# EDGAR Filing Document

**Accession Number:** 0001759655
**File Stem:** 0001759655-25-000091
**Filing Date:** 2025-8
**Character Count:** 53427
**Document Hash:** 0663c04f9a1d2b5389419ae019c10607
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001759655-25-000091.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001759655-25-000091

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Privia Health Group, Inc.
- **CENTRAL INDEX KEY:** 0001759655
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40365
- **FILM NUMBER:** 251191395

**BUSINESS ADDRESS:**
- **STREET 1:** 950 N. GLEBE RD., SUITE 700
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22203
- **BUSINESS PHONE:** 571-366-8850

**MAIL ADDRESS:**
- **STREET 1:** 950 N. GLEBE RD., SUITE 700
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PH Group Parent Corp.
- **DATE OF NAME CHANGE:** 20181120

?xml version='1.0' encoding='ASCII'? prva-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**_________________________**

**FORM 8-K**

**_______________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 7, 2025**

**_________________________**

**Privia Health Group, Inc.** 

**(Exact Name of Registrant as Specified in Its Charter)**

**_________________________**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **001-40365** | **81-3599420** |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (Commission<br>File No.) | (I.R.S. Employer Identification No.) |
| **950 N. Glebe Rd.,** | **950 N. Glebe Rd.,** | | |
| **Suite 700** | **Suite 700** | | |
| **Arlington,** | **Virginia** | | **22203** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | | (Zip Code) |

---

**(571) 366-8850** 

Registrant's telephone number, including area code

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.01 par value per share | PRVA | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 7, 2025, Privia Health Group, Inc. (the "Company") issued a press release announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, are "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibit:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Privia Health Group, Inc. Press Release Dated August 7, 2025](ex-9912q25earningrelease.htm)</u> |
| 104 | The Cover Page from this Current Report on Form 8-K, Interactive Data File (formatted as Inline XBRL) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | PRIVIA HEALTH GROUP, INC. | PRIVIA HEALTH GROUP, INC. |
| Date: August 07, 2025 | By: | /s/ David Mountcastle |
|  |  | Name: David Mountcastle |
|  |  | Title: Executive Vice President, Chief Financial Officer and Authorized Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![privialogoa.jpg](privialogoa.jpg) | **Exhibit 99.1** |
| ![privialogoa.jpg](privialogoa.jpg) | |
| ![privialogoa.jpg](privialogoa.jpg) | |
| ![privialogoa.jpg](privialogoa.jpg) | |

---

**Privia Health Reports Second Quarter 2025 Financial Results**

–*Very Strong First Half Performance Across All Key Operating and Financial Metrics*

*–Implemented Providers +13.8% and Practice Collections +18.5% compared to 2Q'24*

*–Guidance Raised to Above High End of Range for Practice Collections, GAAP Revenue, Platform Contribution and Adjusted EBITDA* <sup>c</sup>

**ARLINGTON, VA – August 7, 2025** – Privia Health Group, Inc. (Nasdaq: PRVA) today announced financial results for the second quarter ended June 30, 2025.

**Second Quarter Performance**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | |
| **($ in millions, except per share amounts)** | **2025** | **2024** | **Change (%)** |
| Total revenue | $521.2 | $422.3 | 23.4% |
| Gross profit | $112.8 | $98.3 | 14.8% |
| Operating income | $3.3 | $5.1 | (34.6)% |
| Net income <sup>a</sup> | $2.7 | $3.5 | (22.5)% |
| Non-GAAP adjusted net income <sup>b d e</sup> | $30.6 | $23.5 | 30.1% |
| Net income per share | $0.02 | $0.03 | (33.3)% |
| Non-GAAP adjusted net income per share <sup>b d e</sup> | $0.24 | $0.19 | 26.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the three months ended June 30, 2025, included $18.8 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2024 included $14.4 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the three months ended June 30, 2025, included $18.8 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2024 included $14.4 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the three months ended June 30, 2025, included $18.8 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2024 included $14.4 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the three months ended June 30, 2025, included $18.8 million in non-cash stock compensation expense. Net income for the three months ended June 30, 2024 included $14.4 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. |

---

Second Quarter 2025 highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued strength in same-store growth and new provider additions, +13.8% versus 2Q'24;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Practice Collections of $862.9 million, +18.5% versus 2Q'24;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA <sup>b d e</sup> of $29.0 million, +31.6% versus 2Q'24;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong sales and business development pipeline; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash of $390.1 million and no debt following $95 million deployed for IMS transaction in Arizona.

