Q1 2025 Performance Highlights - Implemented Providers increased by 11.7% compared to Q1 2024[8] - Practice Collections grew by 12.8% compared to Q1 2024[8] - Adjusted EBITDA increased by 35.1%[8] - Adjusted EBITDA margin was 25.6%, a 460 bps increase compared to Q1 2024[8] Strategic Expansion - Entered the Arizona market through a partnership with IMS, a multi-specialty group with approximately 70 MDs and APPs[9] - The Arizona market includes 28,000+ value-based care attributed lives across various programs[9] - $95 million in cash consideration was paid at closing for the Arizona market entry[9] National Presence and Value-Based Care - The company operates in 15 states plus D C, with over 1,200 care center locations and 5 2 million+ patients[10] - Total Attributed Lives amount to 1 27 million[14] - Government Lives account for 491,000, while Commercial Lives account for 779,000[14] Financial Position and Updated Guidance - The company has $469 3 million in cash and no debt as of March 31, 2025[20] - FY 2025 guidance for Implemented Providers, Practice Collections, GAAP Revenue, Care Margin, and Platform Contribution was raised to the mid-to-high end of the initial ranges[8, 23] - Attributed Lives guidance for FY 2025 remains unchanged at 1 3 million to 1 4 million[8, 23]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) [First Quarter 2025 Financial Performance](index=1&type=section&id=First%20Quarter%202025%20Financial%20Performance) Privia Health reported strong financial results for the first quarter of 2025, with significant year-over-year growth across key metrics First Quarter 2025 Financial Performance (Millions USD) | Metric | 2025 (Millions USD) | 2024 (Millions USD) | Change (%) | | :--- | :--- | :--- | :--- | | **Total revenue** | $480.1 | $415.2 | 15.6% | | **Gross profit** | $103.6 | $93.4 | 11.0% | | **Operating income** | $5.2 | $0.8 | 534.0% | | **Net income** | $4.2 | $3.0 | 41.4% | | **Non-GAAP adjusted net income** | $27.8 | $22.5 | 23.3% | | **Net income per share** | $0.03 | $0.02 | 50.0% | | **Non-GAAP adjusted net income per share** | $0.22 | $0.18 | 22.2% | - Net income for Q1 2025 included **$17.8 million** in non-cash stock compensation expense, an increase from **$11.9 million** in Q1 2024[3](index=3&type=chunk) [First Quarter 2025 Operating Metrics](index=1&type=section&id=First%20Quarter%202025%20Operating%20Metrics) The company demonstrated robust operational growth in Q1 2025, driving increased practice collections and Adjusted EBITDA First Quarter 2025 Operating Metrics (in millions, except as noted) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Implemented Providers | 4,871 | 4,359 | 11.7% | | Value-Based Care Attributed Lives | 1,270,000 | 1,143,000 | 11.1% | | Practice Collections (Millions USD) | $798.6 | $707.7 | 12.8% | | Care Margin (Millions USD) | $105.3 | $94.9 | 10.9% | | Platform Contribution (Millions USD) | $51.7 | $44.7 | 15.6% | | Adjusted EBITDA (Millions USD) | $26.9 | $19.9 | 35.1% | [Strategic Developments & Financial Outlook](index=2&type=section&id=Strategic%20Developments%20%26%20Financial%20Outlook) [Arizona Market Entry](index=2&type=section&id=Arizona%20Market%20Entry) Privia Health expanded into Arizona by acquiring Integrated Medical Services (IMS) for $95 million in cash, with profitability expected in Q4 2025 - Privia Health entered the Arizona market through a partnership with Integrated Medical Services (IMS), one of the state's largest independent multi-specialty practices[6](index=6&type=chunk) - The transaction involved a **$95 million** cash payment at closing[6](index=6&type=chunk) - IMS has approximately **70 physicians** and advanced practice providers, managing over **28,000 patient lives** in value-based care arrangements[6](index=6&type=chunk) - The transaction and launch in Arizona are expected to be profitable starting in the **fourth quarter of 2025**[7](index=7&type=chunk) [Updated FY'25 Guidance](index=2&type=section&id=Updated%20FY%2725%20Guidance) Reflecting strong Q1 performance and the Arizona market entry, Privia Health raised its full-year 2025 outlook for most key metrics - The full-year 2025 outlook was raised to the **mid- to high end** of guidance ranges for all metrics except for Attributed Lives, which remains unchanged[4](index=4&type=chunk)[8](index=8&type=chunk) Updated Full-Year 2025 Guidance (in millions, except as noted) | Metric | FY 2024 Actual (Millions USD) | Initial FY 2025 Guidance (Low) (Millions USD) | Initial FY 2025 Guidance (High) (Millions USD) | Updated FY 2025 Guidance (5.8.25) | | :--- | :--- | :--- | :--- | :--- | | Implemented Providers | 4,789 | 5,200 | 5,300 | Mid to High End | | Attributed Lives | 1,256,000 | 1,300,000 | 1,400,000 | Unchanged | | Practice Collections (Millions USD) | $2,968.0 | $3,150 | $3,250 | Mid to High End | | GAAP Revenue (Millions USD) | $1,736.4 | $1,800 | $1,900 | Mid to High End | | Care Margin (Millions