v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 429,474 $ 288,455
Receivables, net (including amounts with related parties) 374,465 275,990
Income taxes receivable 1,799 19,316
Other receivables 26,385 29,496
Prepaid expenses and other current assets 26,264 25,239
Loans receivable 4,926 0
Total current assets 863,313 638,496
Non-current assets    
Property and equipment, net 57,332 14,274
Intangible assets, net 270,968 118,179
Goodwill 865,305 419,253
Income taxes receivable, net of current portion 26,220 15,943
Loans receivable, net of current portion 48,724 51,266
Investments in other entities – equity method 25,637 39,319
Investments in privately held entities 2,896 8,896
Operating lease right-of-use assets 35,738 32,601
Other assets 22,528 16,667
Total non-current assets 1,355,348 716,398
Total assets [1] 2,218,661 1,354,894
Current liabilities    
Accounts payable and accrued expenses 195,912 106,142
Fiduciary accounts payable 3,524 8,223
Medical liabilities 335,705 209,039
Operating lease liabilities 7,809 5,350
Current portion of long-term debt 47,865 9,375
Other liabilities 24,458 27,479
Total current liabilities 615,273 365,608
Non-current liabilities    
Deferred tax liability 5,491 4,555
Operating lease liabilities, net of current portion 31,552 30,654
Long-term debt, net of current portion and deferred financing costs 990,904 425,299
Other long-term liabilities 17,107 14,610
Total non-current liabilities 1,045,054 475,118
Total liabilities [1] 1,660,327 840,726
Commitments and contingencies (Note 14)
Mezzanine deficit    
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (234,962) (202,558)
Stockholders’ equity    
Common stock $0.001 par value per share; 100,000,000 shares authorized, 48,885,358 and 47,929,872 shares issued and outstanding, excluding 10,571,011 and 10,603,849 treasury shares, as of December 31, 2025 and December 31, 2024, respectively 49 48
Additional paid-in capital 470,863 426,389
Retained earnings 308,379 286,283
Total stockholders' equity 779,291 712,720
Non-controlling interest 14,005 4,006
Total equity 793,296 716,726
Total liabilities, mezzanine deficit, and stockholders' equity $ 2,218,661 $ 1,354,894
[1] The Company’s consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $1,276.5 million and $712.3 million as of December 31, 2025 and 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 $376.0 million and $207.9 million as of December 31, 2025 and 2024, respectively. These VIE balances do not include $152.2 million of investment in affiliates and $58.3 million of amounts due from affiliates as of December 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 consolidated balance sheets. See Note 18 — “Variable Interest Entities (VIEs)” for further detail.

Source

10-K PDF
XBRL