*Key Operating and Non-GAAP Financial Metrics* <sup>b, d, e</sup>

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | |
| **($ in millions)** | **2025** | **2024** | **Change (%)** |
| Implemented Providers | 5125 | 4504 | 13.8% |
| Value-Based Care Attributed Lives | 1382000 | 1200000 | 15.2% |
| Practice Collections | $862.9 | $728.0 | 18.5% |
| Care Margin <sup>b d</sup> | $115.2 | $99.8 | 15.4% |
| Platform Contribution <sup>b d</sup> | $57.5 | $47.4 | 21.3% |
| Adjusted EBITDA <sup>b d e</sup> | $29.0 | $22.0 | 31.6% |

---

------

**Six-Month Performance**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | |
| **($ in millions, except per share amounts)** | **2025** | **2024** | **Change (%)** |
| Total revenue | $1001.3 | $837.6 | 19.5% |
| Gross profit | $216.4 | $191.6 | 12.9% |
| Operating income | $8.6 | $5.9 | 44.5% |
| Net income <sup>a</sup> | $6.9 | $6.5 | 7.1% |
| Non-GAAP adjusted net income <sup>b d e</sup> | $58.4 | $46.1 | 26.8% |
| Net income per share | $0.05 | $0.05 | —% |
| Non-GAAP adjusted net income per share <sup>b d e</sup> | $0.46 | $0.37 | 24.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the six months ended June 30, 2025 included $36.6 million in non-cash stock compensation expense. Net income for the six months ended June 30, 2024 included $26.3 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the six months ended June 30, 2025 included $36.6 million in non-cash stock compensation expense. Net income for the six months ended June 30, 2024 included $26.3 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the six months ended June 30, 2025 included $36.6 million in non-cash stock compensation expense. Net income for the six months ended June 30, 2024 included $26.3 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Net income for the six months ended June 30, 2025 included $36.6 million in non-cash stock compensation expense. Net income for the six months ended June 30, 2024 included $26.3 million in non-cash stock compensation expense. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Reconciliations of non-GAAP adjusted net income and other non-GAAP financial measures are presented in tables near the end of this press release. |

---

*Key Operating and Non-GAAP Financial Metrics* <sup>b d e</sup>

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | |
| **($ in millions)** | **2025** | **2024** | **Change (%)** |
| Practice Collections | $1661.5 | $1435.7 | 15.7% |
| Care Margin <sup>b d</sup> | $220.4 | $194.7 | 13.2% |
| Platform Contribution <sup>b d</sup> | $109.2 | $92.1 | 18.5% |
| Adjusted EBITDA <sup>b d e</sup> | $55.9 | $41.9 | 33.3% |

---

**Updated FY'25 Guidance** <sup>c d e f</sup>

Privia Health raised its full-year 2025 outlook as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **FY 2024** | **Initial FY 2025 Guidance at 2.27.25** <sup>c</sup> | **Initial FY 2025 Guidance at 2.27.25** <sup>c</sup> | **Updated FY 2025 Guidance at 8.7.25** |
| **($ in millions)** | **Actual** | **Low** | **High** | **Updated FY 2025 Guidance at 8.7.25** |
| Implemented Providers | 4789 | 5200 | 5300 | High End |
| Attributed Lives | 1256000 | 1300000 | 1400000 | High End |
| Practice Collections | $2968.0 | $3150 | $3250 | Above High End |
| GAAP Revenue | $1736.4 | $1800 | $1900 | Above High End |
| Care Margin <sup>c d</sup> | $403.9 | $435 | $445 | High End |
| Platform Contribution <sup>c d</sup> | $195.6 | $208 | $218 | Above High End |
| Adjusted EBITDA <sup>c d e</sup> | $90.5 | $105 | $110 | Above High End |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidance includes impact of Arizona market entry, and assumes no other new business development activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De minimis capital expenditures expected in full-year 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 80% of Adjusted EBITDA expected to convert to free cash flow in full-year 2025

c.Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures of gross margin, operating income and net income. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related

