Affirming 2023 guidance – introducing year-end
medical margin guidance Anticipates reaching Adjusted EBITDA
positive in early 2024 Management to Host Conference Call and
Webcast March 31, 2023 at 8:30 AM ET
P3 Health Partners Inc. (“P3” or the “Company”) (NASDAQ: PIII),
a patient-centered and physician-led population health management
company, today announced its financial results for the fourth
quarter and full year ended December 31, 2022.
“Results for 2022 are a testament to the strength of the P3 team
and its commitment to improving clinical outcomes,” said Dr. Sherif
Abdou, CEO of P3 Health Partners. “We achieved revenue growth and a
network contribution improvement of 65% versus 2021. 2023 is an
inflection point for P3, as we shift to a higher percentage of
persistent lives than new, reduce operating expenses and provide a
clear path to reach Adjusted EBITDA positive results in early
2024.
Fourth Quarter 2022 Financial Results
- Capitated revenue was $254.0 million, an increase of 40%
compared to $181.4 million in the fourth quarter of the prior
year
- Net loss was $532.3 million compared to a net loss of $118.2
million in the fourth quarter of the prior year, primarily due to a
goodwill impairment charge of $463.5 million in the fourth quarter
of 2022
- Net loss PMPM was $1,766, compared to a net loss of $587.1 in
the prior year, due to a goodwill impairment charge of $463.5
million in the fourth quarter of 2022
- Adjusted EBITDA loss(1) was $40.1 million compared to an
Adjusted EBITDA loss of $35.6 million in the fourth quarter of the
prior year
- Adjusted EBITDA PMPM(1) loss was $133, an improvement of $44
PMPM compared to the fourth quarter of the prior year
In order to provide a greater level of insight into our model
and comparability with other companies in our industry, we are
introducing two additional non-GAAP financial metrics, medical
margin and network contribution. For more information regarding the
Company’s use of non-GAAP financial measures, please see the
section titled “Non-GAAP Financial Measures.”
Full-Year 2022 Financial Results
- At-risk Medicare Advantage membership at December 31, 2022 of
100,400, an increase of approximately 50% compared to 67,000 in the
prior year(2)
- Capitated revenue was $1.0 billion, an increase of 66% compared
to $625.0 million in the prior year
- Operating loss for full-year 2022 was $1.6 billion compared to
$187.9 million in the prior year(1)
- Full-year 2022 medical margin was $62.1 million, an improvement
of 428% compared to the prior year(1)
- Full-year network contribution of ($7.8) million improved by
65% compared to the prior year(1)
- Net loss was $1.6 billion compared to a net loss of $204.3
million in the prior year, primarily due to a goodwill impairment
charge of $1.3 billion in 2022
- Net loss PMPM was $1,296.1, an increased loss of $1,041.9
primarily due to a goodwill impairment charge
- Adjusted EBITDA loss was $127.9 million compared to an Adjusted
EBITDA loss of $95.5 million in the prior year (1)
- Adjusted EBITDA loss PMPM was $106, a significant improvement
compared to $119 PMPM in the prior year(1)
“We announced today that we have secured financing of
approximately $90 million and believe this provides a solid path to
profitability,” said Dr. Sherif Abdou, CEO of P3. “The new
financing, along with our expected shift to a higher percentage of
persistent lives, a focused reduction in operating expenses, and
measured and disciplined growth in 2023 make us confident that we
will have the resources necessary to reach Adjusted EBITDA
profitability in 2024.”
Mary Tolan, Founder and Managing Partner of Chicago Pacific
Founders said, “The values and mission of P3 closely align with
those of Chicago Pacific. We believe that value-based-care is the
future of healthcare and that P3 has the right model to bring
high-quality services to patients while lowering the overall cost
of care. We are proud to partner with them on this journey.”
Fiscal 2023 Guidance Year EndedDecember 31, 2023
Low High Medicare Advantage Members
115,000
120,000
Total Revenues (in millions)
$
1,200
$
1,250
Medical Margin(3) (in millions)
$
155
$
175
Medical Margin(3)PMPM
$
120
$
130
Adjusted EBITDA(3) Loss (in millions)
$
(60
)
$
(40
)
(3)The Company is not able to provide a quantitative reconciliation
of guidance for Adjusted EBITDA loss and medical margin to net
income (loss) and operating loss the most directly comparable GAAP
measures, respectively, and has not provided forward-looking
guidance for net income (loss) or operating loss because of the
uncertainty around certain items that may impact net income (loss)
or operating loss that are not within our control or cannot be
reasonably predicted without unreasonable effort. For more
information regarding the non-GAAP financial measures discussed in
this press release, please see “Non-GAAP Financial Measures” below.
