ 307,359 The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of March 31, 2024 (in thousands): Less Than 12 Months 12 Months or Greater Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable securities: Corporate debt securities $ 50,514 $ 212 $ 101,513 $ 1,335 U.S. Treasury notes 49,359 615 63,494 787 $ 99,873 $ 827 $ 165,007 $ 2,122 The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2023 (in thousands): Less Than 12 Months 12 Months or Greater Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable securities: Corporate debt securities $ 55,343 $ 167 $ 126,189 $ 1,437 U.S. Treasury notes 37,486 303 75,980 903 Other 9,992 8 — — $ 102,821 $ 478 $ 202,169 $ 2,340 The Company’s unrealized losses from marketable securities as of March 31, 2024 and December 31, 2023 were caused primarily by interest rate increases. The Company does not intend to sell marketable securities that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity. There was no allowance for credit losses on available-for-sale marketable securities at March 31, 2024 and December 31, 2023. Fair Value Measurements The Company’s financial instruments consist of cash and cash equivalents, restricted cash and cash equivalents, marketable securities, receivables, other liabilities, accounts payable, certain accrued expenses, and borrowings which consist of a term loan and a revolving credit facility. The carrying values of the financial instruments classified as current in the consolidated balance sheets approximate their fair values due to their short-term maturities. The Company's cash and cash equivalents are classified within Level 1 of the fair value hierarchy. The Company may be required, from time to time, to measure its loans to physician partner groups, primarily in connection with taxes payable on shares distributed to them upon completion of the Company's initial public offering ("IPO"), at fair value on a nonrecurring basis. Such measurements are classified within Level 2 of the fair value hierarchy. The carrying values of the term loan and revolving credit facility are a reasonable estimate of fair value because the interest rates on such borrowings approximate market rates as of the reporting date. Such borrowings are classified within Level 2 of the fair value hierarchy. During the three months ended March 31, 2024 and 2023, there were no material transfers of financial assets or liabilities within the fair value hierarchy. The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1—quoted prices for identical instruments in active markets; • Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The table below summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Marketable securities: Corporate debt securities $ — $ 182,623 $ — $ — $ 233,397 $ — U.S. Treasury notes 124,736 — — 137,384 — — Other — — — 9,992 — — $ 124,736 $ 182,623 $ — $ 147,376 $ 233,397 $ —

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
Other Assets [Abstract]
Other Assets	NOTE 5. Other Assets The following table summarizes the Company’s other assets (in thousands): March 31, December 31, Loans to physician partners $ 71,561 $ 71,862 Health plan deposits 2,051 2,051 Equity method investments (1) 53,672 44,753 Right-of-use lease assets 13,092 13,411 Other 15,530 13,235 $ 155,906 $ 145,312 ___________________________________________ (1) See Note 14 for additional discussion related to the Company's equity method investments. Loans to Physician Partners Loans to physician partners primarily represent loans in connection with taxes payable on shares distributed to them in connection with the 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.

Medical Claims and Related Paya

Medical Claims and Related Payables	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Medical Claims and Related Payables	NOTE 6. 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, 2024 and 2023. 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, 2024 2023 Medical claims and related payables, beginning of the year $ 723,071 $ 339,749 Components of incurred costs related to: Current year 1,427,328 872,973 Prior years 16,514 24,599 Discontinued operations - current year — 71,333 Discontinued operations - prior years — 3,922 1,443,842 972,827 Claims paid related to: Current year (316,779) (223,425) Prior years (595,250) (278,688) Discontinued operations - current year — (34,793) Discontinued operations - prior years — (42,140) (912,029) (579,046) Medical claims and related payables, end of the period $ 1,254,884 $ 733,530

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2024
Other Liabilities [Abstract]
Other Liabilities	NOTE 7. Other Liabilities The following table summarizes the Company’s other liabilities (in thousands): March 31, December 31, Other long-term contingencies $ 49,000 $ 49,000 L ease liabilities, long-term 10,618 10,905 Equity method liabilities – CMS ACO Models 2,284 1,199 Other 9,593 9,277 $ 71,495 $ 70,381 As of both March 31, 2024 and December 31, 2023, the Company’s accruals for contingent liabilities related to unasserted claims were $49.0 million. The accrued amounts represent the Company’s estimate of probable losses in accordance with ASC Topic 450, Contingencies . See Note 14 for equity method liabilities related to the Company's CMS ACO Models investments.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	NOTE 8. 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 and the Second Amendment to Credit Agreement, dated as of May 25, 2023, the “Credit Facility”). The Credit Facility includes: (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 $100.0 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 maturity date of the Credit Facility is February 18, 2026. As of March 31, 2024, the Company had $37.5 million outstanding under the Secured Term Loan Facility and availability under the Secured Revolving Facility was $60.7 million, as the Company had outstanding letters of credit totaling $39.3 million. 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, 2024. Effective with the Second Amendment to Credit Agreement on May 25, 2023, the Company transitioned to the Secured Overnight Financing Rate ("SOFR") as a benchmark interest rate used in the Credit Agreement. At the Company’s option, borrowings under the Credit Agreement can be either: (i) SOFR Rate Loans, (ii) Daily Simple SOFR Rate Loans, or (iii) Base Rate Loans. Daily Simple SOFR Rate Loans and SOFR Rate Loans bear interest at a rate equal to the sum of 3.50% and the higher of (a) SOFR, as defined in the credit agreement, and (b) 0%. Base Rate Loans bear interest at a rate equal to the sum of 2.50% 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 SOFR rate (adjusted for maximum reserves) plus 1.00% and (d) 0%. Additionally, the Company pays a commitment fee on the unfunded Secured Revolving Facility amount of 0.375%. The Company must also pay customary letter of credit fees. As of March 31, 2024, the effective interest rate on the Secured Term Loan Facility was 9.394%. The Credit Facility is 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 Credit Agreement. If an event of default occurs, the lenders could elect to declare all amounts outstanding under the Credit Agreement to be immediately due and payable. The Company was in compliance with all covenants under the Credit Facilities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9. 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 that arise in the ordinary course of the Company's business. Except as described in this Note 9, the Company is not aware of any other legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company's business, prospects, financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred. In February and March 2024, three putative class action lawsuits, (1) New England Teamsters Pension Fund v. agilon health, inc. et al. , 1:24-cv-00297 (W.D. Tex., March 19, 2024); (2) Hope v. agilon health, inc. et al. , 1:24-cv-00305 (W.D. Tex., March 25, 2024); and (3) Indiana Public Retirement System v. agilon health et al. , 1:24-cv-02506 (S.D.N.Y., April 2, 2024), were filed. The lawsuits name the Company and certain current and former members of the Company’s executive team and Board of Directors as defendants. The lawsuits generally assert securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended and under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, as amended, in connection with statements made in the Company’s annual and quarterly reports and earnings releases related to, among other things, the Company’s medical utilization and claims rates, medical margin, incurred but not reported reserve, and profit margins between April 2021 to February 2024. The lawsuits seek compensatory damages, attorney’s fees and other unspecified equitable and/or injunctive relief. The Company is unable to estimate the ultimate individual or aggregate amount of monetary liability or financial impact due to the early stages of the litigation.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Common Stock	NOTE 10. Common Stock Common Stock 2024 . During the three months ended March 31, 2024, the Company issued approximately 2.5 million shares of common stock primarily in connection with exercises and vesting of stock-based awards. Additionally, during the three months ended March 31, 2024, the Company issued approximately 2.0 million shares of common stock to settle liabilities related to the exchange of common stock for reduced physician partner compensation percentage in certain ACO REACH entities. 2023

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	NOTE 11. 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 net income (loss) per share are included in diluted net income (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 2024 2023 Numerator Income (loss) from continuing operations $ 3,247 $ 9,951 Noncontrolling interests’ share in (earnings) loss from continuing operations (30) 63 Net income (loss) attributable to common stockholders before discontinued operations 3,217 10,014 Income (loss) from discontinued operations (9,281) 6,008 Net income (loss) attributable to common stockholders $ (6,064) $ 16,022 Denominator Weighted average shares outstanding – basic 408,938 413,136 Weighted average shares outstanding – diluted 413,437 426,586 Net income (loss) per share attributable to common stockholders Net income (loss) per common share from continuing operations, basic and diluted $ 0.01 $ 0.02 Net income (loss) per common share from discontinued operations, basic and diluted $ (0.02) $ 0.02 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): March 31, 2024 2023 Stock options 6,616 2,098 Restricted stock units 9,657 4,592

Goodwill and Amortizable Intang

Goodwill and Amortizable Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Amortizable Intangible Assets	NOTE 12. Goodwill and Amortizable Intangible Assets As of both March 31, 2024 and December 31, 2023, the Company’s goodwill balance was $24.1 million. There were no events or circumstances that warranted an interim impairment test for goodwill during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, the Company’s gross carrying amount of amortizable intangible assets was $119.2 million and $108.0 million, with accumulated amortization of $47.1 million and $44.2 million, respectively. For the three months ended March 31, 2024 and 2023, the Company recognized $2.9 million and $1.3 million, respectively, in amortization expense, which is included in depreciation and amortization expense in the condensed consolidated statements of operations. Acquisition

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	NOTE 13. Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Three Months Ended 2024 2023 Supplemental cash flow information: Interest paid $ 1,069 $ 1,352 Income taxes paid 227 171 Supplemental disclosure of non-cash investing and financing activities: Right-of-use asset obtained in exchange for new operating lease liability 326 435 Settlement of liabilities through issuance of stock 15,230 — The following table summarizes cash, cash equivalents and restricted cash equivalents (in thousands): March 31, December 31, Cash and cash equivalents $ 111,706 $ 107,570 Restricted cash and equivalents (1) 6,844 6,759 Cash, cash equivalents and restricted cash equivalents $ 118,550 $ 114,329 ___________________________________________ (1)

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	NOTE 14. Variable Interest Entities Consolidated Variable Interest Entities agilon health, inc.’s consolidated assets and liabilities as of March 31, 2024 and December 31, 2023 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 Cash and cash equivalents $ 59,680 $ 62,154 Restricted cash equivalents 6,842 6,757 Receivables, net 1,569,319 940,618 Prepaid expenses and other current assets, net 21,926 21,907 Property and equipment, net 1,636 1,754 Intangible assets, net 46,578 25,561 Other assets, net 6,144 6,334 Liabilities Medical claims and related payables 1,266,651 737,724 Accounts payable and accrued expenses 219,407 188,671 Other liabilities 5,062 4,184 Risk-bearing Entities. At March 31, 2024, the Company operates 34 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. 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 Facility, which is 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, 2024, the Company had 11 equity method investees 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 provided support to assist its CMS ACO Models investments in obtaining surety bonds related to risk-bearing capital contributions to CMS. As of March 31, 2024 and December 31, 2023, the ACOs had $103.0 million and $38.5 million outstanding surety bonds. 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 investees (in thousands): March 31, December 31, Equity method investments - Other (1) $ 9,477 $ 9,148 Equity method investments - CMS ACO Models (1) 44,195 35,605 Equity method liabilities - CMS ACO Models (2) (2,284) (1,199) ___________________________________________ (1) Included in Other assets, net in the condensed consolidated balance sheets. (2) Included in Other liabilities in the condensed consolidated balance sheets. The Company is a partner in 10 wholly-owned CMS ACO Models entities in collaboration with 15 of its physician group partners operating in 13 geographies. The combined summarized operating results of the Company’s CMS ACO Models entities are as follows (in thousands): Three Months Ended 2024 2023 Medical services revenue $ 440,160 $ 280,529 Medical services expense (398,792) (257,477) Other medical expenses (1) (25,405) (15,744) Income (loss) from operations 9,532 2,001 Net income (loss) (2) 5,631 1,334 ___________________________________________ (1) For the three months ended March 31, 2024 and 2023, includes physician incentive expenses of $16.7 million and $9.7 million, respectively. (2) Included in Income (loss) from equity method investments in the condensed consolidated statements of operations. The combined summarized balance sheet of the Company’s CMS ACO Models entities are as follows (in thousands): March 31, December 31, Current assets $ 294,399 $ 174,967 Noncurrent assets 3,341 3,341 Total assets 297,740 178,308 Current and total liabilities 255,829 142,027

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 15. Discontinued Operations Discontinued operations is 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. On October 31, 2023, the Company completed the disposition of MDX Hawaii, Inc. and its related operations. The Company’s decision to exit Hawaii and the Independent Practice Association line of business represents a strategic shift that will have a major effect on its operations and financial results. As such, the Company’s Hawaii operations are reflected in the consolidated financial statements as discontinued operations for all periods presented. The results of discontinued operations are as follows (in thousands): Three Months Ended 2024 2023 Revenues: Medical services revenue $ — $ 81,711 Other operating revenue — 124 Total revenues — 81,835 Expenses: Medical services expense — 75,255 Other medical expenses — 2,407 General and administrative 518 (2,906) Depreciation and amortization — 1,235 Income (loss) from operations (518) 5,844 Other income (expense), net — 204 Gain (loss) on sales of assets, net (8,763) — Interest expense — (40) Net income (loss) from discontinued operations attributable to common shares $ (9,281) $ 6,008 The following table provides significant non-cash operating items for discontinued operations that are included in the consolidated statements of cash flows for the three months ended March 31, 2023 (in thousands): Non-cash operating activities from discontinued operations: Depreciation and amortization $ 1,235 Stock-based compensation expense 87

