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Restatement of Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract] |
Restatement of Quarterly Financial Information | Restatement of Quarterly Financial Information (Restated & Unaudited) In connection with the restatement explained in Note 1 — “Restatement of Prior Financial Information”, the Company has restated herein its consolidated financial statements at March 31, 2022 and 2021, June 30, 2022 and 2021, and September 30, 2022 and 2021 and for each of the three months ended March 31, 2022 and 2021, June 30, 2022 and 2021, September 30, 2022 and 2021, and December 31, 2022 and 2021, in accordance with ASC Topic 250, Accounting Changes and Error Corrections, for the matters discussed above as well as other immaterial items. The effect of the error corrections are as follows (in thousands, except per share amounts):
|  | March 31, 2022 |  | Adjustments |  | March 31, 2022
|  | As previously reported |  |  | As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable |  | $ | — |  |  | $ | 1,007 |  |  | $ | 1,007 |
Total current assets |  | $ | 444,416 |  |  | $ | 1,007 |  |  | $ | 445,423 |
Goodwill |  | $ | 252,379 |  |  | $ | (6,622) |  |  | $ | 245,757 |
Income taxes receivable, non-current |  | $ | — |  |  | $ | 15,943 |  |  | $ | 15,943 |
Total non-current assets |  | $ | 467,915 |  |  | $ | 9,321 |  |  | $ | 477,236 |
Total assets |  | $ | 912,331 |  |  | $ | 10,328 |  |  | $ | 922,659 |
Income taxes payable |  | $ | 4,894 |  |  | $ | (4,894) |  |  | $ | — |
Total current liabilities |  | $ | 160,436 |  |  | $ | (4,894) |  |  | $ | 155,542 |
Deferred tax liability |  | $ | 9,686 |  |  | $ | 21,202 |  |  | $ | 30,888 |
Total non-current liabilities |  | $ | 220,223 |  |  | $ | 21,202 |  |  | $ | 241,425 |
Total liabilities |  | $ | 380,659 |  |  | $ | 16,308 |  |  | $ | 396,967 |
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") |  | $ | 52,151 |  |  | $ | 903 |  |  | $ | 53,054 |
Retained earnings |  | $ | 157,893 |  |  | $ | (6,883) |  |  | $ | 151,010 |
Total stockholders’ equity |  | $ | 479,521 |  |  | $ | (6,883) |  |  | $ | 472,638 |
|  | Three months ended March 31, 2022 |  | Adjustments |  | Three months ended March 31, 2022
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Provision for income taxes |  | $ | 6,195 |  |  | $ | 623 |  |  | $ | 6,818 |
Net income |  | $ | 12,073 |  |  | $ | (623) |  |  | $ | 11,450 |
Net loss attributable to noncontrolling interests |  | $ | (2,191) |  |  | $ | (123) |  |  | $ | (2,314) |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 14,264 |  |  | $ | (500) |  |  | $ | 13,764 |
Earnings per share – basic |  | $ | 0.32 |  |  | $ | (0.01) |  |  | $ | 0.31 |
Earnings per share – diluted |  | $ | 0.31 |  |  | $ | (0.01) |  |  | $ | 0.30 |
|  | June 30, 2022 |  | Adjustments |  | June 30, 2022
|  | As previously reported |  |  | As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable |  | $ | 12,639 |  |  | $ | 7,047 |  |  | $ | 19,686 |
Total current assets |  | $ | 461,038 |  |  | $ | 7,047 |  |  | $ | 468,085 |
Goodwill |  | $ | 253,310 |  |  | $ | (6,622) |  |  | $ | 246,688 |
Income taxes receivable, non-current |  | $ | — |  |  | $ | 15,943 |  |  | $ | 15,943 |
Total non-current assets |  | $ | 490,026 |  |  | $ | 9,321 |  |  | $ | 499,347 |
Total assets |  | $ | 951,064 |  |  | $ | 16,368 |  |  | $ | 967,432 |
Deferred tax liability |  | $ | 9,257 |  |  | $ | 21,663 |  |  | $ | 30,920 |
