0001759655-23-000190 | 10-Q | XBRL Viewer

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Basic and Diluted, Loss Per Share

A reconciliation of net income (loss) available to common shareholders and the number of shares in the calculation of basic and diluted earnings (loss) per share was calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands, except for share and per share amounts)	2023		2022		2023		2022
Net income (loss) attributable to Privia Health Group, Inc. common stockholders	$	7,274	$	(10,475)	$	14,598	$	(27,985)
Weighted average common shares outstanding - basic	116,161,251		108,685,835		115,588,313		108,374,181
Weighted average common share outstanding - diluted	124,570,875		108,685,835		124,467,343		108,374,181
Earnings (loss) per share attributable to Privia Health Group, Inc. common stockholders – basic	$	0.06	$	(0.10)	$	0.13	$	(0.26)
Earnings (loss) per share attributable to Privia Health Group, Inc. common stockholders – diluted	$	0.06	$	(0.10)	$	0.12	$	(0.26)

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share

The following outstanding shares of potentially dilutive securities were excluded from computation of diluted loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	Six Months Ended June 30,
	2023	2022
Potentially dilutive stock options to purchase common stock, RSUs and PSUs	6,013,289	20,195,513
Total potentially dilutive shares	6,013,289	20,195,513

Note Payable	6 Months Ended
Note Payable	Jun. 30, 2023
Debt Disclosure [Abstract]
Note Payable	Note Payable On November 15, 2019, the Company entered into a Credit Agreement (the “Original Credit Agreement”) by and among Privia Health, LLC, as the borrower, PH Group Holdings Corp.and certain subsidiaries of Privia Health, LLC, as guarantors, Silicon Valley Bank, as administrative agent and collateral agent (the “Administrative Agent”). On August 27, 2021, the Company and certain of its subsidiaries entered into an assumption agreement and third amendment (the “Third Amendment”) to the Original Credit Agreement (as amended by the Third Amendment, the “Credit Agreement”). Pursuant to the Third Amendment, the Company became the parent guarantor under the Credit Agreement and granted the Administrative Agent a first-priority security interest on substantially all of its real and personal property, subject to permitted liens. On March 16, 2023, the Company provided notice to terminate the Credit Agreement. As of March 16, 2023, the Company had no borrowings and no letters of credit outstanding under the Credit Agreement. The Company did not incur any early termination penalties in connection with the termination of the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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-Topic 470
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+ Details

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Organization Privia Health Group, Inc. (“Privia Health”, “Privia”, or the “Company”) is a technology-driven, national physician-enablement company that collaborates with medical groups, health plans, and health systems to optimize physician practices, improve patient experiences, and reward doctors for delivering high-value care in both in-person and virtual care settings (the “Privia Platform”). The Company uses the same operational and financial model in each market it operates in. As of June 30, 2023, Privia operates in thirteen markets: 1) the Mid-Atlantic Region (states of Virginia, Maryland and the District of Columbia); 2) Georgia; 3) the Gulf Coast Region (Houston, Texas); 4) North Texas (Dallas/Fort Worth, Texas); 5) West Texas (Abilene, Texas); 6) Central Florida; 7) Tennessee; 8) California; 9) Montana; 10) Ohio; 11) North Carolina; 12) Delaware; and 13) Connecticut. Medical groups are formed in each market with the primary purpose to operate as a physician group practice with healthcare services being furnished through physician members (“Privia Physicians”) and non-physician clinicians (together, “Privia Providers”) supervised by Privia Physicians. The Company also forms local management companies to provide administrative and management services (“MSOs”) to the medical groups through a Management Services Agreement (“MSA”) in each market. The Company owns 100% of all MSOs, except four where the Company is at least the majority owner. Basis of Presentation The condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. Amounts shown on the condensed consolidated statements of operations within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization. All significant intercompany transactions are eliminated in consolidation. The results of operations for the six months ended June 30, 2023, are not indicative of the results to be expected for the full fiscal year ending December 31, 2023. The condensed consolidated balance sheet at December 31, 2022, was derived from audited annual financial statements but does not contain all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of only normal and recurring adjustments) considered necessary for a fair statement have been included. Variable Interest Entities Management evaluates the Company’s ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. The Company has relationships with medical groups in which the Company has no ownership interests, which are either (a) owned 100% by Privia Physicians (“Non-Owned Medical Groups”) or (b) majority owned, indirectly through a professional entity by a licensed physician holding a Privia leadership position (“Friendly Medical Groups”). Each of our Medical Groups (e.g., Owned Medical Groups, Non-Owned Medical Groups and Friendly Medical Groups) contracts with the Privia Physician’s historic practice entity, which no longer furnishes healthcare services (the “Affiliated Practice”) whereby the Affiliated Practice provides certain subcontracted services to the Medical Groups to allow the Medical Group to operate at the practice location. The Company evaluated its relationship with (a) Non-Owned Medical Groups (not including Friendly Medical Groups) and their Affiliated Practices, (b) Friendly Medical Groups and their Affiliated Practices, and (c) Affiliated Practices associated with Owned Medical Groups to determine if any of these entities should be subject to consolidation. The Company does not have ownership interest in any Affiliated Practices (whether those of Owned Medical Groups, Non-Owned Medical Groups or Friendly Medical Groups); nor does the Company have an ownership in Non-Owned Medical Groups. The Physician Member Services Agreement (“PMSA”) and support services agreement (“SSA”) entered by Non-Owned Medical Groups and Friendly Medical Groups with their Privia Physician members and the Affiliated Practices are not contractual relationships within Privia’s legal structure. The only contractual relationship between Privia and Non-Owned Medical Groups is established through the MSA. For Friendly Medical Groups, in addition to the MSA, the Company has a contractual relationship, evidenced by a restriction agreement (each a “Restriction Agreement”) with its Nominee Physicians and their respective Friendly Medical Groups. Management has determined, based on the provisions of the MSAs between the Company and Non-Owned Medical Groups, and after considering the requirements of Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), the Company is not required to consolidate the financial position or results of operations of the Affiliated Practices associated with Owned Medical Groups; nor is it required to consolidate the financial position or results of operations of Non-Owned Medical Groups (and, therefore, the Company is not required to consolidate the Affiliated Practices of the Non-Owned Medical Groups). However, management has determined, based on the provisions of the Restriction Agreement on the Nominee Physician (Friendly PC), the governing documents of the Friendly Medical Groups, and after considering the requirements of ASC 810, that the Company should consolidate the financial position or results of operations of the Friendly Medical Groups and the Friendly PCs. ASC 810 requires the Company to consolidate the financial position, results of operations and cash flows of a Non-Owned Medical Group affiliated by means of a service agreement if the Non-Owned Medical Group is a VIE and the Company is its primary beneficiary. An Affiliated Practice would be considered a VIE if (a) it is thinly capitalized (i.e., the equity is not sufficient to fund the Non-Owned Medical Group’s activities without additional subordinated financial support) or (b) the equity holders of the Non-Owned Medical Group as a group have one of the following four characteristics: (i) lack the power to direct the activities that most significantly affect the Non-Owned Medical Group’s economic performance, (ii) possess non-substantive voting rights, (iii) lack the obligation to absorb the Non-Owned Medical Group’s expected losses, or (iv) lack the right to receive the Non-Owned Medical Group’s expected residual returns. The characteristics of both (a) and (b) do not exist and as such the Non-Owned Medical Groups do not represent VIEs. Accordingly, the Company has not consolidated the financial position, results of operations or cash flows of the Non-Owned Medical Groups that are affiliated with the Company by means of a service agreement for the three and six months ended June 30, 2023 and 2022. Each time that it enters into a new service agreement or enters into a material amendment to an existing service agreement, the Company considers whether the terms of that agreement or amendment would change the elements it considers in accordance with the VIE guidance. The same analysis was performed for the Affiliated Practices of Owned Medical Groups, which have contractual relationships with Privia through the SSA, and the Company determined they do not represent VIEs as they do not meet the criteria in ASC 810 for similar reasons as those outlined above. The Company, however, does meet the criteria for consolidation of the Friendly Medical Groups based on the discussion above. In February 2023, the Company announced a partnership with Community Medical Group, the largest Clinically Integrated Network (“CIN”) in Connecticut with approximately 1,100 multi-specialty providers, to launch Privia Quality Network Connecticut (“PQN-CT”). The Company performed an analysis as noted above and determined that PQN- CT does not represent a VIE as it does not meet the criteria in ASC 810, but the entity is consolidated because Privia owns a majority of the voting interest in the entity. Privia Medical Group – West Texas, PLLC, (“PMG West Texas”) is a physician-owned Medical Group, with PMG West Texas Holdings, PLLC (“Friendly WTX PC”), a Texas professional limited liability company entirely owned by a licensed physician with a leadership role in the Company, owning majority membership interests and having governance and control rights via the governing documents of PMG West Texas. The Company has a contractual relationship with Friendly WTX PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG West Texas and Friendly WTX PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. Privia Medical Group Tennessee, PLLC (“PMG-TN”) is a physician owned Medical Group, with PMG-TN Physicians, PLLC, a Tennessee professional limited liability company entirely owned by a licensed physician with a leadership role in the Company (“Friendly TN PC”), owning majority membership interests therein and having governance and control rights via the governing documents of PMG-TN. Again, the same analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG-TN and Friendly TN PC do represent VIEs as they do meet the criteria in ASC 810. The aggregated carrying value of the Company’s VIE’s for both the current assets and liabilities included in the consolidated balance sheets after elimination of intercompany transactions were $2.0 million as of June 30, 2023 and $1.4 million as of December 31, 2022. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure. On an on-going basis the Company evaluates significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, intangible assets subject to amortization, and the computation of income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Operating Segments The Company determined in accordance with ASC 280, Segment Reporting (“ASC 280”) that the Company operates in and reports as a single operating segment, and therefore one reporting segment – Privia Health Group, Inc. Business Combination Accounting for business combinations requires us to allocate the fair value of purchase considerations to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values, which were determined primarily using the income method. The excess of the fair value of purchase consideration over the fair values of these identified assets and liabilities is recorded as goodwill. Such valuations require us to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, revenue growth rates, medical claims expense, cost of care expenses, operating expenses, discount rate, contract terms and useful life from acquired assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Allocation of purchase consideration to identifiable assets and liabilities affects the Company’s amortization expense, as acquired finite-lived intangible assets are amortized over the useful life, whereas any indefinite lived intangible assets, including goodwill, are not amortized. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. During February 2023, the Company completed an acquisition to expand into a new market. The consideration paid for the acquisition was derived through arm’s length negotiations. The Company’s acquisition was accounted for using the acquisition method pursuant to the requirements of FASB ASC Topic 805, Business Combinations (“ASC 805”). The results of operations of the acquisition have been included in the Company’s consolidated financial statements since their respective date of acquisition. For additional details, refer to Note 3 “Business Combinations.” Non-Controlling Interest The non-controlling interest represents the equity interest of the non-controlling equity holders in results of operations of Privia Management Services Organization, LLC, Privia Management Company Montana, LLC, BASS Privia Management Company of California, LLC, Privia Management Company West Texas, LLC, Privia Management Company North Carolina, LLC, Privia Management Company of Ohio, LLC, Privia Services Company Connecticut, LLC, Privia Quality Network Connecticut, LLC, Privia Quality Network Delaware, LLC and our Owned Medical Groups. The condensed consolidated financial statements include all assets, liabilities, revenues, and expenses of less-than-100%-owned affiliates where the Company has a controlling financial interest. The Company has separately reflected net income attributable to the non-controlling interests in net income in the condensed consolidated statements of operations. Significant Accounting Policies The Company described its significant accounting policies in Note 1 of the notes to consolidated financial statements for the year ended December 31, 2022 in the Annual Form 10-K. During the three and six months ended June 30, 2023, there were no significant changes to those accounting policies and estimates, other than those noted below. Stock-Based Compensation The Company accounts for share-based compensation in accordance with the expense recognition provisions of ASC 718, Compensation–Stock Compensation (“ASC 718”), which requires the issuer to recognize compensation expense for all share-based payments made to employees based on the fair value of the share-based payment at the date of grant. Up until April 2021, the estimated fair value of share-based payments granted to the Company’s employees was determined using the Monte-Carlo option pricing model, which requires inputs based on certain subjective assumptions, including expected term of the option, expected stock price volatility, the risk free interest rate for a period that approximates the expected term of the option and the Company’s expected dividend yield (See Note 10, “Stockholders’ Equity”). The share-based payments granted or modified prior to April 2021 to employees of the Company do not have quoted market prices, and changes in subjective input assumptions can materially affect the fair value estimate. Since April 2021, the Company has estimated the fair value of the options granted to Company’s employees and contractors using the Black-Scholes option-pricing model. Option valuation models require several inputs, such as the expected stock price volatility, the fair value of the stock, the risk free rate, the expected term of the award and the dividend yield. The Company records share-based compensation forfeitures as a reversal of previously recognized compensation expense as the forfeitures occur. For additional details, refer to Note 10 “Stockholders’ Equity.” The Company issued certain performance stock units ("PSUs") during the second quarter of 2023. The awards will vest based on the satisfaction of certain service conditions, performance-based conditions, and market conditions. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the estimated fair value at each reporting date. Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Pending Adoption None.

