v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Current assets      
Cash and cash equivalents $ 462,227   $ 288,455
Investment in marketable securities 1,221   2,378
Receivables, net (including amounts with related parties) 381,215   275,990
Income taxes receivable 0   19,316
Other receivables 9,891   29,496
Prepaid expenses and other current assets 23,162   22,861
Loans receivable 5,913   0
Total current assets 883,629   638,496
Non-current assets      
Property and equipment, net 56,164   14,274
Intangible assets, net 285,060   118,179
Goodwill 863,266   419,253
Income taxes receivable, non-current 15,943   15,943
Loans receivable, non-current 48,474   51,266
Investments in other entities – equity method 18,462   39,319
Investments in privately held entities 8,896   8,896
Operating lease right-of-use assets 33,936   32,601
Other assets 23,356   16,667
Total non-current assets 1,353,557   716,398
Total assets [1] 2,237,186   1,354,894
Current liabilities      
Accounts payable and accrued expenses 209,747   106,142
Fiduciary accounts payable 4,476   8,223
Medical liabilities 333,969   209,039
Income taxes payable 4,919   0
Operating lease liabilities 7,181   5,350
Current portion of long-term debt 47,865   9,375
Other liabilities 21,773   27,479
Total current liabilities 629,930   365,608
Non-current liabilities      
Deferred tax liability 4,429   4,555
Operating lease liabilities, net of current portion 30,171   30,654
Long-term debt, net of current portion and deferred financing costs 1,002,026   425,299
Other long-term liabilities 15,906   14,610
Total non-current liabilities 1,052,532   475,118
Total liabilities [1] 1,682,462   840,726
Commitments and contingencies (Note 11)  
Mezzanine deficit      
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (234,351)   (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 September 30, 2025 and December 31, 2024 0   0
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 49,383,857 and 47,929,872 shares issued and outstanding, excluding 9,937,167 and 10,603,849 treasury shares, as of September 30, 2025 and December 31, 2024, respectively 49   48
Additional paid-in capital 473,008   426,389
Retained earnings 302,486   286,283
Total stockholders’ equity 775,543   712,720
Non-controlling interest 13,532   4,006
Total equity 789,075 $ 771,528 716,726
Total liabilities, mezzanine deficit, and stockholders' equity $ 2,237,186   $ 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 $1,302.4 million and $712.3 million as of September 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 $383.3 million and $207.9 million as of September 30, 2025 and December 31, 2024, respectively. These VIE balances do not include $173.9 million of investment in affiliates and $30.6 million of amounts due from affiliates as of September 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