# EDGAR Filing Document

**Accession Number:** 0001813914
**File Stem:** 0000950170-23-006825
**Filing Date:** 2023-3
**Character Count:** 71178
**Document Hash:** 4b5807a398c80b4f46b13156863d3bf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-006825.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000950170-23-006825

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

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

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CareMax, Inc.
- **CENTRAL INDEX KEY:** 0001813914
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]
- **IRS NUMBER:** 850992224
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39391
- **FILM NUMBER:** 23718122

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 NW 57 COURT, SUITE 400
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33126
- **BUSINESS PHONE:** 786-360-4768

**MAIL ADDRESS:**
- **STREET 1:** 1000 NW 57 COURT, SUITE 400
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deerfield Healthcare Technology Acquisitions Corp.
- **DATE OF NAME CHANGE:** 20200602

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 08, 2023<br>

![img231253750_0.jpg](img231253750_0.jpg)

CareMax, Inc.

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

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| | | |
|:---|:---|:---|
| Delaware | 001-39391 | 85-0992224 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1000 NW 57 Court<br>Suite 400 |  |  |
| Miami**,** Florida |  | 33126 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 786 360-4768<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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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:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A common stock, par value $0.0001 per share | CMAX | The Nasdaq Stock Market LLC |
| Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | CMAXW | The Nasdaq Stock Market LLC |

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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 1.01 Entry into a Material Definitive Agreement**

On March 8, 2023 (the "Amendment Closing Date"), CareMax Inc., a Delaware corporation (the "Company"), entered into a Second Amendment (the "Second Amendment") to that certain Credit Agreement (the "Credit Agreement") dated as of May 10, 2022 (the "Initial Closing Date"), by and among the Company, certain of the Company's subsidiaries as guarantors (the "Subsidiary Guarantors"), Jefferies Finance LLC, as Administrative Agent, Collateral Agent, Sole Lead Arranger and Bookrunner, BlackRock Financial Management (as defined in the Credit Agreement), as Lead Manager, Crestline Direct Finance, L.P., as Documentation Agent, and certain other banks and financial institutions serving as lenders (collectively with their successors and assigns, the "Lenders").

The Second Amendment amends the Credit Agreement to, among other things, (i) provide for a new incremental delayed draw term loan B facility in an aggregate principal amount of $60.0 million (the "Delayed Draw Term Loan B Facility"), which may be drawn by the Company in up to five (5) borrowings from and after the Amendment Closing Date until the twelve (12) month anniversary of the Amendment Closing Date; (ii) revise the commitment expiration date for the Company's existing $110.0 million delayed draw term loan A facility to forty-five (45) days following the Amendment Closing Date, (iii) extend the commencement of amortization payments on loans under the Credit Agreement from March 31, 2024 to May 31, 2025; (iv) reduce the amount of interest that the Company may elect to capitalize from 4.00% to 3.50% beginning on the second anniversary of the Initial Closing Date, 3.00% beginning on the third anniversary of the Initial Closing Date and 1.50% beginning on December 10, 2025; (v) increase the amount of the super-priority revolving credit facility that is permitted to be added to the Credit Agreement to $45.0 million and provide that the entirety of such facility may be used for general corporate purposes; and (vi) amend the prepayment provisions of the Credit Agreement, including to have such provisions run as of the Amendment Closing Date.

Certain of the Lenders and other parties to the Credit Agreement, or their affiliates, have been party to subscription agreements with the Company for the purchase of shares of the Company's Class A common stock. In addition, certain of the Lenders and other parties to the Credit Agreement, or their affiliates, have in the past provided, and may in the future provide, investment banking, underwriting, lending, commercial banking and other advisory services to the Company and its subsidiaries. Such Lenders and other parties have received, and in the future may receive, customary compensation from the Company and its subsidiaries for such services.

The foregoing description of the Second Amendment is not complete and is qualified in its entirety by reference to the full text of the Second Amendment, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2023.

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

The information contained in Item 7.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.02.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

**Item 7.01 Regulation FD Disclosure.**

On March 9, 2023, the Company issued a press release announcing its financial results for the fourth quarter and twelve months ended December 31, 2022 and provided an investor presentation to accompany the press release. Copies of the press release announcing the Company's financial results and the investor presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

This information and the information contained in Exhibits 99.1 and 99.2 are furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in any such filing, regardless of any general incorporation language in the filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | | |
|:---|:---|:---|
|  | <u>Exhibit Index</u> | <u>Exhibit Index</u> |
| <u>Exhibit No.</u> |  | <u>Description</u>  |
| [<u>99.1</u>](cmax-ex99_1.htm) |  | [<u>Press Release issued by CareMax, Inc. on March 9, 2023</u>](cmax-ex99_1.htm) |
| [<u>99.2</u>](cmax-ex99_2.htm) |  | [<u>Investor Presentation of CareMax, Inc. on March 9, 2023</u>](cmax-ex99_2.htm) |
| 104 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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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.

