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P3 Health Partners Announces Second Quarter 2024 Results

Management to Host Conference Call and Webcast August 7, 2024 at 4:30 PM ET

P3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII), a patient-centered and physician-led population health management company, today announced its financial results for the second quarter ended June 30, 2024.

“In the second quarter, we experienced continued growth in our top line while simultaneously enhancing our balance sheet through a successful capital raise,” said Aric Coffman, CEO of P3. “Building on P3’s key strengths, I have identified several initiatives during my first 90 days as CEO that will further enhance our capabilities and help achieve sustainable profitability.”

Second Quarter 2024 Financial Results

  • Total revenue was $379.2 million, an increase of 15% compared to $329.1 million in the second quarter of the prior year
  • Capitated revenue was $374.3 million, an increase of 15% compared to $325.6 million in the second quarter of the prior year
  • Gross profit was $14.0 million, as compared to $26.8 million in the prior year. Gross profit PMPM was $36, compared to $86 PMPM in the prior year
  • Medical margin1 was $41.1 million compared to $50.5 million in the prior year. Medical margin PMPM1 was $107, compared to a medical margin PMPM of $161 in the prior year
  • Net loss was $28.8 million compared to a net loss of $27.6 million in the second quarter of the prior year. Net loss PMPM was $75 compared to a net loss PMPM of $88 in the prior year
  • Adjusted EBITDA loss1 was $8.8 million compared to Adjusted EBITDA of $0.2 million in the second quarter of the prior year. Adjusted EBITDA loss PMPM1 was $23, compared to Adjusted EBITDA PMPM of $1 in the second quarter of the prior year

Fiscal 2024 Guidance

 

 

 

Year Ended

December 31, 2024

 

 

Low

High

At-Risk Members(2)

 

 

125,000

 

 

135,000

 

Total Revenues (in millions)

 

$

1,450

 

$

1,550

 

Medical Margin(1)(3) (in millions)

 

$

230

 

$

250

 

Medical Margin(3) PMPM

 

$

165

 

$

175

 

Adjusted EBITDA(3) (in millions)

 

$

20

 

$

40

 

(1) Adjusted EBITDA, Adjusted EBITDA per member, per month (“PMPM”), medical margin, and medical margin PMPM are non-GAAP financial measures. For reconciliations of these measures to the most directly comparable GAAP measures, if applicable, and more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures.”
 
(2) See “Key Performance Metrics” for additional information on how the Company defines “at-risk members.”
 
(3) The Company is not able to provide a quantitative reconciliation of guidance for Adjusted EBITDA (loss), medical margin and medical margin PMPM to net income (loss), gross profit and gross profit PMPM the most directly comparable GAAP measures, respectively, and has not provided forward-looking guidance for net income (loss), gross profit (loss) or gross profit (loss) PMPM because of the uncertainty around certain items that may impact net income (loss), gross profit (loss) or gross profit (loss) PMPM that are not within our control or cannot be reasonably predicted without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this press release, please see “Non-GAAP Financial Measures” below.

The foregoing 2024 outlook statements represent management's current estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the “Cautionary Note Regarding Forward-Looking Statements” included in this release. Management does not assume any obligation to update these estimates.

Management to Host Conference Call and Webcast on August 7, 2024 at 4:30 PM ET

Title & Webcast

 

P3 Health Second Quarter Earnings Conference Call

Date & Time

 

August 7, 2024, 4:30pm Eastern Time

Conference Call Details

 

Toll-Free 1-833-316-0546 (US)

International 1-412-317-0692

Ask to be joined into the P3 Health Partners call

The conference call will also be webcast live in the "Events & Presentations" section of the Investor page of the P3 website (ir.p3hp.org). The Company’s press release will be available at ir.p3hp.org website in advance of the conference call. An archived recording of the webcast will be available at ir.p3hp.org for a period of 90 days following the conference call.

About P3 Health Partners (NASDAQ: PIII):

P3 Health Partners Inc. is a leading population health management company committed to transforming healthcare by improving the lives of both patients and providers. Founded and led by physicians, P3 has an expansive network of more than 2,900 affiliated primary care providers across the country. Our local teams of health care professionals manage the care of thousands of patients in 27 counties across five states. P3 supports primary care providers with value-based care coordination and administrative services that improve patient outcomes and lower costs. Through partnerships with these local providers, the P3 care team creates an enhanced patient experience by navigating, coordinating, and integrating the patient’s care within the healthcare system. For more information, visit www.p3hp.org and follow us on LinkedIn and Facebook.

Non-GAAP Financial Measures

In addition to the financial results prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), this press release contains certain non-GAAP financial measures as defined by the SEC rules, including Adjusted EBITDA and Adjusted EBITDA PMPM, medical margin, and medical margin PMPM. EBITDA is defined as GAAP net income (loss) before (i) interest, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA, further adjusted to exclude the effect of certain supplemental adjustments, such as (i) mark-to-market warrant gain/loss, (ii) premium deficiency reserves, (iii) equity-based compensation expense and (iv) certain other items that we believe are not indicative of our core operating performances. Adjusted EBITDA PMPM is defined as Adjusted EBITDA divided by the number of at-risk Medicare members each month divided by the number of months in the period. We believe these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other similar companies. Medical margin represents the amount earned from capitated revenue after medical claims expenses are deducted and medical margin PMPM is defined as medical margin divided by the number of Medicare members each month divided by the number of months in the period.

Medical claims expenses represent costs incurred for medical services provided to our members. As our platform grows and matures over time, we expect medical margin to increase in absolute dollars; however, medical margin PMPM may vary as the percentage of new members brought onto our platform fluctuates. New membership added to the platform is typically dilutive to medical margin PMPM. We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. These non-GAAP financial measures 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. The tables at the end of this press release present a reconciliation of Adjusted EBITDA to net income (loss) and Adjusted EBITDA PMPM to net income (loss) PMPM, medical margin to gross profit, and medical margin PMPM to gross profit PMPM, which are the most directly comparable financial measures calculated in accordance with GAAP.

Key Performance Metrics

In addition to our GAAP and non-GAAP financial information, the Company also monitors “at-risk members” to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. At-risk membership represents the approximate number of Medicare members for whom we receive a fixed percentage of premium under capitation arrangements as of the end of a particular period.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements address various matters, including the Company’s future expected growth strategy and operating performance; outlook as to total revenue, at-risk membership, medical margin, medical margin PMPM, and Adjusted EBITDA for the full year 2024; and our ability to enhance our capabilities and achieve sustainable profitability, all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected or estimated and you are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

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, our ability to continue as a going concern; our potential need to raise additional capital to fund our existing operations or develop and commercialize new services or expand our operations; our ability to achieve or maintain profitability; our ability to maintain compliance with our debt covenants in the future, or obtain required waivers from our lenders if future operating performance were to fall below current projections, and if there are material changes to management’s assumptions, we could be required to recognize non-cash charges to operating earnings for goodwill and/or other intangible asset impairment; our ability to identify and develop successful new geographies, physician partners, payors and patients; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to our services; our ability to fund our growth and expand our operations; changes in laws and regulations applicable to our business; our ability to maintain our relationships with health plans and other key payors; our ability to establish and maintain effective internal controls and the impact of the material weaknesses we have identified; our ability to maintain the listing of our securities on The Nasdaq Stock Market, LLC; increased labor costs; our ability to recruit and retain qualified team members and independent physicians; and the factors described under Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 28, 2024, and in our subsequent filings with the SEC.

All information in this press release is as of the date hereof, and we undertake no duty to update or revise this information unless required by law. You are cautioned not to place undue reliance on any forward-looking statements contained in this press release.

P3 HEALTH PARTNERS INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)

 

 

June 30, 2024

 

December 31, 2023

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash

$

73,086

 

 

$

36,320

 

Restricted cash

 

5,116

 

 

 

4,614

 

Health plan receivable, net of allowance for credit losses of $150

 

153,259

 

 

 

118,497

 

Clinic fees, insurance and other receivable

 

2,165

 

 

 

2,973

 

Prepaid expenses and other current assets

 

8,478

 

 

 

3,613

 

TOTAL CURRENT ASSETS

 

242,104

 

 

 

166,017

 

Property and equipment, net

 

7,537

 

 

 

8,686

 

Intangible assets, net

 

624,673

 

 

 

666,733

 

Other long-term assets

 

18,445

 

 

 

19,531

 

TOTAL ASSETS (1)

$

892,759

 

 

$

860,967

 

LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

7,989

 

 

$

8,663

 

Accrued expenses and other current liabilities

 

39,900

 

 

 

36,884

 

Accrued payroll

 

3,744

 

 

 

3,506

 

Health plan settlements payable

 

22,851

 

 

 

34,992

 

Claims payable

 

233,761

 

 

 

178,009

 

Premium deficiency reserve

 

11,273

 

 

 

13,670

 

Accrued interest

 

31,905

 

 

 

23,648

 

Short-term debt

 

831

 

 

 

 

TOTAL CURRENT LIABILITIES

 

352,254

 

 

 

299,372

 

Operating lease liability

 

12,192

 

 

 

13,622

 

Warrant liabilities

 

25,455

 

 

 

1,085

 

Contingent consideration

 

4,907

 

 

 

4,907

 

Long-term debt, net

 

133,124

 

 

 

108,319

 

TOTAL LIABILITIES (1)

 

527,932

 

 

 

427,305

 

COMMITMENTS AND CONTINGENCIES

 

 

 

MEZZANINE EQUITY:

 

 

 

Redeemable non-controlling interest

 

197,987

 

 

 

291,532

 

STOCKHOLDERS’ EQUITY:

 

 

 

Class A common stock, $0.0001 par value; 800,000 shares authorized; 161,762 and 116,588 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

16

 

 

 

12

 

Class V common stock, $0.0001 par value; 205,000 shares authorized; 195,957 and 196,569 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

 

20

 

 

 

20

 

Additional paid in capital

 

564,868

 

 

 

509,442

 

Accumulated deficit

 

(398,064

)

 

 

(367,344

)

TOTAL STOCKHOLDERS’ EQUITY

 

166,840

 

 

 

142,130

 

TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY

$

892,759

 

 

$

860,967

 

____________________

(1)

The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 13 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $11.1 million and $8.6 million as of June 30, 2024 and December 31, 2023, respectively, and total liabilities of P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $14.3 million and $13.6 million as of June 30, 2024 and December 31, 2023, respectively. These VIE assets and liabilities do not include $47.0 million and $44.2 million of net amounts due to affiliates as of June 30, 2024 and December 31, 2023, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.

P3 HEALTH PARTNERS INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2024

 

2023

 

2024

 

2023

OPERATING REVENUE:

 

 

 

 

 

 

 

Capitated revenue

$

374,306

 

 

$

325,616

 

 

$

758,440

 

 

$

624,320

 

Other patient service revenue

 

4,851

 

 

 

3,470

 

 

 

9,205

 

 

 

6,843

 

TOTAL OPERATING REVENUE

 

379,157

 

 

 

329,086

 

 

 

767,645

 

 

 

631,163

 

OPERATING EXPENSE:

 

 

 

 

 

 

 

Medical expense

 

365,171

 

 

 

302,271

 

 

 

747,228

 

 

 

587,841

 

Premium deficiency reserve

 

(3,397

)

 

 

(2,012

)

 

 

(2,397

)

 

 

3,128

 

Corporate, general and administrative expense

 

26,610

 

 

 

27,223

 

 

 

54,011

 

 

 

64,866

 

Sales and marketing expense

 

414

 

 

 

857

 

 

 

736

 

 

 

1,858

 

Depreciation and amortization

 

21,693

 

 

 

21,780

 

 

 

43,232

 

 

 

43,320

 

TOTAL OPERATING EXPENSE

 

410,491

 

 

 

350,119

 

 

 

842,810

 

 

 

701,013

 

OPERATING LOSS

 

(31,334

)

 

 

(21,033

)

 

 

(75,165

)

 

 

(69,850

)

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

Interest expense, net

 

(5,436

)

 

 

(3,851

)

 

 

(9,692

)

 

 

(7,937

)

Mark-to-market of stock warrants

 

8,673

 

 

 

(1,731

)

 

 

8,889

 

 

 

(1,082

)

Other

 

291

 

 

 

(741

)

 

 

628

 

 

 

(645

)

TOTAL OTHER EXPENSE

 

3,528

 

 

 

(6,323

)

 

 

(175

)

 

 

(9,664

)

LOSS BEFORE INCOME TAXES

 

(27,806

)

 

 

(27,356

)

 

 

(75,340

)

 

 

(79,514

)

PROVISION FOR INCOME TAXES

 

(968

)

 

 

(226

)

 

 

(3,040

)

 

 

(516

)

NET LOSS

 

(28,774

)

 

 

(27,582

)

 

 

(78,380

)

 

 

(80,030

)

LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST

 

(16,754

)

 

 

(17,766

)

 

 

(47,660

)

 

 

(61,015

)

NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST

$

(12,020

)

 

$

(9,816

)

 

$

(30,720

)

 

$

(19,015

)

 

 

 

 

 

 

 

 

NET LOSS PER SHARE (Note 9):

 

 

 

 

 

 

 

Basic

$

(0.09

)

 

$

(0.09

)

 

$

(0.24

)

 

$

(0.25

)

Diluted

$

(0.15

)

 

$

(0.09

)

 

$

(0.30

)

 

$

(0.29

)

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Note 9):

 

 

 

 

 

 

 

Basic

 

136,601

 

 

 

107,454

 

 

 

127,806

 

 

 

74,699

 

Diluted

 

141,083

 

 

 

107,454

 

 

 

130,047

 

 

 

276,028

 

P3 HEALTH PARTNERS INC. and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Six Months Ended June 30,

 

2024

 

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net loss

$

(78,380

)

 

$

(80,030

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

43,232

 

 

 

43,320

 

Equity-based compensation

 

3,073

 

 

 

2,008

 

Amortization of original issue discount and debt issuance costs

 

(91

)

 

 

340

 

Accretion of contingent consideration

 

 

 

 

113

 

Mark-to-market adjustment of stock warrants

 

(8,889

)

 

 

1,082

 

Premium deficiency reserve

 

(2,397

)

 

 

3,128

 

Changes in operating assets and liabilities:

 

 

 

Health plan receivable

 

(34,762

)

 

 

(30,540

)

Clinic fees, insurance, and other receivable

 

775

 

 

 

5,563

 

Prepaid expenses and other current assets

 

(4,865

)

 

 

139

 

Other long-term assets

 

60

 

 

 

(1,289

)

Accounts payable, accrued expenses, and other current liabilities

 

30

 

 

 

1,924

 

Accrued payroll

 

238

 

 

 

(3,086

)

Health plan settlements payable

 

(12,141

)

 

 

(6,730

)

Claims payable

 

55,752

 

 

 

7,321

 

Accrued interest

 

8,257

 

 

 

4,625

 

Operating lease liability

 

(164

)

 

 

(452

)

Net cash used in operating activities

 

(30,272

)

 

 

(52,564

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Purchases of property and equipment

 

 

 

 

(1,652

)

Net cash used in investing activities

 

 

 

 

(1,652

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Proceeds from long-term debt, net of original issue discount

 

25,000

 

 

 

14,102

 

Payment of debt issuance costs

 

 

 

 

(173

)

Proceeds from private placement offering, net of offering costs paid

 

42,234

 

 

 

87,329

 

Proceeds from at-the-market sales, net of offering costs paid

 

33

 

 

 

 

Deferred offering costs paid

 

(455

)

 

 

 

Payment of tax withholdings upon settlement of restricted stock unit awards

 

(103

)

 

 

 

Repayment of short-term and long-term debt

 

(1,040

)

 

 

 

Proceeds from short-term debt

 

1,871

 

 

 

 

Net cash provided by financing activities

 

67,540

 

 

 

101,258

 

Net change in cash and restricted cash

 

37,268

 

 

 

47,042

 

Cash and restricted cash, beginning of period

 

40,934

 

 

 

18,457

 

Cash and restricted cash, end of period

$

78,202

 

 

$

65,499

 

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (LOSS)

(in thousands, except PMPM)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended June 30,

June 30, 2024

 

June 30, 2023

 

March 31, 2024

 

2024

 

2023

Net loss

$

(28,774

)

 

$

(27,582

)

 

$

(49,606

)

 

$

(78,380

)

 

$

(80,030

)

Interest expense, net

 

5,436

 

 

 

3,851

 

 

 

4,256

 

 

 

9,692

 

 

 

7,937

 

Depreciation and amortization

 

21,693

 

 

 

21,780

 

 

 

21,539

 

 

 

43,232

 

 

 

43,320

 

Provision for income taxes

 

968

 

 

 

226

 

 

 

2,072

 

 

 

3,040

 

 

 

516

 

Mark-to-market of stock warrants

 

(8,673

)

 

 

1,731

 

 

 

(216

)

 

 

(8,889

)

 

 

1,082

 

Premium deficiency reserve

 

(3,397

)

 

 

(2,012

)

 

 

1,000

 

 

 

(2,397

)

 

 

3,128

 

Equity-based compensation

 

1,624

 

 

 

1,031

 

 

 

1,449

 

 

 

3,073

 

 

 

2,008

 

Other(1)

 

2,276

 

 

 

1,192

 

 

 

(264

)

 

 

2,012

 

 

 

3,053

 

Transaction and other related costs(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

Adjusted EBITDA (loss)

$

(8,847

)

 

$

217

 

 

$

(19,770

)

 

$

(28,617

)

 

$

(18,916

)

Adjusted EBITDA (loss) PMPM

$

(23

)

 

$

1

 

 

$

(52

)

 

$

(38

)

 

$

(31

)

_____________________________________________

(1)

Other during the three and six months ended June 30, 2024 consisted of (i) interest income offset by (ii) severance and related expense in connection with our chief executive officer transition, and (iii) valuation allowance on our notes receivable. Other during the three and six months ended June 30, 2023 consisted of (i) interest income offset by (ii) cybersecurity incident loss, (iii) restructuring and other charges, including severance and benefits paid to employees pursuant to workforce reduction plans, (iv) the disposition of our Pahrump operations, (v) expenses for third-party consultants to assist us with the development, implementation, and documentation of new and enhanced internal controls and processes for compliance with Sarbanes-Oxley Section 404(b) with respect to the six months ended June 30, 2023, (vi) a legal settlement outside of the ordinary course of business with respect to the six months ended June 30, 2023, and (vii) valuation allowance on our notes receivable.

(2)

Transaction and other related costs during the six months ended June 30, 2023 consisted of legal fees incurred related to acquisition-related litigation.

MEDICAL MARGIN

(in thousands, except PMPM)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended June 30,

 

June 30, 2024

 

June 30, 2023

 

March 31, 2024

 

2024

 

2023

Capitated revenue

$

374,306

 

 

$

325,616

 

 

$

384,134

 

 

$

758,440

 

 

$

624,320

 

Less: medical claims expense

 

(333,217

)

 

 

(275,121

)

 

 

(347,582

)

 

 

(680,799

)

 

 

(534,579

)

Medical margin

$

41,089

 

 

$

50,495

 

 

$

36,552

 

 

$

77,641

 

 

$

89,741

 

Medical margin PMPM

$

107

 

 

$

161

 

 

$

96

 

 

$

102

 

 

$

145

 

RECONCILIATION OF GROSS PROFIT TO MEDICAL MARGIN

(in thousands)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended June 30,

June 30, 2024

 

June 30, 2023

 

March 31, 2024

 

2024

 

2023

Gross profit

$

13,986

 

 

$

26,815

 

 

$

6,431

 

 

$

20,417

 

 

$

43,322

 

Other patient service revenue

 

(4,851

)

 

 

(3,470

)

 

 

(4,354

)

 

 

(9,205

)

 

 

(6,843

)

Other medical expense

 

31,954

 

 

 

27,150

 

 

 

34,475

 

 

 

66,429

 

 

 

53,262

 

Medical margin

$

41,089

 

 

$

50,495

 

 

$

36,552

 

 

$

77,641

 

 

$

89,741

 

RECONCILIATION OF TOTAL OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE

(in thousands)

(unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

Total operating expense

$

410,491

 

 

$

350,119

 

 

$

842,810

 

 

$

701,013

 

Medical expense

 

(365,171

)

 

 

(302,271

)

 

 

(747,228

)

 

 

(587,841

)

Depreciation and amortization

 

(21,693

)

 

 

(21,780

)

 

 

(43,232

)

 

 

(43,320

)

Premium deficiency reserve

 

3,397

 

 

 

2,012

 

 

 

2,397

 

 

 

(3,128

)

Equity-based compensation

 

(1,624

)

 

 

(1,031

)

 

 

(3,073

)

 

 

(2,008

)

Other

 

(2,541

)

 

 

(446

)

 

 

(2,593

)

 

 

(2,397

)

Transaction and other related costs

 

 

 

 

 

 

 

 

 

 

(70

)

Adjusted operating expense

$

22,859

 

 

$

26,603

 

 

$

49,081

 

 

$

62,249

 

 

Contacts

Ryan Halsted

Investor Relations

Gilmartin Group

ir@p3hp.org

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