Privia Health Group, Inc.

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Previa Health Second Quarter 2025 conference call. All lines have a place 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 a question, again, press the star one. I would now like to turn the conference over to Robert Mortred, SVP of Investor and Corporate Communications. You may begin.

Thank you, Desiree, and good morning, everyone. Joining me are Parth Marotra, our chief executive officer, and David Mountcastle, our chief financial officer. This call is being webcast and can be accessed in the Invest Relations section of PreviaHealth.com, along with today's financial press release and slide presentation. Following our prepared comments, 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 today are preliminary and are not final until our Form 10 queue for the second quarter and six-month periods and the June 30, 2025 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 August 7, 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. Previa Health continue to execute very well across all aspects of our business through the second quarter of 2025, which positions us very well for success for the remainder of the year and into 2026. This morning, I'll summarize our second quarter performance, and David will discuss our market presence, financial results, and 2025 guidance before we take your questions. Previa Health has continued to execute at a very high level across different economic, regulatory, and health care cycles. This is a testament to our differentiated business model and our consistent operational execution across varying environments. We delivered strong new provider signings across all of our markets in the first half, which underpins our visibility through 2025 and into next year. Implemented provider growth of .8% and value-based lives attribution growth of .2% year over year helped drive total practice collections growth of .5% in the second quarter. Adjusted EBITDA increased 31.6%, with EBITDA margin as a percentage of care margin expanding 310 basis points while we continue to invest in growth and expansion. Our first half results were driven by the outstanding performance of all of our provider partners and operating teams amidst a very challenging health care services and payer environment. This strong first half gives us the confidence to raise our 2025 outlook to above the high end of our initial guidance ranges for practice collections, gap revenue, platform contribution, and adjusted EBITDA, and to the high end for the remaining metrics. Previa's model combines unique aspects of medical groups, risk-bearing entities, and a technology and services platform. The physician practices we partner with are an integral part of our medical groups. This allows Previa to be deeply embedded in the workflows of the practice with a common physician-led governance structure. Our ability to earn highly predictable fees for our technology and services platform gives us a very stable and recurring earnings profile. The stable earning stream, coupled with shared savings and care management fees across a broad spectrum of value-based care arrangements, has allowed us to deliver very consistent financial performance across different environments. This model offers an unmatched value proposition to payers of health care and community-based providers as well as the patients they serve, creating a business and economic mode that is very hard to replicate. Previa's consistent growth and profitability across cycles over the past eight years is the ultimate proof of the strength of our differentiated business and economic model and the consistent execution year after year. We expect Previa's integrated medical group, risk-bearing entity, and tech and services platform model to continue to drive sustainable compounding of growth and profitability for years to come. I'll ask David to review our market position, recent financial results, balance sheet strength, and our updated 2025 guidance outlook in more detail.