Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments

18.Segments

The Company determined its operating segments in accordance with ASC 280, “Segment Reporting” (“ASC 280”). Factors used in determining the reportable business segments include the nature of operating activities and the type of information presented to the Company's CODMS to evaluate all results of operations. The Company currently has three reportable segments consisting of: 1) Care Partners; 2) Care Delivery; and 3) Care Enablement (See Note 1 —“Description of Business”).

For the Company’s Care Partners segment, revenue is primarily comprised of capitation and risk pool settlements and incentives. Cost of service for this segment is primarily capitation and claims expenses.

For the Company’s Care Delivery segment, revenue is primarily earned based on fee-for-service reimbursements, capitation, and performance-based incentives. Cost of service for this segment is primarily medical supplies costs and salaries expense related to medical staff and clinic employees.

For the Company’s Care Enablement segment, revenue for is primarily comprised of management and software fees, charged as a percentage of gross revenue or on a per-member-per-month basis. Cost of service for this segment is primarily MSO salaries expense.

The Company's CODMs are its Chief Executive Officer and Chief Financial Officer. The CODMs evaluate the performance of the Company’s operating segments based on segment revenue growth and operating income. The CODMs use revenue growth and total segment operating income as a measure of the performance of operating businesses separate from non-operating factors. The Company’s operations are based in the United States. All revenues of the Company are derived from the United States. The CODMs do not evaluate the Company’s segments using asset information. The significant segment expenses that comprise operating income as a measure used by the CODMs in evaluating operating segment performance do not differ from the operating expenses as presented on the consolidated statements of income.

In the normal course of business, the Company’s reportable segments enter into transactions with each other. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues recognized by a segment and expenses incurred by the counterparty are eliminated in consolidation and do not affect consolidated results.

Corporate costs are unallocated and primarily include corporate initiatives, corporate infrastructure costs, and corporate shared costs, such as finance, human resources, legal, and executives.

Certain amounts disclosed in prior period have been recast to conform to the current period presentation. Specifically, segments are presented net of intrasegment eliminations for the three months ended March 31, 2024. The following table presents information about our segments (in thousands):

The following table presents information about the Company’s segments (in thousands):

	Three Months Ended March 31, 2025
	Care Partners		Care Delivery			Care Enablement		Intersegment Elimination				Corporate Costs			Consolidated Total
Third-Party	$	600,951	$	16,690		$	2,749	$	—			$	—		$	620,390
Intersegment		—		16,698			36,813		(53,511	)			—			—
Total revenues		600,951		33,388			39,562		(53,511	)			—			620,390
Cost of services		512,668		27,139			25,818		(16,564	)			—			549,061
General and administrative(1)		44,068		9,357			10,209		(36,950	)			24,062			50,746
Total expenses		556,736		36,496			36,027		(53,514	)			24,062			599,807
Income (loss) from operations	$	44,215	$	(3,108	)	$	3,535	$	3		(2)	$	(24,062	)	$	20,583

	Three Months Ended March 31, 2024
	Care Partners		Care Delivery			Care Enablement		Intersegment Elimination				Corporate Costs			Consolidated Total
Third-Party	$	382,318	$	17,878		$	4,160	$	—			$	—		$	404,356
Intersegment		—		12,841			29,114		(41,955	)			—			—
Total revenues		382,318		30,719			33,274		(41,955	)			—			404,356
Cost of services		300,189		24,794			17,373		(11,957	)			—			330,399
General and administrative(1)		38,933		6,163			12,397		(30,075	)			16,400			43,818
Total expenses		339,122		30,957			29,770		(42,032	)			16,400			374,217
Income (loss) from operations	$	43,196	$	(238	)	$	3,504	$	77		(2)	$	(16,400	)	$	30,139

(1)Balance includes general and administrative expenses, and depreciation and amortization.

(2)Income from operations for the intersegment elimination represents sublease income between segments. Sublease income is presented within other income that is not presented in the table.