https://www.fiercehealthcare.com/providers/providence-ends-2022-88-operating-margin-61b-net-loss

This goes into more depth since that article is paywalled.

As I said in an another post this probably isn't as much of a threat to Providence than the number might suggest but we'll have to see. It is forcing them to restructure to try and rebound in 2023.

Providence has nearly $10 billion in cash and investments. They often end the year with an operating loss, or a relatively small gain, partially because they eat a lot of the cost for uncompensated care (but as the ongoing lawsuits show, less than they legally should). They tend to make up for this in gains in their investments and other sources of income but like many other healthcare networks across the country, those investments lost a lot of money.

As far as the Sounders' relationship with Providence goes, I doubt this changes much. They signed that deal with full knowledge of their losses for most of it not all of 2022 and almost certainly factored it all in with their projections for the future.