Privia Health Group, Inc.

Good day and thank you for standing by. Welcome to the Privia Health fourth quarter conference call. At this time, all participant lines are in listen only mode. After the presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star then one on your telephone keypad. Please be advised today's conference may be recorded. If you require operator assistance during the call, please press star then zero. I'd now like to hand the conference over to your host today, Robert Borchert, Senior Vice President, Investor, and Corporate Communications. Please go ahead.

Thank you, Liz, and good morning, everyone. Joining me today are Sean Morris, our Chief Executive Officer, Parth Marotra, President and Chief Operating Officer, and David Mountcastle, our Chief Financial Officer. This call is being webcast and be accessed from the Investor Relations section of PriviaHealth.com. Today's press release highlighting our financial and operating performance, as well as the slide presentation accompanying our formal remarks, are posted on our IR website pages. Following our prepared comments, we will open the line for questions. We ask that you please limit yourself to one question and one follow-up so we can get through the full queue in a timely fashion. The financial results reported today and in the press release are preliminary and are not final until our Form 10-K for the year-ended deadline. for the year ended December 31st, 2021, is filed with the Securities and Exchange Commission. Some of the statements we will make today are forward-looking in nature, based on our current expectations and our view of our business as of March 23rd, 2022. Such statements, including those related to our future financial and operating performance and future business plans and objectives, are subject to risks and uncertainties that may cause actual results to differ materially. As a result, these statements should be considered in conjunction with the cautionary statements in today's press release and the risk factors described in our company's most recent SEC filings. Finally, we may refer to certain non-GAAP financial measures on the call. In reconciliations of these measures, the comparable GAAP measures are included in our press release and the accompanying slide presentation posted on our website. Now, I'll turn the call over to Sean.

Thank you, Robert, and good morning, everyone. Today, I'm excited to report that Previa Health delivered another strong quarter of financial and operating performance in Q4, and our full-year financial results were above the high end of our previous guidance. This performance positions our company for accelerated growth in 2022 as we continue to build a national physician organization, engage with and organize physicians into scaled provider networks across our country. Today, I'll provide an overview of key highlights that are driving our continued business momentum. David will cover our recent financial performance, and then Park will discuss our outlook for 2022 and conclude with a more detailed business update on our growth drivers and value-based care initiatives before we take your questions. We also announced that Jeff Sherman resigned from his position of Chief Financial Officer to pursue other opportunities. Jeff joined in January this year, and his departure was not a result of any disagreements or issues with regard to previous health, operations, or accounting policies and practices. Following Jeff's decisions, we appointed David Mountcastle, Executive Vice President and Chief Financial Officer. David joined Privia in 2014 as our CFO, and he has an intimate understanding of our company's business operations and financial and accounting practices. Importantly, we are on track to file our 10-K later this week as originally planned. We remain very excited about our business momentum, and our financial performance will speak for itself. Now on to our business highlights. Privia Health executed at a very high level in our first year as a public company. We have materially advanced our business, entering three new markets in the last five months, adding close to 500 physicians and providers through our anchor partnerships in California, Montana, and West Texas. Long-term, our strategy is to align with and enable provider partners and leverage our underwriting expertise to transition properly to risk-based reimbursement arrangements over time. Effectively, January 1st of this year, we launched three new accountable care organizations and now have seven ACOs participating in the Medicare Shared Savings Program, caring for over 168,000 Medicare beneficiaries. We have shown sustainable success in the MSSP program, and four of our seven ACOs are now participating in the enhanced track with substantial upside in shared savings as well as some downside in financial risk. In addition, our Florida and Mid-Atlantic ACOs entered into previous first cap-tailed arrangements covering approximately 23,000 Medicare Advantage beneficiaries. We now manage care in more than 80 value-based arrangements across the risk spectrum. This highlights our forward progress in executing on our long-term strategy in full alignment with our provider partners across their entire patient panels. As I noted, our exceptional operational execution delivered financial performance that was way above the high end of our previous guidance, and our operating model continues to generate strong cash flow without needing new sources of liquidity. In aggregate, our 2021 performance and operational achievements are expected to drive acceleration of the top-line growth this year, as well as increasing profitability and adjusted EBITDA while we continue to invest in our operations, talent, and technology capabilities to support this growth. We have made great strides in building a scaled national delivery network. Previa can partner with all providers in every setting, from single and multi-specialty to employed or health system-affiliated providers. Our model offers a tremendous market opportunity for growth in the positional enablement space. The Previa platform is applicable in every single state. With our recent new market entries, we have shown the ability to be flexible as we look to enter new geographies. Our national footprint now includes over 3,300 providers caring for over 3 million patients in 870 locations in eight states in the District of Columbia. We are one of the largest provider groups in the country with scale and geographic density. We're looking forward to continuing to expand the number of providers in existing markets and entering many new markets over the next few years. Preview Health has four distinct attributes that position us as a clear alternative for providers looking to maintain their autonomy and optimize their performance. First, in each of our geographies, our integrated medical groups, risk-bearing entities, and tech-enabled clinical and performance operations platform serve as one of the most unique models in the healthcare ecosystem. This attains maximum position alignment and outcomes in value-based arrangements without our ownership of the underlying practice. Second, we partner with all provider types and all reimbursement models. This combination has created a very balanced, diverse, and sustainable financial model and is a key driver of position referrals and our momentum in signing up new providers. Third, our Proven success across risk-bearing spectrum is supported by previous physician-led governance structure at the local, market, and national level. This is crucial in optimizing performance, sharing best practices, and helping physicians improve outcomes. And fourth, our capital-efficient partnership and operating model generates positive and increasing EBITDA and free cash flow with minimal capital expenditures. Now I'll ask David to review our most recent financial results.