Privia Health Group, Inc.

Previous wording

Under our Privia Medical Group model, Privia Physicians join the Medical Group in their geographic market as owners of the Medical Group. We own a majority interest in certain of our Medical Groups, with Privia Physicians collectively owning a minority interest, and we own no interest in certain other Non-Owned Medical Groups. In those markets in which state regulations do not allow us to own Medical Groups, the Non-Owned Medical Groups may be owned by the Privia Physicians or owned indirectly by a licensed physician holding a Privia leadership position, otherwise referred to as a Friendly Medical Group. Privia Physicians furnish healthcare services through our Medical Groups and continue to own their Affiliated Practices, which provide certain services to the Medical Groups, such as use of space, non-physician staffing, equipment and supplies.

Current wording

Under our Privia Medical Group model, Privia Physicians join the Medical Group in their geographic market as owners of the Medical Group. We own a majority interest in certain of our Medical Groups, with Privia Physicians collectively owning a minority interest, and we own no interest in certain other Non-Owned Medical Groups. In those markets in which state regulations do not allow us to own Medical Groups, the Non-Owned Medical Groups may be owned by the Privia Physicians or owned indirectly by a Nominee Physician, otherwise referred to as a Friendly Medical Group. Privia Physicians furnish healthcare services through our Medical Groups and continue to own their Affiliated Practices, which provide certain services to the Medical Groups, such as use of space, non-physician staffing, equipment and supplies.

Previous wording

We provide management services to the Medical Groups through a local MSO, which provides Medical Groups with access to VBC opportunities either directly or through Privia-owned Accountable Care Organizations (“ACOs”). We have national committees that distribute quality guidance, and we employ Chief Medical Officers who provide clinical oversight and direction over the clinical affairs of the Owned Medical Groups. Additionally, we hold the provider contracts, maintain the patient records, set reimbursement rates, and negotiate payer contracts on behalf of the Owned Medical Groups.

Current wording

We provide management services to the Medical Groups through a local MSO, which provides Medical Groups with access to VBC opportunities either directly or through Privia-owned Accountable Care Organizations (“ACOs” and each, an “ACO”). We have national committees that distribute quality guidance, and we employ Chief Medical Officers who provide clinical oversight and direction over the clinical affairs of the Owned Medical Groups. Additionally, we hold the provider contracts, maintain the patient records, set reimbursement rates, and negotiate payer contracts on behalf of the Owned Medical Groups.

Previous wording

In some instances, we also move into and expand in new and existing markets through our Privia Care Partners model, which offers an affiliation model to providers who are looking solely for VBC solutions. For those practices, we furnish population health services, reporting and analytics, along with certain management.

Current wording

In some instances, we also move into and expand in new and existing markets through our Privia Care Partners model, which offers an affiliation model to providers who are looking solely for VBC solutions. For those practices, we furnish population health services, reporting and analytics, along with certain management services.

Previous wording

• Net income attributable to Privia Health Group, Inc. was $9.0 million and $2.7 million, for the three months ended June 30, 2026 and 2025, respectively, and$12.1 million and $6.9 million for thesix months ended June 30, 2026 and 2025, respectively.

Current wording

• Net income attributable to Privia Health Group, Inc. was $13.5 million and $6.9 million, for the three months ended September 30, 2026 and 2025, respectively, and$25.6 million and $13.8 million for thenine months ended September 30, 2026 and 2025, respectively.

Previous wording

See “Key Metrics and Non-GAAP Financial Measures” below for more information as to how we define and calculate Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, Platform Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin, and for reconciliations of these key metrics and non-GAAP financial measures to the most comparable GAAP measures, including gross profit to Care Margin, gross profit to Platform Contributor, and net income to Adjusted EBITDA.

Current wording

See “Key Metrics and Non-GAAP Financial Measures” below for more information as to how we define and calculate Implemented Providers, Attributed Lives, Practice Collections, Care Margin, Platform Contribution, Platform Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin, and for reconciliations of these key metrics and non-GAAP financial measures to the most comparable GAAP measures, including gross profit to Care Margin, gross profit to Platform Contribution, and net income to Adjusted EBITDA.

