Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 12, 2024

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___.

Commission File No. 001-37392

img123525869_0.jpg

Astrana Health, Inc.

(Exact name of registrant as specified in its charter)

Delaware

95-4472349

(State or Other Jurisdiction

(I.R.S. Employer

of Incorporation or Organization)

Identification Number)

1668 S. Garfield Avenue, 2nd Floor, Alhambra, California 91801

(Address of principal executive offices and zip code)

(626) 282-0288

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common Stock, $0.001 par value per share

 

ASTH

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of November 6, 2024, there were 56,252,730 shares of common stock of the registrant, $0.001 par value per share, issued and outstanding, which includes 7,132,698 treasury shares that are owned by Allied Physicians of California, a Professional Medical Corporation d.b.a. Allied Pacific of California IPA (“APC”), a consolidated affiliate of Astrana Health, Inc. These shares are legally issued and outstanding but treated as treasury shares for accounting purposes.

 

 


 

Astrana Health, Inc.

INDEX TO FORM 10-Q FILING

TABLE OF CONTENTS

 

 

 

PAGE

 

Glossary

3

 

Introductory Note

4

 

Note About Forward-Looking Statements

4

 

 

 

 

PART I

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements

6

 

Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023

6

 

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023

8

 

Condensed Consolidated Statements of Mezzanine and Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023

9

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023

11

 

Notes to Condensed Consolidated Financial Statements

13

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

48

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

63

Item 4.

Controls and Procedures

63

 

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3.

Defaults Upon Senior Securities

67

Item 4.

Mine Safety Disclosures

67

Item 5.

Other Information

68

Item 6.

Exhibits

69

 

2


 

Glossary

The following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below:

 

AAMG

 

All-American Medical Group

ACO REACH

 

ACO Realizing Equity, Access, and Community Health

ADSC

 

Advanced Diagnostic and Surgical Center, Inc.

AHMC

 

AHMC Healthcare Inc.

AHMS

 

Advanced Health Management Systems, L.P.

AHM

 

Astrana Health Management, Inc. (f/k/a Network Medical Management Inc.)

APAACO

 

APA ACO, Inc.

APC

 

Allied Physicians of California, a Professional Medical Corporation

APC-LSMA

 

APC-LSMA Designated Shareholder Medical Corporation

Astrana

 

Astrana Health Inc. (f/k/a Apollo Medical Holdings, Inc.)

Astrana Medical

 

Astrana Health Medical Corporation (f/k/a AP-AMH Medical Corporation)

Astrana Care Partners Medical

 

Astrana Care Partners Medical Corporation (f/k/a AP - AMH 2 Medical Corporation)

CAIPA MSO

 

CAIPA MSO, LLC

CFC

 

Community Family Care Medical Group IPA, Inc.

CMS

 

Centers for Medicare & Medicaid Services

DMHC

 

California Department of Managed Health Care

DMG

 

Diagnostic Medical Group of Southern California

HSMSO

 

Health Source MSO Inc., a California corporation

IPA

 

Independent Practice Association

Jade

 

Jade Health Care Medical Group, Inc.

LMA

 

LaSalle Medical Associates

PCCCV

 

Primary Community Care of Central Valley, Inc.

PMIOC

 

Pacific Medical Imaging and Oncology Center, Inc.

Sun Labs

 

Sun Clinical Labs

VIE

 

Variable Interest Entity

 

3


 

INTRODUCTORY NOTE

Unless the context dictates otherwise, references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us,” “our,” and similar words are references to Astrana Health, Inc., a Delaware corporation (“Astrana”), and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities (“VIEs”).

The Centers for Medicare & Medicaid Services (“CMS”) have not reviewed any statements contained in this Report, including statements describing the participation of APA ACO, Inc. (“APAACO”) in the ACO Realizing Equity, Access, and Community Health Model (“ACO REACH Model”) and ApolloMed MSSP I, Inc. in the Medicare Shared Savings Program (“MSSP”).

