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    Sameer Patel • Evercore ISI

    Sameer Patel's questions to Privia Health Group Inc (PRVA) leadership

    Sameer Patel's questions to Privia Health Group Inc (PRVA) leadership • Q4 2024

    Question

    Sameer Patel inquired about the minimal year-over-year increase in operating expenses projected in the 2025 guidance, asking for a breakdown of the expected leverage between G&A and sales and marketing.

    Answer

    CEO Parth Mehrotra explained that the guidance reflects the natural scaling of the cost structure as the company matures. He noted that the guidance does not assume any new market entries, which typically involve significant upfront sales infrastructure spending, thus allowing for greater operating leverage to drive EBITDA growth.

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    Sameer Patel's questions to Privia Health Group Inc (PRVA) leadership • Q3 2024

    Question

    Sameer Patel of Evercore ISI asked if the long-term 20% EBITDA growth target could be maintained in 2025 after absorbing headwinds from the new Indiana market, and sought to confirm the revenue recognition for the 100%-owned Indiana practice.

    Answer

    CEO Parth Mehrotra clarified that the 20%+ growth is a long-term target, not annual guidance, and it already incorporates new market costs. CFO David Mountcastle and Parth Mehrotra confirmed that because the Indiana practice is 100% owned, its revenue will be recognized as fee-for-service GAAP revenue under Practice Collections.

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    Sameer Patel's questions to Teladoc Health Inc (TDOC) leadership

    Sameer Patel's questions to Teladoc Health Inc (TDOC) leadership • Q3 2024

    Question

    Speaking for Elizabeth Anderson, Sameer Patel asked about the significant step-up in G&A expense during the quarter and whether this should be considered a new normalized baseline going forward.

    Answer

    CFO Mala Murthy clarified that the G&A increase included 'one-off investments' and should be treated as a one-time event, not a new run rate. She emphasized that for 2025 planning, the company will pay close attention to the overall expense base relative to revenue growth across all P&L lines.

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