EX-99.1 2 tm259062d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

ASTRANA HEALTH, INC.

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

 

   December 31,
2024		   December 31,
2023		 
   (Unaudited)   (Audited) 
Assets          
           
Current assets          
Cash and cash equivalents  $288,455   $293,807 
Investment in marketable securities   2,378    2,498 
Receivables, net   225,733    76,780 
Receivables, net – related parties   50,257    58,980 
Income taxes receivable   19,316    10,657 
Other receivables   29,496    1,335 
Prepaid expenses and other current assets   22,861    17,450 
           
Total current assets   638,496    461,507 
           
Non-current assets          
Property and equipment, net   14,274    7,171 
Intangible assets, net   118,179    71,648 
Goodwill   419,253    278,831 
Income taxes receivable   15,943    15,943 
Loans receivable, non-current   51,266    26,473 
Investments in other entities – equity method   39,319    25,774 
Investments in privately held entities   8,896    6,396 
Restricted cash   646    345 
Operating lease right-of-use assets   32,601    37,396 
Other assets   16,021    1,877 
           
Total non-current assets   716,398    471,854 
           
Total assets(1)  $1,354,894   $933,361 
           
Liabilities, Mezzanine Deficit, and Stockholders’ Equity          
           
Current liabilities          
Accounts payable and accrued expenses  $106,142   $59,949 
Fiduciary accounts payable   8,223    7,737 
Medical liabilities   209,039    106,657 
Dividend payable   638    638 
Finance lease liabilities   554    646 
Operating lease liabilities   5,350    4,607 
Current portion of long-term debt   9,375    19,500 
Other liabilities   26,287    18,940 
           
Total current liabilities   365,608    218,674 

 

 

 

 

   December 31,
   December 31,
 
   2024   2023 
           
Non-current liabilities          
Deferred tax liability   4,555    4,072 
Finance lease liabilities, net of current portion   607    1,033 
Operating lease liabilities, net of current portion   30,654    36,289 
Long-term debt, net of current portion and deferred financing costs   425,299    258,939 
Other long-term liabilities   14,003    3,586 
           
Total non-current liabilities   475,118    303,919 
           
Total liabilities(1)   840,726    522,593 
           
Mezzanine deficit          
Non-controlling interest in Allied Physicians of California, a Professional
   Medical Corporation (“APC”)		   (202,558)   (205,883)
           
Stockholders’ equity          
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized as of December 31, 2024 and December 31, 2023          
Series A Preferred stock, zero authorized and issued and zero outstanding as of December 31, 2024 and 1,111,111 authorized and issued and zero outstanding as of December 31, 2023   —    — 
Series B Preferred stock, zero authorized and issued and zero outstanding as of December 31, 2024 and 555,555 authorized and issued and zero outstanding as of December 31, 2023   —    — 
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 47,929,872 and 46,843,743 shares issued and outstanding, excluding 10,603,849 and 10,584,340 treasury shares, as of December 31, 2024 and December 31, 2023, respectively   48    47 
Additional paid-in capital   426,389    371,037 
Retained earnings   286,283    243,134 
Total stockholders’ equity   712,720    614,218 
           
Non-controlling interest   4,006    2,433 
           
Total  equity   716,726    616,651 
           
Total liabilities, mezzanine deficit, and stockholders’ equity  $1,354,894   $933,361 

 

(1) The Company’s condensed consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The condensed consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $712.3 million and $540.8 million as of December 31, 2024 and December 31, 2023, respectively, and total liabilities of the Company’s consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary of $207.9 million and $146.0 million as of December 31, 2024 and December 31, 2023, respectively. These VIE balances do not include $224.9 million of investment in affiliates and $48.1 million of amounts due to affiliates as of December 31, 2024, and $273.2 million of investment in affiliates and $107.3 million of amounts due to affiliates as of December 31, 2023, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets.