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What were the key takeaways from Privia Health's earnings call?

- **Revenue Surge**: Q3 practice collections up 27.1% YoY to $940.4M, driven by 13.1% provider growth and 12.8% attributed lives expansion.
- **Profitability Boost**: Adjusted EBITDA jumps 61.6% to $38.2M (30.5% margin), fueled by MSSP savings of $234.1M (+32.6% YoY).
- **Strategic Deal**: $100M Evolent acquisition adds 120,000 lives in 6 new states, positioning for 2026 growth.
- **Cash Strength**: $409.9M cash on hand, enabling M&A in a consolidating healthcare market.
- **Guidance Raise**: 2025E EBITDA growth of 32%, with 12.5% attributed lives expansion.
- **Focus on Value-Based**: 80%+ of revenue from value-based contracts, reducing reliance on fee-for-service.
- **Risk Management**: Avoiding 100% capitation; prefer shared-risk models with payers.


**【CEO Summary Section】**
- **Revenue Growth**: Practice collections reached $940.4 million in Q3, up 27.1% YoY, driven by 13.1% growth in implemented providers to 5,250 and 12.8% attributed lives growth to 1.4 million.
- **Value-Based Care Performance**: Adjusted EBITDA rose 61.6% YoY to $38.2 million (30.5% care margin), with MSSP shared savings of $234.1 million (+32.6% YoY) and a 9.4% savings rate.
- **Strategic Acquisitions**: $100 million acquisition of Evolent Health's ACO business (plus $13M earn-out) adds 120,000 attributed lives across 6 new states, closing by year-end 2025.
- **Market Expansion**: National footprint now spans 15 states/D.C., 5,250 providers, and 1.4M attributed lives (+13% YoY), with Arizona fully integrated.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.95 prior guidance). Free cash flow $104.4M YTD, ending Q3 with $409.9M cash (no debt).
- **Guidance Update**: 2025E implemented providers +11.2% to 5,325, attributed lives +12.5%, practice collections +17.1%, EBITDA +32%.
- **Liquidity**: $410M+ cash post-acquisition, supporting M&A flexibility in a consolidating market.

**【Q&A Key Highlights】**
- **MSSP Outlook**: 2024 performance (9.4% savings rate, $234M shared savings) sets baseline for 2025, with focus on operational consistency.
- **Evolent Integration**: 6 new states with lighter ACO model, potential to convert practices to full medical group over 2-3 years.
- **MA Strategy**: Capitated book (20,000-22,000 lives) performing well, but cautious on MA risk due to market dynamics; focus on fee-for-service growth and value-based contracts.
- **Ancillary Growth**: Expanding lab, pharmacy, ASCs in high-density markets, targeting 30-35% care margin by 2026.
- **Risk Management**: Shared-risk models preferred; avoiding 100% capitation to mitigate downside.


Privia Health Group, Inc. (PRVA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PRVA

PRVA fundamentals

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