Total non-current liabilities |  | $ | 239,984 |  |  | $ | 21,663 |  |  | $ | 261,647 |
Total liabilities |  | $ | 425,222 |  |  | $ | 21,663 |  |  | $ | 446,885 |
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") |  | $ | 39,997 |  |  | $ | 1,038 |  |  | $ | 41,035 |
Retained earnings |  | $ | 169,292 |  |  | $ | (6,333) |  |  | $ | 162,959 |
Total stockholders’ equity |  | $ | 485,845 |  |  | $ | (6,333) |  |  | $ | 479,512 |
|  | Three months ended June 30, 2022 |  | Adjustments |  | Three months ended June 30, 2022
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Provision for income taxes |  | $ | 6,038 |  |  | $ | (686) |  |  | $ | 5,352 |
Net income |  | $ | 10,591 |  |  | $ | 686 |  |  | $ | 11,277 |
Net loss attributable to noncontrolling interests |  | $ | (808) |  |  | $ | 135 |  |  | $ | (673) |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 11,399 |  |  | $ | 551 |  |  | $ | 11,950 |
Earnings per share – basic |  | $ | 0.25 |  |  | $ | 0.02 |  |  | $ | 0.27 |
Earnings per share – diluted |  | $ | 0.25 |  |  | $ | 0.01 |  |  | $ | 0.26 |
|  | September 30, 2022 |  | Adjustments |  | September 30, 2022
|  | As previously reported |  |  | As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable |  | $ | 12,224 |  |  | $ | 2,169 |  |  | $ | 14,393 |
Total current assets |  | $ | 443,616 |  |  | $ | 2,169 |  |  | $ | 445,785 |
Goodwill |  | $ | 257,482 |  |  | $ | (6,622) |  |  | $ | 250,860 |
Income taxes receivable, non-current |  | $ | — |  |  | $ | 15,943 |  |  | $ | 15,943 |
Total non-current assets |  | $ | 499,790 |  |  | $ | 9,321 |  |  | $ | 509,111 |
Total assets |  | $ | 943,406 |  |  | $ | 11,490 |  |  | $ | 954,896 |
Deferred tax liability |  | $ | 4,701 |  |  | $ | 20,284 |  |  | $ | 24,985 |
Total non-current liabilities |  | $ | 233,889 |  |  | $ | 20,284 |  |  | $ | 254,173 |
Total liabilities |  | $ | 390,080 |  |  | $ | 20,284 |  |  | $ | 410,364 |
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") |  | $ | 39,820 |  |  | $ | 338 |  |  | $ | 40,158 |
Retained earnings |  | $ | 195,278 |  |  | $ | (9,132) |  |  | $ | 186,146 |
Total stockholders’ equity |  | $ | 513,506 |  |  | $ | (9,132) |  |  | $ | 504,374 |
|  | Three months ended September 30, 2022 |  | Adjustments |  | Three months ended September 30, 2022
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Provision for income taxes |  | $ | 13,867 |  |  | $ | 3,499 |  |  | $ | 17,366 |
Net income |  | $ | 27,396 |  |  | $ | (3,499) |  |  | $ | 23,897 |
Net income attributable to noncontrolling interests |  | $ | 1,410 |  |  | $ | (698) |  |  | $ | 712 |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 25,986 |  |  | $ | (2,801) |  |  | $ | 23,185 |
Earnings per share – basic |  | $ | 0.58 |  |  | $ | (0.06) |  |  | $ | 0.52 |
Earnings per share – diluted |  | $ | 0.56 |  |  | $ | (0.06) |  |  | $ | 0.50 |
|  | Three months ended December 31, 2022 |  | Adjustments |  | Three months ended December 31, 2022
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Provision for income taxes |  | $ | 9,984 |  |  | $ | 1,354 |  |  | $ | 11,338 |
Net income |  | $ | 471 |  |  | $ | (1,354) |  |  | $ | (883) |
Net income attributable to noncontrolling interests |  | $ | 3,071 |  |  | $ | (226) |  |  | $ | 2,845 |
Net loss attributable to Apollo Medical Holdings, Inc. |  | $ | (2,600) |  |  | $ | (1,128) |  |  | $ | (3,728) |
Earnings per share – basic |  | $ | (0.06) |  |  | $ | (0.02) |  |  | $ | (0.08) |
Earnings per share – diluted |  | $ | (0.06) |  |  | $ | (0.02) |  |  | $ | (0.08) |
|  | March 31, 2021 |  | Adjustments |  | March 31, 2021
|  | As previously reported |  |  | As restated
CONSOLIDATED BALANCE SHEETS
Goodwill |  | $ | 239,053 |  |  | $ | (6,622) |  |  | $ | 232,431 |
Income taxes receivable, non-current |  | $ | — |  |  | $ | 6,483 |  |  | $ | 6,483 |
Total non-current assets |  | $ | 473,005 |  |  | $ | (139) |  |  | $ | 472,866 |
Total assets |  | $ | 843,280 |  |  | $ | (139) |  |  | $ | 843,141 |
Income taxes payable |  | $ | 12,059 |  |  | $ | (3,794) |  |  | $ | 8,265 |
Total current liabilities |  | $ | 126,347 |  |  | $ | (3,794) |  |  | $ | 122,553 |
Deferred tax liability |  | $ | 10,038 |  |  | $ | 7,345 |  |  | $ | 17,383 |
Total non-current liabilities |  | $ | 252,399 |  |  | $ | 7,345 |  |  | $ | 259,744 |
Total liabilities |  | $ | 378,746 |  |  | $ | 3,551 |  |  | $ | 382,297 |
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") |  | $ | 114,847 |  |  | $ | (1,051) |  |  | $ | 113,796 |
Retained earnings |  | $ | 82,922 |  |  | $ | (2,639) |  |  | $ | 80,283 |
Total stockholders’ equity |  | $ | 349,687 |  |  | $ | (2,639) |  |  | $ | 347,048 |
|  | Three months ended March 31, 2021 |  | Adjustments |  | Three months ended March 31, 2021
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Provision for income taxes |  | $ | 6,776 |  |  | $ | 1,291 |  |  | $ | 8,067 |
Net income |  | $ | 14,458 |  |  | $ | (1,291) |  |  | $ | 13,167 |
Net income attributable to noncontrolling interests |  | $ | 1,307 |  |  | $ | (292) |  |  | $ | 1,015 |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 13,151 |  |  | $ | (999) |  |  | $ | 12,152 |
Earnings per share – basic |  | $ | 0.31 |  |  | $ | (0.02) |  |  | $ | 0.29 |
Earnings per share – diluted |  | $ | 0.30 |  |  | $ | (0.02) |  |  | $ | 0.28 |
|  | June 30, 2021 |  | Adjustments |  | June 30, 2021
|  | As previously reported |  |  | As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable |  | $ | — |  |  | $ | 1,426 |  |  | $ | 1,426 |
Total current assets |  | $ | 470,550 |  |  | $ | 1,426 |  |  | $ | 471,976 |
Goodwill |  | $ | 239,053 |  |  | $ | (6,622) |  |  | $ | 232,431 |
Income taxes receivable, non-current |  | $ | — |  |  | $ | 6,483 |  |  | $ | 6,483 |
Total non-current assets |  | $ | 423,880 |  |  | $ | (139) |  |  | $ | 423,741 |
Total assets |  | $ | 894,430 |  |  | $ | 1,287 |  |  | $ | 895,717 |
Income taxes payable |  | $ | 2,215 |  |  | $ | (2,215) |  |  | $ | — |
Total current liabilities |  | $ | 128,088 |  |  | $ | (2,215) |  |  | $ | 125,873 |
Deferred tax liability |  | $ | 21,242 |  |  | $ | 10,453 |  |  | $ | 31,695 |
Total non-current liabilities |  | $ | 219,904 |  |  | $ | 10,453 |  |  | $ | 230,357 |
Total liabilities |  | $ | 347,992 |  |  | $ | 8,238 |  |  | $ | 356,230 |
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") |  | $ | 141,856 |  |  | $ | (1,742) |  |  | $ | 140,114 |
Retained earnings |  | $ | 95,580 |  |  | $ | (5,209) |  |  | $ | 90,371 |
Total stockholders’ equity |  | $ | 404,582 |  |  | $ | (5,209) |  |  | $ | 399,373 |
|  | Three months ended June 30, 2021 |  | Adjustments |  | Three months ended June 30, 2021
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Provision for income taxes |  | $ | 24,920 |  |  | $ | 3,261 |  |  | $ | 28,181 |
Net income |  | $ | 59,530 |  |  | $ | (3,261) |  |  | $ | 56,269 |
Net income attributable to noncontrolling interests |  | $ | 46,872 |  |  | $ | (691) |  |  | $ | 46,181 |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 12,658 |  |  | $ | (2,570) |  |  | $ | 10,088 |
