On this page of StockholderLetter.com we present the latest annual shareholder letter from Evolent Health, Inc. — ticker symbol EVH. Reading current and past EVH letters to shareholders can bring important insights into the investment thesis.
012345637346
64809232467154 8 71 48   2662 1
 76 21 3 1 5 8      

9  




# 71107$94%
93%09607133 64832 1 & 9   '"  3 464809232464 8 71 4783    & 
 ( )*!+,-. /0!  !'!'5!.!12! &     &
9
3 39716232 194% 93%09607133 64832 1 & 9   '"  3 464809232464 8 71 4783    & 
 ( )*!)  -,),( 4! ,('+ (1
8(11,--,(  ,/!1512! 6    &7   
48(/!) ! /)* 2. 

5!/ ;  !
 49 .)  1!(+ !:,-)  ) --4!.,+,!', ,)-.*  )! "

5  ,:-' ,.,)=, (),((+"
, 6.)(  )4!(



0!  "
2 '2! 9 
)6,+ ,.414
 ),(/(1(
 >  1  (( !6) !!)   65,)! 7    7 /,:)(  ?, :,, 
 7'' !--(+4 ,.,4 /!9!.5),8!(++,.!-"

 @,48('!"
  7 "&>  A   
9!:,-)  )B-)!/!4*(! 512!  ,./5',:  ! .('!

CDEFGHIHDJGDKHJIDGDLMFGJFNOIIPCDEIHPOQRSTUPVIWDXEIY
3,)/!(+! .*./ -3  ',:6012(/ -"1 1!(+! .*!9.* :!( ;*,.* !:,-)! !'
Z[NJJXZP\\POCIPdEe]P
V^_
^f`
gDhiPG]CIPE]^jEWNOKD
ceQM
DGPJ[DWONIGD`DN[IWabOEcaMNG_N[FD
CDEFGHIHDJGDKHJIDGDLMFGJFNOIIPJDEIHPOQRSKUPVIWDXEIYgPOD
bOLHENIDTkEWDE]\NG]HVIWDGDKHJIGNOIHJNhD[[l]OPhOJDNJPODLHJJFDGaNJLDVHODLHOmF[DneoPVIWDCDEFGHIHDJXEIciDJ# gPp
bOLHENIDTkEWDE]\NG]HVIWDGDKHJIGNOIHJOPIGDqFHGDLIPVH[DGDMPGIJMFGJFNOIIPCDEIHPOQrPGCDEIHPOQoSLUPVIWDXEIciDJp gP#
bOLHENIDTkEWDE]\NG]hWDIWDGIWDGDKHJIGNOISQUWNJVH[DLN[[GDMPGIJGDqFHGDLIPTDVH[DLTkCDEIHPOQrPGQoSLUPVIWDCDEFGHIHDJ^jEWNOKD
XEIPVQsrnLFGHOKIWDMGDEDLHOKQR\POIWJSPGVPGJFEWJWPGIDGMDGHPLIWNIIWDGDKHJIGNOIhNJGDqFHGDLIPVH[DJFEWGDMPGIJUaNOLSRUWNJTDDO
JFTtDEIIPJFEWVH[HOKGDqFHGD\DOIJVPGIWDMNJIseLNkJciDJ# gPp
bOLHENIDTkEWDE]\NG]hWDIWDGIWDGDKHJIGNOIWNJJFT\HIIDLD[DEIGPOHEN[[kD_DGkbOIDGNEIH_DuNINvH[DGDqFHGDLIPTDJFT\HIIDLMFGJFNOIIP
mF[DneoPVmDKF[NIHPOClwSxRrRcneoPVIWHJEWNMIDGULFGHOKIWDMGDEDLHOKQR\POIWJSPGVPGJFEWJWPGIDGMDGHPLIWNIIWDGDKHJIGNOIhNJ
GDqFHGDLIPJFT\HIJFEWVH[DJUciDJ# gPp
bOLHENIDTkEWDE]\NG]hWDIWDGIWDGDKHJIGNOIHJN[NGKDNEED[DGNIDLVH[DGaNONEED[DGNIDLVH[DGaNOPOlNEED[DGNIDLVH[DGaNJ\N[[DGGDMPGIHOK
EP\MNOkaPGNOD\DGKHOKKGPhIWEP\MNOkcCDDIWDLDVHOHIHPOJPVy[NGKDNEED[DGNIDLVH[DGazyNEED[DGNIDLVH[DGazyJ\N[[DGGDMPGIHOKEP\MNOkaz
NOLyD\DGKHOKKGPhIWEP\MNOkzHOmF[DQRTlRPVIWD^jEWNOKDXEIc
{NGKDNEED[DGNIDLVH[DG# XEED[DGNIDLVH[DGp gPOlNEED[DGNIDLVH[DGp C\N[[DGGDMPGIHOKEP\MNOk3^\DGKHOKKGPhIWEP\MNOk3
bVNOD\DGKHOKKGPhIWEP\MNOkaHOLHENIDTkEWDE]\NG]HVIWDGDKHJIGNOIWNJD[DEIDLOPIIPFJDIWDDjIDOLDLIGNOJHIHPOMDGHPLVPG
EP\M[kHOKhHIWNOkODhPGGD_HJDLVHONOEHN[NEEPFOIHOKJINOLNGLJMGP_HLDLMFGJFNOIIPCDEIHPOQrSNUPVIWD^jEWNOKDXEIcp
0123456789474 5   767677 3 65165  3 7257  6 15125667 6563 16 36  515 7 716  5  7   716  677  7463 717    36 
316715 4 16    7 3151435 7  631  127 7463 1    8   67 58517     79 46 !"#$ $%$&'(' 8  89677 3 6772  8 34
544  1631  3 656 7 572  3   7236 5 2367  6$)
0  74 3637 577 3 6772    5166  7463 1!' 8   67 46*3123456789474 5   76767 3151435  6567 716   677 3 6516
314  2723167 3 31  7  746674  7463 1  517   6  7 3    93   72 3151435  6567 716 $+
0123456789474 5   767519  6  77   4  7463 1 577 6567 716 6567, 372574  79515 9 3   3147163 7 85 72
4   71 563 1 7473 7289519  677 3 6516  7 74 63 7   347 2 31 677 7 51674  79 73 2    5166 -'  $! . ! 8 $+
0123456789474 5   767677 3 65163 5 7  4   519 5 27 317231/  7!'8 '  670 451 7 46 $17 23 )
4 75  7 567 5 76 5  7  67  631 5121 1   631 4   17, 369 7 2891 1 5  3 3567   677 3 6516 85 72 1674   31  347  
67 57  16737 1   6 4 0 451 7 1  4 2567 5   67 5 68  317  259  677 3 6516     674716 94    7672 74 12 3 45 
, 567 5 56$ 83  3 1$
   778 59!"*' ' *677 77!!"* 6 *! & 57   677 3 6516  % 5   4   1 6 4   6 651231 $
89:;<=>?@A>:9BC9BD?=EFGH=I=B=>:=
 7 74672  63 1   67J  9 6567 716   67 11 5 K77631    57  27 * 472  72  L 17(*' ' *5 78771314   567289
7 77147316 J56000  63 7  !  M6 677 6716 65672 7731$  4    9 6567 716 3  87 3 72 3667 74 3637 5120 451 7
%  3  3 1 3631!' 259   677 3 6516   3 45 97571272.747 876!*' '6$
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
0123456748369 5
 8 342  256456 
64 

