Privia Health Group, Inc. · NASDAQ:PRVA
Privia Health — Q3 2024 Earnings Presentation
19 slides from Privia Health's earnings presentation, Nov 7, 2024
Slide 1: 3rd Quarter 2024 Results
3rd Quarter 2024 Results November 7, 2024 Parth Mehrotra – Chief Executive Officer David Mountcastle – Chief Financial Officer 1
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: 2024 financial guidanc
Slide 3: Agenda
Agenda ● Key Highlights ● Business Update ● 3Q and YTD Performance ● Updated 2024 Outlook ● Q&A 3
Slide 4: Key Highlights
Key Highlights Strong Execution and Strength Across All Business Metrics • FY 2024 guidance raised to at or above high end for all metrics • Solid results in MSSP for 2023 performance year • Pro forma cash and equivalents of $473.5M with no debt • Launched Indiana market in partnership with a multi-
Slide 5: Consistent Growth & Performance Across Cycles
Consistent Growth & Performance Across Cycles Pre-COVID COVID Post-COVID MA Headwinds 2018A 2019A 2020A 2021A 2022A 2023A 2024 Guidance CAGR (High End) 1 Number of States (Year End) 4 5 6 7 9 13 14 23.2% Implemented Providers (Year End) 1,796 2,482 2,550 3,317 3,606 4,305 4,750 17.6% Attributed Live
Slide 6: Building One of the Largest Primary Care-Centric Delivery Networks
Building One of the Largest Primary Care-Centric Delivery Networks Washington 14 1,170+ 4,642 Montana States Care Implemented Connecticut (plus D.C.) Center Providers Locations (Excludes Privia California Care Partners’ Indiana providers) Ohio Mid-Atlantic Tennessee North Carolina 50+ 5.1M+ 1.2+M Sp
Slide 7: Diversified Value-Based Platform
Diversified Value-Based Platform 1 1.2+ Million 100+ Total Attributed Lives VBC Contracts 770K 478K Commercial Government • 65% Upside Only Lives Lives • 35% Upside / Downside 185K 102K 191K Medicare Medicaid MSSP Lives Advantage Lives Lives • 76% in Enhanced • 77% Upside Only • 100% Upside Track -
Slide 8: Continued Success in MSSP
Continued Success in MSSP Improvement Improvement vs. Median vs. Total MSSP 2023 Performance 1 MSSP ACO FFS Medicare • 194,786 Medicare beneficiaries Total annual average (+19.0%) across 10 ACOs expenditures 8% 21% • $176.6M in total shared savings Emergency room (+34.1%) across Privia ACOs utilizat
Slide 9: Managing $2.3+ Billion in Medical Spend in MSSP
Managing $2.3+ Billion in Medical Spend in MSSP 1 All Privia 2023 MSSP Results MSSP ACOs 1 2023 MSSP Lives 194,786 Benchmark Spend $2,319 ($mm) Avg Aggregate Savings 7.6% 2 Rate Gross Shared Savings $176.6 ($mm) Privia ACO Share of $117.4 Shared Savings ($mm) Practice Collections and GAAP Revenue on
Slide 10: 3Q'24 Performance
3Q’24 Performance 1 Implemented Providers Attributed Lives Practice Collections ($mm) (end of period) (‘000s, end of period)1 +13.1% +14.0% +2.3% Care Margin ($mm) Platform Contribution ($mm) Adjusted EBITDA ($mm) +10.2% +11.2% +25.8% % Practice Collections 6.2% 6.8% % Practice Collections 2.6% 3.2%
Slide 11: YTD'24 Performance
YTD’24 Performance 1 Practice Collections ($B) Care Margin ($mm) +4.5% +10.6% Platform Contribution ($mm) Adjusted EBITDA ($mm) +8.5% +19.3% % Practice Collections 6.3% 6.5% % Practice Collections 2.6% 3.0% % Care Margin 49.0% 48.1% % Care Margin 20.5% 22.1% 11 1 Any slight variations in calculation
Slide 12: Strong Balance Sheet and Capital Position
Strong Balance Sheet and Capital Position ● $473.5M in pro forma net cash and no debt as of 9.30.24 ● YTD pro forma Free Cash Flow of $87.0M 1 (In millions) At 9.30.24 2 At 12.31.23 Cash and cash equivalents $ 422.0 $ 389.5 Net cash received: MSSP shared savings 51.5 -- less provider distribution Ne
Slide 13: Updated FY'24 Guidance: November 7, 2024
Updated FY’24 Guidance: November 7, 2024 1 Initial FY’24 Guidance Current FY’24 ($ in millions) at 2.27.24 Guidance Low High Implemented Providers 4,650 4,750 High End Attributed Lives 1,150,000 1,200,000 Above High End Practice Collections $ 2,775 $ 2,875 High End GAAP Revenue $ 1,600 $ 1,675 High
Slide 14: Appendix
C SPRI Vis a APPENDIX
Slide 15: Reconciliation of Gross Profit to Care Margin
Reconciliation of Gross Profit to Care Margin l 15
Slide 16: Reconciliation of Gross Profit to Platform Contribution
Reconciliation of Gross Profit to Platform Contribution m 16
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA n 17
Slide 18: Reconciliation of Net Income to Adjusted Net Income Per Share
Reconciliation of Net Income to Adjusted Net Income Per Share o 18
Slide 19: Thank You
Thank You PriviaHealth.com Contact: Robert P. Borchert SVP, Investor & Corporate Communications robert.borchert@priviahealth.com Phone: 817.783.4841 19