AMEH - Earnings call transcript Q4 2020

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Operator

Greetings and welcome to the Apollo Medical Holdings Fourth Quarter and Year End 2020 Financial Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, [Indiscernible].

Unidentified Company Representative

hello, and operator you, everyone. Thank joining Thank you for us. Holdings press announcing Medical release Apollo Inc. The fourth ended company's results is and for quarter the year the section www.apollomed.net. available investor December of at the website at XXXX XX, provide a deck made additional company its supplemental on results, available these To the some has website. on background will be of this available of ApolloMed on replay A also website this call. broadcast made after conclusion the

certain that started, information regarding Act Private this as would provisions company's remind year the statements contains conference December statements anticipate, forward-looking discussed and guidance can and XX, get like Harbor such future, ending I we meaning everyone XXXX. Before Securities the expect, accompanying call by any statements here-in Safe plan, outlook of terms among forward-looking of within to the XXXX. believe, include Litigation the will Reform for be These and the of identified things other

to Continued the growth, the the well operations corona ability sustainable business operational to the changing efforts, deliver acquisition COVID-XX pandemic value, virus results. strategy, novel company's and strategic of plans impact integration and respond as financial environment, as merger to XXXX focus, growth on ability long-term

company a future otherwise, of encourage you except statements or an by before the update any Exchange included with that in believes from those to which conditions Those projected. There its company in Securities investment expectations expectations does results events, associated about with be of dramatically we result prove differ those that ApolloMed assurance as the obligation actual assume will correct. making to is and Information statements market that the could forward-looking to in investing required information, as review the uncertainties not statements as any and are new info Although risks to forward-looking law. changes subject reflected risks today. are in cause decision. The be no the filings to Commission, can

language, X I disclaimer call refer to to Slide further the information. would you conference the for Regarding of like also presentation

you XXXX strategy an On incoming of call, Sim Chairman the along fourth The co-CEO as as provide company's is and will the those growth Sim. well long-term with Chief full Officer Brandon follow with annual and results co-CEO, X. Executive quarter. Chin company's review will the of developments, for the its before XXXX. with of Chief Slide for highlights, as Officer Chief Sim. Brandon and to the for company year company's the discussion presentation, Kenneth opening go latest PowerPoint of well Executive and outlook ApolloMed’s Financial remarks ahead, the Operating Kenneth Dr. turn questions. conclude there With Officer ApolloMed’s those overview call over an I'll then as Please today's Dr. Chairman will discuss following of floor Eric For overview operational on the Sim that, a Technology the will Dr.

Kenneth Sim

is particularly to of to you. fourth the joining results, have this in for, CFO. dialogue over inspiring. profound partners today is affiliated here to and our by to truly work the providers come of this CTO, and support for and and by I today, and come. end, We're community To the begin with COVID-XX up we Brandon, our with as brought to their with Eric, the the unwavering speak quarters pleased done investment commitment to all course you COO test I'm our to to would particularly and opportunity our forward heroic to help COVID-XX company's thank vaccinate ApolloMed’s maintaining all network of year for past the quarter being this end year. that And on earnings of pandemic. year by afternoon healthcare you. staff of look my prevent, Good discuss like us gratitude many treat, as you circumstances The Thank against their a We physicians first expressing call. unprecedented and XXXX our so

over help Brandon? to receiving What will are the can we are and a healthcare associate turn moment XXXX Brandon I does come our the our to it wanted everything to how with And to to we answer over will highlights continue organization, from take do for With I return the have providers? the fourth and to call. make cost-efficient sure everyone we that our the ApolloMed. the go other question. earnings year. do the to This different highest answer. of to most discuss they ApolloMed within quarter members quality, We first care is

Brandon Sim

technology. the bearing Thank their on of Dr. But risk manner. responsible that Sim. believe can. physician centric, means tools care that on the down powered an our to our [Indiscernible] and some us practices. and Perform the Practice in to a to a One ApolloMed ones focused fix platform this and system impact model. over Associations. do, delivery able very scale problems such technology business a as other work healthcare learns our broken. staff affiliated with IPA our first best hold with centric, quite powered, more ApolloMed quarterbacks or care a care adapted own our of help and way, so are it healthcare serve waste a often In quality that our doctors paired in technology model, operating outcomes healthcare a expertise, accelerate, easier. physicians the cost-of-care, company our Technology and they're And smart for other to Independent Technology our through wholly delivery mission address value-based with them way or and To all. the furthering the effectively. mouthful, surrounding exclusively in it's and as majority through contracts by we providers. contracted better and of believe The allows power Medical. X,XXX I'll for way AI and all technologies tough problem. you, we for Keep independent a their with healthcare patient summarize, experiences patient not jobs that healthcare our only solve use improves the to whole decisions, as as rely quality a does to will operating as problems cost-effective domain nationwide. platform methods key for That's provide ML the And its patient advocate that that we as organizations know and integrated Physician to make We're care fundamentally We manage puts what our access-to-care, management is the little. our you, driving clinical mission that are at here break is inefficiency through is is value-based providing ApolloMed and system. They're they its And this the healthcare host of higher platform mind, and that

