Privia Health Group Inc (PRVA) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Privia Health Q4 2022 Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到 Privia Health 2022 年第四季度電話會議。 （操作員說明）

I would now like to hand the call back over to our speaker today, Robert Borchert, SVP of Investor and Corporate Communications.

我現在想把電話轉回給我們今天的發言人，投資者和企業傳播高級副總裁 Robert Borchert。

Thank you, Gerald, and good morning everyone. Joining me today are Shawn Morris, our Chief Executive Officer; Parth Mehrotra, President and Chief Operating Officer; and David Mountcastle, our Chief Financial Officer. This call is being webcast and can be accessed from the Invest Relations section of priviahealth.com.

謝謝你，杰拉爾德，大家早上好。今天加入我的是我們的首席執行官肖恩·莫里斯 (Shawn Morris)； Parth Mehrotra，總裁兼首席運營官；和我們的首席財務官 David Mountcastle。此電話會議正在進行網絡直播，可從 priviahealth.com 的“投資關係”部分收聽。

Today's press release highlighting our financial and operating performance and the slide presentation accompanying our formal remarks are posted on the Investor Relations section of priviahealth.com. Following our prepared comments, we will open the line for questions. Given the number of analysts in the queue, we ask you please limit yourself to one question only and return to the queue if you have a follow-up, so we can get to as many questions as possible.

今天強調我們的財務和運營業績的新聞稿以及伴隨我們正式評論的幻燈片演示發佈在 priviahealth.com 的投資者關係部分。在我們準備好的評論之後，我們將打開問題熱線。考慮到隊列中的分析師數量，我們要求您只回答一個問題，如果您有後續問題，請返回隊列，以便我們盡可能多地回答問題。

The financial results reported today and in the press release are preliminary and are not final until our Form 10-K for the year ended December 31, 2022 is filed with the Securities and Exchange Commission. Some of the statements we will make today are forward-looking in nature based on our current expectations and view of our business as of February 28, 2023. Such statements, including those related to our future financial and operating performance and future business plans and objectives, are subject to risks and uncertainties that may cause actual results to differ materially. As a result, these statements should be considered in conjunction with the cautionary statements in today's press release and the risk factors described in our company's most recent SEC filings.

今天和新聞稿中報告的財務結果是初步的，在我們向美國證券交易委員會提交截至 2022 年 12 月 31 日止年度的 10-K 表格之前，並非最終結果。根據我們目前對截至 2023 年 2 月 28 日的業務的預期和看法，我們今天將發表的一些聲明具有前瞻性。此類聲明包括與我們未來財務和經營業績以及未來業務計劃和目標相關的聲明, 受到可能導致實際結果大不相同的風險和不確定性的影響。因此，這些聲明應與今天新聞稿中的警告聲明以及我們公司最近提交給美國證券交易委員會的文件中描述的風險因素一起考慮。

Finally, we may refer to certain non-GAAP financial measures on the call and reconciliations of these measures to comparable GAAP measures are included in our press release and the accompanying slide presentation posted on our website.

最後，我們可能會參考某些非 GAAP 財務措施，並將這些措施與可比的 GAAP 措施進行對賬，這些措施包含在我們的新聞稿和我們網站上發布的隨附幻燈片演示中。

Now, I'll turn the call over to Shawn.

現在，我會把電話轉給肖恩。

Thank you, Robert, and good morning everyone. Privia Health delivered a tremendous year of financial and operating performance in 2022. We continue to extend our geographic reach and positively impact care delivery in partnership with more than 3,600 providers in Privia Medical Group and an additional 1,400 providers in Privia Care Partners. This market momentum and highly aligned partnership model continues to be driven by growth on multiple fronts, supporting our high level of confidence in our business outlook for 2023. We expect to continue to increase our number of provider partners, expand attributed lives in at-risk value-based arrangements, and grow our presence in the new markets we recently entered.

謝謝你，羅伯特，大家早上好。 Privia Health 在 2022 年取得了巨大的財務和運營業績。我們繼續擴大我們的地理覆蓋範圍，並與 Privia Medical Group 的 3,600 多家供應商和 Privia Care Partners 的另外 1,400 家供應商合作，積極影響醫療服務的提供。這種市場勢頭和高度一致的合作模式繼續受到多方面增長的推動，支持我們對 2023 年業務前景的高度信心。我們預計將繼續增加供應商合作夥伴的數量，擴大處於危險中的生命基於價值的安排，並擴大我們在最近進入的新市場中的影響力。

This morning, I'll review a number of key business highlights. David will discuss our recent financial performance and our 2023 guidance outlook, and Parth will offer a market and operational update before we take your questions.

今天早上，我將回顧一些關鍵的業務亮點。 David 將討論我們最近的財務業績和 2023 年的指導展望，Parth 將在我們回答您的問題之前提供市場和運營更新。

Throughout 2022, Privia Health executed and delivered at a very high level, with full- year financial performance at or above the high end of our updated guidance provided in November. Practice Collections increased more than 49% year-over-year to reach $2.42 billion and adjusted EBITDA was up more than 47% to a record $61 million. Our consistent performance was driven by a healthy balance of same-store growth, new provider additions in existing markets, and strength in ambulatory and value-based utilization across all of our existing practice locations.

在整個 2022 年，Privia Health 的執行和交付水平非常高，全年財務業績達到或高於我們 11 月份提供的最新指南的高端。 Practice Collections 同比增長超過 49%，達到 24.2 億美元，調整後的 EBITDA 增長超過 47%，達到創紀錄的 6100 萬美元。我們一致的業績是由同店增長的健康平衡、現有市場中新供應商的增加以及我們所有現有實踐地點的門診和基於價值的利用的實力推動的。

We've entered a number of new states in the last few months. North Carolina and Ohio offer abundant opportunities to attract new providers to our medical group platform. More recently, we've entered Connecticut and Delaware with our Privia Care Partners' strategy, offering community physicians an opportunity to join Privia and leverage our platform solutions and population health expertise while caring for patients across all reimbursement models. Our entry into these four states validates our growth algorithm, significantly expanding our addressable market and organic growth opportunity and are significant steps toward our long-term goal to build one of the largest care delivery networks in the nation.

在過去的幾個月裡，我們進入了一些新的州。北卡羅來納州和俄亥俄州提供了大量機會來吸引新的供應商加入我們的醫療集團平台。最近，我們通過我們的 Privia Care Partners 戰略進入了康涅狄格州和特拉華州，為社區醫生提供了一個加入 Privia 的機會，並利用我們的平台解決方案和人口健康專業知識，同時通過所有報銷模式為患者提供護理。我們進入這四個州驗證了我們的增長算法，顯著擴大了我們的可尋址市場和有機增長機會，並且是朝著我們建立全國最大的醫療服務網絡之一的長期目標邁出的重要一步。

We continue to see a very strong sales pipeline of potential new providers across our existing markets and are maintaining a healthy business development pipeline as we look to continue to enter new states over the next few years. We now have more than 100 value-based care arrangements with payers in Commercial, Medicare, Medicare Advantage and Medicaid plans, and we continue to see very strong performance across the board.

