XML 60 R29.htm IDEA: XBRL DOCUMENT v3.23.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Schedule of Gain (Loss) on Securities The components comprising total gains and losses on equity securities are as follows (in thousands) for the periods listed below:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
 Total losses recognized on equity securities $(1,348)$(4,331)$(5,701)$(14,886)
 Gains recognized on equity securities sold — 2,272 — 2,272 
 Unrealized losses recognized on equity securities held at end of period $(1,348)$(2,059)$(5,701)$(12,614)
Schedule of Disaggregated Revenue by Each Payor Type The following table presents disaggregated revenue generated by payor type for the three and six months ended June 30, 2023 and 2022 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Commercial
$38,907 $42,014 $78,926 $84,167 
Medicare
222,159 142,641 438,469 276,299 
Medicaid
69,112 70,635 136,451 142,299 
Other third parties
18,031 14,407 31,607 30,189 
Revenue
$348,209 $269,697 $685,453 $532,954 
Schedule of Contributions to Revenue and Receivables by Payor
The Company had major payors that contributed the following percentages of net revenue:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
Payor A*10.3 %*10.5 %
Payor B38.2 %31.0 %39.8 %30.7 %
*Less than 10% of total net revenues
The Company had major payors that contributed to the following percentages of receivables and receivables – related parties:
As of June 30,
2023
As of December 31,
2022
(Restated)
Payor B28.0 %26.0 %
Payor C50.0 %52.0 %
Schedule of Carrying Amounts and Fair Values of Financial Instruments
The carrying amounts and fair values of the Company’s financial instruments as of June 30, 2023, are presented below (in thousands):
Fair Value Measurements
Level 1
Level 2
Level 3
Total
Assets
Money market accounts*$78,647 $— $— $78,647 
Marketable securities – certificates of deposit2,022 — — 2,022 
Marketable securities – equity securities1,767 — — 1,767 
Interest rate swaps— 3,116 — 3,116 
Interest rate collar— 1,202 — 1,202 
Total assets$82,436 $4,318 $— $86,754 
Liabilities
APCMG contingent consideration$— $— $1,000 $1,000 
AAMG contingent consideration (see Note 3)— — 5,056 5,056 
VOMG contingent consideration (see Note 3)— — 17 17 
DMG remaining equity interest purchase (see Note 1)— — 8,542 8,542 
Sun labs remaining equity interest purchase (see Note 1)— — 7,631 7,631 
Total liabilities$— $— $22,246 $22,246 
*    Included in cash and cash equivalents

The carrying amounts and fair values of the Company’s financial instruments as of December 31, 2022, are presented below (in thousands):
Fair Value Measurements
Level 1Level 2Level 3Total
Assets
Money market accounts*$135,235 $— $— $135,235 
Marketable securities – equity securities5,567 — — 5,567 
Contingent equity securities— — 1,900 1,900 
Interest rate swaps— 3,164 — 3,164 
Total assets$140,802 $3,164 $1,900 $145,866 
Liabilities
APCMG contingent consideration$— $— $1,000 $1,000 
AAMG contingent consideration (see Note 3)— — 5,851 5,851 
VOMG contingent consideration (see Note 3)— — 17 17 
DMG remaining equity interest purchase (see Note 1)— — 8,542 8,542 
Sun labs remaining equity interest purchase (see Note 1)— — 5,849 5,849 
Total liabilities $— $— $21,259 $21,259 
*    Included in cash and cash equivalents
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The change in the fair value of Level 3 liabilities for the six months ended June 30, 2023 was as follows (in thousands):
Amount
Balance at January 1, 2023$21,259 
Unrealized gain recognized from change in fair value of existing Level 3 liabilities*987 
Balance at June 30, 2023$22,246 
* The change in the fair value of existing Level 3 liabilities is presented in unrealized loss on investments in the accompanying consolidated statement of income.