Core Insights - Privia Health Group, Inc. has been awarded the 2024 MAP Award for High Performance in Revenue Cycle by the Healthcare Financial Management Association (HFMA) [1][2] - This recognition highlights Privia's consistent performance in revenue cycle management, achieving industry-standard benchmarks and high patient satisfaction over eight of the last nine years [2][3] - The award was presented during the HFMA Annual Conference in Las Vegas, NV, on June 24, 2024 [2] Company Overview - Privia Health is a technology-driven national physician enablement company that collaborates with medical groups, health plans, and health systems [4] - The company's platform focuses on optimizing physician practices, enhancing patient experiences, and rewarding high-value care delivery in both in-person and virtual settings [4] - Privia's operations are supported by cloud-based technology aimed at reducing healthcare costs, improving outcomes, and enhancing the well-being of both patients and providers [4]

Contact Robert Borchert SVP, Investor & Corporate Communications IR@priviahealth.com 817.783.4841 About Privia Health Privia Health™ is a technology-driven, national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual settings. Privia Health's platform is led by top industry talent and exceptional physician leadership, ...

Company Overview - Privia Health Group, Inc. is a technology-driven national physician enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices and improve patient experiences [2] - The company's platform is designed to reduce unnecessary healthcare costs, achieve better outcomes, and enhance the health of patients and the well-being of providers through scalable operations and cloud-based technology [2] Upcoming Event - The management team of Privia Health plans to present at the 44th Annual William Blair Growth Stock Conference on June 5, 2024, at 11:00 am ET [1] - A live webcast and replay of the event will be available on the company's investor relations website [1]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 18.1% year-over-year to reach $19.9 million, reflecting strong operating leverage despite investments in new markets [49][55] - Practice collections rose by 7.4% year-over-year to $707.7 million, driven by same-store and new provider additions [95] - The company expects a reduction of approximately $198 million in top line revenue for 2024 due to lower risk exposure from Medicare Advantage capitation agreements [56] Business Line Data and Key Metrics Changes - The number of implemented providers increased by 17.3% year-over-year to 4,359, with expectations to reach 4,700 by year-end [95] - Commercial attributed lives grew by 8% year-over-year to 685,000, indicating a strong performance in the commercial book [52] - The company is managing approximately $9 billion of medical spend across various programs, including commercial, MSSP, Medicare Advantage, and Medicaid [53] Market Data and Key Metrics Changes - The company serves approximately 1.14 million attributed lives across more than 100 value-based care contracts, marking a 10% increase from the previous year [69] - The sales pipeline remains strong across all markets, with a robust business development pipeline for new market opportunities [67] Company Strategy and Development Direction - The company aims to build one of the largest primary care-centric delivery networks in the U.S., focusing on risk arrangements to drive future earnings growth [70] - The strategy includes thoughtfully moving lives into increased risk arrangements over time, leveraging clinical operations and performance management [70] - The company plans to maintain a conservative balance sheet while being opportunistic in growth, with over $400 million in cash and no debt [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business momentum and operating execution, closely monitoring medical cost trends and claims data [50] - The company is prepared for potential disruptions in the healthcare market, positioning itself as a stable partner for physician practices [91] - Management reiterated full-year 2024 guidance, expecting continued growth in adjusted EBITDA driven by operating leverage in mature markets [55][56] Other Important Information - The company has a strong balance sheet with cash of $351 million and no debt, positioning it well for future investments [97] - Adjusted EBITDA growth is expected to be driven by operating leverage in mature markets, offsetting new market entry costs [73] Q&A Session Summary Question: Can you unpack the growth in attributed lives? - The growth in attributed lives was influenced by the acquisition of a large IPA in Connecticut and the exit from Delaware, with most growth being organic [6][8] Question: How do you view the fee-for-service side growth? - The company expects seasonality to remain consistent with previous years, with solid performance in the first half positioning it well for the latter half [11][12] Question: Can you provide insights on the capitated MA book and fee-for-service book? - Utilization trends were as expected, with strong physician recruitment and a good pipeline for new markets [15][16] Question: What are the dynamics around shared savings revenue? - The company restructured contracts to preserve EBITDA and earnings power, with a focus on managing care management fees [19][20] Question: How does the company view the current healthcare M&A landscape? - The company sees potential opportunities as private equity and venture capital investments in physician practices may unwind, positioning itself as a stable partner [90][91]