------

assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.

d.See "Key Metrics and Non-GAAP Financial Measures" for more information as to how the Company defines and calculates Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, and Adjusted EBITDA, and for a reconciliation of the most comparable GAAP measures to Care Margin, Platform Contribution, Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Per Share.

e.Certain non-recurring or non-cash and other expenses will be treated as an add back in the reconciliation of Net Income to Adjusted EBITDA, and the reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share, the details of which can be found in the Reconciliation schedules near the end of this and in future quarterly press releases.

f.Any slight variations in totals due to rounding.

**Webcast and Conference Call Information**

The Company will host a conference call on August 7, 2025, at 8:00 am ET to discuss these results and management's outlook for future financial and operational performance. You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. If you wish to participate in the live conference call, then please dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.

This news release and the financial statements contained herein, and the slide presentation for the webcast, are also available on the Privia Health Investor Relations website at ir.priviahealth.com.

**About Privia Health**

Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 15 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.3+ million patients, and reward 5,100+ physicians and advanced practitioners for delivering high-value care.

Privia's mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com and connect with us on LinkedIn.

**Non-GAAP Financial Measures**

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company's reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.

The Company believes that the non-GAAP financial measures presented in this press release are relevant and provide useful information to the Company's management, investors, and other interested parties about the Company's operating performance because the measures allow them to understand and compare the Company's actual and expected operating results during the prior, current and future periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in

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addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company's business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.

**Safe Harbor Statement**

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company's Form 10-Q is filed with the Securities and Exchange Commission ("SEC"). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward-looking statements can be identified by words such as "aims," "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "future," "intends," "likely," "may," "outlook," "plans," "potential," "projects," "seeks," "strategy," "targets," "trends," "will," "would," "could," "should," and variations of such terms and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to, among other things: our future actions, business plans, objectives and prospects; and our future operating or financial performance and projections, including our full-year guidance for 2025. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements.

Factors related to these risks and uncertainties include, but are not limited to: the heavily regulated industry in which we operate, and any failure by us or our medical groups to comply with the extensive applicable healthcare laws and government regulations; the complexity of the legal framework governing our relationships with Medical Groups, some of which we do not own, and Privia providers, and the impact of legal challenges or shifting interpretations of applicable laws; the execution of our growth strategy, which may not prove viable and we may not realize expected results; difficulties timely implementing our proprietary end-to-end, cloud-based technology solution for Privia physicians and new medical groups; the high level of competition in our industry; challenges in successfully establishing a presence in new geographic markets; the impact of failures by or service disruptions at key third-party vendors, such as our primary electronic medical record vendor, athenahealth, Inc.; potential decreases in reimbursement rates by governmental and third-party payers, changes to payment terms or challenges negotiating and retaining favorable contracts with private third-party payers, and changes impacting our patient population; the financial and operational impact of our compliance with various complex and changing federal and state privacy and security laws and regulations related to our use, disclosure, and other processing of personal information and protected health information, including the Health Insurance Portability and Accountability Act of 1996; the impact of actual and potential security threats, cybersecurity incidents or privacy or other forms of data breaches involving us, our vendors or other third parties; the continued availability of qualified workforce, including staff at our medical groups, and the continued upward pressure on compensation for such workforce; and other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequent Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.

