Restatement of Prior Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effect of the error corrections are as follows (in thousands, except per share amounts):

	December 31, 2022		Adjustments		December 31, 2022
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Receivables, net	$	52,629	$	(2,998)	$	49,631
Income taxes receivable	$	4,015	$	(4,015)	$	—
Total current assets	$	435,138	$	(7,013)	$	428,125
Goodwill	$	275,675	$	(6,622)	$	269,053
Income taxes receivable, non-current	$	—	$	15,943	$	15,943
Total non-current assets	$	528,767	$	9,321	$	538,088
Total assets	$	963,905	$	2,308	$	966,213
Medical liabilities	$	84,253	$	(2,998)	$	81,255
Income taxes payable	$	—	$	4,279	$	4,279
Total current liabilities	$	147,329	$	1,281	$	148,610
Deferred tax liability	$	3,042	$	11,175	$	14,217
Total non-current liabilities	$	247,881	$	11,175	$	259,056
Total liabilities	$	395,210	$	12,456	$	407,666
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	13,682	$	555	$	14,237
Retained earnings	$	192,678	$	(10,261)	$	182,417
Non-controlling interest	$	2,191	$	(442)	$	1,749
Total stockholders' equity	$	555,013	$	(10,703)	$	544,310

	2022		Adjustments		2022
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	36,085	$	4,790	$	40,875
Net income	$	50,531	$	(4,790)	$	45,741
Net income attributable to noncontrolling interests	$	1,482	$	(912)	$	570
Net income attributable to Apollo Medical Holdings, Inc.	$	49,049	$	(3,878)	$	45,171
Earnings per share – basic	$	1.09	$	(0.09)	$	1.00
Earnings per share – diluted	$	1.08	$	(0.09)	$	0.99

	December 31, 2022		Adjustments		December 31, 2022
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
Mezzanine Equity – Non-controlling Interest in APC - Net loss	$	(2,725)	$	(470)	$	(3,195)
Retained Earnings (Accumulated Deficit) - Net income	$	49,049	$	(3,878)	$	45,171
Non-controlling Interest – Net income	$	4,207	$	(442)	$	3,765
Mezzanine Equity – Non-controlling Interest in APC	$	13,682	$	555	$	14,237
Retained Earnings (Accumulated Deficit)	$	192,678	$	(10,261)	$	182,417
Non-controlling Interest	$	2,191	$	(442)	$	1,749
Stockholders’ Equity	$	555,013	$	(10,703)	$	544,310

	2022		Adjustments		2022
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$	50,531	$	(4,790)	$	45,741
Deferred tax	$	(7,681)	$	(6,597)	$	(14,278)
Receivable, net	$	(41,192)	$	2,998	$	(38,194)
Medical liabilities	$	25,784	$	(2,998)	$	22,786
Income taxes payable/receivable	$	(4,470)	$	11,387	$	6,917

	December 31, 2021		Adjustments		December 31, 2021
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable	$	—	$	5,678	$	5,678
Total current assets	$	398,782	$	5,678	$	404,460
Goodwill	$	253,039	$	(6,623)	$	246,416
Income taxes receivable, non-current	$	—	$	15,943	$	15,943
Total non-current assets	$	453,581	$	9,320	$	462,901
Total assets	$	852,363	$	14,998	$	867,361
Income taxes payable	$	652	$	(652)	$	—
Total current liabilities	$	115,371	$	(652)	$	114,719
Deferred tax liability	$	9,127	$	21,008	$	30,135
Total non-current liabilities	$	220,992	$	21,008	$	242,000
Total liabilities	$	336,363	$	20,356	$	356,719
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	55,510	$	1,025	$	56,535
Retained earnings	$	143,629	$	(6,383)	$	137,246
Total stockholders’ equity	$	460,490	$	(6,383)	$	454,107

	2021		Adjustments		2021
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	28,454	$	3,239	$	31,693
Net income	$	49,294	$	(3,239)	$	46,055
Net loss attributable to noncontrolling interests	$	(24,564)	$	1,696	$	(22,868)
Net income attributable to Apollo Medical Holdings, Inc.	$	73,858	$	(4,935)	$	68,923
Earnings per share – basic	$	1.69	$	(0.12)	$	1.57
Earnings per share – diluted	$	1.63	$	(0.11)	$	1.52

