Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash $ 38,816 $ 36,320
Restricted cash 5,286 4,614
Health plan receivable, net of allowance for credit losses of $150 121,266 118,497
Clinic fees, insurance and other receivable 3,947 2,973
Prepaid expenses and other current assets 14,422 3,613
Total assets 403 0
TOTAL CURRENT ASSETS 184,140 166,017
Property and equipment, net 5,734 8,686
Intangible assets, net 574,350 666,733
Other long-term assets 19,196 19,531
TOTAL ASSETS [1] 783,420 860,967
CURRENT LIABILITIES:    
Accounts payable 8,442 8,663
Accrued expenses and other current liabilities 29,416 36,884
Accrued payroll 2,722 3,506
Health plan settlements payable 55,565 34,992
Claims payable 255,089 178,009
Premium deficiency reserve 67,368 13,670
Accrued interest 12,460 23,648
Current portion of long-term debt 65,000 0
Liabilities held for sale 353 0
TOTAL CURRENT LIABILITIES 496,415 299,372
Other long-term liabilities 26,001 0
Operating lease liability 11,339 13,622
Warrant liabilities 10,312 1,085
Contingent consideration 0 4,907
Long-term debt, net 89,824 108,319
TOTAL LIABILITIES [1] 633,891 427,305
COMMITMENTS AND CONTINGENCIES (Note 13)
MEZZANINE EQUITY:    
Redeemable non-controlling interest 73,593 291,532
STOCKHOLDERS’ EQUITY:    
Additional paid in capital 579,093 509,442
Accumulated deficit (503,193) (367,344)
TOTAL STOCKHOLDERS’ EQUITY 75,936 142,130
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY $ 783,420 $ 860,967
Class A Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 162,870,000 116,588,000
Common stock, shares outstanding (in shares) 162,870,000 116,588,000
STOCKHOLDERS’ EQUITY:    
Common stock $ 16 $ 12
Class V Common Stock    
MEZZANINE EQUITY:    
Common stock, shares issued (in shares) 195,957,000 196,569,000
Common stock, shares outstanding (in shares) 195,957,000 196,569,000
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 20 “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 consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $9.3 million and $8.6 million as of December 31, 2024 and 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 December 31, 2024 and 2023, respectively. These VIE assets and liabilities do not include $40.3 million and $44.2 million of net amounts due to affiliates as of December 31, 2024 and 2023, respectively, as these are eliminated in consolidation and not presented within the consolidated balance sheets.