我們繼續看到我們現有市場中潛在新供應商的銷售渠道非常強大，並且在我們希望在未來幾年繼續進入新州時保持健康的業務發展渠道。我們現在與商業、醫療保險、醫療保險優勢和醫療補助計劃中的付款人有超過 100 個基於價值的護理安排，我們繼續看到非常強勁的全面表現。

A year ago, we initially moved 23,000 Medicare beneficiaries into our first capitated agreements. Beginning January 1st of 2023, we now have over 40,000 capitated lives, an increase of more than 38% from year-end 2022. Overall, we now have approximately 1.1 million attributed lives covered by our value-based care arrangements, from upside only to significant downside risk. This aligns perfectly with our long-term strategy to thoughtfully move providers and their patients to value-based arrangements when we are confident we can be more successful doing so.

一年前，我們最初將 23,000 名 Medicare 受益人轉移到我們的首個按人頭計算的協議中。從 2023 年 1 月 1 日開始，我們現在有超過 40,000 條人壽，比 2022 年底增加了 38% 以上。總體而言，我們現在有大約 110 萬條生命被我們基於價值的護理安排所覆蓋，從上行到顯著的下行風險。這完全符合我們的長期戰略，即當我們有信心可以更成功地這樣做時，深思熟慮地將提供者及其患者轉移到基於價值的安排。

Our business momentum and high forward visibility is driving our 2023 financial guidance, with Practice Collections expected to reach $2.7 billion or higher. We will continue to invest significantly across our enterprise to support our long-term growth and market expansion goals, and still expect strong adjusted EBITDA growth and free cash flow conversion.

我們的業務發展勢頭和高遠見度正在推動我們 2023 年的財務指導，預計 Practice Collections 將達到 27 億美元或更高。我們將繼續在整個企業進行大量投資，以支持我們的長期增長和市場擴張目標，並仍預計調整後的 EBITDA 增長強勁，自由現金流轉換。

Now, I'll ask David to review our recent financial results and '23 outlook.

現在，我將請大衛審查我們最近的財務業績和 23 年展望。

Thank you, Shawn. Privia Health's operating model continues to scale, and we again delivered strong performance in the fourth quarter of 2022. Our Implemented Provider count of 3,606 was up 8.7% year-over-year. We updated our definition of Implemented Providers to exclude any temporary, local tenant providers. This growth in Implemented Providers, combined with our capitated agreements and solid ambulatory utilization trends, led to Practice Collections increasing 23.7% from Q4 a year ago to reach $634.8 million. The operating leverage in our model is clearly apparent as our top line and care margin growth translated into significant EBITDA growth, with adjusted EBITDA up 89.5% over Q4 last year to $14.3 million.

謝謝你，肖恩。 Privia Health 的運營模式繼續擴大規模，我們在 2022 年第四季度再次取得強勁業績。我們實施的供應商數量為 3,606 家，同比增長 8.7%。我們更新了實施提供商的定義，以排除任何臨時的本地租戶提供商。已實施供應商的增長，加上我們的資本化協議和穩定的門診利用趨勢，導致實踐收入比去年第四季度增長 23.7%，達到 6.348 億美元。我們模型中的運營槓桿顯而易見，因為我們的收入和護理利潤率增長轉化為顯著的 EBITDA 增長，調整後的 EBITDA 比去年第四季度增長 89.5% 至 1,430 萬美元。

For full-year 2022, Practice Collections increased 49.1% over 2021 to more than $2.4 billion. Care margin was up 28.2%, and adjusted EBITDA grew 47.1% to reach $60.9 million for the year. We added a sources of revenue schedule in our press release this quarter so you can see the breakdown of the value-based care and fee-for-service GAAP revenue.

2022 年全年，Practice Collections 比 2021 年增長 49.1%，達到 24 億美元以上。護理利潤率增長了 28.2%，調整後的 EBITDA 增長了 47.1%，達到 6090 萬美元。我們在本季度的新聞稿中添加了收入來源時間表，因此您可以看到基於價值的護理和按服務收費的 GAAP 收入的明細。

Total value-based care comprised 28.5% of total GAAP revenue in 2022 compared to 12.4% in the previous year. As a reminder, our GAAP revenue significantly understates total medical cost under management across our value-based care arrangements, including in the Medicare Shared Savings Program.

基於價值的護理總額佔 2022 年 GAAP 總收入的 28.5%，而上一年為 12.4%。提醒一下，我們的 GAAP 收入大大低估了我們基於價值的護理安排（包括 Medicare 共享儲蓄計劃）中管理的總醫療成本。

We also included a provider liability disclosure that captures the medical costs related to our at-risk capitated contracts. This shows that we booked a care margin of $264,000 from our capitated agreements in 2022. While we are still in the early stages of these capitation arrangements, we are focused on improving patient outcomes, lowering costs and improving profitability for Privia and our provider partners.

我們還包括了一份提供者責任披露，其中包含與我們的風險資本合同相關的醫療費用。這表明我們在 2022 年從我們的按人頭付費協議中預訂了 264,000 美元的護理利潤。雖然我們仍處於這些按人頭付費安排的早期階段，但我們專注於改善患者結果、降低成本並提高 Privia 和我們的供應商合作夥伴的盈利能力。

Our balance sheet and capital position continue to be very strong with $348 million of cash and no debt. Free cash flow for 2022 was $47.1 million. Adjusting for $8 million of one-time cash costs, including employer taxes on pre-IPO equity option exercises by our employees, as well as legal, severance and other non-recurring expenses, the conversion from EBITDA to free cash flow was approximately 91%.

我們的資產負債表和資本狀況繼續非常強勁，擁有 3.48 億美元的現金且沒有債務。 2022 年的自由現金流為 4710 萬美元。調整 800 萬美元的一次性現金成本，包括我們員工在 IPO 前行使股權所產生的雇主稅，以及法律、遣散費和其他非經常性費用，從 EBITDA 到自由現金流的轉化率約為 91% .

Our strong 2022 performance and business momentum has positioned us well heading into this year. Using the midpoint of our 2023 guidance, Implemented Providers are expected to increase about 14% year-over-year to reach 4,100 by year-end. Attributed lives are up 28% from 2022 to 1.1 million.

