- Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to P3 Health Partners Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Karen Blomquist. ahead. go Please

Karen Blomquist

and operator, for us joining Thank thank today. you, you

forward-looking condition, financial and with Before expectations could and made differ would of and our are financial projections trends U.S. outlook the forward-looking and regarding that like largely targets. or experience are including proceed Securities during under laws Federal current to events call and affect risks we from expectations. our materially statements statements on I based business, cause These our certain future only financial results operations. call, we to to predictions are may believe statements are about historical present the that actual remind this subject results that These long-term statements statements everyone and uncertainties

information this speak SEC. or could factors made filed company this actual revise call differ periodic to and hereof, to statements. forward-looking contained the The undertakes of that statements with on no the update results call reports from obligation in only during our as statements is the date the forward-looking concerning Additional cause made

use We addition these or refer with and are These measures non-GAAP a to of measures. in are a prepared There this GAAP. related financial of certain the financial non-GAAP on limitations will measures substitute financial measures to superior call. accordance to not performance to non-GAAP in of number financial

Dr. and Information differently. page will non-GAAP which most be release measures the the PX Partners’ non-GAAP titled of in For GAAP accessed measures the for to press these similarly this from Abdou. I of Refer today the in SEC our filings, Investors comparable example, contained may turn over website. reconciliation is financial appendix directly the on Health call other the may companies our measures. a financial now release we to call issued of earnings calculate presented to

Sherif Abdou

I I a joining to call start by as of we know care. a been strong and turn on we are you will finally, will releases. call Erin the CFO for the our last to and to back of in I Bacchus, few afternoon, it a our financial over Dr. then normal it Interim Karen. And earning Medical over demand Officer our Amir now us cadence turn Chief for weeks review. Darakjian, third through promised, thank of today. only based had who value providing Good everyone, position. Co-Founder as we will our and PX some snapshot a results by since our strong the underlying for I we performance. saying into a a Thanks, has insight quarter and strong the the lens just would with start see provide like update will

third XX% the In third roughly basis up Our the the membership the year. increase last prior of XX% point is compared we gross revenue same quarter prior in achieved nearly compared to nine-months in We XXXX the to had XXX margin year. first improvement the period in in from quarter, year.

comparing to XXXX prior per-month approximately a of in per-member the EBITDA Our year. X.X% QX improved

Our platform an improve months XX cohort of base average to plus XX% cost. in on for continue our medical improvement and annual achieve

our minus margin, capitated which consistent expense. medical medical in seeing are is We improvement revenue

growth time a clinical Medicare engaging we goal outcome, pipeline in the only population payers our achieving the center, demonstrate that same robust also traction, XX% are are cost of value-based care our with vision in lowering Advantage. patient the healthcare of PX, country, to We not has of model growth singular our that providing In succeeding. and Medicare but a by more its We succeeding leader care. the in continues the markets model anticipating providers, the outcome-oriented care on the is gained be XXXX is of for patients, XXXX. better with nearly the across relevance transformation and while more now at believe to At

value-based and rewrite must patient primary on of to value-based frequently by between environment, to their volume-based ultimately moral in That between operate payers. burnout. pressure overall critical clinical model cost shift historically paradigm and replaces to model tools care to costly overall this the determinant of removes the that the the poorer, well. schedule, affect the as we our incentivized PX services. is exciting the that lower which journey on the patients excess and may We more social contract moral care Let health, that for with are the leadership important me disconnect make and and to physician incentive the is into which highlight The of providers characterized physician to The why to we life physician it few a opportunity volume to transform care how has of leads economic acuity healthcare. and with and fully circumstances, steps leveraging we outcome service care is to patients overpacked their care example benefit that utilization the high high care and of social led care. providers, team’s, and the model their technologies limited the engage Value-based our PX align physicians know understand health, patients. with patient, and social, assess

review view they potential solution medical patients XXX care. have clinical degree insights enables to at the patient’s of condition around a so the of integrated provider get that the technology right point the Our

the outcome. physician, During the from and the all patient’s the payer benefit clinical better patient our visit, in the model, patient,

are our have in we press release QX earning adjusted today, you changing EBITDA may seen guidance. As

provide shareholders. and to for as clarity wanted our I always, transparency you As

shift current a result year. have we in the revenue as back audit, First, into XXXX the the length prior been of would that reflected typically the of year had some to