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (6,064)	$ 16,022

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Veeral Desai [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Veeral Desai, the registrant’s Chief Strategy and Development Officer, adopted a Rule 10b5-1 plan intended to satisfy the affirmative defense of SEC Rule 10b5-1(c). The trading plan commences June 15, 2024, ends August 30, 2024 and covers 1,000,000 options to purchase common stock of the registrant.
Name	Veeral Desai
Title	Chief Strategy and Development Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	76 days
Aggregate Available	1,000,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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 valuation of long-lived assets, goodwill and intangible assets (acquired in business combinations and analysis of impairment). Management’s estimates for revenue recognition, medical services expense, and other estimates, judgments, and assumptions, may be materially and adversely different from actual results. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates.
Income Taxes	Income Taxes The Company determines 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends certain reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Additionally, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in ASU 2023-07 are required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2023-07 on the disclosures in its condensed consolidated financial statements. In December of 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures ( “ ASU 2023-09”), which amends certain disclosure requirements related to income taxes. The amendments in ASU 2023-09 require public business entities on an annual basis to: (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The amendments in ASU 2023-09 can be applied on a prospective basis or retrospective application. Early adoption is permitted. The Company is currently evaluating the potential impact of the adoption of ASU 2023-09 on the disclosures in its condensed consolidated financial statements.
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 (“ASC 606”), 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

Revenue, Receivables, and Con_2

Revenue, Receivables, and Concentration of Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk as a Percentage of Revenues and Receivables	The following table provides the Company’s revenue concentration with respect to major payors as a percentage of the Company’s total revenues: Three Months Ended 2024 2023 Payor A 22 % 20 % Payor B 15 % 17 % Payor C 14 % 13 % Payor D * 10 % ___________________________________________ * Less than 10% of total revenues. The following table provides the Company’s concentration of credit risk with respect to major payors as a percentage of receivables, net: March 31, December 31, Payor A 14 % 13 % Payor B 14 % 11 % Payor C 12 % * Payor D 13 % 21 % ___________________________________________ * Less than 10% of total receivables.

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Securities [Abstract]
Summary of Marketable Securities	The following table summarizes the Company’s marketable securities (in thousands): March 31, 2024 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities: Corporate debt securities $ 184,107 $ 63 $ (1,547) $ 182,623 $ 234,821 $ 180 $ (1,604) $ 233,397 U.S. Treasury notes 126,085 53 (1,402) 124,736 138,329 261 (1,206) 137,384 Other — — — — 10,000 — (8) 9,992 $ 310,192 $ 116 $ (2,949) $ 307,359 $ 383,150 $ 441 $ (2,818) $ 380,773 The following table summarizes the Company’s marketable securities maturity as of March 31, 2024 (in thousands): Year Amortized Cost Fair Value 2024 $ 92,005 $ 91,495 2025 176,926 174,802 2026 41,261 41,062 $ 310,192 $ 307,359
Summary of Marketable Securities, Unrealized Loss Position	The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of March 31, 2024 (in thousands): Less Than 12 Months 12 Months or Greater Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable securities: Corporate debt securities $ 50,514 $ 212 $ 101,513 $ 1,335 U.S. Treasury notes 49,359 615 63,494 787 $ 99,873 $ 827 $ 165,007 $ 2,122 The following table summarizes the Company’s marketable securities with gross unrealized losses by security type aggregated by the length of time the investments have been in a continuous unrealized loss position as of December 31, 2023 (in thousands): Less Than 12 Months 12 Months or Greater Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Marketable securities: Corporate debt securities $ 55,343 $ 167 $ 126,189 $ 1,437 U.S. Treasury notes 37,486 303 75,980 903 Other 9,992 8 — — $ 102,821 $ 478 $ 202,169 $ 2,340
Summary of Fair Value Assets Measured on Recurring Basis	The table below summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Marketable securities: Corporate debt securities $ — $ 182,623 $ — $ — $ 233,397 $ — U.S. Treasury notes 124,736 — — 137,384 — — Other — — — 9,992 — — $ 124,736 $ 182,623 $ — $ 147,376 $ 233,397 $ —

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Company’s other assets (in thousands): March 31, December 31, Loans to physician partners $ 71,561 $ 71,862 Health plan deposits 2,051 2,051 Equity method investments (1) 53,672 44,753 Right-of-use lease assets 13,092 13,411 Other 15,530 13,235 $ 155,906 $ 145,312 ___________________________________________ (1) See Note 14 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, 2024
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, 2024 2023 Medical claims and related payables, beginning of the year $ 723,071 $ 339,749 Components of incurred costs related to: Current year 1,427,328 872,973 Prior years 16,514 24,599 Discontinued operations - current year — 71,333 Discontinued operations - prior years — 3,922 1,443,842 972,827 Claims paid related to: Current year (316,779) (223,425) Prior years (595,250) (278,688) Discontinued operations - current year — (34,793) Discontinued operations - prior years — (42,140) (912,029) (579,046) Medical claims and related payables, end of the period $ 1,254,884 $ 733,530

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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 $ 49,000 $ 49,000 L ease liabilities, long-term 10,618 10,905 Equity method liabilities – CMS ACO Models 2,284 1,199 Other 9,593 9,277 $ 71,495 $ 70,381

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summery of Net Income (Loss) Per Share Attributable to Common Stockholder	The following table illustrates the computation of basic and diluted EPS (in thousands, except per share amounts): Three Months Ended 2024 2023 Numerator Income (loss) from continuing operations $ 3,247 $ 9,951 Noncontrolling interests’ share in (earnings) loss from continuing operations (30) 63 Net income (loss) attributable to common stockholders before discontinued operations 3,217 10,014 Income (loss) from discontinued operations (9,281) 6,008 Net income (loss) attributable to common stockholders $ (6,064) $ 16,022 Denominator Weighted average shares outstanding – basic 408,938 413,136 Weighted average shares outstanding – diluted 413,437 426,586 Net income (loss) per share attributable to common stockholders Net income (loss) per common share from continuing operations, basic and diluted $ 0.01 $ 0.02 Net income (loss) per common share from discontinued operations, basic and diluted $ (0.02) $ 0.02
Schedule of Antidilutive Securities	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): March 31, 2024 2023 Stock options 6,616 2,098 Restricted stock units 9,657 4,592

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Three Months Ended 2024 2023 Supplemental cash flow information: Interest paid $ 1,069 $ 1,352 Income taxes paid 227 171 Supplemental disclosure of non-cash investing and financing activities: Right-of-use asset obtained in exchange for new operating lease liability 326 435 Settlement of liabilities through issuance of stock 15,230 —
Summary of Restricted Cash Equivalents from Continuing Operations	The following table summarizes cash, cash equivalents and restricted cash equivalents (in thousands): March 31, December 31, Cash and cash equivalents $ 111,706 $ 107,570 Restricted cash and equivalents (1) 6,844 6,759 Cash, cash equivalents and restricted cash equivalents $ 118,550 $ 114,329 ___________________________________________ (1)
Schedule of Cash and Cash Equivalents from Continuing Operations	The following table summarizes cash, cash equivalents and restricted cash equivalents (in thousands): March 31, December 31, Cash and cash equivalents $ 111,706 $ 107,570 Restricted cash and equivalents (1) 6,844 6,759 Cash, cash equivalents and restricted cash equivalents $ 118,550 $ 114,329 ___________________________________________ (1)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [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 Cash and cash equivalents $ 59,680 $ 62,154 Restricted cash equivalents 6,842 6,757 Receivables, net 1,569,319 940,618 Prepaid expenses and other current assets, net 21,926 21,907 Property and equipment, net 1,636 1,754 Intangible assets, net 46,578 25,561 Other assets, net 6,144 6,334 Liabilities Medical claims and related payables 1,266,651 737,724 Accounts payable and accrued expenses 219,407 188,671 Other liabilities 5,062 4,184
Schedule of Equity Method Investments	The following table summarizes the Company’s equity method investees (in thousands): March 31, December 31, Equity method investments - Other (1) $ 9,477 $ 9,148 Equity method investments - CMS ACO Models (1) 44,195 35,605 Equity method liabilities - CMS ACO Models (2) (2,284) (1,199) ___________________________________________ (1) Included in Other assets, net in the condensed consolidated balance sheets. (2) Included in Other liabilities in the condensed consolidated balance sheets.
Summary of Operating Results	The combined summarized operating results of the Company’s CMS ACO Models entities are as follows (in thousands): Three Months Ended 2024 2023 Medical services revenue $ 440,160 $ 280,529 Medical services expense (398,792) (257,477) Other medical expenses (1) (25,405) (15,744) Income (loss) from operations 9,532 2,001 Net income (loss) (2) 5,631 1,334 ___________________________________________ (1) For the three months ended March 31, 2024 and 2023, includes physician incentive expenses of $16.7 million and $9.7 million, respectively. (2) Included in Income (loss) from equity method investments in the condensed consolidated statements of operations.
Summarized Balance Sheet	The combined summarized balance sheet of the Company’s CMS ACO Models entities are as follows (in thousands): March 31, December 31, Current assets $ 294,399 $ 174,967 Noncurrent assets 3,341 3,341 Total assets 297,740 178,308 Current and total liabilities 255,829 142,027

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Financial Statements Related to Discontinued Operations	The results of discontinued operations are as follows (in thousands): Three Months Ended 2024 2023 Revenues: Medical services revenue $ — $ 81,711 Other operating revenue — 124 Total revenues — 81,835 Expenses: Medical services expense — 75,255 Other medical expenses — 2,407 General and administrative 518 (2,906) Depreciation and amortization — 1,235 Income (loss) from operations (518) 5,844 Other income (expense), net — 204 Gain (loss) on sales of assets, net (8,763) — Interest expense — (40) Net income (loss) from discontinued operations attributable to common shares $ (9,281) $ 6,008 The following table provides significant non-cash operating items for discontinued operations that are included in the consolidated statements of cash flows for the three months ended March 31, 2023 (in thousands): Non-cash operating activities from discontinued operations: Depreciation and amortization $ 1,235 Stock-based compensation expense 87

