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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 109,412 $ 18,953
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 14,004 13,793
Impairment of intangibles 0 1,994
Amortization of debt issuance costs 1,004 0
Provision for doubtful accounts 0 (1,363)
Share-based compensation 2,558 1,006
Unrealized loss (gain) from investment in equity securities 23 (6)
Income from equity method investments (3,291) (1,162)
Gain on sale of equity method investments (99,647) 0
Gain on loan assumption 0 (2,250)
Deferred tax (6,137) (186)
Changes in operating assets and liabilities, net of business combinations:    
Receivables, net (6,953) 1,904
Receivables, net – related parties 6,618 5,864
Other receivables 12,898 (13,719)
Prepaid expenses and other current assets (1,804) (2,914)
Right-of-use assets 2,601 1,877
Other assets (5,090) (525)
Accounts payable and accrued expenses 12,644 4,868
Fiduciary accounts payable 1,958 196
Medical liabilities (1,566) (6,226)
Income taxes payable 11,642 (10,229)
Operating lease liabilities (2,110) (1,790)
Net cash provided by operating activities 48,764 10,085
Cash flows from investing activities    
Payments for business acquisition, net of cash acquired 0 (49,403)
Proceeds from repayment of loans receivable – related parties 16,500 0
Advances on loans receivable 0 (7,425)
Purchases of marketable securities (1,793) (20)
Purchases of investments – equity method (500) (2,949)
Proceeds from sale of equity method investment 52,743 0
Purchases of property and equipment (553) (807)
Dividend received 0 240
Net cash provided by (used in) investing activities 66,397 (60,364)
Cash flows from financing activities    
Repayment of bank loan and lines of credit 0 (52,640)
Dividends paid (50,133) (60,670)
Repayment of term loan (7,125) 0
Payment of finance lease obligations (78) (76)
Proceeds from the exercise of stock options and warrants 6,552 2,400
Repurchase of shares (1,559) (40)
Borrowings on line of credit 0 289,600
Proceeds from common stock offering 0 755
Cost of debt and equity issuance costs 0 (5,622)
Net cash (used in) provided by financing activities (52,343) 173,707
Net increase in cash, cash equivalents and restricted cash 62,818 123,428
Cash, cash equivalents and restricted cash, beginning of period 104,010 107,637
Cash, cash equivalents and restricted cash, end of period 166,828 231,065
Supplementary disclosures of cash flow information:    
Cash paid for income taxes 37,900 17,900
Cash paid for interest 6,961 1,000
Supplemental disclosures of non-cash investing and financing activities    
Deferred tax liability adjustment to goodwill 0 11,540
Deferred tax liability adjustment related to warrant exercises 473 0
APC stock issued in exchange for AMG 0 414
Preferred shares received from sale of equity method investment 36,179 0
Reconciliation of cash, cash equivalents, and restricted cash    
Cash and cash equivalents 166,082 230,299
Restricted cash – non-current 746 746
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 104,010 $ 231,065