Company: PIII
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-026021
Chunk: 65

Company: P3 Health Partners Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 instruments, and judgments related to deferred income taxes. The Company bases its estimates on the best information available at the time, its experiences, and various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.

P3 Health Partners Inc. | Q1 2025 Form 10-Q | 11

Significant Accounting PoliciesA description of the Company’s significant accounting policies is included in the audited consolidated financial statements within its Annual Report on Form 10-K for the year ended December 31, 2024. No changes to significant accounting policies have occurred since December 31, 2024.Revenue RecognitionIn the first quarter of 2025, the Company released a portion of the constraint applied in previous periods with respect to risk adjustment revenue for dates of service in 2024, which resulted in an increase to capitation revenue in the amount of $6.4 million for the three months ended March 31, 2025.The Company categorizes revenue based on various factors such as the nature of contracts as follows:Revenue TypeThree Months Ended March 31, 2025% of Total Three Months Ended March 31, 2024% of Total (dollars in thousands)Capitated revenue$369,517 99.0 %$384,134 98.9 %Other patient service revenue:Clinical fees & insurance revenue992 0.3 1,945 0.5 Care coordination / management fees2,695 0.7 2,390 0.6 Incentive fees21 0.0 19 0.0 Total other patient service revenue3,708 1.0 4,354 1.1 Total revenue$373,225 100.0 %$388,488 100.0 %During the three months ended March 31, 2025 and 2024, five and four health plan customers, respectively, each accounted for 10% or more of total revenue and collectively comprised 75% and 61% of the Company’s total revenue, respectively. Four and three health plan customers, respectively, each accounted for 10% or more of total health plan receivable as of March 31, 2025 and December 31, 2024.

Reverse Stock Split

On April 11, 2025, the Company effected a 1-for-50 reverse stock split of its Class A common stock and Class V common stock, $0.