v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 347,994 $ 293,807
Investment in marketable securities 2,354 2,498
Income taxes receivable 16,211 10,657
Other receivables 1,120 1,335
Prepaid expenses and other current assets 20,506 17,450
Total current assets 596,990 461,507
Non-current assets    
Land, property and equipment, net 12,172 7,171
Intangible assets, net 109,108 71,648
Goodwill 409,711 278,831
Income taxes receivable 15,943 15,943
Investments in other entities – equity method 34,629 25,774
Investments in privately held entities 8,896 6,396
Restricted cash 646 345
Operating lease right-of-use assets 33,119 37,396
Other assets 8,878 1,877
Total non-current assets 688,386 471,854
Total assets 1,285,376 933,361 [1]
Current liabilities    
Accounts payable and accrued expenses 94,811 59,949
Fiduciary accounts payable 6,041 7,737
Medical liabilities 160,279 106,657
Dividend payable 638 638
Finance lease liabilities 554 646
Operating lease liabilities 5,241 4,607
Current portion of long-term debt 15,000 19,500
Other liabilities 30,364 18,940
Total current liabilities 312,928 218,674
Non-current liabilities    
Deferred tax liability 2,857 4,072
Finance lease liabilities, net of current portion 743 1,033
Operating lease liabilities, net of current portion 31,162 36,289
Long-term debt, net of current portion and deferred financing costs 423,119 258,939
Other long-term liabilities 7,460 3,586
Total non-current liabilities 465,341 303,919
Total liabilities [1] 778,269 522,593
Commitments and contingencies (Note 12)
Mezzanine equity    
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (202,512) (205,883)
Stockholders’ equity    
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 47,780,523 and 46,843,743 shares issued and outstanding, excluding 10,598,749 and 10,584,340 treasury shares, as of September 30, 2024 and December 31, 2023, respectively 48 47
Additional paid-in capital 411,334 371,037
Retained earnings 293,234 243,134
Total stockholders’ equity 704,616 614,218
Non-controlling interest 5,003 2,433
Total equity 709,619 616,651
Total liabilities, mezzanine equity and equity 1,285,376 933,361
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 132,237 76,780
Non-current assets    
Loans receivable, non-current 55,284 26,473
Related Party    
Current assets    
Receivables, net $ 76,568 $ 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 $701.1 million and $540.8 million as of September 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 $194.1 million and $146.0 million as of September 30, 2024 and December 31, 2023, respectively. These VIE balances do not include $413.3 million of investment in affiliates and $76.3 million of amounts due to affiliates as of September 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