我們強勁的 2022 年業績和業務勢頭使我們能夠順利進入今年。使用我們 2023 年指南的中點，實施的供應商預計將同比增長約 14%，到年底達到 4,100 家。到 2022 年，歸因壽命將增加 28%，達到 110 萬。

We expect Practice Collections to grow 14.5% to more than $2.7 billion and adjusted EBITDA to increase 18.3%, both at the midpoint of our guidance. We remain confident in achieving our long-term targets of 20% Practice Collections growth and 30% adjusted EBITDA growth per year on average. As we've moved into 2023, we have entered four new states, launched three new ACOs and added 11,000 capitated lives. We plan to continue to invest across our business enterprise, in clinical, operational performance, sales, leadership and technology infrastructure to support our significant expansion.

我們預計 Practice Collections 將增長 14.5% 至超過 27 億美元，調整後的 EBITDA 將增長 18.3%，兩者均處於我們指引的中點。我們仍然有信心實現平均每年 20% 的實踐收款增長和 30% 的調整後 EBITDA 增長的長期目標。隨著我們進入 2023 年，我們進入了四個新州，啟動了三個新的 ACO，並增加了 11,000 條按人頭計算的生命。我們計劃繼續投資於我們的企業，包括臨床、運營績效、銷售、領導力和技術基礎設施，以支持我們的重大擴張。

Since new market entry and expansion costs are an ongoing and regular part of our long-term growth strategy, we do not add these expenses back to get to adjusted EBITDA. Therefore, our 2023 adjusted EBITDA guidance absorbs approximately USD8 million to USD10 million in investments. We expect our new markets to scale significantly in the coming years as we grow our provider base and attributed lives in these new states.

由於新市場進入和擴張成本是我們長期增長戰略的持續和常規部分，我們不會將這些費用加回去以獲得調整後的 EBITDA。因此，我們 2023 年調整後的 EBITDA 指引吸收了大約 800 萬美元至 1000 萬美元的投資。隨著我們在這些新州擴大我們的供應商基礎並歸因於生活，我們預計我們的新市場在未來幾年將顯著擴大。

Finally, with our capital-efficient partnership model, we expect 80% to 90% of our adjusted EBITDA to convert to free cash flow.

最後，憑藉我們的資本高效合作模式，我們預計 80% 至 90% 的調整後 EBITDA 將轉化為自由現金流。

Now, Parth will provide an update on our market growth, value-based care footprint and geographic expansion.

現在，Parth 將提供有關我們市場增長、基於價值的護理足跡和地域擴張的最新信息。

Thanks, David. Privia Health has performed extremely well over the past four years. We have gained momentum since our IPO and continue to execute on multiple fronts to extend our market reach, drive future growth and positively impact care delivery.

謝謝，大衛。 Privia Health 在過去四年中表現非常出色。自首次公開募股以來，我們獲得了動力，並繼續在多個方面執行以擴大我們的市場範圍，推動未來增長並積極影響護理服務。

We have exceeded our long-term growth targets since 2020, averaging annual Practice Collections growth of about 29% and adjusted EBITDA growth of close to 35% over these four years. To reiterate, we continue to believe we can grow Practice Collections 20% and adjusted EBITDA 30% per year on average with our proven, long-term growth and profitability algorithm.

自 2020 年以來，我們已經超出了我們的長期增長目標，在這四年中，Practice Collections 的年平均增長率約為 29%，調整後的 EBITDA 增長率接近 35%。重申一下，我們仍然相信，憑藉我們久經考驗的長期增長和盈利算法，我們可以平均每年將 Practice Collections 增長 20%，調整後的 EBITDA 增長 30%。

Our performance has clearly demonstrated our execution capabilities and success in transitioning to at-risk contracts over time as we generate increased profitability under those arrangements. We expect EBITDA and free cash flow growth each year while investing in our operating infrastructure to support our growth and expansion.

隨著我們在這些安排下產生更高的盈利能力，我們的業績清楚地證明了我們的執行能力以及隨著時間的推移成功過渡到風險合同的能力。我們預計 EBITDA 和自由現金流每年都會增長，同時投資於我們的運營基礎設施以支持我們的增長和擴張。

We continue to be very encouraged by Privia's business momentum across both existing and potential new geographies. Our national footprint now includes more than 3,600 implemented providers in our medical groups caring for over 4 million patients in 950 locations across 12 states and the District of Columbia. Our scale, geographic density and partnerships across more than 50 specialty types enable us to offer our providers, payers and patients a broad ambulatory care delivery network that can improve patient outcomes and reduce costs.

我們繼續對 Privia 在現有和潛在新地區的業務勢頭感到鼓舞。我們的全國足跡現在包括我們醫療集團中的 3,600 多家實施供應商，在 12 個州和哥倫比亞特區的 950 個地點為超過 400 萬患者提供護理。我們的規模、地理密度和超過 50 種專業類型的合作夥伴關係使我們能夠為我們的提供者、付款人和患者提供廣泛的門診護理服務網絡，從而改善患者結果並降低成本。

Privia Care Partner providers are not included in our Implemented Provider count. The patient lives associated with Privia Care Partners are included in our 1.1 million total value-based attributed lives. We believe there is a significant opportunity for us to move these Privia Care Partner providers to our full services platform over time.

Privia Care 合作夥伴提供商不包括在我們的實施提供商計數中。與 Privia Care Partners 相關的患者生命包含在我們基於價值的 110 萬總歸因生命中。我們相信，隨著時間的推移，我們有很大的機會將這些 Privia Care 合作夥伴提供商轉移到我們的完整服務平台。

While our entry in each state may look unique given our partnership model, our strategy is simple, consistent and replicable across all states. We enter new geographies and set up four primary elements: first, a single tax ID entity that facilitates payer negotiations and clinical alignment while maintaining a provider's legacy ownership structure; second, an Accountable Care Organization for risk-bearing value-based contracts; third, our tech and services platform offers providers a breadth of cloud-based applications and expertise to help reduce administrative burden, increase efficiency and lower medical costs; and last but most important, our close alignment with physicians is critical in successfully managing patient panels across the risk spectrum. We create a physician-led governance structure in our medical groups for data and analytics reviews, as well as peer-to-peer sharing of clinical and operational best practices.

考慮到我們的合作模式，雖然我們在每個州的進入看起來都是獨一無二的，但我們的策略是簡單、一致且可在所有州複製的。我們進入新的地區並建立了四個主要要素：首先，一個單一的稅號實體可以促進付款人談判和臨床調整，同時保持提供者的遺留所有權結構；第二，基於風險價值的合同的責任關懷組織；第三，我們的技術和服務平台為提供商提供廣泛的基於雲的應用程序和專業知識，以幫助減輕管理負擔、提高效率和降低醫療成本；最後但也是最重要的是，我們與醫生的緊密合作對於成功管理整個風險範圍內的患者小組至關重要。我們在我們的醫療團隊中創建了一個由醫生主導的治理結構，用於數據和分析審查，以及臨床和運營最佳實踐的點對點共享。

Privia's operating model offers a unique ability to partner with and organize providers of all types, whether it's community physicians, health systems, clinically-integrated networks, independent physician associations or other facility-based providers across all specialties. Our flexible model enables us to offer solutions for all providers no matter where they are in the transition to value-based care.