Provider Liability - Unpaid Claims (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 208,424
Claims Paid
Ending balance	306,368
At-Risk Capitation Arrangements
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	28,617	$ 0
Incurred health care costs
Current year	161,016	106,068
Prior years	6,360	0
Total claims incurred	167,376	106,068
Claims Paid
Current year	(102,326)	(72,041)
Prior years	(30,467)	0
Total claims paid	(132,793)	(72,041)
Ending balance	$ 63,200	$ 34,027

Organization and Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) market company segment	Feb. 28, 2023 provider	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of markets in which entity operates \| market	13
MSO, ownership percentage	100.00%
Number of MSOs where the company is at least the majority owner \| company	4
Number of providers \| provider		1,100
Assets, current	$ 654,000		$ 551,962
Total current liabilities	$ 358,444		264,274
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Variable Interest Entity, Primary Beneficiary \| P M G West Texas And P M G T N
Subsidiary, Sale of Stock [Line Items]
Assets, current	$ 2,000		1,400
Total current liabilities	$ 2,000		$ 1,400

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 135,050		$ 135,050			$ 126,938
Amortization period	19 years 1 month 6 days		19 years 1 month 6 days
Amortization of intangibles	$ 1,400	$ 900	$ 2,449	$ 1,668
Payer contracts (PQN-CT)
Finite-Lived Intangible Assets [Line Items]
Goodwill					$ 8,100

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stockholders’ Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Novant Health Private Placement

On March 2, 2023, the Company entered into a strategic alignment agreement (the “Equity Alignment Agreement”) with ChoiceHealth, Inc. (“Novant Sub”), a subsidiary of Novant Health, Inc. (“Novant Health”), in connection with the strategic partnership between the Company and Novant Health entered into in November 2022 to launch Privia Medical Group — North Carolina.

Pursuant to the Equity Alignment Agreement, Novant Sub will be entitled to receive, and the Company agreed to issue, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), to Novant Sub any time each of the following events occurs, in the following amounts:

1.The Company will issue 745,712 shares of Common Stock to Novant Sub each time Privia Medical Group — North Carolina implements 1,000 providers in specified markets in North Carolina.

2.The Company will issue 372,856 shares of Common Stock to Novant Sub each time the Company and Novant Health enter a new state pursuant to a mutually agreed business plan developed for such state.

3.The Company will issue 745,712 shares of Common Stock to Novant Sub each time the partnership between the Company and Novant Health for each new state implements 1,000 providers in specified core markets in such state.

The Equity Alignment Agreement will renew every four years, subject to the delivery of a third-party valuation opinion. The renewal will be required to use the same issuance triggers, but the number of shares may be adjusted to be consistent with the valuation opinion. The number of shares of Common Stock issuable to Novant Sub under the Equity Alignment Agreement and all renewals of the Equity Alignment Agreement will be subject to a total cap equal to 19.9% of the total number of shares of Common Stock outstanding as of the effective date of the Equity Alignment Agreement and as of the effective date of all renewals, whichever is lowest.

Stock Option Plan

The PH Group Holdings Corp. Stock Option Plan (the “PH Group Option Plan”) was created on January 17, 2014. The employees of the Company and its subsidiaries, consultants of the Company and the employees of Brighton Health Plan Services Holdings Corp. (BHPS) (a wholly-owned subsidiary of BHG Holdings) and its subsidiaries who have performed services for the Company were the participants of the PH Group Option Plan. The aggregate number of shares of common stock for which options may be granted under the PH Group Option Plan shall not exceed 4,229,850 shares.

Effective August 11, 2016, the PH Group Option Plan was transferred to its parent and became the PH Group Parent Corp. Stock Option Plan (the “PH Parent Option Plan”). All other terms in the PH Group Option Plan remained unchanged in the PH Parent Option Plan at the effective date of the transfer.

Effective August 28, 2018, the PH Parent Option Plan was amended and restated to increase the aggregate number of shares of Common Stock for which options may be granted from 4,229,850 shares to 18,985,846 shares.

On April 1, 2021, contingent on the consummation of the intial public offering ("IPO”), the Board of Directors approved a modification to the PH Group Parent Corp. Stock Option Plan of the vesting conditions of certain outstanding stock option grants to certain employees and consultants. The modification accelerated by one year any time vested options that were not previously 100% vested and modified the vesting condition of the performance based options to vest 60% at IPO, 20% 12 months after IPO and 20% 18 months after the IPO. The modification also accelerated the CEO’s time based options by an additional four months such that 100% of his time based options are vested. The Company recognized stock-based compensation of $195.1 million in the second quarter of 2021 related to these modifications and recognized an additional $89.9 million of additional stock compensation expense over the eighteen months following the completion of the IPO.

2021 Omnibus Incentive Plan

On April 6, 2021, the Company approved the Privia Health Group, Inc. 2021 Omnibus Incentive Plan (the “Plan”) which permits awards up to 10,278,581 shares of Common Stock. The Plan also allows for an automatic increase on the first day of each fiscal year following the effective date of the Plan by an amount equal to the lesser of (i) 5% of outstanding shares on December 31 of the immediately preceding fiscal year or (ii) such number of shares as determined by the Company’s Compensation Committee in its discretion. The Plan provides for the granting of stock options at a price equal to at least 100% of the fair market value of Common Stock as of the date of grant. The Plan also provides for the granting of Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (“RSUs”), Performance Awards and other cash-based or other stock-based awards, all of which must be granted at not less than the fair market value of Common Stock as of the date of grant. Participants in the Plan may include employees, consultants, other service providers and non-employee directors. On the effective date of the IPO, the Company issued 1,183,871 restricted stock units at the offering price and 3,683,217 options, with an exercise price equal to the offering price. These issuances are expected to generate stock-based compensation expense of $62.3 million to be recognized over the next four years starting on the effective date of the IPO, as both the RSUs and stock options vest. The Plan is intended as the successor to and continuation of the PH Parent Option Plan. No additional stock awards will be granted under the PH Parent Option Plan.

2021 Employee Stock Purchase Plan

In April 2021, the Company’s Board of Directors approved the Company’s 2021 Employee Stock Purchase Plan (“2021 ESPP”). The 2021 ESPP became effective upon the execution of the underwriting agreement for the Company’s IPO in April 2021 (the “Effective Date”). Per the 2021 ESPP, employees may purchase Common Stock from the Company, which may be newly issued shares, treasury shares or shares acquired on the open market. The Compensation Committee may elect to increase the total number of Shares available for purchase under the 2021 ESPP as of the first day of each Company fiscal year following the Effective Date in an amount equal to up to one percent (1%) of the shares issued and outstanding on the immediately preceding December 31; provided that the maximum number of shares that may be issued under the 2021 ESPP in any event shall be 10,278,581 shares. As of June 30, 2023, the Company has reserved 1,027,858 shares of Common Stock for issuance under the 2021 ESPP. As of June 30, 2023, no shares have been issued under this plan.

Stock option activity

The following table summarizes stock option activity under the PH Parent Option Plan and the Plan:


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022	13,176,721	$	7.86	9.02	$	197,695
Granted	—	—
Exercised	(1,969,629)	2.73
Forfeited	(196,040)	22.78
Balance at June 30, 2023	11,011,052	$	8.51	8.32	$	194,324
Exercisable June 30, 2023	8,683,336	$	4.65	8.47	$	186,453

RSU Activity

The following table summarizes the RSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Unvested and outstanding at December 31, 2022	2,404,664	$	23.81
Granted	1,023,121	27.75
Vested	(407,903)	23.85
Forfeited	(133,112)	23.86
Unvested and outstanding at June 30, 2023	2,886,770	$	25.20

PSU Activity

The following table summarizes the PSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Unvested and outstanding at December 31, 2022	—	$	—
Granted1	525,091	28.15
Vested	—	—
Forfeited	—	—
Unvested and outstanding at June 30, 2023	525,091	$	28.15
(1) During the six months ended June 30, 2023, Privia awarded RSUs in the form of PSUs to certain executive officers, market leaders and employees which vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the fair value at each reporting date.

Stock-based compensation expense

Total stock-based compensation expense for the three months ended June 30, 2023 and 2022, was approximately $9.2 million and $18.5 million, respectively, and $14.6 million and $43.4 million for the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, there was approximately $90.4 million of unrecognized stock-based compensation expense related to unvested options, RSUs and PSUs, net of forfeitures, that is expected to be recognized over a weighted-average period of 1.3 years.

Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Dollars in Thousands)	2023		2022		2023		2022
Cost of platform	$	3,186	$	3,664	$	5,293	$	8,287
Sales and marketing	696		741		1,097		1,529
General and administrative	5,365		14,065		8,238		33,535
Total stock-based compensation	$	9,247	$	18,470	$	14,628	$	43,351

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 2, 2023, Shawn Morris, the Company's Chief Executive Officer and a member of the Company's Board of Directors, adopted a new trading plan for the sale of securities that is intended to satisfy the affirmative defense conditions of Rule 10b5-1 of Exchange Act (the "New Morris Plan"). The first possible trade date under the New Morris Plan is October 1, 2023, and the end date of the New Morris Plan is June 27, 2024, for a duration of approximately nine months. The aggregate amount of securities that may be sold under the New Morris Plan is 2,500,000. No other officers or directors of the Company adopted, modified or terminated any trading plan during the second quarter of 2023.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Shawn Morris [Member]
Trading Arrangements, by Individual
Name	Shawn Morris
Title	Chief Executive Officer
Adoption Date	June 2, 2023
Arrangement Duration	270 days
Aggregate Available	2,500,000	2,500,000

Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

A summary of the Company’s property and equipment, net is as follows:


(Dollars in Thousands)	June 30, 2023		December 31, 2022
Furniture and fixtures	$	1,402	$	1,402
Computer equipment	1,657		1,657
Leasehold improvements	4,927		4,855
	7,986		7,914
Less accumulated depreciation and amortization	(5,110)		(4,528)
Property and equipment, net	$	2,876	$	3,386

Concentrations of Credit Risk (Details) - Customer Concentration Risk			3 Months Ended		6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage			100.00%	100.00%	100.00%	100.00%
Revenue Benchmark \| Six Payers
Concentration Risk [Line Items]
Concentration risk percentage			74.00%	74.00%
Accounts Receivable \| Six Payers
Concentration Risk [Line Items]
Concentration risk percentage	71.00%	67.00%

Stockholders’ Equity - Schedule of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	13,176,721
Granted (in shares)	0
Exercised (in shares)	(1,969,629)
Forfeited (in shares)	(196,040)
Ending balance (in shares)	11,011,052	13,176,721
Number of Shares, Exercisable (in shares)	8,683,336
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 7.86
Granted (in dollars per share)	0
Exercised (in dollars per share)	2.73
Forfeited (in dollars per share)	22.78
Ending balance (in dollars per share)	8.51	$ 7.86
Weighted-Average Exercise Price, Exercisable (in dollars per share)	$ 4.65
Weighted- Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life	8 years 3 months 25 days	9 years 7 days
Weighted-Average Remaining Contractual Life, Exercisable	8 years 5 months 19 days
Aggregate Intrinsic Value	$ 194,324	$ 197,695
Aggregate Intrinsic Value Exercisable	$ 186,453

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

For the purposes of the goodwill impairment assessment, the Company as a whole is considered to be a reporting unit. The Company recognizes the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired as goodwill. The Company performs a qualitative assessment on goodwill at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. If it is determined in the qualitative assessment that the fair value of a reporting unit is more likely than not below its carrying amount, then the Company will perform a quantitative impairment test. The quantitative goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Any excess in the carrying value of a reporting unit’s goodwill over its fair value is recognized as an impairment loss, limited to the total amount of goodwill allocated to that reporting unit. The Company’s carrying value of goodwill at June 30, 2023 and December 31, 2022 was approximately $135.1 million and $126.9 million, respectively. No indicators of impairment were identified during the six months ended June 30, 2023 and 2022.

During February 2023, the Company entered into the Connecticut market through the acquisition of Privia Quality Network Connecticut (“PQN-CT”), whereby Privia acquired majority ownership in PQN-CT. During the first quarter of 2023 the Company recorded Goodwill of $8.1 million in connection with the acquisition, which represents the excess of the purchase price over the fair value of the net assets acquired.

A summary of the Company’s intangible assets is as follows:


	June 30, 2023				December 31, 2022
(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization
Trade names	$	4,600	$	2,032	$	4,600	$	1,917
Consumer customer relationships	2,500		2,208		2,500		2,083
PMG customer relationships	600		221		600		208
Management Service Agreement (Complete MD)	2,200		1,066		2,200		997
Physician network	1,520		177		1,520		127
Payer contracts	2,750		229		2,750		164
MSO Service Agreement (BPMC)	51,800		4,317		51,800		3,087
Payer contracts (PQN-CT)	41,300		$	782	—		$	—
	107,270		$	11,032	65,970		$	8,583
Less accumulated amortization	(11,032)				(8,583)
Intangible assets, net	$	96,238			$	57,387

The remaining weighted average life of all amortizable intangible assets is approximately 19.1 years at June 30, 2023.

Amortization expense for intangible assets was approximately $1.4 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively, and $2.4 million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively.

Estimated amortization expense for the Company’s intangible assets for the following five years is as follows:


	(Dollars in Thousands)
Remainder of 2023	$	2,609
2024	5,135
2025	4,969
2026	4,969
2027	4,969
Thereafter	73,587
Total	$	96,238

Provider Liability (Tables)

6 Months Ended

Jun. 30, 2023

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense

The Company’s liabilities for unpaid medical claims under at-risk capitation arrangements, which are included in Provider liability in the Company’s condensed consolidated balance sheets, were as follows:


	June 30,
(Dollars in Thousands)	2023		2022
Balance, beginning of period	$	28,617	$	—
Incurred health care costs
Current year	161,016		106,068
Prior years	6,360		—
Total claims incurred	$	167,376	$	106,068
Claims Paid
Current year	(102,326)		(72,041)
Prior years	(30,467)		—
Total claims paid	$	(132,793)	$	(72,041)


Balance, end of period	$	63,200	$	34,027

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table presents our revenues disaggregated by source:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Dollars in Thousands)	2023		2022		2023		2022
FFS-patient care	$	230,987	$	211,286	$	458,776	$	415,630
FFS-administrative services	27,172		23,635		53,568		46,641
Capitated revenue	86,695		57,738		164,955		106,068
Shared savings	52,846		32,094		96,774		60,053
Care management fees	13,568		9,476		22,126		18,280
Other revenue	2,083		1,307		3,428		2,665
Total revenue	$	413,351	$	335,536	$	799,627	$	649,337

Fee-for-service (“FFS”) patient care is primarily generated from third-party payers with which the Company has established contractual billing arrangements. The following table presents the approximate percentages by source of net revenue received for healthcare services we provided for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Commercial insurers	69	%	69	%	69	%	70	%
Government payers	15	%	16	%	15	%	15	%
Patient	16	%	15	%	16	%	15	%
	100	%	100	%	100	%	100	%

FFS-administrative services revenue is earned through the Company’s MSA with Non-Owned Medical Groups primarily based on a fixed percentage of net collections on patient care generated by those medical groups.

Value Based Care (“VBC”) revenue is primarily earned through contracts for Capitated revenue, Shared savings and Care management fees. Capitated revenue is generated through what is typically known as an “at-risk contract.” At-risk capitation refers to a model in which the Company receives a fixed monthly payment from the third-party payer in exchange for providing healthcare services to attributed beneficiaries. The Company is responsible for providing or paying for the cost of healthcare services required by those attributed beneficiaries for a set of services. At-risk Capitated revenue is recorded at the total amount gross in revenues because the Company is acting as a principal in arranging for, providing, and controlling the managed healthcare services provided to the attributed lives. Shared savings revenue and Care management fees are generated through contracts with large commercial payer organizations and the U.S. Federal Government.

Contract Asset

The Company has the following contract assets and unearned revenue:


(Dollars in Thousands)	June 30, 2023		December 31, 2022
Balances for contracts with customers
Accounts receivable	$	319,839	$	189,604

Remaining Performance Obligations

As our performance obligations relate to contracts with a duration of one year or less, the Company elected the optional exemption in ASC 606-10-50-14(a). Therefore, the Company is not required to disclose the transaction price for the remaining performance obligations at the end of the reporting period or when the Company expects to recognize revenue. The Company has minimal unsatisfied performance obligations at the end of the reporting period as our patients typically are under no obligation to continue receiving services at our facilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 12,762	$ (29,468)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	581	615
Amortization of intangibles	2,449	1,668
Amortization of debt issuance costs	0	687
Stock-based compensation	14,628	43,351
Deferred tax expense	3,259	11,542
Changes in asset and liabilities:
Accounts receivable	(130,235)	(96,487)
Prepaid expenses and other current assets	(1,850)	(6,491)
Other non-current assets and right-of-use asset	473	2,225
Accounts payable and accrued expenses	(3,967)	(5,651)
Provider liability	97,944	81,169
Operating lease liabilities	(1,789)	(1,263)
Other long-term liabilities	(32)	0
Net cash (used in) provided by operating activities	(5,777)	1,897
Cash from investing activities
Purchases of property and equipment	(72)	(73)
Business Acquisitions, net of cash acquired	(24,856)	0
Net cash used in investing activities	(24,928)	(73)
Cash flows from financing activities
Repayment of note payable	0	(33,250)
Proceeds from exercised stock options	5,783	2,917
Repurchase of non-controlling interest	(5,694)	0
Proceeds from non-controlling interest	569	125
Net cash provided by (used in) financing activities	658	(30,208)
Net decrease in cash and cash equivalents	(30,047)	(28,384)
Cash and cash equivalents at beginning of period	347,992	320,577
Cash and cash equivalents at end of period	317,945	292,193
Supplemental disclosure of cash flow information:
Interest paid	57	647
Income taxes paid	$ 599	$ 245

Net Income (Loss) Per Share - Schedule Of Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Total potentially dilutive stock options to purchase common stock and RSUs (in shares)	6,013,289	20,195,513

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies There are no material commitments and contingencies as of June 30, 2023

Property and Equipment, Net - Schedule of Property Plant And Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 7,986	$ 7,914
Less accumulated depreciation and amortization	(5,110)	(4,528)
Property and equipment, net	2,876	3,386
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment gross	1,402	1,402
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	1,657	1,657
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 4,927	$ 4,855

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its subsidiaries. Amounts shown on the condensed consolidated statements of operations within the operating expense categories of provider expense, cost of platform, selling and marketing, and general and administrative are recorded exclusive of depreciation and amortization.
Consolidation	All significant intercompany transactions are eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities Management evaluates the Company’s ownership, contractual, and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If the Company determines that an entity in which it holds a contractual, or ownership, interest is a VIE and that the Company is the primary beneficiary, the Company consolidates such entity in its consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Management performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Changes in consolidation status are applied prospectively. The Company has relationships with medical groups in which the Company has no ownership interests, which are either (a) owned 100% by Privia Physicians (“Non-Owned Medical Groups”) or (b) majority owned, indirectly through a professional entity by a licensed physician holding a Privia leadership position (“Friendly Medical Groups”). Each of our Medical Groups (e.g., Owned Medical Groups, Non-Owned Medical Groups and Friendly Medical Groups) contracts with the Privia Physician’s historic practice entity, which no longer furnishes healthcare services (the “Affiliated Practice”) whereby the Affiliated Practice provides certain subcontracted services to the Medical Groups to allow the Medical Group to operate at the practice location. The Company evaluated its relationship with (a) Non-Owned Medical Groups (not including Friendly Medical Groups) and their Affiliated Practices, (b) Friendly Medical Groups and their Affiliated Practices, and (c) Affiliated Practices associated with Owned Medical Groups to determine if any of these entities should be subject to consolidation. The Company does not have ownership interest in any Affiliated Practices (whether those of Owned Medical Groups, Non-Owned Medical Groups or Friendly Medical Groups); nor does the Company have an ownership in Non-Owned Medical Groups. The Physician Member Services Agreement (“PMSA”) and support services agreement (“SSA”) entered by Non-Owned Medical Groups and Friendly Medical Groups with their Privia Physician members and the Affiliated Practices are not contractual relationships within Privia’s legal structure. The only contractual relationship between Privia and Non-Owned Medical Groups is established through the MSA. For Friendly Medical Groups, in addition to the MSA, the Company has a contractual relationship, evidenced by a restriction agreement (each a “Restriction Agreement”) with its Nominee Physicians and their respective Friendly Medical Groups. Management has determined, based on the provisions of the MSAs between the Company and Non-Owned Medical Groups, and after considering the requirements of Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”), the Company is not required to consolidate the financial position or results of operations of the Affiliated Practices associated with Owned Medical Groups; nor is it required to consolidate the financial position or results of operations of Non-Owned Medical Groups (and, therefore, the Company is not required to consolidate the Affiliated Practices of the Non-Owned Medical Groups). However, management has determined, based on the provisions of the Restriction Agreement on the Nominee Physician (Friendly PC), the governing documents of the Friendly Medical Groups, and after considering the requirements of ASC 810, that the Company should consolidate the financial position or results of operations of the Friendly Medical Groups and the Friendly PCs. ASC 810 requires the Company to consolidate the financial position, results of operations and cash flows of a Non-Owned Medical Group affiliated by means of a service agreement if the Non-Owned Medical Group is a VIE and the Company is its primary beneficiary. An Affiliated Practice would be considered a VIE if (a) it is thinly capitalized (i.e., the equity is not sufficient to fund the Non-Owned Medical Group’s activities without additional subordinated financial support) or (b) the equity holders of the Non-Owned Medical Group as a group have one of the following four characteristics: (i) lack the power to direct the activities that most significantly affect the Non-Owned Medical Group’s economic performance, (ii) possess non-substantive voting rights, (iii) lack the obligation to absorb the Non-Owned Medical Group’s expected losses, or (iv) lack the right to receive the Non-Owned Medical Group’s expected residual returns. The characteristics of both (a) and (b) do not exist and as such the Non-Owned Medical Groups do not represent VIEs. Accordingly, the Company has not consolidated the financial position, results of operations or cash flows of the Non-Owned Medical Groups that are affiliated with the Company by means of a service agreement for the three and six months ended June 30, 2023 and 2022. Each time that it enters into a new service agreement or enters into a material amendment to an existing service agreement, the Company considers whether the terms of that agreement or amendment would change the elements it considers in accordance with the VIE guidance. The same analysis was performed for the Affiliated Practices of Owned Medical Groups, which have contractual relationships with Privia through the SSA, and the Company determined they do not represent VIEs as they do not meet the criteria in ASC 810 for similar reasons as those outlined above. The Company, however, does meet the criteria for consolidation of the Friendly Medical Groups based on the discussion above. In February 2023, the Company announced a partnership with Community Medical Group, the largest Clinically Integrated Network (“CIN”) in Connecticut with approximately 1,100 multi-specialty providers, to launch Privia Quality Network Connecticut (“PQN-CT”). The Company performed an analysis as noted above and determined that PQN- CT does not represent a VIE as it does not meet the criteria in ASC 810, but the entity is consolidated because Privia owns a majority of the voting interest in the entity. Privia Medical Group – West Texas, PLLC, (“PMG West Texas”) is a physician-owned Medical Group, with PMG West Texas Holdings, PLLC (“Friendly WTX PC”), a Texas professional limited liability company entirely owned by a licensed physician with a leadership role in the Company, owning majority membership interests and having governance and control rights via the governing documents of PMG West Texas. The Company has a contractual relationship with Friendly WTX PC through a Restriction Agreement. The VIE analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG West Texas and Friendly WTX PC do represent VIEs and are consolidated as they do meet the criteria in ASC 810. Privia Medical Group Tennessee, PLLC (“PMG-TN”) is a physician owned Medical Group, with PMG-TN Physicians, PLLC, a Tennessee professional limited liability company entirely owned by a licensed physician with a leadership role in the Company (“Friendly TN PC”), owning majority membership interests therein and having governance and control rights via the governing documents of PMG-TN. Again, the same analysis was performed, and the Company determined that characteristic (b) exists as a result of meeting (ii) and (iv) and as such, PMG-TN and Friendly TN PC do represent VIEs as they do meet the criteria in ASC 810.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure. On an on-going basis the Company evaluates significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, intangible assets subject to amortization, and the computation of income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.
Operating Segments	Operating Segments The Company determined in accordance with ASC 280, Segment Reporting (“ASC 280”) that the Company operates in and reports as a single operating segment, and therefore one reporting segment – Privia Health Group, Inc.
Business Combination	Business Combination Accounting for business combinations requires us to allocate the fair value of purchase considerations to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values, which were determined primarily using the income method. The excess of the fair value of purchase consideration over the fair values of these identified assets and liabilities is recorded as goodwill. Such valuations require us to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, revenue growth rates, medical claims expense, cost of care expenses, operating expenses, discount rate, contract terms and useful life from acquired assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Allocation of purchase consideration to identifiable assets and liabilities affects the Company’s amortization expense, as acquired finite-lived intangible assets are amortized over the useful life, whereas any indefinite lived intangible assets, including goodwill, are not amortized. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. During February 2023, the Company completed an acquisition to expand into a new market. The consideration paid for the acquisition was derived through arm’s length negotiations. The Company’s acquisition was accounted for using the acquisition method pursuant to the requirements of FASB ASC Topic 805, Business Combinations (“ASC 805”). The results of operations of the acquisition have been included in the Company’s consolidated financial statements since their respective date of acquisition. For additional details, refer to Note 3 “Business Combinations.”
Non-Controlling Interest	Non-Controlling Interest The non-controlling interest represents the equity interest of the non-controlling equity holders in results of operations of Privia Management Services Organization, LLC, Privia Management Company Montana, LLC, BASS Privia Management Company of California, LLC, Privia Management Company West Texas, LLC, Privia Management Company North Carolina, LLC, Privia Management Company of Ohio, LLC, Privia Services Company Connecticut, LLC, Privia Quality Network Connecticut, LLC, Privia Quality Network Delaware, LLC and our Owned Medical Groups. The condensed consolidated financial statements include all assets, liabilities, revenues, and expenses of less-than-100%-owned affiliates where the Company has a controlling financial interest. The Company has separately reflected net income attributable to the non-controlling interests in net income in the condensed consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for share-based compensation in accordance with the expense recognition provisions of ASC 718, Compensation–Stock Compensation (“ASC 718”), which requires the issuer to recognize compensation expense for all share-based payments made to employees based on the fair value of the share-based payment at the date of grant. Up until April 2021, the estimated fair value of share-based payments granted to the Company’s employees was determined using the Monte-Carlo option pricing model, which requires inputs based on certain subjective assumptions, including expected term of the option, expected stock price volatility, the risk free interest rate for a period that approximates the expected term of the option and the Company’s expected dividend yield (See Note 10, “Stockholders’ Equity”). The share-based payments granted or modified prior to April 2021 to employees of the Company do not have quoted market prices, and changes in subjective input assumptions can materially affect the fair value estimate. Since April 2021, the Company has estimated the fair value of the options granted to Company’s employees and contractors using the Black-Scholes option-pricing model. Option valuation models require several inputs, such as the expected stock price volatility, the fair value of the stock, the risk free rate, the expected term of the award and the dividend yield. The Company records share-based compensation forfeitures as a reversal of previously recognized compensation expense as the forfeitures occur. For additional details, refer to Note 10 “Stockholders’ Equity.” The Company issued certain performance stock units ("PSUs") during the second quarter of 2023. The awards will vest based on the satisfaction of certain service conditions, performance-based conditions, and market conditions. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the estimated fair value at each reporting date.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Pending Adoption	Recently Adopted Accounting Pronouncements None. Recently Issued Accounting Pronouncements Pending Adoption None.

Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


(Dollars in Thousands)	June 30, 2023		December 31, 2022
Accounts payable	$	5,359	$	6,731
Accrued employee compensation and benefits	7,051		6,177
Bonuses payable	7,569		15,203
Other accrued expenses	28,891		24,726
Total accounts payable and accrued expenses	$	48,870	$	52,837

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 413,351	$ 335,536	$ 799,627	$ 649,337
Operating expenses:
Provider expense	321,718	259,311	623,973	501,498
Cost of platform	50,200	42,384	94,930	83,656
Sales and marketing	5,956	4,819	11,242	9,480
General and administrative	26,808	33,107	52,759	69,217
Depreciation and amortization	1,690	1,165	3,030	2,283
Total operating expenses	406,372	340,786	785,934	666,134
Operating income (loss)	6,979	(5,250)	13,693	(16,797)
Interest (income) expense, net	(817)	663	(2,630)	895
Income (loss) before provision for income taxes	7,796	(5,913)	16,323	(17,692)
Provision for income taxes	1,436	5,468	3,561	11,776
Net income (loss)	6,360	(11,381)	12,762	(29,468)
Less: loss attributable to non-controlling interests	(914)	(906)	(1,836)	(1,483)
Net income (loss) attributable to Privia Health Group, Inc.	$ 7,274	$ (10,475)	$ 14,598	$ (27,985)
Net income (loss) per share attributable to Privia Health Group, Inc. stockholders – basic (in dollars per share)	$ 0.06	$ (0.10)	$ 0.13	$ (0.26)
Net income (loss) per share attributable to Privia Health Group, Inc. stockholders – diluted (in dollars per share)	$ 0.06	$ (0.10)	$ 0.12	$ (0.26)
Weighted average common shares outstanding - basic (in shares)	116,161,251	108,685,835	115,588,313	108,374,181
Weighted average common shares outstanding – diluted (in shares)	124,570,875	108,685,835	124,467,343	108,374,181

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 5,359	$ 6,731
Accrued employee compensation and benefits	7,051	6,177
Bonuses payable	7,569	15,203
Other accrued expenses	28,891	24,726
Total accounts payable and accrued expenses	$ 48,870	$ 52,837

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our revenues disaggregated by source:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Dollars in Thousands)	2023		2022		2023		2022
FFS-patient care	$	230,987	$	211,286	$	458,776	$	415,630
FFS-administrative services	27,172		23,635		53,568		46,641
Capitated revenue	86,695		57,738		164,955		106,068
Shared savings	52,846		32,094		96,774		60,053
Care management fees	13,568		9,476		22,126		18,280
Other revenue	2,083		1,307		3,428		2,665
Total revenue	$	413,351	$	335,536	$	799,627	$	649,337

The following table presents the approximate percentages by source of net revenue received for healthcare services we provided for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Commercial insurers	69	%	69	%	69	%	70	%
Government payers	15	%	16	%	15	%	15	%
Patient	16	%	15	%	16	%	15	%
	100	%	100	%	100	%	100	%

Schedule of Contract with Customer, Contract Asset, and Receivable

The Company has the following contract assets and unearned revenue:


(Dollars in Thousands)	June 30, 2023		December 31, 2022
Balances for contracts with customers
Accounts receivable	$	319,839	$	189,604

Stockholders’ Equity - Schedule of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares) \| shares	2,404,664
Granted (in shares) \| shares	1,023,121
Vested (in shares) \| shares	(407,903)
Forfeited (in shares) \| shares	(133,112)
Ending balance (in shares) \| shares	2,886,770
Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 23.81
Granted (in dollars per share) \| $ / shares	27.75
Vested (in dollars per share) \| $ / shares	23.85
Forfeited (in dollars per share) \| $ / shares	23.86
Ending balance (in dollars per share) \| $ / shares	$ 25.20
Phantom Share Units (PSUs)
Number of Shares
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	525,091
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	525,091
Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	28.15
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 28.15
Award vesting period	3 years

Goodwill and Intangible Assets, Net - Schedule Of Intangible Assets (Details - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	$ 107,270	$ 65,970
Less accumulated amortization	11,032	8,583
Total	96,238	57,387
Trade names
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	4,600	4,600
Less accumulated amortization	2,032	1,917
Consumer customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	2,500	2,500
Less accumulated amortization	2,208	2,083
PMG customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	600	600
Less accumulated amortization	221	208
Service Agreements \| Complete M D
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	2,200	2,200
Less accumulated amortization	1,066	997
Service Agreements \| MSO
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	51,800	51,800
Less accumulated amortization	4,317	3,087
Physician network
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	1,520	1,520
Less accumulated amortization	177	127
Payer contract intangible
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	2,750	2,750
Less accumulated amortization	229	164
Payer contract intangible \| Payer contracts (PQN-CT)
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets, gross	41,300	0
Less accumulated amortization	$ 782	$ 0

Goodwill and Intangible Assets, Net - Schedule of Amortization Of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 2,609
2024	5,135
2025	4,969
2026	4,969
2027	4,969
Thereafter	73,587
Total	$ 96,238	$ 57,387

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Stock Option, Activity

The following table summarizes stock option activity under the PH Parent Option Plan and the Plan:


	Number of Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022	13,176,721	$	7.86	9.02	$	197,695
Granted	—	—
Exercised	(1,969,629)	2.73
Forfeited	(196,040)	22.78
Balance at June 30, 2023	11,011,052	$	8.51	8.32	$	194,324
Exercisable June 30, 2023	8,683,336	$	4.65	8.47	$	186,453

Schedule of Restricted Stock Unit, Activity

The following table summarizes the RSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Unvested and outstanding at December 31, 2022	2,404,664	$	23.81
Granted	1,023,121	27.75
Vested	(407,903)	23.85
Forfeited	(133,112)	23.86
Unvested and outstanding at June 30, 2023	2,886,770	$	25.20

PSU Activity

The following table summarizes the PSU activity under the Plan:


	Number of Shares	Grant Date Fair Value
Unvested and outstanding at December 31, 2022	—	$	—
Granted1	525,091	28.15
Vested	—	—
Forfeited	—	—
Unvested and outstanding at June 30, 2023	525,091	$	28.15
(1) During the six months ended June 30, 2023, Privia awarded RSUs in the form of PSUs to certain executive officers, market leaders and employees which vest after three years, subject to continued employment of the recipients and the achievement of certain performance metric targets. The Company has identified certain performance metrics associated with these awards and certain targets will be fully established at a future date. The Company has determined that the service inception date precedes the grant date for these awards as (a) the awards were authorized prior to establishing an accounting grant date, (b) the recipients began providing services prior to the grant date, and (c) there are performance conditions that, if not met by the accounting grant date, will result in the forfeiture of the awards. As the service inception date precedes the accounting grant date, the Company recognizes stock-based compensation expense over the requisite service period based on the fair value at each reporting date.

Schedule of Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Dollars in Thousands)	2023		2022		2023		2022
Cost of platform	$	3,186	$	3,664	$	5,293	$	8,287
Sales and marketing	696		741		1,097		1,529
General and administrative	5,365		14,065		8,238		33,535
Total stock-based compensation	$	9,247	$	18,470	$	14,628	$	43,351

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

A summary of the Company’s property and equipment, net is as follows:


(Dollars in Thousands)	June 30, 2023		December 31, 2022
Furniture and fixtures	$	1,402	$	1,402
Computer equipment	1,657		1,657
Leasehold improvements	4,927		4,855
	7,986		7,914
Less accumulated depreciation and amortization	(5,110)		(4,528)
Property and equipment, net	$	2,876	$	3,386

Revenue Recognition - Percentages By Source of Net Operating Revenue (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commercial insurers \| Commercial insurers
Concentration Risk [Line Items]
Concentration risk percentage	69.00%	69.00%	69.00%	70.00%
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Revenue Benchmark \| Government payers
Concentration Risk [Line Items]
Concentration risk percentage	15.00%	16.00%	15.00%	15.00%
Revenue Benchmark \| Patient
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	15.00%	16.00%	15.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 317,945	$ 347,992
Accounts receivable	319,839	189,604
Prepaid expenses and other current assets	16,216	14,366
Total current assets	654,000	551,962
Non-current assets:
Property and equipment, net	2,876	3,386
Right-of-use asset	7,555	8,089
Intangible assets, net	96,238	57,387
Goodwill	135,050	126,938
Deferred tax asset	37,109	40,368
Other non-current assets	4,746	4,683
Total non-current assets	283,574	240,851
Total assets	937,574	792,813
Current liabilities:
Accounts payable and accrued expenses	48,870	52,837
Provider liability	306,368	208,424
Operating lease liabilities, current	3,206	3,013
Total current liabilities	358,444	264,274
Non-current liabilities:
Operating lease liabilities, non-current	6,508	8,490
Other non-current liabilities	1,313	1,000
Total non-current liabilities	7,821	9,490
Total liabilities	366,265	273,764
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 and 1,000,000,000 shares authorized; 117,106,892 and 114,690,808 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,171	1,148
Additional paid-in capital	726,156	714,639
Accumulated deficit	(202,095)	(216,693)
Total Privia Health Group, Inc. stockholders’ equity	525,232	499,094
Non-controlling interest	46,077	19,955
Total stockholders’ equity	571,309	519,049
Total liabilities and stockholders’ equity	$ 937,574	$ 792,813

Provider Liability

6 Months Ended

Jun. 30, 2023

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Provider Liability

Provider liability, represents costs payable to physicians, hospitals and other ancillary providers, including both Privia physicians (and their related physician practices), and providers the Company has contracted with through payer partners. Those costs include amounts that have not yet been paid for physician guaranteed payments and other required distributions pursuant to the service agreements as well as medical claims costs for services provided to attributed beneficiaries for which the Company is financially responsible under at-risk Capitated revenue arrangements whether paid directly by the Company or indirectly by payers with whom the Company has contracted. Provider expenses are recognized in the period in which services are provided and include estimates of claims that have been incurred but have either not yet been received, processed, or paid and as such, not reported.