 0
3 
8 
2 
C 
D 
D 
H 
I 
I 
I  
I0 
 L 
 3 
 8 
 2 
 C 

* (  '+, -.&$//0'11  & 
045 (  % ( &4
6('7 (&   
9 :$+6('%  -  : 
;   .$/ &4<  %+'  (  


;$(" &/'(! :  &($ &= 0'11' >?  &4@! +$& -.&'%"A'+- (;$&& ( $ -B    (6 (%A$   '/>?  &4. % ( &   
!   (, ;$ $: 1  &E <  %    ' $ -  $+4   '/#  $ % $+0' - & ' $ -!   +& '/F7 ($& '  
G $ & &$& , $ -G $+ &$& , <  %+'  (   5' &;$(" &!  "
#  $ % $+.&$& 1  & $ -. 77+ 1  &$(4<$&$
0A$ :    $ -<  $:(  1  & J &A %%'  &$ & '  %%'  &  :$ -#  $ % $+<  %+'  ( 
0' &('+ $ -6('% - (  
F&A (B /'(1$& ' 
<  %+'  ( ! :$(-  :#'(  : K (  - %& '  &A$&6( ,  &B  7 %& '  
< ( %&'( @>M % & , F// % ( $ -0'(7'($& N', ( $ % 
>M % & , 0'17   $& ' 
. % ( &4FO  ( A 7'/0 (&$      / % $+FO  ( $ -;$ $: 1  &$ -! +$& -.&'%"A'+- (;$&& ( 
0 (&$  ! +$& '  A 7 $ -! +$& -P($  $%& '  @$ -< ( %&'(B - 7  -  % 
6(  % 7$+ %%'  &  :#   $ -. (, %  
     Q
>MA 5 & @#  $ % $+.&$& 1  &.%A - +  
#'(1 LRS. 11$(4

 8 4

23
23
28
28
28
22
2)
2)
C 
C3
  3
  3
  2
  2


  C
 3L
 3
012345678391891396
8 1  69
01234546789 76

0   -  1 1  "  #    +2    3           + 4   & +   ,      4*   -  + +&            4   &   /   4   
1 11 "  #    + 56     +       & + 4   4   )  4 )          ,  )      7        +     / 8    *1 19 " 
 #    +:          *-  ,  )  4 )    4  ;         ,       )  4 4     +#     *           ,  +    4* 
)      7         *    ) +    +4     /%&    .     <<(    -  +   * ,%&    .       /=$%&    .     <<('>
     4 "   "   +                   "  +    ,          4       +  -        *    ,   -                 /
%&    .       /      + 4  )  */
A$ ( ')      5     5         + ,,  + -  (      B
A$      -        4  ;      '  $ (0  ')     4  ;      ,4      ,+                +                  & +   
"     &   )   4     &        *     & +     +    +           C +           B
A$       +    4 )   ')               *)      4 )   "    -*   & +         + , ! + )    ,)  *         
+   4 4 &       + ,  )                     &            +   -    B
A$(CD')      (     ,  C +     +C +   +D  &   B
A$36(<')   6     (          < " ,   D     ,3   "   B
A$%C ')          ) +       + B
A$%&    .     .  + 4 ')   %&    .     .  + 4   /       +        %&    .       /B
A$%2.5       ')   8    ,*.  + 4   /  "    *  "  +  -  +   * ,   ( )  *B
A$%&    (   5      ')   %&    (   5        "    *  "  +  -  +   * ,   ( )  *B
A$%!  4    ')      D        %!  4     , E9F    ) + +B
A$,  +   ')       +&    *G   +( )  *=$H   +&    *G   +'>  +   I  &     * ,5    -  4 C +   (    
=$I5C('>B
A$?H(')      I    +D     ? +    H  + ( ))     B
A$6  5')   I    +D      , )    4      *      +      4         B
A$.5  ')   H  .            5    -    * +      -    *   B
A$.H%(.   ')   H  .      ,  )     H     4*,  %  )  +(     .        B
A$56')   )     -  5  & +  6        "    *  "  +  -  +   * ,   ( )  *B
A$50')              -   ,,   4 , 9/1)             ,   (       ))     7    &    J /          =$(     
 ))     7'>     -   ,,   4     ,J K/           8  1  LB
A$: "(    *.     ')   :(D.  + 4   /  "    *  "  +  -  +   * ,   ( )  *B
A$: ')   :      ) 4 4           /  "    *  "  +  -  +   * ,   ( )  *B
A$:MD%')      : "M  7D  7%!  4 B
A$0,,   4    4  ;    ')          4  ;      +    7   1  L          50"          +       %&    .     
.  + 4   /)  4 +"    +   %&    .       /B
A$       ')          )         "  +         "            !      "    )     B
A$   ,  )    -   +')      7 -   +       "             "     %&        )  ,             -    *,          ,
    "   ) *  4 ,  )    +  ++ "   + 4                 -        *     ,          -    *,          ,   "    
 + ,  +      -N    %&    )  4 )         +                  B
A$    ) *-  ,  )  4 )   '  $5GC ')       +)           ,           +  4   4  )      + 4+ &     4 +
)      4      ,) +                  & +  -       - +       4"       )      4      4+       +  -    
"   +  4)  ,        +       4           +  4    )  *)   B
A$                ')                               7    )   &           ,         )           B
A$D%(')      D         +%!  4 ( ))     B
A$D           ')      D            , E99    ) + +B
A$    +     * +)          '  $H5  ')             4 ,           )       +)           ,            , )   *  
-  ,      ,               *B
A$H   .     ')   H   .     : "C !    /     &     *"    *  "  +  -  +   * ,%&    .       /B
A$H56')   H566  -   <<( +    ,,           + 4    -    ,H566  "   G3. <5 +H56% 4  .  + 4  </5/B
A$H  ')        ) H !    & -    4   )  /D  $5    O   )P/?      D    )    +D     )    *3    :   
  Q:    R',  ,      +       ,   H !    & -    4   )  B
A$I.(')   I  &     *.     (     +S-S 5       .     5  B
A$I ')        ;       &  "B
 • shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 EVH Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon EVH Benford's Law Stock Score = 89


EVH Shareholder/Stockholder Letter Transcript:

012345637346
64809232467154 8 71 48   2662 1
 76 21 3 1 5 8      

9  




# 71107$94%
93%09607133 64832 1 & 9   '"  3 464809232464 8 71 4783    & 
 ( )*!+,-. /0!  !'!'5!.!12! &     &
9
3 39716232 194% 93%09607133 64832 1 & 9   '"  3 464809232464 8 71 4783    & 
 ( )*!)  -,),( 4! ,('+ (1
8(11,--,(  ,/!1512! 6    &7   
48(/!) ! /)* 2. 

5!/ ;  !
 49 .)  1!(+ !:,-)  ) --4!.,+,!', ,)-.*  )! "

5  ,:-' ,.,)=, (),((+"
, 6.)(  )4!(



0!  "
2 '2! 9 
)6,+ ,.414
 ),(/(1(
 >  1  (( !6) !!)   65,)! 7    7 /,:)(  ?, :,, 
 7'' !--(+4 ,.,4 /!9!.5),8!(++,.!-"

 @,48('!"
  7 "&>  A   
9!:,-)  )B-)!/!4*(! 512!  ,./5',:  ! .('!

CDEFGHIHDJGDKHJIDGDLMFGJFNOIIPCDEIHPOQRSTUPVIWDXEIY
3,)/!(+! .*./ -3  ',:6012(/ -"1 1!(+! .*!9.* :!( ;*,.* !:,-)! !'
Z[NJJXZP\\POCIPdEe]P
V^_
^f`
gDhiPG]CIPE]^jEWNOKD
ceQM
DGPJ[DWONIGD`DN[IWabOEcaMNG_N[FD
CDEFGHIHDJGDKHJIDGDLMFGJFNOIIPJDEIHPOQRSKUPVIWDXEIYgPOD
bOLHENIDTkEWDE]\NG]HVIWDGDKHJIGNOIHJNhD[[l]OPhOJDNJPODLHJJFDGaNJLDVHODLHOmF[DneoPVIWDCDEFGHIHDJXEIciDJ# gPp
bOLHENIDTkEWDE]\NG]HVIWDGDKHJIGNOIHJOPIGDqFHGDLIPVH[DGDMPGIJMFGJFNOIIPCDEIHPOQrPGCDEIHPOQoSLUPVIWDXEIciDJp gP#
bOLHENIDTkEWDE]\NG]hWDIWDGIWDGDKHJIGNOISQUWNJVH[DLN[[GDMPGIJGDqFHGDLIPTDVH[DLTkCDEIHPOQrPGQoSLUPVIWDCDEFGHIHDJ^jEWNOKD
XEIPVQsrnLFGHOKIWDMGDEDLHOKQR\POIWJSPGVPGJFEWJWPGIDGMDGHPLIWNIIWDGDKHJIGNOIhNJGDqFHGDLIPVH[DJFEWGDMPGIJUaNOLSRUWNJTDDO
JFTtDEIIPJFEWVH[HOKGDqFHGD\DOIJVPGIWDMNJIseLNkJciDJ# gPp
bOLHENIDTkEWDE]\NG]hWDIWDGIWDGDKHJIGNOIWNJJFT\HIIDLD[DEIGPOHEN[[kD_DGkbOIDGNEIH_DuNINvH[DGDqFHGDLIPTDJFT\HIIDLMFGJFNOIIP
mF[DneoPVmDKF[NIHPOClwSxRrRcneoPVIWHJEWNMIDGULFGHOKIWDMGDEDLHOKQR\POIWJSPGVPGJFEWJWPGIDGMDGHPLIWNIIWDGDKHJIGNOIhNJ
GDqFHGDLIPJFT\HIJFEWVH[DJUciDJ# gPp
bOLHENIDTkEWDE]\NG]hWDIWDGIWDGDKHJIGNOIHJN[NGKDNEED[DGNIDLVH[DGaNONEED[DGNIDLVH[DGaNOPOlNEED[DGNIDLVH[DGaNJ\N[[DGGDMPGIHOK
EP\MNOkaPGNOD\DGKHOKKGPhIWEP\MNOkcCDDIWDLDVHOHIHPOJPVy[NGKDNEED[DGNIDLVH[DGazyNEED[DGNIDLVH[DGazyJ\N[[DGGDMPGIHOKEP\MNOkaz
NOLyD\DGKHOKKGPhIWEP\MNOkzHOmF[DQRTlRPVIWD^jEWNOKDXEIc
{NGKDNEED[DGNIDLVH[DG# XEED[DGNIDLVH[DGp gPOlNEED[DGNIDLVH[DGp C\N[[DGGDMPGIHOKEP\MNOk3^\DGKHOKKGPhIWEP\MNOk3
bVNOD\DGKHOKKGPhIWEP\MNOkaHOLHENIDTkEWDE]\NG]HVIWDGDKHJIGNOIWNJD[DEIDLOPIIPFJDIWDDjIDOLDLIGNOJHIHPOMDGHPLVPG
EP\M[kHOKhHIWNOkODhPGGD_HJDLVHONOEHN[NEEPFOIHOKJINOLNGLJMGP_HLDLMFGJFNOIIPCDEIHPOQrSNUPVIWD^jEWNOKDXEIcp

0123456789474 5   767677 3 65165  3 7257  6 15125667 6563 16 36  515 7 716  5  7   716  677  7463 717    36 
316715 4 16    7 3151435 7  631  127 7463 1    8   67 58517     79 46 !"#$ $%$&'(' 8  89677 3 6772  8 34
544  1631  3 656 7 572  3   7236 5 2367  6$)
0  74 3637 577 3 6772    5166  7463 1!' 8   67 46*3123456789474 5   76767 3151435  6567 716   677 3 6516
314  2723167 3 31  7  746674  7463 1  517   6  7 3    93   72 3151435  6567 716 $+
0123456789474 5   767519  6  77   4  7463 1 577 6567 716 6567, 372574  79515 9 3   3147163 7 85 72
4   71 563 1 7473 7289519  677 3 6516  7 74 63 7   347 2 31 677 7 51674  79 73 2    5166 -'  $! . ! 8 $+
0123456789474 5   767677 3 65163 5 7  4   519 5 27 317231/  7!'8 '  670 451 7 46 $17 23 )
4 75  7 567 5 76 5  7  67  631 5121 1   631 4   17, 369 7 2891 1 5  3 3567   677 3 6516 85 72 1674   31  347  
67 57  16737 1   6 4 0 451 7 1  4 2567 5   67 5 68  317  259  677 3 6516     674716 94    7672 74 12 3 45 
, 567 5 56$ 83  3 1$
   778 59!"*' ' *677 77!!"* 6 *! & 57   677 3 6516  % 5   4   1 6 4   6 651231 $
89:;<=>?@A>:9BC9BD?=EFGH=I=B=>:=
 7 74672  63 1   67J  9 6567 716   67 11 5 K77631    57  27 * 472  72  L 17(*' ' *5 78771314   567289
7 77147316 J56000  63 7  !  M6 677 6716 65672 7731$  4    9 6567 716 3  87 3 72 3667 74 3637 5120 451 7
%  3  3 1 3631!' 259   677 3 6516   3 45 97571272.747 876!*' '6$
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

0123456748369 5
 8 342  256456 
64 

 0
3 
8 
2 
C 
D 
D 
H 
I 
I 
I  
I0 
 L 
 3 
 8 
 2 
 C 

* (  '+, -.&$//0'11  & 
045 (  % ( &4
6('7 (&   
9 :$+6('%  -  : 
;   .$/ &4<  %+'  (  


;$(" &/'(! :  &($ &= 0'11' >?  &4@! +$& -.&'%"A'+- (;$&& ( $ -B    (6 (%A$   '/>?  &4. % ( &   
!   (, ;$ $: 1  &E <  %    ' $ -  $+4   '/#  $ % $+0' - & ' $ -!   +& '/F7 ($& '  
G $ & &$& , $ -G $+ &$& , <  %+'  (   5' &;$(" &!  "
#  $ % $+.&$& 1  & $ -. 77+ 1  &$(4<$&$
0A$ :    $ -<  $:(  1  & J &A %%'  &$ & '  %%'  &  :$ -#  $ % $+<  %+'  ( 
0' &('+ $ -6('% - (  
F&A (B /'(1$& ' 
<  %+'  ( ! :$(-  :#'(  : K (  - %& '  &A$&6( ,  &B  7 %& '  
< ( %&'( @>M % & , F// % ( $ -0'(7'($& N', ( $ % 
>M % & , 0'17   $& ' 
. % ( &4FO  ( A 7'/0 (&$      / % $+FO  ( $ -;$ $: 1  &$ -! +$& -.&'%"A'+- (;$&& ( 
0 (&$  ! +$& '  A 7 $ -! +$& -P($  $%& '  @$ -< ( %&'(B - 7  -  % 
6(  % 7$+ %%'  &  :#   $ -. (, %  
     Q
>MA 5 & @#  $ % $+.&$& 1  &.%A - +  
#'(1 LRS. 11$(4

