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 For the quarterly period ended June 30, 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, ...

Financial Data and Key Metrics Changes - Privia Health reported a 17.3% year-over-year increase in practice collections, reaching $658.9 million in Q1 2023 [83] - Adjusted EBITDA rose by 13.9% compared to Q1 last year, totaling $16.9 million [83] - Total attributed lives increased by over 22% year-over-year, driven by new ACOs in 2023 [79] Business Line Data and Key Metrics Changes - The implemented provider count grew by 10.3% year-over-year, reaching 3,716 [83] - Value-based care comprised 33.8% of total GAAP revenue in Q1 2023, up from 27.1% in Q1 2022 [83] - The company expects to add new implemented providers in Connecticut, North Carolina, and Ohio before the end of the year [79] Market Data and Key Metrics Changes - The company is entering new markets with significant total addressable market (TAM) opportunities, aiming for 400 to 500 providers over the next 4 to 5 years [9] - The health plan partner's decision to pause a capitated arrangement impacted the performance metrics, but the overall value-based book performed well [80][49] Company Strategy and Development Direction - The company aims to build one of the largest ambulatory care delivery networks in the nation, focusing on expanding its national footprint [19] - The strategy includes thoughtful movement into risk-based arrangements and partnerships with health systems [65][69] - The company plans to continue investing in new market entries and expansion, with a strong balance sheet and no debt [84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining guidance for 2023 despite challenges, citing strong performance in the value-based book [49][84] - The company anticipates good utilization trends continuing into the rest of 2023, with a focus on prudent planning [56] - Management highlighted the importance of thoughtful risk-sharing arrangements with health plan partners [80] Other Important Information - A large secondary offering was launched, reducing the ownership of Goldman Sachs and Pamplona Capital while welcoming new long-term investors [4] - The company has a strong cash position of over $311 million, which supports its growth strategy [84] Q&A Session Summary Question: Can you clarify the timing of physician implementation? - Management indicated that they are ahead of their plan for implemented providers in new states and expect to implement some providers before the end of the year [87] Question: What is the impact of the capitated contract termination? - The health plan's decision to pause the capitated arrangement was due to operational challenges, but the company will continue to serve MA patients and reevaluate the arrangement for 2024 [80][78] Question: How are you measuring success in the Surgery Partner's partnership? - Management stated that they are looking to develop relationships and bring unique offerings to payer partners, with a focus on reducing total cost of care [71][73] Question: What are the expected margins between MSSP and capitated deals? - Management explained that the take rate on shared savings is effectively the same across both books of business, with differences in revenue recognition [100] Question: What is the outlook for new markets? - Management expects new markets to scale significantly in the coming years as they grow their provider base and attributed lives [93]

Table of Contents For the quarterly period ended March 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. 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 ...

