Privia Health Group, Inc.

Good day and thank you for standing by. Welcome to the Prevera Health Q3 22 conference call. At this time, all participants are in a listen-only mode. If at any time you have a question, please press star 11 on your telephone. After you have pressed star 11 on your telephone, you will hear an automated message that says your hand has been raised. Please be reminded that this conference call is being recorded. I would like to turn the call over today to Robert Burchard,

svp of investor and corporate communications please go ahead sir thank you lisa and good morning everyone joining me today are sean morris our chief executive officer parth marotra president chief operating officer david mountcastle our chief financial officer this webcast is this call is being webcast and can be accessed from the best relations section of privyhealth.com today's press release highlighting our financial operating performance and the slide presentation accompanying our formal remarks are posted on the Investor Relations pages at preganhealth.com. Following our prepared remarks, 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 10Q for the quarter ended September 30th, 2022 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 November 10, 2022. Such statements, including those related to our future financial and operating performance and future plans and objectives, are subject to risk and uncertainty 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, and reconciliations of these measures to comparable gap measures are included in our press release and the accompanying slide presentation posted on our website. Now I'd like to turn the call over to Sean.

Thank you, Robert. Good morning, everyone. Previa Health's highly aligned provider partnership model continues to gain momentum, and we delivered another strong quarter of growth. We continue to execute on multiple fronts to extend our market reach, drive future growth, and positively impact care delivery. With our continued momentum in existing markets, we remain highly confident in our growth outlook for the remainder of 2022 and as we move into 2023. We continue to expect to increase our number of provider partners, expand attributed lives, and enter new markets over the coming quarters. This morning, I'll provide an overview of key highlights, Park will offer a business update, and then David will discuss our third quarter financial performance and updated 2022 guidance before we take your questions. Privia Health continues to execute at a very high level, with implemented providers up more than 27% year-over-year and practice collections increasing more than 52% in the third quarter to reach almost $612 million. We generated another record quarter of adjusted EBITDA, which was up 12.9% when compared to a very strong Q3 last year. We continue to gain leverage in the scale of our operating model, even as we invest across our enterprise. This continued business momentum and high forward visibility is reflected in our updated financial guidance for 2022, with practice collections now expected to be greater than $2.3 billion. Our balanced growth was driven by a solid quarter of new provider additions in existing markets, continued same-store growth, as well as strength in ambulatory utilization across all our existing practice locations. We also expect to enter many new markets over the next few years, and we've taken a couple more steps towards the scope. In early September, we announced the Memorandum of Understanding with OhioHealth to form a strategic partnership and launch a medical group for independent providers throughout the state of Ohio. More recently, we announced a joint venture and strategic partnership with Navant Health, a nationally recognized integrated health delivery system based in North Carolina. Together, we will launch Previa Medical Group North Carolina for independent providers throughout the state. These health system partnerships will provide a new alternative for independent community physicians and provider groups in North Carolina and Ohio to care for their patients while supporting the transition to value-based care. New providers are expected to join the medical groups and access Previa's technology and services platform. The health system employee providers will remain on their existing platforms. These partnerships align well with Nevada Health and Ohio Health's long-term independent provider strategies. Together, our aim is to help build one of the largest medical groups in both North Carolina and Ohio and help align independent providers while preserving their legacy ownership structures. Our entry into these two large states significantly expands our addressable market and organic growth opportunity. In addition, our continuing efforts to grow in existing markets remains very healthy as does our business development pipeline to enter additional new states over the next few years. As I noted, our business momentum has continued to be extremely encouraging across both existing and potentially new geographies. Our national footprint now includes nearly 3,600 implemented providers caring for over 4 million patients in more than 920 locations across eight states and the District of Columbia. soon to be 10 states with the addition of North Carolina and Ohio. Our scale and geographic density enables us to offer our provider and payer partners, as well as consumers, a broad ambulatory care delivery network that can improve patient outcomes and reduce costs across the value-based care spectrum. Now I'll ask Park to review our unique value proposition for health systems, provide an update on our value-based care footprint and our performance in the Medicare Shared Savings Program.