Privia Health Group, Inc.

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Robert Orchard, SVP of Investor and Corporate Communication. Please go ahead, sir.

Thank you, Luella, and good morning, everyone. Joining me are Parth Morotra, our Chief Executive Officer, and David Mountcastle, our Chief Financial Officer. This call is being webcast and can be accessed in the Investor Relations section of PriviaHealth.com, along with today's financial press release and slide presentation. Following our prepared comments, we will open the line for questions, and we ask that you 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 reported today are preliminary and are not final until our Form 10-K for the year ended December 31st, 2024 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 view of our business as of February 27th, 2025. 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 along 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. Reconciliation of these measures to comparable GAAP measures are included in our press release and the accompanying slide presentation posted on our website. Now, I'd like to hand the call over to our CEO, Parth Marotra.

Thank you, Robert, and good morning, everyone. Privia Health had a very strong 2024 on many fronts as we continue to execute well and drive growth across all our markets. This morning, I'll cover our 2024 performance and business highlights. Then David will discuss our recent financial results, capital position, and our 2025 guidance outlook before we take your questions. Previa's momentum extended across all aspects of our business as we exceeded the high end of all guidance metrics for 2024. Our growth team once again delivered an exceptional year of new provider signings in existing markets, which underpins our strong visibility through 2025. Implemented providers increased 11.2% year over year, which drove fee-for-service collections growth of 13.6%. Healthy growth in attribution and a continued focus on clinical performance improvement led to better-than-expected value-based care results, despite the challenging Medicare Advantage environment. Adjusted EBITDA was up 25.2%, with operating leverage driving margin expansion of 230 basis points year-over-year, despite continued investments in our newest markets. Previa also generated a record $109.3 million in free cash flow in 2024, converting 121% of adjusted EBITDA. We ended the year with $491 million in cash and no debt. Our balance sheet positions us with significant financial flexibility to deploy capital and take advantage of opportunities in the current market environment. Our business development pipeline is robust and we are committed to pursuing disciplined growth that complements our organic sales engine in existing markets. Privyad's outstanding performance in the current healthcare and regulatory environment is a testament to the strength of our unique business model, strong execution by our operating teams, and most importantly, exceptional performance by our physician partners in our high-performing medical groups and risk entities. We are well on our path to building one of the largest primary care-centric delivery networks in the nation. Our large-scale, high-quality, community-based medical groups and risk entities have demonstrated proven success across 14 states and the District of Columbia. In these geographies, our footprint now comprises 4,789 implemented providers caring for over 5.2 million patients in more than 1,200 care center locations. Gross provider retention of 98% highlights the stickiness of our model and our provider satisfaction with the Privia platform. Likewise, our patient net promoter score of 87 underscores the excellent patient experience being delivered by our medical groups. Privia now serves over 1.26 million attributed lives across commercial and government value-based care programs. The breadth of our contracts and geographic reach positions us as one of the most balanced and diversified value-based care organizations. Total attributed lives estimated as of January 1st increased more than 11% from a year ago, driven by new provider growth as well as new value base care contracts in certain programs. Commercial attributed lives increased 15.2% from last year to reach 782,000. Medicaid Advantage and Medicaid Attribution both increased almost 8% from a year ago. We continue to expect headwinds in Medicaid Advantage over the next few years given pressures from elevated utilization trends, phase-in of WE28 through 2026, and changes in star scores, among other factors. However, the diversification of previous value-based care contracts gives us confidence in our ability to build scale and profitability across the business, despite challenges in any one particular program. We remain highly focused on generating positive contribution margin in our value-based contracts as we pursue attribution growth, manage risk, and implement clinical and operational enhancements in our partner practices. Ultimately, our goal is consistent and sustainable earnings growth for our medical groups and shareholders year after year. Privia has delivered consistent growth and profitability and free cash flow across economic, healthcare, regulatory, and political cycles over the past seven years. The power of our business model and consistent execution is evident in how we have compounded all key metrics, including free cash flow over time. Since 2018, we have consistently expanded EBITDA margins and converted 105% of EBITDA to free cash flow on average. The midpoint of our 2025 guidance metrics demonstrates our expectations for another year of strong EBITDA growth despite significant headwinds in the current healthcare environment for value-based care. Now I'll ask David to review our recent financial results and discuss our capital position and 2025 guidance outlook in more detail. Thank you, Parth.