The foregoing 2023 Outlook statement represents management's
current estimate as of the date of this release. Actual results may
differ materially depending on a number of factors. Investors are
urged to read the Cautionary Note Regarding Forward-Looking
Statements included in this release. Management does not assume any
obligation to update these estimates.
Conference Call and Webcast
Management will host a conference call and webcast at 8:30 AM ET
on March 31st to provide a corporate and financial update.
Title & Webcast
P3 Health Fourth-Quarter and Full-Year
2022 Earnings Conference Call
Date & Time
March 31, 2023, 8:30 a.m. Eastern Time
Conference Call Details
Toll-Free 1-877-270-2148 (US)
International 1-412-902-6510
Ask to be joined into the P3 Health
Partners call
The conference call will also be webcast
live in the "Events & Presentations" section of the Investor
page of the P3 website (ir.p3hp.org). The Company’s press release
will be available on the Investor page of P3’s website in advance
of the conference call. An archived recording of the webcast will
be available on the Investor page of P3’s website for a period of
90 days following the conference call.
(1) Adjusted EBITDA, Adjusted EBITDA per member, per month
(“PMPM”), medical margin and network contribution are non-GAAP
financial measures. For reconciliations of these measures to the
most directly comparable GAAP measures and more information
regarding the Company’s use of non-GAAP financial measures, please
see the section titled “Non-GAAP Financial Measures.”
(2) See “Key Performance Metrics” for additional information on
how the Company defines “at-risk Medicare Advantage members.”
(3)The Company is not able to provide a quantitative
reconciliation of guidance for Adjusted EBITDA loss to net income
(loss), the most directly comparable GAAP measure, and has not
provided forward-looking guidance for net income (loss), because of
the uncertainty around certain items that may impact net income
(loss) that are not within our control or cannot be reasonably
predicted without unreasonable effort. For more information
regarding the non-GAAP financial measures discussed in this press
release, please see “Non-GAAP Financial Measures” below.
About P3 Health Partners (NASDAQ: PIII):
P3 Health Partners Inc. is a leading population health
management company committed to transforming healthcare by
improving the lives of both patients and providers. Founded and led
by physicians, P3 has an expansive network of more than 2,800
affiliated primary care providers across the country. Our local
teams of health care professionals manage the care of thousands of
patients in 15 counties across five states. P3 supports primary
care providers with value-based care coordination and
administrative services that improve patient outcomes and lower
costs. Through partnerships with these local providers, the P3 care
team creates an enhanced patient experience by navigating,
coordinating, and integrating the patient’s care within the
healthcare system. For more information, visit www.p3hp.org and
follow us on @p3healthpartners and
Facebook.com/p3healthpartners.
Presentation of Financial Results
As a result of the business combination consummated on December
3, 2021, the Company was deemed to be the acquirer and successor
for accounting purposes, and P3 Health Group Holdings, LLC, which
is the business conducted prior to the closing of the business
combination, was deemed to be the acquiree and accounting
predecessor. The Company’s financial results are distinguished
between two distinct periods, the period prior to the business
combination closing date (the “Predecessor” period) and the period
after the closing date through December 31, 2022 (the “Successor”
period), which reflects a new basis of accounting that is based on
the fair value of net assets acquired. The financial results for
the quarter and year ended December 31, 2021, presented in this
release combine these two periods.
Non-GAAP Financial Measures
In addition to the financial results prepared in accordance with
U.S. Generally Accepted Accounting Principles ("GAAP"), this press
release contains certain non-GAAP financial measures as defined by
the SEC rules, including Adjusted EBITDA and Adjusted EBITDA PMPM,
medical margin and network contribution. EBITDA is defined as GAAP
net income (loss) before (i) interest, (ii) income taxes and (iii)
depreciation and amortization. Adjusted EBITDA is defined as
EBITDA, further Adjusted to exclude the effect of certain expenses,
such as (i) mark-to-market warrant gain/loss, (ii) premium
deficiency reserves, (ii) equity-based compensation expense and
(vi) certain other items that we believe are not indicative of our
core operating performances. Adjusted EBITDA PMPM is defined as
Adjusted EBITDA divided by the number of at-risk Medicare Advantage
members each month divided by the number of months in the period.
