Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 7,183 $ 17,537
Restricted cash 1,190 920
Health plan receivable, net of allowance for credit losses of $150 and $0, respectively 93,215 72,092
Clinic fees and insurance receivable, net of contractual allowances of $5,683 and $5,755, respectively 318 822
Other receivables 4,640 6,678
Prepaid expenses and other current assets 2,824 2,643
TOTAL CURRENT ASSETS 109,370 100,692
Property and equipment, net 8,947 8,839
Intangible assets, net 730,161 751,050
Other long-term assets [1] 18,944 15,990
TOTAL ASSETS 867,422 876,571
CURRENT LIABILITIES:    
Accounts payable 15,798 11,542
Accrued expenses and other current liabilities 21,330 16,647
Accrued payroll 7,401 8,224
Health plans settlements payable 12,384 13,608
Claims payable 164,897 151,207
Premium deficiency reserve 31,515 26,375
Accrued interest 16,336 14,061
TOTAL CURRENT LIABILITIES 269,661 241,664
Operating lease liability 12,822 11,516
Warrant liabilities 868 1,517
Contingent consideration 4,907 4,794
Long-term debt, net 108,126 94,421
TOTAL LIABILITIES [1] 396,384 353,912
COMMITMENTS AND CONTINGENCIES
Redeemable non-controlling interest 473,723 516,805
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Additional paid in capital 316,061 315,375
Accumulated deficit (318,770) (309,545)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY (2,685) 5,854
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS’ (DEFICIT) EQUITY 867,422 876,571
Class A Common Stock    
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Common stock 4 4
Class V Common Stock    
STOCKHOLDERS’ (DEFICIT) 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 the P3 LLC’s VIEs totaling $2.0 million and $3.1 million as of March 31, 2023 and December 31, 2022, respectively, and total liabilities of the P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $16.8 million and $9.9 million as of March 31, 2023 and December 31, 2022, respectively. These VIE assets and liabilities do not include $31.4 million and $33.0 million of net amounts due to affiliates as of March 31, 2023 and December 31, 2022, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets. See Note 13 “Variable Interest Entities.”