Privia 的運營模式提供了一種獨特的能力，可以與所有類型的提供者合作並組織這些提供者，無論是社區醫生、衛生系統、臨床綜合網絡、獨立的醫師協會還是所有專業的其他基於設施的提供者。我們靈活的模式使我們能夠為所有提供者提供解決方案，無論他們處於向基於價值的護理過渡的哪個階段。

We drive performance improvement through same-store volume and practice growth, add on valuable ancillary services over time and move to value-based care arrangements when we are confident we can be more successful doing so. Privia's very thoughtful move to risk and value-based arrangements is a key differentiator. We believe our doctors get better results than their peers due to our physician-led governance, extensive clinical, performance and actuarial expertise, and clear incentives that keep us highly aligned.

我們通過同店銷量和實踐增長推動績效提升，隨著時間的推移增加有價值的輔助服務，並在我們有信心可以更成功地這樣做時轉向基於價值的護理安排。 Privia 非常周到地轉向基於風險和價值的安排是一個關鍵的區別。我們相信，由於我們以醫生為主導的治理、廣泛的臨床、績效和精算專業知識，以及使我們保持高度一致的明確激勵措施，我們的醫生取得了比同行更好的結果。

We take a balanced approach across a diverse set of Commercial, Medicare and Medicaid contracts. Our success over the last eight years is key to our collaboration with our provider and payer partners. In fact, in 2021 performance year alone, we generated savings of over $100 million in the Medicare Shared Savings Program.

我們對各種商業、醫療保險和醫療補助合同採取平衡的方法。我們在過去八年中取得的成功是我們與供應商和付款方合作夥伴合作的關鍵。事實上，僅在 2021 業績年度，我們就在醫療保險共享儲蓄計劃中節省了超過 1 億美元。

Privia's value-based care platform continues to be one of the broadest, most balanced and diversified in the industry. We now cover an estimated 1.1 million attributed lives across more than 100 at-risk payer contracts in commercial and government programs. This includes our newest ACOs in Connecticut and Delaware.

Privia 的基於價值的護理平台仍然是業內最廣泛、最平衡和多樣化的平台之一。現在，我們覆蓋了商業和政府計劃中 100 多個處於風險中的付款人合同中估計有 110 萬條生命。這包括我們在康涅狄格州和特拉華州的最新 ACO。

Today, we take upside and downside risk on more than 70% of our attributed lives across the Medicare Shared Savings or similar programs. In addition, we now have more than 40,000 Medicare Advantage lives, or approximately 35% of our total MA lives, in capitated arrangements with significant downside risk. We believe there is a significant embedded opportunity for us to move a number of the remaining lives into upside and downside risk arrangements, and realize the earnings power associated with lowering of medical costs on those lives.

今天，我們在 Medicare Shared Savings 或類似計劃中為我們 70% 以上的歸因生命承擔上行和下行風險。此外，我們現在有超過 40,000 名 Medicare Advantage 人壽，或我們 MA 總人壽的大約 35%，按人頭計算的安排具有重大下行風險。我們相信，我們有一個重要的嵌入式機會，可以將一些剩餘生命轉移到上行和下行風險安排中，並實現與降低這些生命的醫療成本相關的盈利能力。

We also continue to take significant steps towards building a national network of primary and specialty care providers. Following our partnerships with Novant Health in North Carolina and OhioHealth, we announced an agreement in January with Beebe Healthcare, a community health system in Delaware to launch an Accountable Care Organization, where we are participating in the MSSP Enhanced Track with more than 12,000 patient lives.

我們還繼續採取重大步驟來建立全國初級和專科保健提供者網絡。在我們與北卡羅來納州的 Novant Health 和 OhioHealth 建立合作夥伴關係之後，我們於 1 月宣布與特拉華州的社區衛生系統 Beebe Healthcare 達成協議，以啟動一個負責任的護理組織，我們將參與 MSSP 增強跟踪，為超過 12,000 名患者提供幫助.

Two weeks ago, we announced our partnership with Community Medical Group to launch an ACO with the largest clinically-integrated network in Connecticut comprising more than 1,100 multi-specialty providers. Privia Health is the majority owner of the ACO and we contract with Commercial and Medicare payers covering approximately 180,000 patient lives attributed to value-based arrangements, including 29,000 Medicare beneficiaries.

兩週前，我們宣布與 Community Medical Group 建立合作夥伴關係，推出一個 ACO，該 ACO 擁有康涅狄格州最大的臨床綜合網絡，由 1,100 多家多專業提供者組成。 Privia Health 是 ACO 的大股東，我們與商業和 Medicare 付款人簽訂合同，涵蓋約 180,000 名基於價值安排的患者生命，其中包括 29,000 名 Medicare 受益人。

Today, we have approximately 1,440 providers in our Privia Care Partners' model with about 220,000 attributed lives in various value-based care programs. Privia Care Partners provides us an opportunity to increase the pipeline of community physicians to implement and leverage Privia's full technology and services platform in the future.

今天，在我們的 Privia Care Partners 模型中，我們有大約 1,440 名提供者，在各種基於價值的護理計劃中有大約 220,000 條歸因於生命。 Privia Care Partners 為我們提供了一個機會，可以增加社區醫生的管道，以在未來實施和利用 Privia 的完整技術和服務平台。

In summary, we remain focused on growing and expanding our business for many years to come as we build our national footprint. We wanted to leave you with this photo of a bus ad running in our North Carolina market in partnership with Novant.

總而言之，在我們建立我們的全國足蹟的過程中，我們將在未來多年專注於發展和擴大我們的業務。我們想給您留下這張與 Novant 合作在北卡羅來納州市場投放的公交車廣告照片。

Doctors have a fundamental choice of where they practice. Privia offers a unique alternative for community physicians across all specialties, entire patient panels and all reimbursement models. An alternative where doctors can remain in their legacy ownership structure, remain autonomous if they choose to and yet be part of a bigger organization. An option that we believe was not truly available in the past.

醫生可以基本選擇他們執業的地方。 Privia 為所有專業、整個患者面板和所有報銷模型的社區醫生提供了一個獨特的選擇。醫生可以保留其遺留所有權結構的替代方案，如果他們願意，可以保持自主權，但仍是更大組織的一部分。我們認為過去沒有真正可用的選項。

With that, operator, we're now ready for the first question.

有了這個，接線員，我們現在準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Brian Tanquilut from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Brian Tanquilut。

Hi, you have Taji on for Brian. So clearly, we see very aggressive in pursuing partnerships with health systems and physician practices in the back half of '22 and '23. Could you maybe just discuss expectations for '23, is the focus here integration or are you optimistic about the potential pipeline for additional partnerships?