Second, cost sizable process were audit XXXX EBITDA. the of XXXX impacted impact restate and and

excited as the will Erin clarity and provide of a audit around more XXXX performance the guidance. XXXX I be the and company. wanted of well. impact to this. is I’m I said, future provide not will more as should drivers the been assessing in of and on PX Third, we the Erin this have those And clarity about you very underlying of change the and change stress result

out transformative purposeful we for Our robust will growth. year, as expectations with of pipeline disciplined the roll balanced and this XXXX we see be

development. are to of for we our healthcare. transformation lead We turn the at pace now to With support financial right ensure business of taking business that, mission and results to health I of measured the Erin review in steps the our grow Darakjian the succeed will to over Erin. to other

Erin Darakjian

Sherif. Thank you,

strong million $XX of $XXX million increase period revenue a a over XX% prior top-line same XXXX remains the with growth QX in total year. or Our the

in in $XXX, a a million as adjusted was net driven non-recurring compared the loss of to per-member ended the costs loss to EBITDA which as of XX loss roughly new the loss year. new improvement adjusted loss On compared $XX For related over QX of of to $XX to prior prior primarily during the growth loss was an period million XXXX. that three-months consulting fees. an XX,XXX we adding XXXX, The a million employees September three-months was to the QX year. of increase a basis, per-month XX, same EBITDA in support XX measure loss $XXX September included reported on in million by in XXXX, net XX, EBITDA PMPM ended Adjusted well patients XXXX the platform onboarding non-GAAP our

agreement in year-to-date period XX% top-line of prior members. the Our increase same of revenue to total related $XXX risk QX XX% with $XXX million XXXX at strong over growth was that Medicare the from or our remains capitative revenue million, derived a Advantage year,

the in a the million. year. loss of of $XXX which $X The during nine-months charge loss $XX statement decrease to the in loss increased goodwill charge, the million impairment period. taken cap primarily XXXX, For non-cash book net first a goodwill. our was a of due charge driven in our of This the net we the was The the short to nine-months compared of impairment income loss increase relative the market billion to value by by was net reported prior

approximately PMPM basis, Excluding in net which growth with fees. of in adjusted down Staff EBITDA per-month the the well platform our compared as same $XX improvement $XXX cash quarter year, a period a year-to-date model of third the the that measure an prior adjusted to reflects drive including over Adjusted XX EBITDA new prior year. the XXXX, to non-GAAP power million was equivalents unrestricted XX We up of the to and onboarding during roughly loss costs. ended XXXX $XX an the associated XX,XXX EBITDA of million. consulting cash the reflects XXXX of On loss per-member, a loss impairment to million XXXX in of support ramp was addition with charge, year-to-date as our loss patients costs our QX

be As than modest last given consistent lower previously expect call, more in projections. our and more to we long-term our XXXX with we growth maturation members said on our of cash XXXX burn

actively markets company. in cash growth required a profitability our flow building as We of equity sustaining staff XXXX. our investment infrastructure to and support reach self to the with obligations raise sufficient needed and investments use are the to outside debt or advisors in strong capital in working reflects public professional cash to and and The meet the

our prior XXXX over the business. year in quarter and Our $XX in of have by period increased million receivables the growth third the same reflecting strong the

very on realize expense by new previous that adjusted near-term focused to profitability EBITDA in referenced our so we our patients are We model can as our onboarding care while control guidance. XXXX

second and XX% X.XXX expect a reiterating full-year XX% our range we representing the over XXXX. increase gave billion For we are X.XXX call the to revenue quarter billion, revenue XXXX, on to guidance to between

thousand be Advantage risk roughly prior XXXX, XX% greater expect a XX, We hundred members increase December over at year. Medicare than a representing to at

are XXX like million compared we XXX guidance year some to full prior between updating loss XX million around loss between for XX the EBITDA million. to and would the mentioned, provide I Sharif detail to a and As adjusted guidance with our change. you million

or open million XX, which have been final otherwise in we the recognize to First, to would being in XXXX XXXX. until XXXX, due related October recognized XXXX the XX audit sweeps settlement

due the costs to legal length to consultants, of necessary to approximately non-recurring resources firms, Second, seven incurred and firms, audit, XXXX financial the we and million. audit the the XX of including audit complete

treatment same XXXX the of to final the be considered sweeps. to in on consistent we the the audit assessing the applying treatment with suite Third, XXXX XXXX final XXXX, impact

we from auditors adjusted we XXXX revenue not in decided to received being and However, revenues Therefore, in have This in XXXX revenue recognition policy. our when XXXX. to of results after million discussions change XXXX. our XX EBITDA with in sweeps consultants, will final recognize the and recognized XX million the

