Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash $ 62,962 $ 36,320
Restricted cash 5,136 4,614
Health plan receivable, net of allowance for credit losses of $150 123,325 118,497
Clinic fees, insurance and other receivable 2,495 2,973
Prepaid expenses and other current assets 11,032 3,613
Total assets 10,123 0
TOTAL CURRENT ASSETS 215,073 166,017
Property and equipment, net 6,315 8,686
Intangible assets, net 594,865 666,733
Other long-term assets 17,080 19,531
TOTAL ASSETS [1] 833,333 860,967
CURRENT LIABILITIES:    
Accounts payable 13,468 8,663
Accrued expenses and other current liabilities 49,205 36,884
Accrued payroll 4,409 3,506
Health plan settlements payable 41,169 34,992
Claims payable 230,736 178,009
Premium deficiency reserve 29,441 13,670
Accrued interest 35,929 23,648
Short-term debt 208 0
Liabilities held for sale 753 0
TOTAL CURRENT LIABILITIES 405,318 299,372
Operating lease liability 11,158 13,622
Warrant liabilities 19,718 1,085
Contingent consideration 0 4,907
Long-term debt, net 133,228 108,319
TOTAL LIABILITIES [1] 569,422 427,305
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY:    
Redeemable non-controlling interest 143,397 291,532
STOCKHOLDERS’ EQUITY:    
Additional paid in capital 565,054 509,442
Accumulated deficit (444,576) (367,344)
TOTAL STOCKHOLDERS’ EQUITY 120,514 142,130
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY 833,333 860,967
Class A Common Stock    
STOCKHOLDERS’ EQUITY:    
Common stock 16 12
Class V Common Stock    
STOCKHOLDERS’ 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 P3 LLC’s consolidated VIEs totaling $13.0 million and $8.6 million as of September 30, 2024 and December 31, 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 $15.8 million and $13.6 million as of September 30, 2024 and December 31, 2023, respectively. These VIE assets and liabilities do not include $46.9 million and $44.2 million of net amounts due to affiliates as of September 30, 2024 and December 31, 2023, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.