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---

| |
|:---|
| **Contact:** |
| Robert Borchert |
| SVP, Investor & Corporate Communications |
| IR@priviahealth.com |
| 817.783.4841 |

---

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**Privia Health Group, Inc.** 

**Condensed Consolidated Statements of Operations**<sup>(g)</sup>

**(unaudited)**

**(in thousands, except share and per share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $521153 | $422326 | $1001250 | $837569 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provider expense | 405992 | 322536 | 780801 | 642872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of platform | 64918 | 57106 | 124444 | 111163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 6805 | 6852 | 13727 | 12937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 37519 | 28916 | 69240 | 61037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2583 | 1818 | 4484 | 3639 |
| Total operating expenses | 517817 | 417228 | 992696 | 831648 |
| Operating income | 3336 | 5098 | 8554 | 5921 |
| Interest income, net | 2408 | 2966 | 5339 | 5950 |
| Income before provision for income taxes | 5744 | 8064 | 13893 | 11871 |
| Provision for income taxes | 2456 | 3421 | 4559 | 4172 |
| Net income | 3288 | 4643 | 9334 | 7699 |
| Less: Net income attributable to non-controlling interests | 601 | 1176 | 2427 | 1248 |
| Net income attributable to Privia Health Group, Inc.  | $2687 | $3467 | $6907 | $6451 |
| Net income per share attributable to Privia Health Group, Inc. stockholders – basic | $0.02 | $0.03 | $0.06 | $0.05 |
| Net income per share attributable to Privia Health Group, Inc. stockholders – diluted | $0.02 | $0.03 | $0.05 | $0.05 |
| Weighted average common shares outstanding – basic | 122132245 | 119301350 | 121370949 | 118902095 |
| Weighted average common shares outstanding – diluted | 128447069 | 125317908 | 128149252 | 125315681 |

---

<sup>(g)</sup> Any slight variations in totals due to rounding.

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**Privia Health Group, Inc.** 

**Condensed Consolidated Balance Sheets**<sup>(h)</sup>

**(in thousands)** 

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | **(unaudited)** | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $390127 | $491149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 443994 | 316179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 48839 | 27495 |
| Total current assets | 882960 | 834823 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 827 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating right-of-use asset | 6038 | 4828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 170140 | 109807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 172215 | 141615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset | 23712 | 26383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 16650 | 17085 |
| Total non-current assets | 389582 | 300960 |
| Total assets | $1272542 | $1135783 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $74299 | $81986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provider liability | 458053 | 364607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 2502 | 2553 |
| Total current liabilities | 534854 | 449146 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 4142 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities |  | 153 |
| Total non-current liabilities | 4142 | 3190 |
| Total liabilities | 538996 | 452336 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 1227 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 853950 | 813209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (172322) | (179229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Privia Health Group, Inc. stockholders' equity | 682855 | 635183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 50691 | 48264 |
| Total stockholders' equity | 733546 | 683447 |
| Total liabilities and stockholders' equity | $1272542 | $1135783 |

---

<sup>(h)</sup> Any slight variations in totals are due to rounding.

------

**Privia Health Group, Inc.**

**Condensed Consolidated Statements of Cash Flows**<sup>(i)</sup>

**(unaudited)**

**(in thousands)** 

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities |  |  |
| Net income | $9334 | $7699 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 415 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 4069 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 36639 | 26295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 2671 | 3896 |
| Changes in asset and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (121497) | (79287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (21344) | (1739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets and right-of-use asset | 1056 | (676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (7687) | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provider liability | 81185 | 40047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (778) | (1531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | (153) |  |
| Net cash (used in) provided by operating activities | (16090) | 1330 |
| Cash from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business acquisitions, net of cash acquired | (89058) | (707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | (5006) |
| Net cash used in investing activities | (89058) | (5713) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercised stock options | 4126 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from non-controlling interest |  | 1000 |
| Net cash provided by financing activities | 4126 | 2224 |
| Net decrease in cash and cash equivalents | (101022) | (2159) |
| Cash and cash equivalents at beginning of period | 491149 | 389511 |
| Cash and cash equivalents at end of period | $390127 | $387352 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;Interest paid | $124 | $156 |
| &nbsp;&nbsp;Income taxes paid | $5771 | $2881 |
| Supplemental disclosure of non-cash operating activities: |  |  |
| &nbsp;&nbsp;Lease liabilities obtained in exchange for right-of-use assets | $1832 | $— |

---

<sup>(i)</sup> Any slight variations in totals are due to rounding.

