Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 36,320 $ 17,537
Restricted cash 4,614 920
Health plan receivable, net of allowance for credit losses of $150 and $0, respectively 118,497 72,092
Clinic fees, insurance and other receivable 2,973 7,500
Prepaid expenses and other current assets 3,613 2,643
TOTAL CURRENT ASSETS 166,017 100,692
Property and equipment, net 8,686 8,839
Intangible assets, net 666,733 751,050
Other long-term assets 19,531 15,990
TOTAL ASSETS [1] 860,967 876,571
CURRENT LIABILITIES:    
Accounts payable 8,663 11,542
Accrued expenses and other current liabilities 36,884 16,647
Accrued payroll 3,506 8,224
Health plan settlements payable 34,992 13,608
Claims payable 178,009 151,207
Premium deficiency reserve 13,670 26,375
Accrued interest 23,648 14,061
TOTAL CURRENT LIABILITIES 299,372 241,664
Operating lease liability 13,622 11,516
Warrant liabilities 1,085 1,517
Contingent consideration 4,907 4,794
Long-term debt, net 108,319 94,421
TOTAL LIABILITIES [1] 427,305 353,912
COMMITMENTS AND CONTINGENCIES (Note 16 and Note 20)
MEZZANINE EQUITY:    
Redeemable non-controlling interest 291,532 516,805
STOCKHOLDERS’ EQUITY:    
Additional paid in capital 509,442 315,375
Accumulated deficit (367,344) (309,545)
TOTAL STOCKHOLDERS’ EQUITY 142,130 5,854
TOTAL LIABILITIES, MEZZANINE EQUITY, and STOCKHOLDERS’ EQUITY 860,967 876,571
Class A Common Stock    
STOCKHOLDERS’ EQUITY:    
Common stock 12 4
Class V Common Stock    
STOCKHOLDERS’ EQUITY:    
Common stock $ 20 $ 20
[1] The Company’s consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 22: 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 numbers below refer only to VIEs held at the P3 LLC level. The consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $8.6 million and $3.1 million as of December 31, 2023 and 2022, respectively, and total liabilities of P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $13.6 million and $9.9 million as of December 31, 2023 and 2022, respectively. These VIE assets and liabilities do not include $44.2 million and $33.0 million of net amounts due to affiliates as of December 31, 2023 and 2022, respectively, as these are eliminated in consolidation and not presented within the consolidated balance sheets.