(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
PRIVIA HEALTH GROUP, INC. | |||||||||||
Date: August 11, 2022 | By: | /s/ David Mountcastle | |||||||||
Name: David Mountcastle | |||||||||||
Title: Executive Vice President, Chief Financial Officer and Authorized Officer |
Exhibit 99.1 | ||||||||||||||
FY 2021 | Initial FY 2022 Guidance at 3.22.22 a | Guidance at 5.12.22 | Current FY 2022 Guidance 8.11.22 | ||||||||||||||||||||||||||||||||
($ in millions) | Actual | Low | High | Low | High | ||||||||||||||||||||||||||||||
Implemented Providers | 3,317 | 3,625 | 3,725 | Unchanged | Mid-to-High End | ||||||||||||||||||||||||||||||
Attributed Lives | 786,000 | 860,000 | 890,000 | Unchanged | Midpoint | ||||||||||||||||||||||||||||||
Practice Collections | $ | 1,626.1 | $ | 2,050 | $ | 2,200 | Mid-to-High End | High End | |||||||||||||||||||||||||||
GAAP Revenue | $ | 966.2 | $ | 1,225 | $ | 1,300 | Mid-to-High End | High End | |||||||||||||||||||||||||||
Care Margin | $ | 238.4 | $ | 280 | $ | 295 | Mid-to-High End | High End | |||||||||||||||||||||||||||
Platform Contribution | $ | 107.6 | $ | 130 | $ | 135 | High End | $ | 137 | $ | 142 | ||||||||||||||||||||||||
Adjusted EBITDA c | $ | 41.4 | $ | 52 | $ | 56 | High End | $ | 57 | $ | 60 |
Contact: | ||
Robert Borchert | ||
SVP, Investor & Corporate Communications | ||
IR@priviahealth.com | ||
817.783.4841 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 335,536 | $ | 225,756 | $ | 649,337 | $ | 439,363 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Provider expense | 259,311 | 169,937 | 501,498 | 331,050 | |||||||||||||||||||
Cost of platform | 42,384 | 68,731 | 83,656 | 95,693 | |||||||||||||||||||
Sales and marketing | 4,819 | 11,178 | 9,480 | 14,362 | |||||||||||||||||||
General and administrative | 33,107 | 168,657 | 69,217 | 182,653 | |||||||||||||||||||
Depreciation and amortization | 1,165 | 440 | 2,283 | 885 | |||||||||||||||||||
Total operating expenses | 340,786 | 418,943 | 666,134 | 624,643 | |||||||||||||||||||
Operating loss | (5,250) | (193,187) | (16,797) | (185,280) | |||||||||||||||||||
Interest expense | 663 | 302 | 895 | 593 | |||||||||||||||||||
Loss before provision for (benefit from) income taxes | (5,913) | (193,489) | (17,692) | (185,873) | |||||||||||||||||||
Provision for (benefit from) income taxes | 5,468 | (20,004) | 11,776 | (18,004) | |||||||||||||||||||
Net loss | (11,381) | (173,485) | (29,468) | (167,869) | |||||||||||||||||||
Less: loss attributable to non-controlling interests | (906) | (951) | (1,483) | (733) | |||||||||||||||||||
Net loss attributable to Privia Health Group, Inc. | $ | (10,475) | $ | (172,534) | $ | (27,985) | $ | (167,136) | |||||||||||||||
Net loss per share attributable to Privia Health Group, Inc. stockholders – basic and diluted | $ | (0.10) | $ | (1.68) | $ | (0.26) | $ | (1.68) | |||||||||||||||
Weighted average common shares outstanding – basic and diluted | 108,685,835 | 102,739,033 | 108,374,181 | 99,381,053 |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 292,193 | $ | 320,577 | |||||||
Accounts receivable | 213,889 | 117,402 | |||||||||
Prepaid expenses and other current assets | 15,188 | 8,697 | |||||||||
Total current assets | 521,270 | 446,676 | |||||||||
Non-current assets: | |||||||||||
Property and equipment, net | 3,959 | 4,502 | |||||||||
Right-of-use asset | 8,808 | 9,634 | |||||||||
Intangible assets, net | 59,070 | 59,738 | |||||||||
Goodwill | 126,938 | 127,938 | |||||||||
Deferred tax asset | 21,822 | 33,364 | |||||||||
Other non-current assets | 3,123 | 4,521 | |||||||||
Total non-current assets | 223,720 | 239,697 | |||||||||
Total assets | $ | 744,990 | $ | 686,373 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 40,334 | $ | 45,985 | |||||||
Provider liability | 221,877 | 140,708 | |||||||||
Current portion of note payable | — | 875 | |||||||||
Operating lease liabilities, current | 2,929 | 2,893 | |||||||||
Total current liabilities | 265,140 | 190,461 | |||||||||
Non-current liabilities: | |||||||||||
Note payable, net of current portion | — | 31,688 | |||||||||
Operating lease liabilities, non-current | 9,744 | 11,043 | |||||||||
Other non-current liabilities | 3,000 | 3,000 | |||||||||
Total non-current liabilities | 12,744 | 45,731 | |||||||||
Total liabilities | 277,884 | 236,192 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | 1,096 | 1,078 | |||||||||
Additional paid-in capital | 680,152 | 633,902 | |||||||||
Accumulated deficit | (236,093) | (208,108) | |||||||||
Total Privia Health Group, Inc. stockholders’ equity | 445,155 | 426,872 | |||||||||
