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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 325,310 $ 293,807
Investment in marketable securities 2,383 2,498
Income taxes receivable 22,005 10,657
Other receivables 1,642 1,335
Prepaid expenses and other current assets 17,417 17,450
Total current assets 570,349 461,507
Non-current assets    
Land, property and equipment, net 10,305 7,171
Intangible assets, net 116,231 71,648
Goodwill 409,581 278,831
Income taxes receivable 15,943 15,943
Investments in other entities – equity method 33,276 25,774
Investments in privately held entities 8,896 6,396
Restricted cash 646 345
Operating lease right-of-use assets 28,792 37,396
Other assets 9,289 1,877
Total non-current assets 682,122 471,854
Total assets [1] 1,252,471 933,361
Current liabilities    
Accounts payable and accrued expenses 95,757 59,949
Fiduciary accounts payable 7,321 7,737
Medical liabilities 151,482 106,657
Dividend payable 638 638
Finance lease liabilities 591 646
Operating lease liabilities 4,884 4,607
Current portion of long-term debt 17,000 19,500
Other liabilities 32,152 18,940
Total current liabilities 309,825 218,674
Non-current liabilities    
Deferred tax liability 3,250 4,072
Finance lease liabilities, net of current portion 879 1,033
Operating lease liabilities, net of current portion 27,092 36,289
Long-term debt, net of current portion and deferred financing costs 425,006 258,939
Other long-term liabilities 7,723 3,586
Total non-current liabilities 463,950 303,919
Total liabilities [1] 773,775 522,593
Commitments and contingencies (Note 12)
Mezzanine equity    
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (204,312) (205,883)
Stockholders’ equity    
Preferred stock
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 47,541,549 and 46,843,743 shares issued and outstanding, excluding 10,584,340 and 10,584,340 treasury shares, as of June 30, 2024 and December 31, 2023, respectively 48 47
Additional paid-in capital 401,686 371,037
Retained earnings 277,140 243,134
Total stockholders’ equity 678,874 614,218
Non-controlling interest 4,134 2,433
Total equity 683,008 616,651
Total liabilities, mezzanine equity and equity 1,252,471 933,361
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 132,323 76,780
Non-current assets    
Loans receivable, non-current 49,163 26,473
Related Party    
Current assets    
Receivables, net $ 69,269 $ 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 $671.9 million and $540.8 million as of June 30, 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 $175.8 million and $146.0 million as of June 30, 2024 and December 31, 2023, respectively. These VIE balances do not include $516.4 million of investment in affiliates and $72.8 million of amounts due to affiliates as of June 30, 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