Company: PIII
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015305
Chunk: 135

Company: P3 Health Partners Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 135
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 thousands)Corporate, general and administrative expense$112,596 $122,362 $(9,766)(8)%

Corporate, general and administrative expense was $112.6 million for the year ended December 31, 2024, a decrease of $9.8 million, or 8%, compared to $122.4 million for the year ended December 31, 2023. The decrease was primarily driven by a decrease of $8.6 million in salary and related expense resulting primarily from a reduction in head count of 10%, a $6.2 million gain recognized upon the settlement and write-off of contingent consideration related to an acquisition completed in a prior year, partially offset by an increase of $1.9 million in non-income based taxes.

P3 Health Partners Inc. | 2024 Form 10-K | 64

Other Income (Expense)

Year Ended December 31,Change20242023Amount%(dollars in thousands)Other (expense) income:Interest expense, net$(22,173)$(15,985)$(6,188)39 %Mark-to-market of stock warrants22,114 433 21,681 5,007 %Gain on asset sale, net13,269 — 13,269 NMOther1,457 (249)1,706 (685)%Total other income (expense)$14,667 $(15,801)$30,468 (193)%

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NM — not meaningful

Interest expense, net was $22.2 million for the year ended December 31, 2024, compared to $16.0 million for the year ended December 31, 2023. This increase was primarily due to interest associated with the Company’s unsecured promissory notes issued in December 2022 and March 2024.

Mark-to-market of stock warrants was a gain of $22.1 million for the year ended December 31, 2024, compared to a gain of $0.4 million for the year ended December 31, 2023. This increase was primarily due to the issuance of common warrants in our May 2024 private placement offering.

The gain on asset sale, net, of $13.3 million for the year ended December 31, 2024 reflects the sale of the Florida Assets (defined below).

Other income was $1.5 million for the year ended December 31, 2024, which consisted primarily of interest