Company: PIII
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-026021
Chunk: 90

Company: P3 Health Partners Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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 value on the revaluation of warrant liabilities associated with our public and private placement Class A common stock warrants.

Other. Other consists of gains and losses resulting from other transactions.

Income Taxes

P3 LLC is treated as a partnership for U.S. federal and most applicable state and local income tax jurisdictions. As a partnership, P3 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. | Q1 2025 Form 10-Q | 29

Results of Operations

The following tables set forth our condensed consolidated statements of operations data for the periods indicated. Amounts may not sum due to rounding.

Three Months EndedMarch 31, 2025% of RevenueThree Months EndedMarch 31, 2024% of Revenue (dollars in thousands)Operating revenue:Capitated revenue$369,517 99 %$384,134 99 %Other patient service revenue3,708 1 4,354 1 Total operating revenue373,225 100 388,488 100 Operating expense:Medical expense372,043 100 382,057 98 Premium deficiency reserve(6,962)(2)1,000 0 Corporate, general and administrative expense24,999 7 27,401 7 Sales and marketing expense181 0 322 0 Depreciation and amortization21,052 6 21,539 6 Total operating expense411,313 110 432,319 111 Operating loss(38,088)(10)(43,831)(11)Other (expense) income:Interest expense,