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Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segments | 17. Segments The Company determined its operating segments in accordance with ASC 280, “Segment Reporting” (“ASC 280”). Factors used in determining the reportable business segments include the nature of operating activities and the type of information presented to the Company's chief operating decision maker (“CODM”) to evaluate results of operations and allocate resources. The Company currently has three reportable segments consisting of: 1) Care Partners; 2) Care Delivery; and 3) Care Enablement (See Note 1 —“Description of Business”). The Company integrated the Prospect Acquisition into its three reportable segments. For the Company’s Care Partners segment, revenue is primarily comprised of capitation and risk pool settlements and incentives. Cost of service for this segment is primarily capitation and claims expenses. For the Company’s Care Delivery segment, revenue is primarily earned based on fee-for-service reimbursements, capitation, and performance-based incentives. Cost of service for this segment is primarily medical supplies costs and salary expenses related to medical staff and clinic employees. For the Company’s Care Enablement segment, revenue is primarily comprised of management and software fees, charged as a percentage of gross revenue or on a per-member-per-month basis. Cost of service for this segment is primarily MSO salary expenses. The Company's CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company’s operating segments based on segment revenue growth and operating income. The CODM uses revenue growth and total segment operating income as a measure of the performance of operating businesses separate from non-operating factors. All revenues of the Company are derived from the United States. The CODM does not evaluate the Company’s segments using asset information. The significant segment expenses that comprise operating income, as a measure used by the CODM in evaluating operating segment performance, do not differ from the operating expenses as presented on the condensed consolidated statements of income. In the normal course of business, the Company’s reportable segments enter into transactions with each other. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues recognized by a segment and expenses incurred by the counterparty are eliminated in consolidation and do not affect consolidated results. Corporate costs are unallocated and primarily include corporate initiatives, corporate infrastructure costs, and corporate shared costs such as finance, human resources, legal, and executives. Certain amounts disclosed in prior periods have been recast to conform to the current period presentation. Specifically, depreciation and amortization expense is disclosed separately from general and administrative expenses in the accompanying segment table for the three and nine months ended September 30, 2024. The following tables present information about our segments (in thousands):
|  | Three Months Ended September 30, 2025 |
|  | Care Partners |  |  | Care Delivery |  |  | Care Enablement |  |  | Intersegment Elimination |  |  | Corporate Costs |  |  | Consolidated Total |
Third-Party |  | $ | 897,730 |  |  | $ | 42,762 |  |  | $ | 15,556 |  |  | $ | — |  |  | $ | — |  |  | $ | 956,048 |
Intersegment |  |  | — |  |  |  | 44,109 |  |  |  | 71,784 |  |  |  | (115,893 | ) |  |  | — |  |  |  | — |
Total revenues |  |  | 897,730 |  |  |  | 86,871 |  |  |  | 87,340 |  |  |  | (115,893 | ) |  |  | — |  |  |  | 956,048 |
Cost of services |  |  | 788,427 |  |  |  | 72,210 |  |  |  | 44,067 |  |  |  | (45,848 | ) |  |  | — |  |  |  | 858,856 |
General and administrative |  |  | 72,066 |  |  |  | 14,346 |  |  |  | 17,756 |  |  |  | (69,964 | ) |  |  | 28,183 |  |  |  | 62,387 |
Depreciation and amortization |  |  | 11,953 |  |  |  | 1,332 |  |  |  | 2,115 |  |  |  | — |  |  |  | 195 |  |  |  | 15,595 |
Total expenses |  |  | 872,446 |  |  |  | 87,888 |  |  |  | 63,938 |  |  |  | (115,812 | ) |  |  | 28,378 |  |  |  | 936,838 |
