v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 288,455 $ 293,807
Investment in marketable securities 2,378 2,498
Income taxes receivable 19,316 10,657
Other receivables 29,496 1,335
Prepaid expenses and other current assets 22,861 17,450
Total current assets 638,496 461,507
Non-current assets    
Property and equipment, net 14,274 7,171
Intangible assets, net 118,179 71,648
Goodwill 419,253 278,831
Income taxes receivable 15,943 15,943
Loans receivable, non-current 51,266 26,473
Investments in other entities – equity method 39,319 25,774
Investments in privately held entities 8,896 6,396
Restricted cash 646 345
Operating lease right-of-use assets 32,601 37,396
Other assets 16,021 1,877
Total non-current assets 716,398 471,854
Total assets [1] 1,354,894 933,361
Current liabilities    
Accounts payable and accrued expenses 106,142 59,949
Fiduciary accounts payable 8,223 7,737
Medical liabilities 209,039 106,657
Dividend payable 638 638
Finance lease liabilities 554 646
Operating lease liabilities 5,350 4,607
Current portion of long-term debt 9,375 19,500
Other liabilities 26,287 18,940
Total current liabilities 365,608 218,674
Non-current liabilities    
Deferred tax liability 4,555 4,072
Finance lease liabilities, net of current portion 607 1,033
Operating lease liabilities, net of current portion 30,654 36,289
Long-term debt, net of current portion and deferred financing costs 425,299 258,939
Other long-term liabilities 14,003 3,586
Total non-current liabilities 475,118 303,919
Total liabilities [1] 840,726 522,593
Commitments and contingencies (Note 14)
Mezzanine deficit    
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") (202,558) (205,883)
Stockholders’ equity    
Common stock, par value $0.001; 100,000,000 shares authorized, 47,929,872 and 46,843,743 shares issued and outstanding, excluding 10,603,849 and 10,584,340 treasury shares, as of December 31, 2024 and December 31, 2023, respectively 48 47
Additional paid-in capital 426,389 371,037
Retained earnings 286,283 243,134
Total stockholders' equity 712,720 614,218
Non-controlling interest 4,006 2,433
Total equity 716,726 616,651
Total liabilities, mezzanine deficit, and stockholders' equity 1,354,894 933,361
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 225,733 76,780
Related Party    
Current assets    
Receivables, net $ 50,257 $ 58,980
[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 $712.3 million and $540.8 million as of December 31, 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 $207.9 million and $146.0 million as of December 31, 2024 and December 31, 2023, respectively. These VIE balances do not include $224.9 million of investment in affiliates and $48.1 million of amounts due to affiliates as of December 31, 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 consolidated balance sheets. See Note 18— “Variable Interest Entities (VIEs)” for further detail.

Source

10-K PDF
XBRL