Business (Details)

Business (Details)	Mar. 31, 2024 member
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of medicare advantage members enrolled with private health plans	522,800

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Gross carrying amount of property and equipment	$ 44.3		$ 41.9
Accumulated amortization	16.8		$ 14.3
Depreciation expense	$ 2.8	$ 1.7

Revenue, Receivables, and Con_3

Revenue, Receivables, and Concentration of Credit Risk (Details) - Medicare Advantage Payors	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer Benchmark | Payor A
Concentration Risk [Line Items]
Concentration risk, percentage	22%	20%
Revenue from Contract with Customer Benchmark | Payor B
Concentration Risk [Line Items]
Concentration risk, percentage	15%	17%
Revenue from Contract with Customer Benchmark | Payor C
Concentration Risk [Line Items]
Concentration risk, percentage	14%	13%
Revenue from Contract with Customer Benchmark | Payor D
Concentration Risk [Line Items]
Concentration risk, percentage		10%
Receivables | Payor A
Concentration Risk [Line Items]
Concentration risk, percentage	14%		13%
Receivables | Payor B
Concentration Risk [Line Items]
Concentration risk, percentage	14%		11%
Receivables | Payor C
Concentration Risk [Line Items]
Concentration risk, percentage	12%
Receivables | Payor D
Concentration Risk [Line Items]
Concentration risk, percentage	13%		21%

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable debt securities [Line Items]
Amortized Cost	$ 310,192	$ 383,150
Gross Unrealized Gains	116	441
Gross Unrealized Losses	(2,949)	(2,818)
Fair Value	307,359	380,773
Corporate debt securities
Marketable debt securities [Line Items]
Amortized Cost	184,107	234,821
Gross Unrealized Gains	63	180
Gross Unrealized Losses	(1,547)	(1,604)
Fair Value	182,623	233,397
U.S. Treasury notes
Marketable debt securities [Line Items]
Amortized Cost	126,085	138,329
Gross Unrealized Gains	53	261
Gross Unrealized Losses	(1,402)	(1,206)
Fair Value	124,736	137,384
Other
Marketable debt securities [Line Items]
Amortized Cost	0	10,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(8)
Fair Value	$ 0	$ 9,992

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Investment income	$ 5,400,000	$ 8,300,000
Allowances for credit losses	0		$ 0
Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Investment income	4,000,000	4,900,000
Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Investment income	$ 1,400,000	$ 3,400,000

Marketable Securities and Fai_5

Marketable Securities and Fair Value Measurements - Summarizes Marketable Securities Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
2024	$ 92,005
2025	176,926
2026	41,261
Amortized Cost	310,192	$ 383,150
Fair Value
2024	91,495
2025	174,802
2026	41,062
Fair Value	$ 307,359	$ 380,773

Marketable Securities and Fai_6

Marketable Securities and Fair Value Measurements - Summary of Marketable Securities, Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Less Than 12 Months	$ 99,873	$ 102,821
12 Months or Greater	165,007	202,169
Gross Unrealized Losses
Less Than 12 Months	827	478
12 Months or Greater	2,122	2,340
Corporate debt securities
Fair Value
Less Than 12 Months	50,514	55,343
12 Months or Greater	101,513	126,189
Gross Unrealized Losses
Less Than 12 Months	212	167
12 Months or Greater	1,335	1,437
U.S. Treasury notes
Fair Value
Less Than 12 Months	49,359	37,486
12 Months or Greater	63,494	75,980
Gross Unrealized Losses
Less Than 12 Months	615	303
12 Months or Greater	$ 787	903
Other
Fair Value
Less Than 12 Months		9,992
12 Months or Greater		0
Gross Unrealized Losses
Less Than 12 Months		8
12 Months or Greater		$ 0

Marketable Securities and Fai_7

Marketable Securities and Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 307,359	$ 380,773
Level 1
Debt Securities, Available-for-Sale [Line Items]
Fair Value	124,736	147,376
Level 2
Debt Securities, Available-for-Sale [Line Items]
Fair Value	182,623	233,397
Level 3
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	0
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	182,623	233,397
Corporate debt securities | Level 1
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	0
Corporate debt securities | Level 2
Debt Securities, Available-for-Sale [Line Items]
Fair Value	182,623	233,397
Corporate debt securities | Level 3
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	0
U.S. Treasury notes
Debt Securities, Available-for-Sale [Line Items]
Fair Value	124,736	137,384
U.S. Treasury notes | Level 1
Debt Securities, Available-for-Sale [Line Items]
Fair Value	124,736	137,384
U.S. Treasury notes | Level 2
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	0
U.S. Treasury notes | Level 3
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	0
Other
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	9,992
Other | Level 1
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	9,992
Other | Level 2
Debt Securities, Available-for-Sale [Line Items]
Fair Value	0	0
Other | Level 3
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 0	$ 0