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| | | | |
|:---|:---|:---|:---|
| Date: | March 9, 2023 | By:  | /s/ Kevin Wirges |
|  |  |  | Name: Kevin Wirges<br>Title: Executive Vice President, Chief Financial Officer and Treasurer |

---

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## Ex-99

![img12619940_0.jpg](img12619940_0.jpg)

**CareMax Reports Fourth Quarter and Full Year 2022 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exceeded 2022 Guidance for Membership and Revenue and Met 2022 Guidance for Adjusted EBITDA (Inclusive of De Novo Pre-Opening Costs and Post-Opening Losses)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year-end 2022 Medicare Advantage Membership of 93,500, up 179% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full Year 2022 Total Revenue of $631 million, up 113% year-over-year on a GAAP Basis, or up 57% on a Pro Forma Basis<sup>1,3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expanded Presence with De Novo Openings in New York, Tennessee, Texas and Florida, Bringing Year-End Center Count to 62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Guided to Continued Growth in Medicare Advantage Membership, Revenue and Adjusted EBITDA in 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increased Delayed Draw Term Loan Capacity on Existing Credit Facility by $60 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•CareMax Scheduled to Host Investor Day in Miami on March 13

**Miami, FL - March 9, 2023 -** CareMax, Inc. (NASDAQ: CMAX; CMAXW) ("CareMax" or the "Company"), a leading technology-enabled value-based care delivery system, today announced financial results for the fourth quarter and full year ended December 31, 2022.

"CareMax delivered strong results in 2022 driven by disciplined execution of our strategy," said Carlos de Solo, Chief Executive Officer. "In the past year, we reached a major milestone in our mission to transform healthcare for seniors throughout the U.S. with our acquisition of Steward Health Care's value-based care business. We are now focused on integrating this business into our MSO and are excited about the benefits we expect to realize in 2023 and beyond. We remain committed to delivering excellent care and service to our patients and their families, while creating long-term value for our stakeholders."

**Recast 2022 Guidance Reflecting Inclusion of De Novo Pre-Opening and Post-Opening Losses**

Beginning with this earnings release, the Company has revised its presentation and calculation of Adjusted EBITDA to no longer add back de novo pre-opening costs and post-opening losses and has recast its prior presentation of Adjusted EBITDA, including its prior Adjusted EBITDA guidance.

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| | | | |
|:---|:---|:---|:---|
|  | **2022 Original Guidance** | **2022 Revised Guidance** | **Actual** |
| &nbsp;&nbsp;Medicare Advantage Membership | 38,000 to 40,000 | >40,000 | 93500 |
| &nbsp;&nbsp;Revenue | $540 million to $560 million | $600 to $620 million | $631 million |
| &nbsp;&nbsp;Adjusted EBITDA\* | $10 million to $20 million | $10 million to $20 million | $22 million |
| &nbsp;&nbsp;Centers | 60 | 60 | 62 |

---

\* Recast Adjusted EBITDA includes the impacts of de novo pre-opening costs and post-opening losses.<br>

**Fourth Quarter 2022 Results**<sup>1,2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue was $164.3 million, up 39% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Medical Expense Ratio was 69.5%, compared to 71.5% for the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income was $10.4 million, compared to net loss of $3.6 million for the fourth quarter of 2021.

oNet income in the fourth quarter of 2022 includes a $76.3 million non-cash gain on remeasurement of contingent earnout liabilities and a $20.1 million non-cash tax benefit, partially offset by a $70.0 million non-cash goodwill impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA (including the impact of de novo pre-opening costs and post-opening losses) was $5.1 million for the fourth quarter of 2022 and $3.0 million for the fourth quarter of 2021.

oThe Company has revised its presentation and calculation of Adjusted EBITDA to no longer add back de novo pre-opening costs and post-opening losses and has recast its prior presentation of Adjusted EBITDA. Adjusted EBITDA as previously reported for the fourth quarter of 2021 included an addback of $1.3 million

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for de novo pre-opening costs and post-opening losses. De novo pre-opening costs and post-opening losses for the fourth quarter of 2022 were $5.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Platform Contribution was $25.6 million, compared to $16.0 million for the fourth quarter of 2021.

**Full Year 2022 Results**<sup>1,2,3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue was $631.1 million, up 113% year-over-year on a GAAP basis, or up 57% on a pro forma basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Medical Expense Ratio was 72.7%, compared to the pro forma Medical Expense Ratio of 74.7% for the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loss was $37.8 million, compared to net loss of $6.7 million for the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA (including the impact of de novo pre-opening costs and post-opening losses) was $22.0 million for the year ended December 31, 2022 and $10.7 million for the year ended December 31, 2021.

oAs noted above, the Company has revised its presentation and calculation of Adjusted EBITDA to no longer add back de novo pre-opening costs and post-opening losses and has recast its prior presentation of Adjusted EBITDA. Adjusted EBITDA as previously reported for the year ended December 31, 2021 included an addback of $2.6 million for de novo pre-opening costs and post-opening losses. De novo pre-opening costs and post-opening losses for the year ended December 31, 2022 were $13.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Platform Contribution was $85.1 million, compared to $49.9 million pro forma Platform Contribution for the year ended December 31, 2021.

