agilon health, inc.

Hello, everyone. Thank you for joining us and welcome to Agilent Health first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Evan Smith, Senior Vice President, Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, and welcome to the call. With me, our Executive Chairman, Ron Williams, and our CFO, Jeff Schwanke. Following our prepared remarks, we will conduct a Q&A session. Before we begin, I would like to remind you that our remarks and responses to questions may include forward-looking statements. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business. These risks and uncertainties are discussed in our SEC filings. Please note that we assume no obligation to update any forward-looking statements. Additionally, certain financial measures we will discuss in this call are non-GAAP financial measures. Non-GAAP measures are supplemental and not substitute for GAAP results. However, we believe that providing these non-GAAP measures helps investors gain a better and more complete understanding of our financial results and are consistent with how management views our financial results. A reconciliation of these non-GAAP financial measures for the most comparable GAAP measures is available in the earnings press release and form 8-K filed with the SEC today. And with that, let me turn the call over to Ron. Thank you, Evan, and good afternoon, everyone.

In 2026, we remain focused on disciplined execution and building a durable foundation for sustainable long-term performance. We are advancing the same strategy and mission, empowering best-in-class physicians through long-term partnerships to deliver high-quality, cost-effective patient care that delivers value for all of our stakeholders. In 2025, we made meaningful progress across all of our initiatives, which is translated into strong first quarter performance and increased expectations for our full year 2026 outlook. As we announced last week, we are excited to welcome Tim O'Rourke as our new CEO beginning tomorrow, May 7th. Tim brings significant experience across the payer and provider space with a deep understanding of what is needed to succeed in value-based care. Tim is fully committed to furthering our mission and strategy to continue driving improvement in Agilon's performance for all of our stakeholders. In the first quarter, we delivered results that were above our expectations. Our performance demonstrates operational discipline, the strengths of our long-term position partnerships, and early benefits from the strategic decisions we made last year. Operationally, we are building upon several key initiatives you've heard me discuss before. The enhanced data pipeline and improved actuarial visibility enabling earlier identification and validation of trends. Continued advancement of our clinical and quality programs with our congestive heart failure program now scaled broadly across the network. And ongoing execution of discipline payer contracting and operating expense optimization focused on profitability and sustainability. Each of these efforts are designed to improve predictability and alignment with our position partners, reduce variability, and support durable margin expansion over time. With the enhanced data pipeline, we now have more timely direct payer data feeds with validated and highly correlated member level clinical and claims data, as well as member level risk scores. on approximately 85% of our members. The increased visibility and alignment of our financial and operational data enable us to more quickly identify and drive improvements. As Jeff will discuss in more detail, this has enabled us to increase our revenue and adjusted EBITDA expectations in part due to better progress on the validation of our burden of illness initiatives. Going forward, we will continue to enhance the data pipeline to support clinically actionable insights, as well as improve network design and care model innovation. In combination with our position reviewers, we are integrating generative AI-based insights directly into clinical workflows to drive more informed physician decision-making at the point of care, and we are seeing encouraging results. This capability is helping physicians intervene at the most appropriate points of care earlier. We are continuing to increase our focus on high-risk patients, an increasingly important focus for all constituents in the Medicare space. We have grown the richness of our member-level data and are now aligning it better with PCP actions. This is helping physicians improve the quality of their intervention with higher risk patients, identifying gaps in care and leveraging industry standard guideline directed clinical pathways. Greater access to timely and high integrity data has also improved the quality of our forecasting as demonstrated in the ongoing development of our 2025 cost trends. We have favorable medical cost trend development from the second half of 2025 and are seeing slight moderation within patient census so far in 2026. With that said, given it is early in the year, we believe it remains prudent to maintain our net cost trend outlook of approximately 7% for full year 2026. Our full risk total care model is delivering clinical and quality outcomes and driving strong patient and PCP net promoter scores while demonstrating the ability to effectively manage utilization and medical cost training. Next, let me discuss clinical and quality programs focusing primarily on our clinical execution, which is a core driver for