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Segments
 9 Months Ended
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.