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Acquisitions of Businesses (Tables)

9 Months Ended

Sep. 30, 2024

Acquisitions of Businesses [Abstract]

Clinic Acquisition

2024 Acquisitions

				% Interest				Number of
Acquisition		Date		Acquired				Clinics
August 2024 Acquisition		August 31, 2024			70%				8
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			$	18,090			$	41,196
Seller note			455				500				955
Deferred payments			-				-				-
Contingent payments			2,100				4,340				6,440
Total consideration		$	25,661			$	22,930			$	48,591
Estimated fair value of net tangible assets acquired:
Total current assets		$	1,211			$	1,351			$	2,562
Total non-current assets			218				692				910
Total liabilities			(541	)			(622	)			(1,163	)
Net tangible assets acquired			888				1,421				2,309
Customer and referral relationships			6,708				8,663				15,371
Non-compete agreement			261				418				679
Tradenames			1,331				2,133				3,464
Goodwill			16,473				29,613				46,086
Fair value of non-controlling interest (classified as redeemable non-controlling interest)			-				(19,318	)			(19,318	)
		$	25,661			$	22,930			$	48,591

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				2,806				3,141
Total liabilities			(41	)			(3,295	)			(3,336	)
Net tangible assets acquired			682				563				1,245
Customer and referral relationships			757				8,242				8,999
Non-compete agreement			37				526				563
Tradenames			187				1,583				1,770
Goodwill			2,566				24,562				27,128
Fair value of non-controlling interest (classified as redeemable non-controlling interest)			(274	)			(10,834	)			(11,108	)
		$	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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