v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 339,703 $ 288,455
Investment in marketable securities 2,417 2,378
Receivables, net (including amounts with related parties) 348,730 275,990
Income taxes receivable 7,893 19,316
Other receivables 8,655 29,496
Prepaid expenses and other current assets 21,754 22,861
Total current assets 729,152 638,496
Non-current assets    
Property and equipment, net 17,800 14,274
Intangible assets, net 105,737 118,179
Goodwill 416,917 419,253
Income taxes receivable, non-current 15,943 15,943
Loans receivable, non-current 48,370 51,266
Investments in other entities – equity method 38,454 39,319
Investments in privately held entities 8,896 8,896
Operating lease right-of-use assets 30,631 32,601
Other assets 30,450 16,667
Total non-current assets 713,198 716,398
Total assets [1] 1,442,350 1,354,894
Current liabilities    
Accounts payable and accrued expenses 119,661 106,142
Fiduciary accounts payable 4,734 8,223
Medical liabilities 287,691 209,039
Operating lease liabilities 5,319 5,350
Current portion of long-term debt 12,500 9,375
Other liabilities 29,841 27,479
Total current liabilities 459,746 365,608
Non-current liabilities    
Deferred tax liability 2,593 4,555
Operating lease liabilities, net of current portion 28,714 30,654
Long-term debt, net of current portion and deferred financing costs 401,057 425,299
Other long-term liabilities 12,294 14,610
Total non-current liabilities 444,658 475,118
Total liabilities [1] 904,404 840,726
Commitments and contingencies (Note 11)
Mezzanine deficit    
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (233,582) (202,558)
Stockholders’ equity    
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, and zero shares issued and outstanding as of June 30, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,138,631 and 47,929,872 shares issued and outstanding, excluding 9,903,953 and 10,603,849 treasury shares, as of June 30, 2025 and December 31, 2024, respectively 49 48
Additional paid-in capital 463,203 426,389
Retained earnings 302,209 286,283
Total stockholders’ equity 765,461 712,720
Non-controlling interest 6,067 4,006
Total equity 771,528 716,726
Total liabilities, mezzanine deficit, and stockholders' equity $ 1,442,350 $ 1,354,894
[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 $691.0 million and $712.3 million as of June 30, 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 $230.3 million and $207.9 million as of June 30, 2025 and December 31, 2024, respectively. These VIE balances do not include $152.6 million of investment in affiliates and $35.1 million of amounts due from affiliates as of June 30, 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 15 — “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