We believe these non‐GAAP financial measures provide an additional
tool for investors to use in evaluating ongoing operating results
and trends and in comparing our financial measures with other
similar companies. Medical margin represents the amount earned from
capitation revenue after medical claims expenses are deducted.
Medical claims expenses represent costs incurred for medical
services provided to our members. As our platform grows and matures
over time, we expect medical margin to increase in absolute
dollars; however, medical margin PMPM may vary as the percentage of
new members brought onto our platform fluctuates. New membership
added to the platform is typically dilutive to medical margin PMPM.
Furthermore, in light of COVID-19, we continue to evaluate the
ultimate impact of the pandemic on medical margin. We define
network contribution as total operating revenue less the sum of:
(i) medical claims expenses and (ii) other medical expenses
including physician compensation expense related to surplus sharing
and bonuses and other direct medical expenses incurred to improve
care for our members. We believe this metric provides insight into
the economics of the P3 Care Model, as it includes all medical
claims expense associated with our members’ care as well as partner
compensation and additional medical costs we incur as part of our
aligned partnership model. Other medical expenses are largely
variable and proportionate to the level of surplus in each
respective market, among other cost factors. We do not consider
these non‐GAAP measures in isolation or as an alternative to
financial measures determined in accordance with GAAP. These
non-GAAP financial measures are subject to inherent limitations as
they reflect the exercise of judgments by management about which
expense and income are excluded or included in determining these
non‐GAAP financial measures. In addition, other companies may
calculate non-GAAP financial measures differently or may use other
measures to evaluate their performance, all of which could reduce
the usefulness of our non-GAAP financial measures as tools for
comparison. The tables at the end of this press release present a
reconciliation of Adjusted EBITDA to net income (loss) and Adjusted
EBITDA PMPM to net income (loss) PMPM, and medical margin and
network contribution to operating income (loss) which are the most
directly comparable financial measures calculated in accordance
with GAAP.
Key Performance Metrics
In addition to our GAAP and non-GAAP financial information, the
Company also monitors “at-risk members” to help us evaluate our
business, identify trends affecting our business, formulate
business plans and make strategic decisions. At-risk membership
represents the approximate number of Medicare Advantage members for
whom we receive a fixed PMPM fee under capitation arrangements as
of the end of a particular period.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended. Words such as
"anticipate," "believe," "budget," "contemplate," "continue,"
"could," "envision," "estimate," "expect," "guidance," "indicate,"
"intend," "may," "might," "plan," "possibly," "potential,"
"predict," "probably," "pro-forma," "project," "seek," "should,"
"target," or "will," or the negative or other variations thereof,
and similar words or phrases or comparable terminology, are
intended to identify forward-looking statements. These
forward-looking statements address various matters, including the
Company’s future expected growth strategy and operating
performance; current expectations regarding the ; the Company’s
liquidity condition, outlook as to revenue, at-risk Medicare
Advantage membership and Adjusted EBITDA loss for the full year
2023; and our expectation to achieve Adjusted EBITDA profitability
in 2024, all of which reflect the Company’s expectations based upon
currently available information and data. Because such statements
are based on expectations as to future financial and operating
results and are not statements of fact, actual results may differ
materially from those projected or estimated and you are cautioned
not to place undue reliance on these forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company's control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements.
Important risks and uncertainties that could cause our actual
results and financial condition to differ materially from those
indicated in forward-looking statements include, among others,
changes in market or industry conditions, regulatory environment,
competitive conditions, and receptivity to our services; our
ability to fund our growth and expand our operations; changes in
laws and regulations applicable to our business; our ability to
maintain our relationships with health plans and other key payers;
the impact of COVID-19, including the impact of new variants of the
virus, or another pandemic, epidemic or outbreak of infectious
disease on our business and results of operation; increased labor
costs; our ability to recruit and retain qualified team members and
independent physicians; and other factors discussed in Part I, Item
1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for
the year ended December 31, 2022 filed with the SEC on March 31,
2023, and in the Company’s other filings with the SEC. All
information in this press release is as of the date hereof, and we
undertake no duty to update or revise this information unless
required by law. You are cautioned not to place undue reliance on
any forward-looking statements contained in this press release.