Previous wording

We generate FFS-patient care revenue when we collect reimbursements for FFS medical services provided by Privia Providers. Our agreements with our providers have a multi-year term length and we have historically experienced a 96% provider retention rate, both of which lead to a highly predictable and recurring revenue model. Our FFS contracts with payer partners typically contain annual rate inflators and enhanced commercial FFS rates given our scale in each of our markets. As a result of receiving these rate inflators and enhancements, if we continue to be successful in expanding our provider base, we expect revenue will grow year-over-year in absolute dollars. In addition, in our FFS-patient care revenue, we include collections generated from ancillary services such as clinical laboratory, imaging and pharmacy operations. We also generate FFS-administrative services revenue by providing administration and management services to medical groups which are not owned or consolidated by us. FFS-patient care revenue represented 65.2% and 63.6% of total revenue for the three months ended June 30, 2026 and 2025, respectively, and 65.0% and 64.2% for thesix months ended June 30, 2026 and 2025, respectively. FFS-administrative services revenue represented 5.3% and 6.7% of total revenue for the three months ended June 30, 2026 and 2025, respectively, and 5.2% and 6.7% for thesix months ended June 30, 2026 and 2025, respectively.

Current wording

We generate FFS-patient care revenue when we collect reimbursements for FFS medical services provided by Privia Providers. Our agreements with our providers have a multi-year term length and we have historically experienced a 96% provider retention rate, both of which lead to a highly predictable and recurring revenue model. Our FFS contracts with payer partners typically contain annual rate inflators and enhanced commercial FFS rates given our scale in each of our markets. As a result of receiving these rate inflators and enhancements, if we continue to be successful in expanding our provider base, we expect revenue will grow year-over-year in absolute dollars. In addition, in our FFS-patient care revenue, we include collections generated from ancillary services such as clinical laboratory, imaging and pharmacy operations. We also generate FFS-administrative services revenue by providing administration and management services to medical groups which are not owned or consolidated by us. FFS-patient care revenue represented 65.9% and 60.7% of total revenue for the three months ended September 30, 2026 and 2025, respectively, and 65.3% and 63.0% for thenine months ended September 30, 2026 and 2025, respectively. FFS-administrative services revenue represented 5.3% and 5.8% of total revenue for the three months ended September 30, 2026 and 2025, respectively, and 5.2% and 6.4% for thenine months ended September 30, 2026 and 2025, respectively.

Previous wording

Over time, we create incremental value for our provider partners by enabling them to succeed in VBC arrangements. We generate VBC revenue when our providers are reimbursed through traditional FFS Medicare, Medicare Shared Savings Program (“MSSP”), Medicare Advantage, commercial payers and other existing and emerging direct payer and employer contracting programs. The revenue is primarily collected in the form of (i) capitated revenue earned by providing healthcare services to Medicare Advantage attributed beneficiaries for a defined group of services including professional, institutional and pharmacy through a contract that is typically known as an “at-risk contract,” (ii) shared savings earned based on improved quality and lower cost of care for our attributed lives in VBC incentive arrangements and (iii) care management fees to cover costs of services typically not reimbursed under traditional FFS payment models, including population management, care coordination, advanced technology and analytics. VBC revenue represented 29.2% and 29.3% of total revenue for the three months ended June 30, 2026 and 2025, respectively, and 29.4% and 28.6% for thesix months ended June 30, 2026 and 2025, respectively.

Current wording

Over time, we create incremental value for our provider partners by enabling them to succeed in VBC arrangements. We generate VBC revenue when our providers are reimbursed through traditional FFS Medicare, Medicare Shared Savings Program (“MSSP”), Medicare Advantage, commercial payers and other existing and emerging direct payer and employer contracting programs. The revenue is primarily collected in the form of (i) capitated revenue earned by providing healthcare services to Medicare Advantage attributed beneficiaries for a defined group of services including professional, institutional and pharmacy through a contract that is typically known as an “at-risk contract,” (ii) shared savings earned based on improved quality and lower cost of care for our Attributed Lives in VBC incentive arrangements and (iii) care management fees to cover costs of services typically not reimbursed under traditional FFS payment models, including population management, care coordination, advanced technology and analytics. VBC revenue represented 28.6% and 33.1% of total revenue for the three months ended September 30, 2026 and 2025, respectively, and 29.1% and 30.2% for thenine months ended September 30, 2026 and 2025, respectively.

Previous wording

The remainder of our revenue is derived from leveraging our existing base of providers and patients to deliver value-oriented services such as virtual visits and coding. Other revenue represented 0.3% and 0.4%of total revenue for the three months ended June 30, 2026 and 2025, respectively, and 0.3% and 0.4% for thesix months ended June 30, 2026 and 2025, respectively.

Current wording

The remainder of our revenue is derived from leveraging our existing base of providers and patients to deliver value-oriented services such as virtual visits and coding. Other revenue represented 0.2% and 0.4%of total revenue for the three months ended September 30, 2026 and 2025, respectively, and 0.3% and 0.4% for thenine months ended September 30, 2026 and 2025, respectively.