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Loans to physician partners	$ 71,561	$ 71,862
Health plan deposits	2,051	2,051
Equity method investments	53,672	44,753
Right-of-use lease assets	13,092	13,411
Other	15,530	13,235
Other assets	$ 155,906	$ 145,312

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, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical claims and related payables, beginning of the year	$ 723,071	$ 339,749
Components of incurred costs related to:
Incurred cost related to claims	1,443,842	972,827
Claims paid related to:
Claims paid related	(912,029)	(579,046)
Medical claims and related payables, end of the period	1,254,884	733,530
Continuing Operations
Components of incurred costs related to:
Current year	1,427,328	872,973
Prior years	16,514	24,599
Claims paid related to:
Current year	(316,779)	(223,425)
Prior years	(595,250)	(278,688)
Discontinued Operations
Components of incurred costs related to:
Current year	0	71,333
Prior years	0	3,922
Claims paid related to:
Current year	0	(34,793)
Prior years	$ 0	$ (42,140)

Medical Claims and Related Pa_4

Medical Claims and Related Payables - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Related payables associated with retained liability	$ 11.8	$ 14.7

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities [Abstract]
Other long-term contingencies	$ 49,000	$ 49,000
Lease liabilities, long-term	$ 10,618	$ 10,905
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Equity method liabilities – CMS ACO Models	$ 2,284	$ 1,199
Other	9,593	9,277
Other liabilities	$ 71,495	$ 70,381

Other Liabilities - Narrative (

Other Liabilities - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities [Line Items]
Other long-term contingencies	$ 49,000	$ 49,000
Unasserted Claim
Other Liabilities [Line Items]
Other long-term contingencies	$ 49,000	$ 49,000

Debt (Details)

Debt (Details) - USD ($)			3 Months Ended
	May 25, 2023	Feb. 18, 2021	Mar. 31, 2024	Dec. 31, 2023
Surety Bond
Debt Instrument [Line Items]
Long-term debt			$ 25,100,000	$ 25,100,000
Secured Term Loan Facility
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity		$ 100,000,000
Line of credit facility, accordion feature, increase limit		50,000,000
Long-term debt			$ 37,500,000
Weighted average effective interest rate			9.394%
Secured Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1%
Secured Term Loan Facility | Overnight Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Secured Term Loan Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Secured Term Loan Facility | Maximum | Base Rate Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Secured Term Loan Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Secured Term Loan Facility | Minimum | Base Rate Loans
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Secured Revolving Facility
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity		100,000,000
Credit facility remaining borrowing capacity			$ 60,700,000
Secured Revolving Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.375%
Standby Letters of Credit
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity		$ 100,000,000
Long-term debt			0
Total outstanding letters of credit			$ 39,300,000
Extended term of letters of credit			1 year

Commitments and Contingencies (

Commitments and Contingencies (Details)	2 Months Ended
	Mar. 31, 2024 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, new claims filed	3

Common Stock (Details)

Common Stock (Details) - Common Stock - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsidiary Sale Of Stock [Line Items]
Number of shares issued under share-based awards (in shares)	2.5	2.1
Number of shares issued to settle liabilities (in shares)	2

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, 2024	Mar. 31, 2023
Numerator
Income (loss) from continuing operations	$ 3,247	$ 9,951
Noncontrolling interests’ share in (earnings) loss from continuing operations	(30)	63
Net income (loss) attributable to common stockholders before discontinued operations	3,217	10,014
Income (loss) from discontinued operations	(9,281)	6,008
Net income (loss) attributable to common shares	$ (6,064)	$ 16,022
Denominator
Weighted average shares outstanding – basic (in shares)	408,938	413,136
Weighted average shares outstanding – diluted (in shares)	413,437	426,586
Net income (loss) per share attributable to common stockholders
Continuing operations, basic (in dollars per share)	$ 0.01	$ 0.02
Continuing operations, diluted (in dollars per share)	0.01	0.02
Discontinued operations, basic (in dollars per share)	(0.02)	0.02
Discontinued operations, diluted (in dollars per share)	$ (0.02)	$ 0.02

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,616	2,098
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,657	4,592

Goodwill and Amortizable Inta_2

Goodwill and Amortizable Intangible Assets (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Goodwill		$ 24,133		$ 24,133
Gross carrying amount of amortizable intangible assets		119,200		108,000
Accumulated amortization		47,100		$ 44,200
Amortization expense		2,900	$ 1,300
Net cash paid in business combination		$ 0	$ 44,367
Weighted-average life	10 years
mphrX
Indefinite-Lived Intangible Assets [Line Items]
Net cash paid in business combination	$ 45,300
mphrX | Developed Technology
Indefinite-Lived Intangible Assets [Line Items]
Assets acquired	27,500
mphrX | Customer Relationships
Indefinite-Lived Intangible Assets [Line Items]
Goodwill	21,600
Net liabilities assumed	$ 3,800