P3 HEALTH PARTNERS INC and
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands, except per
share amounts)
December 31,
2022
2021
ASSETS CURRENT ASSETS: Cash $
17,537
$
140,478
Restricted cash
920
356
Health plan receivable
72,092
50,251
Clinic fees and insurance receivable, net
822
1,090
Other receivable
6,678
727
Prepaid expenses and other current assets
2,643
6,959
TOTAL CURRENT ASSETS
100,692
199,861
LONG-TERM ASSETS: Property and equipment, net
8,839
8,048
Goodwill
—
1,309,750
Intangible assets, net
751,050
835,839
Other long-term assets
15,990
10,611
TOTAL LONG-TERM ASSETS
775,879
2,164,248
TOTAL ASSETS (1) $
876,571
$
2,364,109
LIABILITIES, MEZZANINE EQUITY, and
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable $
11,542
$
5,469
Accrued expenses and other current liabilities
16,647
12,261
Accrued payroll
8,224
6,304
Health plan settlements payable
13,608
22,549
Claims payable
151,207
101,958
Premium deficiency reserve
26,375
37,836
Accrued interest
14,061
8,771
Current portion of long-term debt
—
46
Short-term debt
—
3,579
TOTAL CURRENT LIABILITIES
241,664
198,773
LONG-TERM LIABILITIES: Operating lease liability
11,516
6,297
Warrant liabilities
1,517
11,383
Contingent consideration
4,794
3,487
Long-term debt, net
94,421
80,000
TOTAL LONG-TERM LIABILITIES
112,248
101,167
TOTAL LIABILITIES (1)
353,912
299,940
COMMITMENTS AND CONTINGENCIES (NOTE 17 AND NOTE 21) MEZZANINE
EQUITY Redeemable non-controlling interest
516,805
1,790,617
STOCKHOLDERS' EQUITY: Class A common stock, $0.0001 par value;
800,000,000 shares authorized; 41,578,890 shares issued and
outstanding as of December 31, 2022 and 2021
4
4
Class V common stock, $0.0001 par value; 205,000,000 shares
authorized; 201,592,012 and 196,553,523 shares issued and
outstanding as of December 31, 2022 and 2021, respectively
20
20
Additional paid in capital
315,375
312,946
Accumulated deficit
-309,545
-39,418
TOTAL STOCKHOLDERS’ EQUITY
5,854
273,552
TOTAL LIABILITIES, MEZZANINE EQUITY, and STOCKHOLDERS' EQUITY $
876,571
$
2,364,109
Unaudited Consolidated
Statements of Operations (in millions, except per share
amounts)
Successor Three Months
Ended December 31, 2022
Successor Three Months
Ended December 31, 2021
Successor Year
Ended December 31, 2022
Successor December 3,
2021 through December 31, 2021
Predecessor January 1,
2021 through December 2, 2021
Combined Year Ended
December 31, 2021
Operating Revenue: Capitated Revenue
$
254.0
$
181.4
$
1,034.8
$
57.2
$
567.7
$
625.0
Other Patient Service Revenue
4.2
3.9
14.7
1.5
10.9
12.4
Total Operating Revenue
258.2
185.3
1,049.5
58.8
578.6
637.4
Operating Expenses (Income): Medical Expenses
269.2
201.0
1,057.2
66.9
592.5
659.3
Premium Deficiency Reserve
(1.3
)
33.2
(11.5
)
26.3
11.6
37.8
Corporate, General and Administrative Expenses
39.7
63.3
157.3
17.0
100.2
117.2
Sales and Marketing Expenses
1.7
1.1
5.1
0.4
1.8
2.2
Goodwill Impairment
463.5
7.1
1,315.0
7.1
-
7.1
Depreciation and Amortization
22.0
0.4
87.3
-
1.6
1.6
Total Operating Expenses
794.8
306.2
2,610.4
117.7
707.7
825.3
Operating Loss
(536.5
)
(120.9
)
(1,560.9
)
(58.9
)
(129.1
)
(187.9
)
Other Income (Expenses): Interest Expense, Net
(3.2
)
(3.7
)
(11.4
)
(0.9
)
(9.8
)
(10.7
)
Mark-To-Market Adjustment For Stock Warrants
6.5
6.7
9.9
2.3
(7.7
)
(5.4
)
Other Expense, Net
2.8
(0.3
)
2.8
(0.5
)
0.1
(0.3
)
Total Other Income (Expenses)