Trade names and trademarks of Astrana and its subsidiaries referred to herein, and their respective logos, are our property. This Quarterly Report on Form 10-Q may contain additional trade names and/or trademarks of other companies, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names and/or trademarks, if any, to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any statements about our business, financial condition, operating results, plans, objectives, expectations, and intentions; any projections of earnings, revenue, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), Adjusted EBITDA, or other financial items, such as our projected capitation from CMS, our forward-looking guidance, and our future liquidity; any statements of any plans, strategies, and objectives of management for future operations, such as the material opportunities that we believe exist for our Company; any statements concerning proposed services, developments, mergers, or acquisitions, including statements regarding our pending acquisition of certain businesses and assets of Prospect Medical Holdings, Inc. (“Prospect”), which may not be completed in a timely manner, or at all, and the debt financing for the acquisition, and our ability to achieve the expected benefits of such acquisition; any statements with respect to dividends or stock repurchases and timing, methods, and payment of same; any statements regarding the outlook of the ACO REACH Model, the MSSP, or strategic transactions; any statements regarding management’s view of future expectations and prospects for us; any statements about prospective adoption of new accounting standards or effects of changes in accounting standards; any statements regarding our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; any statements regarding potential changes to our tax structure; any statements regarding future economic conditions or performance; any statements relating to the potential impact of cybersecurity breaches or disruptions to our management information systems or widespread outages, interruptions, or other failures of operational, communication, and other systems; any statements of belief; any statements of assumptions underlying any of the foregoing; and other statements that are not historical facts. Forward-looking statements may be identified by the use of forward-looking terms, such as “anticipate,” “could,” “can,” “may,” “might,” “potential,” “predict,” “should,” “estimate,” “expect,” “project,” “believe,” “think,” “plan,” “envision,” “intend,” “continue,” “target,” “seek,” “contemplate,” “budgeted,” “will,” or “would,” and the negative of such terms, other variations on such terms or other similar or comparable words, phrases, or terminology. These forward-looking statements present our estimates and assumptions only as of the date of this Quarterly Report on Form 10-Q and are subject to change.

4


 

Forward-looking statements involve risks and uncertainties, many of which are difficult to predict, are outside of our control, and are based on the current beliefs, expectations, and certain assumptions of management. Some or all of such beliefs, expectations, and assumptions may not materialize or may vary significantly from actual results. Such statements are qualified by important economic, competitive, governmental, and technological factors that could cause our business, strategy, or actual results or events to differ materially from those in our forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2024, including the risk factors discussed under the heading “Risk Factors” in Part I, Item 1A thereof, and those discussed in this Form 10-Q under the heading “Risk Factors” in Part II, Item 1A. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to significant risks and uncertainties that could cause actual conditions, outcomes, and results to differ materially from those indicated by such statements. Any forward-looking statement made by the Company in this Form 10-Q speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.

5


 

PART I - FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 

 

September 30,
2024

 

 

December 31,
2023

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

347,994

 

 

$

293,807

 

Investment in marketable securities

 

 

2,354

 

 

 

2,498

 

Receivables, net

 

 

132,237

 

 

 

76,780

 

Receivables, net – related parties

 

 

76,568

 

 

 

58,980

 

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

 

Loans receivable, non-current

 

 

55,284

 

 

 

26,473

 

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)

 

$

1,285,376

 

 

$

933,361

 

 

 

 

 

 

 

 

Liabilities, mezzanine equity, and equity

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

6


 

 

 

September 30,
2024

 

 

December 31,
2023

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Preferred stock, $0.001 par value per share; 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023

 

 

 

 

 

 

Series A Preferred stock, zero authorized and issued and zero outstanding as of September 30, 2024 and 1,111,111 authorized and issued and zero outstanding as of December 31, 2023

 

 

 

 

 

 

Series B Preferred stock, zero authorized and issued and zero outstanding as of September 30, 2024 and 555,555 authorized and issued and zero outstanding as of December 31, 2023

 

 

 

 

 

 

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

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

(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.

7


 

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

(UNAUDITED)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Capitation, net

 

$

431,401

 

 

$

305,678

 

 

$

1,239,885

 

 

$

906,430

 

Risk pool settlements and incentives

 

 

21,779

 

 

 

15,022

 

 

 

57,564

 

 

 

48,605

 

Management fee income

 

 

2,747

 

 

 

9,898

 

 

 

8,429

 

 

 

32,287

 

Fee-for-service, net

 

 

18,692

 

 

 

15,892

 

 

 

54,588

 

 

 

41,216

 

Other revenue

 

 

4,091

 

 

 

1,683

 

 

 

8,865

 

 

 

5,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

478,710

 

 

 

348,173

 

 

 

1,369,331

 

 

 

1,033,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services, excluding depreciation and amortization

 

 

405,218

 

 

 

275,375

 

 

 

1,148,422

 

 

 

857,648

 

General and administrative expenses

 

 

37,803

 

 

 

29,410

 

 

 

112,478

 

 

 

74,648

 

Depreciation and amortization

 

 

7,264

 

 

 

4,305

 

 

 

19,801

 

 

 

12,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

450,285

 

 

 

309,090

 

 

 

1,280,701

 

 

 

945,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

28,425

 

 

 

39,083

 

 

 

88,630

 

 

 

88,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from equity method investments

 

 

1,353

 

 

 

(2,104

)

 

 

2,887

 

 

 

3,104

 

Interest expense

 

 

(8,856

)

 

 

(3,779

)

 

 

(25,028

)

 

 

(10,680

)

Interest income

 

 

3,778

 

 

 

3,281

 

 

 

11,287

 

 

 

9,617

 

Unrealized (loss) gain on investments

 

 

(561

)

 

 

(342

)

 

 

415

 

 

 

(5,875

)

Other income

 

 

2,673

 

 

 

1,876

 

 

 

4,522

 

 

 

4,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other (expense) income, net

 

 

(1,613

)

 

 

(1,068

)

 

 

(5,917

)

 

 

431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

 

26,812

 

 

 

38,015

 

 

 

82,713

 

 

 

88,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

7,831

 

 

 

10,042

 

 

 

25,004

 

 

 

30,971

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

18,981

 

 

 

27,973

 

 

 

57,709

 

 

 

57,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to non-controlling interest

 

 

2,887

 

 

 

5,914

 

 

 

7,609

 

 

 

9,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Astrana Health, Inc.

