Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reconciliation of Adjusted EBITDA to Net Loss

The following table presents our revenue and significant expenses reviewed by our CODM, other segment items and net loss attributable to common shareholders of Evolent Health, Inc. (in thousands):


	For the Three Months Ended March 31,
		2025		2024
Revenue		$	483,649	$	639,653
Less:
Medical expense and device costs		292,676		431,336
Cost of revenue excluding medical expense and device costs and other segment items (1)		87,845		103,206
Selling, general and administrative expenses excluding other segment items (2)		66,268		51,014
Depreciation and amortization expenses		24,058		29,503
Interest income		(1,274)		(2,550)
Interest expense		10,385		5,997
(Gain) loss from equity method investees		19		(306)
Provision from income taxes		1,470		565
Change in tax receivables agreement liability		—		173
Other segment items (3)		74,452		45,940
Net loss attributable to common shareholders of Evolent Health, Inc.		$	(72,250)	$	(25,225)

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(1)Other segment items excluded from cost of revenue excluding medical expense and device costs include $0.7 million and $1.0 million of stock compensation for the three months ended March 31, 2025 and 2024, respectively.

(2)Other segment items excluded from selling, general and administrative expenses include $10.4 million and $17.8 million of stock compensation, $1.0 million and $0.4 million of severance costs, $0.7 million and $— million of transaction-related costs and $— million and $9.9 million of repositioning costs for the three months ended March 31, 2025 and 2024, respectively.

(3)Other segment items is defined as stock-based compensation, severance costs, transaction-related costs and repositioning costs not included in cost of revenue or selling, general and administrative expenses calculated in accordance with GAAP, loss on lease termination, change in fair value of contingent consideration, loss on option exercise, other income (expense), net, and dividends and accretion of Series A Preferred Stock. Management believes cost of revenue excluding medical expense and device costs and other segment items and selling, general and administrative expenses excluding other segment items are useful to investors because they facilitate an understanding of our long-term operational costs while removing the effect of costs that are not a representative component of the day-to-day operating performance of our business, and are useful to management as supplemental performance measures.