0001628280-26-051060
SEC filingQ2 2026 营收增长 31.6%，净利大增 133.6%，会员数增长 31.5% 是核心驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,335.6M | $1,015.3M | +31.6% |
| Gross Profit (Adjusted) | $182.9M | $135.2M | +35.3% |
| Gross Margin (Adjusted) | 13.7% | 13.3% | +40bps |
| Operating Income | $42.1M | $22.7M | +85.1% |
| Operating Margin | 3.2% | 2.2% | +100bps |
| Net Income | $36.6M | $15.7M | +133.6% |
| Diluted EPS | $0.17 | $0.07 | +$0.10 |
| Adjusted EBITDA | $68.1M | $45.9M | +48.4% |
| Operating Cash Flow | $111.4M | $45.7M | +143.5% |
| Free Cash Flow | $93.9M | $29.5M | +218.3% |
Q2 2026 营收 $1,335.6M，同比 +31.6%，主要由 Health Plan Membership 增长 31.5% 至 294,100 驱动。Earned Premiums 增长 31.8%，其他收入微降 0.8%，因退出 ACO REACH 项目。MBR 86.3%，同比改善 40bps，显示医疗成本控制有效。SG&A 占收入比降至 9.8%，规模效应显现。净利 $36.6M，同比 +133.6%，主要受益于收入增长和经营杠杆。Q2 不利前期理赔发展 $6.5M，但上半年整体有利 $1.8M，理赔趋势总体可控。
公司作为单一报告分部运营，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $701.7M | +$97.4M |
| Total Debt | $324.1M | +$0.9M |
| Medical Expenses Payable | $612.7M | +$138.2M |
| Operating Cash Flow | $111.4M | +$65.6M |
| Capex | $17.5M | +$1.3M |
| Free Cash Flow | $93.9M | +$64.4M |
现金充裕，经营现金流大幅改善，主要受益于会员增长和应收款结算时点。2 月新签 $200M 循环信贷，未动用，流动性进一步增强。