------

**Additional Financial Information**

***Revenues disaggregated by source:***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(Dollars in Thousands)** | **2025** | **2024** | **2025** | **2024** |
| FFS-patient care | $331464 | $275761 | $643225 | $550584 |
| FFS-administrative services | 35116 | 32132 | 67371 | 61208 |
| Capitated revenue | 75511 | 56438 | 146201 | 107742 |
| Shared savings | 60021 | 39818 | 107933 | 87282 |
| Care management fees (PMPM) | 16919 | 16163 | 32121 | 26766 |
| Other revenue | 2122 | 2014 | 4399 | 3987 |
| Total Revenue | $521153 | $422326 | $1001250 | $837569 |

---

***The Company's liabilities for unpaid medical claims under at-risk capitation arrangements:***

---

| | | |
|:---|:---|:---|
| | **June 30,** | **June 30,** |
| **(Dollars in Thousands)** | **2025** | **2024** |
| Balance, beginning of period | $66355 | $67138 |
| &nbsp;&nbsp;Incurred health care costs: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year | 144840 | 104610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior years | (555) | 3305 |
| &nbsp;&nbsp;Total claims incurred | $144285 | $107915 |
| &nbsp;&nbsp;Claims paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current year | (63025) | (47979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior year | (47959) | (52877) |
| &nbsp;&nbsp;Total claims paid | $(110984) | $(100856) |
| Balance, end of period | $99656 | $74197 |

---

------

**Key Metrics and Non-GAAP Financial Measures**

Privia Health reviews a number of operating and financial metrics, including the following key metrics and non-GAAP financial measures, to evaluate the Company's business, measure performance, identify trends affecting the Company's business, formulate business plans, and make strategic decisions.

***Key Metrics***<sup>(j)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(unaudited; $ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Implemented Providers (as of end of period) <sup>(1)</sup> | 5125 | 4504 | 5125 | 4504 |
| Attributed Lives (as of end of period) <sup>(2)</sup> | 1382000 | 1200000 | 1382000 | 1200000 |
| Practice Collections <sup>(3)</sup> | $862.9 | $728.0 | $1661.5 | $1435.7 |
| <sup>(1)</sup> Implemented Providers is defined as the total of all service professionals on Privia Health's platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | <sup>(1)</sup> Implemented Providers is defined as the total of all service professionals on Privia Health's platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | <sup>(1)</sup> Implemented Providers is defined as the total of all service professionals on Privia Health's platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | <sup>(1)</sup> Implemented Providers is defined as the total of all service professionals on Privia Health's platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. | <sup>(1)</sup> Implemented Providers is defined as the total of all service professionals on Privia Health's platform at the end of a given period who are credentialed by Privia Health and billed for medical services, in both Owned and Non-Owned Medical Groups during that period. |
| <sup>(2)</sup> Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | <sup>(2)</sup> Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | <sup>(2)</sup> Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | <sup>(2)</sup> Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. | <sup>(2)</sup> Attributed Lives are defined as any patient that a payer deems attributed to Privia to deliver care as part of a value-based care arrangement through a provider of primary care services as of the end of a particular period. |
| <sup>(3)</sup> Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health's platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | <sup>(3)</sup> Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health's platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | <sup>(3)</sup> Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health's platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | <sup>(3)</sup> Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health's platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. | <sup>(3)</sup> Practice Collections are defined as the total collections from all practices in all markets and all sources of reimbursement that the Company receives for delivering care and providing Privia Health's platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. |
| <sup>(j)</sup> Any slight variations in totals are due to rounding. | <sup>(j)</sup> Any slight variations in totals are due to rounding. | <sup>(j)</sup> Any slight variations in totals are due to rounding. | <sup>(j)</sup> Any slight variations in totals are due to rounding. | <sup>(j)</sup> Any slight variations in totals are due to rounding. |