6.1
2.7
1.2
1.0
(17.3
)
(16.4
)
Loss Before Income Taxes
(530.5
)
(118.2
)
(1,559.7
)
(57.9
)
(146.4
)
(204.3
)
Provision For Income Taxes
(1.9
)
-
(1.9
)
-
-
-
Net Loss
(532.3
)
(118.2
)
(1,561.6
)
(57.9
)
(146.4
)
(204.3
)
Net Loss Attributable To Non-Controlling Interests
(438.3
)
(47.9
)
(1,291.4
)
(47.9
)
-
(47.9
)
Net Loss Attributable To Controlling Interests
($
94.0
)
($
70.3
)
($
270.1
)
($
10.1
)
($
146.4
)
($
156.5
)
NET LOSS PER SHARE (BASIC)
($
2.26
)
($
1.69
)
($
6.5
)
($
0.24
)
NA(1) NA(1) NET LOSS PER SHARE (DILUTED)
($
2,260.23
)
($
1,690.16
)
($
6.5
)
($
0.24
)
NA(1) NA(1) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (BASIC)
41.6
41.6
41.6
41.6
NA(1) NA(1) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (DILUTED)
41.6
41.6
41.6
41.6
NA(1) NA(1)
(1) The Company analyzed the
calculation of net loss per member unit for predecessor periods
prior to the Business Combinations
Successor Predecessor Year EndedDecember
31,2022 December 3, 2021through December
31,2021 January 1, 2021through December
2,2021 CASH FLOWS FROM OPERATING
ACTIVITIES: Net loss
-1,561,557
-57,938
$
-146,400
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
87,289
7,150
1,575
Equity-based compensation
19,404
4,635
3,701
Goodwill impairment
1,314,952
—
—
Amortization of original issue discount and debt issuance costs
—
—
1,798
Accretion of contingent consideration
400
—
—
Mark-to-market of stock warrants
-9,865
-2,272
7,665
Premium deficiency reserve
-11,461
26,277
11,559
Changes in operating assets and liabilities: Health plan receivable
-21,841
3,236
-2,770
Clinic fees, insurance, and other receivables
-5,338
1,467
-1,485
Prepaid expenses and other current assets
4,266
-4,704
4,254
Other long-term assets
100
—
—
Accounts payable, accrued expenses, and other current liabilities
6,082
7,732
34,224
Accrued payroll
1,920
3,158
-1,134
Health plan settlements payable
-8,941
-2,592
11,265
Claims payable
49,249
-971
19,097
Accrued interest
5,290
-498
5,216
Operating lease liability
4,032
-22
306
Net cash used in operating activities
-126,019
-15,342
-51,129
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
-2,233
-120
-3,290
Acquisitions, net of cash acquired
-5,500
-47,879
-4,989
Notes receivable
—
143
70
Net cash used in investing activities
-7,733
-47,856
-8,209
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from PIPE, net of issuance costs
—
195,308
—
Proceeds from long-term debt, net of original issue discount
15,000
—
25,000
Proceeds from short-term debt
—
3,377
351
Payment of long-term debt
-46
-8
-186
Payment of debt issuance costs
—
—
-375
Payment of short-term debt
-3,579
—
—
Net cash provided by financing activities
11,375
198,677
24,790
Net change in cash and restricted cash
-122,377
135,479
-34,548
Cash and restricted cash at beginning of period
140,834
5,355
39,903
Cash and restricted cash at end of period
18,457
140,834
$
5,355
Reconciliation of Non-GAAP Adjusted EBITDA(in
millions) Three Months EndedDecember 31, 2022
Three Months EndedDecember 31, 2021 Year
EndedDecember 31, 2022 Year EndedDecember 31,
2021 Net Loss
($532)
($118)
(1,561.6)
($204)
Interest Expense, Net
3
4
11.4
11
Depreciation and Amortization Expense
22
8
87.3
9
Provision for Income Taxes
2
-
1.9
-
Goodwill Impairment
464
-
1,315.0
-
Mark-To-Market Adjustment of Stock Warrants
(7)
(7)
(9.9)
5
Premium Deficiency Reserve