Earnings per share – basic |  | $ | 0.29 |  |  | $ | (0.06) |  |  | $ | 0.23 |
Earnings per share – diluted |  | $ | 0.28 |  |  | $ | (0.06) |  |  | $ | 0.22 |
|  | September 30, 2021 |  | Adjustments |  | September 30, 2021
|  | As previously reported |  |  | As restated
CONSOLIDATED BALANCE SHEETS
Goodwill |  | $ | 243,353 |  |  | $ | (6,623) |  |  | $ | 236,730 |
Income taxes receivable, non-current |  | $ | — |  |  | $ | 6,483 |  |  | $ | 6,483 |
Total non-current assets |  | $ | 444,082 |  |  | $ | (140) |  |  | $ | 443,942 |
Total assets |  | $ | 871,294 |  |  | $ | (140) |  |  | $ | 871,154 |
Income taxes payable |  | $ | 4,024 |  |  | $ | (1,586) |  |  | $ | 2,438 |
Total current liabilities |  | $ | 116,759 |  |  | $ | (1,586) |  |  | $ | 115,173 |
Deferred tax liability |  | $ | 19,592 |  |  | $ | 8,241 |  |  | $ | 27,833 |
Total non-current liabilities |  | $ | 222,714 |  |  | $ | 8,241 |  |  | $ | 230,955 |
Total liabilities |  | $ | 339,473 |  |  | $ | 6,655 |  |  | $ | 346,128 |
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC") |  | $ | 91,500 |  |  | $ | (1,711) |  |  | $ | 89,789 |
Retained earnings |  | $ | 129,859 |  |  | $ | (5,084) |  |  | $ | 124,775 |
Total stockholders’ equity |  | $ | 440,321 |  |  | $ | (5,084) |  |  | $ | 435,237 |
|  | Three months ended September 30, 2021 |  | Adjustments |  | Three months ended September 30, 2021
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Benefit from income taxes |  | $ | (120) |  |  | $ | (156) |  |  | $ | (276) |
Net loss |  | $ | (5,385) |  |  | $ | 156 |  |  | $ | (5,229) |
Net loss attributable to noncontrolling interests |  | $ | (39,664) |  |  | $ | 31 |  |  | $ | (39,633) |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 34,279 |  |  | $ | 125 |  |  | $ | 34,404 |
Earnings per share – basic |  | $ | 0.77 |  |  | $ | — |  |  | $ | 0.77 |
Earnings per share – diluted |  | $ | 0.74 |  |  | $ | — |  |  | $ | 0.74 |
|  | Three months ended December 31, 2021 |  | Adjustments |  | Three months ended December 31, 2021
|  | As Previously Reported |  |  | As Restated
CONSOLIDATED STATEMENTS OF INCOME |  |  |  |  |  |
Benefit from income taxes |  | $ | (3,121) |  |  | $ | (1,157) |  |  | $ | (4,278) |
Net loss |  | $ | (19,309) |  |  | $ | 1,157 |  |  | $ | (18,152) |
Net loss attributable to noncontrolling interests |  | $ | (33,079) |  |  | $ | 2,648 |  |  | $ | (30,431) |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 13,770 |  |  | $ | (1,491) |  |  | $ | 12,279 |
Earnings per share – basic |  | $ | 0.31 |  |  | $ | (0.03) |  |  | $ | 0.28 |
Earnings per share – diluted |  | $ | 0.30 |  |  | $ | (0.03) |  |  | $ | 0.27 |
The adjustments presented above with respect to the unaudited interim periods had no impact on the Company’s subtotal of operating, investing or financing cash flows for such periods. The following tables set forth a summary of the Company’s unaudited quarterly operating results for each of the four quarters in each of the years ended December 31, 2022 and 2021. This quarterly data has been derived from the Company’s unaudited consolidated interim financial statements which, in the Company’s opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with the Company’s financial statements and notes thereto, included elsewhere in this report. The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period (in thousands except for earnings per share).
