Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 10, 2020

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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 June 30, 2020
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
Apollo Medical Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 95-4472349
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation) 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) 
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
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
AMEH
Nasdaq Capital Market
As of August 3, 2020, there were 53,513,655 shares of common stock of the registrant, $0.001 par value per share, issued and outstanding.



APOLLO MEDICAL HOLDINGS, INC.
INDEX TO FORM 10-Q FILING
TABLE OF CONTENTS
PAGE


2


Glossary

The following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below:
Accountable Health Care Accountable Health Care IPA, a Professional Medical Corporation
AHMC AHMC Healthcare Inc.
AIPBP All-Inclusive Population-Based Payments
Alpha Care Alpha Care Medical Group, Inc.
AMG AMG, a Professional Medical Corporation
AMH ApolloMed Hospitalists, a Medical Corporation
AMM Apollo Medical Management, Inc.
AP-AMH AP-AMH Medical Corporation
APAACO APA ACO, Inc.
APC Allied Pacific of California IPA
APC-LSMA APC-LSMA Designated Shareholder Medical Corporation
Apollo Care Connect Apollo Care Connect, Inc.
BAHA Bay Area Hospitalist Associates
Bright Bright Health Company of California, Inc.
CDSC Concourse Diagnostic Surgery Center, LLC
CQMC Critical Quality Management Corporation
CSI College Street Investment LP, a California limited partnership
DMHC California Department of Managed Healthcare
DMG Diagnostic Medical Group
HSMSO Health Source MSO Inc., a California corporation
ICC AHMC International Cancer Center, a Medical Corporation
IPA independent practice association
LMA LaSalle Medical Associates
MMG Maverick Medical Group, Inc.
MPP Medical Property Partners
NGACO Next Generation Accountable Care Organization
NMM Network Medical Management, Inc.
PASC Pacific Ambulatory Health Care, LLC
PMIOC Pacific Medical Imaging and Oncology Center, Inc.
SCHC Southern California Heart Centers
UCAP Universal Care Acquisition Partners, LLC
UCI Universal Care, Inc.
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 Apollo Medical Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities (“VIEs”) and “ApolloMed” refers to Apollo Medical Holdings, Inc.
The Centers for Medicare & Medicaid Services (“CMS”) have not reviewed any statements contained in this Quarterly Report on Form 10-Q describing the participation of APA ACO, Inc. (“APAACO”) in the Next Generation Accountable Care Organization (“NGACO”) Model.
Trade names and trademarks of the Company 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, statements about the Company's guidance for the year ending December 31, 2020, any statements about our business (including the impact of the 2019 Novel Coronavirus (COVID-19) pandemic on our business), financial condition, operating results, plans, objectives, expectations and intentions, any guidance on, or projections of, earnings, revenue or other financial items, such as our projected capitation from CMS for the year ending December 31, 2020 or otherwise, and our future liquidity, including cash flows and any payments under the $545.0 million loan we made to our VIE, AP-AMH; 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; any statements regarding the outlook on our NGACO Model 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 future economic conditions or performance; 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,” “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.
        Forward-looking statements involve risks and uncertainties 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, 2019, filed with the SEC on March 16, 2020, including, the risk factors discussed under the heading “Risk Factors” in Part I, Item IA thereof. 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 significant risks and uncertainties that could cause actual conditions, outcomes and results to differ materially from those indicated by such statements.

