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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 334,796 $ 293,807
Investment in marketable securities 2,490 2,498
Income taxes receivable 0 10,657
Other receivables 1,783 1,335
Prepaid expenses and other current assets 17,281 17,450
Total current assets 538,810 461,507
Non-current assets    
Land, property and equipment, net 7,985 7,171
Intangible assets, net 119,707 71,648
Goodwill 410,267 278,831
Income taxes receivable 15,943 15,943
Investments in other entities – equity method 35,893 25,774
Investments in privately held entities 6,396 6,396
Restricted cash 645 345
Operating lease right-of-use assets 39,152 37,396
Other assets 4,067 1,877
Total non-current assets 687,467 471,854
Total assets [1] 1,226,277 933,361
Current liabilities    
Accounts payable and accrued expenses 146,473 59,949
Fiduciary accounts payable 7,792 7,737
Medical liabilities 136,494 106,657
Income taxes payable 5,522 0
Dividend payable 638 638
Finance lease liabilities 636 646
Operating lease liabilities 5,007 4,607
Current portion of long-term debt 20,750 19,500
Other liabilities 31,960 18,940
Total current liabilities 355,272 218,674
Non-current liabilities    
Deferred tax liability 3,756 4,072
Finance lease liabilities, net of current portion 1,015 1,033
Operating lease liabilities, net of current portion 37,716 36,289
Long-term debt, net of current portion and deferred financing costs 368,448 258,939
Other long-term liabilities 7,652 3,586
Total non-current liabilities 418,587 303,919
Total liabilities [1] 773,859 522,593
Commitments and contingencies (Note 12)
Mezzanine equity    
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (205,557) (205,883)
Stockholders’ equity    
Common stock, value, issued 48 47
Additional paid-in capital 395,473 371,037
Retained earnings 257,969 243,134
Total stockholders’ equity 653,490 614,218
Non-controlling interest 4,485 2,433
Total equity 657,975 616,651
Total liabilities, mezzanine equity and equity 1,226,277 933,361
Series A Preferred Stock    
Stockholders’ equity    
Preferred stock 0 0
Series B Preferred Stock    
Stockholders’ equity    
Preferred stock 0 0
Nonrelated Party    
Current assets    
Receivables, net 120,106 76,780
Non-current assets    
Loans receivable, non-current 47,412 26,473
Related Party    
Current assets    
Receivables, net $ 62,354 $ 58,980
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $717.5 million and $540.8 million as of March 31, 2024 and December 31, 2023, respectively, and total liabilities of the Company’s consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary of $179.6 million and $146.0 million as of March 31, 2024 and December 31, 2023, respectively. These VIE balances do not include $299.5 million of investment in affiliates and $110.1 million of amounts due to affiliates as of March 31, 2024, and $273.2 million of investment in affiliates and $107.3 million of amounts due to affiliates as of December 31, 2023, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets. See Note 16 — “Variable Interest Entities (VIEs)” for further details.

Source

10-Q PDF
XBRL