Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash $ 27,300 $ 36,320
Restricted cash 5,005 4,614
Health plan receivable, net of allowance for credit losses of $150 143,695 118,497
Clinic fees, insurance and other receivable 48 2,973
Prepaid expenses and other current assets 6,909 3,613
TOTAL CURRENT ASSETS 182,957 166,017
Property and equipment, net 8,121 8,686
Intangible assets, net 645,703 666,733
Other long-term assets 19,144 19,531
TOTAL ASSETS [1] 855,925 860,967
CURRENT LIABILITIES:    
Accounts payable 11,603 8,663
Accrued expenses and other current liabilities 28,628 36,884
Accrued payroll 5,048 3,506
Health plan settlements payable 22,048 34,992
Claims payable 222,177 178,009
Premium deficiency reserve 14,670 13,670
Accrued interest 28,035 23,648
Short-term debt 1,441 0
TOTAL CURRENT LIABILITIES 333,650 299,372
Operating lease liability 12,944 13,622
Warrant liabilities 869 1,085
Contingent consideration 4,907 4,907
Long-term debt, net 118,123 108,319
TOTAL LIABILITIES [1] 470,493 427,305
COMMITMENTS AND CONTINGENCIES (Note 12)
MEZZANINE EQUITY:    
Redeemable non-controlling interest 238,836 291,532
STOCKHOLDERS’ EQUITY:    
Additional paid in capital 532,608 509,442
Accumulated deficit (386,044) (367,344)
TOTAL STOCKHOLDERS’ EQUITY 146,596 142,130
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY 855,925 860,967
Class A Common Stock    
STOCKHOLDERS’ EQUITY:    
Common stock 12 12
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 P3 LLC’s consolidated VIEs totaling $10.5 million and $8.6 million as of March 31, 2024 and December 31, 2023, 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 $14.9 million and $13.6 million as of March 31, 2024 and December 31, 2023, respectively. These VIE assets and liabilities do not include $44.6 million and $44.2 million of net amounts due to affiliates as of March 31, 2024 and December 31, 2023, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.