Form: 8-K/A

Current report

March 14, 2025

 

Exhibit 99.1

 

ASTRANA HEALTH, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 

    December 31,
2024
    December 31,
2023
 
    (Unaudited)     (Audited)  
Assets                
                 
Current assets                
Cash and cash equivalents   $ 288,455     $ 293,807  
Investment in marketable securities     2,378       2,498  
Receivables, net     225,733       76,780  
Receivables, net – related parties     50,257       58,980  
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  
                 
Liabilities, Mezzanine Deficit, and Stockholders’ Equity                
                 
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  

 

 

 

 

    December 31,
    December 31,
 
    2024     2023  
                 
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  
                 
Mezzanine deficit                
Non-controlling interest in Allied Physicians of California, a Professional
   Medical Corporation (“APC”)
    (202,558 )     (205,883 )
                 
Stockholders’ equity                
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized as of December 31, 2024 and December 31, 2023                
Series A Preferred stock, zero authorized and issued and zero outstanding as of December 31, 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 December 31, 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, 47,929,872 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  

 

(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 $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 condensed consolidated balance sheets.