Company: PIII
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015305
Chunk: 40

Company: P3 Health Partners Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 40
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 for which creditors do not have recourse to the general credit of the Company totaled $14.9 million and $13.6 million as of December 31, 2024 and 2023, respectively. These VIE assets and liabilities do not include $40.3 million and $44.2 million of net amounts due to affiliates as of December 31, 2024 and 2023, respectively, as these are eliminated in consolidation and not presented within the consolidated balance sheets.

See accompanying notes to consolidated financial statements.

P3 Health Partners Inc. | 2024 Form 10-K | 79

P3 HEALTH PARTNERS INC. and SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Year Ended December 31,20242023OPERATING REVENUE:Capitated revenue$1,483,602 $1,252,309 Other patient service revenue16,853 14,066 TOTAL OPERATING REVENUE1,500,455 1,266,375 OPERATING EXPENSE:Medical expense1,559,372 1,234,740 Premium deficiency reserve53,698 (12,705)Corporate, general and administrative expense112,596 122,362 Sales and marketing expense1,331 3,233 Depreciation and amortization86,058 86,675 Impairment of assets held for sale8,058 — TOTAL OPERATING EXPENSE1,821,113 1,434,305 OPERATING LOSS(320,658)(167,930)OTHER INCOME (EXPENSE):Interest expense, net(22,173)(15,985)Mark-to-market of stock warrants22,114 433 Gain on asset sale, net13,269 — Other1,457 (249)TOTAL OTHER INCOME (EXPENSE)14,667 (15,801)LOSS BEFORE INCOME TAXES(305,991)(183,731)INCOME TAX PROVISION(4,387)(2,695)NET LOSS(310,378)(186,426)LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST(174,529)(128,653)NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST$(135,849)$(57,773)NET LOSS PER SHARE (Note 16):Basic$(0.94)$(0.61)D