Privia Health Group Inc 2025年度报告

$1.5B+Total SharedSavingsGenerated(Cumulative) TO OUR STOCKHOLDERS Privia Health delivered a very strong 2025 aswe continue to drive growth and profitabilityacross our markets. We are proud to executeon our mission to achieve the quadruple aim:better outcomes, lower costs, improved patientexperience, and happier and more engagedproviders. We had another exceptional year of newprovider signings, which provides great visibilitythrough 2026 as we continue to make greatprogress in building one of the largest primary-care centric care delivery networks in the U.S. The Privia Health business model continues togenerate significant free cash flow. Full-year 2025net cash provided by operating activities increased49.5% to $163.4 million in 2025, compared to$109.3 million in 2024. With de minimis capitalexpenditures, free cash flow (defined as netcash provided by operating activities less capitalexpenditures, primarily purchases of propertyand equipment) was approximately 130% ofAdjusted EBITDA. Given our outstanding cash generation, we endedthe year with $479.7 million in cash with no debt.This positions us with significant financial flexibilityto support expansion and take advantage ofopportunities in the current market environment.Our business development pipeline remains strong,and we are committed to pursuing disciplined andstrategic inorganic growth through acquisitionsthat complements our organic sales engine. 2025 Performance: OutstandingOperational Execution; CompoundingGrowth and Free Cash Flow Privia Health’s outstanding operational executionthrough 2025 and the strength of our diversifiedbusiness model clearly demonstrate our abilityto perform in all types of market and healthcareregulatory environments. Full-year total GAAP(Generally Accepted Accounting Principles)Revenue increased 22.3% from 2024 to reach $2.12billion. Net Income was $22.9 million, up 59.3%from the previous year. Building One of the Largest PrimaryCare-Centric Care Delivery Networks Privia Health’s operating model is balancedand flexible. We have consistently deliveredgrowth, profitability, and free cash flow throughvarious economic, healthcare, and regulatoryenvironments. Our model is anchored aroundintegrated medical groups and risk entities, whichare supported by our technology and servicesplatform and a physician-led governance structure.This comprehensive approach allows Privia Healthto be deeply embedded in our provider groups’workflows, managing everything from corepractice operations like revenue cycle and patientexperience to advanced value-based care deliveryand risk management. The results of our key operating and non-GAAPfinancial metrics for full-year 2025 highlight ourcontinued growth and momentum: •Implemented Providers increased 591 to reach5,380, up 12.3% from year-end 2024; •Value-Based Care (VBC) Attributed Lives were1.54 million, up 22.7% from the prior year;•Collections were $3.47 billion, up 16.9%from 2024;•Care Margin* was $462.2 million, a 14.4%increase from the prior year;•Platform Contribution* was $234.8 million, up20.0% from 2024; and•Adjusted EBITDA* was $125.5 million, anincrease of 38.8% from the prior year. Privia Health has added hundreds of new physiciansand advanced practitioners to our medical groupseach year. We partner with providers across70+ specialties to elevate the standard of care of allpatients across all reimbursement arrangements.In April 2025, Privia Health launched Privia MedicalGroup — Arizona in the state with our anchor partner, Integrated Medical Services, Inc. (IMS). IMSis one of the largest independent multi-specialtypractices in the state, with approximately 70physicians and advanced practice providers caringfor patients in 21 locations. IMS manages attributedlives in a variety of value-based care arrangementsacross Commercial, Medicare, Medicare Advantage,and Medicaid. We remain highly focused on generating positivecontribution margin in our value-based book. Wehave proven that we can build scale and manage riskwithout depending on any one particular contract,while we continue to implement clinical andoperational enhancements in our medical groups. Looking Ahead The Privia model is highly predictable with a strongtrack record of performance. We will continueto focus on four pillars of our growth strategy tocompound EBITDA and free cash flow: In December 2025, we also completed theacquisition of the accountable care organization(ACO) business from Evolent Health. This addedover 120,000 value-based care attributed livesacross existing and new states. Today, Privia’snational footprint spans 24 states and the Districtof Columbia. In our medical groups, approximately5,400 Privia physician and clinician partners care for5.8+ million patients in 1,300+ locations in 15 states,and we partner with physicians in another ninestates in ACO/VBC-only payer arrangements. •Provider growth in existing and new marketsand adding more capabilities to scale ourbusiness to better serve