v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments
20.
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 all 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.

The Company’s Care Partners segment is focused on building and managing high-quality and high-performance provider networks by partnering with, empowering, and investing in strong provider partners with a shared vision for coordinated care delivery. Revenue for this segment is primarily comprised of capitation and risk pool settlements and incentives. The cost of service for this segment is primarily capitation and claims expenses.

The Company’s Care Delivery segment is a patient-centric, data-driven care delivery organization focused on providing high-quality, accessible care to all patients. Revenue for this segment is primarily earned based on fee-for-service reimbursements, capitation, and performance-based incentives. The cost of service for this segment is primarily medical supply costs and salary expenses for medical staff and clinic employees.

The Company’s Care Enablement segment is an integrated, end-to-end clinical and administrative platform powered by the Company’s proprietary technology suite, which provides operational, clinical, financial, technology, management, and strategic services to enable success in the delivery of high-quality, value-based care for providers and payers. Revenue for this segment is primarily comprised of management and software fees, charged as a percentage of gross revenue or on a per-member-per-month basis. The 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. The Company’s operations are based in the United States. 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 to evaluate operating segment performance, do not differ from the operating expenses presented in the consolidated statement 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 years ended December 31, 2024 and 2023.

Additionally, for the prior periods, certain amounts are presented in a column for Other to represent other affiliates of the Company that primarily consisted of real estate operations, which were spun-off on December 26, 2023, and do not represent a reportable segment. On December 26, 2023, APC completed a restructuring transaction to spin-off its real estate investments, a component of Excluded Assets that was solely for the benefit of the APC shareholders. To effect the restructuring, APC contributed its real estate investments to a wholly owned subsidiary in exchange for 100% of the subsidiary’s membership interest units, which membership interests were then distributed to holders of APC’s outstanding common stock as a dividend, with each such stockholder receiving one membership interest unit for each share of outstanding APC common stock held.

The following table presents information about our segments (in thousands):

 

 

Year Ended December 31, 2025

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Party

 

$

3,020,728

 

 

$

128,510

 

 

$

32,531

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

3,181,769

 

Intersegment

 

 

1,874

 

 

 

122,232

 

 

 

214,129

 

 

 

—

 

 

 

(338,235

)

 

 

—

 

 

 

—

 

Total revenues

 

 

3,022,602

 

 

 

250,742

 

 

 

246,660

 

 

 

—

 

 

 

(338,235

)

 

 

—

 

 

 

3,181,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

2,615,578

 

 

 

203,895

 

 

 

148,629

 

 

 

—

 

 

 

(127,863

)

 

 

—

 

 

 

2,840,239

 

General and administrative

 

 

217,656

 

 

 

45,004

 

 

 

52,130

 

 

 

—

 

 

 

(210,400

)

 

 

112,866

 

 

 

217,256

 

Depreciation and amortization

 

 

34,401

 

 

 

3,858

 

 

 

6,185

 

 

 

—

 

 

 

—

 

 

 

1,305

 

 

 

45,749

 

Total expenses

 

 

2,867,635

 

 

 

252,757

 

 

 

206,944

 

 

 

—

 

 

 

(338,263

)

 

 

114,171

 

 

 

3,103,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

154,967

 

 

$

(2,015

)

 

$

39,716

 

 

$

—

 

 

$

28

 

(1)

$

(114,171

)

 

$

78,525

 
(1)
Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income that is not presented in the table.

 

 

 

Year Ended December 31, 2024

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Party

 

$

1,949,033

 

 

$

70,000

 

 

$

15,507

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,034,540

 

Intersegment

 

 

—

 

 

 

66,668

 

 

 

139,941

 

 

 

—

 

 

 

(206,609

)

 

 

—

 

 

 

—

 

Total revenues

 

 

1,949,033

 

 

 

136,668

 

 

 

155,448

 

 

 

—

 

 

 

(206,609

)

 

 

—

 

 

 

2,034,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

1,633,021

 

 

 

109,672

 

 

 

83,720

 

 

 

—

 

 

 

(63,261

)

 

 

—

 

 

 

1,763,152

 

General and administrative

 

 

151,250

 

 

 

24,850

 

 

 

51,101

 

 

 

—

 

 

 

(143,433

)

 

 

70,343

 

 

 

154,111

 

Depreciation and amortization

 

 

23,524

 

 

 

2,043

 

 

 

2,360

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,927

 

Total expenses

 

 

1,807,795

 

 

 

136,565

 

 

 

137,181

 

 

 

—

 

 

 

(206,694

)

 

 

70,343

 

 

 

1,945,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

141,238

 

 

$

103

 

 

$

18,267

 

 

$

—

 

 

$

85

 

(1)

$

(70,343

)

 

$

89,350

 
(1)
Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income that is not presented in the table.

 

 

Year Ended December 31, 2023

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Party

 

$

1,284,081

 

 

$

61,600

 

 

$

40,227

 

 

$

753

 

 

$

—

 

 

$

—

 

 

$

1,386,661

 

Intersegment

 

 

—

 

 

 

56,343

 

 

 

95,597

 

 

 

184

 

 

 

(152,124

)

 

 

—

 

 

 

—

 

Total revenues

 

 

1,284,081

 

 

 

117,943

 

 

 

135,824

 

 

 

937

 

 

 

(152,124

)

 

 

—

 

 

 

1,386,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

1,075,631

 

 

 

90,570

 

 

 

59,075

 

 

 

296

 

 

 

(53,869

)

 

 

—

 

 

 

1,171,703

 

General and administrative

 

 

105,829

 

 

 

19,139

 

 

 

54,516

 

 

 

2,421

 

 

 

(102,479

)

 

 

33,171

 

 

 

112,597

 

Depreciation and amortization

 

 

10,900

 

 

 

2,361

 

 

 

3,156

 

 

 

1,331

 

 

 

—

 

 

 

—

 

 

 

17,748

 

Total expenses

 

 

1,192,360

 

 

 

112,070

 

 

 

116,747

 

 

 

4,048

 

 

 

(156,348

)

 

 

33,171

 

 

 

1,302,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

91,721

 

 

$

5,873

 

 

$

19,077

 

 

$

(3,111

)

 

$

4,224

 

(1)

$

(33,171

)

 

$

84,613

 
(1)
Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income that is not presented in the table.