Financial Data and Key Metrics Changes - Privia Health reported a 49.1% increase in Practice Collections for 2022, reaching over $2.4 billion, with adjusted EBITDA growing 47.1% to $60.9 million [13][30][36] - The care margin increased by 28.2%, reflecting strong operational performance [13] - For 2023, Practice Collections are expected to grow by 14.5% to over $2.7 billion, with adjusted EBITDA projected to increase by 18.3% [37] Business Line Data and Key Metrics Changes - Total value-based care revenue comprised 28.5% of total GAAP revenue in 2022, up from 12.4% the previous year, indicating a significant shift towards value-based arrangements [35] - The number of Implemented Providers increased by 8.7% year-over-year to 3,606, with a strong sales pipeline for new providers [34][30] - The company added over 11,000 capitated lives in 2023, bringing the total to over 40,000, a 38% increase from year-end 2022 [11][37] Market Data and Key Metrics Changes - Privia Health expanded into four new states: North Carolina, Ohio, Connecticut, and Delaware, significantly increasing its addressable market [10][9] - The company now operates in 12 states and the District of Columbia, with over 4 million patients cared for across 950 locations [40] - The entry into new markets is expected to contribute to future growth, although initial contributions from these states are limited [77] Company Strategy and Development Direction - The company aims to build one of the largest care delivery networks in the nation, focusing on expanding its provider partnerships and attributed lives in at-risk value-based arrangements [10][9] - Privia Health's operating model allows for partnerships with various types of providers, enhancing its ability to offer solutions across all specialties [19] - The strategy includes a balanced approach across Commercial, Medicare, and Medicaid contracts, with a focus on transitioning providers to value-based care arrangements [20][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term targets of 20% growth in Practice Collections and 30% growth in adjusted EBITDA annually [37][39] - The company is focused on improving patient outcomes and lowering costs through its capitated agreements, which are still in early stages [14] - Management highlighted the importance of a disciplined approach to risk adjustment and compliance, indicating that the RADV program is not expected to have a material impact on the company [50] Other Important Information - The company maintains a strong balance sheet with $348 million in cash and no debt, with free cash flow for 2022 reported at $47.1 million [36] - Adjusted EBITDA guidance for 2023 includes $8 million to $10 million in investments for new market entries, indicating a commitment to long-term growth despite initial costs [16][80] Q&A Session Summary Question: What is included in the guidance for the new markets? - Management confirmed that attributed lives in Connecticut and Delaware are included in the guidance, although there are no implemented providers in those states yet [51][52] Question: How does the company plan to convert Privia Care Partners providers to fully implemented providers? - Management indicated that converting Privia Care Partners providers to the full stack is a high priority, with internal targets set for this transition [58] Question: What is the expected impact of the RADV program? - Management believes that the diversity of revenue mitigates risks associated with the RADV program, and they do not expect it to have a significant impact [26][50] Question: How does the company view the profitability of Medicare Advantage compared to MSSP? - Management noted that Medicare Advantage has the potential to be more profitable than MSSP, but timing for achieving similar contributions will vary [112] Question: What is the strategy for entering new markets? - The strategy remains consistent across states, focusing on establishing medical groups, risk entities, and service platforms to support growth [71][85]

Revenue Growth - Revenue for the year ended December 31, 2022, was $1,356.7 million, an increase from $966.2 million in 2021 and $817.1 million in 2020[400] - Practice Collections reached $2.42 billion in 2022, up from $1.63 billion in 2021 and $1.30 billion in 2020[400] - Revenue for the year ended December 31, 2022, was $1.36 billion, an increase of 40.4% from $966.2 million in 2021[456] Financial Performance - Adjusted EBITDA for 2022 was $60.9 million, compared to $41.4 million in 2021 and $29.4 million in 2020[400] - Adjusted EBITDA increased by 47.1% for the year ended December 31, 2022, compared to 2021, driven by organic growth and new market entry[442] - Adjusted EBITDA margin improved to 19.9% in 2022, up from 17.4% in 2021, indicating enhanced operational efficiency[443] - The company reported a net loss attributable to Privia Health Group, Inc. of $8.6 million in 2022, significantly improved from a loss of $188.2 million in 2021, a reduction of 95.4%[456] Value-Based Care (VBC) Initiatives - VBC revenue represented 28.5% of total revenue in 2022, significantly up from 12.4% in 2021 and 11.4% in 2020[405] - The company aims to enhance its VBC capabilities and accelerate the transition to VBC reimbursement across all markets[416] - The company aims to increase risk levels in value-based care programs to enhance revenue opportunities per patient over time[419] Provider and Patient Metrics - The number of Implemented Providers increased by 8.7% from 3,317 in 2021 to 3,606 in 2022, and Attributed Lives rose by 8.9% from 786,000 to 856,000 during the same period[423][426] - The launch of Privia Care Partners in January 2022 attracted approximately 350 providers and over 42,000 Attributed Lives by January 2023[421] - As of January 1, 2023, the company's capitated agreements cover healthcare services for approximately 40,600 Medicare Advantage beneficiaries[418] Cost Management - Provider expenses rose to $1.05 billion in 2022, a 44.4% increase from $727.8 million in 2021, primarily due to new at-risk capitation arrangements[459] - Cost of platform expenses decreased to $170.8 million in 2022 from $174.7 million in 2021, a reduction of 2.2%[460] - Sales and marketing expenses were $19.7 million in 2022, down 13.2% from $22.7 million in 2021, reflecting cost management efforts[461] Partnerships and Expansion - The company launched three new Accountable Care Organizations (ACOs) in early 2022 and three more in the first two months of 2023, bringing the total to ten ACOs[417] - The company entered a partnership with Surgery Partners, Inc. to expand into Montana, establishing Great Falls Clinic as an anchor practice[410] - In November 2022, a joint venture with Novant Health Enterprises was announced to launch Privia Medical Group in North Carolina[411] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2022, were $348.0 million, supported by proceeds from the IPO and cash flows from operations[480] - Net cash provided by operating activities was $47.2 million in 2022, down from $55.1 million in 2021[485] - Net cash used in financing activities was $19.7 million for the year ended December 31, 2022, compared to net cash provided of $213.7 million in 2021, primarily due to the IPO proceeds in 2021[489] Revenue Streams - Capitated revenue for 2022 was $218.5 million, marking a new revenue stream for the company[456] - Shared savings revenue increased by 59.7% to $132.6 million in 2022, driven by growth in Medicare programs[456] - Other revenue sources include concierge services, virtual visits, and partnerships with self-insured employers, with CARES Act funds recorded as other revenue until December 31, 2021[516] Market Risks and Economic Factors - The Company faces market risks primarily from rising interest rates, with its Credit Agreement bearing interest at a floating rate linked to LIBOR plus 1.5% or ABR plus 0.5%[520] - Inflation has not materially affected the Company's operating results, although future inflation could pose risks[521]