PART I FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
4

Table of Contents
APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
June 30,
2020
December 31,
2019
Assets
Current assets
Cash and cash equivalents $ 152,441    $ 103,189   
Restricted cash     75   
Investment in marketable securities 117,656    116,539   
Receivables, net 17,588    11,004   
Receivables, net – related parties 59,328    48,136   
Other receivables 15,919    16,885   
Prepaid expenses and other current assets 11,188    10,315   
Loans receivable 6,425    6,425   
Loans receivable – related parties     16,500   
Total current assets
380,545    329,068   
Noncurrent assets
Restricted cash 746    746   
Land, property and equipment, net 11,485    12,130   
Intangible assets, net 94,790    103,012   
Goodwill 239,053    238,505   
Investment in other entities – equity method 26,817    28,427   
Investments in privately held entities 37,075    896   
Operating lease right-of-use assets 20,219    14,248   
Other assets 22,487    1,681   
Total noncurrent assets
452,672    399,645   
Total assets
$ 833,217    $ 728,713   
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses $ 24,788    $ 27,279   
Fiduciary accounts payable 1,853    2,027   
Medical liabilities 70,273    58,725   
Income taxes payable 42,210    4,529   
Dividend payable 431    271   
Finance lease liabilities 102    102   
Operating lease liabilities 3,350    2,990   
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Table of Contents
June 30,
2020
December 31,
2019
Current portion of long-term debt 9,500    9,500   
Total current liabilities
152,507    105,423   
Noncurrent liabilities
Deferred tax liability 13,654    18,269   
Finance lease liabilities, net of current portion 355    416   
Operating lease liabilities, net of current portion 17,418    11,373   
Long-term debt, net of current portion and deferred financing costs 230,455    232,172   
Total noncurrent liabilities
261,882    262,230   
Total liabilities
414,389    367,653   
Commitments and contingencies (Note 11)


Mezzanine equity
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation 210,980    168,725   
Stockholders’ equity
Series A Preferred stock, $0.001 par value per share; 5,000,000 shares authorized (inclusive of all preferred stock, including Series B Preferred stock); 1,111,111 issued and zero outstanding
       
Series B Preferred stock, $0.001 par value per share; 5,000,000 shares authorized (inclusive of all preferred stock, including Series A Preferred stock); 555,555 issued and zero outstanding
       
