Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 52,562 $ 17,537
Restricted cash 4,878 920
Health plan receivable, net of allowance for credit losses of $150 and $0, respectively 117,200 72,092
Clinic fees, insurance and other receivable 2,225 7,500
Prepaid expenses and other current assets 2,799 2,643
TOTAL CURRENT ASSETS 179,664 100,692
Property and equipment, net 9,360 8,839
Intangible assets, net 687,875 751,050
Other long-term assets 19,993 15,990
TOTAL ASSETS [1] 896,892 876,571
CURRENT LIABILITIES:    
Accounts payable 11,630 11,542
Accrued expenses and other current liabilities 20,957 16,647
Accrued payroll 5,629 8,224
Health plan settlements payable 35,422 13,608
Claims payable 155,497 151,207
Premium deficiency reserve 17,014 26,375
Accrued interest 21,153 14,061
TOTAL CURRENT LIABILITIES 267,302 241,664
Operating lease liability 13,556 11,516
Warrant liabilities 1,844 1,517
Contingent consideration 4,907 4,794
Long-term debt, net 108,252 94,421
TOTAL LIABILITIES [1] 395,861 353,912
COMMITMENTS AND CONTINGENCIES (Note 12)
Redeemable non-controlling interest 313,088 516,805
STOCKHOLDERS’ EQUITY:    
Additional paid in capital 529,794 315,375
Accumulated deficit (341,882) (309,545)
TOTAL STOCKHOLDERS’ EQUITY 187,943 5,854
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS’ EQUITY 896,892 876,571
Class A Common Stock    
STOCKHOLDERS’ EQUITY:    
Common stock 11 4
Class V Common Stock    
STOCKHOLDERS’ EQUITY:    
Common stock $ 20 $ 20
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 13 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the P3 LLC’s VIEs totaling $11.1 million and $3.1 million as of September 30, 2023 and December 31, 2022, respectively, and total liabilities of the P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $15.9 million and $9.9 million as of September 30, 2023 and December 31, 2022, respectively. These VIE assets and liabilities do not include $45.9 million and $33.0 million of net amounts due to affiliates as of September 30, 2023 and December 31, 2022, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets. See Note 13 “Variable Interest Entities.”