---

***Non-GAAP Financial Measures*** <sup>(4)(k)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(unaudited; $ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Care Margin | $115161 | $99790 | $220449 | $194697 |
| Platform Contribution | $57466 | $47394 | $109199 | $92131 |
| Platform Contribution Margin | 49.9% | 47.5% | 49.5% | 47.3% |
| Adjusted EBITDA | $28992 | $22023 | $55907 | $41945 |
| Adjusted EBITDA Margin | 25.2% | 22.1% | 25.4% | 21.5% |
| <sup>(4)</sup> In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Care Margin is Gross Profit excluding amortization of intangible assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution margin is Platform Contribution divided by Care Margin.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is net income attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges and other non-recurring expenses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. | <sup>(4)</sup> In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Care Margin is Gross Profit excluding amortization of intangible assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution margin is Platform Contribution divided by Care Margin.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is net income attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges and other non-recurring expenses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. | <sup>(4)</sup> In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Care Margin is Gross Profit excluding amortization of intangible assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution margin is Platform Contribution divided by Care Margin.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is net income attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges and other non-recurring expenses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. | <sup>(4)</sup> In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Care Margin is Gross Profit excluding amortization of intangible assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution margin is Platform Contribution divided by Care Margin.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is net income attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges and other non-recurring expenses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. | <sup>(4)</sup> In addition to results reported in accordance with GAAP, Privia Health discloses Care Margin, Platform Contribution, Platform Contribution margin, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. Each are defined as follows: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Care Margin is Gross Profit excluding amortization of intangible assets.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution is Gross Profit, excluding amortization of intangible assets, less Cost of platform and excluding stock-based compensation expense included in Cost of platform.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Contribution margin is Platform Contribution divided by Care Margin.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is net income attributable to Privia Health Group, Inc. shareholders and subsidiaries excluding non-controlling interests, provision for income taxes, interest income, interest expense, depreciation and amortization, stock-based compensation, employer taxes on equity vesting/exercises, severance charges and other non-recurring expenses.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA Margin is Adjusted EBITDA divided by Care Margin. |
| <sup>(k)</sup> Any slight variations in totals are due to rounding. | <sup>(k)</sup> Any slight variations in totals are due to rounding. | <sup>(k)</sup> Any slight variations in totals are due to rounding. | <sup>(k)</sup> Any slight variations in totals are due to rounding. | <sup>(k)</sup> Any slight variations in totals are due to rounding. |

---

------

***Reconciliation of Gross Profit to Care Margin***<sup>(l)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(unaudited; $ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $521153 | $422326 | $1001250 | $837569 |
| Provider expense | (405992) | (322536) | (780801) | (642872) |
| Amortization of intangible assets | (2396) | (1527) | (4069) | (3054) |
| Gross Profit | $112765 | $98263 | $216380 | $191643 |
| Amortization of intangibles assets | 2396 | 1527 | 4069 | 3054 |
| Care margin | $115161 | $99790 | $220449 | $194697 |
| <sup>(l)</sup> Any slight variations in totals are due to rounding. | <sup>(l)</sup> Any slight variations in totals are due to rounding. | <sup>(l)</sup> Any slight variations in totals are due to rounding. | <sup>(l)</sup> Any slight variations in totals are due to rounding. | <sup>(l)</sup> Any slight variations in totals are due to rounding. |

