P3 Health Partners Inc. (PIII) Q1 2025 Earnings Call Transcript

P3 Health Partners Inc. (NASDAQ:PIII) Q1 2025 Earnings Conference Call May 15, 2025 4:30 PM ET

Company Participants

Ryan Halstead – Managing Director, Gilmartin Group LLC, IR
Aric Coffman – CEO
Leif Pedersen – CFO
Amir Bacchus – Chief Medical Officer

Conference Call Participants

Josh Raskin – Nephron Research
Ryan Langston – TD Cowen

Operator

Good day, and welcome to the P3 Health Partners First Quarter 2025 Earnings Conference Call. All participants will be in listen-only-mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ryan Halstead. Please go ahead.

Ryan Halstead

Thank you, operator, and thank you for joining us today. Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under the U.S. Federal Securities laws, including statements regarding our financial outlook and long-term targets. These forward-looking statements are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. Additional information concerning factors that could cause actual results to differ from statements made on this call is contained in our periodic reports filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof, and the company undertakes no obligation to update or revise these forward-looking statements.

We will refer to certain non-GAAP financial measures on this call, including adjusted operating expense, adjusted EBITDA, adjusted EBITDA per member per month, medical margin, medical margin per member per month and cash flow. These non-GAAP financial measures are in addition to and not a substitute