Alignment Healthcare, Inc. (NASDAQ:ALHC) Q2 2024 Earnings Conference Call August 1, 2024 5:30 PM ET
Company Participants
John Kao - Founder & Chief Executive Officer
Thomas Freeman - Chief Financial Officer
Conference Call Participants
John Ransom - Raymond James
Whit Mayo - Leerink Partners
Michael Ha - Baird
Jess Tassan - Piper Sandler
Jared Haase - William Blair
Adam Ron - Bank of America
Scott Fidel - Stephens
Ryan Langston - TD Cowen
Andrew Mok - Barclays
Operator
Good afternoon and welcome to Alignment Healthcare's Second Quarter 2024 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference 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 those forward-looking statements are discussed in more detail 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 obligation 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-Q for the fiscal quarter ended June 30, 2024.
It is now my pleasure to introduce Founder and CEO, John Kao.
John Kao
Hello and thank you for joining us on our second quarter earnings conference call. For the second quarter 2024, our health plan membership of 175,100 members represented approximately 56% growth year-over-year and outperformed our year-end membership guidance of 170,000 to 172,000 members.
Total revenue of $681 million grew approximately 47% year-over-year and 58% excluding ACO REACH. Adjusted gross profit of $77 million produced a consolidated MBR of 88.7% which led to our adjusted EBITDA of positive $6 million in the quarter. Both our adjusted gross profit and adjusted EBITDA achieved the high end of our second quarter guidance which places us on track toward our full year adjusted gross profit and adjusted EBITDA guidance ranges.