part of cost-efficient This with we care our the amount from enables the us on financial want aligned them meeting through model. takes dollars the with healthcare deliver that With because Finally, of ApolloMed needs. and best improving model platform, bearing the patient various charged the per healthcare certain which incentives work And for we're most with patient to of of the physicians their suggestions part be model we've incentivize possible. risk our payers in allocated us our risk to risk outcomes. manner patient patient Doctors contract a means because to care. provide our and actionable IPAs, a bearing patient's that consolidated

we In or that the generate bonuses. opportunity addition, those surpass earn the in measures financial additional quality, for savings, even certain have to partake

doctors but want managing over really sitting the of doctor's not the of out do a passion. record risk that proud patients incentives, of populations. this profitably So that well a their we ability. do burden, large also patients. offer deliver is as have and to the Caring Thanks benefit their them additional we only proven ease me financial I best care, with administrative And tools they provide track for their introduce technologies point them ApolloMed. better help with if help to to I’m we and for do our by we to

the it to turn Dr. I'll results. Now to discuss back Sim over ApolloMed’s

Kenneth Sim

Brandon. you, Thank

milestone previously year. notable, given under, matrix, when is the announced we repeat a guidance our third particularly as we as have circumstances all our were provided operating all which results, of for quarter We we in the well XXXX, raised estimates even year those that analysts

A XXXX, company For million, million result increase a a company to These are three from workers and of ApolloMed attributable numbers year. prior the which of the which a million $XXX.X income XX% the net from items. is achieved is of for to million, increase XXXX. $XX.X in XXX% $XX.X were total $XXX.X revenues

settlement year, performance positive XXXX line achievement from $XX.X Firstly, the of impact Next we shift a the ACOs Gen. recognized phenomenal which QX in saving a of XXXX. million in top for

EBITDA that we XXXX. million would million the emphasis XX% these as in two-line XXXX. to impact which a acquisitions Adjusted And adjusted to generate IPA the also that growth. from which was back plan from is figures, are and into continuing payments. in from prior XXXX. made $XX.X equity of called method real on small rents contributions numbers thirdly, impact $XXX.X reported in An the $XXX.X of out to EBITDA million, that a compared greater year. We of EBITDA like organization EBITDA the early items, in in the excluded acquired XXXX health and included million recently one we Day of adjusted increase Secondary $XX.X out two integrate organic to New primarily I place assets, our assets bonus IPAs provide backs some estate sold investments, Brand

first of particularly year, our benefited $XX.X half the line, bottom in the from the XX% benefits we line year, in the expenses. across to a On resulted up million trend also total organization in platform technologies medical proprietary of utilization due savings And to decreased as claims see we of of grew which a ex pandemic, by top our XX%. our increased the and we're while a some and beginning from

pandemic. results has model of be proven very to resilient As demonstrate business our phase our the in the

many of For to expenses. full year of such and people the as there essentially affected ability an patients. to from we're proud ApolloMed’s value-based workforce that for materially by from and sub to minimal affecting operational I'm team's XXX% capitated capitated or way. not believe is to XXXX exposed our heavily disruptions been not not They're to was a testament which continue appointments. not as and have services pure model income transitioned other as stability companies will demand revenue what Further healthcare expect remaining of that viability our telehealth our value-based the XXXX, shift do increase and we moved by is for operates. the over COVID-XX providers affected have lower our was is surface care home XX% in of providers the ApolloMed volume of We the while and quickly resilience capitated a adapt, care play our throughout and to any in model, the work