嗨，你有 Taji 代替 Brian。很明顯，我們看到在 22 世紀和 23 世紀的後半段尋求與衛生系統和醫生實踐的合作夥伴關係非常積極。您能否討論一下對 23 年的期望，這裡的重點是整合還是您對其他合作夥伴關係的潛在渠道持樂觀態度？

Our pipeline continues to remain pretty robust for new markets. So we are focused both on expanding the footprint in existing geographies where there's a pretty inherent large TAM with the opening up of the new states and even in the states we are operating in today. And we continue to pursue entering into new states. I mean, we're in 12 states, we have 38 to go. So we're pretty much full steam ahead, so it's both strategy.

對於新市場，我們的渠道繼續保持強勁。因此，我們既專注於擴大現有地區的足跡，隨著新州的開放，甚至在我們今天開展業務的州，這些地區都有一個非常大的 TAM。我們繼續追求進入新的狀態。我的意思是，我們在 12 個州，還有 38 個州要去。所以我們幾乎全速前進，所以這都是戰略。

Our next question comes from David Larsen of BTIG.

我們的下一個問題來自 BTIG 的 David Larsen。

Can you talk a bit about the impact of the RADV program and the advanced rate (inaudible) are you getting some feedback, sorry about that. Does that drive incremental demand from Privia, what are your (technical difficulty) --

你能談談 RADV 計劃的影響和先進的利率（聽不清）你是否得到了一些反饋，對此感到抱歉。這是否推動了 Privia 的增量需求，您的（技術困難）是什麼——

As you can imagine, we take a very thoughtful and disciplined approach, as you would expect us to. We hold ourselves to very high standards, along with our providers when it comes to risk adjustment or any other type of quality or compliance program. The -- we don't believe where RADV is going to have a material impact to us. And -- but just kind of the way we've run the program in the past, the way we continue to expect to run it.

正如您所想像的那樣，正如您所期望的那樣，我們採取了一種非常周到和有紀律的方法。在風險調整或任何其他類型的質量或合規計劃方面，我們與我們的供應商一起堅持非常高的標準。我們不相信 RADV 會對我們產生重大影響。而且 - 但就像我們過去運行該程序的方式一樣，我們繼續期望運行它的方式。

Now I'd say we understand what CMS is trying to do and address any, I guess, potential overcoding for lack of a better word, and in some -- with Privia think about it, it's with us, the diversity of revenue, probably this is a more significant risk for other companies that we tend to focus just on the -- on MA or something where RADV is a bigger portion of the top line. So again, I guess our balance of revenue and diversity is a differential for us.

現在我想說我們了解 CMS 正在嘗試做什麼並解決任何問題，我猜，由於缺乏更好的詞而可能出現的過度編碼，在某些情況下 - Privia 考慮一下，它與我們一起，收入的多樣性，可能對於我們傾向於只關注 MA 或 RADV 佔收入較大部分的其他公司來說，這是一個更大的風險。所以，我想我們的收入和多樣性之間的平衡對我們來說是一個差異。

Our next question comes from Lisa Gill from JPMorgan.

我們的下一個問題來自摩根大通的 Lisa Gill。

On the four new markets that you talked about Connecticut, Delaware, North Carolina, Ohio, what's included in the guidance for 2023 as far as any of the key metrics, whether we think about attributed lives or physician count. Is there anything included or is that -- you're going to spend the USD8 million to USD10 million to bring those on and that's more of an opportunity as we think about 2024? Just trying to figure out what's in the guidance.

在您談到康涅狄格州、特拉華州、北卡羅來納州和俄亥俄州的四個新市場上，2023 年指南中包含的任何關鍵指標，無論是考慮歸因於生命還是醫生人數。是否包含任何內容，或者是 - 您將花費 800 萬美元到 1000 萬美元來實現這些目標，而這在我們考慮 2024 年時更像是一個機會？只是想弄清楚指南中的內容。

So we'll take them one at a time. For North Carolina and Ohio, we're actively recruiting new providers. We did not start with any. And given the 5- to 6-month lag in implementation, there's pretty de minimis contribution from those 2 markets in any of the KPIs. So very limited implemented providers, very limited lives, very limited practice collections, care margin and so forth. So obviously, as we are spending those dollars, you should expect pretty significant operating leverage starting next year and beyond.

所以我們一次一個。對於北卡羅來納州和俄亥俄州，我們正在積極招募新的供應商。我們沒有從任何開始。考慮到實施滯後 5 到 6 個月，這兩個市場在任何 KPI 中的貢獻都非常小。因此，實施的提供者非常有限，生命非常有限，實踐收集、護理保證金等非常有限。很明顯，當我們花費這些美元時，您應該期望從明年及以後開始有相當大的運營槓桿。

In Delaware and Connecticut, we entered those markets as we outlined in our prepared remarks, with attributed lives in both those states. So we are in value-based arrangements and they'll be -- so those are included in our attributed lives numbers. There are no providers in those 2 states today in the implemented provider accounts. So again, we are going to be actively recruiting in both of those states and you'll see some operating leverage coming from the fee-for-service book in the future. But there's some contribution from the value-based book and practice collections and care margin in those 2 states.

在特拉華州和康涅狄格州，我們進入了這些市場，正如我們在準備好的評論中所概述的那樣，在這兩個州都有生命。因此，我們處於基於價值的安排中，它們將會——所以這些都包含在我們歸因的生命數字中。今天在實施的提供者賬戶中，這兩個州沒有提供者。因此，我們將再次在這兩個州積極招聘，你會在未來看到一些來自服務收費書的運營槓桿。但是，這兩個州的基於價值的書籍和實踐收藏以及護理利潤率做出了一些貢獻。

Our next question comes from Joshua Raskin of Nephron Research.

我們的下一個問題來自 Nephron Research 的 Joshua Raskin。

2023 guidance, that includes, call it, USD200 million to USD300 million incremental attributed lives. So I was wondering if you could just give some color on the categories. I think you gave us the MA, but just sort of where those lives are coming from? And how do we think about that in the -- that number in the future, just the gross number of incremental attributed lives sort of based on your pipeline and what you're looking at. Should we think of that as a relatively consistent number of patients that can convert over time? Or should we think about that as sort of an abnormal year or does it grow over time?

2023 年指南，其中包括 2 億美元至 3 億美元的增量歸因生命。所以我想知道你是否可以給類別一些顏色。我想你給了我們碩士學位，但這些生命是從哪裡來的？我們如何看待這一點——未來的數字，只是增量歸因生命的總數，有點基於你的管道和你正在看的東西。我們是否應該將其視為可以隨時間轉變的相對穩定的患者數量？還是我們應該將其視為不正常的一年，還是會隨著時間的推移而增長？

So if you compare our bubble chart on Slide 12 to previous quarters, you can see the growth year-over-year on those lives. We added Connecticut and we added Delaware and both of those came with 180,000 and then 12,000 lives, respectively. And so we made the appropriate disclosures. So you can see it's mainly MSSP, some commercial and some MA in those 2 states. That's all included in the $1.1 million. There's also organic growth in the existing states as we've grown our provider footprint. So there's some growth across all lines of business in lives from there.