	December 31, 2021		Adjustments		December 31, 2021
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
Mezzanine Equity – Non-controlling Interest in APC - Net loss	$	(27,331)	$	1,696	$	(25,635)
Retained Earnings (Accumulated Deficit) - Net income	$	73,858	$	(4,935)	$	68,923
Mezzanine Equity – Non-controlling Interest in APC	$	55,510	$	1,025	$	56,535
Retained Earnings (Accumulated Deficit)	$	143,629	$	(6,383)	$	137,246
Stockholders’ Equity	$	460,490	$	(6,383)	$	454,107

	2021		Adjustments		2021
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$	49,294	$	(3,239)	$	46,055
Deferred tax	$	(5,952)	$	13,623	$	7,671
Income taxes payable/receivable	$	(3,621)	$	(10,384)	$	(14,005)

	2020		Adjustments		2020
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	56,107	$	237	$	56,344
Net income	$	122,320	$	(237)	$	122,083
Net income attributable to noncontrolling interests	$	84,454	$	(59)	$	84,395
Net income attributable to Apollo Medical Holdings, Inc.	$	37,866	$	(178)	$	37,688
Earnings per share – basic	$	1.04	$	(0.01)	$	1.03
Earnings per share – diluted	$	1.01	$	—	$	1.01

	December 31, 2020		Adjustments		December 30, 2020
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
Mezzanine Equity – Non-controlling Interest in APC - Net income	$	83,621	$	(59)	$	83,562
Retained Earnings (Accumulated Deficit) - Net income	$	37,866	$	(178)	$	37,688
Mezzanine Equity – Non-controlling Interest in APC	$	114,237	$	(671)	$	113,566
Retained Earnings (Accumulated Deficit)	$	69,771	$	(1,448)	$	68,323
Stockholders’ Equity	$	330,911	$	(1,448)	$	329,463

	2020		Adjustments		2020
	As previously reported				As restated
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$	122,320	$	(237)	$	122,083
Deferred tax	$	(6,620)	$	7,016	$	396
Income taxes payable/receivable	$	(304)	$	(6,779)	$	(7,083)

The effect of the error corrections are as follows (in thousands, except per share amounts):

	March 31, 2022		Adjustments		March 31, 2022
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable	$	—	$	1,007	$	1,007
Total current assets	$	444,416	$	1,007	$	445,423
Goodwill	$	252,379	$	(6,622)	$	245,757
Income taxes receivable, non-current	$	—	$	15,943	$	15,943
Total non-current assets	$	467,915	$	9,321	$	477,236
Total assets	$	912,331	$	10,328	$	922,659
Income taxes payable	$	4,894	$	(4,894)	$	—
Total current liabilities	$	160,436	$	(4,894)	$	155,542
Deferred tax liability	$	9,686	$	21,202	$	30,888
Total non-current liabilities	$	220,223	$	21,202	$	241,425
Total liabilities	$	380,659	$	16,308	$	396,967
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	52,151	$	903	$	53,054
Retained earnings	$	157,893	$	(6,883)	$	151,010
Total stockholders’ equity	$	479,521	$	(6,883)	$	472,638

	Three months ended March 31, 2022		Adjustments		Three months ended March 31, 2022
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	6,195	$	623	$	6,818
Net income	$	12,073	$	(623)	$	11,450
Net loss attributable to noncontrolling interests	$	(2,191)	$	(123)	$	(2,314)
Net income attributable to Apollo Medical Holdings, Inc.	$	14,264	$	(500)	$	13,764
Earnings per share – basic	$	0.32	$	(0.01)	$	0.31
Earnings per share – diluted	$	0.31	$	(0.01)	$	0.30