 8 4

23
23
28
28
28
22
2)
2)
C 
C3
  3
  3
  2
  2


  C
 3L
 3 

012345678391891396
8 1  69  

01234546789 76

0   -  1 1  "  #    +2    3           + 4   & +   ,      4*   -  + +&            4   &   /   4   
1 11 "  #    + 56     +       & + 4   4   )  4 )          ,  )      7        +     / 8    *1 19 " 
 #    +:          *-  ,  )  4 )    4  ;         ,       )  4 4     +#     *           ,  +    4* 
)      7         *    ) +    +4     /%&    .     <<(    -  +   * ,%&    .       /=$%&    .     <<('>
     4 "   "   +                   "  +    ,          4       +  -        *    ,   -                 /
%&    .       /      + 4  )  */
A$ ( ')      5     5         + ,,  + -  (      B
A$      -        4  ;      '  $ (0  ')     4  ;      ,4      ,+                +                  & +   
"     &   )   4     &        *     & +     +    +           C +           B
A$       +    4 )   ')               *)      4 )   "    -*   & +         + , ! + )    ,)  *         
+   4 4 &       + ,  )                     &            +   -    B
A$(CD')      (     ,  C +     +C +   +D  &   B
A$36(<')   6     (          < " ,   D     ,3   "   B
A$%C ')          ) +       + B
A$%&    .     .  + 4 ')   %&    .     .  + 4   /       +        %&    .       /B
A$%2.5       ')   8    ,*.  + 4   /  "    *  "  +  -  +   * ,   ( )  *B
A$%&    (   5      ')   %&    (   5        "    *  "  +  -  +   * ,   ( )  *B
A$%!  4    ')      D        %!  4     , E9F    ) + +B
A$,  +   ')       +&    *G   +( )  *=$H   +&    *G   +'>  +   I  &     * ,5    -  4 C +   (    
=$I5C('>B
A$?H(')      I    +D     ? +    H  + ( ))     B
A$6  5')   I    +D      , )    4      *      +      4         B
A$.5  ')   H  .            5    -    * +      -    *   B
A$.H%(.   ')   H  .      ,  )     H     4*,  %  )  +(     .        B
A$56')   )     -  5  & +  6        "    *  "  +  -  +   * ,   ( )  *B
A$50')              -   ,,   4 , 9/1)             ,   (       ))     7    &    J /          =$(     
 ))     7'>     -   ,,   4     ,J K/           8  1  LB
A$: "(    *.     ')   :(D.  + 4   /  "    *  "  +  -  +   * ,   ( )  *B
A$: ')   :      ) 4 4           /  "    *  "  +  -  +   * ,   ( )  *B
A$:MD%')      : "M  7D  7%!  4 B
A$0,,   4    4  ;    ')          4  ;      +    7   1  L          50"          +       %&    .     
.  + 4   /)  4 +"    +   %&    .       /B
A$       ')          )         "  +         "            !      "    )     B
A$   ,  )    -   +')      7 -   +       "             "     %&        )  ,             -    *,          ,
    "   ) *  4 ,  )    +  ++ "   + 4                 -        *     ,          -    *,          ,   "    
 + ,  +      -N    %&    )  4 )         +                  B
A$    ) *-  ,  )  4 )   '  $5GC ')       +)           ,           +  4   4  )      + 4+ &     4 +
)      4      ,) +                  & +  -       - +       4"       )      4      4+       +  -    
"   +  4)  ,        +       4           +  4    )  *)   B
A$                ')                               7    )   &           ,         )           B
A$D%(')      D         +%!  4 ( ))     B
A$D           ')      D            , E99    ) + +B
A$    +     * +)          '  $H5  ')             4 ,           )       +)           ,            , )   *  
-  ,      ,               *B
A$H   .     ')   H   .     : "C !    /     &     *"    *  "  +  -  +   * ,%&    .       /B
A$H56')   H566  -   <<( +    ,,           + 4    -    ,H566  "   G3. <5 +H56% 4  .  + 4  
shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 

EVH Stockholder/Shareholder Letter (Evolent Health, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.