2024 Q3 Form 10-Q Financial Statement

#000162828024047186 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $362.1M
YoY Change 25.58%
Cost Of Revenue $401.9M
YoY Change 43.95%
Gross Profit -$39.80M
YoY Change -537.32%
Gross Profit Margin -10.99%
Selling, General & Admin $27.35M
YoY Change -18.88%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $600.0K
YoY Change 20.0%
% of Gross Profit
Operating Expenses $469.1M
YoY Change 45.61%
Operating Profit -$107.0M
YoY Change 216.35%
Interest Expense -$5.647M
YoY Change 41.18%
% of Operating Profit
Other Income/Expense, Net $535.0K
YoY Change -117.5%
Pretax Income -$106.5M
YoY Change 188.68%
Income Tax -$3.605M
% Of Pretax Income
Net Earnings -$46.51M
YoY Change 249.82%
Net Earnings / Revenue -12.84%
Basic Earnings Per Share -$0.29
Diluted Earnings Per Share -$0.31
COMMON SHARES
Basic Shares Outstanding 161.9M shares
Diluted Shares Outstanding 164.7M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.96M
YoY Change 19.7%
Cash & Equivalents $63.00M
Short-Term Investments
Other Short-Term Assets $26.29M
YoY Change 241.44%
Inventory
Prepaid Expenses
Receivables $123.3M
Other Receivables $2.495M
Total Short-Term Assets $215.1M
YoY Change 19.71%
LONG-TERM ASSETS
Property, Plant & Equipment $6.315M
YoY Change -32.53%
Goodwill
YoY Change
Intangibles $594.9M
YoY Change -13.52%
Long-Term Investments
YoY Change
Other Assets $17.08M
YoY Change -14.57%
Total Long-Term Assets $618.3M
YoY Change -13.8%
TOTAL ASSETS
Total Short-Term Assets $215.1M
Total Long-Term Assets $618.3M
Total Assets $833.3M
YoY Change -7.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.47M
YoY Change 15.8%
Accrued Expenses $49.21M
YoY Change 134.79%
Deferred Revenue
YoY Change
Short-Term Debt $208.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $405.3M
YoY Change 51.63%
LONG-TERM LIABILITIES
Long-Term Debt $133.2M
YoY Change 23.07%
Other Long-Term Liabilities $30.88M
YoY Change 52.1%
Total Long-Term Liabilities $133.2M
YoY Change 23.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $405.3M
Total Long-Term Liabilities $133.2M
Total Liabilities $569.4M
YoY Change 43.84%
SHAREHOLDERS EQUITY
Retained Earnings -$444.6M
YoY Change 30.04%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.5M
YoY Change
Total Liabilities & Shareholders Equity $833.3M
YoY Change -7.09%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$46.51M
YoY Change 249.82%
Depreciation, Depletion And Amortization $600.0K
YoY Change 20.0%
Cash From Operating Activities -$22.62M
YoY Change 198.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $15.00M
YoY Change
Cash From Investing Activities $15.00M
YoY Change -3946.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.486M
YoY Change 2662.22%
NET CHANGE
Cash From Operating Activities -22.62M
Cash From Investing Activities 15.00M
Cash From Financing Activities -2.486M
Net Change In Cash -10.10M
YoY Change 25.2%
FREE CASH FLOW
Cash From Operating Activities -$22.62M
Capital Expenditures $0.00
Free Cash Flow -$22.62M
YoY Change 183.43%

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us-gaap Amortization Of Financing Costs And Discounts
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AccretionOfContingentConsideration
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AccretionOfContingentConsideration
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GainOnWriteOffOfContingentConsideration
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piii Gain On Write Off Of Contingent Consideration
GainOnWriteOffOfContingentConsideration
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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IncreaseDecreaseInHealthPlanPayablesPremiums
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piii Increase Decrease In Claims Payable
IncreaseDecreaseInClaimsPayable
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piii Increase Decrease In Claims Payable
IncreaseDecreaseInClaimsPayable
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us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2023Q3 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
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ProceedsFromIssuanceOfLongTermDebt
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PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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piii Proceeds From Issuance Of Common Stock Net Of Offering Cost
ProceedsFromIssuanceOfCommonStockNetOfOfferingCost
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piii Proceeds From Issuance Of Common Stock Net Of Offering Cost
ProceedsFromIssuanceOfCommonStockNetOfOfferingCost
0 usd
piii Deferred Offering Costs Paid
DeferredOfferingCostsPaid
507000 usd
piii Deferred Offering Costs Paid
DeferredOfferingCostsPaid
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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RepaymentsOfLongTermDebt
1663000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
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ProceedsFromShortTermDebt
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NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
101172000 usd
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27164000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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ProfitLoss
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to allowance for credit losses, revenue recognition, the liability for unpaid claims, equity-based compensation, premium deficiency reserves (“PDR”), fair value and impairment recognition of long-lived assets </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(including intangibles), fair value of liability classified instruments, and judgments related to deferred income taxes. The Company bases its estimates on the best information available at the time, its experiences, and various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates.</span></div>
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
362124000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
919514000 usd
CY2024Q3 piii Number Of Customers
NumberOfCustomers
5 customer
piii Number Of Customers
NumberOfCustomers
4 customer
piii Number Of Customers
NumberOfCustomers
3 customer
CY2023 piii Number Of Customers
NumberOfCustomers
3 customer
CY2024Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
19296000 usd
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
51000 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12588000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13467000 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6273000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4781000 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6315000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8686000 usd
CY2024Q3 us-gaap Depreciation
Depreciation
600000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
500000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
500000 usd
us-gaap Depreciation
Depreciation
1700000 usd
us-gaap Depreciation
Depreciation
1800000 usd
CY2024Q3 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
15000000 usd
CY2024Q3 us-gaap Deposit Liability Current
DepositLiabilityCurrent
15000000 usd
CY2024Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
830587000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
235722000 usd
CY2024Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
594865000 usd
CY2024Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
594865000 usd
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
842835000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
176102000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
666733000 usd
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
21000000.0 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
21100000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
63100000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
63200000 usd
CY2024Q3 piii Short Term Borrowings Due Period Three
ShortTermBorrowingsDuePeriodThree
200000 usd
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
134477000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
109102000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1249000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
783000 usd
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
133228000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
108319000 usd
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164701000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
312679000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
141723000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
288379000 shares
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
335209000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
92745000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
335209000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
92745000 shares
piii Common Units Exchanged Or Redeemed In Period
CommonUnitsExchangedOrRedeemedInPeriod
600000 shares
piii Common Units Exchanged Or Redeemed In Period
CommonUnitsExchangedOrRedeemedInPeriod
3500000 shares
piii Redeemable Noncontrolling Interest Equity Fair Value Remeasurement Adjustment
RedeemableNoncontrollingInterestEquityFairValueRemeasurementAdjustment
0 usd
piii Redeemable Noncontrolling Interest Equity Fair Value Remeasurement Adjustment
RedeemableNoncontrollingInterestEquityFairValueRemeasurementAdjustment
0 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2024Q2 piii Ownership Interest Contigency Trigger Percentage
OwnershipInterestContigencyTriggerPercentage
0.40
CY2024Q2 piii Maximum Amount Of Shares Owned By Related Party
MaximumAmountOfSharesOwnedByRelatedParty
0.4999
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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