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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)
Delaware95-4472349
(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 CareAccountable Health Care IPA, a Professional Medical Corporation
AHMCAHMC Healthcare Inc.
AIPBPAll-Inclusive Population-Based Payments
Alpha CareAlpha Care Medical Group, Inc.
AMGAMG, a Professional Medical Corporation
AMHApolloMed Hospitalists, a Medical Corporation
AMMApollo Medical Management, Inc.
AP-AMHAP-AMH Medical Corporation
APAACOAPA ACO, Inc.
APCAllied Pacific of California IPA
APC-LSMAAPC-LSMA Designated Shareholder Medical Corporation
Apollo Care ConnectApollo Care Connect, Inc.
BAHABay Area Hospitalist Associates
BrightBright Health Company of California, Inc.
CDSCConcourse Diagnostic Surgery Center, LLC
CQMCCritical Quality Management Corporation
CSICollege Street Investment LP, a California limited partnership
DMHCCalifornia Department of Managed Healthcare
DMGDiagnostic Medical Group
HSMSOHealth Source MSO Inc., a California corporation
ICCAHMC International Cancer Center, a Medical Corporation
IPAindependent practice association
LMALaSalle Medical Associates
MMGMaverick Medical Group, Inc.
MPPMedical Property Partners
NGACONext Generation Accountable Care Organization
NMMNetwork Medical Management, Inc.
PASCPacific Ambulatory Health Care, LLC
PMIOCPacific Medical Imaging and Oncology Center, Inc.
SCHCSouthern California Heart Centers
UCAPUniversal Care Acquisition Partners, LLC
UCIUniversal Care, Inc.
VIEVariable 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 securities117,656  116,539  
Receivables, net17,588  11,004  
Receivables, net – related parties59,328  48,136  
Other receivables15,919  16,885  
Prepaid expenses and other current assets11,188  10,315  
Loans receivable6,425  6,425  
Loans receivable – related parties  16,500  
Total current assets
380,545  329,068  
Noncurrent assets
Restricted cash746  746  
Land, property and equipment, net11,485  12,130  
Intangible assets, net94,790  103,012  
Goodwill239,053  238,505  
Investment in other entities – equity method26,817  28,427  
Investments in privately held entities37,075  896  
Operating lease right-of-use assets20,219  14,248  
Other assets22,487  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 payable1,853  2,027  
Medical liabilities70,273  58,725  
Income taxes payable42,210  4,529  
Dividend payable431  271  
Finance lease liabilities102  102  
Operating lease liabilities3,350  2,990  
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Table of Contents
June 30,
2020
December 31,
2019
Current portion of long-term debt9,500  9,500  
Total current liabilities
152,507  105,423  
Noncurrent liabilities
Deferred tax liability13,654  18,269  
Finance lease liabilities, net of current portion355  416  
Operating lease liabilities, net of current portion17,418  11,373  
Long-term debt, net of current portion and deferred financing costs230,455  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 Corporation210,980  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,
2020201920202019
Revenue
Capitation, net$140,949  $103,224  $281,370  $174,740  
Risk pool settlements and incentives12,003  11,191  23,239  21,285  
Management fee income8,690  10,353  17,505  19,349  
Fee-for-service, net2,270  3,878  5,697  7,959  
Other income1,257  1,404  2,463  2,473  
Total revenue
165,169  130,050  330,274  225,806  
Operating expenses
Cost of services136,079  101,363  280,283  184,795  
General and administrative expenses11,556  11,818  23,390  22,081  
Depreciation and amortization4,628  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 operations12,906  14,728  17,271  11,421  
Other income (expense)
Income (loss) from equity method investments834  (42) 2,888  (892) 
Gain on sale of equity method investment99,647    99,647    
Interest expense(2,673) (311) (5,541) (522) 
Interest income863  474  1,792  797  
Other income1,282  24  1,384  211  
Total other income (expense), net
99,953  145  100,170  (406) 
Income before provision for income taxes112,859  14,873  117,441  11,015  
Provision for income taxes31,858  4,209  33,453  2,801  
 Net income
81,001  10,664  83,988  8,214  
Net income attributable to noncontrolling interests73,957  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 income73,667  —  —  —  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 warrants155  17,516  —  140  —  —  140  
Share-based compensation202  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 income6,896  —  —  $—  3,545  223  3,768  
Shares issued for exercise of options and warrants50  135,108  —  $758  —  —  758  
Share-based compensation203  —  —  $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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APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Six Months Ended
June 30,
20202019
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 costs658    
Provision for doubtful accounts
  (1,363) 
Share-based compensation
1,910  676  
Unrealized loss (gain) from investment in equity securities25  (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 activities12,575  (22,017) 
Cash flows from investing activities
Payments for business acquisition, net of cash acquired  (41,518) 
Proceeds from repayment of loans receivable – related parties16,500    
Advances on loans receivable  (6,425) 
Purchases of marketable securities
(1,142) (8) 
Purchases of investment – equity method(500) (2,158) 
Proceeds from sale of equity method investment52,743    
Purchases of property and equipment