10-Q Filing

PRIVIA HEALTH GROUP, INC. CIK: 1759655 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001759655-21-000011`
Period End Date	20210331
Filing Date	20210528
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	prva-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 12

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$81.94M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$99.12M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$116.72M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.99M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$190.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$204.65M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.81M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.53M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$5.87M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$5.82M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$5.98M	USD	Point-in-time
Goodwill	`Goodwill`	$118.66M	USD	Point-in-time
Goodwill	`Goodwill`	$118.66M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$4.95M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$2.95M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$4.47M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$5.80M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$143.63M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$138.88M	USD	Point-in-time
Total assets	`Assets`	$328.97M	USD	Point-in-time
Total assets	`Assets`	$348.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$31.18M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$22.22M	USD	Point-in-time
Physician and practice liability	`PhysicianAndPracticeLiabilityCurrent`	$106.81M	USD	Point-in-time
Physician and practice liability	`PhysicianAndPracticeLiabilityCurrent`	$123.77M	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$1.09M	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$875.00K	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$2.17M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.46M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$146.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$157.52M	USD	Point-in-time
Note payable, net of current portion	`LongTermNotesPayable`	$32.29M	USD	Point-in-time
Note payable, net of current portion	`LongTermNotesPayable`	$32.78M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$8.76M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$333.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$5.59M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$41.38M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$38.38M	USD	Point-in-time
Total Liabilities	`Liabilities`	$198.91M	USD	Point-in-time
Total Liabilities	`Liabilities`	$185.32M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value, 150,000,000 shares authorized; 95,985,817 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$960.00K	USD	Point-in-time
Common stock, $0.01 par value, 150,000,000 shares authorized; 95,985,817 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$960.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$165.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$165.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.88M	USD	Point-in-time
Total Privia Health Group, Inc. stockholders equity	`StockholdersEquity`	$146.75M	USD	Point-in-time
Total Privia Health Group, Inc. stockholders equity	`StockholdersEquity`	$152.25M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-2.88M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-3.10M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$112.91M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$107.46M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$348.28M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$328.97M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$213.61M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$212.94M	USD	1 Quarter
Physician and practice expense	`PhysicianAndPracticeExpense`	$165.11M	USD	1 Quarter
Physician and practice expense	`PhysicianAndPracticeExpense`	$161.11M	USD	1 Quarter
Cost of platform	`CostOfPlatform`	$26.96M	USD	1 Quarter
Cost of platform	`CostOfPlatform`	$27.56M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.18M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.45M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$10.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$445.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$338.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$206.45M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$205.70M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.91M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.50M	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-291.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-467.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.03M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.62M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$700.00K	USD	1 Quarter
Net income	`ProfitLoss`	$5.33M	USD	1 Quarter
Net income	`ProfitLoss`	$5.62M	USD	1 Quarter
Less: Net income (loss) attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-85.00K	USD	1 Quarter
Less: Net income (loss) attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$218.00K	USD	1 Quarter
Net income attributable to Privia Health Group, Inc.	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net income attributable to Privia Health Group, Inc.	`NetIncomeLoss`	$5.41M	USD	1 Quarter
Earnings per share attributable to Privia Health Group, Inc. common stockholders basic (in usd per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Earnings per share attributable to Privia Health Group, Inc. common stockholders basic (in usd per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Earnings per share attributable to Privia Health Group, Inc. common stockholders diluted (in usd per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Earnings per share attributable to Privia Health Group, Inc. common stockholders diluted (in usd per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Weighted average common shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesIssuedBasic`	95.99M	shares	1 Quarter
Weighted average common shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesIssuedBasic`	95.93M	shares	1 Quarter
Weighted average common shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.93M	shares	1 Quarter
Weighted average common shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.99M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Net income	`ProfitLoss`	$5.33M	USD	1 Quarter
Net income	`ProfitLoss`	$5.62M	USD	1 Quarter
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	95.99M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	95.99M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	95.99M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	95.99M	shares	Point-in-time
Depreciation	`Depreciation`	$166.00K	USD	1 Quarter
Depreciation	`Depreciation`	$285.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$160.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$161.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationAdditionOfDebtIssuanceCosts`	$33.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationAdditionOfDebtIssuanceCosts`	$38.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$121.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$101.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$670.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.60M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.52M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.27M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$1.33M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-109.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.95M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.52M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-8.96M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-10.43M	USD	1 Quarter
Physician and practice liability	`IncreaseDecreasePhysicianAndPracticeLiability`	$7.33M	USD	1 Quarter
Physician and practice liability	`IncreaseDecreasePhysicianAndPracticeLiability`	$16.96M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$1.63M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$973.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$10.93M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-5.26M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$673.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.08M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.48M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfNotesPayable`	$219.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Proceeds from revolving loan	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolving loan	`ProceedsFromLinesOfCredit`	$10.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-219.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.91M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.69M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$81.94M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$81.94M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.63M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$308.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$323.00K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$112.91M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.65M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$107.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.37M	USD	Point-in-time
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$121.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$101.00K	USD	1 Quarter
Net income	`ProfitLoss`	$5.33M	USD	1 Quarter
Net income	`ProfitLoss`	$5.62M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$112.91M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.65M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$107.46M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.37M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.