Privia Health Group Inc 2024年度报告

2 0 2 4A N N UA L R E P O R T CHARTINGTHE COURSETO WELLNESS& VALUE ֿׂSTATES & DC ֿؙڋ־־׀¤ȯƇƤɅǛƤƲjȉƤƇɅǛȉǾȷ ƇdzǛnjȉȯǾǛƇȉǾǾƲƤɅǛƤɍɅ%ǛȷɅȯǛƤɅ ȉnjȉdzɍǼƣǛƇFdzȉȯǛƫƇGƲȉȯǍǛƇ ¯ȉɍɅǕ ƇȯȉdzǛǾƇ½ƲǾǾƲȷȷƲƲ½ƲɫƇȷÜǛȯǍǛǾǛƇÝƇȷǕǛǾǍɅȉǾ ½ȉɅƇdz ¯ǕƇȯƲƫ¯ƇɥǛǾǍȷGƲǾƲȯƇɅƲƫحֿׂ־׀ع׀־׀ׁخ TO OUR S TOCK HOLDE R S : Privia Health is making great progress on ourvision of building one of the largest primary-carecentric care delivery networks in the country.2024 was another year of robust performance andgrowth across all our markets. Our momentumextended across all aspects of our business aswe exceeded the high end of all financial andoperational guidance metrics. Our growth teamonce again delivered an exceptional year of newprovider signings, which underpins our strongoutlook through 2025. de minimis capital expenditures, free cash flow(defined as net cash provided by operatingactivities less capital expenditures, primarilypurchases of property and equipment) wasapproximately 121% of Adjusted EBITDA. We ended 2024 with a healthy and conservativebalance sheet, including approximately $491million in cash and no debt. This positions ourCompany with significant financial flexibilityto support expansion and take advantage ofopportunities in the current market environment.Our business development pipeline is robust, andwe are committed to pursuing disciplined growththat complements our organic sales engine inexisting markets. 2024 Performance –Strong Growth and ProfitabilityPrivia Health’s strong operational execution continued through 2024. Full-year total GAAP(Generally Accepted Accounting Principles)Revenue was $1.74 billion, a 4.7% increase from2023. We reported GAAP Net Income of $14.4million in 2024, which declined from GAAP NetIncome of $23.1 million in 2023. GAAP Net Incomein 2024 and 2023 included $66.2 million and$45.0 million, respectively, in non-cash stockcompensation, non-recurring and other expenses.Non-GAAP Adjusted Net Income increased 19.8%in 2024 to reach $97.6 million, compared to $81.5million in 2023. Highly Differentiated and FlexibleOperating Model Privia Health’s balanced and flexible operatingmodel has delivered consistent growth,profitability and free cash flow across economic,healthcare, regulatory and political cycles overthe past seven years. The foundational elementsof the Privia Health model are our integratedmedical groups and risk entities in each market,which are supported by a common technologyand services platform and physician-ledgovernance structure. This enables Privia Healthto be deeply embedded in the workflows of ourprovider groups, from the practice fundamentalsof revenue cycle and patient experiencemanagement, to comprehensive value-basedcare delivery and risk management. The results of our key operating and non-GAAPfinancial metrics for full-year 2024 highlight ourcontinued growth and momentum: •Implemented Providers increased 484 toreach 4,789, up 11.2% from the prior year;•Value-Based Care Attributed Lives were 1.26million, up 12.1% from year-end 2023;•Practice Collections were $2.97 billion, up 4.5%from the prior year;•Care Margin* was $403.9 million, a 12.4%increase from 2023;•Platform Contribution* was $195.6 million, up12.8% from the prior year; and•Adjusted EBITDA* was $90.5 million, anincrease of 25.2% from 2023. We are dedicated to ongoing enhancementsin our clinical, operational and technologicalcapabilities alongside talent acquisition, retentionand development to ensure we are deliveringa seamless experience for our providers. Theend result is that we successfully empowercommunity physicians and providers to enhancethe patient experience, drive better outcomesand reduce unnecessary costs. Building One of the Largest Primary Care –Centric Care Delivery Networks The Privia Health business model also deliverssignificant free cash flow generation. Full-year 2024 Net Cash Provided by OperatingActivities increased 35.3% to $109.3 million in2024, compared to $80.8 million in 2023. With Privia Health is well on its path to build one of thelargest primary care-centric care delivery networksin the nation. Each year, we have added hundredsof new physicians and advanced practitionersto our medical groups and risk entities. We Our ability to nimbly respond to the changingreimbursement environment is essential for aprovider organization and demonstrates theflexibility and diversity of the Privia Health businessmodel. We continue to expect headwinds inMedicare Advantage over the next few years givenpressures from elevated medical utilization trends,the phase-in of V28 risk coding adjustments, andthe changes in quality improvement Star ratings,among other factors. partner with providers across 50+ specialtiesto elevate the standard of care of all patientsacross all reimbursement arrangements. Today,our approximately 4,800 physician and providerpartners care for 5.2+ million patients in 1,200+locations in 14 states and the District of Columbia. Over the past two years, we have entered fivenew stat