agilon health, inc. (NYSE:AGL) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET

Company Participants

Matthew Gillmor - VP, IR
Steve Sell - CEO
Tim Bensley - CFO

Conference Call Participants

Ryan Daniels - William Blair
Dean Rosales - Wolfe Research
Jailendra Singh - Truist
Adam Ron - Bank of America
Sean Dodge - RBC Capital Markets
Jack Slevin - Jefferies
George Hill - Deutsche Bank
Sameer Patel - Evercore ISI

Operator

Hello, everyone, and welcome to the agilon health First Quarter 2024 Earnings Conference. My name is Seth, and I'll be the operator for your call today. [Operator Instructions]

I will now hand the floor over to Matthew Gillmor to begin the call. Please go ahead.

Matthew Gillmor

Thank you, operator. Good afternoon, and welcome to the call. With me is our CEO, Steve Sell; and our CFO, Tim Bensley. Following our prepared remarks, we will conduct a Q&A session.

Before we begin, I'd like to remind you that our remarks and responses to questions may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business. These risks and uncertainties are discussed in our SEC filings. Please note that we assume no obligation to update any forward-looking statements.

Additionally certain financial measures we will discuss in this call are non-GAAP financial measures. We believe that providing these measures helps investors gain a better and more complete understanding of our financial results and is consistent with how management views our financial results. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is available in the earnings press release and Form 8-K filed with the SEC.

And with that let me turn things over to Steve.

Steve Sell

Thanks Matt. Good afternoon and thank you for joining us. On today's call, I’d like to walk you through the following elements. Our Q1 '24 results and forward guidance. The tangible and rapid progress we’re making against our performance action plan, in particular with strengthened payer relationships an update on our CFO and CMO search, and finally our perspective that against the backdrop of a constrained Medicare program funding environment.

The demand for value and the value proposition our company offers, has further accelerated among physician groups and payers, including MA plans and CMS. Starting with our quarterly performance. MA membership grew 43% to 523,000 members, while revenue grew 52% to $1.604 billion. Both metrics were towards the low-end of our guidance ranges. This was primarily due to timing differences in signing new payer contracts as we work with our health plan partners to refine key terms.