P3 Health Partners Inc. (NASDAQ:PIII) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET

Corporate Participants

Karen Blomquist - Vice President, Investor Relations

Sherif Abdou - Chief Executive Officer & Co-Founder

Bill Bettermann - Chief Operating Officer

Atul Kavthekar - Chief Financial Officer

Amir Bacchus - Chief Medical Officer

Conference Call Participants

Brooks O'Neil - Lake Street Capital Markets

Josh Raskin - Nephron Research

Gary Taylor - TD Cowen

Ryan Daniels - William Blair

Jenny Shen - BTIG

Operator

Good afternoon, everyone, and welcome to the P3 Health Partners Third Quarter Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I will now turn the conference over to Karen Blomquist, Vice President of Investor Relations of P3. Please go ahead.

Karen Blomquist

Thank you, operator, and thank you for joining us today.

Before we proceed with the call, I would like to remind everyone that certain statements made during this call are forward-looking statements under the U.S. federal securities laws, including statements regarding our financial outlook and long-term targets. These forward-looking statements are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. Additional information concerning factors that could cause actual results to differ from these statements made on this call is contained in our periodic report filed with the SEC. The forward-looking statements made during this call speak only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements.

We will refer to certain non-GAAP financial measures on this call, including adjusted operating expense, adjusted EBITDA, adjusted EBITDA per member per month, medical margin, medical margin per member per month for persistent lives and cash burn. These non-GAAP financial measures are in addition to and not a substitute or superior to the measures of financial performance prepared in accordance with GAAP.

There are a number of limitations related to the use of these non-GAAP financial measures. For example, other companies may calculate similarly titled non-GAAP financial measures differently. Refer to the appendix of our earnings release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. Information presented on this call is contained in the press release that we issued today and in our SEC filings, which may be accessed from the Investors page of the P3 Health Partners website.