XML 35 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Acquisitions of Businesses (Tables)

6 Months Ended

Jun. 30, 2024

Acquisitions of Businesses [Abstract]

Clinic Acquisition

2024 Acquisitions

				% Interest				Number of
Acquisition		Date		Acquired				Clinics
April 2024 Acquisition		April 30, 2024			**				*
March 2024 Acquisition		March 29, 2024			50%				9

*        
IIP business.

**      
On April 30, 2024, one of the Company’s primary IIP businesses, Briotix Health Limited Partnership, acquired 100% of an IIP business.

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

The following table provides details on the preliminary purchase price allocation for the acquisitions described above.

		Physical Therapy
		IIP				Operations				Total
		(In thousands)
Cash paid, net of cash acquired		$	23,106			$	15,589			$	38,695
Seller note			455				500				955
Deferred payments			-				-				-
Contingent payments			2,100				700				2,800
Total consideration		$	25,661			$	16,789			$	42,450
Estimated fair value of net tangible assets acquired:
Total current assets		$	1,211			$	1,026			$	2,237
Total non-current assets			218				499				717
Total liabilities			(541	)			(500	)			(1,041	)
Net tangible assets acquired			888				1,025				1,913
Customer and referral relationships			6,708				6,997				13,705
Non-compete agreement			261				338				599
Tradenames			1,331				1,723				3,054
Goodwill			16,473				23,607				40,080
Fair value of non-controlling interest (classified as redeemable non-controlling interest)			-				(16,901	)			(16,901	)
		$	25,661			$	16,789			$	42,450

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			$	1,052			$	1,440
Total non-current assets			335				2,924				3,259
Total liabilities			(41	)			(3,296	)			(3,337	)
Net tangible assets acquired			682				680				1,362
Customer and referral relationships			757				7,828				8,585
Non-compete agreement			37				416				453
Tradenames			187				1,684				1,871
Goodwill			2,566				24,868				27,434
Fair value of non-controlling interest (classified as redeemable non-controlling interest)			(274	)			(10,834	)			(11,108	)
		$	3,955			$	24,642			$	28,597

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

No definition available.

+ Details

Name:	us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration