Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segments

17.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 and Operating 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 condensed 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.

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

	Three Months Ended June 30, 2025
	Care Partners		Care Delivery		Care Enablement		Intersegment Elimination				Corporate Costs			Consolidated Total
Third-Party	$	631,442	$	20,014	$	3,352	$	—			$	—		$	654,808
Intersegment		—		18,380		37,549		(55,929	)			—			—
Total revenues		631,442		38,394		40,901		(55,929	)			—			654,808
Cost of services		536,266		27,873		31,130		(18,430	)			—			576,839
General and administrative(1)		45,491		8,374		7,930		(37,511	)			33,345			57,629
Total expenses		581,757		36,247		39,060		(55,941	)			33,345			634,468
Income (loss) from operations	$	49,685	$	2,147	$	1,841	$	12		(2)	$	(33,345	)	$	20,340

	Three Months Ended June 30, 2024
	Care Partners		Care Delivery		Care Enablement		Intersegment Elimination				Corporate Costs			Consolidated Total
Third-Party	$	463,277	$	21,218	$	1,770	$	—			$	—		$	486,265
Intersegment		—		13,639		34,402		(48,041	)			—			—
Total revenues		463,277		34,857		36,172		(48,041	)			—			486,265
Cost of services		379,413		26,252		19,939		(12,799	)			—			412,805
General and administrative(1)		43,541		6,780		9,315		(35,247	)			19,005			43,394
Total expenses		422,954		33,032		29,254		(48,046	)			19,005			456,199
Income (loss) from operations	$	40,323	$	1,825	$	6,918	$	5		(2)	$	(19,005	)	$	30,066

	Six Months Ended June 30, 2025
	Care Partners		Care Delivery			Care Enablement		Intersegment Elimination				Corporate Costs			Consolidated Total
Third-Party	$	1,232,393	$	36,704		$	6,099	$	—			$	—		$	1,275,196
Intersegment		—		35,078			74,362		(109,440	)			—			—
Total revenues		1,232,393		71,782			80,461		(109,440	)			—			1,275,196
Cost of services		1,048,934		55,012			56,948		(34,994	)			—			1,125,900
General and administrative(1)		89,559		17,731			18,139		(74,461	)			57,407			108,375
Total expenses		1,138,493		72,743			75,087		(109,455	)			57,407			1,234,275
Income (loss) from operations	$	93,900	$	(961	)	$	5,374	$	15		(2)	$	(57,407	)	$	40,921

	Six Months Ended June 30, 2024
	Care Partners		Care Delivery		Care Enablement		Intersegment Elimination				Corporate Costs			Consolidated Total
Third-Party	$	845,595	$	39,096	$	5,930	$	—			$	—		$	890,621
Intersegment		—		26,480		63,516		(89,996	)			—			—
Total revenues		845,595		65,576		69,446		(89,996	)			—			890,621
Cost of services		679,602		51,046		37,312		(24,756	)			—			743,204
General and administrative(1)		82,474		12,943		21,712		(65,322	)			35,405			87,212
Total expenses		762,076		63,989		59,024		(90,078	)			35,405			830,416
Income (loss) from operations	$	83,519	$	1,587	$	10,422	$	82		(2)	$	(35,405	)	$	60,205

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

(2)Income (loss) 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.