 

$

16,094

 

 

$

22,059

 

 

$

50,100

 

 

$

48,361

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic

 

$

0.34

 

 

$

0.47

 

 

$

1.05

 

 

$

1.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted

 

$

0.33

 

 

$

0.47

 

 

$

1.04

 

 

$

1.03

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

8


 

ASTRANA HEALTH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

 

Mezzanine
Equity –
Non-controlling

 

 

Common Stock Outstanding

 

 

Additional
Paid-in

 

 

Retained

 

 

Non-controlling

 

 

Stockholders’

 

 

Interest in APC

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Interest

 

 

Equity

 

Balance at January 1, 2024

 

$

(205,883

)

 

 

46,843,743

 

 

$

47

 

 

$

371,037

 

 

$

243,134

 

 

$

2,433

 

 

$

616,651

 

Net income

 

 

326

 

 

 

 

 

 

 

 

 

 

 

 

14,835

 

 

 

1,701

 

 

 

16,536

 

Purchase of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25

)

 

 

(25

)

Sale of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150

 

 

 

150

 

Shares issued for vesting of restricted stock awards

 

 

 

 

 

5,149

 

 

 

 

 

 

(2,407

)

 

 

 

 

 

 

 

 

(2,407

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

5,748

 

 

 

 

 

 

 

 

 

5,748

 

Issuance of shares for business acquisition

 

 

 

 

 

631,712

 

 

 

1

 

 

 

21,951

 

 

 

 

 

 

 

 

 

21,952

 

Acquisition of non-controlling interest

 

 

 

 

 

(22,340

)

 

 

 

 

 

(856

)

 

 

 

 

 

321

 

 

 

(535

)

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(95

)

 

 

(95

)

Balance at March 31, 2024

 

$

(205,557

)

 

 

47,458,264

 

 

$

48

 

 

$

395,473

 

 

$

257,969

 

 

$

4,485

 

 

$

657,975

 

Net income

 

 

1,245

 

 

 

 

 

 

 

 

 

 

 

 

19,171

 

 

 

1,450

 

 

 

20,621

 

Shares issued for vesting of restricted stock awards

 

 

 

 

 

83,285

 

 

 

 

 

 

(1,177

)

 

 

 

 

 

 

 

 

(1,177

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

7,390

 

 

 

 

 

 

 

 

 

7,390

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,801

)

 

 

(1,801

)

Balance at June 30, 2024

 

$

(204,312

)

 

 

47,541,549

 

 

$

48

 

 

$

401,686

 

 

$

277,140

 

 

$

4,134

 

 

$

683,008

 

Net income

 

 

1,800

 

 

 

 

 

 

 

 

 

 

 

 

16,094

 

 

 

1,087

 

 

 

17,181

 

Shares issued for vesting of restricted stock awards

 

 

 

 

 

34,735

 

 

 

 

 

 

(391

)

 

 

 

 

 

 

 

 

(391

)

Shares issued for cash and exercise of options

 

 

 

 

 

53,800

 

 

 

 

 

 

232

 

 

 

 

 

 

 

 

 

232

 

Purchase of treasury shares

 

 

 

 

 

(14,409

)

 

 

 

 

 

(717

)

 

 

 

 

 

 

 

 

(717

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

6,230

 

 

 

 

 

 

 

 

 

6,230

 

Issuance of shares for Employee Stock Purchase Plan (“ESPP”)

 

 

 

 

 

7,789

 

 

 

 

 

 

271

 

 

 

 

 

 

 

 

 

271

 

AAMG Stock Contingent Consideration

 

 

 

 

 

157,059

 

 

 

 

 

 

4,023

 

 

 

 

 

 

 

 

 

4,023

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(218

)

 

 

(218

)

Balance at September 30, 2024

 

$

(202,512

)

 

 

47,780,523

 

 

$

48

 

 

$

411,334

 

 

$

293,234

 

 

$

5,003

 

 

$

709,619

 

 

9


 

 

Mezzanine
Equity –
Non-controlling

 

 

Common Stock Outstanding

 

 

Additional
Paid-in

 

 

Retained

 

 

Non-controlling

 

 

Stockholders’

 

 

Interest in APC

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Interest

 

 

Equity

 

Balance at January 1, 2023

 

$

14,237

 

 

 

46,575,699

 

 

$

47

 

 

$

360,097

 

 

$

182,417

 

 

$

1,749

 

 

$

544,310

 

Net (loss) income

 

 

(1,729

)