Marlow Hernandez: Right. Well, let me answer that last question first, there’s a scarcity of providers like ourselves with the breadth and scope of services, and at a scaled regional and national level. And so for any pair, even if we are new to a particular market, they will have a hard time looking for provider organizations that can measurably improve quality ratings that affect thesis that are able to take global cap risk that are able to grow membership, because of a differentiated service. The second part to that is the contracts, well, they do range from evergreen contract to specific term type contracts a year or 2, and so on. It is bespoke. But the terms that are negotiated are the percent of premium or our funding rate.
So that is an area that we have made significant improvements on. There are other specific terms such as the primary care cap or what kind of advance we’re getting, what kind of charges we’re getting for stop loss, if we use to payor stop loss rather than a third party, there is related agreements on marketing and contributions from the payors and 50-50 type campaigns. There are more nuanced components to the agreements that affect economics, including what risk levels, which parts of Medicare are included, what’s networks, and I don’t think we should get into it on the call. But that is from a broad strokes perspective, is what we look at and what we will continue to optimize.
Adam Ron: No, that’s helpful. Appreciate it. And last quarter and on this call, you mentioned either optimizing or deactivating affiliate providers, but it looks like at least at the end of the year, you have 1,900 providers versus the last disclosure of 1,500 for the affiliates. So is it €“ do we still think about it as growing in 2023? Or
Marlow Hernandez: No, we’re growing. That’s for sure. But growing with an eye on profitability and cash flows rather than putting our foot on the €“ meeting the demand panel, and that includes DCE or ACO REACH, as an example. We did do a fair amount of trimming. But there were other high performing providers that we agreed to contract with and we do expect growth in our cap light affiliate model, as well as to fill the existing capacity on our medical centers.
Adam Ron: Okay. Thank you so much.
Marlow Hernandez: Of course.
Operator: Your next question is from the line of Justin Lake with Wolfe Research. Your line is open.
Justin Lake: Thanks. I had a couple follow-ups. First, on the $45 million a de novo note losses, can you tell me what the definition of that is? Is that 45 million loss kind of everything outside of Florida that you built recently? Or is that just the stuff goes over the last 12 months or what have you?
Marlow Hernandez: Yeah. No, Justin, that’s the way we report at the aggregate de novo loss add backs that’s across any de novo that we’ve opened. And keep in mind, the definition is losses ramping up to open and then 12 months after open is all part of that number.
Justin Lake: Okay. And the one thing I’d love to €“ as you take a look back, right, obviously the adjusted EBITDA number is very different than what you would have been looking for. And as we €“ the one of the ways I’d love to think about it is just, if I think about your business in three pieces, right, like the core Florida footprint, that Cano was when it kind of entered the public market, you did a couple of big acquisitions, spent about $1 billion on doctors, medical center, and then University Health, and then everything is built outside of Florida. If you were to break it down to those 3 pieces, just kind of broad strokes, I’d love to see kind of how you think about that $80 million of EBITDA. How would that bucket?
