0001628908-25-000133
SEC filingEvolent Health maintains sufficient liquidity with $116.7M cash, completed exchange of Series A Preferred Stock for second lien term loan, and agreed to sell ECP Holding Company for $100M.
As of September 30, 2025, Evolent Health held $116.7 million in cash and cash equivalents and $26.4 million in restricted cash. Total assets were $2.45 billion, with goodwill of $1.08 billion and intangible assets of $0.62 billion. Liabilities totaled $1.61 billion, including short-term debt of $5.1 million (2025 Notes at carrying value) and long-term debt of $1.05 billion (including 2029 Notes at $394.4 million, 2031 Notes at $161.1 million, and credit facilities of $277.5 million after borrowing $200 million under Term Loan and $15 million under Revolving Facility during the nine months). Shareholders' equity was $842.2 million, down from $1.00 billion at year-end 2024 due to the preferred stock exchange and net losses.
The company had letters of credit totaling $14.9 million and surety bonds of $16.4 million as of September 30, 2025. Additionally, a tax receivables agreement liability of $108.1 million is recorded. No long-term purchase commitments (e.g., supply agreements) were disclosed in the Notes.
Buybacks & Financing: In August 2025, Evolent repurchased $40.0 million of its Class A common stock and $166.8 million of its 1.50% Convertible Senior Notes due 2025, using proceeds from the issuance of $166.75 million of 4.50% Convertible Senior Notes due 2031. A gain of $0.4 million on extinguishment of short-term debt was recorded. Dividends: Cash dividends on Series A Preferred Stock totaled $11.1 million for the nine months ended September 30, 2025. The preferred stock was exchanged for second lien term loans in August 2025, eliminating future preferred dividends. Capex: Capital expenditures and internal-use software investments were $26.3 million for the nine months, including $25.6 million in capitalized software costs.
Evolent Health operates as a single reportable segment. The Chief Operating Decision Maker (CEO) reviews financial information on a consolidated basis. Revenue is disaggregated by payer type (Medicaid $608.7M, Medicare $353.1M, Commercial & Other $445.8M for the nine months) and by product suite (Performance Suite $857.9M, Specialty Technology and Services Suite $257.5M, Administrative Services $170.9M, Cases $121.3M). No geographic breakdown is provided beyond domestic operations.