Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 125

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 125
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 LLC is generally not subject to taxes, other than entity level state income taxes, such as the Oregon corporate activity tax, a quasi-gross receipts tax that is levied on our Oregon sourced revenue. Any taxable income or loss generated by P3 LLC is passed through to and included within the taxable income or loss of its members, including us, on a pro rata basis. We are subject to U.S. federal income taxes, in addition to state and local income taxes with respect to our allocable share of any taxable income or loss generated by P3 LLC.

Non-controlling Interest

We consolidate the financial results of P3 LLC and report a non-controlling interest on our condensed consolidated statements of operations, representing the portion of net income or loss attributable to the non-controlling interest. The weighted average ownership percentages during the period are used to calculate the net income or loss attributable to P3 Health Partners Inc. and the non-controlling interest.

P3 Health Partners Inc. | Q2 2025 Form 10-Q | 30

Results of Operations

The following tables set forth our consolidated statements of operations data for the periods indicated. Amounts may not sum due to rounding.Three Months EndedJune 30, 2025% of RevenueThree Months EndedJune 30, 2024% of Revenue (dollars in thousands)Operating revenue:Capitated revenue$351,724 99 %$374,306 99 %Other patient service revenue4,064 1 4,851 1 Total operating revenue355,788 100 379,157 100 Operating expense: Medical expense351,350 99 365,171 96 Premium deficiency reserve(5,967)(2)(3,397)(1)Corporate, general and administrative expense23,295 7 26,610 7 Sales and marketing expense151 0 414 0 Depreciation and amortization21,083 6 21,693 6 Total operating expense389,912 110 410,491 108 Operating loss(34,124)(10)(31,334)(8)Other (expense) income: Interest expense, net(10,145)(3)(5,436)(1)Mark-to-market of stock warrants2,002 1 8,673 2 Other583 0 291 — Total other income (expense)(7,560)(2)3,528 1 Loss before income taxes(41