**Financial Outlook for Full Year 2023**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Year-end Medicare Advantage membership of 110,000 to 120,000, up 18% to 28% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue of $700 million to $750 million, up 11% to 19% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA of $25 million to $35 million, up 13% to 59% year-over-year, compared to $22 million for the year-ended December 31, 2022. As noted above, pre-opening costs and post-opening losses are no longer added back to the Company's calculation of Adjusted EBITDA, and are anticipated to be approximately $25 million in 2023.

<sup>1</sup>Fourth Quarter 2022 and Full Year 2022 includes the activities of Steward Value-Based Care for the period from November 10, 2022 (closing) to (and including) December 31, 2022.

<sup>2</sup>Adjusted EBITDA and Platform Contribution are non-GAAP financial metrics. A reconciliation of non-GAAP metrics to GAAP financial statements is included in the appendix to this earnings release.

<sup>3</sup>Pro Forma year-over-year comparisons to full year 2021 reflect the business combinations of IMC Medical Group Holdings and Care Holdings as if they had occurred on January 1, 2021. A reconciliation of the pro forma financial information to GAAP financial statements is included in this earnings release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Increased Delayed Draw Term Loan Capacity on Existing Credit Facility by $60 million**

On March 8, 2023, the Company entered into an amendment to its existing credit facility to provide for a delayed draw term loan B facility in the amount of $60.0 million, which may be drawn by the Company in up to five borrowings over the next twelve months, bringing the total committed amount of the credit facility to $360.0 million, $125.0 million of which is not currently drawn.

**Conference Call Details**

Management will host a conference call at 8:30 am ET today to discuss the results. The conference call can be accessed by dialing (888) 330-2508 for U.S. participants, or (240) 789-2735 for international participants, and referencing conference ID 7874605. A live audio webcast as well as related presentation materials will also be available on the "Events & Presentations" section of CareMax's investor relations website at ir.caremax.com. Following the live call, a replay will be available on the Company's website.

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**About CareMax**

Founded in 2011, CareMax is a value-based care delivery system that utilizes a proprietary technology-enabled platform and multi-specialty, whole person health model to deliver comprehensive, preventative and coordinated care for its members. With over 2,000 employed and affiliated providers across 10 states, and fully integrated, Five-Star Quality rated health and wellness centers, CareMax is redefining healthcare across the country by reducing costs, improving overall outcomes and promoting health equity for seniors. Learn more at www.caremax.com.

**Forward-Looking Statements** 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth, strategy and financial performance, the closing of the Steward transaction and the benefits thereof, and the filing of the Company's periodic reports. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the Company's ability to integrate acquired businesses, including the ability to implement business plans, forecasts, and other expectations after the completion of the Steward transaction; the failure to realize anticipated benefits of the Steward transaction or to realize estimated pro forma results and underlying assumptions; the impact of COVID-19 or any variant thereof or any other pandemic or epidemic on the Company's business and results of operation; the Company's ability to attract new patients; the availability of sites for de novo centers and the costs of opening such de novo centers; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs and the Company's ability to comply with the covenants under the agreements governing its indebtedness; the Company's ability to address the material weakness in its internal control over financial reporting; the Company's ability to recruit and retain qualified team members and independent physicians; and risks related to future acquisitions. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this press release.

**Use of Non-GAAP Financial Information** 

Certain financial information and data contained in this press release is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA and Platform Contribution and margin thereof have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows

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from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes.

The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. For this reason, these non-GAAP measures may not be comparable to other companies' similarly labeled non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results.

A reconciliation for Adjusted EBITDA and Platform Contribution to the most directly comparable GAAP financial measures is included below. A reconciliation of projected 2023 Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this press release because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company's future GAAP results.

**Use of Pro Forma Financial Information and Pro Forma Non-GAAP Financial Information**

Certain of the information presented in the Non-GAAP Financial Summary and in the reconciliations to non-GAAP financial measures includes pro forma information derived from the unaudited pro forma statements of operations which are provided for informational purposes only and are not necessarily indicative of the operating results or financial position that would have occurred if the acquisitions of IMC and Care Holdings had occurred in the stated historical periods, nor are they indicative of the future results or financial position of the combined company. The unaudited pro forma statements of operations do not give effect to the potential impact of any anticipated synergies, operating efficiencies or cost savings that may result from the acquisitions of IMC and Care Holdings, any integration costs or tax deductibility of transaction costs.

<br>Additionally, Adjusted EBITDA presented on a pro forma basis gives effect to the acquisitions of IMC and Care Holdings as if they had occurred in historical periods. Such non-GAAP financial measures do not necessarily reflect what the Company's Adjusted EBITDA would have been had the acquisitions occurred on the dates indicated.

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**CAREMAX, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

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

**(Unaudited)**

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| | | |
|:---|:---|:---|
|  | **December 31,<br>2022** | **December 31,<br>2021** |
| **ASSETS** |  |  |
| **Current Assets** |  |  |
| Cash and cash equivalents | $41626 | $47917 |
| Accounts receivable, net | 151036 | 41998 |
| Inventory | 723 | 550 |
| Other current assets | 3245 | 17040 |
| Risk settlements due from providers | 707 | 539 |
| **Total Current Assets** | 197336 | 108044 |
| Property and equipment, net | 21006 | 15993 |
| Operating lease right-of-use assets | 108937 | - |
| Goodwill | 700643 | 464566 |
| Intangible assets, net | 123585 | 59811 |
| Deferred debt issuance costs | 1685 | 1972 |
| Other assets | 17550 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1170743 | $653092 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current Liabilities** |  |  |
| Accounts payable | $7687 | $3110 |
| Accrued expenses | 18631 | 8690 |
| Risk settlements due to providers | 14171 | 196 |
| Related party debt, net | 30277 | - |
| Current portion of third-party debt | 253 | 6275 |
| Current portion of operating lease liabilities | 5512 | - |
| Other current liabilities | 790 | 3687 |
| **Total Current Liabilities** | 77322 | 21959 |
| Derivative warrant liabilities | 3974 | 8375 |
| Long-term debt, net | 230725 | 110960 |
| Long-term operating lease liabilities | 96539 | - |
| Contingent earnout liability | 134561 | - |
| Other liabilities | 8075 | 6428 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 551196 | 147722 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **STOCKHOLDERS' EQUITY** |  |  |
| Preferred stock (1,000,000 shares authorized; one and zero shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) | - | - |
| Class A common stock ($0.0001 par value; 250,000,000 shares authorized; 111,332,584 and 87,367,972 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) | 11 | 9 |
| Additional paid-in-capital | 657126 | 505327 |
| (Accumulated deficit) Retained earnings | (37590) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 619547 | 505370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Equity** | $1170743 | $653092 |

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**CAREMAX, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;Medicare risk-based revenue | $113041 | $91277 | $486718 | $233282 |
| &nbsp;&nbsp;Medicaid risk-based revenue | 36620 | 20160 | 96534 | 46493 |
| &nbsp;&nbsp;Other revenue | 14602 | 6869 | 47880 | 15987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 164263 | 118306 | 631132 | 295762 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;External provider costs | 104078 | 79724 | 424182 | 206747 |
| &nbsp;&nbsp;Cost of care | 38723 | 22743 | 126648 | 57566 |
| &nbsp;&nbsp;Sales and marketing | 3806 | 2614 | 11761 | 4955 |
| &nbsp;&nbsp;Corporate, general and administrative | 17096 | 16315 | 75824 | 40579 |
| &nbsp;&nbsp;Depreciation and amortization | 7180 | 6089 | 21719 | 13216 |
| &nbsp;&nbsp;Goodwill impairment | 70000 | - | 70000 | - |
| &nbsp;&nbsp;Acquisition related costs | 9616 | 494 | 13165 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 250498 | 127982 | 743297 | 324585 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Operating loss** | (86235) | (9675) | (112165) | (28822) |
| **Nonoperating income (expense)** |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | (8542) | (1905) | (20242) | (4492) |
| &nbsp;&nbsp;Change in fair value of derivative warrant liabilities | 7877 | 8735 | 4401 | 20757 |
| &nbsp;&nbsp;Gain on remeasurement of contingent earnout liabilities | 76295 | - | 76295 | 5794 |
| &nbsp;&nbsp;Loss on disposal of fixed assets, net | - | (50) | - | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on extinguishment of debt, net | - | (7) | (6172) | 1630 |
| &nbsp;&nbsp;Other income (expense), net | 966 | (493) | 546 | (1333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss before income tax** | (9640) | (3396) | (57337) | (6516) |
| Income tax (benefit) provision | (20074) | 159 | (19542) | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | $10434 | $(3555) | $(37796) | $(6675) |
| **Weighted-average basic shares outstanding** | 100886695 | 87105940 | 90799308 | 52620980 |
| **Net income (loss) per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.10 | $(0.04) | $(0.42) | $(0.13) |

