Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 110

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 110
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 (i.e., the Common Units held directly by equity holders other than the Company). The ownership of the Common Units is summarized as follows:September 30, 2025December 31, 2024Units (in thousands)Ownership %Units (in thousands)Ownership %P3 Health Partners Inc.’s ownership of Common Units3,26845.5 %3,25745.4 %Non-controlling interest holders’ ownership of Common Units3,91954.5 3,91954.6 Total Common Units7,187100.0 %7,176100.0 %All periods presented in the table above have been retroactively adjusted to reflect the 1-for-50 reverse stock split effected on April 11, 2025. See Note 3 “Significant Accounting Policies” for further information.During the nine months ended September 30, 2024, the Company issued an aggregate of 12,247 shares of Class A common stock to P3 LLC members, as adjusted for the reverse stock split, in connection with such members’ redemptions of an equivalent number of Common Units and corresponding cancellation and retirement of an equivalent number of Class V common stock. Such retired shares of Class V common stock may not be reissued. The redemptions occurred pursuant to the terms of the P3 LLC Amended and Restated Limited Liability Company Agreement (the “P3 LLC A&R LLC Agreement”). No similar exchanges or redemptions occurred during the nine months ended September 30, 2025.As of September 30, 2025 and 2024, there was no fair value adjustment to redeemable non-controlling interest recorded as the fair value of redeemable non-controlling interest was greater than the carrying value.

Note 11: Segment ReportingThe Company’s operations are organized under one reportable segment. The following tables present information about the Company’s reportable segment:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)Operating revenue$345,253 $362,124 $1,074,266 $1,129,769 Less:Medical claims expense(337,143)(357,166)(1,010,569)(1,037,965)Other medical expense(1)(32,646)(44,754)(82,613)(111,183)Depreciation and amortization(21,033)(21,673)(63,168)(64,905)