Evolent Announces First Quarter 2026 Results
WASHINGTON, May 7, 2026 /PRNewswire/ -- Evolent Health, Inc. (NYSE: EVH) ("Evolent" or the "Company"), a company that specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable, today announced financial results for the three months ended March 31, 2026.
Seth Blackley, Co-Founder and Chief Executive Officer of Evolent stated, "I am happy with the strong start to the year. We are on track with our plan and have had successful, on-time oncology launches at both Highmark and Aetna. As we look into 2027 and beyond, we remain focused on both extending our market leadership in oncology and addressing the big opportunity we have with AI, all while fulfilling our commitments to shareholders, employees and customers."
Highlights for the three months ended March 31, 2026 include (dollars in thousands, except for average PMPM fees and revenue per case):
For the Three Months
Ended March 31,
2026
2025
Financial Results:
Revenue
$ 496,246
$ 483,649
Net loss attributable to common shareholders of Evolent Health, Inc.
$ (26,632)
$ (72,250)
Net loss margin
(5.4) %
(14.9) %
Adjusted EBITDA
$ 22,067
$ 36,860
Adjusted EBITDA Margin
4.4 %
7.6 %
Average Lives on Platform/Cases
Performance Suite
6,078
6,486
Specialty Technology and Services Suite
76,101
77,079
Administrative Services
1,118
1,213
Cases
11
14
Average Unique Members
38,903
40,628
Average PMPM Fees/ Revenue per Case
Performance Suite
$ 17.73
$ 15.57
Specialty Technology and Services Suite
0.35
0.36
Administrative Services
14.78
15.72
Cases
3,772
2,947
Medical Expense Ratio
93.3 %
68.0 %
Medical Expense Ratio excluding Evolent Care Partners
93.3 %
84.0 %
The rising medical costs impacting health plans continue to drive robust demand for Evolent's complex specialty care solutions.
Evolent announced two new revenue agreements:
Financial Results of Evolent Health, Inc.
In our earnings releases, prepared remarks, conference calls, slide presentations and webcasts, we may use or discuss financial measures not prepared in accordance with generally accepted accounting principles ("GAAP"). Definitions of the non-GAAP financial measures as well as reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are presented herein. See "Non-GAAP Financial Measures" for more information.
Reported Results
Evolent Health, Inc. reported the following results in accordance with GAAP (dollars in thousands, except for per share data):
For the Three Months
Ended March 31,
2026
2025
Revenue
$ 496,246
$ 483,649
Cost of revenue
$ 412,472
$ 381,178
Selling, general and administrative expenses
$ 72,818
$ 78,409
Net loss attributable to common shareholders of Evolent Health, Inc.
$ (26,632)
$ (72,250)
Net loss margin
(5.4) %
(14.9) %
Loss per share attributable to common shareholders of Evolent Health, Inc.
Basic and diluted
$ (0.24)
$ (0.63)
Total cash and cash equivalents was $142.0 million as of March 31, 2026.
Adjusted Results
Evolent Health, Inc. reported the following adjusted results (dollars in thousands, except for per share data):
For the Three Months
Ended March 31,
2026
2025
Adjusted cost of revenue
$ 411,953
$ 380,521
Adjusted selling, general and administrative expenses
$ 62,226
$ 66,268
Adjusted EBITDA
$ 22,067
$ 36,860
Adjusted EBITDA margin
4.4 %
7.6 %
Adjusted income (loss) attributable to common shareholders
$ (2,253)
$ 7,445
Adjusted income (loss) per share attributable to common shareholders:
Basic
$ (0.02)
$ 0.06
Business Outlook
The Company does not believe it can meaningfully reconcile guidance for non-GAAP Adjusted EBITDA to net income (loss) attributable to common shareholders of Evolent Health, Inc. because the Company cannot provide guidance for the more significant reconciling items between net income (loss) attributable to common shareholders of Evolent Health, Inc. and Adjusted EBITDA without unreasonable effort. This is due to the fact that future period non-GAAP guidance includes adjustments for items not indicative of our core operations, and as a result from changes to our business due to transactions and other events. Such items may, from time to time, include change in tax receivable agreement liability, other refinancing fees, gain (loss) from equity method investees, gain (loss) on repayment/extinguishment of debt, other income (expense), gain (loss) on disposal of non-strategic assets, goodwill impairments, right-of-use asset impairments, gain (loss) on lease terminations, stock-based compensation expense, severance costs and transaction-related costs. Such adjustments may be affected by changes in ongoing assumptions, judgments, as well as nonrecurring, unusual or unanticipated charges, expenses or gains (losses) or other items that may not directly correlate to the underlying performance of our business operations. The exact amount of these adjustments is not currently determinable but may be significant.
Full Year 2026 Guidance
Incorporating its year-to-date performance, the Company is reiterating its 2026 revenue guidance range of $2.4 billion to $2.6 billion and Adjusted EBITDA range of approximately $110 million to $140 million, respectively.
Additional Outlook Information
The Company expects to deploy approximately $25 million to $30 million in cash for capitalized software development during 2026.
This "Business Outlook" section contains forward-looking statements, and actual results may differ materially. Factors that may cause actual results to differ materially from our current expectations in addition to those set forth above are set forth below in "Forward Looking Statements - Cautionary Language" and Evolent Health, Inc.'s filings with the Securities and Exchange Commission ("SEC").
Web and Conference Call Information
Evolent Health, Inc. will hold a conference call to discuss its financial performance and related matters this morning, May 7, 2026, at 8:00 a.m., Eastern Time. To listen to a live broadcast via the internet and view the accompanying materials, please visit the Company's Investor Relations website at http://ir.evolent.com. To participate by telephone, dial (855) 940-9467, or (412) 317-6034 for international callers, and ask to join the "Evolent Health call." Participants are advised to dial in at least fifteen minutes prior to the call to register. The call will be archived on the Company's website for one week and will be available beginning later this evening. Evolent invites all interested parties to attend the conference call.
About Evolent
Evolent specializes in better health outcomes for people with complex conditions through proven solutions that make health care simpler and more affordable. Evolent serves a national base of leading payers and providers and is consistently recognized as a top place to work in health care nationally. Learn more about how Evolent is changing the way health care is delivered by visiting evolent.com.
Contacts:
[email protected]
Definitions
Revenue Agreements
Evolent reports the number of new revenue agreements signed for Performance Suite, Specialty Technology and Services Suite, Administrative Services and Case-based products. A new revenue agreement includes incremental revenue to the Company reflecting contracts for services to both new partner entities, corporations or health plans as well as additional sales to existing partners. New revenue agreements may include incremental services, geographic, or line of business expansions or a combination thereof. The conversion of Specialty Technology and Services Suite contracts to Performance Suite are also included in this definition. The Company does not count renewals for existing scope, growth of membership within an existing contract scope or transaction-related purchase agreements, if applicable, in this metric.
Lives on Platform and Per Member Per Month ("PMPM") Fee
Performance Suite Lives on Platform are calculated by summing monthly members covered for specialty care services for contracts not under ASO arrangements, plus members managed by Complex Care in capitation arrangements and divided by the number of months in the period. Specialty Technology and Services Suite Lives on Platform are calculated by summing monthly members covered for oncology, cardiology, musculoskeletal, advanced imaging and other diagnostic specialty care services for contracts under ASO arrangements divided by the number of months in the period. Administrative Services Lives on Platform are calculated by summing monthly members covered for administrative services implementation and core performance services divided by the number of months in the period. Cases are calculated by summing the number of individuals receiving services through our surgery management and advanced care planning programs in a given period. Members covered for more than one category are counted in each category.
Performance Suite Average PMPM fee is defined as revenue pertaining to our Performance Suite during the period reported divided by Performance Suite Lives on Platform for the period divided by the number of months in the period. Specialty Technology and Services Suite Average PMPM fee is defined as revenue pertaining to the Specialty Technology and Services Suite during the period reported divided by Specialty Technology and Services Suite Lives on Platform for the period divided by the number of months in the period. Administrative Services Average PMPM fee is defined as revenue pertaining to the Administrative Services during the period reported divided by the Administrative Services Lives on Platform for the period divided by the number of months in the period. Revenue per Case is calculated by the revenue pertaining to surgery management and advanced care planning programs divided by the number of cases for a given period.
Average Unique Members are calculated by summing members covered by our Performance Suite, Specialty Technology and Services Suite and Administrative Services. In cases where partners cross between multiple solutions, we only capture members from the solution with the maximum number of members.
Management uses Lives on Platform, PMPM fees, Cases, Revenue per Case and Average Unique Members because we believe that they provide insight into the unit economics of our services. We believe that these measures are also useful to investors because they allow further insight into the period over period operational performance.
Medical Expense Ratio
Medical Expense Ratio ("MER") is a key performance indicator used by management for purposes of monitoring operating performance and is calculated as GAAP total claims incurred related to our specialty care management services solution divided by GAAP revenue related to our Performance Suite. Management believes MER is useful to investors because it provides insight into the efficiency with which medical costs are managed relative to revenue and helps identify trends in the underlying performance. For periods prior to the consummation of the sale of Evolent Care Partners ("ECP") in December 2025, we present non-GAAP MER excluding revenues from ECP because is not indicative of ongoing operations.
EVOLENT HEALTH, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands, except per share data)
For the Three Months
Ended March 31,
2026
2025
Revenue
$ 496,246
$ 483,649
Expenses
Cost of revenue
412,472
381,178
Selling, general and administrative expenses
72,818
78,409
Depreciation and amortization expenses
21,555
24,058
Loss on lease termination
—
1,906
Change in fair value of contingent consideration
—
(280)
Operating expenses
506,845
485,271
Operating loss
(10,599)
(1,622)
Interest income
1,014
1,274
Interest expense
(16,868)
(10,385)
Loss from equity method investees
(11)
(19)
Loss on option exercise
—
(52,348)
Other income (expense), net
742
(48)
Loss before income taxes
(25,722)
(63,148)
Provision for income taxes
910
1,470
Loss before preferred dividends and accretion of Series A Preferred Stock including
excise tax
(26,632)
(64,618)
Dividends and accretion of Series A Preferred Stock including excise tax
—
(7,632)
Net loss attributable to common shareholders of Evolent Health, Inc.
$ (26,632)
$ (72,250)
Loss per common share
Basic and diluted
$ (0.24)
$ (0.63)
Weighted-average common shares outstanding
Basic and diluted
111,905
115,315
Comprehensive loss
Net loss attributable to common shareholders of Evolent Health, Inc.
$ (26,632)
$ (72,250)
Other comprehensive loss, net of taxes, related to:
Foreign currency translation adjustment
(1,002)
24
Total comprehensive loss attributable to common shareholders of Evolent Health, Inc.
$ (27,634)
$ (72,226)
EVOLENT HEALTH, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31, 2026
December 31,
2025
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 142,028
$ 151,856
Restricted cash
23,977
26,134
Accounts receivable, net
314,158
309,861
Prepaid expenses and other current assets
21,847
18,521
Total current assets
502,010
506,372
Restricted cash
2,739
2,706
Investments and equity method investees
8,955
8,966
Property and equipment, net
81,181
80,785
Right-of-use assets - operating
3,866
4,373
Prepaid expenses and other noncurrent assets
2,250
3,078
Contract cost assets
13,731
13,537
Intangible assets, net
569,682
584,937
Goodwill
694,433
694,482
Total assets
$ 1,878,847
$ 1,899,236
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Current liabilities:
Accounts payable
$ 63,007
$ 59,776
Accrued liabilities
45,063
65,755
Operating lease liability - current
8,779
15,343
Accrued compensation and employee benefits
31,007
50,987
Deferred revenue
1,417
1,203
Reserve for claims and performance - based arrangements
231,962
192,196
Total current liabilities
381,235
385,260
Long-term debt, net
973,486
970,537
Other long-term liabilities
8,091
8,012
Tax receivables agreement liability
108,909
108,909
Operating lease liabilities - noncurrent
3,160
3,818
Deferred tax liabilities, net
7,573
7,506
Total liabilities
1,482,454
1,484,042
Shareholders' Equity
Class A common stock - $0.01 par value; 750,000,000 shares authorized;
118,449,473 and 117,603,806 shares issued, respectively
1,185
1,176
Additional paid-in-capital
1,802,222
1,793,398
Accumulated other comprehensive loss
(3,626)
(2,624)
Retained earnings (accumulated deficit)
(1,341,959)
(1,315,327)
Treasury stock, at cost; 5,971,712 and 5,971,712 shares issued, respectively
(61,429)
(61,429)
Total shareholders' equity
396,393
415,194
Total liabilities and shareholders' equity
$ 1,878,847
$ 1,899,236
EVOLENT HEALTH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
For the Three Months
Ended March 31,
2026
2025
Cash Flows (Used In) Provided by Operating Activities
Loss before preferred dividends and accretion of Series A Preferred Stock
$ (26,632)
$ (64,618)
Adjustments to reconcile net loss to net cash and restricted cash provided by operating
activities:
Change in fair value of contingent consideration
—
(280)
Loss (gain) from equity method investees
11
19
Loss on option exercise
—
52,348
Depreciation and amortization expenses
21,555
24,058
Stock-based compensation expense
10,649
11,081
Deferred tax benefit
577
295
Amortization of contract cost assets
931
1,237
Amortization of deferred financing costs
2,949
1,154
Loss on lease termination
—
1,906
Right-of-use operating assets
507
408
Other current operating cash inflows (outflows), net
—
2
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net and contract assets
(4,297)
(15,815)
Prepaid expenses and other current and non-current assets
(3,372)
(7,729)
Contract cost assets
(1,125)
(1,193)
Accounts payable
5,388
3,264
Accrued liabilities
(20,982)
(18,879)
Operating lease liabilities
(7,222)
(2,820)
Accrued compensation and employee benefits
(19,980)
2,195
Deferred revenue
214
2,510
Reserve for claims and performance-based arrangements
39,766
15,137
Other long-term liabilities
79
285
Net cash and restricted cash (used in) provided by operating activities
(984)
4,565
Cash Flows Used In Investing Activities
Cash paid for asset acquisitions and business combinations
—
(4,498)
Investments in internal-use software and purchases of property and equipment
(6,406)
(8,595)
Net cash and restricted cash used in investing activities
(6,406)
(13,093)
Cash Flows (Used In) Provided by Financing Activities
Changes in working capital balances related to claims processing
(2,157)
(41,476)
Proceeds from issuance of long-term debt, net of offering costs
—
221,000
Repayment of debt
—
(62,500)
Payment of preferred dividends
—
(4,577)
Taxes withheld and paid for vesting of equity awards
(1,816)
(4,593)
Net cash and restricted cash (used in) provided by financing activities
(3,973)
107,854
Effect of exchange rate on cash and cash equivalents and restricted cash
(589)
23
Net increase (decrease) in cash and cash equivalents and restricted cash
(11,952)
99,349
Cash and cash equivalents and restricted cash as of beginning-of-period
180,696
178,496
Cash and cash equivalents and restricted cash as of end-of-period
$ 168,744
$ 277,845
Non-GAAP Financial Measures
The Company views the following activities as integral to understanding its non-GAAP financial measures:
In addition to disclosing financial results that are determined in accordance with GAAP, we present Adjusted Cost of Revenue, Adjusted Selling, General and Administrative Expenses, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Income (Loss) Attributable to Common Shareholders, which are all non-GAAP financial measures, as supplemental measures to help investors evaluate our fundamental operational performance.
Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are defined as cost of revenue and selling, general and administrative expenses calculated in accordance with GAAP, respectively, adjusted to exclude the impact of stock-based compensation expenses, severance costs and transaction-related costs. Management believes Adjusted Cost of Revenue and Adjusted Selling, General and Administrative Expenses are useful to investors, because they facilitate an understanding of our long-term operational costs while removing the effect of costs that are not a representative component of the day-to-day operating performance of our business, and are useful to management as supplemental performance measures.
Adjusted EBITDA is defined as net loss attributable to common shareholders of Evolent Health, Inc. before interest income, interest expense, provision for income taxes, depreciation and amortization expenses, loss from equity method investees, loss on option exercise, change in fair value of contingent consideration, other income (expense), net, loss on lease termination, stock-based compensation expense, severance costs, dividends and accretion of Series A Preferred Stock and transaction-related costs.
Management believes that Adjusted EBITDA is useful to investors because it allows investors to evaluate the Company's performance using tools that management uses to evaluate past performance and prospects for future performance. Management also uses Adjusted EBITDA as a supplemental performance measure because the removal of adjustments to net loss attributable to common shareholders of Evolent Health, Inc. allows us to focus on operational performance.
Adjusted EBITDA Margin is defined Adjusted EBITDA divided by Revenue. Management believes that this measure is useful to investors because it allows further insight into the period over period operational performance. Management also uses Adjusted EBITDA Margin as a supplemental performance measure because it allows the investor to understand operational performance compared to revenues over time.
Adjusted Income (Loss) Attributable to Common Shareholders is defined as net loss attributable to common shareholders of Evolent Health, Inc. adjusted to loss from equity method investees, other income (expense), net, provision for income taxes, change in fair value of contingent consideration, loss on option exercise, purchase accounting adjustments, loss on lease termination, stock-based compensation expense, severance costs, transaction-related costs and the tax impact of non-GAAP adjustments.
Adjusted Income (Loss) per Share Attributable to Common Shareholders is defined as Adjusted Income (Loss) Attributable to Common Shareholders divided by Weighted-Average Common Shares, and reflects the adjustments made in those non-GAAP measures.
Management believes that Adjusted Income (Loss) Attributable to Common Shareholders and Adjusted Income (Loss) per Share Attributable to Common Shareholders are useful to investors because they provide a measure of the Company's net profitability on a more comparable basis to historical periods and provide a more meaningful basis for forecasting future performance.
These adjusted measures do not represent and should not be considered as alternatives to GAAP measurements, and our calculations thereof may not be comparable to similarly entitled measures reported by other companies. A reconciliation of these adjusted measures to their most comparable GAAP financial measures is presented in the tables below. We believe these measures are useful across time in evaluating our fundamental core operating performance.
Evolent Health, Inc.
Reconciliation of Adjusted Results of Operations
(unaudited, in thousands)
Reconciliation of Adjusted Cost of Revenue to
Cost of Revenue
For the Three Months
Ended March 31,
2026
2025
Cost of revenue
$ 412,472
$ 381,178
Less:
Stock-based compensation
519
657
Adjusted cost of revenue
$ 411,953
$ 380,521
Reconciliation of Adjusted Selling, General and Administrative Expenses to
Selling, General and Administrative Expenses
For the Three Months
Ended March 31,
2026
2025
Selling, general and administrative expenses
$ 72,818
$ 78,409
Less:
Stock-based compensation
10,130
10,424
Severance costs
—
1,014
Transaction-related costs
462
703
Adjusted selling, general and administrative expenses
$ 62,226
$ 66,268
Evolent Health, Inc.
Reconciliation of Medical Expense Ratio
(unaudited, in thousands except MER percentages)
For the Three Months
Ended March 31,
2026
2025
Revenue
Performance Suite
$ 323,303
$ 303,021
Specialty Technology and Services Suite
80,799
82,821
Administrative Services
49,587
57,191
Cases
42,557
40,616
Total revenue
496,246
483,649
Less:
Revenue from Evolent Care Partners
—
57,799
Performance Suite revenue less revenue from Evolent Care Partners
323,303
245,222
Total claims incurred related to our specialty care management services solution
301,777
205,992
Medical expense ratio
93.3 %
68.0 %
Medical expense ratio excluding Evolent Care Partners
93.3 %
84.0 %
Evolent Health, Inc.
Reconciliation of Adjusted EBITDA to Net Income (Loss)
Attributable to Common Shareholders of Evolent Health, Inc.
(unaudited, in thousands)
For the Three Months
Ended March 31,
2026
2025
Net loss attributable to common shareholders of Evolent Health, Inc.
$ (26,632)
$ (72,250)
Net loss margin
(5.4) %
(14.9) %
Less:
Interest income
1,014
1,274
Interest expense
(16,868)
(10,385)
Provision for income taxes
(910)
(1,470)
Depreciation and amortization expenses
(21,555)
(24,058)
Loss from equity method investees
(11)
(19)
Loss on option exercise
—
(52,348)
Change in fair value of contingent consideration
—
280
Other income (expense), net
742
(48)
Loss on lease termination
—
(1,906)
Stock-based compensation expense
(10,649)
(11,081)
Severance costs
—
(1,014)
Dividends and accretion of Series A Preferred Stock
—
(7,632)
Transaction-related costs
(462)
(703)
Adjusted EBITDA
$ 22,067
$ 36,860
Adjusted EBITDA margin
4.4 %
7.6 %
Evolent Health, Inc.
Reconciliation of Adjusted Income (Loss) Attributable to Common Shareholders to
Net Loss Attributable to Common Shareholders
(unaudited, in thousands, except per share data)
For the Three Months
Ended March 31,
2026
2025
Net loss attributable to common shareholders of Evolent Health, Inc.
$ (26,632)
$ (72,250)
Less:
Loss from equity method investees
(11)
(19)
Other income (expense), net
742
(48)
Provision for income taxes
(910)
(1,470)
Change in fair value of contingent consideration
—
280
Loss on option exercise
—
(52,348)
Purchase accounting adjustments
(12,490)
(13,365)
Loss on lease termination
—
(1,906)
Stock-based compensation expense
(10,649)
(11,081)
Severance costs
—
(1,014)
Transaction-related costs
(462)
(703)
Tax impact (1)
(599)
1,979
Adjusted income (loss) attributable to common shareholders
$ (2,253)
$ 7,445
Loss per share attributable to common shareholders
Basic
$ (0.24)
$ (0.63)
Adjusted income (loss) per share attributable to common shareholders
Basic
$ (0.02)
$ 0.06
Weighted-average common shares
Basic
111,905
115,315
(1)
Non-GAAP financial information for the periods shown are adjusted for an assumed provision for income taxes based on our statutory federal tax rate of 21%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate.
FORWARD-LOOKING STATEMENTS - CAUTIONARY LANGUAGE
Certain statements made in this report and in other written or oral statements made by us or on our behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "aim," "predict," "potential," "continue," "plan," "project," "will," "should," "shall," "may," "might" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to our ability to weather current dynamics, continue to expand our footprint, future actions, trends in our businesses, prospective services, new partner additions/expansions, our guidance and business outlook and future performance or financial results, and the closing of pending transactions and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.
These statements are only predictions based on our current expectations and projections about future events. Forward-looking statements involve risks and uncertainties that may cause actual results, level of activity, performance or achievements to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements, include, among others:
The risks included here are not exhaustive. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Our periodic reports and other documents filed with the SEC include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.
Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we undertake no obligation to publicly update any forward-looking statements to reflect events or circumstances that occur after the date of this release.
SOURCE Evolent Health, Inc.