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 36,309,513 and 35,908,057 shares outstanding, excluding 17,475,707 and 17,458,810 treasury shares, at June 30, 2020, and December 31, 2019, respectively
36    36   
Additional paid-in capital
163,986    159,608   
Retained earnings
43,001    31,905   
207,023    191,549   
Noncontrolling interest
825    786   
Total stockholders’ equity
207,848    192,335   
Total liabilities, mezzanine equity and stockholders’ equity
$ 833,217    $ 728,713   
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended
June 30,
Six Months Ended June 30,
2020 2019 2020 2019
Revenue
Capitation, net $ 140,949    $ 103,224    $ 281,370    $ 174,740   
Risk pool settlements and incentives 12,003    11,191    23,239    21,285   
Management fee income 8,690    10,353    17,505    19,349   
Fee-for-service, net 2,270    3,878    5,697    7,959   
Other income 1,257    1,404    2,463    2,473   
Total revenue
165,169    130,050    330,274    225,806   
Operating expenses
Cost of services 136,079    101,363    280,283    184,795   
General and administrative expenses 11,556    11,818    23,390    22,081   
Depreciation and amortization 4,628    4,455    9,330    8,872   
Provision for doubtful accounts     (2,314)       (1,363)  
Total expenses
152,263    115,322    313,003    214,385   
Income from operations 12,906    14,728    17,271    11,421   
Other income (expense)
Income (loss) from equity method investments 834    (42)   2,888    (892)  
Gain on sale of equity method investment 99,647        99,647       
Interest expense (2,673)   (311)   (5,541)   (522)  
Interest income 863    474    1,792    797   
Other income 1,282    24    1,384    211   
Total other income (expense), net
99,953    145    100,170    (406)  
Income before provision for income taxes 112,859    14,873    117,441    11,015   
Provision for income taxes 31,858    4,209    33,453    2,801   
 Net income
81,001    10,664    83,988    8,214   
Net income attributable to noncontrolling interests 73,957    7,119    72,892    4,529   
Net income attributable to Apollo Medical Holdings, Inc.
$ 7,044    $ 3,545    $ 11,096    $ 3,685   
Earnings per share – basic
$ 0.20    $ 0.10    $ 0.31    $ 0.11   
Earnings per share – diluted
$ 0.19    $ 0.09    $ 0.30    $ 0.10   
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
Mezzanine
Equity –
Noncontrolling
Interest in APC
Retained
Earnings
Common Stock Outstanding
Additional
Paid-in Capital
Noncontrolling
Interest
Shareholders’
Equity
Shares
Amount
Balance at January 1, 2020 $ 168,725    35,908,057    $ 36    $ 159,608    $ 31,905    $ 786    $ 192,335   
Net (loss) income (1,161)   —    —    —    4,052    95    4,147   
Purchase of treasury shares
—    (16,897)   —    (301)   —    —    (301)  
Purchase of noncontrolling interest (125)   —    —    —    —    —       
Shares issued for exercise of options and warrants —    151,601    —    722    —    —    722   
Share-based compensation —    —    —    1,058    —    —    1,058   
Dividends (10,000)   —    —    —    —    —       
Balance at March 31, 2020 $ 157,439    36,042,761    $ 36    $ 161,087    $ 35,957    $ 881    $ 197,961   
Net income 73,667    —    —    —    7,044    291    7,335   
Purchase of noncontrolling interest (126)   —    —    —    —    —       
Shares issued for vesting of restricted stock awards —    24,453    —    —    —    —       
Shares issued for exercise of options and warrants —    242,299    —    2,283    —    —    2,283   
Share-based compensation —    —    —    852    —    —    852   
Cancellation of restricted stock awards —    —    —    (236)   —    —    (236)  
Dividends (20,000)   —    —    —    —    (347)   (347)  
Balance at June 30, 2020 $ 210,980    36,309,513    $ 36    $ 163,986    $ 43,001    $ 825    $ 207,848   
Mezzanine
Equity –
Noncontrolling
Interest in APC
Retained
Earnings
Common Stock Outstanding
Additional
Paid-in Capital
Noncontrolling
Interest
Shareholders’
Equity
Shares
Amount
Balance at January 1, 2019 $ 225,117    34,578,040    $ 35    $ 162,723    $ 17,788    $ 998    $ 181,544   
Net (loss) income
(3,000)   —    —    —    140    410    550   
Purchase of treasury shares (40)   (93,451)   —    —    —    —       
Shares issued for exercise of options and warrants 155    17,516    —    140    —    —    140   
Share-based compensation 202    1,599    —    143    —    —    143   
Dividends (10,000)   —    —    —    —    —       
Balance at March 31, 2019 $ 212,434    34,503,704    $ 35    $ 163,006    $ 17,928    $ 1,408    $ 182,377   
Net income 6,896    —    —    $ —    3,545    223    3,768   
Shares issued for exercise of options and warrants 50    135,108    —    $ 758    —    —    758   
Share-based compensation 203    —    —    $ 128    —    —    128   
Dividends —    —    —    $ —    —    (942)   (942)  
Balance at June 30, 2019 $ 219,583    34,638,812    $ 35    $ 163,892    $ 21,473    $ 689    $ 186,089   
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Table of Contents
APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Six Months Ended
June 30,
2020 2019
Cash flows from operating activities
Net income $ 83,988    $ 8,214   
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
9,330    8,872   
Amortization of debt issuance costs 658       
Provision for doubtful accounts
    (1,363)  
Share-based compensation
1,910    676   
Unrealized loss (gain) from investment in equity securities 25    (15)  
(Income) loss from equity method investments
(2,888)   892   
Gain on sale of equity method investments (99,647)      
Deferred tax
(4,473)   (549)  
Changes in operating assets and liabilities, net of business combinations:
Receivables, net (6,284)   588   
Receivables, net – related parties (11,191)   (12,665)  
Other receivables
966    (11,897)  
Prepaid expenses and other current assets
(873)   (2,740)  
Right-of-use assets
1,680    1,098   
Other assets
(5,095)   (243)  
Accounts payable and accrued expenses
(3,043)   3,340   
Fiduciary accounts payable
(174)   260   
Medical liabilities
11,252    (3,819)  
Income taxes payable
37,681    (11,622)  
Operating lease liabilities
(1,247)   (1,044)  
Net cash provided by (used in) operating activities 12,575    (22,017)  
Cash flows from investing activities
Payments for business acquisition, net of cash acquired     (41,518)  
Proceeds from repayment of loans receivable – related parties 16,500       
Advances on loans receivable