Privia Health Group, Inc. · NASDAQ:PRVA
Privia Health — Q4 2024 Earnings Presentation
19 slides from Privia Health's earnings presentation, Feb 27, 2025
Slide 1: 4th Quarter 2024 Results
4th Quarter 2024 Results February 27, 2025 Parth Mehrotra, CEO David Mountcastle, CFO
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results that include, but are not limited to: 2025 financial guidanc
Slide 3: Agenda
Agenda ● Key Highlights and Business Update ● 4Q and FY 2024 Performance ● 2025 Guidance and Outlook ● Q&A 3
Slide 4: Exceeded All Operating and Financial Guidance in 2024
Exceeded All Operating and Financial Guidance in 2024 1 ● Very strong new provider signings with Implemented Providers +11.2% vs. YE’23 ● Fee-for-service collections growth of 13.6% vs. YE’23 and strong value-based care performance ● Adjusted EBITDA growth +25.2% and Adjusted EBITDA margin of 22.4%,
Slide 5: Building One of the Largest Primary Care Centric Delivery Networks
Building One of the Largest Primary Care Centric Delivery Networks NATIONAL PRESENCE 14 States Plus D.C. 50+ Specialties 1,200+ Care Center Locations 5.2M+ Patients 1.26M+ Attributed Lives* 4,789 Implemented Providers** 98% Gross Provider Retention*** 87 Patient NPS *Includes Privia Care Partners’ l
Slide 6: Diversified Value-Based Platform
Diversified Value-Based Platform 1 1.26+ Million 100+ Total Attributed Lives VBC Contracts 479 782K • 64% Upside Only Commercial Lives K Government • 36% Upside / Downside Lives 196K 185K 97K MSSP Lives Medicare Medicaid Advantage Lives Lives • 76% Enhanced Track • 76% Upside Only • 100% Upside Only
Slide 7: Consistent Growth & Profitability Across Cycles
Consistent Growth & Profitability Across Cycles PRE-COVID COVID POST-COVID MA HEADWINDS 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025 Guidance1 CAGR (Midpoint) Number of States (Year End) 4 5 6 7 9 13 14 14 23.2% Implemented Providers (Year End) 1,796 2,482 2,550 3,317 3,606 4,305 4,789 5,250 13.3%
Slide 8: 4Q'24 Performance
4Q’24 Performance 1 Implemented Providers Attributed Lives Practice Collections ($mm) (end of period) (‘000s, end of period)1 +11.2% +12.1% +4.7% Care Margin ($mm) Platform Contribution ($mm) Adjusted EBITDA ($mm) +17.8% +25.9% +44.0% % Practice % Practice 5.6% 6.7% 2.3% 3.1% Collections Collections
Slide 9: FY'24 Performance
FY’24 Performance 1 Practice Collections ($B) Care Margin ($mm) +4.5% +12.4% Platform Contribution ($mm) Adjusted EBITDA ($mm) +12.8% +25.2% % Practice Collections 6.1% 6.6% % Practice Collections 2.5% 3.0% % Care Margin 48.3% 48.4% % Care Margin 20.1% 22.4% 9 1 Any slight variations in calculations
Slide 10: Strong Balance Sheet and Capital Position
Strong Balance Sheet and Capital Position ● $491.1M in cash and no debt as of 12.31.24 ● FY’24 Free Cash Flow of $109.3M, or ~121% of Adjusted EBITDA 1 (In millions) At 12.31.24 At 12.31.23 $491.1 $389.5 Cash and cash equivalents Debt -- -- Net cash position $491.1 $389.5 1 FY’24 Free Cash Flow is d
Slide 11: Initiating FY'25 Guidance
Initiating FY’25 Guidance 1 FY’24 Actual FY’25 Guidance at 2.27.25 ($ in millions) Low High Implemented Providers 4,789 5,200 5,300 Attributed Lives 1,256,000 1,300,000 1,400,000 Practice Collections $ 2,968 $ 3,150 $ 3,250 GAAP Revenue $ 1,736.4 $ 1,800 $ 1,900 Care Margin $ 403.9 $ 435 $ 445 Platf
Slide 12: Appendix
Appendix 12
Slide 13: Reconciliation of Gross Profit to Care Margin
Reconciliation of Gross Profit to Care Margin s 13
Slide 14: Gross Profit to Care Margin
Reconciliation of Gross Profit to Care Margin Year Ended ($ in thousands) 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 Revenue $ 1,736,390 $ 1,657,737 $ 1,356,660 $ 966,220 $ 817,075 786,360 $ 657,609 Less - Provider Expense (1,332,537) (1,298,573) (1,051,041) (727,82
Slide 15: Reconciliation of Gross Profit to Platform Contribution
Reconciliation of Gross Profit to Platform Contribution t 15
Slide 16: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA v 16
Slide 17: Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Year Ended ($ in thousands) 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 Net income $ 14,385 $ 23,079 $ (8,585) $ (188,230) $ 31,244 $ 8,244 $ (3,044) Non-controlling interests 2,659 (2,051) (3,479) (2,419) (340) (299) (
Slide 18: Reconciliation of Net Income to Adjusted Net Income Per Share
Reconciliation of Net Income to Adjusted Net Income Per Share x 18
Slide 19: Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Year Ended ($ in thousands) 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 12/31/2018 Net cash provided by operating activities $ 109,282 $ 80,785 $ 47,196 $ 55,058 $ 38,891 $ 24,358 $ 5,249 Less: Purcha