does captured and EBITDA XX not include full-year excludes $XXX million the to updated by of guidance revenue, the our code non-recurring years. in in XXXX would profits final process. to guidance sweeps and adjusted to summary, $XX $XX extended to reflects negative XXXX million million million due approximately XX in which million XXXX incremental in and to an also The be attributed million are So financial million restatement move related $XXX $X our to the costs prior which and

guidance, to of $XX between $XX As guidance reflect XXXX we adjusted EBITDA our our per-member changes adjusted we are EBITDA about adjustments, a be XXXX just not I loss EBITDA loss million full-year these and outlook our On adjusted improvement if would million. per-month think the basis, updating for mentioned. an

$XX a we loss per-member end that, an Bacchus example of per-month. XX at the I XXXX. to compares the call loss loss a to will per-month, over to PX the between of $XXX of $XX and As of XX% in of to prior turn $XXX Dr. are our give at This of a to an improvement $XX over you action. With now guidance per-member result,

Amir Bacchus

with means, patients, Thank taking through our network. PX, been benefits XX-years. that place. the providers practice identified wife Dr. this too you, body to ensure recent handle. utilizing procedure or At our our just want his through and team. his PX first patient’s many hospital is that it Tim administrative and Erin. described whether a husband Powell a Today, right Evergreen groups. his to paralyzed. his giving suffered via we of The the needs, he - the in patient’s direct ongoing that rehab of for for an left able from PX were of he while rehab Oregon we workers they stories Dr. administrative communication, through we by some Family need mind a then much could I benefits on patient how get couple providers shared and or find At doing interview provider having on be example earlier that rehab transferred his view short highlighted And to a really short care older, husband’s provider not any When delegation, the PX, his a is in now on engagement, to Instead, focused could avenue step our for of care what didn’t focusing it assisted and care. the would of from on the to describing both understand a YouTube light to that interview. her much patient management Dr. large right PX, interaction in our some to facility CEO in necessarily described PX through care social have into had of much the Powell clinical payers, him get to living and thoughtful model of that typical also patients about with disabling medications. side her supports was of our manage Medicine, Powell, like team of were was by facility, at the elderly couple recent hospital. This an in about care who wife shed how stroke one PX, had her admission care years to show PX peace our go knew for a work a

usually of a navigation system take significant and the complex to and important Doing a most is to one’s than the the often assuring appropriate more impactful is both reduction the thing care right of that cost. a Sometimes in accompanied for needs. leads engaging care and win-win patient, by provider and

the the that the can specialty something them change shareholders. core Just that Powell entirety ensure improving patient, explain PX would incentives of that he Dr. to know their This happy Powell’s traditional that wins, its as pay potentially in words. in as values as services patient’s understand for in of to how our turn, each overall to improve and patients, that so best comprehensive for possible, insists something condition, Medicare to and own conditions patients decreases chronic PX a exam Dr. encourage help YouTube went needs thorough to allows this patients best to satisfaction, keep take complete aligns them manage providers with directly listen This year, as over is to those as case. and more health understand you a I costs care everyone worsen PX so not time on including and is Also done video, our today. we our which for in to we does each how on healthy time. Tim require to support possible, to you, his encourage to

will to Sherif. And it IR turn it our you. back have webpage. I now made available Thank We on over

Sherif Abdou

Thanks, Amir.

with and start will Q&A I you we begin leave this. our Before

quarter year-over-year, we started a very near-rate improvement performance from underlying strong and reporting roughly basis are a period, third revenue XX% XX% management and The profit. and same gross a XXX approximately with, membership team. our of point medical in I improvement strong our year-over-year, increase As

to and with cost, cohort, discussed, live show plus PMPM improvement the improvement base if had And year continue reflects year-to-date us the XX% to has of annual X,XXX you there EBITDA you XX% the in in consistent about had Erin compare you approximately. that average which thus XX% with guidance, compare medical a compare EBITDA improvement XXXX, even in lives discussed. and as XX the Our as it XXXX or three-months And still a has months. new if X.X% about EBITDA it, Erin been first end cohort for

a We growth to demand continue and in for and see a beyond. the pipeline robust robust XXXX

management sheet. our we any of executing the to focuses will on happy but prudent take So balance And on growth be are questions. purposeful not disciplined, now Victoria, which you. growth, strategy Thank we only

