10-Q Filing

PRIVIA HEALTH GROUP, INC. CIK: 1759655 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001759655-22-000061`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	prva-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 36 Cash Flow Statement 52 Stockholders Equity 14

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$320.58M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	108.27M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$315.93M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	107.84M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$166.24M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	108.27M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	107.84M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$117.40M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$446.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$492.56M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.50M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$9.63M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$9.22M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$58.93M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$59.74M	USD	Point-in-time
Goodwill	`Goodwill`	$127.94M	USD	Point-in-time
Goodwill	`Goodwill`	$127.94M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$27.06M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$33.36M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$4.52M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$3.25M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$239.70M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$230.62M	USD	Point-in-time
Total assets	`Assets`	$723.18M	USD	Point-in-time
Total assets	`Assets`	$686.37M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$45.98M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$44.24M	USD	Point-in-time
Provider liability	`LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet`	$140.71M	USD	Point-in-time
Provider liability	`LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet`	$172.32M	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$875.00K	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$875.00K	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$2.89M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$2.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$190.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$220.35M	USD	Point-in-time
Note payable, net of current portion	`LongTermNotesPayable`	$31.69M	USD	Point-in-time
Note payable, net of current portion	`LongTermNotesPayable`	$31.51M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$11.04M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$10.42M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$3.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$3.00M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$44.93M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$45.73M	USD	Point-in-time
Total liabilities	`Liabilities`	$236.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$265.28M	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, 1,000,000,000 and 1,000,000,000 shares authorized; 108,272,771 and 107,837,741 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$1.08M	USD	Point-in-time
Common stock, $0.01 par value, 1,000,000,000 and 1,000,000,000 shares authorized; 108,272,771 and 107,837,741 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$1.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$633.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$659.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-225.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-208.11M	USD	Point-in-time
Total Privia Health Group, Inc. stockholders equity	`StockholdersEquity`	$426.87M	USD	Point-in-time
Total Privia Health Group, Inc. stockholders equity	`StockholdersEquity`	$435.04M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$22.86M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$23.31M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$450.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$457.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$686.37M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$723.18M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$213.61M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$313.80M	USD	1 Quarter
Provider expense	`LiabilityForFuturePolicyBenefitsPeriodExpense`	$161.11M	USD	1 Quarter
Provider expense	`LiabilityForFuturePolicyBenefitsPeriodExpense`	$242.19M	USD	1 Quarter
Cost of platform	`CostOfPlatform`	$26.96M	USD	1 Quarter
Cost of platform	`CostOfPlatform`	$41.27M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.66M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.18M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$36.11M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$445.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$325.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$205.70M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$7.91M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-11.55M	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-232.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-291.00K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.62M	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.78M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.31M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$5.62M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-18.09M	USD	1 Quarter
Less: (loss) income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-577.00K	USD	1 Quarter
Less: (loss) income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$218.00K	USD	1 Quarter
Net (loss) income attributable to Privia Health Group, Inc.	`NetIncomeLoss`	$5.40M	USD	1 Quarter
Net (loss) income attributable to Privia Health Group, Inc.	`NetIncomeLoss`	$-17.51M	USD	1 Quarter
Net (loss) income per share attributable to Privia Health Group, Inc. stockholders basic (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Net (loss) income per share attributable to Privia Health Group, Inc. stockholders basic (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Net (loss) income per share attributable to Privia Health Group, Inc. stockholders diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Net (loss) income per share attributable to Privia Health Group, Inc. stockholders diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	95.99M	shares	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	108.06M	shares	1 Quarter
Weighted average common shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.99M	shares	1 Quarter
Weighted average common shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	108.06M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$5.62M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-18.09M	USD	1 Quarter
Depreciation	`Depreciation`	$285.00K	USD	1 Quarter
Depreciation	`Depreciation`	$306.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$812.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$160.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationAdditionOfDebtIssuanceCosts`	$38.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationAdditionOfDebtIssuanceCosts`	$38.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$24.88M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$101.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$2.00M	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$6.31M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$48.84M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.60M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.69M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-346.00K	USD	1 Quarter
Other non-current assets and right-of-use asset	`IncreaseDecreaseInOtherNoncurrentAssets`	$-1.68M	USD	1 Quarter
Other non-current assets and right-of-use asset	`IncreaseDecreaseInOtherNoncurrentAssets`	$7.19M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$-8.86M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$-1.74M	USD	1 Quarter
Provider liability	`IncreaseDecreasePhysicianAndPracticeLiability`	$31.62M	USD	1 Quarter
Provider liability	`IncreaseDecreasePhysicianAndPracticeLiability`	$16.96M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$10.93M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-601.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-5.26M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.48M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.32M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Repayment of note payable	`RepaymentsOfNotesPayable`	$219.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfNotesPayable`	$219.00K	USD	1 Quarter
Proceeds from exercised stock options	`ProceedsFromStockOptionsExercised`	$799.00K	USD	1 Quarter
Proceeds from exercised stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from non-controlling interest	`ProceedsFromMinorityShareholders`	$125.00K	USD	1 Quarter
Proceeds from non-controlling interest	`ProceedsFromMinorityShareholders`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-219.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$705.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.65M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.69M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$315.93M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$81.94M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.63M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$320.58M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$315.93M	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`	$84.63M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$320.58M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$308.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$368.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.65M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$450.18M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$457.90M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$149.37M	USD	Point-in-time
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	`StockIssuedDuringPeriodValueShareBasedCompensation`	$799.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$101.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.88M	USD	1 Quarter
Contributed non-controlling interest	`NoncontrollingInterestIncreaseFromBusinessCombination`	$125.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$5.62M	USD	1 Quarter
Net loss	`ProfitLoss`	$-18.09M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$143.65M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$450.18M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$457.90M	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.