USD) | $403.9 | $435 | $445 | Mid to High End | | Platform Contribution (Millions USD) | $195.6 | $208 | $218 | Mid to High End | | Adjusted EBITDA (Millions USD) | $90.5 | $105 | $110 | Mid to High End | - Guidance assumes at least **80% of Adjusted EBITDA** is expected to convert to free cash flow in full-year 2025[8](index=8&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated statements of operations, balance sheets, and cash flows for the reporting period [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, Privia Health reported total revenue of $480.1 million, operating income of $5.2 million, and net income of $4.2 million Condensed Consolidated Statements of Operations (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | **Revenue** | **$480,097** | **$415,243** | | Total operating expenses | $474,879 | $414,420 | | **Operating income** | **$5,218** | **$823** | | Income before provision for income taxes | $8,149 | $3,807 | | **Net income attributable to Privia Health Group, Inc.** | **$4,220** | **$2,984** | | Net income per share – diluted | $0.03 | $0.02 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets reached $1.18 billion, with cash and cash equivalents at $469.3 million, and total stockholders' equity at $709.5 million Condensed Consolidated Balance Sheets (in thousands) | Metric | March 31, 2025 (Thousands USD) | December 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | **Total current assets** | **$886,467** | **$834,823** | | Cash and cash equivalents | $469,331 | $491,149 | | **Total assets** | **$1,183,538** | **$1,135,783** | | **Total current liabilities** | **$470,810** | **$449,146** | | **Total liabilities** | **$474,012** | **$452,336** | | **Total stockholders' equity** | **$709,526** | **$683,447** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $24.1 million in Q1 2025, with cash and cash equivalents ending at $469.3 million Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Net cash used in operating activities | ($24,061) | ($33,137) | | Net cash used in investing activities | — | ($5,713) | | Net cash provided by financing activities | $2,243 | $475 | | **Net decrease in cash and cash equivalents** | **($21,818)** | **($38,375)** | | Cash and cash equivalents at end of period | $469,331 | $351,136 | [Supplemental Financial Information & Non-GAAP Reconciliations](index=8&type=section&id=Supplemental%20Financial%20Information%20%26%20Non-GAAP%20Reconciliations) This section provides further detail on the company's financial performance, including revenue breakdown and reconciliations of non-GAAP financial measures [Disaggregated Revenue](index=8&type=section&id=Disaggregated%20Revenue) In Q1 2025, Fee-for-Service patient care remained the primary revenue driver, while capitated revenue showed strong growth Disaggregated Revenue (in thousands) | Revenue Source | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | FFS-patient care | $311,761 | $274,823 | | FFS-administrative services | $32,255 | $29,076 | | Capitated revenue | $70,690 | $51,304 | | Shared savings | $47,912 | $47,464 | | Care management fees (PMPM) | $15,201 | $10,603 | | **Total Revenue** | **$480,097** | **$415,243** | [Non-GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20Reconciliations) The company provides reconciliations for its key non-GAAP metrics to bridge the gap with reported GAAP figures [Reconciliation of Gross Profit to Care Margin](index=10&type=section&id=Reconciliation%20of%20Gross%20Profit%20to%20Care%20Margin) Care Margin is calculated by adding back the amortization of intangible assets to Gross Profit Reconciliation of Gross Profit to Care Margin (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Gross Profit | $103,615 | $93,380 | | Amortization of intangibles assets | 1,673 | 1,527 | | **Care margin** | **$105,288** | **$94,907** | [Reconciliation of Gross Profit to Platform Contribution](index=10&type=section&id=Reconciliation%20of%20Gross%20Profit%20to%20Platform%20Contribution) Platform Contribution is derived from Gross Profit by adjusting for amortization, stock-based compensation, and the cost of the platform Reconciliation of Gross Profit to Platform Contribution (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Gross Profit | $103,615 | $93,380 | | Amortization of intangibles assets | 1,673 | 1,527 | | Cost of platform | (59,526) | (54,057) | | Stock-based compensation | 5,971 | 3,887 | | **Platform Contribution** | **$51,733** | **$44,737** | [Reconciliation of Net Income to Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Adjusted EBITDA is calculated by adjusting Net Income for items such as taxes, interest, depreciation & amortization, and stock-based compensation Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Net income | $4,220 | $2,984 | | Adjustments (taxes, interest, D&A, stock comp, etc.) | $22,695 | $16,938 | | **Adjusted EBITDA** | **$26,915** | **$19,922** | [Reconciliation of Net Income to Adjusted Net Income](index=11&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income) Adjusted Net Income excludes non-cash expenses like stock-based compensation and intangible amortization, as well as other non-recurring items Reconciliation of Net Income to Adjusted Net Income (in thousands) | Metric | For the Three Months Ended March 31, 2025 (Thousands USD) | For the Three Months Ended March 31, 2024 (Thousands USD) | | :--- | :--- | :--- | | Net income | $4,220 | $2,984 | | Stock-based compensation | 17,790 | 11,904 | | Intangible amortization expense | 1,673 | 1,527 | | Provision for income tax | 2,103 | 751 | | Other expenses | 2,006 | 5,374 | | **Adjusted net income** | **$27,792** | **$22,540** |