Operator

the [Operator yours. Research. is from with ahead. Nephron question floor Josh, Please you. Josh Instructions] go Thank Our comes first Raskin

Joshua Raskin

Okay, Thanks. great.

that. about Sorry

ask out only million so. EBITDA So think I wanted million I of counting that about to were that went Erin $XX guidance $XX or I’m called through. But down about items the

change, not I there. the I missing just operations. am no So operational because to some wrong. just make that think want Dr. was doing there you I the or sure talked I’m sure about math to to But I Abdou, make something change want

Sherif Abdou

the for clarification. very thank question you Josh, and Yes. much

is it the the what the with is of membership. not related So claim that cost increased care is related to

year lives. visit So paying we extra comprehensive XX,XXX paid we examination. last XXX,XXX for for for lives. are example, a And over pay we year amount This for

increase. management language. of is - or So cost you cost, medical a that does a close medical operation it can standard not Even cost can or it though would it your not you sales but goods of cost include, is call of

So It increase appreciate you that to cost in I is the membership. all related pointing out.

Joshua Raskin

Okay.

XX settlement XX it XX for million million, the the resources and the suite. So for to final the these It previous XX increment is XXXX. for comprehensive million is million idea. then is audit cost the visits then XX the million call million additional that the is kicked XX,XXX to your That more gets say it the doing let’s seven guidance And lives. of is this incremental into from

Sherif Abdou

is That Thank idea. the you.

Joshua Raskin

I Okay. of just are but XXXX, sort going And guess, you of parts. have for guidance, moving an then a I understand I couple not give outlook starting, to

in point? million Erin XX reasonable start? would starting hear XX Is to baseline million that Is a did loss So say to that I EBITDA the be that XXXX? the

Erin Darakjian

EBITDA are the you Josh, saying loss? sorry, full-year full-year So for you are, I’m XXXX,

Joshua Raskin

XXXX, Yes. right. Well, for

items, right like you kind Excluding one-time baseline? the of what as is would what these describe

Erin Darakjian

Yes.

if back, somewhere you those the be added - $XX if So would $XX improvement to we an mentioned, are saying we would just around that you million - it that three we million. be of

guidance So of in-line Yes. XX. prior with around

Joshua Raskin

really is it to was the, XX sort it so of so Alright XX.

So I’m back this, but on to is one sorry so be the XX, that XXX XX add XX to specific the to baseline.

out revenues is were billion in for point. for you some wins of of Maybe that or if contract growth. there it but of XXXX If it sort does billion EBITDA break you I your some continuation And could the in some XXXX sort about can a sense XXXX. does at just the significant we ago, year. one on, just of for heading And expected starting cash time I So sort outperformance of feedback or the spec, like long first, you XXX normal of or if that Just is what the revenues like then is you X,XXX is that XXXX, of guys I again, us of us get outperformance, will even second, the next XXXX but big could just time where time figure you give give that there? know of then sort looking any is on halfway kind of look light are directional so more know the needs? color call

Amir Bacchus

Josh, I that question. really appreciate

head into lawyer my chopping XXXX. if getting be Our will start I

said, no so to specifics. you of at XXXX master everybody you but no So, comments reread let have the of guidance just this are kind on I expectations, give but Excited. point. I what

Joshua Raskin

queue. back get in will I Okay,

Operator

Lakes Next ahead. go question Treat. with Please O’Neil Brooks comes from

Brooks O’Neil

everyone. have Thank you, I couple a too. of afternoon good questions

was, I in as as got saying, look obviously quite XX XX, at mathematical to have for not balance when debt. off your of but XX September you cash to let roughly just try start and Going million million see me Josh sheet be I by

we the to are XXXX, the fourth report to adjusted you of the of XXXX the should get kind light and EBITDA get need the level capital about you today kind about? in and think outbreak for and how of XXXX believe quarter you into through So outlook talking to even

Erin Darakjian

that contributed will to Erin. are growth our its Brooks the reiterate, seeing. cash Hi you burn I strong has just

the company are We are and we liquidity, shareholders being big PX ensure active very that the believers in are regarding have in very model. discussions we focused of prudent highly but cash on supportive to

We active refinancing and in or players are options discussions actively at and also our looking facility. Board on potentially debt market enlarging with that

Brooks O’Neil

Okay. understand all that. I

somewhat different Let me ask question. a

you to needs the feels add bring in players environment it around the talk like party. and you country, current to the So to to membership me healthcare have you virtually the marketplace opportunity model I that unlimited as the