	June 30, 2022		Adjustments		June 30, 2022
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable	$	12,639	$	7,047	$	19,686
Total current assets	$	461,038	$	7,047	$	468,085
Goodwill	$	253,310	$	(6,622)	$	246,688
Income taxes receivable, non-current	$	—	$	15,943	$	15,943
Total non-current assets	$	490,026	$	9,321	$	499,347
Total assets	$	951,064	$	16,368	$	967,432
Deferred tax liability	$	9,257	$	21,663	$	30,920
Total non-current liabilities	$	239,984	$	21,663	$	261,647
Total liabilities	$	425,222	$	21,663	$	446,885
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	39,997	$	1,038	$	41,035
Retained earnings	$	169,292	$	(6,333)	$	162,959
Total stockholders’ equity	$	485,845	$	(6,333)	$	479,512

	Three months ended June 30, 2022		Adjustments		Three months ended June 30, 2022
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	6,038	$	(686)	$	5,352
Net income	$	10,591	$	686	$	11,277
Net loss attributable to noncontrolling interests	$	(808)	$	135	$	(673)
Net income attributable to Apollo Medical Holdings, Inc.	$	11,399	$	551	$	11,950
Earnings per share – basic	$	0.25	$	0.02	$	0.27
Earnings per share – diluted	$	0.25	$	0.01	$	0.26

	September 30, 2022		Adjustments		September 30, 2022
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable	$	12,224	$	2,169	$	14,393
Total current assets	$	443,616	$	2,169	$	445,785
Goodwill	$	257,482	$	(6,622)	$	250,860
Income taxes receivable, non-current	$	—	$	15,943	$	15,943
Total non-current assets	$	499,790	$	9,321	$	509,111
Total assets	$	943,406	$	11,490	$	954,896
Deferred tax liability	$	4,701	$	20,284	$	24,985
Total non-current liabilities	$	233,889	$	20,284	$	254,173
Total liabilities	$	390,080	$	20,284	$	410,364
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	39,820	$	338	$	40,158
Retained earnings	$	195,278	$	(9,132)	$	186,146
Total stockholders’ equity	$	513,506	$	(9,132)	$	504,374

	Three months ended September 30, 2022		Adjustments		Three months ended September 30, 2022
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	13,867	$	3,499	$	17,366
Net income	$	27,396	$	(3,499)	$	23,897
Net income attributable to noncontrolling interests	$	1,410	$	(698)	$	712
Net income attributable to Apollo Medical Holdings, Inc.	$	25,986	$	(2,801)	$	23,185
Earnings per share – basic	$	0.58	$	(0.06)	$	0.52
Earnings per share – diluted	$	0.56	$	(0.06)	$	0.50

	Three months ended December 31, 2022		Adjustments		Three months ended December 31, 2022
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	9,984	$	1,354	$	11,338
Net income	$	471	$	(1,354)	$	(883)
Net income attributable to noncontrolling interests	$	3,071	$	(226)	$	2,845
Net loss attributable to Apollo Medical Holdings, Inc.	$	(2,600)	$	(1,128)	$	(3,728)
Earnings per share – basic	$	(0.06)	$	(0.02)	$	(0.08)
Earnings per share – diluted	$	(0.06)	$	(0.02)	$	(0.08)

	March 31, 2021		Adjustments		March 31, 2021
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Goodwill	$	239,053	$	(6,622)	$	232,431
Income taxes receivable, non-current	$	—	$	6,483	$	6,483
Total non-current assets	$	473,005	$	(139)	$	472,866
Total assets	$	843,280	$	(139)	$	843,141
Income taxes payable	$	12,059	$	(3,794)	$	8,265
Total current liabilities	$	126,347	$	(3,794)	$	122,553
Deferred tax liability	$	10,038	$	7,345	$	17,383
Total non-current liabilities	$	252,399	$	7,345	$	259,744
Total liabilities	$	378,746	$	3,551	$	382,297
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	114,847	$	(1,051)	$	113,796
Retained earnings	$	82,922	$	(2,639)	$	80,283
Total stockholders’ equity	$	349,687	$	(2,639)	$	347,048

