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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
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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)
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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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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:
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Title of Each Class |
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Trading Symbol |
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Name of Each Exchange on Which Registered |
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Common Stock, $0.001 par value per share |
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AMEH |
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Nasdaq Capital Market |
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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
Glossary
The following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below:
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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 |
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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 |
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
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
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.
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.
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 |
— |
|