Income (loss) from operations |  | $ | 25,284 |  |  | $ | (1,017 | ) |  | $ | 23,402 |  |  | $ | (81 | ) | (1) | $ | (28,378 | ) |  | $ | 19,210 |
|  | Three Months Ended September 30, 2024 |
|  | Care Partners |  |  | Care Delivery |  |  | Care Enablement |  |  | Intersegment Elimination |  |  | Corporate Costs |  |  | Consolidated Total |
Third-Party |  | $ | 455,760 |  |  | $ | 20,083 |  |  | $ | 2,867 |  |  | $ | — |  |  | $ | — |  |  | $ | 478,710 |
Intersegment |  |  | — |  |  |  | 14,645 |  |  |  | 38,063 |  |  |  | (52,708 | ) |  |  | — |  |  |  | — |
Total revenues |  |  | 455,760 |  |  |  | 34,728 |  |  |  | 40,930 |  |  |  | (52,708 | ) |  |  | — |  |  |  | 478,710 |
Cost of services |  |  | 369,835 |  |  |  | 29,114 |  |  |  | 19,604 |  |  |  | (13,335 | ) |  |  | — |  |  |  | 405,218 |
General and administrative |  |  | 40,923 |  |  |  | 6,478 |  |  |  | 14,457 |  |  |  | (39,370 | ) |  |  | 15,315 |  |  |  | 37,803 |
Depreciation and amortization |  |  | 6,216 |  |  |  | 493 |  |  |  | 555 |  |  |  | — |  |  |  | — |  |  |  | 7,264 |
Total expenses |  |  | 416,974 |  |  |  | 36,085 |  |  |  | 34,616 |  |  |  | (52,705 | ) |  |  | 15,315 |  |  |  | 450,285 |
Income (loss) from operations |  | $ | 38,786 |  |  | $ | (1,357 | ) |  | $ | 6,314 |  |  | $ | (3 | ) | (1) | $ | (15,315 | ) |  | $ | 28,425 |
|  | Nine Months Ended September 30, 2025 |
|  | Care Partners |  |  | Care Delivery |  |  | Care Enablement |  |  | Intersegment Elimination |  |  | Corporate Costs |  |  | Consolidated Total |
Third-Party |  | $ | 2,130,123 |  |  | $ | 79,465 |  |  | $ | 21,655 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,231,243 |
Intersegment |  |  | — |  |  |  | 79,187 |  |  |  | 146,146 |  |  |  | (225,333 | ) |  |  | — |  |  |  | — |
Total revenues |  |  | 2,130,123 |  |  |  | 158,652 |  |  |  | 167,801 |  |  |  | (225,333 | ) |  |  | — |  |  |  | 2,231,243 |
Cost of services |  |  | 1,837,361 |  |  |  | 127,223 |  |  |  | 101,014 |  |  |  | (80,842 | ) |  |  | — |  |  |  | 1,984,756 |
General and administrative |  |  | 151,043 |  |  |  | 30,961 |  |  |  | 33,991 |  |  |  | (144,425 | ) |  |  | 85,439 |  |  |  | 157,009 |
Depreciation and amortization |  |  | 22,535 |  |  |  | 2,448 |  |  |  | 4,019 |  |  |  | — |  |  |  | 346 |  |  |  | 29,348 |
Total expenses |  |  | 2,010,939 |  |  |  | 160,632 |  |  |  | 139,024 |  |  |  | (225,267 | ) |  |  | 85,785 |  |  |  | 2,171,113 |
Income (loss) from operations |  | $ | 119,184 |  |  | $ | (1,980 | ) |  | $ | 28,777 |  |  | $ | (66 | ) | (1) | $ | (85,785 | ) |  | $ | 60,130 |
|  | Nine Months Ended September 30, 2024 |
|  | Care Partners |  |  | Care Delivery |  |  | Care Enablement |  |  | Intersegment Elimination |  |  | Corporate Costs |  |  | Consolidated Total |
Third-Party |  | $ | 1,301,355 |  |  | $ | 59,179 |  |  | $ | 8,797 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,369,331 |
Intersegment |  |  | — |  |  |  | 41,125 |  |  |  | 101,579 |  |  |  | (142,704 | ) |  |  | — |  |  |  | — |
Total revenues |  |  | 1,301,355 |  |  |  | 100,304 |  |  |  | 110,376 |  |  |  | (142,704 | ) |  |  | — |  |  |  | 1,369,331 |
Cost of services |  |  | 1,049,437 |  |  |  | 80,160 |  |  |  | 56,916 |  |  |  | (38,091 | ) |  |  | — |  |  |  | 1,148,422 |
General and administrative |  |  | 113,155 |  |  |  | 18,391 |  |  |  | 34,904 |  |  |  | (104,692 | ) |  |  | 50,720 |  |  |  | 112,478 |
Depreciation and amortization |  |  | 16,458 |  |  |  | 1,523 |  |  |  | 1,820 |  |  |  | — |  |  |  | — |  |  |  | 19,801 |
Total expenses |  |  | 1,179,050 |  |  |  | 100,074 |  |  |  | 93,640 |  |  |  | (142,783 | ) |  |  | 50,720 |  |  |  | 1,280,701 |
Income (loss) from operations |  | $ | 122,305 |  |  | $ | 230 |  |  | $ | 16,736 |  |  | $ | 79 |  | (1) | $ | (50,720 | ) |  | $ | 88,630 |
(1) Income (loss) from operations for the intersegment elimination represents sublease income between segments. Sublease income is presented within other income, which is not presented in the table.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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