10-Q Filing

PRIVIA HEALTH GROUP, INC. CIK: 1759655 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001759655-23-000092`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	prva-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 36 Cash Flow Statement 52 Stockholders Equity 20

Balance Sheet 67 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`	$347.99M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	115.47M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	114.69M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$311.23M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	114.69M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	115.47M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$260.88M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$189.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$551.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$588.78M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.39M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.10M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$8.09M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$7.62M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$57.39M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$97.64M	USD	Point-in-time
Goodwill	`Goodwill`	$126.94M	USD	Point-in-time
Goodwill	`Goodwill`	$135.05M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$38.50M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$40.37M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$4.68M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$4.66M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$286.57M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$240.85M	USD	Point-in-time
Total assets	`Assets`	$875.34M	USD	Point-in-time
Total assets	`Assets`	$792.81M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$46.30M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.84M	USD	Point-in-time
Provider liability	`LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet`	$260.37M	USD	Point-in-time
Provider liability	`LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet`	$208.42M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$3.02M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$3.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$309.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$264.27M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$8.49M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$7.79M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.34M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$9.49M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$9.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$318.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$273.76M	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; 115,469,961 and 114,690,808 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.16M	USD	Point-in-time
Common stock, $0.01 par value, 1,000,000,000 and 1,000,000,000 shares authorized; 115,469,961 and 114,690,808 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$1.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$721.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$714.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-209.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-216.69M	USD	Point-in-time
Total Privia Health Group, Inc. stockholders equity	`StockholdersEquity`	$513.28M	USD	Point-in-time
Total Privia Health Group, Inc. stockholders equity	`StockholdersEquity`	$499.09M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$43.24M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$19.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$457.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$519.05M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$450.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$556.52M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$875.34M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$792.81M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$313.80M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$386.28M	USD	1 Quarter
Provider expense	`LiabilityForFuturePolicyBenefitsPeriodExpense`	$242.19M	USD	1 Quarter
Provider expense	`LiabilityForFuturePolicyBenefitsPeriodExpense`	$302.25M	USD	1 Quarter
Cost of platform	`CostOfPlatform`	$44.73M	USD	1 Quarter
Cost of platform	`CostOfPlatform`	$41.27M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$5.29M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.66M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$36.11M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$25.95M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$325.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$379.56M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$6.71M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-11.55M	USD	1 Quarter
Interest (income) expense, net	`InterestIncomeExpenseNet`	$1.81M	USD	1 Quarter
Interest (income) expense, net	`InterestIncomeExpenseNet`	$-232.00K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.78M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.53M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.12M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.31M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-18.09M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$6.40M	USD	1 Quarter
Less: loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-577.00K	USD	1 Quarter
Less: loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-922.00K	USD	1 Quarter
Net income (loss) attributable to Privia Health Group, Inc.	`NetIncomeLoss`	$7.32M	USD	1 Quarter
Net income (loss) attributable to Privia Health Group, Inc.	`NetIncomeLoss`	$-17.51M	USD	1 Quarter
Net income (loss) per share attributable to Privia Health Group, Inc. stockholders basic (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Net income (loss) per share attributable to Privia Health Group, Inc. stockholders basic (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Net income (loss) per share attributable to Privia Health Group, Inc. stockholders diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Net income (loss) 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`	115.01M	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`	124.33M	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 income (loss)	`ProfitLoss`	$-18.09M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$6.40M	USD	1 Quarter
Depreciation	`Depreciation`	$291.00K	USD	1 Quarter
Depreciation	`Depreciation`	$306.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$812.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.05M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationAdditionOfDebtIssuanceCosts`	$38.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationAdditionOfDebtIssuanceCosts`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$24.88M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.38M	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$6.31M	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$1.86M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$48.84M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$71.28M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.69M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.30M	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`	$-493.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayable`	$-6.54M	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`	$51.94M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-601.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-694.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.38M	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
Business Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$24.86M	USD	1 Quarter
Business Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.86M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00K	USD	1 Quarter
Repayment of note payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Repayment of note payable	`RepaymentsOfNotesPayable`	$219.00K	USD	1 Quarter
Proceeds from exercised stock options	`ProceedsFromStockOptionsExercised`	$1.48M	USD	1 Quarter
Proceeds from exercised stock options	`ProceedsFromStockOptionsExercised`	$799.00K	USD	1 Quarter
Proceeds from non-controlling interest	`ProceedsFromMinorityShareholders`	-	USD	1 Quarter
Proceeds from non-controlling interest	`ProceedsFromMinorityShareholders`	$125.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.48M	USD	1 Quarter
Net cash provided by 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`	$-36.76M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$347.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$315.93M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$320.58M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$311.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$347.99M	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`	$320.58M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$311.23M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$22.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$368.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	114.69M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	115.47M	shares	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$457.90M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$519.05M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$450.18M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$556.52M	USD	Point-in-time
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueShareBasedCompensation`	$799.00K	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.48M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.38M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.88M	USD	1 Quarter
Contributed non-controlling interest	`NoncontrollingInterestIncreaseFromBusinessCombination`	$125.00K	USD	1 Quarter
Contributed non-controlling interest	`NoncontrollingInterestIncreaseFromBusinessCombination`	$24.21M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-18.09M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$6.40M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	114.69M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	115.47M	shares	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$457.90M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$519.05M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$450.18M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$556.52M	USD	Point-in-time

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