P3 Health Partners SPAC Presentation Deck
Right Space
Enterprise Value
Operating Model
Year Founded
P3 Health Partners Compares Favorably Across Key Metrics
Health
Partners
Relationship Between
PCP And Patient
Growth Strategy
Markets
MA Membership5
2021E Revenue
2022E Revenue
FV / 2022 Revenue
Capital Efficiency
Fully Delegated Model
LT EBITDA Margin
Target
Right Team
'18A-'20A Revenue
P3
$2.3bn
Partner - Payor / provider
20183
Supports and enables the
existing PCP / patient
relationship
De novo, acquisition & MSO
11
-68K
$633mm
$825mm
2.8x
Right Model
High
Yes
20%+
135%
OAK
STREET
HEALTH
$13.7bn¹
Build - Employed / clinic model
2012
Disrupts existing PCP / patient
relationship
De novo
20
~109K
$1.3bn¹
$2.0bn¹
6.7x
Low
No
~20%
67%
CanoHealth agilon health
$6.1bn²
Buy - Acquisition primarily
2009
Supports and enables the
existing PCP / patient
relationship
De novo, acquisition & MSO
15
~85K
$1.5bn6
$2.2bn6
2.7x
Low
No
N/A8
90%
$13.0bn¹
Partner - Joint-venture PCP
19834
Supports and enables the
existing PCP / patient
relationship
De novo, acquisition & MSO
17
~210K
$1.6bn¹
$2.4bn¹
5.5x
Low
No
Double digits
60%
OPRIVIA
$3.4bn¹
Partner - Provider
2013
Supports and enables the
existing PCP / patient
relationship
Primarily MSO & VBC
6 states/70 MPSAs
~83K
$1.3bn7
N/A
N/A
High
No
~5% (gross revenue)
-30%+ (net revenue)
18%7
CAGR
1 FactSet as of 5/24/21; 2 Based on Jaws Acquisition Corp. share price as of 5/24/21 and 473.2mm fully diluted shares outstanding; ³ First full year of revenue; 4 Date of incorporation for Primary Provider Management Company, Inc ("PPMC"), which was the predecessor to agilon Health; 5 P3 MA
lives projected as of FYE 2021, Privia MA lives as of FYE 2020, Oak Street MA lives represent midpoint of FYE 2021 management guidance as of 3/31/21, Cano Health MA lives as of Investor & Analyst Day Presentation on 3/04/21, agilon MA lives as of S-1 filed on 3/18/21; 6 Sourced from
Investor & Analyst Day Presentation on 3/04/21; 7 Represents 2020A total practice collections; 82023E EBITDA margin of 6% and average mature MA clinic adj. EBITDA margin of 24%
13
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