---

------

**CAREMAX, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net loss | $(37796) | $(6675) |
| Adjustments to reconcile net loss to net cash and cash equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 21719 | 13215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and discount | 2382 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 10271 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | (19542) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative warrant liabilities | (4401) | (20757) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on remeasurement of contingent earnout liabilities | (76295) | (5794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on extinguishment of debt | 6172 | (1630) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest expense | 5277 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1243 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 70000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash, net | 6506 | 331 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (66561) | (3836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (172) | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 2678 | (768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk settlements due to (from) providers | 6775 | (459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to (from) related parties | - | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (3127) | (1501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities | 4386 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1730 | (984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 4722 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (4183) | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (68216) | (23856) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Purchase of property and equipment | (7450) | (3990) |
| Return of cash held in escrow | 785 | - |
| Acquisition of businesses, net of cash acquired | (55837) | (312589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (62502) | (316579) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Proceeds from issuance of Class A common stock | - | 415000 |
| Issuance costs of Class A common stock | - | (12471) |
| Recapitalization transaction | - | (108435) |
| Proceeds from third-party borrowings, net of discount | 230000 | 125000 |
| Proceeds from related party borrowings, net of discount | 29876 | - |
| Principal payments on long-term debt | (121977) | (27711) |
| Payments of debt issuance costs | (8031) | (7478) |
| Debt extinguishment costs | - | (487) |
| Collateral for letters of credit | (5439) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 124428 | 383418 |
| **NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS** | (6290) | 42983 |
| Cash and cash equivalents - beginning of period | 47917 | 4934 |
| **CASH AND CASH EQUIVALENTS - END OF PERIOD** | $41626 | $47917 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Non-GAAP Financial Summary\*** |  |  |  |  |  |  |  |  |  |
| (in thousands) | **Dec 31, 2020** | **Mar 31, 2021** | **Jun 30, 2021** | **Sep 30, 2021** | **Dec 31, 2021** | **Mar 31, 2022** | **Jun 30, 2022** | **Sep 30, 2022** | **Dec 31, 2022** |
| Medicare risk-based revenue | $65210 | $65394 | $66618 | $76428 | $91277 | $107747 | $143664 | $122267 | $113041 |
| Medicaid risk-based revenue | 19062 | 18897 | 20454 | 20884 | 20160 | 20165 | 19896 | 19852 | 36620 |
| Other revenue | 3801 | 4127 | 4839 | 7308 | 6869 | 9008 | 8719 | 15551 | 14602 |
| Total revenue | 88073 | 88418 | 91911 | 104620 | 118306 | 136920 | 172279 | 157670 | 164263 |
| External provider costs | 57775 | 60278 | 70466 | 73329 | 79724 | 92856 | 120348 | 106900 | 104078 |
| Cost of care | 12446 | 13427 | 13246 | 20315 | 22606 | 26854 | 30293 | 30150 | $34581 |
| Platform contribution | 17852 | 14712 | 8199 | 10976 | 15977 | 17210 | 21638 | 20620 | 25604 |
| Platform contribution margin (%) | 20.3% | 16.6% | 8.9% | 10.5% | 13.5% | 12.6% | 12.6% | 13.1% | 15.6% |
| Sales and marketing | $1431 | $391 | $1688 | $1274 | $2615 | $3301 | $2299 | $2355 | $3806 |
| Corporate, general and administrative | 6519 | 7197 | 6367 | 9212 | 10400 | 10139 | 11464 | 13000 | 16674 |
| Adjusted operating expenses | 7951 | 7588 | 8055 | 10485 | 13015 | 13440 | 13763 | 15355 | 20480 |
| Adjusted EBITDA | n/a | n/a | n/a | $490 | $2962 | $3769 | $7876 | $5265 | $5124 |
| Pro Forma Adjusted EBITDA | $9901 | $7124 | $144 | n/a | n/a | n/a | n/a | n/a | n/a |
| \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. Figures may not sum due to rounding. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Non-GAAP Operating Metrics\*** | **Dec 31, 2020** | **Mar 31, 2021** | **Jun 30, 2021** | **Sep 30, 2021** | **Dec 31, 2021** | **Mar 31, 2022** | **Jun 30, 2022** | **Sep 30, 2022** | **Dec 31, 2022** |
| Centers | 24 | 24 | 34 | 40 | 45 | 48 | 48 | 51 | 62 |
| Markets | 1 | 1 | 2 | 3 | 4 | 6 | 6 | 7 | 7 |
| Patients (MCREM)\*\* | 28400 | 29200 | 35300 | 40400 | 50100 | 50600 | 54000 | 57400 | 221500 |
| Patients in value-based care arrangements (MCREM) | 87.7% | 87.0% | 84.1% | 87.2% | 79.3% | 79.8% | 81.0% | 78.2% | 97.6% |
| Platform Contribution ($, millions)\*\*\* | $17.9 | $14.7 | $8.2 | $11.0 | $16.0 | $17.3 | $21.7 | $20.7 | $25.6 |
| \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. |
| \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. | \*\* MCREM defined as Medicare Equivalent Members, which assumes the level of support received by a Medicare patient is equivalent to that received by three Medicaid or Commercial patients. |
| \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. | \*\*\* Platform contribution defined as revenue less external provider costs and cost of care. For periods prior to September 30, 2021, the measure was calculated in a manner consistent with the concepts of Article 8 of Regulation S-X and represents pro forma Platform Contribution. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation to Adjusted EBITDA and Pro Forma Adjusted EBITDA\*** | **Reconciliation to Adjusted EBITDA and Pro Forma Adjusted EBITDA\*** | **Reconciliation to Adjusted EBITDA and Pro Forma Adjusted EBITDA\*** | **Reconciliation to Adjusted EBITDA and Pro Forma Adjusted EBITDA\*** |  |  |  |  |  |  |
| (in thousands) | **Dec 31, 2020** | **Mar 31, 2021** | **Jun 30, 2021** | **Sep 30, 2021** | **Dec 31, 2021** | **Mar 31, 2022** | **Jun 30, 2022** | **Sep 30, 2022** | **Dec 31, 2022** |
| **Net income (loss)** | $**1218** | $**1302** | $**10057** | $**(14479)** | $**(3553)** | $**(16797)** | $**(9381)** | $**(22052)** | $**10434** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 542 | 504 | 792 | 1291 | 1905 | 1728 | 3896 | 6076 | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 429 | 514 | 1437 | 5176 | 6089 | 5062 | 4903 | 4573 | 7180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of warrant and contingent earnout liabilities | - | - | (19215) | 1398 | (8734) | 3536 | (7391) | 7331 | (84171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | - | - | - | - | - | - | - | - | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | - | - | - | 966 | 375 | 1087 | 2788 | 3611 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on extinguishment of debt, net | 451 | - | (1358) | (279) | 7 | - | 6172 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related costs | 893 | 1168 | 3806 | 1871 | 2325 | 3429 | 4074 | 2118 | 10632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related restructuring costs | 1382 | 1550 | 8059 | 3072 | 4170 | 5083 | 2598 | 3514 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | 101 | 1001 | (2242) | 1475 | 218 | 461 | 46 | (86) | (967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | - | - | - | - | 159 | 181 | 171 | 181 | (20074) |
| **Adjusted EBITDA** | **n/a** | **n/a** | **n/a** | **490** | **2962** | **3769** | **7876** | **5265** | **5124** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma adjustments | 4885 | 1085 | (1192) | - | - | - | - | - | - |
| **Pro forma Adjusted EBITDA** | $**9901** | $**7124** | $**144** | **n/a** | **n/a** | **n/a** | **n/a** | **n/a** | **n/a** |
| \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | \* Figures give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>Memo:</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;De Novo Pre-Opening Costs | $- | $- | $19 | $544 | $806 | $973 | $506 | $2426 | $3205 |
| &nbsp;&nbsp;&nbsp;&nbsp;De Novo Post-Opening Costs | 484 | 184 | 364 | 195 | 489 | 1119 | 993 | 1533 | 2274 |