(1)
33
(11.5)
38
Transaction and Other Related Costs
3
38
14.1
38
Equity-Based Compensation
2
7
19.4
8
Other
4
0
6.0
0
EBITDA, Adjusted
($40.1)
($35.6)
($127.9)
($95.5)
Reconciliation of Non-GAAP adjusted EBITDA /
PMPM(in PMPM $) Three Months EndedDecember 31,
2022 Three Months EndedDecember 31, 2021 Year
EndedDecember 31, 2022 Year EndedDecember 31,
2021 Net Loss
($532)
($118)
($1,562)
($204)
Interest Expense, Net
3
4
11
11
Depreciation and Amortization Expense
22
8
87
9
Provision for Income Taxes
2
-
2
-
Goodwill Impairment
464
-
1,315
-
Mark-To-Market Adjustment of Stock Warrants
(7)
(7)
(10)
5
Premium Deficiency Reserve
(1)
33
(12)
38
Transaction and Other Related Costs
3
38
14
38
Stock-Based Compensation
2
7
19
8
Other
4
0
6
0
EBITDA, Adjusted
($40.1)
($35.6)
($127.9)
($95.5)
PMPM
$ (133)
$ (177)
$ (106)
$ (119)
Successor
Predecessor
Year Ended December 31, 2022 December 3,
2021 through December 31, 2021 January 1,
2021 through December 2, 2021 Capitated revenue $
1,034,800
$
57,224
$
567,735
Less: medical claims expenses
-972,725
-62,344
-550,869
Medical margin $
62,075
$
-5,120
$
16,866
The following table sets forth a reconciliation of our operating
loss, the most directly comparable GAAP metric, to medical margin
(in thousands):
Successor
Predecessor
Combined
Year EndedDecember 31,2022 December 3,
2021through December31, 2021 January 1,
2021through December2, 2021 January 1,
2021through December31, 2021 Operating loss $
-1,560,913
$
-58,888
$
-129,058
$
-187,946
Other patient service revenue
-14,671
-1,538
-10,867
-12,405
Other medical expenses
84,499
4,533
41,596
46,129
Premium deficiency reserve
-11,461
26,277
11,559
37,836
Corporate, general and administrative expenses
157,284
16,983
100,243
117,226
Sales and marketing expenses
5,096
364
1,818
2,182
Depreciation and amortization
87,289
7,149
1,575
8,724
Goodwill impairment
1,314,952
—
—
Medical margin $
62,075
$
-5,120
$
16,866
$
11,746
Successor Predecessor Year EndedDecember
31,2022 December 3, 2021through
December31, 2021 January 1, 2021through
December2, 2021 Total operating revenue $
1,049,471
$
58,762
$
578,602
Less: medical claims expenses
-972,725
-62,345
-550,869
Less: other medical expenses
-84,499
-4,532
-41,596
Network contribution $
-7,753
$
-8,115
$
-13,863
The following table presents our network contribution (dollars
in thousands):
Successor Predecessor Combined Year
EndedDecember 31,2022 December 3,
2021through December 31, 2021 January 1,
2021through December 2, 2021 January 1,
2021through December31, 2021 Operating loss
-1,560,913
$
-58,888
$
-129,058
$
-187,946
Premium deficiency reserve
-11,461
26,277
11,559
37,836
Corporate, general and administrative expenses
157,284
16,983
100,243
117,226
Sales and marketing expenses
5,096
364
1,818
2,182
Depreciation and amortization
87,289
7,149
1,575
8,724
Goodwill impairment
1,314,952
—
—
Network contribution
-7,753
$
-8,115
$
-13,863
$
-21,978
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230330005878/en/
Investor Relations
Karen Blomquist Vice President, Investor Relations P3 Health
Partners kblomquist@p3hp.org
Kassi Belz Executive Vice President, Communications P3 Health
Partners (904) 415-2744 kbelz@p3hp.org
P3 Partners (NASDAQ:PIII)
Historical Stock Chart
From Jun 2024 to Jul 2024
P3 Partners (NASDAQ:PIII)
Historical Stock Chart
From Jul 2023 to Jul 2024