v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 258,517 $ 288,455
Investment in marketable securities 2,397 2,378
Income taxes receivable 15,802 19,316
Other receivables 14,919 29,496
Prepaid expenses and other current assets 23,711 22,861
Total current assets 613,270 638,496
Non-current assets    
Property and equipment, net 16,849 14,274
Intangible assets, net 111,916 118,179
Goodwill 416,386 419,253
Income taxes receivable 15,943 15,943
Loans receivable, non-current 48,134 51,266
Investments in other entities – equity method 38,005 39,319
Investments in privately held entities 8,896 8,896
Restricted cash 647 646
Operating lease right-of-use assets 30,698 32,601
Other assets 30,512 16,021
Total non-current assets 717,986 716,398
Total assets [1] 1,331,256 1,354,894
Current liabilities    
Accounts payable and accrued expenses 105,559 106,142
Fiduciary accounts payable 4,840 8,223
Medical liabilities 204,101 209,039
Dividend payable 638 638
Finance lease liabilities 471 554
Operating lease liabilities 4,979 5,350
Current portion of long-term debt 12,500 9,375
Other liabilities 28,180 26,287
Total current liabilities 361,268 365,608
Non-current liabilities    
Deferred tax liability 4,197 4,555
Finance lease liabilities, net of current portion 543 607
Operating lease liabilities, net of current portion 28,963 30,654
Long-term debt, net of current portion and deferred financing costs 403,894 425,299
Other long-term liabilities 14,685 14,003
Total non-current liabilities 452,282 475,118
Total liabilities [1] 813,550 840,726
Commitments and contingencies (Note 12)
Mezzanine deficit    
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (232,733) (202,558)
Stockholders’ equity    
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,028,624 and 47,929,872 shares issued and outstanding, excluding 9,903,953 and 10,603,849 treasury shares, as of March 31,2025 and December 31, 2024, respectively 49 48
Additional paid-in capital 452,439 426,389
Retained earnings 292,880 286,283
Total stockholders’ equity 745,368 712,720
Non-controlling interest 5,071 4,006
Total equity 750,439 716,726
Total liabilities, mezzanine deficit, and stockholders' equity 1,331,256 1,354,894
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 241,078 225,733
Related Party    
Current assets    
Receivables, net $ 56,846 $ 50,257
[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 $678.1 million and $712.3 million as of March 31, 2025 and December 31, 2024, 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 $212.1 million and $207.9 million as of March 31, 2025 and December 31, 2024, respectively. These VIE balances do not include $190.2 million of investment in affiliates and $4.5 million of amounts due to affiliates as of March 31, 2025, and $224.9 million of investment in affiliates and $48.1 million of amounts due to affiliates as of December 31, 2024, 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.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Source

10-Q PDF
XBRL