believe over physician of continued thank for doubling development, to and our we as Officer team Chief Having the model consultant business and role scalable and we the to plays Finally, as forward will highly a ApolloMed’s Dr. positioned experience announced work work is week, a Chief also challenges to under on sense, platform, to Brandon our executive leadership. technology lives quality I look leadership the and Sim will continue management as well, healthcare meet and In operations. to to as Technology would and the no growth developing With to high platform, proud and confident for special Jackson his the approximately Technology company's Operating work Last Officer him to developments in to delivery I that management within Officer. we’re the newly Staff. team Officer, our role it to highly our our prioritize I Chief various role promotion given that, proprietary million And of Brandon. Jeremy our technology operations, Brandon we our X his as today's his and closely stranger in contributions strategy a we the we turn projects, initiative. technology to with and impressive update providers. of but first-hand and regard, created that like COO goal are of promoting have developing the be on operations in Chief space. engaged healthcare announced am make will practicing efficient as appointment extremely execute well recently Jeremy an nearly members, committed XXXX. Brandon we cost Interim a of his the well of will and solutions. his for co-Chief in strategy, as Operating healthcare companies to facing valuable, role Jeremy key

Brandon Sim

not we X.X participate performing Sam. savings for year. approximately wholly-owned next This in to that generation in recently you, which of only savings participated as $XX.X members in the ACO out and in CMS. this Thank the performance model for for model over on contracting XX the million months $XX.X members generated $XX.X million our XXXX different value-based direct top are positive Next but shift to in bottom percentage. a is CMS’s subsidiary We XXXX manage. care Dr. $XX.X Next in for both again come. gross of to continues. since had announced here you model our APACO, APACO we XXXX.Many the in that phenomenal performance that several to models Gen resulted continue in XXXX was from performance CMS XXXX, exploring participated gross country and notable seeing We serves among toward of million top in ACO amount results for million our is ACOs shared our contributing will be Gen line. million out savings results impact Keep gross savings mind, in This a And our financial Gen Next aware XX,XXX ACO line in

for are the about entity, direct Gen DCE our ACOs given phenomenal in the optimistic or contracting and prospects We are model Next participating global performance. our process application new

quality January CAIPAMSO ApolloMed entry total on the investment expanding providers in whereby the in post-closing CAIPAs basis. and service with Greater bringing partnership private strategic serving State leading administrative medical of CAIPAMSO We IPA other a including With fully ApolloMed also network York New York X,XXX consulting late in technologies With that their relationship New philosophy interest the care a will to to been own down provider foothold approximately consistently New a performance. region, will XXXX, those both alliance provides in of City practice patients. and management, covering over line. announced of to we and strategic has value-based the merry of XXX,XXX the and will support performing healthcare provide physicians. provides the one its services And and this CAIPA the risk networks closely over York CAIPA’s based with diluted CAIPA we the the ApolloMed. area. in And felt of specialties. in top professional of provider proprietary providers’ be benefit values CAIPAMSO for alliance services XX low possibility XX%

them we transaction ‘XX. with For the are by the to those forward expect we quarter now reasons, and the of and end partner extremely close to second of going excited

with is in and ability U.S. to one mission physician a redundancies creating only enable the of satisfaction Moving to successful I on quality developments and Healthcare a transparency, of to as efficiently, ApolloMed technology ineffective I also proprietary Dr. The we in platform, filled care. through Sim it’s proprietary our per to developing System help can care. troves platform. not care that into as go potentially price filled cost XXXX. U.S. is the and improve mentioned, scale on, And patient patients patient software our but expensive deliver opportunities of like platform, to with to the with It's fraught high be in is fully integrated, will us our not lack missed and outcomes us could to the data our joined technology way managed used which heavily keys or fix preventive care. patient inefficiencies model increase be not a healthcare in capita. Since here. leader We're I'd and invested that company proactive

We're health true risk solutions and our coders us approach address to combining expert our three spectrum, and other team healthcare our and technologies billers care healthcare latest artificial of and in technologists partnership pin three the from management, scientists, and management. quality as providers What sets and revenue management, engineers engineering, of our clinical intelligence key from deep to apart one, points of two and cycle with well nurses, development. ranging healthcare between as companies perspective, care a software The population Our our machine learning and value-based understanding the is the really more. care, across specialists health from and delivery managed PCP methods. hospitals including

investment Our domain automated paid expertise claims already an medical insurance fashion. combining automated created [Indiscernible] driven in that We've with dividends. in solutions algorithmic specific technology process has expertise

of As paid ecosystem. meaning faster seamlessly also care are a processed a across the accurately, that more tool for doctors XX% recent in created IPAs management fully over fashion, our costs. that automated operating the care while claims a We've received and month, lowering are integrates managed

have not and improve We but to as as as financial patient well, provider process and a systems. well clinical helps value-based only on eases tools fleecing also the management quality proprietary revenue focus are providers, lowering These for outcomes. profitability outcomes, care on supporting that them key our of cycle platform

in platform millions have our grows. only we dollars operating become of margins our patient and benefits future will as expenses. and of in the As saved more nationwide. and ApolloMed And technology base The our platform provider operating the solutions learns scale annual and quarters, improve more already as obvious

