Q3 2021 Presentation

Cano Health

Q3 2021

Financial

Supplement

November 9, 2021

Disclaimer

This presentation ("Presentation") is for informational purposes only to assist interested parties in making their own evaluation with respect to Cano Health, Inc. ("Cano Health" or the "Company"). The information contained herein does not purport to be all‐inclusive, and neither the Company nor any of its affiliates, control persons, officers, directors, employees, or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information contained in this Presentation. Certain information contained in this Presentation relates to or is based on studies, publications, surveys, and the Company's own internal estimates and research. In addition, certain data and other information included in this Presentation are based on a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source.

This Presentation also contains certain financial forecast information. Such financial forecast information, which constitutes forward‐looking information, is for illustrative purposes only and includes certain estimates and assumptions about expected medical costs and savings and recent acquisitions and other transactions and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive, and other risks, and uncertainties. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation as to the accuracy or completeness of such information or by any person that the results reflected in such forecasts will be achieved.

Forward‐Looking Statements.

This Presentation contains forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward‐looking statements relate to future events and involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. Such forward‐looking statement include, without limitation, our anticipated results of operations, including our financial guidance for the 2021 and 2022 fiscal years, our business strategies, the anticipated impact of the recent transactions on our business and future financial and operating results, the expected amount and timing of synergies from the recent transactions, our projected costs, including projected costs for full-year stock compensation and interest expense and cash to be used in operating activities and de novo and maintenance capital expenditures for 2021, prospects and plans, and other aspects of our operations or operating results. These forward‐looking statements generally can be identified by phrases such as "will," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations and financial condition.

Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward‐looking statements include, among others, changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to realize expected results with respect to patient membership, total revenue and earnings; our ability to enter into new markets and continue our growth; our ability to integrate our acquisitions and achieve desired synergies; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payors; the impact of COVID‐19 or another pandemic on our business and results of operation; our future capital requirements and sources and uses of cash, including funds to satisfy our liquidity needs; and our ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by the forward‐looking statements, please refer to our filings with the Securities and Exchange Commission (the "SEC"), including the risk factors identified in the definitive Proxy Statement/Prospectus filed with the SEC on May 7, 2021 and incorporated by reference into our Super 8‐K filed on June 9, 2021 and in subsequent Quarterly Reports on Form 10‐Q. Unless otherwise specified, all information provided in this Presentation is as of the date hereof. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed in any forward‐looking statements we may make. Except as required by law, we undertake no obligation to update any forward‐looking statements to reflect events or circumstances after the date of such statements. You should, therefore, not rely on these forward‐looking statements as representing our views as of any date subsequent to the date of this Presentation.

This Presentation also contains certain non‐GAAP financial measures as defined by the SEC rules. These non‐GAAP financial measures, such as EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Further Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non‐GAAP financial measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with GAAP. We believe these non‐GAAP measures of financial results provide useful information regarding certain financial and business trends relating to our financial condition and results of operations. Our management uses these non‐GAAP measures to compare our performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, and for budgeting and planning purposes. We believe that the use of these non‐GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing our financial measures with other similar companies, many of which present similar non‐GAAP financial measures to investors. We do not consider these non‐GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non‐GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non‐GAAP financial measures. In addition, other companies may calculate non‐GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non‐GAAP financial measures as tools for comparison. As required by Regulation G, we have provided a reconciliation of those measures to their most directly comparable GAAP measures, in this document. However, we have not reconciled our expectations as to non‐GAAP measures in future periods to their most directly comparable GAAP measure because certain costs and expenses are outside of our control or cannot be reasonably predicted. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results computed in accordance with GAAP. You should review our financial statements filed with the SEC, and not rely on any single financial measure to evaluate our business.

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Transforming patient care by delivering superior primary care services

through access, quality, and wellness

We are a high-touch,tech-enabled, population health management

company with a powerful combination of medical centers and services making healthcare more accessible and affordable

	+	+
Industry-leading	Technology-driven	Patient-focused
independent	population heath	medical centers
primary care	management	adapted to the local
provider company		community

Q3 2021 Highlights

Scale and density driving sustainable, profitable growth

Total Revenue: $527M		Total Membership: 211K		Adjusted EBITDA(1): $35M
+100% y-y		+105% y-y		+53% y-y
Reflects strong membership growth		Medicare Capitated Membership		Adjusted EBITDA margin of 6.7%
and operational expansion		120K, up 65% y-y

2021 and 2022 guidance raised

Total Revenue, Membership,

and Adjusted EBITDA

Strong de novo growth and

completed acquisitions support

updated outlook

Medical Claims Expense Ratio improved 140 bps sequentially to 75.6%

On track for full year

MCR of ~75%

CanoPanorama projections of stable

hospital admissions realized through the

recent COVID-19 surge

16 de novo centers

opened to date in 2021

On track for

20 de novos in 2021

Reaffirming guidance for 2022 of 54-59 de novo medical centers

Healthy Heart

program launched

Targets cardiovascular disease with

specialized prevention and risk

assessment protocols

Launched in six Cano Health medical

centers across Florida, Texas and Nevada,

with future locations expected

Delivering strong results - demonstrating success

in our Build, Buy, and Manage differentiated growth strategy, enabled by CanoPanorama

1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure. Complete quarterly reconciliations from Q1 2019 through Q1 2021 are available in the Company's S-1 SEC filing on June 25, 2021, as amended.

Medical Claims Expense Ratio (MCR) = Third‐party Medical Costs / Capitated Revenue

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Q3 2021 Results

Cano Health

		Q3 2021		Q3 2020		Change
Total Membership	210,663	102,767	105%
Medicare	120,086	72,806	65%
Medicaid	63,871	19,169	233%
ACA	26,706	10,792	147%
Total Revenues	$527M		$263M	100%
Adjusted EBITDA (1)	$35M		$23M	53%
Medical Claims Expense Ratio (2)	75.6%	73.1%		250 bps
SG&A Ratio %	14.4%	10.4%		400 bps
Adjusted EBITDA Margin %(1)(3)	6.7%	8.7%		(200) bps

Membership growth of 105% driven by acquisitions and organic growth

Medical claims expense ratio for the third quarter 2021 was 75.6%, compared to 73.1% for the third quarter of 2020; increase driven primarily by the inclusion of DCE members, who we initially expect to have higher medical costs, and to a lesser extent by higher elective procedure utilization and costs related to COVID-19

SG&A ratio increased primarily due to higher stock compensation expense and higher professional fees, primarily related to transactions

1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please refer to the reconciliation table for a reconciliation of Adjusted EBITDA to the most comparable GAAP measure. Complete quarterly reconciliations from Q1 2019 through Q1 2021 are available in the Company's S-1 SEC filing on June 25, 2021, as amended.
2. Medical Claims Expense Ratio = Third‐party Medical Costs / Capitated Revenue

(3) Adjusted EBITDA margin is defined as Adjusted EBITDA expressed as a percentage of total revenue

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