Non-controlling interest | 21,951 | 23,309 | |||||||||
Total stockholders’ equity | 467,106 | 450,181 | |||||||||
Total liabilities and stockholders’ equity | $ | 744,990 | $ | 686,373 |
For the Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (29,468) | $ | (167,869) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation | 615 | 564 | |||||||||
Amortization of intangibles | 1,668 | 320 | |||||||||
Amortization of debt issuance costs | 687 | 77 | |||||||||
Stock-based compensation | 43,351 | 202,661 | |||||||||
Deferred tax expense | 11,542 | (18,209) | |||||||||
Changes in asset and liabilities: | |||||||||||
Accounts receivable | (96,487) | (27,754) | |||||||||
Prepaid expenses and other current assets | (6,491) | (3,494) | |||||||||
Other non-current assets and right-of-use asset | 2,225 | (4,281) | |||||||||
Accounts payable and accrued expenses | (5,651) | (6,554) | |||||||||
Provider liability | 81,169 | 24,216 | |||||||||
Operating lease liabilities | (1,263) | 10,312 | |||||||||
Other long-term liabilities | — | (5,262) | |||||||||
Net cash provided by operating activities | 1,897 | 4,727 | |||||||||
Cash from investing activities | |||||||||||
Purchases of property and equipment | (73) | (199) | |||||||||
Net cash used in investing activities | (73) | (199) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from initial public offering | — | 223,686 | |||||||||
Payments of underwriting fees, net of discounts and offering costs | — | (12,658) | |||||||||
Repayment of note payable | (33,250) | (438) | |||||||||
Proceeds from exercised stock options | 2,917 | — | |||||||||
Proceeds from non-controlling interest | 125 | — | |||||||||
Net cash (used in) provided by financing activities | (30,208) | 210,590 | |||||||||
Net (decrease) increase in cash and cash equivalents | (28,384) | 215,118 | |||||||||
Cash and cash equivalents at beginning of period | 320,577 | 84,633 | |||||||||
Cash and cash equivalents at end of period | $ | 292,193 | $ | 299,751 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | 647 | $ | 585 | |||||||
Income taxes paid | $ | 245 | $ | 451 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(unaudited; $ in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Implemented Providers (as of end of period) (1) | 3,541 | 2,692 | 3,541 | 2,692 | ||||||||||||||||||||||
Attributed Lives (as of end of period) (2) | 856,000 | 739,000 | 856,000 | 739,000 | ||||||||||||||||||||||
Practice Collections(3) | $ | 615.5 | $ | 367.2 | $ | 1,177.3 | $ | 711.3 | ||||||||||||||||||
(1) Implemented Providers is defined as the total of all service professionals on Privia Health’s platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | ||||||||||||||||||||||||||
(2) Attributed Lives are defined as any patient that a payer deems attributed to Privia Health, in both Owned and Non-Owned Medical Groups, to deliver care as part of a Value Based Care arrangement. Attributed lives include patients who have selected one of Privia Health’s owned or Non-Owned Medical Groups as their provider of primary are services as of the end of a particular period. | ||||||||||||||||||||||||||
(3) Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health’s platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | ||||||||||||||||||||||||||
(a) Any slight variations in totals are due to rounding. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(unaudited; $ in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Care Margin | $ | 76,225 | $ | 55,819 | $ | 147,839 | $ | 108,313 | ||||||||||||||||||
Platform Contribution | 37,505 | 23,128 | 72,470 | 48,660 | ||||||||||||||||||||||
Platform Contribution Margin | 49.2% | 41.4% | 49.0% | 44.9% | ||||||||||||||||||||||
Adjusted EBITDA | 15,534 | 10,036 | 30,335 | 19,983 | ||||||||||||||||||||||
Adjusted EBITDA Margin | 20.4% | 18.0% | 20.5% | 18.4% | ||||||||||||||||||||||
(4) In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. Each are defined as follows: •Care Margin is total revenue less the sum of physician and practice expense. •Platform Contribution is total revenue less the sum of (i) physician and practice expense, (ii) cost of platform, and (iii) stock-based compensation expense included in the cost of platform. •Platform Contribution margin is platform contribution divided by care margin. •Adjusted EBITDA is net income (loss) attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision (benefit) for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, severance charges and other nonrecurring expenses. •Adjusted EBITDA margin is Adjusted EBITDA divided by Care Margin. | ||||||||||||||||||||||||||