(2) Platform Contribution is total revenue less the sum of physician and practice expense and cost of platform. (5) Amount represents stock-based compensation expense included in Cost of Platform. For the Nine Months Ended (3) Adjusted EBITDA is net income (loss) ottributable to Privid Heath Group, Inc. shoreholders and substition's excluding minority interests, provision (benefit) for income income, interest expense, depreciation and amortization, stock-based compensation, severance charges and other non-r ...

Financial Data and Key Metrics Changes - Privia Health reported a 52.5% increase in practice collections year-over-year, reaching approximately $611.9 million in Q3 2022 [11][26] - Adjusted EBITDA grew by 12.9% compared to Q3 2021, totaling $15.7 million [11][27] - Year-to-date practice collections increased by 60.8% to nearly $1.8 billion, with care margin up 32.9% [27][30] Business Line Data and Key Metrics Changes - The number of implemented providers increased by over 27% year-over-year, with nearly 3,600 providers now caring for over 4 million patients [11][15] - The company expects to enter new markets, including North Carolina and Ohio, enhancing its growth potential [12][14] Market Data and Key Metrics Changes - The company operates in 10 states and the District of Columbia, with plans to expand further [15] - Privia Health covers approximately 846,000 attributed lives across more than 80 at-risk payer contracts [20] Company Strategy and Development Direction - The company aims to build one of the largest medical groups in each state it enters, focusing on long-term growth and value-based care [14][47] - Privia Health's partnerships with health systems like Novant Health and OhioHealth are designed to support independent providers and enhance value-based care delivery [13][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for the remainder of 2022 and into 2023, citing strong business momentum and updated financial guidance [9][30] - The company remains focused on expanding its provider network and attributed lives, with expectations for continued growth [32] Other Important Information - The company has no debt and a pro forma cash position of $342 million, indicating strong financial health [28] - Privia Health's guidance for practice collections has been raised to a range of $2.325 to $2.4 billion for 2022 [30] Q&A Session Summary Question: Reduction in value-based commercial VBC lives - Management indicated that the reduction is due to a combination of provider terminations and health plan contract changes, with minimal financial impact [35][36] Question: MSSP program changes and benefits - Management confirmed that the 2021 performance exceeded expectations, contributing positively to their financial results [38][39] Question: New market entry strategy - Management emphasized a long-term strategy to build large medical groups in new states, leveraging partnerships with health systems [46][47] Question: Implemented providers in 2023 - Management expects to add 400 to 500 providers organically each year, with potential additional providers from partnerships [54] Question: Impact of inflation on staffing and provider partnerships - Management noted that inflation is being managed and that financial stress on practices may increase demand for their services [73][75] Question: Future capital allocation strategies - Management highlighted the flexibility to consider share repurchases if stock prices deviate significantly from intrinsic value, while also focusing on growth opportunities [80][81]

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 For the quarterly period ended June 30, 2022 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, ...