Previous wording

We define Implemented Providers as the total of all service professionals at the end of a given period who are credentialed and bill for medical services in both Owned and Non-Owned Medical Groups during that period. This includes, but is not limited to, physicians, physician assistants, and nurse practitioners. We believe that growth in the number of Implemented Providers is a key indicator of the performance of our business and expected revenue growth. This growth depends, in part, on our ability to successfully add new practices in existing markets and expand into new markets. The number of Implemented Providers increased 10.1% as of June 30, 2026 compared to June 30, 2025, due to organic growth in our healthcare delivery business as well as acquisitions.

Current wording

We define Implemented Providers as the total of all service professionals at the end of a given period who are credentialed and bill for medical services in both Owned and Non-Owned Medical Groups during that period. This includes, but is not limited to, physicians, physician assistants, and nurse practitioners. We believe that growth in the number of Implemented Providers is a key indicator of the performance of our business and expected revenue growth. This growth depends, in part, on our ability to successfully add new practices in existing markets and expand into new markets. The number of Implemented Providers increased 12.2% as of September 30, 2026 compared to September 30, 2025, due to organic growth in our healthcare delivery business as well as acquisitions.

Previous wording

We define Practice Collections as the total collections from all practices in all markets and all sources of reimbursement (FFS, VBC and other) that we receive for delivering care and providing our platform and associated services. Practice Collections differ from revenue by adding collections from Non-Owned Medical Groups. FFS arrangements accounted for 80.9% and 81.5% of our practice collections for the three months ended June 30, 2026 and 2025, respectively, and 80.5% and 81.9% for the six months ended June 30, 2026 and 2025, respectively. VBC accounted for 19.0% and 18.3% of practice collections for the three months ended June 30, 2026 and 2025, respectively, and 19.3% and 17.8% for the six months ended June 30, 2026 and 2025, respectively.

Current wording

We define Practice Collections as the total collections from all practices in all markets and all sources of reimbursement (FFS, VBC and other) that we receive for delivering care and providing our platform and associated services. Practice Collections differ from revenue by including collections from Non-Owned Medical Groups. FFS arrangements accounted for 81.4% and 78.8% of our practice collections for the three months ended September 30, 2026 and 2025, respectively, and 80.8% for each of the nine months ended September 30, 2026 and 2025, respectively. VBC accounted for 18.4% and 20.9% of practice collections for the three months ended September 30, 2026 and 2025, respectively, and 19.0% for each of the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Practice Collections increased 12.4% for the three months ended June 30, 2026 when compared to the same period in 2025, and 13.4% for the six months ended June 30, 2026 when compared to the same period in 2025, mainly due to organic growth of our healthcare delivery business and acquisitions.

Current wording

Practice Collections increased 9.4% for the three months ended September 30, 2026 when compared to the same period in 2025, and 12.0% for the nine months ended September 30, 2026 when compared to the same period in 2025, mainly due to organic growth of our healthcare delivery business and acquisitions.

Previous wording

In addition to our financial results determined in accordance with GAAP, we believe non-GAAP financials measures including Care Margin, Platform Contribution, Platform Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin are useful measures to investors as these are metrics used by management in evaluating our operating performance and in assessing the health of our business. We use these non-GAAP measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook.

Current wording

In addition to our financial results determined in accordance with GAAP, we believe non-GAAP financial measures including Care Margin, Platform Contribution, Platform Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin are useful measures to investors as these are metrics used by management in evaluating our operating performance and in assessing the health of our business. We use these non-GAAP measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook.

Previous wording

Gross Profit is defined as total revenue less provider expenses and amortization of intangible assets. We define Care Margin as Gross Profit excluding amortization of intangible assets. Our Care Margin generated from FFS revenue is contractual and recurring in nature, and primarily based on an individually negotiated percentage of collections for each practice that joins Privia. Our Care Margin generated from VBC revenue is based on a percentage of care management fees and shared savings collected. We view Care Margin as all of the dollars available for us to manage our business, including providing administrative support to our practices, investing in sales and marketing to attract new providers to the Privia Platform, and supporting the organization through our corporate infrastructure. We expect Care Margin will grow year-over-year in absolute dollars as we continue to expand our provider base. We would also expect our care management and shared savings economics in our VBC arrangements to improve on a per patient basis as we manage towards lower total cost of care for our Attributed Lives and move towards higher risk VBC arrangements over time. Care Margin increased 14.7% for the three months ended June 30, 2026 when compared to the same period in 2025, and increased 18.3% for the six months ended June 30, 2026 when compared to the same period in 2025 due to organic growth of our medical practice business. As a percentage of revenue, Care Margin decreased to 20.9% for the three months ended June 30, 2026 from 22.1% for the same period in 2025, and decreased to 21.1% for the six months ended June 30, 2026, compared to 22.0% during the same period in 2025. We continue to make strategic investments to increase services to both our patients and physicians.