---

------

**Reconciliation to Pro Forma Platform Contribution**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| in millions | **Dec 31, 2020** | **Mar 31, 2021** | **Jun 30, 2021** | **Sep 30, 2021** | **Dec 31, 2021** | **Mar 31, 2022** | **Jun 30, 2022** | **Sep 30, 2022** | **Dec 31, 2022** |
| Operating income (loss) | $2.2 | $1.8 | $(9.7) | $(11.2) | $(9.7) | $(10.9) | $(6.5) | $(8.6) | $(86.2) |
| Sales and marketing | 0.3 | 0.3 | 0.8 | 1.3 | 2.6 | 3.3 | 2.3 | 2.4 | 3.8 |
| Corporate, general and administrative | 3.1 | 1.8 | 8.9 | 13.6 | 16.3 | 19.0 | 18.1 | 21.7 | 17.0 |
| Depreciation and amortization | 0.4 | 0.6 | 1.4 | 5.2 | 6.1 | 5.0 | 4.9 | 4.6 | 7.2 |
| Goodwill impairment | - | - | - | - | - | - | - | - | 70.0 |
| Acquisition related costs | - | - | 0.1 | 0.9 | 0.5 | 0.3 | 2.8 | 0.5 | 9.6 |
| Other adjustments (a) | - | - | - | 1.3 | 0.2 | 0.6 | 0.1 | 0.1 | 4.1 |
| Pro forma adjustments (b) | 11.8 | 10.3 | 6.7 | - | - | - | - | - | - |
| Pro forma Platform Contribution | $17.9 | $14.7 | $8.2 | n/a | n/a | n/a | n/a | n/a | n/a |
| Platform Contribution | n/a | n/a | n/a | 11.0 | 16.0 | 17.3 | 21.7 | 20.7 | 25.6 |
| (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. | (a) Includes costs related to post-Business Combination restructuring, integration initiatives and share-based compensation. |
| (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. | (b) Pro Forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combinations of IMC and Care Holdings as if they had occurred on January 1, 2020. |