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental cash flow information:
Interest paid	$ 1,069	$ 1,352
Income taxes paid	227	171
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use asset obtained in exchange for new operating lease liability	326	435
Settlement of liabilities through issuance of stock	$ 15,230	$ 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, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 111,706	$ 107,570
Restricted cash and equivalents	6,844	6,759
Cash, cash equivalents and restricted cash equivalents	$ 118,550	$ 114,329	$ 397,023	$ 475,912

Variable Interest Entities - Su

Variable Interest Entities - Summary of Consolidated Asset and Liabilities Include VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 111,706	$ 107,570
Receivables, net	1,571,143	942,461
Prepaid expenses and other current assets, net	39,757	42,513
Property and equipment, net	27,539	27,576
Intangible assets, net	72,076	63,769
Liabilities
Medical claims and related payables	1,266,651	737,724
Accounts payable and accrued expenses	252,497	233,182
Variable Interest Entity
Assets
Cash and cash equivalents	59,680	62,154
Restricted cash equivalents	6,842	6,757
Receivables, net	1,569,319	940,618
Prepaid expenses and other current assets, net	21,926	21,907
Property and equipment, net	1,636	1,754
Intangible assets, net	46,578	25,561
Other assets, net	6,144	6,334
Liabilities
Medical claims and related payables	1,266,651	737,724
Accounts payable and accrued expenses	219,407	188,671
Other liabilities	$ 5,062	$ 4,184

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) investment entity partner geography	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Number of geographies | geography	13
Surety Bond
Variable Interest Entity [Line Items]
Long-term debt | $	$ 25.1	$ 25.1
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of wholly-owned risk-bearing entities | entity	34
Number of direct contracting entities | entity	10
Number of physician group partners | partner	15
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of equity method investments for VIEs | investment	11
Variable Interest Entity, Not Primary Beneficiary | Surety Bond
Variable Interest Entity [Line Items]
Long-term debt | $	$ 103	$ 38.5

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity method investments	$ 53,672	$ 44,753
Equity method liabilities	(2,284)	(1,199)
Other Equity Methods
Variable Interest Entity [Line Items]
Equity method investments	9,477	9,148
ACO REACH
Variable Interest Entity [Line Items]
Equity method investments	$ 44,195	$ 35,605

Variable Interest Entities - _2

Variable Interest Entities - Summary of Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Medical services revenue	$ 1,604,354	$ 1,054,312
Income (loss) from operations	(7,178)	417
Net income (loss)	(6,064)	16,022
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Income (loss) from operations	9,532	2,001
Net income (loss)	5,631	1,334
Physician compensation expense	16,700	9,700
Medical services revenue
Variable Interest Entity [Line Items]
Medical services revenue	1,601,195	1,053,119
Expenses	(1,443,842)	(897,572)
Medical services revenue | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Medical services revenue	440,160	280,529
Expenses	(398,792)	(257,477)
Other operating revenue
Variable Interest Entity [Line Items]
Medical services revenue	3,159	1,193
Expenses	(85,424)	(83,617)
Other operating revenue | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Expenses	$ (25,405)	$ (15,744)

Variable Interest Entities - _3

Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Current assets	$ 2,036,809	$ 1,480,076
Total assets	2,316,463	1,740,866
Current and total liabilities	1,627,977	1,079,845
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Variable Interest Entity [Line Items]
Current assets	294,399	174,967
Noncurrent assets	3,341	3,341
Total assets	297,740	178,308
Current and total liabilities	$ 255,829	$ 142,027

Discontinued Operations - Summa

Discontinued Operations - Summary of Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain (loss) on sales of assets, net	$ (8,763)	$ 0
Discontinued Operations, Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenues	0	81,835
General and administrative	518	(2,906)
Depreciation and amortization	0	1,235
Income (loss) from operations	(518)	5,844
Other income (expense), net	0	204
Gain (loss) on sales of assets, net	(8,763)	0
Interest expense	0	(40)
Net income (loss) from discontinued operations attributable to common shares	(9,281)	6,008
Medical services revenue | Discontinued Operations, Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenues	0	81,711
Expenses	0	75,255
Other Operating | Discontinued Operations, Disposed of by Sale
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Revenues	0	124
Expenses	$ 0	$ 2,407

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Significant Non-Cash Operating Items for Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-cash operating activities from discontinued operations:
Depreciation and amortization	$ 0	$ 1,235
Stock-based compensation expense		$ 87