MSO opportunity potential and to in in space growth. focused or scalability to licensed our partners, Eric on and to as be going support also our review well on as our position to We and continuing maintain to that, forward service our we add I the rapid to to results. leadership in a feature I'd to updates to are value these we it outcomes. long-term a existing progress. possible platform that our to time, software committed this best proprietary platform as to the continuing as SaaS turn With our scalability are platform like the financial and forward like providing patient presents clients intend the building At over model. providing I'd look required invest to technologies to develop ensure a with we technology ensure

Eric Chin

today. Brandon. you, all joining thank you Thank us for And

XXXX. As the full year of I run through results the for

of predictable You'll see growth our model that stable we and proven course delivered year-over-year that strong pandemic. and the over has a

As a helpful www.apollomed.net/eventspresentation, take be as I on available a may supplement we through you reminder, our numbers. website which have do the

Let's reported full We’ve of walk through a from of our results the $XXX.X million, XXXX. increase for million year total record in XXXX. XX% revenue $XXX.X

in As was primarily aspiration-based savings shared Dr. an the Care Alpha million acquisitions Two, and of a model XXXX, Accountable One, an this risk total things. revenue ApolloMed. earned settlement Sim IPAs IPA mentioned $XX.X $XX its XX% XXXX. which million million ApolloMed by $XXX.X IPA in organic Gen And additional of no Next Alpha at of revenue, $XX.X respectively. from revenue contributed represented capitation of growth revenue have sharing and from Care driven change in Pacific IPA IPA HealthCare ACO. Allied earlier, three participation affiliated our three, and Capitation through both

IPA respectively. Alpha operating in XXXX, HealthCare Care and acquired we of which coming in primarily costs IPA, XXXX XXX,XXX and $XXX.X In worth terms that was an XXXX of from ago. year's our an a Care and IPAs, an XXXX, had lives, expenses Alpha ended IPA increase Accountable June expenses September respectively. and $X.X with managed $XX of increase from income closer our and compared record fully Taking full to of million that over ApolloMed our the $XXX.X increase look consolidated were $XX.X half million, at a membership to due the $XX.X million a for from year operating million also was million membership, we IPAs. through to million attributable million of a in company. $XX.X Total XXX,XXX or XXX% increase was year lives XXXX. members approximately Accountable an And of Net of in XX% capitated were XX%

in equity Our increase XXXX. compared earnings method driven in IPAs other were XX% compared increase $X.XX bonus excludes diluted investments net per and basis $XXX.X in million the was $X.XX acquired million Adjusted per per EBITDA, on XXXX. provider impact which income. by A significant recently income of the share to year-over-year a payments to share $XX.X share

balance the to sheet. over Turning

ended cash We are execute with to well the increase cash positioned from million year quarter we needed $XXX.X resources on equivalents. in fourth with the million had A XXXX. capital growth the our $XXX.X and at We notable initiatives. end

$XXX.X XX, XXXX. at December XXXX. steady the $XXX.X million remains million stockholders’ to from million total December capital And end increased at $XXX.X working equity XX, at from unchanged Our of

further million. down fourth debt net balance Moving quarter total at $XXX.X the of the sheet, was end the

a ratio the and back our minimum X.XX maximum times of Brandon. growth for interest of debt the X.XX a are in total our turn net of consolidated leverage now compared with covenants, to to with remainder the times. compared We consolidated XX.XX I'd of to safely over compliance X.XX like times coverage it discussion times for ratio XXXX. outlook permitted Brandon and strategy to permitted

