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Variable Interest Entities (VIEs) - Schedule of Assets and Liabilities, Variable Interest Entities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Current assets          
Cash and cash equivalents $ 339,703 $ 288,455 $ 325,310    
Investment in marketable securities 2,417 2,378      
Receivables, net (including amounts with related parties) 348,730 275,990      
Income taxes receivable 7,893 19,316      
Other receivables 8,655 29,496      
Prepaid expenses and other current assets 21,754 22,861      
Total current assets 729,152 638,496      
Non-current assets          
Intangible assets, net 105,737 118,179      
Goodwill 416,917 419,253      
Income taxes receivable, non-current 15,943 15,943      
Investments in other entities – equity method 38,454 39,319      
Operating lease right-of-use assets 30,631 32,601      
Other assets 30,450 16,667      
Total non-current assets 713,198 716,398      
Total assets [1] 1,442,350 1,354,894      
Current liabilities          
Accounts payable and accrued expenses 119,661 106,142      
Fiduciary accounts payable 4,734 8,223      
Medical liabilities 287,691 209,039 $ 151,482 $ 287,691 $ 106,657
Operating lease liabilities 5,319 5,350      
Other liabilities 29,841 27,479      
Total current liabilities 459,746 365,608      
Non-current liabilities          
Deferred tax liability 2,593 4,555      
Operating lease liabilities, net of current portion 28,714 30,654      
Other long-term liabilities 12,294 14,610      
Total non-current liabilities 444,658 475,118      
Total liabilities [1] 904,404 840,726      
Variable Interest Entity, Primary Beneficiary          
Current assets          
Cash and cash equivalents 157,097 158,922      
Investment in marketable securities 2,306 2,259      
Other receivables 1,717 15,303      
Prepaid expenses and other current assets 7,041 10,161      
Amount due from affiliates 35,141 0      
Total current assets 338,783 318,873      
Non-current assets          
Property and equipment, net 5,848 5,875      
Intangible assets, net 78,952 87,840      
Goodwill 241,831 243,283      
Income taxes receivable, non-current 15,943 15,943      
Investments in other entities – equity method 15,114 15,442      
Investment in a privately held entity 405 405      
Investment in affiliates 152,584 224,894      
Operating lease right-of-use assets 26,197 21,585      
Other assets 3,052 3,059      
Total non-current assets 539,926 618,326      
Total assets 878,709 937,199      
Current liabilities          
Accounts payable and accrued expenses 34,374 43,800      
Fiduciary accounts payable 4,734 8,223      
Medical liabilities 116,878 105,486      
Income tax payable 19,411 11,041      
Operating lease liabilities 4,382 3,487      
Other liabilities 12,290 2,509      
Amount due to affiliates 0 48,142      
Total current liabilities 192,069 222,688      
Non-current liabilities          
Deferred tax liability 9,642 11,237      
Operating lease liabilities, net of current portion 25,004 21,012      
Other long-term liabilities 3,538 1,139      
Total non-current liabilities 38,184 33,388      
Total liabilities 230,253 256,076      
Variable Interest Entity, Primary Beneficiary | Related Party          
Current assets          
Receivables, net (including amounts with related parties) $ 135,481 $ 132,228      
[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 $691.0 million and $712.3 million as of June 30, 2025 and December 31, 2024, 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 $230.3 million and $207.9 million as of June 30, 2025 and December 31, 2024, respectively. These VIE balances do not include $152.6 million of investment in affiliates and $35.1 million of amounts due from affiliates as of June 30, 2025, and $224.9 million of investment in affiliates and $48.1 million of amounts due to affiliates as of December 31, 2024, as these are eliminated upon consolidation and not presented within the condensed consolidated balance sheets. See Note 15 — “Variable Interest Entities (VIEs)” for further details.

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.