Quarterly report [Sections 13 or 15(d)]

Variable Interest Entities - Balance Sheet (Details)

v3.26.1
Variable Interest Entities - Balance Sheet (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
ASSETS      
Cash $ 25,497 $ 40,082 $ 25,012
Health Plan Settlement Receivables, Current 124,894   92,458
Prepaid expenses and other current assets 12,154   11,439
Property and equipment, net 2,964   3,374
Intangible assets, net 472,989   492,423
Other long-term assets 25,994   27,761
TOTAL ASSETS [1] 674,157   656,641
LIABILITIES AND MEMBERS’ DEFICIT      
Accounts payable 11,672   11,715
Accrued expenses and other current liabilities 43,224   42,820
Accrued payroll 2,773   1,950
Claims payable 285,898   287,790
Other long-term liabilities $ 9,308   $ 9,308
Accounts Payable, Noncurrent, Related Party [Extensible Enumeration] Affiliated Entity [Member]   Affiliated Entity [Member]
TOTAL LIABILITIES [1] $ 807,324   $ 796,876
Non-controlling interest 1,360   0
Retained earnings (649,918)   (651,141)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY 674,157   656,641
TOTAL OPERATING REVENUE 386,390 373,225  
Expense 378,153 411,313  
Net income (loss) 3,040 (44,246)  
VIE      
ASSETS      
Cash 6,578   4,776
Clinic fees, insurance and other receivables 130   785
Prepaid expenses and other current assets 424   487
Property and equipment, net 32   32
Intangible assets, net 633   660
Other long-term assets 1,424   1,433
TOTAL ASSETS 9,221   8,173
LIABILITIES AND MEMBERS’ DEFICIT      
Accounts payable 448   394
Accrued expenses and other current liabilities 568   241
Accrued payroll 756   887
Claims payable 4,378   4,199
Other long-term liabilities 916   922
Due to consolidated entities of P3 46,492   46,774
TOTAL LIABILITIES 53,558   53,417
MEMBERS’ DEFICIT (44,337)   (45,244)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY 9,221   $ 8,173
TOTAL OPERATING REVENUE 6,557 8,159  
Expense 5,445 8,154  
Net income (loss) 1,112 $ 5  
VIE | MSO      
ASSETS      
Cash 708    
Clinic fees, insurance and other receivables 1,558    
Health Plan Settlement Receivables, Current 8,890    
Prepaid expenses and other current assets 253    
Intangible assets, net 1,054    
Goodwill, net 4,990    
TOTAL ASSETS 17,453    
LIABILITIES AND MEMBERS’ DEFICIT      
Accrued expenses and other current liabilities 9,875    
Claims payable 4,100    
Due to consolidated entities of P3 677    
TOTAL LIABILITIES 14,652    
Non-controlling interest 1,360    
Retained earnings 1,441    
MEMBERS’ DEFICIT 2,801    
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ (DEFICIT) EQUITY 17,453    
TOTAL OPERATING REVENUE 107,263    
Expense 105,462    
Net income (loss) $ 1,801    
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 11 “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 $26.7 million and $8.2 million as of March 31, 2026 and December 31, 2025, 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 $7.1 million and $6.6 million as of March 31, 2026 and December 31, 2025, respectively. These VIE assets and liabilities do not include $47.2 million and $46.8 million of net amounts due to affiliates as of March 31, 2026 and December 31, 2025, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.