Alignment Healthcare, Inc. (NASDAQ:ALHC) Q3 2024 Earnings Conference Call October 29, 2024 5:00 PM ET
Company Participants
John Kao - Founder & Chief Executive Officer
Thomas Freeman - Chief Financial Officer
Conference Call Participants
Ryan Daniels - William Blair
Michael Ha - Baird
Matthew Dale Gillmor - KeyBanc Capital Markets
Adam Ron - Bank of America
John Ransom - Raymond James
Whit Mayo - Leerink Partners
Jessica Tassan - Piper Sandler
Craig Jones - Stifel
Operator
Good afternoon and welcome to Alignment Healthcare Third Quarter 2024 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [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 those forward-looking statements are discussed in more detail in our filings with the SEC, including the Risk Factors section for 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 September 30, 2024.
And with that, I would like to turn the call now to John Kao.
John Kao
Hello and thank you for joining us on our third quarter earnings conference call. For the third quarter 2024, our health plan membership of 182,300 members represented approximately 58% growth year-over-year and once again surpassed our year-end membership guidance of 178,000 to 180,000 members.
Total revenue of $692 million grew approximately 52% year-over-year and 62% excluding ACO REACH. Adjusted gross profit of $81 million produced a consolidated MBR of 88.4% which led to adjusted EBITDA of positive $6 million in the quarter. This marks the second quarter in a row where both adjusted gross profit and adjusted EBITDA achieved the high-end of our guidance ranges, placing us on solid footing as we enter the final quarter of the year, and prepare for 2025.