P3 Health Partners Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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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, 2026 · Filed Nov 9, 2026
PIII$3.38-20.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income (loss) | $49,468 | $(157,372) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Depreciation and amortization | 63,156 | 63,168 |
| Noncash reduction of prior period medical expense | (56,000) | — |
| Premium deficiency reserve | (41,324) | (36,665) |
| Paid in-kind interest expense | 16,568 | 19,813 |
| Mark-to-market adjustment of stock warrants and purchased put option | 8,424 | (2,784) |
| Amortization of original issue discount and debt issuance costs | 3,450 | 11,383 |
| Equity-based compensation | 1,496 | 4,482 |
| Provision for bad debts | 1,275 | — |
| Deferred income taxes | 478 | — |
| Loss on asset sale and disposal | 152 | 340 |
| Changes in operating assets and liabilities: | ||
| Health plan receivable | (27,559) | 39,242 |
| Clinic fees, insurance, and other receivable | (16,723) | 209 |
| Prepaid expenses and other current assets | (1,355) | 3,015 |
| Other long-term assets | 5,088 | (12,274) |
| Accounts payable, accrued expenses, and other current liabilities | (6,261) | 7,786 |
| Accrued payroll | 1,520 | (1,373) |
| Health plan settlements payable | (51,449) | (2,085) |
| Claims payable | (40,293) | (1,425) |
| Accrued interest | — | (2,034) |
| Operating lease liability | (177) | 1,063 |
| Net cash used in operating activities | (90,066) | (65,511) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Other, net | (251) | (69) |
| Net cash used in investing activities | (251) | (69) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from issuance of preferred stock, net of issuance costs | 56,461 | — |
| Proceeds from long-term debt, net of original issue discount | 27,000 | 60,000 |
| Proceeds from issuance of warrants | 26,781 | — |
| Proceeds from short-term debt | 1,044 | 1,137 |
| Repayment of short-term and long-term debt | (940) | (1,023) |
| Payment of debt issuance costs | (30) | (174) |
| Payment of tax withholdings upon settlement of restricted stock unit awards | (4) | — |
| Net cash provided by financing activities | 110,312 | 59,940 |
| Net change in cash and restricted cash | 19,995 | (5,640) |
| Cash and restricted cash, beginning of period | 25,807 | 44,102 |
| Cash and restricted cash, end of period | $45,802 | $38,462 |
| Reconciliation of cash and restricted cash: | ||
| Cash | $43,900 | $37,714 |
| Restricted cash | 1,902 | 748 |
| Total cash and restricted cash | $45,802 | $38,462 |
| Supplemental disclosures of non-cash investing and financing information: | ||
| Conversion of long-term debt to preferred equity, net of debt issuance costs and original issue discount | $195,118 | $— |
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