---

**Calculation of the Pro Forma Medical Expense Ratio**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| (in thousands) | **2022** | **2021** | **2022** | **2021\*** |
| External provider costs | $104078 | $79724 | $424182 | $283797 |
| Medicare and Medicaid risk-based revenue | 149661 | 111437 | 583252 | 380112 |
| **Medical Expense Ratio** | **69.5%** | **71.5%** | **72.7%** | **74.7%** |
| \* The 2021 figures were calculated based on a pro forma basis, assuming the Business Combinations of IMC and Care Holdings occurred on January 1, 2020. | \* The 2021 figures were calculated based on a pro forma basis, assuming the Business Combinations of IMC and Care Holdings occurred on January 1, 2020. | \* The 2021 figures were calculated based on a pro forma basis, assuming the Business Combinations of IMC and Care Holdings occurred on January 1, 2020. | \* The 2021 figures were calculated based on a pro forma basis, assuming the Business Combinations of IMC and Care Holdings occurred on January 1, 2020. | \* The 2021 figures were calculated based on a pro forma basis, assuming the Business Combinations of IMC and Care Holdings occurred on January 1, 2020. |

---

**Contacts:**

**Investor Relations**

Samantha Swerdlin

(847) 924-8980

<u>samantha.swerdlin@caremax.com</u>

**Media**

Christine Bucan

(305) 542-8855

<u>Christine@thinkbsg.com</u>

------

## Ex-99

![Slide 1](cmax-ex99_2s1.jpg)

Fourth Quarter and Full Year 2022 Earnings Presentation March 9, 2023

------

![Slide 2](cmax-ex99_2s2.jpg)

Disclaimer Presentation This presentation ("Presentation") is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments, of CareMax, Inc. ("CareMax" or the "Company") or any of its affiliates. The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. CareMax assumes no obligation to update any information in this Presentation, except as required by law. Except as otherwise stated herein, references to "CareMax" for periods prior to June 8, 2021 refer to CareMax Medical Group, LLC prior to the business combination with Deerfield Healthcare Technology Acquisitions Corp. and IMC Holdings LLC ("IMC"). Projections This Presentation contains projected financial information. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the projected financial information. See "Forward Looking Statements" paragraph below. Actual results may differ materially from the results contemplated by the projected financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The independent registered public accounting firm of CareMax has not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and, accordingly, has not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Forward-Looking Statements This Presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and strategy and future financial results. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this Presentation. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the Company's ability to integrate acquired businesses, including the ability to implement business plans, forecasts, and other expectations after the completion of the Steward transaction; the failure to realize anticipated benefits of the Steward transaction or to realize estimated pro forma results and underlying assumptions; the impact of COVID-19 or any variant thereof or any other pandemic or epidemic on the Company's business and results of operation; the Company's ability to attract new patients; the availability of sites for de novo centers and the costs of opening such de novo centers; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs and the Company's ability to comply with the covenants under the agreements governing its indebtedness; the Company's ability to address the material weakness in its internal control over financial reporting; the Company's ability to recruit and retain qualified team members and independent physicians; and risks related to future acquisitions. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this Presentation is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this Presentation. Use of Non-GAAP Financial Information Certain financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in, or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by the Company with the SEC. Some of the financial information and data contained in this Presentation, such as Adjusted EBITDA and Platform Contribution and margin thereof have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). These non-GAAP measures of financial results are not GAAP measures of our financial results or liquidity and should not be considered as an alternative to net income (loss) as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. For this reason, these non-GAAP measures may not be comparable to other companies' similarly labeled non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company's audited financial statements, which have been filed by the Company with the SEC. A reconciliation for Adjusted EBITDA and Platform Contribution to the most directly comparable GAAP financial measures is included in this Presentation. A reconciliation of projected 2023 Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this Presentation because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on the Company's future GAAP results.

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CareMax is Driven by a Mission to Deliver Best-in-Class Care 62 CareMax Medical Centers1 203K Medicare Value-Based Care Members1 ~2,000 Employed & Affiliated Primary Care Physicians1 5-Stars CMS Quality Rating2 245K Total Value-Based Care Members1 10 States1 As of December 31, 2022. Centers for Medicare & Medicaid Services 2022 Star rating across CareMax centers as of year-end 2022. Who We Are A value-based care delivery system that utilizes a technology-enabled platform and multi-specialty, whole person health model to deliver comprehensive, preventative and coordinated care for our members. Vision Transforming care to end disparity and create a sustainable healthcare system. Mission To improve lives through kindness, compassion, and better health.