Financial Data and Key Metrics Changes - Privia Health reported practice collections of over $615 million in Q2 2022, representing a 67.6% increase year-over-year [21][11] - Adjusted EBITDA reached a record $15.5 million, up 54.8% compared to the same period last year, with an adjusted EBITDA margin of 20.4% [21][22] - For the first half of 2022, practice collections increased by 65.5% to nearly $1.2 billion, and adjusted EBITDA grew 51.8% to $30.3 million [23][24] Business Line Data and Key Metrics Changes - The number of implemented providers grew by 31.5% year-over-year, with over 3,500 providers now serving approximately 3.9 million patients [9][15] - Value-based attributed lives increased by 15.8% to cover approximately 856,000 lives across various programs [17][21] - The company has over 80 at-risk contracts, reflecting a diversified approach to value-based care [17] Market Data and Key Metrics Changes - The company operates in eight states and the District of Columbia, with a significant presence in primary care and over 50 specialty types [15][16] - The Medicare Shared Savings Program (MSSP) continues to be a key focus, with CMS showing strong support for the program [13][14] Company Strategy and Development Direction - The company aims to expand its provider partnerships, increase attributed lives, and enter new markets while driving profit margin expansion [9][10] - The focus remains on leveraging a capital-efficient operating structure to support accelerated topline growth [11][12] - The business development pipeline is robust, with plans to enter new markets in the coming years [12][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for 2022 and beyond, citing strong business momentum and visibility into growth metrics [10][11] - The company is focused on maintaining high levels of provider retention and same-store growth [12][21] - Management noted that the operating model is designed to provide significant opportunities for topline and EBITDA growth [18][22] Other Important Information - The company repaid all outstanding debt in June 2022, with cash and cash equivalents of $292.2 million [23][24] - The guidance for practice collections, GAAP revenue, and care margin has been raised to the high end of previous ranges [24] Q&A Session Summary Question: Comments on Medicare Physician Fee Schedule and MSSP program changes - Management believes the proposed changes are beneficial for Privia, particularly due to CMS's endorsement of the MSSP [29][30] Question: Outlook for 2023 and new market entries - Management indicated strong visibility for 2023 based on current sales pipeline and execution, with potential new market entries not yet reflected in guidance [32][33] Question: Utilization trends in risk and fee-for-service business - Management noted that ambulatory utilization is running ahead of expectations, while inpatient utilization remains difficult to predict [40][41] Question: Growth in value-based care lives - Growth is broad-based across commercial, MA, MSSP, and Medicaid, with a focus on increasing lives in all categories [46][48] Question: Update on new markets entered last year - All new markets are operational, with initial sales efforts underway and positive expectations for growth, particularly in California [59][60] Question: Performance of new full-risk contracts - Management is taking a conservative approach in recognizing revenue from new full-risk contracts, with early data being monitored [66][68] Question: Patient attributed lives and long-term growth algorithm - Management explained variability in attributed lives and emphasized that growth in providers leads to increased attribution over time [75][78] Question: Satisfaction levels among large groups - Satisfaction levels are high, with low attrition rates, indicating strong provider relationships [83][84] Question: Risks associated with full-risk contracts - Management acknowledged the inherent risks in taking on more risk but expressed confidence in their ability to manage these contracts effectively [88][89]

2 nd Quarter 2022 Results August 11, 2022 Shawn Morris – Chief Executive Officer Parth Mehrotra – President & COO David Mountcastle – Chief Financial Officer 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2022 financial guidance and other projections and forecasts. These forward ...