Privia Health Group (PRVA) Q4 2024 earnings summary

Executive summary

• Exceeded all 2024 operating and financial guidance metrics, with implemented providers up 11.2% year-over-year to 4,789 and attributed lives surpassing 1.26 million, driven by strong provider signings and value-based care results despite Medicare Advantage headwinds.

• Practice collections rose 4.5% to $2.97 billion, GAAP revenue reached $1.74 billion, and free cash flow hit a record $109.3 million, representing 121% of adjusted EBITDA, with a year-end cash balance of $491.1 million and no debt.

• Adjusted EBITDA increased 25.2% to $90.5 million, with margin expanding 230 basis points to 22.4%.

• Provider retention at 98% and patient Net Promoter Score of 87 reflect high satisfaction and engagement.

• 2025 guidance projects continued momentum and profitable growth despite a challenging Medicare Advantage and value-based care environment.

Financial highlights

• Full-year 2024 practice collections increased 4.5% to $2.97 billion; GAAP revenue rose 4.7% to $1,736.4 million; care margin up 12.4% year-over-year.

• Adjusted EBITDA for 2024 was $90.5 million (+25.2%); Q4 adjusted EBITDA was $24.9 million (+44%).

• Free cash flow for 2024 was $109.3 million, up 35.4% year-over-year, exceeding guidance due to timing of cash payments and working capital management.

• Platform contribution for FY24 was $195.6 million (+12.8%); platform contribution margin was 48.4%.

• Adjusted net income per diluted share for FY24 was $0.78, up from $0.64 in FY23.

Outlook and guidance

• 2025 guidance: implemented providers 5,200–5,300 (+8.6% to +10.7% year-over-year); attributed lives 1.3–1.4 million (+3.5% to +11.5%).

• Practice collections expected at $3,150–$3,250 million (+6.1% to +9.5%), GAAP revenue $1,800–$1,900 million (+3.7% to +9.4%), care margin $435–$445 million.

• Adjusted EBITDA guidance $105–$110 million (+16.1% to +21.6%), with at least 80% conversion to free cash flow and minimal capital expenditures.

• EBITDA margin as a percentage of Care Margin expected to expand by 200 basis points.

• Guidance assumes minimal increase in shared savings accruals and no new business development or capital deployment.