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May 2024
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As of September 30, | |||||||||||
2022 | 2021 | ||||||||||
Consumer and Patient Metrics | |||||||||||
Bright HealthCare Commercial Consumers | 1,025,000 | 600,000 | |||||||||
Medicare Advantage Consumers | 125,000 | 110,000 | |||||||||
NeueHealth Value-Based Patients | 520,000 | 170,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
($ in thousands) | September 30, | September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Financial Metrics | |||||||||||||||||||||||
Revenue | $ | 1,632,292 | $ | 1,078,657 | $ | 5,044,495 | $ | 3,067,055 | |||||||||||||||
Medical Cost Ratio (1) | 90.6 | % | 103.0 | % | 87.9 | % | 90.3 | % | |||||||||||||||
Operating Cost Ratio | 18.2 | % | 28.7 | % | 22.3 | % | 25.4 | % | |||||||||||||||
GAAP Net Loss (2) | $ | (259,361) | $ | (296,722) | $ | (691,320) | $ | (364,990) | |||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | (82,929) | $ | (292,176) | $ | (352,620) | $ | (399,769) |
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Bright Health Group Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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33 Table of Contents Non-GAAP Financial Measures Adjusted EBITDA We define Adjusted EBITDA as net loss excluding interest expense, income taxes, depreciation and amortization, any impairment of goodwill or intangible assets, adjusted for the impact of acquisition and financing-related transaction costs, share-based compensation, changes in the fair value of equity securities, changes in the fair value of contingent consideration, contract termination costs and restructuring costs.
Significant assumptions used in the impairment analysis include financial projections of free cash flow (including significant assumptions about revenue growth rates, operating margins, capital requirements and income taxes), long-term growth rates for determining terminal value beyond the discretely forecasted periods and discount rates.
Such events and circumstances could include a sustained decrease in our market capitalization, disposal of significant components of our business, unexpected business disruptions, unexpected significant declines in our operating results, significant adverse changes in the markets we operate, changes in interest rates or changes in management strategy.
We received updated benchmark data from CMS during the third quarter of 2022, which resulted in a sequential increase in Direct Contracting revenue in the third quarter of 2022 compared to the second 40 Table of Contents quarter of 2022.
In addition, two DCEs aligned with our NeueHealth segment began participating in the DC Model effective January 1, 2022, which contributed $145.4 million of the increase in total revenue.
32 Table of Contents Key...Read more
The increase in service revenue...Read more
Our restructuring plan includes Bright...Read more
The acquisition of Zipnosis on...Read more
The decrease in MCR in...Read more
Underperformance to the financial projections...Read more
Management believes Adjusted EBITDA is...Read more
We recognized $42.6 million of...Read more
Depreciation and amortization decreased by...Read more
Adjusted EBITDA has been presented...Read more
The decrease was primarily due...Read more
The increases in premium revenue...Read more
The increase was driven by...Read more
Effective April 1, 2021, we...Read more
Management uses Adjusted EBITDA to...Read more
The remaining increase was primarily...Read more
We used a portion of...Read more
(1)See "Non-GAAP Financial Measures" below...Read more
Operating costs decreased by $12.3...Read more
Operating costs decreased by $7.1...Read more
We ended the third quarter...Read more
38 Table of Contents Operating...Read more
We will manage each business...Read more
is built upon the belief...Read more
Total revenues increased by $553.6...Read more
This discussion should be read...Read more
Bright HealthCare - Commercial serves...Read more
Effective July 1, 2021, we...Read more
As the Medicare Advantage reporting...Read more
This increase is driven by...Read more
Service revenue increased by $4.1...Read more
Service revenue increased by $17.6...Read more
We recognized $42.6 million and...Read more
The increase in revenues in...Read more
We have started implementing the...Read more
For the nine months ended...Read more
The increase in premium revenue...Read more
Bright HealthCare - Commercial revenue...Read more
Bright HealthCare - Commercial revenue...Read more
We recognized a $4.1 million...Read more
The decrease from acquisitions was...Read more
In October 2022, we announced...Read more
Depreciation and amortization increased by...Read more
- is built on the...Read more
Medicare Advantage revenue increased by...Read more
Medicare Advantage revenue increased by...Read more
Higher MCR in the Texas...Read more
Total revenues increased by $2.0...Read more
The decrease was primarily due...Read more
If the fair value of...Read more
The decrease in operating costs...Read more
We also recognized $6.7 million...Read more
We believe our restructuring initiatives,...Read more
Our longer-term future capital requirements...Read more
(c)Beginning in 2022, Adjusted EBITDA...Read more
The increase in operating costs...Read more
Both 2022 periods also experienced...Read more
Additionally, the passage of time...Read more
We may seek funds through...Read more
As of September 30, 2022,...Read more
These and other responses to...Read more
This NeueHealth acquisition was completed...Read more
The increase was primarily due...Read more
Because not all companies use...Read more
Premium revenue increased by $171.1...Read more
Premium revenue increased by $837.8...Read more
(b)Represents non-cash compensation expense related...Read more
We recognized $74.2 million of...Read more
Financial Statements, Disclosures and Schedules
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Bright Health Group Inc. provided additional information to their SEC Filing as exhibits
Ticker: BHG
CIK: 1671284
Form Type: 10-Q Quarterly Report
Accession Number: 0001671284-22-000068
Submitted to the SEC: Mon Nov 14 2022 4:32:06 PM EST
Accepted by the SEC: Mon Nov 14 2022
Period: Friday, September 30, 2022
Industry: Hospital And Medical Service Plans