American Oncology Network, Inc.

Good morning and welcome to American Oncology Network's fourth quarter and full year 2023 earnings conference call. Today's call is being recorded and we have allocated one hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Dave Gold, Chief Financial Officer at AON. Thank you and you may begin.

Good morning, everyone, and thank you for joining us to discuss American Oncology Network's fourth quarter and full year results. Before we begin, we would like to remind you that this conference call may include four looking statements. These statements, which are subject to various risks, uncertainties, and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in in this morning's press release, as well as our following with the SEC, which can be found on our website at investors.aoncology.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we will also reference certain non-GAAP financial information, such as adjusted EBITDA, which is derived from its closest GAAP measure net income. We use non-GAAP measures as we believe they supplement GAAP measures and we believe they are useful to our investors. The presentation of the non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in this morning's press release and our SEC's filing. Joining me on the call today is our CEO, Todd Schoenherz. Following our prepared remarks, we'll open the call for your questions. With that, I'll turn it over to Todd. Thank you, Dave.

Good morning, everyone. Thank you for joining us on our fourth quarter and full year 2023 earnings call. We are very pleased with our full year results, and we ended the year in a strong position to build off in 2024. Operationally, our integrated care platform increased patient encounters and benefited from the addition of several practices that we onboarded in the prior year. Turning to the fourth quarter, we continue to make great progress executing our growth plan and strategic priorities. During the quarter, we added 14 new providers to the Aon platform and 20 over the full year. As we've discussed before, our model ensures that our practices that are located in markets with a significant number of oncologists remain competitive, and our practices in markets with limited capacity remain viable for the long term. Aon is the lifeline to preserve and enhance community oncology by ensuring practices have a competitive solution to remain in the community and the resources to provide access to much-needed care. To that end, we expanded our presence and services in our existing markets of Georgia and Arkansas during the year. In 2023, we also entered new strategic markets, including Texas and Florida. We are excited about our ongoing growth and ability to better serve the patient population in the states in which we operate. All the practices that we acquired in the quarter, as well as over the past year, have been able to immediately benefit from our integrated care platform. The platform we've built is unique and that we operate in a true national physician network that provides a number of novel advantages to patients and providers. Our key differentiators include our integrated in-house clinical services, like specialty pharmacy and lab, as well as our centralized operations and technology platform, which drive better practice economics, reduce administrative burden, and allow physicians to focus on what is most important, delivering high-quality patient care. This straightforward but differentiated value proposition helps to fuel our M&A pipeline and support our longer-term growth strategy. We are also starting to see the investments made during the quarter in business development and our infrastructure starting to pay dividends, as demonstrated by the addition of 13 providers already during the first quarter of this year. I am very proud of the progress we've made driving forward our strategic initiatives. We can see the results of these efforts and the positive year-over-year growth we achieved in our markets, the accretive growth we generated through appropriate utilization of our ancillary services, and the expansion of our clinical services. We continue to be the leader in transformative payment programs, demonstrated by being one of only 44 practices in the country to participate in CMS's alternative payment program for cancer care, which is called the Enhancing Oncology Model. We have also made investments during the quarter in expanding our research platform, including the implementation of a new clinical trial management system, as well as deploying our new enterprise revenue cycle platform, positioning us well for future demand. It is important to note that the implementation of our new revenue cycle platform has allowed us to successfully navigate recent outages that have plagued many players in the healthcare industry. All in all, I am very proud of our team and everything we've achieved together this year. First and foremost, creating optimal experiences and outcomes for our patients during the most challenging times of their lives. We achieved record top-line revenues of almost $1.3 billion, an increase of 13%. growth of 20 new providers, and the addition of two new strategic states for the network. We've expanded our service offerings by now offering a pharmacy MSA option, as well as an option for urologists to join the platform. We have made multi-million dollar investments in expanding our infrastructure and service offerings, and successfully became a publicly traded company in September. And finally, we celebrated our fifth anniversary this past September. Since our founding, we have been disrupting the existing community oncology landscape in a cost-effective and scalable way by growing our integrated care platform. We've demonstrated our highly successful strategy, growing the business from inception in 2018 to almost $1.3 billion in 2023. Today, we partner with over 220 providers across 77 sites of service spanning 20 states plus the District of Columbia to ensure the delivery of high-quality, cutting-edge cancer care to patients across the United States. We are excited to continue our momentum in 2024, maximize our growth, improve efficiencies, and continue to execute on our robust pipeline of opportunities. Now I'll turn the call over to Dave to provide more detail on our financial results.