Core Insights - Privia Health Group, Inc. reported strong financial results for Q1 2025, with total revenue increasing by 15.6% to $480.1 million compared to $415.2 million in Q1 2024 [2][21] - The company achieved a significant increase in operating income, rising 534.0% to $5.2 million from $0.8 million year-over-year [2][21] - Privia Health raised its full-year 2025 guidance to the mid- to high end of its previous estimates across various metrics, indicating confidence in continued growth [5][8] Financial Performance - Total revenue for Q1 2025 was $480.1 million, up from $415.2 million in Q1 2024, reflecting a 15.6% increase [2] - Gross profit increased by 11.0% to $103.6 million from $93.4 million [2] - Net income rose by 41.4% to $4.2 million compared to $3.0 million in the same quarter last year [2] - Non-GAAP adjusted net income was $27.8 million, a 23.3% increase from $22.5 million [2] Key Operating Metrics - The number of implemented providers increased by 11.7% to 4,871 from 4,359 [4] - Value-based care attributed lives grew by 11.1% to 1,270,000 from 1,143,000 [4] - Practice collections reached $798.6 million, a 12.8% increase from $707.7 million [4] - Adjusted EBITDA for Q1 2025 was $26.9 million, up 35.1% from $19.9 million in Q1 2024 [4][6] Strategic Developments - Privia Health entered the Arizona market in partnership with Integrated Medical Services, which includes approximately 70 physicians and advanced practice providers [5][7] - The Arizona launch is expected to be profitable starting in Q4 2025, contributing to the company's growth strategy [5][7] Updated Guidance - Full-year 2025 guidance was raised to the mid- to high end of previous estimates for implemented providers, practice collections, and GAAP revenue [8] - The updated guidance includes expectations for minimal year-over-year increases in value-based shared savings accruals and assumes no other new business development activity [10]

Group 1 - Analysts project that Privia Health (PRVA) will announce quarterly earnings of $0.06 per share, representing a 200% increase year over year [1] - Revenues are projected to reach $455.65 million, increasing by 9.7% from the same quarter last year [1] - The consensus EPS estimate has undergone a downward revision of 4% in the past 30 days, indicating a reassessment by covering analysts [2] Group 2 - Analysts estimate that 'Practice Collections' will likely reach $780.88 million, compared to $707.70 million in the same quarter of the previous year [5] - The consensus for 'Care Margin' is projected to be $106.25 million, up from $94.90 million a year ago [5] - The estimated 'Platform Contribution' is $50.60 million, an increase from $44.70 million in the previous year [6] Group 3 - Shares of Privia Health have experienced a change of +4.5% in the past month, compared to a +10.6% move of the Zacks S&P 500 composite [6] - With a Zacks Rank 4 (Sell), PRVA is expected to underperform the overall market in the near future [6]

Core Insights - Privia Health Group, Inc. has entered into a partnership with Integrated Medical Services, Inc. (IMS) to expand its operations into Arizona, marking the 15th state in its national network [1][5] - The partnership will establish Privia Medical Group—Arizona, which aims to provide a new alternative for independent providers to care for patients across various reimbursement models [2][4] - The implementation of IMS on the Privia Platform is expected to occur in the fourth quarter of 2025, with profitability anticipated starting in the same quarter and for the full year of 2026 [3] Company Overview - Privia Health is one of the largest physician enablement companies in the U.S., operating in 15 states and the District of Columbia, and managing over 1,200 physician practices [5] - The company focuses on building scaled provider networks with a primary-care centric approach, utilizing a physician-led governance structure and a comprehensive technology and service platform [5][6] - Privia's mission is to transform healthcare delivery to achieve better outcomes, lower costs, and enhance community health and provider well-being [6] Partnership Details - IMS, with approximately 70 physicians and advanced practice providers, manages over 28,000 attributed lives across various value-based care arrangements [1][2] - The partnership is designed to maintain IMS's physician-owned and operated structure while leveraging Privia's expertise and technology to enhance patient care and practice vitality [4] - Both parties express a commitment to preserving IMS's culture and community focus while expanding their capabilities through this collaboration [4]

ARLINGTON, Va., April 08, 2025 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced that it expects to release financial results for its first quarter ended March 31, 2025 before market open on Thursday, May 8, 2025. The press release is expected to be publicly disseminated by 7:00 am ET and will also be available on the Company’s Investor Relations website at ir.priviahealth.com. Privia Health management will host a conference call beginning at 8:00 am ET on the same day, Thursday, ...

Privia Health (PRVA) reported $460.9 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 4.6%. EPS of $0.03 for the same period compares to $0.02 a year ago.The reported revenue represents a surprise of +10.37% over the Zacks Consensus Estimate of $417.6 million. With the consensus EPS estimate being $0.06, the EPS surprise was -50.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

Financial Data and Key Metrics Changes - Privia Health reported a strong performance in 2024, exceeding guidance metrics across the board, with implemented providers increasing by 11.2% year-over-year and fee-for-service collections growing by 13.6% [9][10] - Adjusted EBITDA rose by 25.2% to $90.5 million, with a care margin increase of 12.4% [20][21] - Free cash flow reached a record $109.3 million, converting 121% of adjusted EBITDA, with a cash balance of $491 million and no debt at year-end [10][22] Business Line Data and Key Metrics Changes - The growth in implemented providers was driven by solid ambulatory utilization trends and value-based performance, leading to practice collections of $792.5 million in Q4, a 4.7% increase year-over-year [20] - The company serves over 1.26 million attributed lives across various value-based care programs, with commercial attributed lives increasing by 15.2% [14][15] Market Data and Key Metrics Changes - The company operates in 14 states and the District of Columbia, with a footprint of 4,789 implemented providers caring for over 5.2 million patients [12][13] - Medicare Advantage and Medicaid attribution both increased nearly 8% year-over-year, while commercial attributed lives saw a 15.2% increase [15] Company Strategy and Development Direction - Privia aims to build one of the largest primary care-centric delivery networks in the nation, focusing on provider growth, attribution growth, and operational improvements [12][23] - The company plans to maintain a disciplined growth strategy, leveraging its strong balance sheet to pursue opportunities in existing and new markets [11][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenging Medicare Advantage environment, emphasizing the importance of diversified value-based care contracts [15][16] - The company expects continued growth in EBITDA and free cash flow, with guidance for 2025 indicating strong performance despite headwinds [18][25] Other Important Information - The company has consistently expanded EBITDA margins and converted 105% of EBITDA to free cash flow on average since 2018 [17] - Management highlighted the importance of maintaining a robust pipeline for business development while assuming no new market entry costs in the 2025 guidance [26][112] Q&A Session Summary Question: Inquiry about OpEx and leverage between sales and marketing and G&A - Management indicated that the guidance reflects a scaling of the cost structure with no new market entry costs assumed, leading to operating leverage driving EBITDA growth [30][32] Question: Cash balance and M&A pipeline - Management confirmed a robust M&A pipeline, emphasizing a disciplined approach to capital deployment while remaining open to opportunities in the market [35][37] Question: Competitors evolving business models - Management stated that their approach to risk in value-based care remains consistent and that they do not see competitors' strategies as a threat [43][49] Question: Factors influencing flatness in Shared Savings - Management noted that the guidance assumes minimal growth in shared savings due to various factors, including utilization trends and regulatory changes [53][56] Question: Higher-than-expected EBITDA to cash flow conversion - Management explained that the conversion rate is expected to be around 80% due to the expiration of net operating loss carryforwards, impacting cash taxes [61][63] Question: Care Margin guidance and scenarios for upside - Management acknowledged that the flat assumption in value-based care shared savings is a key factor influencing