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Restatement of Prior Financial Information
 3 Months Ended
Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Restatement of Prior Financial Information Restatement of Prior Financial Information

In connection with a review of Apollo Medical Holdings, Inc.’s (the “Company” or “ApolloMed”) tax implications of intercompany dividends and the rationale for conclusions with respect to which entities were (or should have been) included in consolidated tax returns, and related accounting matters, the Company identified errors in its accounting for the income tax effects of certain intercompany dividends and certain net operating losses. Specifically, the Company failed to accrue for income tax expense on certain intercompany dividends. Although the Company accrued taxes on the income generated by the subsidiary that made the intercompany dividend, the additional taxes due by the subsidiary entitled to the dividend were not accrued. Also, based on a review of historical tax filings, the Company concluded that its previous determination regarding the realizability of certain net operating losses was incorrect resulting in an overstatement of the valuation allowance with respect to such net operating losses. The errors resulted in a net understatement of income tax expense in prior periods and also had an impact on purchase accounting (goodwill) as a portion of the deferred tax assets affected by the errors pertained to acquisitions made in 2019. The Company has restated herein its consolidated financial statements at March 31, 2023 and December 31, 2022 and for each of the three months ended March 31, 2023 and 2022, in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections, for the matters discussed above as well as other immaterial items. The Company previously restated its consolidated balance sheet as of December 31, 2022 in its Form 10-K/A for the year ended December 31, 2022, filed with the Securities and Exchange Commission on August 9, 2023.
The effect of the error corrections are as follows (in thousands, except per share amounts):
March 31, 2023AdjustmentsMarch 31, 2023
As previously reportedAs restated
CONSOLIDATED BALANCE SHEETS
Receivables, net$79,003 $(2,998)$76,005 
Income taxes receivable$9 $(9)$— 
Total current assets$457,688 $(3,007)$454,681 
Goodwill$276,028 $(6,622)$269,406 
Income taxes receivable, non-current$— $15,943 $15,943 
Total non-current assets$534,940 $9,321 $544,261 
Total assets$992,628 $6,314 $998,942 
Medical liabilities$101,394 $(2,998)$98,396 
Income taxes payable$— $11,289 $11,289 
Total current liabilities$164,954 $8,291 $173,245 
Deferred tax liability$3,695 $10,668 $14,363 
Total non-current liabilities$249,745 $10,668 $260,413 
Total liabilities$414,699 $18,959 $433,658 
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation ("APC")$14,729 $(452)$14,277 
Retained earnings$207,300 $(11,751)$195,549 
Non-controlling interest$3,156 $(442)$2,714 
Total stockholders’ equity$563,200 $(12,193)$551,007 
Three months ended March 31, 2023AdjustmentsThree months ended March 31, 2023
As previously reportedAs restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes$5,102 $1,819 $6,921 
Net income$14,307 $(1,819)$12,488 
Net income attributable to noncontrolling interests$(315)$(329)$(644)
Net income attributable to Apollo Medical Holdings, Inc.$14,622 $(1,490)$13,132 
Earnings per share – basic$0.31 $(0.03)$0.28 
Earnings per share – diluted$0.31 $(0.03)$0.28 
March 31, 2023AdjustmentsMarch 31, 2023
As previously reportedAs restated
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
Mezzanine Equity – Non-controlling Interest in APC - Net loss$(1,400)$(329)$(1,729)
Retained Earnings (Accumulated Deficit) - Net income$14,622 $(1,490)$13,132 
Mezzanine Equity – Non-controlling Interest in APC$14,729 $(452)$14,277 
Retained Earnings (Accumulated Deficit)$207,300 $(11,751)$195,549 
Non-controlling interest$3,156 $(442)$2,714 
Stockholders’ Equity$563,200 $(12,193)$551,007 
Three months ended March 31, 2023AdjustmentsThree months ended March 31, 2023
As previously reportedAs restated
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income$14,307 $(1,819)$12,488 
Deferred tax$790 $(507)$283 
Income taxes payable/receivable$4,007 $2,326 $6,333 
December 31, 2022AdjustmentsDecember 31, 2022
As previously reportedAs 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 
Three months ended March 31, 2022AdjustmentsThree months ended March 31, 2022
As previously reportedAs restated
CONSOLIDATED STATEMENTS OF INCOME
Provision for income taxes$6,195 $623 $6,818 
Net income$12,073 $(623)$11,450 
Net income attributable to noncontrolling interests$(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)$0.30 
March 31, 2022AdjustmentsMarch 31, 2022
As previously reportedAs restated
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
Mezzanine Equity – Non-controlling Interest in APC - Net loss$(3,129)$(123)$(3,252)
Retained Earnings (Accumulated Deficit) - Net income$14,264 $(500)$13,764 
Mezzanine Equity – Non-controlling Interest in APC$52,151 $902 $53,053 
Retained Earnings (Accumulated Deficit)$157,893 $(6,883)$151,010 
Non-controlling interest
Stockholders’ Equity$479,521 $(6,883)$472,638 
Three months ended March 31, 2022AdjustmentsThree months ended March 31, 2022
As previously reportedAs restated
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income$12,073 $(623)$11,450 
Deferred tax$1,985 $194 $2,179 
Income taxes payable/receivable$4,241 $430 $4,671