P3 Health Partners Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash | $62,962 | $36,320 |
| Restricted cash | 5,136 | 4,614 |
| Health plan receivable, net of allowance for credit losses of $150 | 123,325 | 118,497 |
| Clinic fees, insurance and other receivable | 2,495 | 2,973 |
| Prepaid expenses and other current assets | 11,032 | 3,613 |
| Assets held for sale | 10,123 | — |
| TOTAL CURRENT ASSETS | 215,073 | 166,017 |
| Property and equipment, net | 6,315 | 8,686 |
| Intangible assets, net | 594,865 | 666,733 |
| Other long-term assets | 17,080 | 19,531 |
| TOTAL ASSETS (1) | $833,333 | $860,967 |
| LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $13,468 | $8,663 |
| Accrued expenses and other current liabilities | 49,205 | 36,884 |
| Accrued payroll | 4,409 | 3,506 |
| Health plan settlements payable | 41,169 | 34,992 |
| Claims payable | 230,736 | 178,009 |
| Premium deficiency reserve | 29,441 | 13,670 |
| Accrued interest | 35,929 | 23,648 |
| Short-term debt | 208 | — |
| Liabilities held for sale | 753 | — |
| TOTAL CURRENT LIABILITIES | 405,318 | 299,372 |
| Operating lease liability | 11,158 | 13,622 |
| Warrant liabilities | 19,718 | 1,085 |
| Contingent consideration | — | 4,907 |
| Long-term debt, net | 133,228 | 108,319 |
| TOTAL LIABILITIES (1) | 569,422 | 427,305 |
| COMMITMENTS AND CONTINGENCIES | ||
| MEZZANINE EQUITY: | ||
| Redeemable non-controlling interest | 143,397 | 291,532 |
| STOCKHOLDERS’ EQUITY: | ||
| Class A common stock, $0.0001 par value; 800,000 shares authorized; 161,972 and 116,588 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 16 | 12 |
| Class V common stock, $0.0001 par value; 205,000 shares authorized; 195,957 and 196,569 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 20 | 20 |
| Additional paid in capital | 565,054 | 509,442 |
| Accumulated deficit | (444,576) | (367,344) |
| TOTAL STOCKHOLDERS’ EQUITY | 120,514 | 142,130 |
| TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY | $833,333 | $860,967 |
(1)The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated variable interest entities (“VIEs”). As discussed in Note 13 “Variable Interest Entities,” P3 LLC is itself a VIE. P3 LLC represents substantially all the assets and liabilities of the Company. As a result, the language and amounts below refer only to VIEs held at the P3 LLC level. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of P3 LLC’s consolidated VIEs totaling $13.0 million and $8.6 million as of September 30, 2024 and December 31, 2023, respectively, and total liabilities of P3 LLC’s consolidated VIEs for which creditors do not have recourse to the general credit of the Company totaled $15.8 million and $13.6 million as of September 30, 2024 and December 31, 2023, respectively. These VIE assets and liabilities do not include $46.9 million and $44.2 million of net amounts due to affiliates as of September 30, 2024 and December 31, 2023, respectively, as these are eliminated in consolidation and not presented within the condensed consolidated balance sheets.
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