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• Implemented Providers Growth: Increased 11.2% year over year to 4,789 providers.

• FIA Service Collections Growth: Increased 13.6% year over year.

• Adjusted EBITDA: Up 25.2% year over year, reaching $90.5 million.

• Free Cash Flow: Record $109.3 million in 2024, converting 121% of adjusted EBITDA.

• Cash Position: Ended 2024 with $491 million in cash and no debt.

• Practice Collections: Increased 4.5% to $2.97 billion for the full year 2024.

• Care Margin Growth: Up 12.4% year over year.

• Attributed Lives: Increased more than 11% from a year ago, with commercial attributed lives up 15.2%.

• Gross Provider Retention: 98% retention rate.

• Patient Net Promoter Score: 87.

• 2025 Guidance - Implemented Providers: Expected to increase 9.6% year over year to 5,250.

• 2025 Guidance - Practice Collections Growth: Expected growth of approximately 7.8%.

• 2025 Guidance - Adjusted EBITDA Growth: Expected growth of approximately 19%.

• 2025 Guidance - EBITDA Margin Expansion: Expected to expand approximately 200 basis points year over year.

• Warning! GuruFocus has detected 8 Warning Signs with FTAI.

Release Date: February 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Privia Health Group Inc (NASDAQ:PRVA) exceeded the high end of all guidance metrics for 2024, showcasing strong performance across all markets.

• Implemented providers increased by 11.2% year over year, driving a 13.6% growth in FIA service collections.

• Adjusted EBITDA rose by 25.2%, with operating leverage contributing to a 230 basis point margin expansion year over year.

• The company generated a record $109.3 million in free cash flow in 2024, converting 121% of adjusted EBITDA.

• Privia Health Group Inc (NASDAQ:PRVA) ended the year with $491 million in cash and no debt, providing significant financial flexibility.

Negative Points

• Privia Health Group Inc (NASDAQ:PRVA) anticipates headwinds in the Medicare Advantage environment over the next few years due to elevated utilization trends and changes in star scores.

• The company expects minimal increase in shared savings accruals year over year, given ongoing challenges in the Medicare Advantage environment.

• The guidance for 2025 assumes no new business development activity or capital deployment, potentially limiting growth opportunities.

• Privia Health Group Inc (NASDAQ:PRVA) is nearing the end of its net operating loss carry forward, which will result in higher cash taxes in 2025.

• The company faces a challenging environment for value-based care entities, with revisions in estimates and performance both publicly and in the private market.