Current wording

Gross Profit is defined as total revenue less provider expenses and amortization of intangible assets. We define Care Margin as Gross Profit excluding amortization of intangible assets. Our Care Margin generated from FFS revenue is contractual and recurring in nature, and primarily based on an individually negotiated percentage of collections for each practice that joins Privia. Our Care Margin generated from VBC revenue is based on a percentage of care management fees and shared savings collected. We view Care Margin as all of the dollars available for us to manage our business, including providing administrative support to our practices, investing in sales and marketing to attract new providers to the Privia Platform, and supporting the organization through our corporate infrastructure. We expect Care Margin will grow year-over-year in absolute dollars as we continue to expand our provider base. We would also expect our care management and shared savings economics in our VBC arrangements to improve on a per patient basis as we manage towards lower total cost of care for our Attributed Lives and move towards higher risk VBC arrangements over time. Care Margin increased 10.3% for the three months ended September 30, 2026 when compared to the same period in 2025, and increased 15.4% for the nine months ended September 30, 2026 when compared to the same period in 2025 due to organic growth of our medical practice business. As a percentage of revenue, Care Margin decreased to 21.0% for the three months ended September 30, 2026 from 21.6% for the same period in 2025, and decreased to 21.1% for the nine months ended September 30, 2026, compared to 21.9% during the same period in 2025. We continue to make strategic investments to increase services to both our patients and physicians.

Previous wording

We define Platform Contribution as Gross Profit, excluding amortization of intangible assets, less cost of platform and excluding stock-based compensation expense included in cost of platform. The following table provides a reconciliation of gross profit, the most closely comparable GAAP financial measure, to Platform Contribution. We consider Platform Contribution to be an important measure to monitor our performance, specific to pricing of our services, direct costs of delivering care, and cost of our platform and associated services. As a provider spends a longer time on the Privia Platform, we expect the Platform Contribution from that provider to increase both in terms of absolute dollars as well as a percent of Care Margin. We expect that this increase will be driven by improving per provider revenue economics over time as well as our ability to generate operating leverage on our in-market infrastructure costs. Platform Contribution increased 20.1% for the three months ended June 30, 2026 when compared to the same period in 2025, and increased 24.6% for the six months ended June 30, 2026 when compared to the same period in 2025, in each case due to organic growth of our medical practice business and acquisitions.

Current wording

We define Platform Contribution as Gross Profit, excluding amortization of intangible assets, less cost of platform and excluding stock-based compensation expense included in cost of platform. The following table provides a reconciliation of gross profit, the most closely comparable GAAP financial measure, to Platform Contribution. We consider Platform Contribution to be an important measure to monitor our performance, specific to pricing of our services, direct costs of delivering care, and cost of our platform and associated services. As a provider spends a longer time on the Privia Platform, we expect the Platform Contribution from that provider to increase both in terms of absolute dollars as well as a percent of Care Margin. We expect that this increase will be driven by improving per provider revenue economics over time as well as our ability to generate operating leverage on our in-market infrastructure costs. Platform Contribution increased 4.8% for the three months ended September 30, 2026 when compared to the same period in 2025, and increased 16.8% for the nine months ended September 30, 2026 when compared to the same period in 2025, in each case due to organic growth of our medical practice business and acquisitions.

Previous wording

We define Platform Contribution Margin as Platform Contribution as a percentage of Care Margin. We consider Platform Contribution Margin to be an important measure to monitor our performance, specific to pricing of our services, direct costs of delivering care, and cost of our platform and associated services. As a provider spends a longer time on the Privia Platform, we expect the Platform Contribution from that provider to increase both in terms of absolute dollars as well as a percent of Care Margin. We expect that this increase will be driven by improving per provider revenue economics over time as well as our ability to generate operating leverage on our in-market infrastructure costs. Platform Contribution Margin was 52.2% for three months ended June 30, 2026 compared to 49.9% during the same period in 2025, and 52.1% for the six months ended June 30, 2026 compared to 49.5% during the same period in 2025. We continue to make strategic investments intended to provide better service to both our patients and physicians at a pace slower than the increase in revenue.

