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Acquisitions of Businesses (Tables)

3 Months Ended

Mar. 31, 2024

Acquisitions of Businesses [Abstract]

Clinic Acquisition

During the three months ended March 31, 2024, the Company acquired a majority interest in the following businesses:

2024 Acquisitions

				% Interest				Number of
Acquisition		Date		Acquired				Clinics
March 2024 Acquisition		March 29, 2024			50%				9

2023 Acquisitions

				% Interest			Number of
Acquisition		Date		Acquired			Clinics
October 2023 Acquisition		October 31, 2023			**			*
September 2023 Acquisition 1		September 29, 2023			70%			4
September 2023 Acquisition 2		September 29, 2023			70%			1
July 2023 Acquisition		July 31, 2023			70%			7
May 2023 Acquisition		May 31, 2023			45%			4
February 2023 Acquisition		February 28, 2023			80%			1

* IIP business.

** On October 31, 2023, the Company concurrently acquired 100% of an IIP business and a 55% equity interest in an ergonomics software business.

Purchase Price Allocation

		Physical Therapy
		Operations
		(In thousands)
Cash paid, net of cash acquired		$	15,971
Seller note			500
Deferred payments			-
Contingent payments			500
Total consideration		$	16,971
Estimated fair value of net tangible assets acquired:
Total current assets		$	-
Total non-current assets			476
Total liabilities			(450	)
Net tangible assets acquired			26
Customer and referral relationships			6,790
Non-compete agreement			328
Tradenames			1,672
Goodwill			25,056
Fair value of non-controlling interest (classified as redeemable non-controlling interest)			(16,901	)
		$	16,971

The aggregate purchase price for the 2023 acquisitions has been preliminarily allocated as follows:

		Physical Therapy
		IIP				Operations				Total
		(In thousands)
Cash paid, net of cash acquired		$	3,955			$	22,627			$	26,582
Seller note			-				985				985
Deferred payments			-				830				830
Contingent payments			-				200				200
Total consideration		$	3,955			$	24,642			$	28,597
Estimated fair value of net tangible assets acquired:
Total current assets		$	388			$	1,079			$	1,467
Total non-current assets			335				3,150				3,485
Total liabilities			(41	)			(3,138	)			(3,179	)
Net tangible assets acquired			682				1,091				1,773
Customer and referral relationships			757				7,285				8,042
Non-compete agreement			37				359				396
Tradenames			187				1,580				1,767
Goodwill			2,566				25,160				27,726
Fair value of non-controlling interest (classified as redeemable non-controlling interest)			(274	)			(10,833	)			(11,107	)
		$	3,955			$	24,642			$	28,597

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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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-Name Accounting Standards Codification
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