---

***Reconciliation of Gross Profit to Platform Contribution***<sup>(m)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(unaudited; $ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $521153 | $422326 | $1001250 | $837569 |
| Provider expense | (405992) | (322536) | (780801) | (642872) |
| Amortization of intangibles assets | (2396) | (1527) | (4069) | (3054) |
| Gross Profit | $112765 | $98263 | $216380 | $191643 |
| Amortization of intangibles assets | 2396 | 1527 | 4069 | 3054 |
| Cost of platform | (64918) | (57106) | (124444) | (111163) |
| Stock-based compensation<sup>(5)</sup> | 7223 | 4710 | 13194 | 8597 |
| Platform Contribution | $57466 | $47394 | $109199 | $92131 |
| <sup>(m)</sup> Any slight variations in totals are due to rounding. | <sup>(m)</sup> Any slight variations in totals are due to rounding. | <sup>(m)</sup> Any slight variations in totals are due to rounding. | <sup>(m)</sup> Any slight variations in totals are due to rounding. | <sup>(m)</sup> Any slight variations in totals are due to rounding. |
| <sup>(5)</sup> Amount represents stock-based compensation expense included in Cost of Platform. | <sup>(5)</sup> Amount represents stock-based compensation expense included in Cost of Platform. | <sup>(5)</sup> Amount represents stock-based compensation expense included in Cost of Platform. | <sup>(5)</sup> Amount represents stock-based compensation expense included in Cost of Platform. | <sup>(5)</sup> Amount represents stock-based compensation expense included in Cost of Platform. |

---

***Reconciliation of Net Income to Adjusted EBITDA***<sup>(n)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(unaudited; $ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Net income | $2687 | $3467 | $6907 | $6451 |
| Net income attributable to non-controlling interests | 601 | 1176 | 2427 | 1248 |
| Provision for income taxes | 2456 | 3421 | 4559 | 4172 |
| Interest income, net | (2408) | (2966) | (5339) | (5950) |
| Depreciation and amortization | 2583 | 1818 | 4484 | 3639 |
| Stock-based compensation | 18849 | 14391 | 36639 | 26295 |
| Other expenses<sup>(6)</sup> | 4224 | 716 | 6230 | 6090 |
| Adjusted EBITDA | $28992 | $22023 | $55907 | $41945 |
| <sup>(n)</sup> Any slight variations in totals are due to rounding. | <sup>(n)</sup> Any slight variations in totals are due to rounding. | <sup>(n)</sup> Any slight variations in totals are due to rounding. | <sup>(n)</sup> Any slight variations in totals are due to rounding. | <sup>(n)</sup> Any slight variations in totals are due to rounding. |
| <sup>(6)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(6)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(6)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(6)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(6)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. |

---

------

***Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income Per Share***<sup>(o)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Three Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
| **(unaudited; $ in thousands)** | **2025** |  | **2024** | **2025** | **2024** |
| Net income | $2687 |  | $3467 | $6907 | $6451 |
| Stock-based compensation | 18849 |  | 14391 | 36639 | 26295 |
| Intangible amortization expense | 2396 |  | 1527 | 4069 | 3054 |
| Provision for income tax | 2456 |  | 3421 | 4559 | 4172 |
| Other expenses<sup>(7)</sup> | 4224 |  | 716 | 6230 | 6090 |
| Adjusted net income | $30612 |  | $23522 | $58404 | $46062 |
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – basic | $0.25 | &nbsp;&nbsp;q | $0.20 | $0.48 | $0.39 |
| Adjusted net income per share attributable to Privia Health Group, Inc. stockholders – diluted | $0.24 |  | $0.19 | $0.46 | $0.37 |
| Weighted average common shares outstanding – basic | 122132245 |  | 119301350 | 121370949 | 118902095 |
| Weighted average common shares outstanding – diluted | 128447069 |  | 125317908 | 128148252 | 125315681 |
| <sup>(o)</sup> Any slight variations in totals due to rounding. | <sup>(o)</sup> Any slight variations in totals due to rounding. | <sup>(o)</sup> Any slight variations in totals due to rounding. | <sup>(o)</sup> Any slight variations in totals due to rounding. | <sup>(o)</sup> Any slight variations in totals due to rounding. | <sup>(o)</sup> Any slight variations in totals due to rounding. |
| <sup>(7)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(7)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(7)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(7)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(7)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. | <sup>(7)</sup> Other expenses include employer taxes on equity vesting/exercises, severance and certain non-recurring costs. |

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<br>