Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 59,924 $ 17,537
Restricted cash 5,575 920
Health plan receivable, net of allowance for credit losses of $150 and $0, respectively 102,482 72,092
Clinic fees, insurance and other receivable 1,937 7,500
Prepaid expenses and other current assets 2,231 2,643
TOTAL CURRENT ASSETS 172,149 100,692
Property and equipment, net 9,521 8,839
Intangible assets, net 709,018 751,050
Other long-term assets 18,271 15,990
TOTAL ASSETS [1] 908,959 876,571
CURRENT LIABILITIES:    
Accounts payable 9,196 11,542
Accrued expenses and other current liabilities 22,471 16,647
Accrued payroll 5,138 8,224
Health plans settlements payable 6,878 13,608
Claims payable 158,528 151,207
Premium deficiency reserve 29,503 26,375
Accrued interest 18,686 14,061
TOTAL CURRENT LIABILITIES 250,400 241,664
Operating lease liability 11,796 11,516
Warrant liabilities 2,599 1,517
Contingent consideration 4,907 4,794
Long-term debt, net 108,188 94,421
TOTAL LIABILITIES [1] 377,890 353,912
COMMITMENTS AND CONTINGENCIES (Note 12)
Redeemable non-controlling interest 667,235 516,805
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Additional paid in capital 192,389 315,375
Accumulated deficit (328,586) (309,545)
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY (136,166) 5,854
TOTAL LIABILITIES, MEZZANINE EQUITY & STOCKHOLDERS’ (DEFICIT) EQUITY 908,959 876,571
Class A Common Stock    
STOCKHOLDERS’ (DEFICIT) EQUITY:    
Common stock 11 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 $10.6 million and $3.1 million as of June 30, 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 $14.5 million and $9.9 million as of June 30, 2023 and December 31, 2022, respectively. These VIE assets and liabilities do not include $44.6 million and $33.0 million of net amounts due to affiliates as of June 30, 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.”