Privia Health Group, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Privy Health fourth quarter conference call. 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, please press star one again. Thank you. I would now like to turn the call over to Robert Portrait, SVP, Investor and Corporate Communications. Please go ahead.

Thank you, Kelvin, and good morning, everyone. Joining me are Parth Mehrotra, 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. 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 31, 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 the business as of February 26, 2026. 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 on our website. Now I'd like to hand the call over to our CEO, Parth Mehrotra.

Thank you, Robert, and good morning, everyone. Previa Health delivered a very strong 2025 as we continue to execute extremely well and drive growth across our markets. This morning, I'll summarize our performance and business highlights. Then David will discuss our 2025 financial results and our 2026 guidance before we take your questions. Previa Health's outstanding operational execution and the strength of our diversified business model clearly demonstrate our ability to perform in all types of market and healthcare regulatory environments. We are proud to deliver on our mission to achieve the quadruple aim, better outcomes, lower costs, improved patient experience, and happier and more engaged providers. New provider signings and implementations remain strong across all markets, which provides great visibility through 2026. We added 591 providers, a 12.3% increase year over year. We ended the year with 1.54 million value-based attributed lives, up 22.7%. The combination of implemented provider growth and very strong value-based performance helped increase practice collections 16.9% in 2025. We continue to show strong operating leverage on cost of platform and G&A expenses. Adjusted EBITDA for the year increased 38.8% to 125.5 million, with EBITDA margin as a percentage of care margin expanding 480 basis points to reach 27.2%. On December 5th, we completed the acquisition of Avalent Health's ACO business. This added over 120,000 value-based attributed lives across existing and new states. We also entered Arizona in April with our anchor partner, IMS. IMS was implemented on the Previa platform at the end of Q3, and we are seeing strong sales momentum in the state. We deployed 180 million for these transactions and our cash balance ended the year at 480 million. This was only 11 million below a year ago due to the tremendous cash flow generation of our business as we converted 130% of EBITDA to free cash flow. Our 2025 performance and momentum positions our business extremely well. We expect to drive EBITDA growth of approximately 20% at the midpoint of our 2026 guidance and convert 80% of EBITDA to free cash flow. This positions Privyat to end 2026 with approximately $600 million in cash, assuming no new business development. Our 2025 results and 2026 guidance further demonstrate our ability to continue to compound EBITDA and free cash flow in a very difficult healthcare services environment. Privyat's national footprint now includes a presence in 24 states and the District of Columbia, including the Avalon Health ACO business. At year-end 2025, we had 5,380 implemented providers caring for over 5.8 million patients. We continue to demonstrate very high gross provider retention of 98% and patient NPS of 87 across our footprint. Previa's diversified value-based platform serves over 1.5 million patients through more than 130 commercial and government programs. Our total attributed lives increased 23% from a year ago, This was driven by new provider growth across our markets, the addition of Evalent ACO, and our entry into Arizona. Commercial attributed lives increased more than 16 percent from last year to reach 910,000. Lives attributed to the CMS Medicaid programs were up 52 percent. Medicare Advantage and Medicaid attribution increased 15 and 23 percent, respectively, from a year ago. We remain highly focused on generating positive contribution margin in our value-based book. We have proven that we can build scale and manage risk without depending on any one particular contract while we continue to implement clinical and operational enhancements in our medical groups. Our performance over the past few years is a testament of our approach to value-based care and the strength of our actuarial underwriting, clinical operations, and physician-led governance structure. I'll ask David to review our financial results and 2026 guidance in more detail.