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Transactions | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Transactions | Transactions Disposals On September 23, 2025, the Company, entered into a Stock Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company will sell all of the outstanding shares of capital stock of Evolent Care Partners Holding Company, Inc, a wholly owned subsidiary of Evolent Health LLC (“ECP Holding Company”) for a purchase price of $100.0 million, subject to customary closing purchase price adjustments, and a contingent payment of up to $13.0 million, subject to the achievement of certain metrics following the closing. The consummation of the transactions contemplated by the Purchase Agreement is subject to customary closing conditions, including receipt of required state governmental approvals. The Company anticipates the transactions contemplated by the Purchase Agreement will close in the fourth quarter of 2025. The Company determined that the transaction met the held for sale criteria and ceased recording amortization of provider network contract intangibles at that time. The carrying value of net assets and liabilities of $89.7 million, inclusive of allocated goodwill, which was determined to be lower than its fair value, less costs to sell, was reclassified in the Company’s consolidated balance sheet as assets held for sale - current, assets held for sale - noncurrent and liabilities held for sale - current during the third quarter of 2025. The Company allocated $61.9 million of goodwill to the transaction based on the value of the transaction compared to the estimated business enterprise value on the date which the transaction met the held for sale criteria. Business Combinations Machinify On August 1, 2024, the Company completed its acquisition of certain assets of Machinify, Inc. and the exclusive, perpetual and royalty-free license of Machinify Auth, a software platform that leverages the latest advances in artificial intelligence (“Machinify”). The acquisition consideration was $28.5 million which included $19.5 million of cash, $11.0 million which was paid upon closing and $8.5 million which was paid on November 1, 2024, as well as an earn-out consisting of additional consideration of up to $12.5 million payable in cash or shares of the Company’s Class A common stock at the election of the Company. As of August 1, 2024, the contingent consideration was fair valued at $9.0 million. See Note 17 for additional information regarding the fair value determination of the earn-out consideration. The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of August 1, 2024, as follows (in thousands):
Purchase consideration:
Cash | $ | 19,500 |
Fair value of contingent consideration | 9,000 |
Total consideration | $ | 28,500 |
Identifiable intangible assets acquired: |
Technology | $ | 7,700 |
Total identifiable intangible assets acquired | 7,700 |
Liabilities assumed: |
Accrued compensation and employee benefits | 9 |
Total liabilities assumed | 9 |
Goodwill | 20,809 |
Net assets acquired | $ | 28,500 |
Identifiable intangible assets associated with technology will be amortized on a straight-line basis over their preliminary estimated useful lives of 5 years. The fair value of the intangible assets was determined using the replacement cost method which involves estimating an asset’s value by the cost to replace the asset with a similar asset in a similar condition on the closing date of the transaction. Goodwill is calculated as the difference between the acquisition date fair value of the total consideration and the fair value of the net assets acquired and represents the future economic benefits that we expect to achieve as a result of the acquisition. The goodwill is deductible for tax purposes.

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