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Business Combinations and Goodwill (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed related to each acquisition at the acquisition date for acquisitions that closed during the nine months ended September 30, 2024 (in thousands):
|  | CFC |  |  | AHMS |  |  | Others* |  |  | Net Total |
Total purchase consideration: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid |  | $ | 90,998 |  |  | $ | 63,935 |  |  | $ | 15,000 |  |  | $ | 169,933 |
Contingent consideration |  |  | 8,026 |  |  |  | — |  |  |  | 6,161 |  |  |  | 14,187 |
Common stock issued |  |  | 21,952 |  |  |  | — |  |  |  | — |  |  |  | 21,952 |
|  | $ | 120,976 |  |  | $ | 63,935 |  |  | $ | 21,161 |  |  | $ | 206,072 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 16,674 |  |  | $ | 33,950 |  |  | $ | 3,515 |  |  | $ | 54,139 |
Investment in marketable securities |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | 30 |
Receivables |  |  | 6,530 |  |  |  | 11,007 |  |  |  | — |  |  |  | 17,537 |
Other receivables |  |  | 472 |  |  |  | — |  |  |  | — |  |  |  | 472 |
Prepaid expenses and other current assets |  |  | — |  |  |  | 36 |  |  |  | 11 |  |  |  | 47 |
Amount due from affiliates |  |  | 2,902 |  |  |  | — |  |  |  | — |  |  |  | 2,902 |
Land, property, and equipment |  |  | — |  |  |  | — |  |  |  | 823 |  |  |  | 823 |
Intangible assets |  |  | 28,000 |  |  |  | 23,600 |  |  |  | 3,900 |  |  |  | 55,500 |
Goodwill |  |  | 83,602 |  |  |  | 31,048 |  |  |  | 13,621 |  |  |  | 128,271 |
Income tax receivable |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Restricted cash |  |  | — |  |  |  | 300 |  |  |  | — |  |  |  | 300 |
Total assets acquired |  | $ | 138,180 |  |  | $ | 99,941 |  |  | $ | 21,901 |  |  | $ | 260,022 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 2,487 |  |  | $ | 7,111 |  |  | $ | 250 |  |  | $ | 9,848 |
Medical liabilities |  |  | 14,693 |  |  |  | 14,942 |  |  |  | — |  |  |  | 29,635 |
Amount due from affiliates |  |  | — |  |  |  | 5,890 |  |  |  | 54 |  |  |  | 5,944 |
Income taxes payable |  |  | 24 |  |  |  | 1,689 |  |  |  | — |  |  |  | 1,713 |
Deferred tax liability |  |  | — |  |  |  | 6,374 |  |  |  | 8 |  |  |  | 6,382 |
Non-controlling interest |  |  | — |  |  |  | — |  |  |  | 428 |  |  |  | 428 |
Total liabilities assumed |  | $ | 17,204 |  |  | $ | 36,006 |  |  | $ | 740 |  |  | $ | 53,950 |
Total net assets acquired |  | $ | 120,976 |  |  | $ | 63,935 |  |  | $ | 21,161 |  |  | $ | 206,072 |
*Others consist of estimated fair values of the assets acquired, net of cash acquired, related to ADSC, PCCCV, and Airline Complete. Unaudited Pro Forma Financial Information The pro forma financial information in the table below presents the combined results of the Company and CFC, AHMS, ADSC, PCCCV, and Airline Complete as if the acquisitions had occurred on January 1, 2023. The pro forma information presented is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transactions been in effect for the periods presented.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands, except per share amounts) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total revenue |  | $ | 478,710 |  |  | $ | 430,399 |  |  | $ | 1,434,813 |  |  | $ | 1,207,867 |
Net income attributable to Astrana Health, Inc. |  | $ | 16,094 |  |  | $ | 26,215 |  |  | $ | 54,148 |  |  | $ | 64,875 |
Net income per share – basic |  | $ | 0.34 |  |  | $ | 0.56 |  |  | $ | 1.14 |  |  | $ | 1.39 |
Net income per share – diluted |  | $ | 0.33 |  |  | $ | 0.56 |  |  | $ | 1.13 |  |  | $ | 1.38 |
Schedule of Change in Carrying Value of Goodwill | The change in the carrying value of goodwill for the nine months ended September 30, 2024 was as follows (in thousands):
|  | Amount |
Balance, January 1, 2024 |  | $ | 278,831 |
Acquisitions |  |  | 128,271 |
Adjustments |  |  | 2,609 |
Balance, September 30, 2024 |  | $ | 409,711 |

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