So more my balancing think you the about say take, obvious is, guys lose. members you question growth how let’s growth, you the more money with the do membership that reality

Sherif Abdou

delegated thank which Bruce, advantage is always for as for to question, about have space. on and my we the but being much - and Erin, model, you definitely team, repeatedly I with the was as the presentation, we we leaders great affiliated thank the observation which Sarah, all that right Bacchus, very focus been in right importantly, model reported mentioned, the having excited we Medicare have that right the And more the growth. the Dr. space, continue in purposeful in you Laurie, discipline is

strategy and able on example, counties are the for in. we our that get So to our pipeline we are focus,

go cost county increasing the So providers our and payers before. allowing same was will to, platform by leveraging losses the in hence or it county, us without we to that and exponential grow and in deeper the

are our into looking our are membership. providers with improve on marketplace unit cost relationship while the can in other we strategic we Secondly, a we where growing

ability we also as manage and well our the cost. up, are mature manage overall powerful purposeful, as we the disciplined, unit So more to more into demand in as goes the cost but the model as more

Brooks O’Neil

Great.

more. Let that helpful. I me one that appreciate was Sherif just very ask

and all have So that, and only COVID all audit and things. characterized the that XXXX those the not XXXX by been of as and of but staffing disruption recognize

just what anticipate in year, I’m new not environment you what and today how next now move out So sit as say the you guidance, think see as the perspective for the evaluate there and you would for do year? asking you your face as asking and let’s to into - you I’m you challenges about, get we love I’m the biggest

Sherif Abdou

question. Great

look XXXX the platform. we me that I cohort number two been is have the months is to lives into Those to So on double club a XXXX. XXXX to do and is let ways. are how that of that XX one, comparing plus So cohorts in XXXX? One going about our in in divide talking

improvement their cohort challenge, So and overall health XXXX. their labor population in to and in a the this a peak think outcome represent on cost Number XXXX, a be little that We naturally might either in definitely we and soften there overall. continue two, reach will the definitely market plateau or it bit.

I we anticipate we in. challenges doing lives to are to things. kind and ease of So demand The go there have would path up great the to bit. do partner the to a the One, glide with we those the pick think immediately. risk be little is two through have in going move rest a to deep counties ability right to than And rather two, already discipline

and shape our find refine to XXXX. would that continue model growth we and So

Brooks O’Neil

much. for very you Thank the Perfect. excited I’m Year. New

Sherif Abdou

Thanks Sir.

Operator

Please with ahead. Taylor question Gary Next comes from Cowen. go

Gary Taylor

Good I is at are cohorts developing, and new though, look know or are is some not describing medical and I afternoon. ratio, give your above strong that are data whether the on or us much is medical or to as loss expense that benefit and there if contracts guess a it how as line being contracts XXX% those expectations. I all quarter, Hi. less the even PDR well the running excluding line. initial focus above quarter you guess are so insight I us to revenue you some new strong the to understand XXX% MLR? Can you on help wanted

Sherif Abdou

consistent gather with you that right let have share to And the is reporting. front third-party as details, we accurate. you appreciate far to explain medical included details. the when cost reported medical activity that want in just purify is in Great discussing give be not as cost medical And A one question, let Gary. the answer I about ratio lot internally care non-claims I And providers. not the don’t of completely we will that me way don’t the promise of that not a and always. we is related peers the traditionally thing of in of in with them include But cost that our an claims. that it is, I talk as as and me I that, ratio cost lot The I we me. in

providers For or example, care registered related there, added of to we access with is the operation. the quality that of It incentive surplus for added to paid cost any we but extra not we we there. groups, related any the cost to medical

will I the details cohort, that get details promise the I that, you the So on of cost. medical

you of of performance, performance our So improvement underlying can team. share the my in excitement management the medical

Gary Taylor

that that to Okay. maybe sure risk is just moving XXXX XXXX. want revenue, the And into moving then revenue now for that was of I in the patient you saw them to that in million guidance I coded just Is moving to Erin, make in you understand is coding XX XXXX. to million XXXX, XX

going you the in are XXXX, XXXX. last are plan moving? receiving in I correctly but are that not revenue that revenue done the understanding or clarify revenues can piece that of to from You capture are sweeps this until Am that you

Erin Darakjian

the is be XX million to XXXX. will million to in services that related revenue XX in that the recognized is So XXXX actually were that

revenue XXXX when the not is it XXXX. we XXXX, services receive recognize So that we will in it is