|  | Three months ended March 31, 2022 |  | Three months ended June 30, 2022 |  | Three months ended September 30, 2022 |  | Three months ended December 31, 2022
|  | (Restated) |  | (Restated) |  | (Restated) |  | (Restated)
SUMMARY OF THE UNAUDITED QUARTERLY OPERATING RESULTS
Total revenue |  | $ | 263,258 |  |  | $ | 269,697 |  |  | $ | 317,001 |  |  | $ | 294,208 |
Total expenses |  | $ | 237,047 |  |  | $ | 254,315 |  |  | $ | 266,910 |  |  | $ | 281,628 |
Income from operations |  | $ | 26,211 |  |  | $ | 15,382 |  |  | $ | 50,091 |  |  | $ | 12,580 |
Net income (loss) |  | $ | 11,450 |  |  | $ | 11,277 |  |  | $ | 23,897 |  |  | $ | (883) |
Net income (loss) attributable to Apollo Medical Holdings, Inc. |  | $ | 13,764 |  |  | $ | 11,950 |  |  | $ | 23,185 |  |  | $ | (3,728) |
Earnings per share – basic |  | $ | 0.31 |  |  | $ | 0.27 |  |  | $ | 0.52 |  |  | $ | (0.08) |
Earnings per share – diluted |  | $ | 0.30 |  |  | $ | 0.26 |  |  | $ | 0.50 |  |  | $ | (0.08) |
|  | Three months ended March 31, 2021 |  | Three months ended June 30, 2021 |  | Three months ended September 30, 2021 |  | Three months ended December 31, 2021
|  | (Restated) |  | (Restated) |  | (Restated) |  | (Restated)
SUMMARY OF THE UNAUDITED QUARTERLY OPERATING RESULTS
Total revenue |  | $ | 176,058 |  |  | $ | 175,638 |  |  | $ | 227,117 |  |  | $ | 195,100 |
Total expenses |  | $ | 154,277 |  |  | $ | 154,650 |  |  | $ | 173,957 |  |  | $ | 192,852 |
Income from operations |  | $ | 21,781 |  |  | $ | 20,988 |  |  | $ | 53,160 |  |  | $ | 2,248 |
Net income (loss) |  | $ | 13,167 |  |  | $ | 56,269 |  |  | $ | (5,229) |  |  | $ | (18,152) |
Net income attributable to Apollo Medical Holdings, Inc. |  | $ | 12,152 |  |  | $ | 10,088 |  |  | $ | 34,404 |  |  | $ | 12,279 |
Earnings per share – basic |  | $ | 0.29 |  |  | $ | 0.23 |  |  | $ | 0.77 |  |  | $ | 0.28 |
Earnings per share – diluted |  | $ | 0.28 |  |  | $ | 0.22 |  |  | $ | 0.74 |  |  | $ | 0.27 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI https://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=126900988&loc=SL124452896-108306 + Details
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