Alignment Healthcare, Inc. (NASDAQ:ALHC) Q4 2023 Earnings Conference Call February 27, 2024 5:30 PM ET
Company Participants
John Kao - Chief Executive Officer
Thomas Freeman - Chief Financial Officer
Conference Call Participants
John Ransom - Raymond James
Nathan Rich - Goldman Sachs
Scott Fidel - Stephens
Ryan Daniels - William Blair
Jessica Tassan - Piper Sandler
Whit Mayo - Leerink Partners
Kevin Fischbeck - Bank of America
Operator
Good afternoon and welcome to Alignment Healthcare Fourth Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions] Please note that this event is being recorded. Leading today's call are John Kao, Founder and CEO; and Thomas Freeman, Chief Financial Officer.
Before we begin, we would like to remind you that certain statements made during this call will be forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and information currently available to us. Descriptions of some of the factors that could cause actual results to differ materially from these forward-looking statements are discussed in more details in our filings with the SEC, including the Risk Factors section of our annual report on Form 10-K for the fiscal year ended December 31, 2023. Although we believe our expectations are reasonable, we undertake no obligations to revise any statements to reflect changes that occur after this call. In addition, please note that the company will be discussing certain non-GAAP financial measures that they believe are important in evaluating performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliation of historical non-GAAP financial measures can be found in the press release that is posted on the company's website and in our Form 10-K for the fiscal year ended December 31, 2023.
And now, I'd like to turn the call over to your first speaker, John Kao, Founder and CEO.
John Kao
Hello and thank you for joining us on our fourth quarter earnings conference call. For the fourth quarter 2023, our total revenue of $465 million represented approximately 29% growth year-over-year. We ended the quarter with health plan membership of 119,200 members, growing approximately 21% year-over-year. Adjusted gross profit was $49 million, producing a consolidated MBR of 89.4%, while our MBR, excluding ACO REACH, was 88%, in line with our expectations. Lastly, our adjusted EBITDA was negative $20 million.