v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 274,613 $ 288,027
Investments in marketable securities 4,114 5,567
Receivables, net 79,003 52,629
Receivables, net – related parties 74,877 65,147
Income taxes receivable 9 4,015
Other receivables 1,929 1,834
Prepaid expenses and other current assets 22,170 14,798
Loans receivable 973 996
Loan receivable – related party 0 2,125
Total current assets 457,688 435,138
Non-current assets    
Land, property, and equipment, net 113,361 108,536
Intangible assets, net 77,675 76,861
Goodwill 276,028 275,675
Investments in other entities – equity method 43,108 40,299
Investments in privately held entities 896 896
Operating lease right-of-use assets 18,431 20,444
Other assets 5,441 6,056
Total non-current assets 534,940 528,767
Total assets [1] 992,628 963,905
Current liabilities    
Accounts payable and accrued expenses 49,486 49,562
Fiduciary accounts payable 8,976 8,065
Medical liabilities 101,394 84,253
Dividend payable 664 664
Finance lease liabilities 579 594
Operating lease liabilities 3,234 3,572
Current portion of long-term debt 621 619
Total current liabilities 164,954 147,329
Non-current liabilities    
Deferred tax liability 3,695 3,042
Finance lease liabilities, net of current portion 1,136 1,275
Operating lease liabilities, net of current portion 18,164 19,915
Long-term debt, net of current portion and deferred financing costs 204,944 203,389
Other long-term liabilities 21,806 20,260
Total non-current liabilities 249,745 247,881
Total liabilities [1] 414,699 395,210
Commitments and contingencies (Note 12)
Mezzanine equity    
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation 14,729 13,682
Stockholders’ equity    
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 46,488,443 and 46,575,699 shares issued and outstanding, excluding 10,569,340 and 10,299,259 treasury shares, as of March 31, 2023 and December 31, 2022, respectively 47 47
Additional paid-in capital 352,697 360,097
Retained earnings 207,300 192,678
Total stockholders’ equity 560,044 552,822
Non-controlling interest 3,156 2,191
Total equity 563,200 555,013
Total liabilities, mezzanine equity and equity 992,628 963,905
Series A Preferred Stock    
Stockholders’ equity    
Preferred stock 0 0
Series B Preferred Stock    
Stockholders’ equity    
Preferred stock $ 0 $ 0
[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 $519.9 million and $505.8 million as of March 31, 2023 and December 31, 2022, 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 $131.8 million and $129.7 million as of March 31, 2023 and December 31, 2022, respectively. The VIE balances do not include $375.6 million of investment in affiliates and $34.0 million of amounts due from affiliates as of March 31, 2023 and $304.8 million of investment in affiliates and $30.3 million of amounts due from affiliates as of December 31, 2022 as these are eliminated upon consolidation and not presented within the consolidated balance sheets. See Note 16 — “Variable Interest Entities (VIEs)” for further detail.

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