Condensed Financial Information (Parent Company Only)

9 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (Parent Company Only)

Privia Health Group, Inc (“Parent”)

(Parent Company Only)

Condensed Balance Sheets

(in thousands)


	As of December 31,
	2020		2019
Assets
Current assets:
Cash and cash equivalents	$	466	$	1,501
Total current assets	466		1,501
Non-current assets:
Due from affiliates	—		4,030
Investment in sub	146,158		114,212
Other long-term assets	124		125
Total non-current assets	146,282		118,367
Total assets	$	146,748	$	119,868
Liabilities and stockholders’ equity
Current liabilities:
Current liabilities	$	—	$	3,456
Total current liabilities	—		3,456
Non-current liabilities:
Non-current liabilities	—		6,200
Total non-current liabilities	—		6,200
Total liabilities	—		9,656
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, 0.01 par value, 150,000,000 shares authorized; 95,985,817 and 95,931,549 shares issued and outstanding at December 31, 2020 and 2019, respectively	960		959
Additional paid-in capital	165,666		160,375
Accumulated deficit	(19,878)		(51,122)
Total stockholders’ equity	146,748		110,212
Total liabilities and stockholders’ equity	$	146,748	$	119,868

Privia Health Group, Inc. (“Parent”)

(Parent Company Only)

Condensed Statements of Operations


	Year Ended December 31,
(Amounts in thousands, except share and per share data)	2020		2019		2018
Revenue	$	—	$	—	$	—
Operating expenses	34		270		—
Total operating expenses	34		270		—
Operating Loss	(34)		(270)		—
Interest expense	184		2,653		2,551
Net loss before provision for income taxes	(218)		(2,923)		(2,551)
Provision for income taxes	—		4		88
Equity in net income (loss) of subsidiaries	31,462		11,164		(581)
Net income (loss)	$	31,244	$	8,245	$	(3,044)

Summary Cash Flow Information

Parent received $15.4 million in cash inflows in 2018, $15.3 million related to APNA (see Note 11, “Related-Party Transactions”) and $0.1 million from a stock option exercise. Parent had cash outflows in 2018 of $13.4 million to related parties. This included $13.3 million in funding for related parties and $0.1 million in operating expenses. In 2019, Parent received $20 million of cash from related parties and repaid the APNA related party note of $14.6 million as well as paid $5.1 million in interest related to the APNA note and an additional $0.6 million of interest on other related party notes. Parent also paid $0.2 million in operating expenses. In 2020, Parent’s cash decreased by $1.0 million primarily due to cash outflows of $0.7 million related to tax withholding and interest payments of $0.4 million partially offset by cash inflows of $0.1 million related to the exercise of stock options.

Basis of Presentation

Parent is a holding company with no material operations of its own that conducts substantially all of its activities through its subsidiaries. Parent has no direct outstanding debt obligations. Parent owns 100% of PH Group Holdings Corp. However, PH Group Holdings Corp, a wholly owned subsidiary, as borrower under its 2019 Credit Agreement, was limited in its ability to declare dividends, fund a dividend or other distribution to the Parent. For a discussion of the 2019 Credit Agreement, refer to Note 7 “Note Payable”.

These condensed financial statements have been presented on a “parent-only” basis. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. As such, these parent-only statements should be read in conjunction with the accompanying notes to consolidated financial statements.