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spk01: recently acquired IPAs, stock-based compensation, other income, and income from equity method investments. The adjusted EBITDA figure for Q2 2022 backs out the impact of a non-cash unrealized loss of $1.9 million as a result of a decrease in fair value related to the passive investment in a pair partner shares held as marketable securities and other investments which compares to $83.8 million in unrealized gains as a result of a one to three conversion of a pair partner's preferred shares to common stock in the prior year period. These pair partner shares are in the excluded assets bucket that we've described in the past, and they are solely for the benefits of our affiliate APC and its shareholders. I'll quickly go over a few financial highlights for the first half of 2022. Total revenue was $533 million, up 52% from $351.7 million in the prior year period. Total OPEX increased to $491.4 million from $308.9 million in the prior year, primarily as a result of increase in cost of services related to higher medical claims, capitation, and other health services expenses in line with our increase in revenue. Net income attributable to ApolloMed was $25.7 million for the six months ended June 30, 2022, compared to $25.8 million in the six months ended June 30, 2021. Diluted EPS was $0.56 for the first six months ended June 30, 2022, compared to $0.58 in the prior year period. Turning over to the balance sheet. We remain well capitalized and well positioned to execute on our growth initiatives. We ended the second quarter with $234.2 million in cash and cash equivalents compared to $233.1 million at the end of 2021. Our working capital was $275.8 million compared to $283.4 million at the end of 2021. And total stockholders' equity increased to $585.4 million at June 30th, 2022 from 460.5 million at December 31st, 2021. Total debt at the end of the second quarter was 201.5 million. I'd now like to turn it back over to Brandon for a discussion of our growth strategy and outlook for the remainder of 2022. Brandon?
spk02: Thanks, John. We expect the second half of 2022 to be very eventful. we continue to observe strong tailwinds around value-based and accountable care. And we're finding that provider groups and healthcare organizations nationwide are excited about the possibilities our unique physician enablement model and technology platform present to them in terms of improving their ability to better serve their patients and drive more positive clinical outcomes. As it relates to our current business, I noted earlier that we are reiterating our previously disclosed guidance projections for full year 2022, which we've also listed on slide 11 of our supplement. Please keep in mind that the net income and EBITDA guidance include potential impact from the APC excluded assets, which Sean also noted in his comments earlier. For this reason, we place greater emphasis on the net income attributable to Apollo Mint shareholders and adjusted EBITDA metrics. These guidance metrics do not consider any potential acquisitions or other major business transactions we may complete in the remainder of 2022. As any material developments arise, we will be sure to update the markets and reevaluate guidance as appropriate. In closing, we continue to make progress on our various growth and care management initiatives and are excited about the positive impact we can make by introducing our model to providers and provider groups across the nation. ApolloMed has a long history of operating successfully and profitably in our core regions, and we believe we can replicate our success in other local communities across the country by partnering with like-minded physicians. We remain incredibly excited and energized in our mission to enable providers to excel in value-based care and deliver higher quality outcomes to their communities. With that, operator, let's open it up for Q&A.
spk00: Thank you. The floor is now open for questions. If you do have a question, please press star 1 on your telephone keypad at this time. If you're using a speaker phone, we ask that while posing your question, you pick up your handset to provide the best sound quality. Again, if you do have a question or comment, please press star 1 on your telephone keypad at this time. Please hold a moment while we poll for questions. Once more, ladies and gentlemen, if you do have a question or comment, you may press star one on your telephone keypad at this time. There appear to be no questions at this time. I would now like to turn the call back over to management for closing remarks.
spk02: Thank you. That concludes our quarter two 2022 frames call. We look forward to questions for dropping by our Los Angeles offices if you happen to be in the area. Thank you everyone and have a great day.
spk00: This does conclude today's teleconference. We thank you again for your participation. You may disconnect your lines at this time and have a great day.
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