因此，如果您將幻燈片 12 上的氣泡圖與前幾個季度進行比較，您可以看到這些人的同比增長。我們添加了康涅狄格州和特拉華州，這兩個州分別帶來了 180,000 人和 12,000 人的生命。因此我們進行了適當的披露。所以你可以看到它主要是 MSSP，在這兩個州有一些商業和一些 MA。這都包含在 110 萬美元中。隨著我們擴大供應商足跡，現有州也有有機增長。因此，從那裡開始，生活中所有業務領域都有一些增長。

And then to your second question, we'll just take a judicious approach on when we move to downside arrangements. You've seen we've gone from 0 to 40,000 in 2 years here. It will not be a linear line. I think we'll just evaluate it year-by-year. And in our model where we are sharing the economics, 60-40 up and down with our physician partners, it's a joint decision, and we'll try and do it when we think it's profitable and successful to doing so.

然後是你的第二個問題，當我們轉向下行安排時，我們只會採取明智的方法。您已經看到我們在 2 年內從 0 增加到 40,000。它不會是一條直線。我想我們會逐年評估它。在我們與我們的醫生合作夥伴分享 60-40 的經濟模型中，這是一個共同的決定，當我們認為這樣做有利可圖且成功時，我們會嘗試這樣做。

Our next question comes from Jailendra Singh with Truist.

我們的下一個問題來自 Jailendra Singh 和 Truist。

This is Jailendra Singh from Truist Securities. With respect to EBITDA guidance, including approximately USD8 million to USD10 million in start-up costs for new geographies and ACOs. I was wondering if you could share some color around the quarterly cadence of those costs and any other (inaudible) we should keep in mind as we think about the quarterly EBITDA cadence in general for '23?

我是來自 Truist Securities 的 Jailendra Singh。關於 EBITDA 指導，包括新地區和 ACO 的大約 800 萬美元至 1000 萬美元的啟動成本。我想知道您是否可以圍繞這些成本的季度節奏分享一些顏色，以及我們在考慮 23 年的季度 EBITDA 節奏時應該記住的任何其他（聽不清）？

Yes. I think you should expect the quarterly cadence to be pretty consistent with previous years. From an EBITDA perspective, our spend is pretty even across the years -- across the year in different quarters. So it should not be materially different from 2022.

是的。我認為您應該期望季度節奏與往年非常一致。從 EBITDA 的角度來看，我們的支出在這些年裡是相當均勻的——在一年中的不同季度。所以它應該與 2022 年沒有實質性的不同。

(Operator Instructions) Our next question comes from Andrew Mok of UBS.

（操作員說明）我們的下一個問題來自瑞銀集團的 Andrew Mok。

This is Thomas on for Andrew. Do you have a target for converting a certain share for Privia Care Partners providers to fully implemented providers? Just trying to figure out the general progression you're expecting and whether converting those providers is a priority in the near term.

這是安德魯的托馬斯。您是否有將 Privia Care Partners 提供商的特定份額轉換為完全實施的提供商的目標？只是想弄清楚您期望的總體進展以及轉換這些提供者是否是近期的優先事項。

Yes, it is a pretty high priority. We have a good relationship with those doctors and our hope is that they convert to the full stack. We have our internal targets, but obviously don't disclose that publicly, but you should expect for us to target those 1,440 providers and over time move as many of them to the full stack.

是的，這是一個相當高的優先級。我們與這些醫生有著良好的關係，我們希望他們能夠轉變為全棧。我們有我們的內部目標，但顯然不會公開披露，但您應該期望我們以這 1,440 家供應商為目標，並隨著時間的推移將其中許多供應商轉移到完整堆棧。

(Operator Instructions) Our next question comes from Ryan Daniels of William Blair.

（操作員說明）我們的下一個問題來自 William Blair 的 Ryan Daniels。

Quick one on the guidance. The implemented provider range is reasonably tight 12% to 15% growth. But if I look at the attributed lives, it's 23% to 34% growth, so a bigger range there. And I'm curious if there's any nuances between those 2 metrics, larger provider groups coming on with more patient panels or anything unique that it describes kind of the larger range on lives under management?

快速指導。已實施的供應商範圍相當緊湊，增長 12% 至 15%。但如果我看一下歸因於生命，它增長了 23% 到 34%，所以範圍更大。我很好奇這兩個指標之間是否存在任何細微差別，更大的提供者團體會帶來更多的患者面板，或者它描述了更大範圍的管理下的生命的任何獨特之處？

One is a law of large number, it's a bigger number, so slightly wider range. Implemented providers, we have pretty good visibility given the 5- to 6-month lag. And so the range reflects that kind of visibility unless there's some quarter-over-quarter movements. In the implemented -- in the attributed lives, a lot of these products are PPO, so some of the attribution flows in even into Q1 -- late Q1, early Q2. So that's the range where we have a little bit less visibility other than the capitated book. And so we just account for that in the guidance.

一個是大數定律，它是一個更大的數，所以範圍稍微寬一點。考慮到 5 到 6 個月的滯後，實施的供應商我們有很好的可見性。因此，除非有一些季度環比變動，否則該範圍反映了這種可見性。在實施中——在歸因生活中，很多這些產品都是 PPO，所以一些歸因甚至流入了第一季度——第一季度末，第二季度初。所以在這個範圍內，除了大寫的書之外，我們的知名度要低一些。因此，我們只是在指南中說明了這一點。

Of course, we've entered some new states. So obviously, as we are adding providers and that attribution close in, it's just a bigger footprint. So we're giving ourselves a little bit of latitude from a broader range perspective.

當然，我們已經進入了一些新的狀態。很明顯，當我們添加供應商並且該屬性接近時，它只是一個更大的足跡。所以我們從更廣泛的角度給自己一點自由度。

(Operator Instructions) Our next question comes from Sandy Draper of Guggenheim.

（操作員說明）我們的下一個問題來自古根海姆的桑迪德雷珀。

So my question sort of echoes lot of the earlier questions. I'd be curious, Shawn, in part and this is maybe a misperception on my part. It seems like more of the announcements recently we've been seeing going towards Privia Care Partners with then focus to switch those over to potentially full stack over time. I just didn't know if there's a focus from you guys where you're saying, hey, we can move faster and obviously, you're hitting -- getting into new states, I think, quicker than what you outlined at the IPO. Maybe you're looking at and saying, hey, this new strategy, we can move faster, we can get into more new states than we believe in the long term? Or is the market saying end up meeting the doctor saying, we would rather sort of dip our toe in the water, partner with you guys, and then we'll see about joining in full stack later. I'm just trying to see thinking about the -- where the push is coming from my perception is, the more of the focus or more of the new signings are going light versus full?

