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Privia Health Group, Inc. (PRVA) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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Privia Health Group, Inc.

CIK: 1759655 Ticker: PRVA
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Exhibit 99.1


Privia Health Reports Third Quarter 2022 Financial Results

Results and outlook reflect strong year-to-date performance and business momentum
Implemented Providers +27.2% compared to 3Q’21
Practice Collections +52.4% compared to 3Q’21
Shared savings of ~$100 million achieved through Medicare Shared Savings Program in 2021
New market entries announced with health systems in North Carolina and Ohio

ARLINGTON, VA – November 10, 2022
– Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the third quarter and nine month periods ended September 30, 2022.
Third Quarter
Total revenue for the third quarter of 2022 was $342.9 million, compared to total revenue of $251.5 million for the prior year third quarter (+36.3%). Operating loss for the third quarter of 2022 was $(4.6) million, compared to operating loss of $(12.8) million for the prior year third quarter. Net income for the third quarter of 2022 was $1.6 million, or $0.01 per share, compared to net loss of $(9.1) million, or $(0.09) per share, for the third quarter of 2021.
Net income for the third quarter of 2022 included $14.8 million in non-cash stock compensation expense and $4.2 million in legal and other expenses. Net loss for the third quarter of 2021 included $25.8 million in non-cash stock compensation expense and $0.4 million of one-time legal and other expenses related to the Company’s initial public offering (IPO) completed on May 3, 2021. Excluding these non-cash or non-recurring and other expenses, non-GAAP adjusted net income was $16.7 million, or $0.13 per diluted share, for the third quarter of 2022, compared to $15.0 million, or $0.13 per diluted share, for the prior year third quarter (+10.9%).
Reconciliation of net income (loss) 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:
Implemented Providers for the third quarter of 2022 were 3,595, compared to 2,826 at the end of the third quarter of 2021 (+27.2%).
Value-Based Care Attributed Lives for the third quarter of 2022 were approximately 846,000, compared to 760,000 at the end of the third quarter of 2021 (+11.3%).
Practice Collections for the third quarter of 2022 were $611.9 million, compared to $401.5 million for the same period in 2021 (+52.4%).
Care Margin for the third quarter of 2022 was $77.7 million, compared to $61.5 million for the same period in 2021 (+26.4%).
Platform Contribution for the third quarter of 2022 was $37.0 million, compared to $31.1 million for the same period in 2021 (+18.9%).
Adjusted EBITDA for the third quarter of 2022 was $15.7 million, compared to $13.9 million for the same period in 2021 (+12.9%).
“Privia Health’s highly aligned provider partnership model continued to gain market momentum in the third quarter, with implemented provider growth of +27.2% from a year ago” said Shawn Morris, Chief Executive Officer, Privia Health. “This converted into another strong quarter of growth in Q3, with practice collections increasing 52.4%, care margin up 26.4% and adjusted EBITDA growing 12.9% when compared to the third quarter last year.
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The following information was filed by Privia Health Group, Inc. (PRVA) on Thursday, November 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Privia Health Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Privia Health Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Stockholders??? Equity
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (Details)
Accounts Payable And Accrued Expenses (Tables)
Commitment And Contingencies
Concentrations Of Credit Risk
Concentrations Of Credit Risk (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
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 (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Narrative (Details)
Leases - Schedule Of Future Lease Payment (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Schedule Of Antidilutive Securities (Details)
Net Loss Per Share - Schedule Of Basic And Diluted, Loss Per Share (Details)
Note Payable
Note Payable (Tables)
Note Payable - Narrative (Details)
Note Payable - Schedule Of Long Term Debt (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Schedule Of Property Plant And Equipment (Details)
Provider Liability
Provider Liability (Tables)
Provider Liability - Unpaid Claims (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Percentages By Source Of Net Operating Revenue (Details)
Revenue Recognition - Schedule Of Contract Assets And Unearned Revenue (Details)
Revenue Recognition - Schedule Of Revenue Desegregation (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)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Privia Health Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: PRVA
CIK: 1759655
Form Type: 10-Q Quarterly Report
Accession Number: 0001759655-22-000185
Submitted to the SEC: Thu Nov 10 2022 4:06:01 PM EST
Accepted by the SEC: Thu Nov 10 2022
Period: Friday, September 30, 2022
Industry: Health Services

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