Provider liability estimates are developed using actuarial methods commonly used by health insurance actuaries that include a number of factors and assumptions including medical service utilization trends, changes in membership, observed medical cost trends, historical claim payment patterns and other factors.

Each period, the Company re-examines previously established provider liability estimates based on actual claim submissions and other changes in facts and circumstances. As more complete claims information becomes available, the Company adjusts its estimates and recognizes those changes in estimates in the period in which the change is identified. The difference between the estimated liability and the actual settlements of claims is recognized in the period in which the claims are settled. The Company’s provider liability balance represents management’s best estimate of its liability for unpaid Provider expenses as of June 30, 2023 and 2022. The Company uses judgment to determine the appropriate assumptions for developing the required estimates.


	June 30,
(Dollars in Thousands)	2023		2022
Balance, beginning of period	$	28,617	$	—
Incurred health care costs
Current year	161,016		106,068
Prior years	6,360		—
Total claims incurred	$	167,376	$	106,068
Claims Paid
Current year	(102,326)		(72,041)
Prior years	(30,467)		—
Total claims paid	$	(132,793)	$	(72,041)


Balance, end of period	$	63,200	$	34,027

Net Income (Loss) Per Share - Schedule of Basic and Diluted, Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to Privia Health Group, Inc. common stockholders	$ 7,274	$ (10,475)	$ 14,598	$ (27,985)
Weighted average common shares outstanding - basic (in shares)	116,161,251	108,685,835	115,588,313	108,374,181
Weighted average common shares outstanding – diluted (in shares)	124,570,875	108,685,835	124,467,343	108,374,181
Earnings (loss) per share attributable to Privia Health Group, Inc. common stockholders – basic (in dollars per share)	$ 0.06	$ (0.10)	$ 0.13	$ (0.26)
Earnings (loss ) per share attributable to Privia Health Group, Inc. common stockholders – diluted (in dollars per share)	$ 0.06	$ (0.10)	$ 0.12	$ (0.26)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

A reconciliation of net income (loss) available to common shareholders and the number of shares in the calculation of basic and diluted earnings (loss) per share was calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands, except for share and per share amounts)	2023		2022		2023		2022
Net income (loss) attributable to Privia Health Group, Inc. common stockholders	$	7,274	$	(10,475)	$	14,598	$	(27,985)
Weighted average common shares outstanding - basic	116,161,251		108,685,835		115,588,313		108,374,181
Weighted average common share outstanding - diluted	124,570,875		108,685,835		124,467,343		108,374,181
Earnings (loss) per share attributable to Privia Health Group, Inc. common stockholders – basic	$	0.06	$	(0.10)	$	0.13	$	(0.26)
Earnings (loss) per share attributable to Privia Health Group, Inc. common stockholders – diluted	$	0.06	$	(0.10)	$	0.12	$	(0.26)

The treasury stock method is used to consider the effect of the potentially dilutive stock options. The following outstanding shares of potentially dilutive securities were excluded from computation of diluted loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	Six Months Ended June 30,
	2023	2022
Potentially dilutive stock options to purchase common stock, RSUs and PSUs	6,013,289	20,195,513
Total potentially dilutive shares	6,013,289	20,195,513

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 02, 2023 provider $ / shares shares	Apr. 06, 2021 USD ($) shares	Apr. 01, 2021	Apr. 30, 2021 shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares	Sep. 30, 2021 USD ($)	Aug. 28, 2018 shares	Aug. 27, 2018 shares	Jan. 17, 2014 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01				$ 0.01			$ 0.01		$ 0.01
Accelerated cost \| $							$ 195,100
Common stock, shares authorized (in shares)					1,000,000,000			1,000,000,000		1,000,000,000
Number of options granted (in shares)								0
Unrecognized share-based compensation expense \| $					$ 90,400			$ 90,400
Period for recognition								1 year 3 months 18 days
Common stock, shares issued (in shares)					117,106,892			117,106,892		114,690,808
Share based payment expense \| $					$ 9,247	$ 18,470		$ 14,628	$ 43,351
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		10,278,581
Award percentage increase		5.00%
Options grant price percent of fair market value of company stock price (at least)		100.00%
Number of instruments granted (in shares)		1,183,871
Unrecognized share-based compensation expense \| $		$ 62,300
Period for recognition		4 years
2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percentage of total common stock issued and outstanding (up to)				1.00%
Number of shares authorized (in shares)				10,278,581
Common stock, shares issued (in shares)				1,027,858	0			0
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, percent			100.00%
At IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, percent			60.00%
12months after IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, percent			20.00%
Accelerated vesting, period			12 months
18 months after IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting, percent			20.00%
Accelerated vesting, period			18 months
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)												18,985,846	4,229,850	4,229,850
Period of acceleration			1 year
Options, cost not yet recognized \| $											$ 89,900
Options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of acceleration			4 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of instruments granted (in shares)								1,023,121
Restricted Stock Units (RSUs) \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)		3,683,217
Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity alignment agreement will renew period	4 years
Award percentage of total common stock issued and outstanding (up to)	19.90%
Agreement Condition One \| Equity Alignment Agreement \| Affiliated Entity \| Privia Medical Group Tennessee, PLLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of providers \| provider	1,000
Agreement Condition One \| Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	745,712
Agreement Condition Two \| Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	372,856
Agreement Condition Three \| Equity Alignment Agreement \| Affiliated Entity \| Privia Medical Group Tennessee, PLLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of providers \| provider	1,000
Agreement Condition Three \| Novant Health, Inc \| Equity Alignment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	745,712

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accounts payable and accrued expenses consisted of the following:


(Dollars in Thousands)	June 30, 2023		December 31, 2022
Accounts payable	$	5,359	$	6,731
Accrued employee compensation and benefits	7,051		6,177
Bonuses payable	7,569		15,203
Other accrued expenses	28,891		24,726
Total accounts payable and accrued expenses	$	48,870	$	52,837

Note Payable (Details)	Mar. 16, 2023 USD ($)
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 0
Revolving Credit Facility \| Line of Credit
Debt Disclosure [Abstract]
Long term debt amount outstanding	0
Line of Credit Facility [Line Items]
Long term debt amount outstanding	$ 0

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income tax of $1.4 million and $5.5 million for the three months ended June 30, 2023 and 2022, respectively, and $3.6 million and $11.8 million for the six months ended June 30, 2023 and 2022, respectively. This represents an effective tax rate of 21.8% and (66.6)% for the six months ended June 30, 2023 and 2022, respectively. The effective tax rates for the three and six months ended June 30, 2023, and 2022, respectively, differ from the statutory U.S. federal income tax rate of 21% primarily due to 162(m) limitations, state income taxes, and excess tax benefits related to equity award vesting and exercise events. Management considers both positive and negative evidence when evaluating the recoverability of our deferred tax assets (“DTAs”). The assessment is required to determine whether, based on all available evidence, it is more likely than not (i.e., greater than a 50% probability) that all or some portion of the DTAs will be realized in the future. As of June 30, 2023 and December 31, 2022, the weight of all available positive evidence was greater than the weight of all negative evidence, so a valuation allowance against the deferred tax asset was not recorded.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,436	$ 5,468	$ 3,561	$ 11,776
Effective income tax expense (benefit) rate			21.80%	(66.60%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Business Combinations (Details) - USD ($) $ in Thousands		6 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Cash paid		$ 24,856	$ 0
Goodwill	$ 135,050	135,050		$ 126,938
Clinically Integrated Network (“CIN”)
Business Acquisition [Line Items]
Cash paid	24,856
Other Liabilities	344
Total consideration	25,200
Payer contract intangible	41,300	41,300
Goodwill	8,112	8,112
Fair value of non-controlling interests	(24,212)	(24,212)
Total acquired net assets	$ 25,200	$ 25,200

- Definition

+ References + Details

Business Combinations

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

During February 2023, the Company entered into the Connecticut market through the acquisition of Privia Quality Network Connecticut (“PQN-CT”), whereby Privia acquired a majority ownership in PQN-CT. The acquisition was accounted for using the acquisition method pursuant to the requirements of ASC 805. The results of operations of the acquisition have been included in the Company’s consolidated financial statements since the date of acquisition. Unaudited pro_forma consolidated financial information for the acquisition during the six months ended June 30, 2023 have not been included as the results are immaterial.

