Privia Health Group, Inc.

Good day and thank you for standing by. Welcome to the Previa Health Q1 2023 conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. And to ask a question during the session, you will need to press star one one on your telephone, and you will then hear an automated message advising your hand is raised. To withdraw a question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Robert Borchardt. Robert, please go ahead.

Thank you, Kyle, and good morning, everyone. Joining me today are Sean Morris, our Chief Executive Officer, Parth Barotra, President and Chief Operating Officer, and David Mountcastle, our Chief Financial Officer. This call is being webcast and will be accessed from the Investor Relations section of PriviaHealth.com. Today's press release highlighting our financial and operating performance in the slide presentation accompanying our formal remarks are posted on the Investor Relations pages of PriviaHealth.com. Following our prepared remarks, we will open the line for questions. Please limit yourself to one question only and return to the queue if you have a follow-up so we can get to as many questions as possible. The financial results report today and in the press release are preliminary and are not final until our Form 10Q for the first quarter ended March 31st. 2023 is filed with the Securities and Exchange Commission, which was filed earlier today. Some of the statements we will make today are forward-looking in nature based on our current expectations and view of our business as of May 4, 2023. 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, and reconciliations of these measures to 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. Good morning, everyone. Review Health delivered solid first quarter results to start 2023 as we continue to execute in each of our markets. We remain focused on driving towards our long-term vision to build Previa Health into one of the largest ambulatory care delivery networks in the nation. Our market momentum and highly aligned partnership model continue to drive growth on multiple fronts and support our high-level confidence in our 2023 outlook. This morning, I'll review a few business highlights. Hearth will offer a market and operational update, and then David will discuss our recent financial performance and our 2023 guidance outlook before we take your questions. During the first quarter, Preview Health continued to execute at a very high level with practice collections increasing more than 17% year-over-year. Adjusted EBITDA was up almost 14% as we continued to increase our number of provider partners and invest in our recent market entries. This performance was again driven by continued same-store growth as well as our new provider additions in existing markets. In the last few months, we've entered four new states and have already signed new providers in our medical group platforms in Connecticut, North Carolina, and Ohio. We continue to see a very strong sales funnel of potential new providers across our markets and are maintaining a healthy business development pipeline as we look to enter additional states over the next few years. Separately, we are very excited and have launched and priced this morning a large secondary offering of the company's total diluted shares outstanding. This transaction substantially reduces or eliminates Goldman Sachs and Pamplona Capital's ownership. We're also very excited to welcome a number of new long-term oriented investors, including Durable Capital Partners and Rubicon Founders, among others who purchased shares in this transaction. The entire Previa team looks forward to executing on our strategy to continue to create value for our shareholders in years to come. In other news, we recently announced that I plan to retire at the end of June and our board of directors named Park Morotra to succeed me as chief executive officer of Previa Health. I decided that now was an opportune time to step away from my operating role to spend more time focused on my personal interest. I will remain on the Previa board, and I look forward to continuing to track Previa's future success. Park and I have worked very closely together over the last five years. As many of you know, Park has been an integral part of establishing Previa's presence in many new states, taking our company public in 2021, and directing previous growth. We expect a very smooth transition and it will be exciting to watch Park and our leadership team drive previous and next phase of growth. It's been a privilege to interact with many of you and the more than 900 Peruvians dedicated to improving health. Now I'll ask Park to provide a market and operational update.