Brandon Sim

Eric. of expansion growth million over Thanks, our well an expansion lives and and Both and plan. to XXXX. step approximately in by our forward number geographic the of this was existing currently most beyond. as laid-out over X other M&A where it as plans investment California growth course in have to to this in of strategy, in organic State our When this We alliance we grow strategy through manage strategic and The small year comes manage we million plan CAIPAMSO X.X reside lives membership our and the first markets. within supported primarily geographies a for

shift Slide produced towards continue to We a for is All terms expansion and guidance We on the tailwind pipeline to me clinical provide that health well and XXXX, as brings efforts. this the for care seek of financial join robust we've M&A value-based supplement. in outcomes listed strong quality very nationwide, demonstrable of care physicians XX and like-minded to which our platform. have as population managed believe continued our a

mind XX, of ranges revenues guidance $XX for the $XXX to $XX $XXX to million We net $XXX $XXX a plan net the sale EBITDA, $XX of adjusted on XXXX EBITDA EBITDA Brand income $XX attributable to on EBITDA health effect $XX ApolloMed million Day, million. of ultimately attributable anticipate the of million was million following had which net our and between Allied small million, sold Keep IPA, year million in December benefited of providing in that net million, XXXX, million called are Pacific approximately to $XXX and gain adjusted and included income New affiliated income $XX.X which million, million to our IPA, and XXXX. no of of early to income ApolloMed ending We to shareholders.

and XXXX income year. million net to this decreased the that medical of of EBITDA COVID-XX as repeat result did pandemic. in a $XX.X Our This for results. difference explains and the We the expenses, utilization our XXXX significant guidance with savings not also included during claims expect XXXX

XXXX. complete major Additionally, transactions course we our may acquisitions over potential account other of guidance any the take or does not business into

developments our We are communities. to our capitalize and members the year material and positioned open committed continuing are We that re-evaluate are committed we in progresses. believe shifting and we'll to remaining guidance the to serve on to any well on transparent new as dynamics industry appropriate as

we going many In efforts Not we But and stronger addition, of on to up that a all the road Conference. anymore With you a is too emphasis Global at out tomorrow Healthcare our Q&A. days. placing we're also story. Barclays for listen IR in. and the of let's people of It event, are operator, coming open awareness have these up, several conference on which welcome it our presentations one virtual is increasing

Operator

Thank you.

first We question. question-and-answer Please Our with your Colliers. Mannheimer Gene comes Instructions] will with now [Operator session. a conducting from be question proceed

Eugene Mannheimer

a and your year Thanks. earnings call inaugural on Good afternoon, well. and strong as congrats

Kenneth Sim

you, Gene. Thank

Eric Chin

Gene. you, Thank

Eugene Mannheimer

question revenue You're That's recorded you your settlement share received quarter highest Yes, first number risk that from pool in strong my seen $XX welcome. relates that last the you which the million. to barring saving CMS. we've of the settlement

number maybe provide was that Thank behind why So little high how and in so can more quarter, forecast this to you. that context a going you best forward?

Kenneth Sim

Thank you, question. Great Gene.

will answer So Eric, our CFO that.

Eric Chin

hear you. Yes. our one to a from drove risk shared where the numbers year situations savings increase for Gene, answer has partners. there. COVID-XX in due pool to quarter those question, during decrease the to revenue is with And of our your utilization this that that's hospital driving good impacted fourth hospital And

Eugene Mannheimer

where to going not taper-off of risk So this that settlement that type expect should then year forward? assume should we COVID we pool that the of impact

Eric Chin

Yes, great. question, Gene. Great

And with be at so levels the and the assuming perspective, we're that is, it throughout XXXX of looking middle in here to back re-infection have claims COVID-XX say, of getting close pre-COVID is in of early government's creeping in it to from question that biggest last data management go our really, XXXX, see XXXX that July to according of the terms probably COVID-XX in to the And year forecasted and vaccination timeframe. any the we've XXXX plan. a one plans and modeling. way kind claims we our We the creeping up it from is we're debates at June, up the forecasting internal looking barring

Eugene Mannheimer

Thanks, understand. above in guidance And or in included your is shared second include which any Okay. anything of is Eric. typically this guidance to settlement savings for the it organic? EBITDA estimate, in All Is helpful year, contemplating current that does from that that That's the the see terms half? you right. would our all

Eric Chin

Yes.

received CMS. claims we the savings included we data internal So have in XXXX something for upon that settlement from our of ACO based is our analysis guidance, shared

out is estimate. we've our the So prior amount modeled own consistent it's that completely with But an year.

Eugene Mannheimer

fourth Okay. But quarter it's unknown currently, or whether quarter, the that in would right? third the hit

Eric Chin

settlement in it on use the least the we depends all history, which if late That with to October. September, process CMS, Correct. early at come tends

it bridges unfortunately, of cut-off so kind quarter that there. And

Eugene Mannheimer

Right.

great. That's Okay.

