Astrana Health (ASTH) FY2023 results: revenue $1.4 billion, up 21.2% on the year

Astrana Health, Inc. (ASTH) reported revenue of $1.4 billion for fiscal 2023, the year ended 31 December 2023, up 21.2% on the year before. Net income was $61 million, up 34.4%, and diluted earnings per share $1.29. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$1.4 billion

+21.2% on the year

FY2016FY2023

Operating margin

6.1%

9.1% a year earlier

FY2016FY2023

Net income

$61 million

+34.4% on the year

FY2016FY2023

Diluted EPS

$1.29

+30.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,387	1,144	774	+21.2%
Cost of revenue	1,172	945	596	+24.0%
Gross profit	215	199	178	+7.8%
Gross margin	15.5%	17.4%	23.0%
Operating income	84.6	104	98.2	-18.8%
Operating margin	6.1%	9.1%	12.7%
Interest expense	16.1	7.9	5.4	+103.3%
Pre-tax income	89.8	86.6	77.7	+3.7%
Income tax	32.0	40.9	31.7	-21.7%
Effective tax rate	35.6%	47.2%	40.8%
Net income	60.7	45.2	68.9	+34.4%
Net margin	4.4%	3.9%	8.9%
Diluted EPS	$1.29	$0.99	$1.52	+30.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	68.2	82.1	70.3	-16.9%
Capital expenditure	28.5	22.9	19.2	+24.4%
Free cash flow	39.7	59.2	51.1	-32.9%
Free cash flow margin	2.9%	5.2%	6.6%
Cash from investing	-65.5	-7.1	16.5
Cash from financing	3.4	-20.1	-47.7
Depreciation and amortisation	17.7	17.5	17.5	+1.2%
Share-based compensation	22.0	16.1	6.7	+36.9%
Buybacks	10.2	9.2	5.7	+10.2%
Dividends paid	62.1	14.0	31.1	+342.4%
Diluted shares, weighted	47m	46m	45m	+2.9%
Shares outstanding at period end	n/a	47m	45m

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	614	543	448	+13.2%
Non-controlling interest	2.4	1.7	5.9	+39.1%
Redeemable equity	n/a	14.2	56.5
Debt	278	204	184	+36.5%
Operating lease liabilities	36.3	19.9	13.2	+82.2%
Finance lease liabilities	1.0	1.3	1.0	-19.0%
Other liabilities	0.9	182	159	-99.5%
Total liabilities and equity	933	966	867	-3.4%
Goodwill	279	269	246	+3.6%
Intangible assets	71.6	76.9	82.8	-6.8%
Investments	2.5	5.6	53.4	-55.1%
Cash and equivalents	294	288	233	+2.0%
Receivables	n/a	49.6	10.6
Other assets	287	277	241	+3.4%
Total assets	933	966	867	-3.4%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.