所以我的問題在某種程度上與之前的許多問題相呼應。肖恩，我會很好奇，這在一定程度上可能是我的誤解。似乎最近我們看到更多的公告轉向 Privia Care Partners，然後重點關注隨著時間的推移將這些轉移到可能的完整堆棧。我只是不知道你們是否關注你們所說的，嘿，我們可以行動得更快，顯然，你們正在擊中——進入新的狀態，我認為，比你們在首次公開募股時概述的更快.也許你正在看著並說，嘿，這個新戰略，我們可以更快地行動，我們可以進入比我們相信的長期更多的新狀態？或者市場說法最終會遇到醫生說，我們寧願將腳趾浸入水中，與你們合作，然後我們會看到稍後加入全棧。我只是想看看——我認為推動力來自哪裡，更多的焦點或更多的新簽約是輕裝還是全裝？

Yes. It's Parth. I'll start. Shawn can add. So if you look at since the IPO, we've -- as we showed on Slide 9, we've added 6 new states, and they've been consistent with our strategy to target medical groups, health systems or Privia Care Partners, whether it's clinically-integrated networks or ACOs. So we are focused on all 3. There's no particular focus on one or the other. And as we outlined on Slide 11, our strategy once we enter is very, very consistent. We launched the full medical group, the full stack to both fee-for-service, value-based care.

是的。是帕特。我會開始。肖恩可以補充。所以如果你看看自 IPO 以來，我們已經——正如我們在幻燈片 9 中展示的那樣，我們增加了 6 個新州，它們與我們針對醫療團體、衛生系統或 Privia Care 合作夥伴的戰略一致，無論是臨床整合網絡還是 ACO。所以我們專注於所有 3 個。沒有特別關注其中之一。正如我們在幻燈片 11 中概述的那樣，我們進入後的策略非常非常一致。我們推出了完整的醫療集團，完整的堆棧，包括按服務收費、基於價值的護理。

I think the underlying operative strategy for us is to get very large scale as quickly as we can. We think our scale is underappreciated. So if an opportunity arises in Connecticut, where CMG is the largest clinically-integrated network with 1,100 providers across 450 locations, you can just compare their size to any other business model out there just in one state. And our model's flexibility allows us to partner with an entity like that and enter the state with an alignment with a large number of providers day 1, and then launch the full stack behind it and offer our full platform.

我認為我們的基本運營策略是盡快擴大規模。我們認為我們的規模被低估了。因此，如果在康涅狄格州出現機會，CMG 是最大的臨床綜合網絡，在 450 個地點擁有 1,100 家提供商，您可以將它們的規模與一個州的任何其他商業模式進行比較。我們模型的靈活性使我們能夠與這樣的實體合作，並在第一天與大量提供商保持一致進入狀態，然後在其背後啟動完整堆棧並提供我們的完整平台。

So I think the flexibility in the model allows us to pursue all, including health systems and including IPAs or CIMs and that's how health care is organized in different parts of the (technical difficulty)

所以我認為模型的靈活性使我們能夠追求所有，包括衛生系統，包括 IPA 或 CIM，這就是醫療保健在（技術難度）的不同部分的組織方式

Having those conversations beginning to -- who would be interested and we want to kind of -- obviously, we think the solution -- long-term solution for us is to build single tax ID medical groups, but we want to have these relationships and we have those conversations upfront and we'll do that over a period of time.

讓這些對話開始——誰會感興趣，我們想要——顯然，我們認為解決方案——我們的長期解決方案是建立單一的稅號醫療集團，但我們希望擁有這些關係和我們提前進行了這些對話，我們將在一段時間內進行。

(Operator Instructions) Our next question comes from Jamie Perse of Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Jamie Perse。

Just a question on the MA profitability. I appreciate you sharing your savings from that in 2022. I think in the past, you've made some comments around MA being potentially more profitable than MSSP. But just curious how we should (technical difficulty)

只是關於 MA 盈利能力的問題。感謝您在 2022 年分享您的儲蓄。我想在過去，您曾就 MA 可能比 MSSP 更有利可圖發表過一些評論。但只是好奇我們應該怎麼做（技術難度）

Good comparison, we, in our most successful large ACO in Mid-Atlantic or close to double-digits in shared savings and MSSP as we reported close to 10%. And that's an open access product, PPO type. Obviously, in MA, in capitation, when you're handholding the patient a little bit more, you should expect at least that we can get to that level over time. It won't happen overnight. It varies by geography, varies by our payer relationship and how our physicians perform. But over time, at least that or exceeding that should be the target for logical purposes. Our hope is when we -- as you can see, the contribution today is fairly de minimis. So that's a pretty big source of operating leverage in our business model as we move these lives into capitation. And again, hopefully, we'll see good progression over the years.

很好的比較，我們在大西洋中部最成功的大型 ACO 中或共享儲蓄和 MSSP 接近兩位數，因為我們報告接近 10%。這是一種開放獲取產品，PPO 類型。顯然，在 MA 中，當你更多地握住病人時，你至少應該期望我們可以隨著時間的推移達到那個水平。這不會在一夜之間發生。它因地理位置而異，因我們的付款人關係以及我們的醫生的表現而異。但隨著時間的推移，至少那個或超過那個應該是合乎邏輯的目標。我們的希望是——正如您所見，今天的貢獻是微不足道的。因此，當我們將這些生命轉化為人頭時，這是我們商業模式中一個相當大的運營槓桿來源。再次，希望我們能看到多年來的良好進展。

(Operator Instructions) Our next question comes from Richard Close of Canaccord.

（操作員說明）我們的下一個問題來自 Canaccord 的 Richard Close。

I'm curious if you could comment on the reception of Ohio and North Carolina so far? And then (technical difficulty)

我很好奇你是否可以評論一下到目前為止俄亥俄州和北卡羅來納州的接待情況？然後（技術難度）

Thanks, Richard. So on the first part, initial reception is pretty good. We're just getting started. And again, this is a 5-, 10-year journey to go build big medical groups, 500,000 -- 600,000 providers over time. So initial reception has been great. We shared that [photo bus ad] in the triangle area, which is pretty cool, all our elements in every single state over time. So if we are entering a state with a medical group or a health system, what may not happen day 1 is positive practice collections or care margin contribution because we have no doctors and no lives and we are setting up the market, spending sales and marketing, implementation costs, leadership costs for that particular state. And that's about the USD2 million to USD3 million number that we stated previously.

