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Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Consolidated Financial Statements of VIEs

The condensed consolidated financial statements include the accounts of TOI and its subsidiaries and VIEs. All inter-company profits, transactions, and balances have been eliminated upon consolidation.


(in thousands)	September 30, 2022		December 31, 2021
Assets
Current assets:
Cash and restricted cash	$	860	$	1,618
Accounts receivable	34,820		20,007
Other receivables	219		935
Inventories, net	10,018		6,438
Prepaid expenses	897		781
Total current assets	46,814		29,779
Property and equipment, net	184		—
Other assets	426		276
Intangible assets, net	3,438		1,181
Goodwill	15,486		11,096
Total assets	$	66,348	$	42,332


(in thousands)	September 30, 2022		December 31, 2021
Liabilities
Current liabilities:
Accounts payable	$	9,383	$	14,204
Income taxes payable	132		132
Accrued expenses and other current liabilities	6,405		5,539
Current portion of long-term debt	—		183
Amounts due to affiliates	122,417		56,312
Total current liabilities	138,337		76,370
Other non-current liabilities	833		3,203
Deferred income taxes liability	58		6
Total liabilities	$	139,228	$	79,579

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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