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Privia Health Group, Inc. (PRVA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Privia Health Group, Inc.

HISTORY TOOLS
CIK: 1759655 Ticker: PRVA
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Exhibit 99.1

Privia Health Reports Fourth Quarter 2021 Financial Results

–FY 2021 Financial Results Above High End of Guidance
–FY 2022 Guidance Highlights Practice Collections Growth of 30.7% at Midpoint
–Entries into California, Montana and West Texas help to Accelerate 2022 Growth
–Launches Three New ACOs; Four Existing ACOs participating in MSSP Enhanced Track
–Enters Two New Capitated Arrangements with Potential Upside and Downside Risk
–Jeff Sherman Resigns as CFO; David Mountcastle Reappointed CFO
–Conference Call Moved to Wednesday, March 23, 2022, at 8:30 am ET

ARLINGTON, VA – March 22, 2022 – Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial and operating results for the fourth quarter and full year ended December 31, 2021.
“Our exceptional operating execution throughout 2021 generated excellent fourth quarter and full-year financial performance, with practice collections, care margin and adjusted EBITDA all beating the high end of our most recent full-year financial guidance,” said Shawn Morris, Chief Executive Officer, Privia Health. “In addition, with 30.1% growth in implemented providers and a 15.2% increase in attributed lives across a number of value-based reimbursement programs, our outlook highlights our continued momentum into 2022.
“Privia Health’s highly-aligned provider partnership model and our recent successes have created opportunities to enter new markets, grow within our existing practice partners and expand our number of new provider partners in existing geographies. These efforts and achievements are expected to drive an acceleration of top-line growth and increasing profitability in 2022 as we continue to invest in our operations, talent and technology capabilities to support this growth,” Morris added.
Fourth Quarter
Total revenue for the fourth quarter of 2021 was $275.3 million, compared to total revenue of $213.7 million for the prior year fourth quarter (+28.8%). Operating loss for the fourth quarter of 2021 was $19.3 million, compared to operating income of $4.2 million for the prior year fourth quarter. Net loss for the fourth quarter of 2021 was $12.0 million, or a loss of $0.11 per share, compared to net income of $3.9 million, or $0.04 per share, for the fourth quarter of 2020. Net loss for the fourth quarter of 2021 included $25.1 million in non-cash stock compensation expense and $0.7 million in other non-recurring expenses.
Non-GAAP adjusted net income was $7.0 million, or $0.06 per diluted share, for the fourth quarter of 2021, compared to $5.7 million, or $0.06 per diluted share, for the prior year fourth quarter (+22.8%).
Reconciliation of net (loss) income to adjusted net income, as well as other non-GAAP reconciliations, are presented in tables near the end of this press release.
Key operating and non-GAAP financial metrics include:
•Practice Collections for the fourth quarter of 2021 were $513.2 million, compared to $352.1 million for the same period in 2020 (+45.8%).
•Care Margin for the fourth quarter of 2021 was $68.6 million, compared to $51.3 million for the same period in 2020 (+33.8%).
•Platform Contribution for the fourth quarter of 2021 was $27.8 million, compared to $23.4 million for the same period in 2020 (+18.8%).
1
The following information was filed by Privia Health Group, Inc. (PRVA) on Tuesday, March 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Privia Health Group, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity
Account Payable And Accrued Expenses
Account Payable And Accrued Expenses (Details)
Account Payable And Accrued Expenses (Tables)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Business Combinations - Narrative (Details)
Commitment And Contingencies
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Goodwill (Details)
Goodwill And Intangible Assets, Net - Narrative (Details)
Goodwill And Intangible Assets, Net - Schedule Of Amortization Of Intangible Assets (Details)
Goodwill And Intangible Assets, Net - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Reconciliation (Details)
Income Taxes - Schedule Of Income Tax Expense (Benefit) (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Narrative (Details)
Leases - Schedule Of Future Lease Payment (Details)
Net (Loss) Income Per Share
Net (Loss) Income Per Share (Tables)
Net (Loss) Income Per Share - Schedule Of Antidilutive Securities (Details)
Net (Loss) Income Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Note Payable
Note Payable (Tables)
Note Payable - Narrative (Details)
Note Payable - Schedule Of Long Term Debt (Details)
Note Payable - Schedule Of Maturity Of Debt (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Finite-Lived Intangible Assets (Details)
Organization And Summary Of Significant Accounting Policies - Narrative (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Schedule Of Property Plant And Equipment (Details)
Related-Party Transactions
Related-Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Percentages By Source Of Net Operating Revenue (Details)
Revenue Recognition - Schedule Of Contract Assets And Liabilities (Details)
Revenue Recognition - Schedule Of Revenue Desegregation (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Financial Information
Segment Financial Information (Details)
Stockholders??? Equity
Stockholders??? Equity (Tables)
Stockholders??? Equity - Narrative (Details)
Stockholders??? Equity - Schedule Of Options Activity (Details)
Stockholders??? Equity - Schedule Of Restricted Stock Unit Activity (Details)
Stockholders??? Equity - Stock-Based Compensation Expense (Details)
Ticker: PRVA
CIK: 1759655
Form Type: 10-K Annual Report
Accession Number: 0001759655-22-000032
Submitted to the SEC: Fri Mar 25 2022 8:23:36 AM EST
Accepted by the SEC: Fri Mar 25 2022
Period: Friday, December 31, 2021
Industry: Health Services

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