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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Consolidated Asset and Liabilities Include VIE Assets and Liabilities

agilon health, inc.’s consolidated assets and liabilities include VIE assets and liabilities as follows (in thousands):


	December 31,
	2024		2023
Assets
Cash and cash equivalents	$	78,650	$	62,154
Restricted cash equivalents	5,627		6,757
Receivables, net	1,015,753		940,618
Prepaid expenses and other current assets, net	17,725		21,907
Property and equipment, net	1,255		1,754
Intangible assets, net	49,406		25,561
Other assets, net	4,790		6,334
Liabilities
Medical claims and related payables	931,664		737,724
Accounts payable and accrued expenses	199,432		188,671
Other liabilities	2,270		4,184

Schedule of Equity Method Investees

The following table summarizes the Company’s equity method investees (in thousands):


	December 31,
	2024		2023
Equity method investments - Other(1)	$	9,365	$	9,148
Equity method investments - CMS ACO Models(1)	52,391		35,605
Equity method liabilities - CMS ACO Models(2)	(12,290)		(1,199)

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(1)Included in Other assets, net in the consolidated balance sheets.

(2)Included in Other liabilities in the consolidated balance sheets.

Schedule of Operating Results

The combined summarized operating results of the Company’s CMS ACO Models investments, which are recognized as equity income (loss), are as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Medical services revenue	$	1,814,618	$	1,160,978	$	1,071,302
Medical services expense	(1,667,806)		(1,024,468)		(991,565)
Other medical expenses(1)	(89,788)		(96,154)		(52,041)
Income (loss) from operations	22,687		22,500		14,294
Net income (loss)(2)	15,050		16,336		10,556

_____________________________________________________________________

(1)The years ended December 31, 2024, 2023, and 2022, include physician compensation expenses of $58.4 million, $53.7 million, and $27.1 million, respectively. The year ended December 31, 2023, includes $15.2 million of physician compensation expenses to reduce the physician partners’ compensation percentage in current and future years in exchange for the Company’s common stock. The Company recognized such liability in accounts payable and accrued expenses as of December 31, 2023. The common stock shares were issued in February 2024.

(2)Included in Income (loss) from equity method investments in the consolidated statement of operations. The years ended December 31, 2024, 2023, and 2022, includes operating and administrative expenses for services provided by the Company of $14.9 million, $2.9 million, and $2.8 million, respectively.

Schedule of Balance Sheet

The combined summarized balance sheet of the Company’s CMS ACO Models investments are as follows (in thousands):


	December 31,
	2024		2023
Current assets	$	444,963	$	174,967
Noncurrent assets	1,894		3,341
Total assets	446,857		178,308
Current and total liabilities	406,756		142,027

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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