v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 478,383 $ 429,474
Receivables, net (including amounts from related parties) 467,395 374,465
Income taxes receivable 0 1,799
Other receivables 28,017 26,385
Prepaid expenses and other current assets 25,647 26,264
Loans receivable 4,658 4,926
Total current assets 1,004,100 863,313
Non-current assets    
Property and equipment, net 59,546 57,332
Intangible assets, net 257,118 270,968
Goodwill 874,799 865,305
Income taxes receivable, net of current portion 26,220 26,220
Loans receivable, net of current portion 49,068 48,724
Investments in other entities – equity method 27,257 25,637
Operating lease right-of-use assets 33,933 35,738
Other assets 26,786 25,424
Total non-current assets 1,354,727 1,355,348
Total assets [1] 2,358,827 2,218,661
Current liabilities    
Accounts payable and accrued expenses 221,389 195,912
Fiduciary accounts payable 3,706 3,524
Income taxes payable 2,507 0
Medical liabilities 439,259 335,705
Operating lease liabilities 7,557 7,809
Current portion of long-term debt 47,865 47,865
Other liabilities 23,086 24,458
Total current liabilities 745,369 615,273
Non-current liabilities    
Deferred tax liability 7,399 5,491
Operating lease liabilities, net of current portion 30,006 31,552
Long-term debt, net of current portion and deferred financing costs 979,764 990,904
Other long-term liabilities 18,833 17,107
Total non-current liabilities 1,036,002 1,045,054
Total liabilities [1] 1,781,371 1,660,327
Commitments and contingencies (Note 11)
Mezzanine deficit    
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (237,739) (234,962)
Stockholders’ equity    
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, and zero shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 48,946,399 and 48,885,358 shares issued and outstanding, excluding 10,695,758 and 10,571,011 treasury shares, as of March 31, 2026 and December 31,2025, respectively 49 49
Additional paid-in capital 477,508 470,863
Retained earnings 322,711 308,379
Total stockholders’ equity 800,268 779,291
Non-controlling interests 14,927 14,005
Total equity 815,195 793,296
Total liabilities, mezzanine deficit, and stockholders' equity $ 2,358,827 $ 2,218,661
[1] The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include (a) total assets of $1,317.1 million and $1,276.5 million as of March 31, 2026 and December 31, 2025, respectively, that can be used only to settle obligations of the Company’s consolidated VIEs and (b) total liabilities of the consolidated VIEs of $394.5 million and $376.0 million as of March 31, 2026 and December 31, 2025, respectively, for which creditors do not have recourse to the general credit of the Company, the VIE’s primary beneficiary. These VIE balances do not include $150.4 million of investment in affiliates and $24.4 million of amounts due from affiliates as of March 31, 2026, and $152.2 million of investment in affiliates and $58.3 million of amounts due from affiliates as of December 31, 2025, 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