The purchase price for the acquisition was allocated as follows:


(Dollars in thousands)	Total Acquisitions as of June 30, 2023
Cash paid	$	24,856
Other Liabilities	344
Total consideration	$	25,200

Payer contract intangible	$	41,300
Goodwill	8,112
Fair value of non-controlling interests	(24,212)
Total acquired net assets	$	25,200

The goodwill relating to this acquisition is primarily attributable to synergies related to the assembled workforce. Goodwill is measured as the excess of the consideration transferred over the fair value of assets acquired and liabilities assumed on the acquisition date.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 7,274	$ (10,475)	$ 14,598	$ (27,985)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue Recognition - Schedule of Contract Assets and Unearned Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 319,839	$ 189,604

Concentrations of Credit Risk	6 Months Ended
Concentrations of Credit Risk	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentrations of Credit Risk	Concentrations of Credit Risk Our financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. While our cash and cash equivalents are managed by reputable financial institutions, the Company’s cash balances with the individual institutions may at times exceed the federally insured limits. Our cash and cash equivalents primarily consist of highly liquid investments in money market funds and cash.The Company receives payment for medical services provided to patients by its physicians through contracts with payers. Six payers within the network accounted for approximately 74% of such payments for each of the three and six month periods ended June 30, 2023 and 2022. The Company evaluates accounts receivable to determine if they will ultimately be collected. In performing this evaluation, significant judgments and estimates are involved, such as past experience, credit quality, age of the receivable balance and current economic conditions that may affect ability to pay. As of June 30, 2023 and December 31, 2022, the Company had six payers within the network that made up approximately 71% and 67% of accounts receivable, respectively.

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

A summary of the Company’s intangible assets is as follows:


	June 30, 2023				December 31, 2022
(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization
Trade names	$	4,600	$	2,032	$	4,600	$	1,917
Consumer customer relationships	2,500		2,208		2,500		2,083
PMG customer relationships	600		221		600		208
Management Service Agreement (Complete MD)	2,200		1,066		2,200		997
Physician network	1,520		177		1,520		127
Payer contracts	2,750		229		2,750		164
MSO Service Agreement (BPMC)	51,800		4,317		51,800		3,087
Payer contracts (PQN-CT)	41,300		$	782	—		$	—
	107,270		$	11,032	65,970		$	8,583
Less accumulated amortization	(11,032)				(8,583)
Intangible assets, net	$	96,238			$	57,387

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for the Company’s intangible assets for the following five years is as follows:


	(Dollars in Thousands)
Remainder of 2023	$	2,609
2024	5,135
2025	4,969
2026	4,969
2027	4,969
Thereafter	73,587
Total	$	96,238

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity attributable to Privia Health Group, Inc.	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2021			107,837,741
Beginning balance at Dec. 31, 2021	$ 450,181	$ 426,872	$ 1,078	$ 633,902	$ (208,108)	$ 23,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)			435,030
Issuance of common stock upon exercise of stock options	799	799	$ 5	794
Stock-based compensation expense	24,881	24,881		24,881
Contributed non-controlling interest	125					125
Net (loss) income	(18,087)	(17,510)			(17,510)	(577)
Ending balance (in shares) at Mar. 31, 2022			108,272,771
Ending balance at Mar. 31, 2022	457,899	435,042	$ 1,083	659,577	(225,618)	22,857
Beginning balance (in shares) at Dec. 31, 2021			107,837,741
Beginning balance at Dec. 31, 2021	450,181	426,872	$ 1,078	633,902	(208,108)	23,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(29,468)
Ending balance (in shares) at Jun. 30, 2022			109,582,734
Ending balance at Jun. 30, 2022	467,106	445,155	$ 1,096	680,152	(236,093)	21,951
Beginning balance (in shares) at Mar. 31, 2022			108,272,771
Beginning balance at Mar. 31, 2022	457,899	435,042	$ 1,083	659,577	(225,618)	22,857
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)			1,309,963
Issuance of common stock upon exercise of stock options	2,118	2,118	$ 13	2,105
Stock-based compensation expense	18,470	18,470		18,470
Net (loss) income	(11,381)	(10,475)			(10,475)	(906)
Ending balance (in shares) at Jun. 30, 2022			109,582,734
Ending balance at Jun. 30, 2022	$ 467,106	445,155	$ 1,096	680,152	(236,093)	21,951
Beginning balance (in shares) at Dec. 31, 2022	114,690,808		114,690,808
Beginning balance at Dec. 31, 2022	$ 519,049	499,094	$ 1,148	714,639	(216,693)	19,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)			779,153
Issuance of common stock upon exercise of stock options	1,477	1,477	$ 11	1,466
Stock-based compensation expense	5,381	5,381		5,381
Contributed non-controlling interest	24,212					24,212
Net (loss) income	6,402	7,324			7,324	(922)
Ending balance (in shares) at Mar. 31, 2023			115,469,961
Ending balance at Mar. 31, 2023	$ 556,521	513,276	$ 1,159	721,486	(209,369)	43,245
Beginning balance (in shares) at Dec. 31, 2022	114,690,808		114,690,808
Beginning balance at Dec. 31, 2022	$ 519,049	499,094	$ 1,148	714,639	(216,693)	19,955
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 12,762
Ending balance (in shares) at Jun. 30, 2023	117,106,892		117,106,892
Ending balance at Jun. 30, 2023	$ 571,309	525,232	$ 1,171	726,156	(202,095)	46,077
Beginning balance (in shares) at Mar. 31, 2023			115,469,961
Beginning balance at Mar. 31, 2023	556,521	513,276	$ 1,159	721,486	(209,369)	43,245
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)			1,636,931
Issuance of common stock upon exercise of stock options	4,306	4,306	$ 12	4,294
Stock-based compensation expense	9,247	9,247		9,247
Repurchase of non-controlling interest	(5,694)	(8,871)		(8,871)		3,177
Contributed non-controlling interest	569					569
Net (loss) income	$ 6,360	7,274			7,274	(914)
Ending balance (in shares) at Jun. 30, 2023	117,106,892		117,106,892
Ending balance at Jun. 30, 2023	$ 571,309	$ 525,232	$ 1,171	$ 726,156	$ (202,095)	$ 46,077

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The purchase price for the acquisition was allocated as follows:


(Dollars in thousands)	Total Acquisitions as of June 30, 2023
Cash paid	$	24,856
Other Liabilities	344
Total consideration	$	25,200

Payer contract intangible	$	41,300
Goodwill	8,112
Fair value of non-controlling interests	(24,212)
Total acquired net assets	$	25,200

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40365
Entity Registrant Name	Privia Health Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3599420
Entity Address, Address Line One	950 N. Glebe Rd.,
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Arlington,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22203
City Area Code	571
Local Phone Number	366-8850
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PRVA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		117,363,208
Entity Central Index Key	0001759655
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 02, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000		1,000,000,000
Common stock, shares issued (in shares)	117,106,892		114,690,808
Common stock, shares outstanding (in shares)	117,106,892		114,690,808

Revenue Recognition - Schedule of Revenue Desegregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 413,351	$ 335,536	$ 799,627	$ 649,337
FFS-patient care
Disaggregation of Revenue [Line Items]
Revenue	230,987	211,286	458,776	415,630
FFS-administrative services
Disaggregation of Revenue [Line Items]
Revenue	27,172	23,635	53,568	46,641
Capitated revenue
Disaggregation of Revenue [Line Items]
Revenue	86,695	57,738	164,955	106,068
Shared savings
Disaggregation of Revenue [Line Items]
Revenue	52,846	32,094	96,774	60,053
Care management fees
Disaggregation of Revenue [Line Items]
Revenue	13,568	9,476	22,126	18,280
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 2,083	$ 1,307	$ 3,428	$ 2,665

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Stockholders’ Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 9,247	$ 18,470	$ 14,628	$ 43,351
Cost of platform
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	3,186	3,664	5,293	8,287
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	696	741	1,097	1,529
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 5,365	$ 14,065	$ 8,238	$ 33,535

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related-Party Transactions	6 Months Ended
Related-Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions On November 3, 2022, the Company announced a strategic partnership with Novant Health Enterprises, a division of Novant Health, to launch Privia Medical Group – North Carolina for independent providers throughout North Carolina. A member of our board of directors is a member of the board of trustees of Novant Health. No revenue or expense was recognized related to Novant Health for the six months ended June 30, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details