Gary Taylor

next them year, are So revenue adjusted their seeing you reflected coding this be to the is you are that risk but patient going in year? year, this

Erin Darakjian

correct. is That

Gary Taylor

you changing are onto revenue been, you plan year moving that think And you. has industry your the convention in coding the I to expect because practice, why pass you if recognition revenue that is revenue not that recognize risk the

Erin Darakjian

this recognize the next basis. in adjustment midyear year we it. is the That the, based recognize we the So final in year, we on cash settlement when receive current but

Gary Taylor

didn’t moving? thought been And recognition revenue I said Alright. change. that you Why your is is that policy. the

So XXXX not I revenue the to from sure understood moves I’m why XXXX.

Erin Darakjian

So XXXX. length have would to recognized settlements we the into back due had audit, to we that those of otherwise XXXX our in push final XXXX

this into and existing the So of we our and year. as that to with consultants, at our revenue auditors would it year after looked next into recognition policy consulting decided we keep move possibility it well. outside our But recognized we

Gary Taylor

being queue as that revenue, one that largest is quick with longer running Last your is why payer that for cycle largest of talked payer? of receivables. Okay. to XX% easy, any about me. The Is like, why - but there XX% explanation

Erin Darakjian

to is out it, take look but a great reaches have on note to and back answer. to will make you get I and question. sure a you it That we I Karen will that will with into

Gary Taylor

you. Thank Okay.

Operator

with Blair. comes question Please Daniels from Ryan go next William The ahead.

Unidentified Analyst

for This Hey my Daniels, is [Jackson] Ryan guys. taking for on questions. thanks

anything besides between specifically and numbers now? you elaborate more on off, to could part, has kind anything sweeps Delta. then just of previous within million million fourth well? just as questioning is the And the is guidance of the there details was XX First to further kind of, a out just think I’m of line second the the of it on XX suites. that as I And curious, quarter changed the off going in can call release Josh’s impact that just this

Erin Darakjian

completed non-recurring into to the costs restatement incurred as another XX And well related to million XXXX process looking recognizing we to but XXXX, our did XXXX. we said, in month Linked we question suites like in than auditors and is a just up have This existing here. Jackson. back consult like and were to of audit the XX XXXX that in pushing We before, ago, we of weeks and we said three we our statement possibility that the it, revenue the we having ended as into less our ago length then, we as with seven consultants. said, policy keep that reflected pushed

Unidentified Analyst

Thanks. Thanks. Even though to slightly And as Can you it the looking the year. compared into additional think a elevated then any was G&A corporate color year then item well? should on about the still just line into at this fourth we previous seems possibly next sequential it and how quarter down provide on basis.

Erin Darakjian

one-time said the items XX as So, some seven I before, we million. to through had million

these we are deem restatement to we be non-recurring. through now As process, that

Unidentified Analyst

M&A investments that your side there are look even the help anything you Okay. Awesome. thing to into then Thanks. into identified the might XXXX? or growth And or have just I supplement that last on have, any

Sherif Abdou

Sherif. is a great this It Jackson questions. is

the zero our health our the look medical management of and And day-in, and in Board are improvement sheet, opportunity. this our as improving discussion. are team the let have know Henderson on we anything consultant they any we sure operational as a soon that overall cost, and balance day-out. on we that the in excellence will in the Here of lot market improving patient focus meaningful improving us for comes all into I’m

Operator

like further to There over questions Dr. are for Abdou this comments. the floor would time. turn closing to I back Sherif no at

Sherif Abdou

the I want are plus itself you year-over-year. want per with increase Vitaria, we management to almost I revenue, thank within much, and in I increase XX% cadence. return your about much. our and that, look that details a be compliant question. all is is I going basis witnessing participation Thank per-member and call you XX% excited XXX% beyond. and for profit XXX Have even our to membership, on That everyone, question the Jackson though demand you to interest the had. today, Brooks and that Thank thanks that time the by population and on - very gross close Gary remind XX% everyone. we owe we to want and you are of continue measure and great really evening enjoyed health the lowering same to sure. for in improvement guidance be cohort that you With an the other pipeline And soon. Josh, in which have to appreciate on should we and XX% and and EBITDA XXXX to reminding very the I it forward recent on you today, schedule, a per-month, you any for improvement

Operator

This teleconference. concludes today’s

disconnect You time. line for at Thank participation. may you your this your

P3 Health Partners (PIII) 15 Nov 222022 Q3 Earnings call transcript