Current wording

We define Platform Contribution Margin as Platform Contribution as a percentage of Care Margin. We consider Platform Contribution Margin to be an important measure to monitor our performance, specific to pricing of our services, direct costs of delivering care, and cost of our platform and associated services. As a provider spends a longer time on the Privia Platform, we expect the Platform Contribution from that provider to increase both in terms of absolute dollars as well as a percent of Care Margin. We expect that this increase will be driven by improving per provider revenue economics over time as well as our ability to generate operating leverage on our in-market infrastructure costs. Platform Contribution Margin was 53.5% for three months ended September 30, 2026 compared to 56.3% during the same period in 2025, and 52.6% for the nine months ended September 30, 2026 compared to 52.0% during the same period in 2025. We continue to make strategic investments intended to provide better service to both our patients and physicians at a pace slower than the increase in revenue.

Previous wording

In addition to our financial results determined in accordance with GAAP, we believe Platform Contribution and Platform Contribution Margin, each a non-GAAP measure, are useful in evaluating our operating performance. We use Platform Contribution to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Platform Contribution is helpful to our investors as they are metrics used by management in assessing the health of our business and our operating performance.

Current wording

In addition to our financial results determined in accordance with GAAP, we believe Platform Contribution and Platform Contribution Margin, each a non-GAAP measure, are useful in evaluating our operating performance. We use Platform Contribution to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Platform Contribution and Platform Contribution Margin are helpful to our investors as they are metrics used by management in assessing the health of our business and our operating performance.

Previous wording

We define Adjusted EBITDA as net income before interest income, net, provision for income taxes, net income attributable to non-controlling interests, depreciation and amortization, non-cash stock-based compensation, and other expenses including employer taxes on equity vesting and exercises and other certain non-recurring items such as severance, contingent and deferred consideration and other non-recurring income/expenses. We include Adjusted EBITDA because it is an important measure by which we assess, and believe investors should assess, our operating performance. We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Adjusted EBITDA has limitations as an analytical tool including: (i) Adjusted EBITDA does not reflect the impact of stock-based compensation expense, and (ii) Adjusted EBITDA does not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments. Adjusted EBITDA increased by 29.1% for the three months ended June 30, 2026 when compared to the same period in 2025, and increased to 32.6% for the six months ended June 30, 2026 when compared to the same period in 2025, due to organic growth of our business, acquisitions and growth in Attributed Lives.

Current wording

We define Adjusted EBITDA as net income before interest income, net, provision for income taxes, net income attributable to non-controlling interests, depreciation and amortization, non-cash stock-based compensation, and other expenses including employer taxes on equity vesting and exercises and other certain non-recurring items such as severance, contingent and deferred consideration and other non-recurring income/expenses. We include Adjusted EBITDA because it is an important measure by which we assess, and believe investors should assess, our operating performance. We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Adjusted EBITDA has limitations as an analytical tool including: (i) Adjusted EBITDA does not reflect the impact of stock-based compensation expense, and (ii) Adjusted EBITDA does not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments. Adjusted EBITDA increased by 6.3% for the three months ended September 30, 2026 when compared to the same period in 2025, and increased by 21.9% for the nine months ended September 30, 2026 when compared to the same period in 2025, due to organic growth of our business, acquisitions and growth in Attributed Lives.

Previous wording

We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Care Margin. We included Adjusted EBITDA Margin because it is an important measure by which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA Margin to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Adjusted EBITDA Margin was 28.3% for three months ended June 30, 2026, an increase from 25.2% for the same period in 2025, and 28.4% for the six months ended June 30, 2026, an increase from 25.4% for the same period in 2025 due to organic growth of our medical practice business and growth in our value based care business.

Current wording

We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Care Margin. We included Adjusted EBITDA Margin because it is an important measure by which our management assesses and believes investors should assess our operating performance. We consider Adjusted EBITDA Margin to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Adjusted EBITDA Margin was 29.4% for three months ended September 30, 2026, a decrease from 30.5% for the same period in 2025 due to timing of certain shared savings accruals and settlements, and 28.8% for the nine months ended September 30, 2026, an increase from 27.2% for the same period in 2025 due to organic growth of our medical practice business and growth in our value based care business.

Previous wording

Provider expenses are amounts accrued or payments made to physicians, hospitals and other service providers, including Privia physicians, their related physician practices, and providers the Company has contracted with through payer partners. Those costs include physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claims costs for services provided to attributed beneficiaries under at-risk capitated revenue arrangements for which the Company is financially responsible, whether paid directly by the Company or indirectly by payers with whom the Company has contracted. Provider expenses are recognized in the period in which services are provided.