Use of Non-GAAP Financial Information Solid First Quarter Performance and Operating Execution 1 st Quarter 2024 Results May 9, 2024 Parth Mehrotra – Chief Executive Officer David Mountcastle – Chief Financial Officer ● 1Q'24 Performance Building One of the Largest 1 Forward-Looking Statements In order to provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, the Comp ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q _______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in Its Charter) _________________________ Delaware 81-3599420 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 950 N. Glebe Rd., Suite 700 Arlington, Virginia 2220 ...

ARLINGTON, VA – May 9, 2024 – Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the first quarter ended March 31, 2024. | | | | For the Three Months Ended March 31, | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except per share amounts) | 2024 | | | 2023 | Change (%) | | Total revenue | $ | 415.2 | $ | 386.3 | 7.5 % | | Gross profit | $ | 93.4 | $ | 83.0 | 12.5 % | | Operating income | $ | 0.8 | $ | 6.7 | (87.7)% | | a Net income | $ | 3.0 | $ | 7.3 | (59.3)% | | ...

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, 2023 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 ...

Financial Data and Key Metrics Changes - Privia Health reported a 19.2% year-over-year increase in Practice Collections for Q4 2023, reaching $757 million [23] - Full-year Practice Collections grew 17.1% to $2.84 billion, while Care Margin increased by 17.5% [24] - Adjusted EBITDA for Q4 2023 grew 21.1% to $17.3 million, and for the full year, it increased by 18.7% to $72.2 million [23][24] Business Line Data and Key Metrics Changes - The company added 200 implemented providers in Q4 2023, totaling 4,305 implemented providers, a 19.4% increase year-over-year [23] - The growth in more mature markets contributed to a significant outperformance in Platform Contribution, validating strong unit economics [12] Market Data and Key Metrics Changes - As of January 1, 2024, Privia serves 1.13 million attributed lives across over 100 at-risk payer contracts, a 32% increase from year-end 2022 [18] - Commercial attributed lives increased by more than 36% to 678,000, with 69% in upside-only arrangements [18] Company Strategy and Development Direction - The company plans to focus on organic provider growth, limit downside risk arrangements, and drive operating leverage for adjusted EBITDA growth in 2024 [26][29] - Privia aims to invest $10 million to $12 million in platform costs in 2024 to support growth in newer markets [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current environment does not support overextension into downside risk or capitation arrangements, emphasizing a prudent approach to managing risk [13][14] - The company expects to see normalization in the MA market post-2024, allowing for a return to more capitated relationships [46] Other Important Information - Privia ended 2023 with approximately $390 million in cash and no debt, with free cash flow exceeding $81 million [25] - The company is exiting the Delaware ACO effective January 1, 2024, due to negative contribution margin expectations [7] Q&A Session Summary Question: Can you talk about the negotiations with payers around taking risk? - Management explained that they have built a model that can take risk in various forms and that payers are understanding of the need to adjust risk levels based on utilization trends [32][34] Question: How should we think about provider growth and attributed lives growth for 2024? - Management indicated that they aim to add 400 to 500 new implemented providers annually and that they expect to maintain strong growth in EBITDA despite current market challenges [38][40] Question: Can you clarify the minimal increase in shared savings for 2024? - Management attributed the minimal increase to current utilization trends and indicated that they expect normalization in the MA market after 2024 [44][46] Question: What are the new market entry costs expected in 2024? - Management noted that the majority of the $10 million to $12 million in costs are related to platform support for new providers in states like Connecticut and South Carolina [65] Question: Can you discuss the exit from Delaware and its impact? - Management clarified that exiting Delaware was an economic decision due to expected negative margins and that it would prevent further losses [61][66]

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------|-------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | 4 th Quarter 2023 Results February 27, 2024 Parth Mehrotra – David Mountcastle – | Chief Executive Officer Chief Financial Officer | | | | 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company's opinions, expectations, belie ...