Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash $ 17,537 $ 140,478
Restricted cash 920 356
Health plan receivable 72,092 50,251
Clinic fees and insurance receivable, net 822 1,090
Other receivable 6,678 727
Prepaid expenses and other current assets 2,643 6,959
TOTAL CURRENT ASSETS 100,692 199,861
LONG-TERM ASSETS:    
Property and equipment, net 8,839 8,048
Goodwill   1,309,750
Intangible assets, net 751,050 835,839
Other long-term assets 15,990 10,611
TOTAL LONG-TERM ASSETS 775,879 2,164,248
TOTAL ASSETS [1] 876,571 2,364,109
CURRENT LIABILITIES:    
Accounts payable 11,542 5,469
Accrued expenses and other current liabilities 16,647 12,261
Accrued payroll 8,224 6,304
Health plan settlements payable 13,608 22,549
Claims payable 151,207 101,958
Premium deficiency reserve 26,375 37,836
Accrued interest 14,061 8,771
Current portion of long-term debt   46
Short-term debt   3,579
TOTAL CURRENT LIABILITIES 241,664 198,773
LONG-TERM LIABILITIES:    
Operating lease liability 11,516 6,297
Warrant liabilities 1,517 11,383
Contingent consideration 4,794 3,487
Long-term debt, net 94,421 80,000
TOTAL LONG-TERM LIABILITIES 112,248 101,167
TOTAL LIABILITIES [1] 353,912 299,940
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY    
Redeemable non-controlling interest 516,805 1,790,617
STOCKHOLDERS' EQUITY:    
Additional paid in capital 315,375 312,946
Accumulated deficit (309,545) (39,418)
TOTAL STOCKHOLDERS' EQUITY 5,854 273,552
TOTAL LIABILITIES, MEZZANINE EQUITY, and STOCKHOLDERS' EQUITY 876,571 2,364,109
Class A common    
STOCKHOLDERS' EQUITY:    
Common stock 4 4
Class V common    
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 23: 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 $3.1 million and $8.1 million as of December 31, 2022 and 2021, 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 $9.9 million and $6.1 million as of December 31, 2022 and 2021, respectively. These VIE assets and liabilities do not include $33.0 million of net amounts due to affiliates as of December 31, 2022 and $6.0 million of investment in affiliates and $24.1 million of amounts due to affiliates as of December 31, 2021 as these are eliminated in consolidation and not presented within the consolidated balance sheets.