Privia Health : 1Q'26 Slide Presentation
PRVA
Published on 05/07/2026 at 06:25 am EDT
1st Quarter 2026 Results
May 7, 2026
Parth Mehrotra, CEO David Mountcastle, CFO
Key Highlights
1Q'26 Performance
2026 Guidance and Outlook
QCA
Strong 1Q'26 performance and operational execution
Implemented Providers growth +13.6% vs. 1Q'25
Attributed Lives growth +26.5% vs. 1Q'25
Practice Collections growth +14.6% vs. 1Q'25
Adjusted EBITDA1 growth +36.3% (28.5% margin, +290 bps) vs. 1Q'25
Reiterated FY'26 guidance reflects continued momentum and ~20% EBITDA growth, with raised guidance range for Attributed Lives
Expect to convert ~80% of Adjusted EBITDA to Free Cash Flow2
1 For reconciliations of Adjusted EBITDA to Net Income, please see Appendix. Any slight variations in calculations due to rounding.
2 Full-year Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment).
Building One of the Largest Primary Care Centric Delivery Networks 1
NATIONAL PRESENCE
Includes 9 VBC-only from Evolent ACO acquisition
Implemented Providers
+ VBC / ACOs
Privia VBC / ACO Only
1 Data as of March 31, 2026.
*Includes Privia Care Partners' lives | **Excludes Privia Care Partners' providers
*** Average Over the Last 3 years
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Total Attributed Lives
VBC Contracts
61% Upside Only
39% Upside / Downside
Commercial Lives
Government Lives
336K
CMS
Medicare program Lives
221K
Medicare Advantage Lives
136K
Medicaid Lives
81% Enhanced Track/ Maximum Risk
71% Upside Only
19% Upside / Downside
9% Capitation
100% Upside Only
1 All data estimated as of March 31, 2026. Any slight variations in totals due to rounding. 6
Attributed Lives
('000s, end of period)1
+26.5%
Platform Contribution ($mm)
Practice Collections ($mm)
+14.6%
Adjusted EBITDA ($mm)
+22.3%
+29.6%
+36.3%
% Practice Collections 6.5%
7.3%
% Practice Collections 3.4%
4.0%
% Care Margin 49.1%
52.1%
% Care Margin 25.6%
28.5%
Implemented Providers
(end of period)
+13.6%
Care Margin ($mm)
1 Light blue bar represents government lives and dark blue bar represents commercial lives. Any slight variations in calculations due to rounding. For reconciliations of Care Margin to Gross Profit, Platform
Contribution to Gross Profit, and Adjusted EBITDA to Net Income, please see the Appendix.
$419.5M in net cash and no debt as of 3.31.26
(In millions)
At 3.31.26
At 3.31.25
1Q'26 use of cash included annual cash bonuses and physician VBC payments, similar to past years
Cash and cash equivalents
$419.5
$469.3
Debt
--
--
Net cash position
$419.5
$469.3
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Implemented Providers
5,380
5,900
6,000
Unchanged
Attributed Lives
1,541,000
1,550,000
1,600,000
1,600,000 - 1,625,000
Practice Collections
$ 3,470.5
$ 3,650
$ 3,750
Unchanged
GAAP Revenue
$ 2,122.8
$ 2,350
$ 2,450
Unchanged
Care Margin
$ 462.2
$ 515
$ 530
Unchanged
Platform Contribution
$ 234.8
$ 260
$ 270
Unchanged
Adjusted EBITDA
$ 125.5
$ 145
$ 155
Unchanged
($ in millions)
FY'25 Actual
Initial FY'26 Guidance
at 2.26.26
Updated FY'26 Guidance
at 5.7.26
Low High
2
Expect ~80% of FY'26 Adjusted EBITDA to convert to Free Cash Flow
Guidance does not assume any new business development activity
9
1 Any slight variations in percentages are due to rounding. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures. Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment).
2 Full-year Free Cash Flow is defined as Net cash provided by operating activities less capital expenditures (Purchases of property and equipment).
PRE-COVID
COVID POST-COVID
MA / MEDICAID HEADWINDS
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1 Any slight variations in percentages are due to rounding. Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures.
2 For reconciliations of historical Care Margin to Gross Profit, Adjusted EBITDA to Net Income and Free Cash Flow to Net Income, please see the Appendix.
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Disclaimer
Privia Health Group Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 10:24 UTC.