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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Privia Health Group, Inc..
Privia Health Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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See "Key Metrics and Non-GAAP Financial Measures" below for more information as to how we define and calculate Implemented Providers, Attributed lives, Practice Collections, Care Margin, Platform Contribution, Platform Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin, and for a reconciliation of income from operations, the most comparable GAAP measure, to Care Margin, income from operations, the most comparable GAAP measure, to Platform Contribution, and net income (loss), the most comparable GAAP measure, to Adjusted EBITDA.
Non-GAAP Financial Measures In addition to our financial results determined in accordance with GAAP, we believe Care Margin, Platform Contribution, Platform Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin are useful as non-GAAP measures to investors as these are metrics used by management in evaluating our operating performance and in assessing the health of our business.
Our revenue includes (i) FFS revenue generated from providing healthcare services to patients through Privia Providers of Owned Medical Groups or administrative fees collected for providing administrative services to Non-Owned Medical Groups, (ii) VBC revenue collected on behalf of our providers, through capitated revenue, shared savings (including surplus payments, shared savings, total cost of care budget payments and similar payments) and care management fees (including care management fees, management services fees, care coordination fees and all other similar administrative fees), and (iii) other revenue from additional services, such as concierge services, virtual visits, virtual scribes and coding.
Shared savings growth was primarily due to more Attributed Lives in Medicare programs as well as continued strong estimated performance in our value based care programs.
Key drivers of this revenue growth were the addition of capitated revenue in 2022 resulting in revenue of $54.7 million during the three months ended September 30, 2022; FFS-patient care revenue, which increased $21.7 million; FFS-administrative services, which increased $8.9 million; and shared savings revenue, which increased $4.9 million.
Key drivers of this revenue...Read more
Shared savings growth was primarily...Read more
As a result of receiving...Read more
This change was primarily the...Read more
This change was primarily the...Read more
Investors are encouraged to review...Read more
We expect Care Margin will...Read more
As a percentage of revenue,...Read more
An increase of $27.0 million...Read more
We launched Privia Care Partners...Read more
For the nine months ended...Read more
Care Margin increased 26.4% for...Read more
We believe our continued success...Read more
The increase is primarily due...Read more
Sales and marketing Sales and...Read more
Net loss attributable to non-controlling...Read more
We believe that our cash...Read more
We included Adjusted EBITDA Margin...Read more
In particular, we believe that...Read more
We continue to make strategic...Read more
Significant changes impacting net cash...Read more
Our percentage of collections Care...Read more
The decrease was driven by...Read more
Interest (income) Expense Interest (income)...Read more
Our cash and cash equivalents...Read more
We intend to increase our...Read more
This increase was driven primarily...Read more
This increase was driven primarily...Read more
Those costs include physician guaranteed...Read more
Investments in Growth We expect...Read more
We believe that growth in...Read more
We believe the number of...Read more
The increase is primarily driven...Read more
We include Adjusted EBITDA because...Read more
Our model is aligned with...Read more
The revenue is primarily collected...Read more
Adjusted EBITDA Margin was 20.1%...Read more
We partner with a large...Read more
The Company is entitled to...Read more
These agreements cover healthcare services...Read more
22 Table of Contents In...Read more
We believe that Adjusted EBITDA,...Read more
To do so, we will...Read more
In certain MSAs, the Company...Read more
Addition of New Patients Our...Read more
Capitated revenue growth is due...Read more
Capitated revenue growth is due...Read more
In addition to increasing our...Read more
We view Care Margin as...Read more
The Company has contracts with...Read more
Other than Tennessee, where our...Read more
Practice Collections increased 52.4% for...Read more
Our agreements with our providers...Read more
This does not include $62.8...Read more
At the beginning of 2022,...Read more
Revenue The following table presents...Read more
Nine months ended September 30,...Read more
On an on-going basis we...Read more
The following table provides a...Read more
Adjusted EBITDA increased 12.9% for...Read more
We received $211.0 million of...Read more
General and administrative Corporate, general...Read more
An increase of $(128.9) million...Read more
We furnish population health services,...Read more
We also generate FFS-administrative services...Read more
We will furnish population health...Read more
As a provider spends a...Read more
As a provider spends a...Read more
In particular, we believe that...Read more
In particular, we believe that...Read more
We believe these metrics demonstrate...Read more
We consider platform contribution to...Read more
Indebtedness On November 15, 2019,...Read more
Capitated Revenue Capitated revenue consists...Read more
Our business model also gives...Read more
A reconciliation is provided below...Read more
We believe that these non-GAAP...Read more
Privia acquired a majority interest...Read more
As of September 30, 2022,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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