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Fourth Quarter 2022 Update Revenue of $164.3 million, up 39% year-over-year Net income of $10.4 million, compared to net loss of $3.6 million for 4Q211 Adjusted EBITDA (including the impact of de novo pre-opening costs and post-opening losses) of $5.1 million, compared to $3.0 million in 4Q212 69.5% Medical Expense Ratio, compared to 71.5% for 4Q213 Medicare Advantage membership of 93,500, up 179% year-over-year Strong patient engagement evidenced by 93% of members seen by their primary care provider in 2022 Expanded presence with eleven de novo openings in New York, Tennessee and Florida Completed acquisition of Steward Value-Based Care, making CareMax one of the largest Medicare VBC organizations by membership in the nation Net income in the fourth quarter of 2022 includes a $76.3 million non-cash gain on remeasurement of contingent earnout liabilities and a $20.1 million non-cash tax benefit, partially offset by a $70.0 million non-cash goodwill impairment. Adjusted EBITDA is a non-GAAP number. For a reconciliation to the closest GAAP number, see the supplement to this presentation. The Company has revised its presentation and calculation of Adjusted EBITDA to no longer add back de novo pre-opening costs and post-opening losses and has recast its prior presentation of Adjusted EBITDA. Medical Expense Ratio equals external provider costs divided by Medicare and Medicaid risk-based revenues.

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We Have Built a National Platform for Value-Based Care in the Past Two Years Note: Data as of the applicable year end. Centers Medicare Advantage Members >10x >30x

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Full Year 2022 Adjusted EBITDA Performance Includes one-time expenses to enter new markets and professional fees related to de novo buildouts. Reflects operating losses incurred up to 18 months after center opening. $mm FY22 Recast Guidance FY22 Recast Actual $mm 1 2

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Financial Outlook for Full Year 2023 FY 2022 FY 2023 Guidance YoY % growth Medicare Advantage Membership 93,500 110,000 to 120,000 18% to 28% Revenue $631 million $700 million to $750 million 11% to 19% Adjusted EBITDA1 $22 million $25 million to $35 million 13% to 59% De novo pre-opening costs and post-opening losses $13 million $25 million N/A Note: Year over year growth may not compute due to rounding. Adjusted EBITDA is calculated and presented after de novo pre-opening costs and post-opening losses.

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Fourth Quarter 2022 Financial Supplement

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Reconciliation to Non-GAAP Financial Metrics 4Q22 Non-GAAP Reconciliation 4Q21 Non-GAAP Reconciliation

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Reconciliation to Adjusted EBITDA and Pro Forma Adjusted EBITDA1 Net Income to Adjusted EBITDA Bridge 3 2 4 The Company has revised its presentation of Adjusted EBITDA to no longer add back de novo pre-opening costs and post-opening losses and has recast its prior presentation of Adjusted EBITDA. Represents primarily legal, professional and incremental compensation costs related to the Business Combination of CareMax, IMC Health and Care Holdings on June 8, 2021. Represents transaction costs, integration costs and other costs to achieve synergies related to acquisitions completed subsequent to the Business Combination. Pro forma adjustments are computed in a manner consistent with the concepts of Article 8 of Regulation S-X and give effect to the Business Combination as if it had occurred on January 1, 2020.

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Historical Non-GAAP Financial Summary Non-GAAP Income Statement Note: Figures give effect to the Business Combination of CareMax, IMC Health, and Care Holdings as if it had occurred on January 1, 2020. Adjusted EBITDA and Pro Forma Adjusted EBITDA are calculated and presented after de novo pre-opening costs and post-opening losses. 1 1

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Capitalization and Liquidity Diluted Share Count Net Debt (Cash) Excludes unvested warrants as of December 31, 2022. Warrants have a strike price of $11.50/share and (other than the Related warrants) are subject to a $18.00 redemption cap. Warrants are currently out of the money based on CareMax's closing share price as of March 7, 2023. Includes a) 3.2 million of earnout shares issuable if the volume weighted average price exceeds $15.00/share on 20 days within any 30-day trading period after the business combination, and b) estimated 37.5 million contingent earnout shares related to Steward Acquisition. Reflects all unvested and outstanding RSUs, PSUs, and Options as of December 31, 2022. PSUs are included at an assumed 100% payout. Delayed Draw Term Loan capacity reflects effect of the Second Amendment to the Credit Agreement. Figures reflect principal amounts due as of December 31, 2022, including PIK interest. Consists of outstanding debt on financed fixed assets and health plan collaboration loans. 1 2 3 4 6 7 5

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Total Pro Forma Liquidity Reflects undrawn delayed draw facility capacity and maximum allowable revolving commitments after giving effect to the Second Amendment to that certain Credit Agreement dated May 10, 2022. As of the time of this filing, there were no revolving commitments. $mm Ability to raise up to $45 million in super-priority revolver 1

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Q&A