Current wording

Provider expenses are amounts accrued or payments made to physicians, hospitals and other service providers, including Privia Physicians, their Affiliated Practices, and providers the Company has contracted with through payer partners. Those costs include physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claims costs for services provided to attributed beneficiaries under at-risk capitated revenue arrangements for which the Company is financially responsible, whether paid directly by the Company or indirectly by payers with whom the Company has contracted. Provider expenses are recognized in the period in which services are provided.

Previous wording

The following table sets forth our condensed consolidated statements of operations data for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth our condensed consolidated statements of operations data for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Revenue was $632.6 million for the three months ended June 30, 2026, an increase from $521.2 million for the three months ended June 30, 2025. Key drivers of this revenue growth include: FFS–patient care revenue, which increased $81.2 million, primarily attributable to the addition of new providers and increase in visit volume; an increase in capitated revenue of $19.6 million due to an increase in Attributed Lives related to capitated arrangements; an increase in shared savings revenue of $8.9 million during the three months ended June 30, 2026, primarily due to timing of certain shared savings accruals and settlements; an increase in Attributed Lives in Medicare programs and continued strong performance in our value based care programs in the aggregate; and an increase in PMPM revenue of $3.8 million, primarily due to increased Attributed Lives.

Current wording

Revenue was $657.0 million for the three months ended September 30, 2026, an increase from $580.4 million for the three months ended September 30, 2025. Key drivers of this revenue growth include: FFS–patient care revenue, which increased $80.5 million, primarily attributable to the addition of new providers and increase in visit volume; an increase in capitated revenue of $8.6 million due to an increase in Attributed Lives related to capitated arrangements. The decrease in shared savings revenue of $11.2 million during the three months ended September 30, 2026, is primarily due to timing of certain shared savings accruals and settlements; and a decrease in PMPM revenue of $1.6 million, is primarily due to timing.

Previous wording

Revenue was $1.24 billion for the six months ended June 30, 2026, an increase from $1.00 billion for the six months ended June 30, 2025. Key drivers of this revenue growth include: FFS–patient care revenue, which increased $160.5 million, primarily attributable to the addition of new providers and increase in visit volume; an increase in shared savings revenue of $36.0 million during the six months ended June 30, 2026, primarily due to timing of certain shared savings accruals and settlements; an increase in capitated revenue of $35.1 million due to an increase in Attributed Lives related to capitated arrangements; an increase in Attributed Lives in Medicare programs and continued strong performance in our value based care programs in the aggregate; and an increase in PMPM revenue of $6.5 million, primarily due to increased Attributed Lives.

Current wording

Revenue was $1.89 billion for the nine months ended September 30, 2026, an increase from $1.58 billion for the nine months ended September 30, 2025. Key drivers of this revenue growth include: FFS–patient care revenue, which increased $241.0 million, primarily attributable to the addition of new providers and increase in visit volume; an increase in capitated revenue of $43.7 million due to an increase in Attributed Lives related to capitated arrangements; an increase in shared savings revenue of $24.8 million during the nine months ended September 30, 2026, primarily due to timing of certain shared savings accruals and settlements, an increase in Attributed Lives in Medicare programs and continued strong performance in our value based care programs in the aggregate; and an increase in PMPM revenue of $4.9 million, primarily due to increased Attributed Lives.

Previous wording

Provider expenses were $500.5 million for the three months ended June 30, 2026 compared to $406.0 million for the same period in 2025, and $975.6 million for the six months ended June 30, 2026 compared to $780.8 million for the same period in 2025. The increase was driven primarily by higher FFS-patient care revenue and growth in Implemented Providers during 2026.

Current wording

Provider expenses were $518.9 million for the three months ended September 30, 2026 compared to $455.2 million for the same period in 2025, and $1.49 billion for the nine months ended September 30, 2026 compared to $1.24 billion for the same period in 2025. The increase was driven primarily by higher FFS-patient care revenue and growth in Implemented Providers during 2026.

Previous wording

Cost of platform expenses were $69.4 million for the three months ended June 30, 2026 compared to $64.9 million for the same period in 2025. The increase was driven by an increase in salaries and benefits of $1.9 million related to continued growth during the three months ended June 30, 2026; and an increase in platform costs of $1.9 million, primarily related to an increase in Implemented Providers.

Current wording

Cost of platform expenses were $69.7 million for the three months ended September 30, 2026 compared to $61.4 million for the same period in 2025. The increase was driven by an increase in salaries and benefits of $3.7 million related to continued growth during the three months ended September 30, 2026; and an increase in platform costs of $3.1 million, primarily related to an increase in Implemented Providers.