謝謝，理查德。所以在第一部分，初始接收非常好。我們才剛剛開始。再一次，這是建立大型醫療集團的 5 年、10 年的旅程，隨著時間的推移，將有 500,000 - 600,000 名提供者。所以最初的反響很好。我們在三角形區域分享了 [photo bus ad]，這非常酷，隨著時間的推移，我們所有的元素都在每個狀態。因此，如果我們進入一個擁有醫療集團或衛生系統的州，第一天可能不會發生的是積極的實踐收集或護理邊際貢獻，因為我們沒有醫生，也沒有生命，我們正在建立市場，花費銷售和營銷，實施成本，該特定州的領導成本。這大約是我們之前提到的 200 萬美元到 300 萬美元的數字。

We do exactly the same in a state where we might enter with the Privia Care Partners model as an example, in Connecticut. However, that state comes with attributed lives and some contribution, both practice collections and care margin day 1 on the value-based book. But the level of spend is consistent. The only other factor I would say is the size of the state will have some impact on the level of spend. So obviously, Delaware would be much smaller than Connecticut, Montana is much smaller than California and so forth. But the strategy is pretty consistent and the level of spend that USD2million to USD3 million per year is fairly consistent.

在康涅狄格州，我們可能會以 Privia Care Partners 模式進入一個州，我們會做同樣的事情。然而，這種狀態伴隨著生命和一些貢獻，包括實踐收藏和基於價值的賬簿上第 1 天的護理保證金。但支出水平是一致的。我要說的唯一另一個因素是國家的規模會對支出水平產生一些影響。很明顯，特拉華州比康涅狄格州小得多，蒙大拿州比加利福尼亞州小得多，等等。但該戰略非常一致，每年 200 萬美元至 300 萬美元的支出水平也相當一致。

Yes. The only thing I would add would be the -- in those last 2, we're hitting the ground with operators on the ground, too. So we've got some expenses for them because we have revenue on day 1.

是的。我唯一要補充的是——在最後兩個中，我們也在地面上與操作員一起落地。所以我們為他們準備了一些費用，因為我們在第一天就有收入。

(Operator Instructions) Our next question comes from Whit Mayo of SVB.

（操作員說明）我們的下一個問題來自 SVB 的 Whit Mayo。

This deal in Connecticut is a little bit more active with the balance sheet to grow and buy into some new and existing markets. Just wanted to take your temperature on the desire to be a little bit more active here.

康涅狄格州的這筆交易在資產負債表上更加活躍，可以增長並進入一些新的和現有的市場。只是想了解一下您在這裡更加活躍的願望。

So our strategy has been consistent in any state, as we outlined, we are establishing the medical group, the risk entity and our services platform. So they can be an opportunity for us to buy that we're kind of full steam ahead looking at these opportunities. Obviously, we'll be very thoughtful in doing so. Smaller is better for us. I don't want to make mistakes. And so we'll be consistent with what we've been doing in the recent past.

因此，正如我們概述的那樣，我們的戰略在任何州都是一致的，我們正在建立醫療集團、風險實體和我們的服務平台。因此，它們可以成為我們購買的機會，我們正在全力以赴地看待這些機會。顯然，我們這樣做是經過深思熟慮的。越小越好。我不想犯錯誤。因此，我們將與我們最近所做的事情保持一致。

(Operator Instructions) Our next question comes from Jessica Tassan of Piper Sandler.

（操作員說明）我們的下一個問題來自 Piper Sandler 的 Jessica Tassan。

So I wanted to follow up just on the MA book. Can you help us understand the structure of the full cap contract? Should we continue to think about these as about a $625 or $650 PMPM for revenue? And then just what kind of year 2 care margin ramp is implied in the '23 guide?

所以我只想跟進 MA 書。您能幫助我們了解一下全額合同的結構嗎？我們是否應該繼續將這些視為 625 美元或 650 美元的 PMPM 收入？然後，'23 指南中暗示了什麼樣的第 2 年護理利潤率上升？

So the structure is fairly unique by payer and by geography. This is not a homogenous contract. We don't break down the number of lives by geography or by payer. The PMPM should be higher than the amount you stated just logically, in practice as -- in GAAP revenue. But for practice collections, the PMPM should be much higher. And then again, we're not breaking down care margin contribution, but you can see the number every quarter now, given our increased disclosure. And our hope is, from the de minimis level, it's at today that, that increases over time.

因此，這種結構在付款人和地理位置上是相當獨特的。這不是同質合同。我們不會按地理位置或付款人細分生命數量。 PMPM 應該高於您在邏輯上陳述的金額，實際上就像在 GAAP 收入中一樣。但是對於練習集合，PMPM 應該高得多。再一次，我們沒有細分護理利潤貢獻，但你現在可以看到每個季度的數字，因為我們增加了披露。我們的希望是，從最低限度的水平來看，在今天，隨著時間的推移會增加。

Jessica, just as Parth mentioned it and we've talked about it in the past, I mean, these contracts tend to be somewhat bespoke. I mean, we don't -- we're not -- we don't do just to flat 85% and take all the risk. We really focus on aligning with the payer. We believe the payers should have some risk. We believe we should have some risk. We believe the doctors should have some risk. We think that is the most sustainable model long term. So we sit down with them, we look at kind of where we have density, what payers are there, where -- kind of what preferred type of ranges we'd like to have. And then we go at contracting in that manner. And so it's -- each one of them probably have -- they're going to be unique just because of the nature -- the nature of the market, the nature of the payers and then kind of how we go about the business.

傑西卡，正如 Parth 提到的那樣，我們過去也談到過，我的意思是，這些合同往往是定制的。我的意思是，我們不——我們不是——我們不只是為了持平 85% 並承擔所有風險。我們真正專注於與付款人保持一致。我們認為付款人應該承擔一些風險。我們認為我們應該承擔一些風險。我們認為醫生應該承擔一些風險。我們認為這是最可持續的長期模式。所以我們和他們坐下來，我們看看我們有什麼密度，那裡有什麼付款人，我們想要什麼樣的首選範圍類型。然後我們以這種方式簽訂合同。所以它 - 他們每個人都可能 - 他們將因為性質而獨一無二 - 市場的性質，付款人的性質以及我們如何開展業務。

At this time, I would like to turn it back to Mr. Morris for any further comments.

此時，我想將其轉回給莫里斯先生，徵求任何進一步的意見。

Thank you for listening for our call today. Privia Health's capital-efficient, physician enablement model continues to gain significant scale and market momentum as we can support all providers and all patients, all reimbursement models in uniquely different geographies. We look forward to continue to execute at a high level through 2023 and for years to come. And we appreciate your continued interest and support of our company, and we look forward to speaking to you very soon again. Enjoy the rest of your day, and thank you.

感謝您今天收聽我們的電話。 Privia Health 的資本高效、醫生支持模式繼續獲得顯著的規模和市場動力，因為我們可以支持所有提供者和所有患者，以及獨特不同地區的所有報銷模式。我們期待在 2023 年和未來幾年繼續保持高水平執行。我們感謝您一直以來對我們公司的關注和支持，我們期待很快再次與您交談。享受你剩下的一天，謝謝你。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。