our model. As a reminder, the congestive heart failure or CHF program remains the most mature pathway deployed across 90% of our markets. Let me start with why this program is important to patients. Approximately 40 to 50% of patients nationally are diagnosed at the time of first admission to the hospital. That means missed opportunities for earlier detection leading to less than ideal care and unnecessary hospital costs. The second thing we know about heart failure is that less than 10% of patients are actually on the right therapies. Through a proactive and guideline-directed approach, our physician partners have been able to shift CHF diagnosis to earlier in the care continuum. with inpatient first diagnosis rates improving from approximately 25% to less than 5%. So less than 5% of heart failure diagnoses are now in the inpatient setting. Additionally, we are expanding our pharmacy integrated management approach for heart failure patients across the network and observing positive trends in guideline-directed therapy rates, which we expect to improve functional outcomes for patients and prevent downstream complications of disease that lead to admissions. Current results reflect the combination of our early detection and diagnosis supported by in-office or increased access to diagnostics, structured and physician-supported clinical protocols, and ongoing patient engagement, including virtual pharmacy support. These pathways are increasingly informed by AI driven risk stratification and early detection models, enabling more proactive intervention with this high risk population. We plan to utilize this evidence-based approach by rapidly scaling COPD and broader lung health pathways through 2026. The initial focus for these programs will be earlier identification of COPD, expanded lung cancer screenings, and increased use of advanced diagnostics by our physician groups, each of which is designed to drive earlier intervention, improve treatment adherence, or prevent avoidable complications and hospitalizations. In addition, we're seeing good engagement as we continue to roll out the dementia program in conjunction with our physician partners. Increased healthcare costs and the burden on caregivers is being driven by the approximately 50% of dementia patients across the broad population that go undiagnosed, increasing both healthcare costs and the burden on caregivers. We are working with partners to deploy enhanced caregiver models structured early stage pathways, and virtual diagnostics. Moving to our quality and STARS performance. Agilon STARS performance is a result of a highly integrated quality operating model that combines data infrastructure, physician engagement, and payer alignment. Operationally, quality performance starts with our ability to identify care gaps early and deliver actionable insights directly to our physician partners. Because we are working closely with our physician partners, quality measures are embedded into their everyday clinical workflows. Our partners and their care teams have clear visibility into their performance and the actions needed to efficiently close care gaps for their patients. Looking ahead, we expect to see continued opportunity to expand our performance through deeper data integration and earlier intervention, leveraging analytics to identify patients at risk of missing key quality measures earlier in the measurement year. Ultimately, our approach is about building durable infrastructure that supports physicians in delivering high-quality care that is aligned with the key objectives of the Medicare Advantage program while ensuring performance is accurately measured and rewarded. Now let me move on to ACO REACH. As evidenced in the quarter's results, we continue to demonstrate the strength of our model and the ability to deliver superior performance across both Medicare fee-for-service programs and Medicare Advantage. In addition, we are pleased that CMS took a pragmatic approach to addressing fraudulent claims related to urinary catheter and suspect skin substitute claims for 2025. Finally, we have finalized 2026 payer contracts, which Jeff will discuss in a moment. We're beginning our 2027 payer contracting process. where we plan to take the same disciplined and partnership-oriented approach with our payers, focused on shared profitability and durable margin expansion. In closing, we have had a strong start to 2026 and feel good about the progress we are making. We're seeing it across all areas that matter, payer contract, burden of illness, clinical and quality initiatives, and cost disciplines. First, the work we have done with our physician partners around burden of illness initiatives and clinical pathways is starting to show up more clearly than our clinical results and financial performance. Second, our AI-enabled technology platform and enhanced data capabilities deployed in very close proximity to the physician are allowing us to identify opportunities earlier, act faster, and manage performance with greater precision. We're beginning to see the benefits of AI more deeply into both physician and operational workflows. Third, the discipline we applied, particularly around payer contracting and cost structure, is starting to come through. We are raising our outlook for financial performance this year due to the early impact of these initiatives and remain confident in the long-term strength of our unique partnership model. With that, I will turn the call over to Jeff to go through the financials.