P3 Health Partners(PIII) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 was $370.7 million, a 7$346.9 million in Q4 2023[5] - Full-year 2024 total revenue reached $1.50 billion, an 18$1.27 billion in 2023[5] - Total operating revenue for the year ended December 31, 2024, was $1,500,455,000, an increase of 18.4$1,266,375,000 in 2023[20] - Capitated revenue for Q4 2024 was $367,456,000, up 7.2$342,836,000 in Q4 2023[20] - Capitated revenue for the year ended December 31, 2024, reached $1.484 billion, up from$1.252 billion in 2023, reflecting a growth of 18.5%[28] Membership and Guidance - At-risk membership increased by approximately 14% to 123,800 from 108,900 in the prior year[5] - The company affirmed its 2025 guidance with total revenues projected between $1.35 billion and$1.50 billion[7] - The expected at-risk members for 2025 are between 109,000 and 119,000[7] Losses and Expenses - Net loss for Q4 2024 was $129.1 million, compared to a net loss of$69.1 million in Q4 2023[5] - The net loss for the year ended December 31, 2024, was $310,378,000, compared to a net loss of$186,426,000 in 2023, representing a 66.4% increase in losses[22] - Adjusted EBITDA loss for Q4 2024 was $67.6 million, compared to a loss of$44.3 million in Q4 2023[5] - Adjusted EBITDA loss for the year ended December 31, 2024, was $167.199 million, compared to a loss of$85.504 million in 2023, showing an increase of 95.4%[25] - Total operating expense for Q4 2024 was $509.189 million, compared to$411.121 million in Q4 2023, an increase of 23.9%[32] - Medical expenses for the year ended December 31, 2024, were $1,559,372,000, an increase of 26.3$1,234,740,000 in 2023[20] - Medical claims expense for the year ended December 31, 2024, totaled $1.398 billion, up from$1.117 billion in 2023, representing a rise of 25.1%[28] Profitability Metrics - Full-year 2024 gross profit was a loss of $58.9 million, compared to a profit of$31.6 million in the prior year[5] - Medical margin for full-year 2024 was $85.5 million, a 37$135.1 million in the prior year[5] - Medical margin for Q4 2024 was $7.278 million, down from$9.075 million in Q4 2023, indicating a decrease of 20%[28] - Medical margin PMPM for the year ended December 31, 2024, was $75, down from$108 in 2023, a decrease of 30.6%[28] Assets and Liabilities - Total current assets increased to $184,140,000 in 2024 from$166,017,000 in 2023, reflecting an increase of 10.9%[18] - Total liabilities rose significantly to $633,891,000 in 2024 from$427,305,000 in 2023, marking a 48.3% increase[18] - Cash and restricted cash at the end of 2024 totaled $44,102,000, up from$40,934,000 at the end of 2023, indicating a 5.3% increase[23] Reserves and Interest Expenses - The company reported a premium deficiency reserve of $67,368,000 in 2024, compared to$13,670,000 in 2023, reflecting a significant increase[20] - Premium deficiency reserve for Q4 2024 was $37.927 million, compared to a reserve of$(3.344) million in Q4 2023, indicating a significant change[25] - The company incurred interest expense of $22,173,000 for the year ended December 31, 2024, compared to$15,985,000 in 2023, representing a 38.5% increase[22] - Interest expense, net for the year ended December 31, 2024, was $22.173 million, compared to$15.985 million in 2023, reflecting a rise of 38.5%[25] Shareholder Metrics - The weighted average common shares outstanding for the year ended December 31, 2024, were 145,175,000, compared to 94,889,000 in 2023, an increase of 53%[20]