care margin guidance [74][76] Question: Provider interest in Care Partners program - Management reported positive trends in provider interest and the integration of technology to enhance performance in value-based care [79][81] Question: Physician fee schedule and potential impacts - Management indicated that the current guidance incorporates best estimates regarding the physician fee schedule, with no material impact expected [84][86] Question: Impact of uninsured levels and Medicaid changes - Management noted limited exposure to Medicaid and the uninsured, with a diversified demographic mix across states [88][90] Question: New market entry versus existing market growth - Management expressed a commitment to pursuing growth in both existing and new markets, leveraging a proven business model [93][102] Question: Growth expectations for providers and attributed lives - Management explained that the expected growth in attributed lives is influenced by the mix of primary care and specialty providers [107][109] Question: Capitated book contribution margin - Management confirmed a positive contribution margin from the capitated book, with a cautious outlook for future capitation opportunities [140][142]

Financial Data and Key Metrics Changes - Privia Health reported a strong performance in 2024, exceeding guidance metrics across all areas, with implemented providers increasing by 11.2% year over year and fee-for-service collections growing by 13.6% [7][8] - Adjusted EBITDA rose by 25.2% to reach $90,500,000, with a free cash flow generation of $109,300,000, converting 121% of adjusted EBITDA [8][15] - The company ended 2024 with $491,000,000 in cash and no debt, providing significant financial flexibility [9][15] Business Line Data and Key Metrics Changes - Implemented providers grew to 4,789, with practice collections increasing by 4.5% to $2,970,000,000, and care margin up by 12.4% [14][15] - The company achieved a gross provider retention rate of 98%, indicating strong provider satisfaction with the Privia platform [10] Market Data and Key Metrics Changes - Total attributed lives increased by over 11% year over year, with commercial attributed lives rising by 15.2% to reach 782,000 [11] - Medicare Advantage and Medicaid attribution both increased by nearly 8% from the previous year [11] Company Strategy and Development Direction - Privia aims to build one of the largest primary care-centric delivery networks in the nation, focusing on disciplined growth and capital deployment [9][18] - The company plans to maintain its core priorities in 2025, including increasing provider density, attribution growth, and operational efficiencies [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in the Medicare Advantage environment but expressed confidence in the company's ability to build scale and profitability despite challenges [11][12] - The company expects to generate positive contribution margins in value-based contracts while managing risks and enhancing clinical performance [11][12] Other Important Information - The company does not anticipate new market entry costs in its 2025 guidance, focusing instead on organic growth in existing markets [19][89] - Management emphasized the importance of a disciplined approach to capital deployment and the potential for returning capital to shareholders if stock prices deviate from intrinsic value [28] Q&A Session Summary Question: Can you break out the leverage between sales and marketing and G&A? - Management indicated that the guidance reflects scaling of the cost structure, with no new market entry costs assumed [22][23] Question: What is the status of M&A opportunities given the cash on the balance sheet? - Management stated they are exploring all opportunities but will remain disciplined in their approach, focusing on capital deployment to create shareholder value [26][28] Question: How does the glide path to risk impact Privia? - Management believes their approach to risk-taking validates their market position and does not change their strategy [32][34] Question: What factors are influencing the flatness in shared savings? - Management noted that prudence in guidance reflects various factors, including utilization trends and potential changes in program structures [40][41] Question: What is the expected contribution margin for the capitated book? - Management indicated that while they expect a positive contribution margin, it is difficult to predict if it will improve from the previous year [112] Question: How does the company view the potential increase in uninsured individuals? - Management expressed that they do not have significant exposure to Medicaid or uninsured populations, and their diversified mix helps mitigate risks [68]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-K _______________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40365 _________________________ Privia Health Group, Inc. (Exact ...