Previous wording

Cost of platform expenses were $137.8 million for the six months ended June 30, 2026 compared to $124.4 million for the same period in 2025. The increase was driven by an increase in salaries and benefits of $7.1 million related to continued growth during the six months ended June 30, 2026; an increase in platform costs of $3.6 million, primarily related to an increase in Implemented Providers; and an increase in $2.5 million in professional services related to additional consulting services.

Current wording

Cost of platform expenses were $207.4 million for the nine months ended September 30, 2026 compared to $185.9 million for the same period in 2025. The increase was driven by an increase in salaries and benefits of $10.8 million related to continued growth during the nine months ended September 30, 2026; an increase in platform costs of $6.7 million, primarily related to an increase in Implemented Providers; and an increase in $4.2 million in professional services related to additional consulting services.

Previous wording

Sales and marketing expenses were $16.1 million for the six months ended June 30, 2026 compared to $13.7 million for the same period in 2025. The increase was primarily driven by an increase in stock-based compensation expense of $0.8 million due to an increase in stock-based awards granted in 2026 compared to 2025; and an increase in salaries and benefits of $0.6 million.

Current wording

Sales and marketing expenses were $26.1 million for the nine months ended September 30, 2026 compared to $20.7 million for the same period in 2025. The increase was primarily driven by an increase in salaries and benefits of $3.5 million.

Previous wording

General and administrative expenses were $39.7 million for the three months ended June 30, 2026 compared to $37.5 million for the same period in 2025. The increase was driven by an increase of $1.4 million in stock-based compensation expense primarily attributed to an increase in stock-based awards granted in 2026 compared to 2025; and an increase of salaries and benefits of $0.3 million.

Current wording

General and administrative expenses were $34.5 million for the three months ended September 30, 2026 compared to $39.6 million for the same period in 2025. The decrease was driven by an decrease of $3.5 million in stock-based compensation expense; and a decrease of $3.5 million in professional services; partially offset by an increase of salaries and benefits of $1.4 million.

Previous wording

General and administrative expenses were $81.1 million for the six months ended June 30, 2026 compared to $69.2 million for the same period in 2025. The increase was driven by an increase of $4.2 million in stock-based compensation expense primarily attributed to an increase in stock-based awards granted in 2026 compared to 2025; an increase of salaries and benefits of $3.4 million and various other immaterial expenses.

Current wording

General and administrative expenses were $115.6 million for the nine months ended September 30, 2026 compared to $108.9 million for the same period in 2025. The increase was driven by an increase of salaries and benefits of $4.8 million and various other immaterial expenses.

Previous wording

Depreciation and amortization expenses were $3.4 million for the three months ended June 30, 2026 compared to $2.6 million for the same period in 2025, and $6.6 million for the six months ended June 30, 2026 compared to $4.5 million for the same period in 2025. This increase was primarily driven by amortization of intangible assets related to acquisitions in 2025.

Current wording

Depreciation and amortization expenses were $3.5 million for the three months ended September 30, 2026 compared to $2.8 million for the same period in 2025, and $10.1 million for the nine months ended September 30, 2026 compared to $7.3 million for the same period in 2025. This increase was primarily driven by amortization of intangible assets related to acquisitions in 2025 and 2026.

Previous wording

Other income was $3.3 million for the three and six months ended June 30, 2026, an increase from 2025 primarily attributable to one-time non-recurring transactional activities during the period.

Current wording

Other income was de minimis for the three months ended September 30, 2026 and $3.3 million for the nine months ended September 30, 2026, an increase from 2025 primarily attributable to one-time non-recurring transactional activities during the second quarter of 2026.

Previous wording

Interest income was $1.7 million for the three months ended June 30, 2026 compared to $2.4 million for the same period in 2025, and $3.6 million for the six months ended June 30, 2026 compared to $5.3 million for the same period in 2025. Interest income is primarily based on the cash balance held in interest bearing accounts.

Current wording

Interest income was $1.7 million for the three months ended September 30, 2026 compared to $2.3 million for the same period in 2025, and $5.3 million for the nine months ended September 30, 2026 compared to $7.6 million for the same period in 2025. Interest income is primarily based on the cash balance held in interest bearing accounts.

Previous wording

The provision for income taxes was $7.0 million for the three months ended June 30, 2026, compared to the provision for income taxes of $2.5 million for the same period in 2025. The change was primarily attributable to tax impacts associated with share-based compensation, specifically stock option exercises and the vesting of restricted stock units, as well as certain one time, non-recurring transactions occurring during the period.

Current wording

The provision for income taxes was $7.7 million for the three months ended September 30, 2026, compared to the provision for income taxes of $6.9 million for the same period in 2025. The change was primarily attributable to tax impacts associated with share-based compensation, specifically stock option exercises and the vesting of restricted stock units, as well as certain one time, non-recurring transactions occurring during the period.

