Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities - Balance Sheet (Details)

v3.24.3
Variable Interest Entities - Balance Sheet (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
ASSETS          
Cash $ 62,962   $ 62,962   $ 36,320
Health plan receivable 123,325   123,325   118,497
Prepaid expenses and other current assets 11,032   11,032   3,613
Property and equipment, net 6,315   6,315   8,686
Other long-term assets 17,080   17,080   19,531
TOTAL ASSETS [1] 833,333   833,333   860,967
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 13,468   13,468   8,663
Accrued expenses and other current liabilities 49,205   49,205   36,884
Accrued payroll 4,409   4,409   3,506
Claims payable 230,736   230,736   178,009
TOTAL LIABILITIES [1] 569,422   569,422   427,305
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY $ 833,333   $ 833,333   $ 860,967
Accounts Payable, Noncurrent, Related Party, Type [Extensible Enumeration] Affiliated Entity [Member]   Affiliated Entity [Member]   Affiliated Entity [Member]
TOTAL OPERATING REVENUE $ 362,124 $ 288,351 $ 1,129,769 $ 919,514  
Expense 469,114 322,171 1,311,924 1,023,184  
Net loss (102,850) (37,289) (181,230) (117,319)  
VIE          
ASSETS          
Cash 7,371   7,371   $ 6,491
Clinic fees, insurance and other receivable 1,757   1,757   138
Health plan receivable 566   566   571
Prepaid expenses and other current assets 3,152   3,152   1,261
Property and equipment, net 32   32   23
Other long-term assets 115   115   153
TOTAL ASSETS 12,993   12,993   8,637
LIABILITIES AND MEMBERS’ DEFICIT          
Accounts payable 5,166   5,166   5,073
Accrued expenses and other current liabilities 516   516   515
Accrued payroll 3,769   3,769   3,141
Claims payable 5,388   5,388   3,973
Other long-term liabilities 932   932   946
Due to consolidated entities of P3 46,934   46,934   44,200
TOTAL LIABILITIES 62,705   62,705   57,848
MEMBERS’ DEFICIT (49,712)   (49,712)   (49,211)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY 12,993   12,993   $ 8,637
TOTAL OPERATING REVENUE 8,923 9,024 28,041 29,374  
Expense 8,379 11,364 28,079 36,886  
Net loss $ 544 $ (2,340) $ (38) $ (7,512)  
[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.