(a) Any slight variations in totals are due to rounding. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(unaudited; $ in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating loss | $ | (5,250) | $ | (193,187) | $ | (16,797) | $ | (185,280) | ||||||||||||||||||
Depreciation and amortization | 1,165 | 440 | 2,283 | 885 | ||||||||||||||||||||||
General and administrative | 33,107 | 168,657 | 69,217 | 182,653 | ||||||||||||||||||||||
Sales and marketing | 4,819 | 11,178 | 9,480 | 14,362 | ||||||||||||||||||||||
Cost of platform | 42,384 | 68,731 | 83,656 | 95,693 | ||||||||||||||||||||||
Care margin | $ | 76,225 | $ | 55,819 | $ | 147,839 | $ | 108,313 | ||||||||||||||||||
(a) Any slight variations in totals are due to rounding. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(unaudited; $ in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Operating loss | $ | (5,250) | $ | (193,187) | $ | (16,797) | $ | (185,280) | ||||||||||||||||||
Depreciation and amortization | 1,165 | 440 | 2,283 | 885 | ||||||||||||||||||||||
General and administrative | 33,107 | 168,657 | 69,217 | 182,653 | ||||||||||||||||||||||
Sales and marketing | 4,819 | 11,178 | 9,480 | 14,362 | ||||||||||||||||||||||
Stock-based compensation(5) | 3,664 | 36,040 | 8,287 | 36,040 | ||||||||||||||||||||||
Platform contribution | $ | 37,505 | $ | 23,128 | $ | 72,470 | $ | 48,660 | ||||||||||||||||||
(a) Slight variations in totals are due to rounding. | ||||||||||||||||||||||||||
(5) Amount represents stock-based compensation expense included in Cost of Platform. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
(unaudited; $ in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net loss | $ | (10,475) | $ | (172,534) | $ | (27,985) | $ | (167,136) | ||||||||||||||||||
Net loss income attributable to non-controlling interests | (906) | (951) | (1,483) | (733) | ||||||||||||||||||||||
Provision for (benefit from) income taxes | 5,468 | (20,004) | 11,776 | (18,004) | ||||||||||||||||||||||
Interest expense | 663 | 302 | 895 | 593 | ||||||||||||||||||||||
Depreciation and amortization | 1,165 | 440 | 2,283 | 885 | ||||||||||||||||||||||
Stock-based compensation | 18,470 | 202,560 | 43,351 | 202,661 | ||||||||||||||||||||||
Other expenses(6) | 1,149 | 223 | 1,498 | 1,717 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 15,534 | $ | 10,036 | $ | 30,335 | $ | 19,983 | ||||||||||||||||||
(a) Any slight variations in totals are due to rounding. | ||||||||||||||||||||||||||
(6) Other expenses include certain non-cash or non-recurring costs. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(unaudited; $ in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net loss | $ | (10,475) | $ | (172,534) | $ | (27,985) | $ | (167,136) | |||||||||||||||
Stock-based compensation | 18,470 | 202,560 | 43,351 | 202,661 | |||||||||||||||||||
Intangible amortization expense | 856 | 160 | 1,668 | 320 | |||||||||||||||||||
Provision for (benefit from) income tax | 5,468 | (20,004) | 11,776 | (18,004) | |||||||||||||||||||
Other expenses | 1,149 | 223 | 1,498 | 1,717 | |||||||||||||||||||
Adjusted net income attributable to Privia Health Group, Inc. | $ | 15,468 | $ | 10,405 | $ | 30,308 | $ | 19,558 | |||||||||||||||
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic | $ | 0.14 | $ | 0.10 | $ | 0.28 | $ | 0.20 | |||||||||||||||
Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted | $ | 0.13 | $ | 0.09 | $ | 0.25 | $ | 0.17 | |||||||||||||||
Weighted average common shares outstanding – basic | 108,685,835 | 102,739,033 | 108,374,181 | 99,381,053 | |||||||||||||||||||
Weighted average common shares outstanding – diluted | 122,549,934 | 115,727,026 | 121,942,820 | 112,505,977 | |||||||||||||||||||
(a) Any slight variations in totals due to rounding. |
Cover |
Aug. 11, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 11, 2022 |
Entity Registrant Name | Privia Health Group, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40365 |
Entity Tax Identification Number | 81-3599420 |
Entity Address, Address Line One | 950 N. Glebe Rd., |
Entity Address, Address Line Two | Suite 700 |
Entity Address, State or Province | VA |
Entity Address, City or Town | Arlington, |
Entity Address, Postal Zip Code | 22203 |
City Area Code | 571 |
Local Phone Number | 366-8850 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | PRVA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001759655 |
Amendment Flag | false |
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