Previous wording

The provision for income taxes was $12.6 million for the six months ended June 30, 2026, compared to the provision for income taxes of $4.6 million for the same period in 2025. The change was primarily attributable to tax impacts associated with share-based compensation, specifically stock option exercises and the vesting of restricted stock units, as well as certain one time, non-recurring transactions occurring during the period.

Current wording

The provision for income taxes was $20.3 million for the nine months ended September 30, 2026, compared to the provision for income taxes of $11.4 million for the same period in 2025. The change was primarily attributable to tax impacts associated with share-based compensation, specifically stock option exercises and the vesting of restricted stock units, as well as certain one time, non-recurring transactions occurring during the period.

Previous wording

Net income attributable to non-controlling interests was $0.7 million for the three months ended June 30, 2026 compared to $0.6 million during the same period in 2025, and $1.3 million for the six months ended June 30, 2026, a decrease compared to a net income of $2.4 million during the same period in 2025. The change is primarily due to the repurchase of non-controlling interests during 2026.

Current wording

Net income attributable to non-controlling interests was $1.1 million for the three months ended September 30, 2026 compared to $2.9 million during the same period in 2025, and $2.4 million for the nine months ended September 30, 2026, a decrease compared to a net income of $5.4 million during the same period in 2025. The change is primarily due to the repurchase of non-controlling interests during 2026.

Previous wording

To date, we have financed our operations principally through sale of our equity, payments received from various payers and through borrowings under the prior Revolving Credit Agreement. As of June 30, 2026, we had cash and cash equivalents of $412.2 million. Our cash and cash equivalents primarily consist of highly liquid investments in money market funds and cash.

Current wording

To date, we have financed our operations principally through sale of our equity, payments received from various payers and through borrowings under the prior revolving credit agreement. As of September 30, 2026, we had cash and cash equivalents of $446.3 million. Our cash and cash equivalents primarily consist of highly liquid investments in money market funds and cash.

Previous wording

Net cash used in operating activities was $48.4 million for the six months ended June 30, 2026 compared to $16.1 million for the same period in 2025. Significant changes impacting net cash used in operating activities for the six months ended June 30, 2026 compared to the same period in 2025 were as follows:

Current wording

Net cash used in operating activities was $19.4 million for the nine months ended September 30, 2026 compared to net cash provided of $35.9 million for the same period in 2025. Significant changes impacting net cash used in operating activities for the nine months ended September 30, 2026 compared to the same period in 2025 were as follows:

Previous wording

•An increase in net income of $4.1 million compared to the same period in 2025. Net income was $13.4 million for the six months ended June 30, 2026 compared to income of $9.3 million for the same period in 2025.

Current wording

•An increase in net income of $8.9 million compared to the same period in 2025. Net income was $28.0 million for the nine months ended September 30, 2026 compared to income of $19.1 million for the same period in 2025.

Previous wording

•An increase of $180.9 million in accounts receivable and prepaid and other current assets, for the six months ended June 30, 2026 compared to the same period in 2025 of $142.8 million, a difference of $38.1 million. The change is primarily due to an increase in FFS and VBC revenue.

Current wording

•An increase of $221.1 million in accounts receivable and prepaid and other current assets, for the nine months ended September 30, 2026 compared to the same period in 2025 of $179.5 million, a difference of $41.6 million. The change is primarily due to timing of accruals and settlements and an increase in FFS and VBC revenue.

Previous wording

•An increase of $71.0 million in Provider liability for the six months ended June 30, 2026 compared to $81.2 million during the same period in 2025, a difference of $(10.2) million. The change is primarily due to the timing of distributions to providers partially offset by an increase in Implemented Providers and an increase in provider expenses related to the increase in FFS and VBC revenue.

Current wording

•An increase of $102.1 million in Provider liability for the nine months ended September 30, 2026 compared to $118.8 million during the same period in 2025, a difference of $(16.7) million. The change is primarily due to the timing of distributions to providers partially offset by an increase in Implemented Providers and an increase in provider expenses related to the increase in FFS and VBC revenue.

Previous wording

Net cash used in investing activities was $11.5 million for the six months ended June 30, 2026 compared to $89.1 million during the same period in 2025, primarily due to business acquisitions during the second quarter of 2025 and 2026.

Current wording

Net cash used in investing activities was $12.6 million for the nine months ended September 30, 2026 compared to $90.3 million during the same period in 2025, primarily due to business acquisitions during the second quarter of 2025 and 2026.