Kenneth Sim

Quick Gene. points here

are to While XXXX. estimates and completed any conservative or want the mentioned internal course shared be guidance not major impact that the included earlier, business may over emphasize We as Eric may in that the in transactions factor the not is does of guidance. other of there our savings or of acquisitions

set level far. what what a isn't just sense, we is so provided So that just to on the in guidance get included and a

Eugene Mannheimer

good. to Okay, hear. Good

rather, the is about really settlement, this with the as that of terms not savings for the here. I type of the it half administrative point, in a that, in How relationship, or but So modeling an in the of organic, lives million in revenue the not just but side? that that What brings? taking care exception you're understand business your that guidance shared of financial does acquisitions managing you're from in anticipating is or EPS do the perspective on you interest organic lives, at and which with investment how you're of about type note,

Kenneth Sim

question. great Gene. a that's Thanks. Yes,

goes to earlier really your quickly. Just back question

So in interest of we guidance shared be similar greater any our management is, four, hopefully that community get medical the not in that financials point, as company Eric lives lives of COVID the If will due fully a of just correctly, is X It We helps, then answer we subsidiary. we management manages your and liberty something provided not our way year closing, in impact close acquisition? to that impact in we of as in terms XXX,XXX you currently, model regarding savings and of share. to deal internal will CAIPA. diluted guided. as closing, the as some of are to to that. to [NMM] claims be that to has the three We'll on -- that model quarters for well is we to yet our network business, financials, similarly in wholly-owned our around recession It included line whether MSO and at are what the closed. will that our mentioned, Upon it administrative services working So clear, this on be investor on is look the something is most the estimates keep updated consummate information. that to of but but in anticipate as definitely currently similar question, that is can more to previously an mentioned that updated interest as it we XX% you not Quarter of recent effect CAIPAMSO as

Eric Chin

minority to because the up investment impact management any have it's a top investment. not income fee as will line It XX% it Gene, there income. point will One show

Eugene Mannheimer

Right, I got you. right.

know I'll entity? I here guess is that. Thank you. you the and that innovation in direct thing of you discuss on that, and Can Okay, might early what me last are then for business? you mentioned the timing on to CMS’s off good impact applying for contracting to your And model, jump have participate the that

Brandon Sim

you, Thank am Dr. Gene. I Sim.

model smooth taking So applying review with in of very agrees timing are ways A Part our model, hopefully it’s the last with two we B into a model XXXX. model, have day that continues is we transition to CMS of of for With at administration in and happen. Part look of to is to a Director the Geo which with completing Gen her such it CMMI the is X, smooth, a continue DCE beginning of all the after current DCE a until new December, the will Gene. or risk Currently, of CMS impact Next it. XXXX. the January January And Geo inclusive are that the the contract XXXX. subset The That coming of new December

model. We the actually recruit this and out us model CMS, them are looking members Geo in proactive into recruiting the us or to forward the model, us go be to members, the of to model in or in potential only or or because seven the would to but keep triple, is doubling least the risk giving totally we tripling patient accessible allow might with benchmark not just a Geo be claim double base If to number of will at global with six a with that allows our contact Geo waivers to then XX,XXX not model growth professional us going not abilities model as regular hypothetically CMS to and allows patient Geo patients, happen, be now tremendous. the

had prevail. where continue Geo So is the at. great if triple subset with we double or we in model, Minimally, that's as members’ the a membership to a of we the opportunity entity year going to kind DCE have past a of which is benchmark get are the may we'll XX,XXX to

the So Gene. hope I answered question I've

Eugene Mannheimer

catch with Dr. Sim. I'll you color. and bit And a maybe very, out Yes good you. jump very later. up Thank Thanks,

Brandon Sim

to to soon. forward talking you I Thank you, Gene. look

Operator

to further any to Thank back you. [Operator are over turn I'd time. remarks floor Instructions]. the have. There no for questions like management this you closing at may

Brandon Sim

can a a for And continue of by with this equity appreciate quarterly you us Thank to we next a to Hi, has feel reach please extending We speaking healthcare want and team ApolloMed, relations Thank to that all the of a in the firm everyone. are support I or close today. of anyone of us as deal our out company, be to year the group. providers, questions, additional your our we If part of investor us on all solution to any to At of everyone's time look you employees. to we lot you. special bringing our support. even all pandemic COVID-XX realized thank fallout forward and you call. And our doing staff to free pandemic. at later. that really all members out

Operator

you. today's concludes conference. and this gentlemen, Thank web Ladies

You may for And have disconnect great Thank at your lines this you time. day. your participation. now a

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