	Three months ended March 31, 2021		Adjustments		Three months ended March 31, 2021
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	6,776	$	1,291	$	8,067
Net income	$	14,458	$	(1,291)	$	13,167
Net income attributable to noncontrolling interests	$	1,307	$	(292)	$	1,015
Net income attributable to Apollo Medical Holdings, Inc.	$	13,151	$	(999)	$	12,152
Earnings per share – basic	$	0.31	$	(0.02)	$	0.29
Earnings per share – diluted	$	0.30	$	(0.02)	$	0.28

	June 30, 2021		Adjustments		June 30, 2021
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Income taxes receivable	$	—	$	1,426	$	1,426
Total current assets	$	470,550	$	1,426	$	471,976
Goodwill	$	239,053	$	(6,622)	$	232,431
Income taxes receivable, non-current	$	—	$	6,483	$	6,483
Total non-current assets	$	423,880	$	(139)	$	423,741
Total assets	$	894,430	$	1,287	$	895,717
Income taxes payable	$	2,215	$	(2,215)	$	—
Total current liabilities	$	128,088	$	(2,215)	$	125,873
Deferred tax liability	$	21,242	$	10,453	$	31,695
Total non-current liabilities	$	219,904	$	10,453	$	230,357
Total liabilities	$	347,992	$	8,238	$	356,230
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	141,856	$	(1,742)	$	140,114
Retained earnings	$	95,580	$	(5,209)	$	90,371
Total stockholders’ equity	$	404,582	$	(5,209)	$	399,373

	Three months ended June 30, 2021		Adjustments		Three months ended June 30, 2021
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes	$	24,920	$	3,261	$	28,181
Net income	$	59,530	$	(3,261)	$	56,269
Net income attributable to noncontrolling interests	$	46,872	$	(691)	$	46,181
Net income attributable to Apollo Medical Holdings, Inc.	$	12,658	$	(2,570)	$	10,088
Earnings per share – basic	$	0.29	$	(0.06)	$	0.23
Earnings per share – diluted	$	0.28	$	(0.06)	$	0.22

	September 30, 2021		Adjustments		September 30, 2021
	As previously reported				As restated
CONSOLIDATED BALANCE SHEETS
Goodwill	$	243,353	$	(6,623)	$	236,730
Income taxes receivable, non-current	$	—	$	6,483	$	6,483
Total non-current assets	$	444,082	$	(140)	$	443,942
Total assets	$	871,294	$	(140)	$	871,154
Income taxes payable	$	4,024	$	(1,586)	$	2,438
Total current liabilities	$	116,759	$	(1,586)	$	115,173
Deferred tax liability	$	19,592	$	8,241	$	27,833
Total non-current liabilities	$	222,714	$	8,241	$	230,955
Total liabilities	$	339,473	$	6,655	$	346,128
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")	$	91,500	$	(1,711)	$	89,789
Retained earnings	$	129,859	$	(5,084)	$	124,775
Total stockholders’ equity	$	440,321	$	(5,084)	$	435,237

	Three months ended September 30, 2021		Adjustments		Three months ended September 30, 2021
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Benefit from income taxes	$	(120)	$	(156)	$	(276)
Net loss	$	(5,385)	$	156	$	(5,229)
Net loss attributable to noncontrolling interests	$	(39,664)	$	31	$	(39,633)
Net income attributable to Apollo Medical Holdings, Inc.	$	34,279	$	125	$	34,404
Earnings per share – basic	$	0.77	$	—	$	0.77
Earnings per share – diluted	$	0.74	$	—	$	0.74

	Three months ended December 31, 2021		Adjustments		Three months ended December 31, 2021
	As Previously Reported				As Restated
CONSOLIDATED STATEMENTS OF INCOME
Benefit from income taxes	$	(3,121)	$	(1,157)	$	(4,278)
Net loss	$	(19,309)	$	1,157	$	(18,152)
Net loss attributable to noncontrolling interests	$	(33,079)	$	2,648	$	(30,431)
Net income attributable to Apollo Medical Holdings, Inc.	$	13,770	$	(1,491)	$	12,279
Earnings per share – basic	$	0.31	$	(0.03)	$	0.28
Earnings per share – diluted	$	0.30	$	(0.03)	$	0.27