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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2025

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. The following summarizes the assets and liabilities of the VIEs included in the accompanying condensed consolidated balance sheets.


(in thousands)	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash	$	661	$	2,354
Accounts receivable, net	49,284		48,298
Other receivables	129		129
Inventories	12,308		10,039
Prepaid expenses and other current assets	1,641		1,591
Total current assets	64,023		62,411
Property and equipment, net	54		64
Other assets	555		553
Intangible assets, net	4,936		5,097
Goodwill	2,679		2,679
Total assets	$	72,247	$	70,804


(in thousands)	March 31, 2025		December 31, 2024
Liabilities
Current liabilities:
Accounts payable	$	25,126	$	21,507

Accrued expenses and other current liabilities	15,936		13,912

Amounts due to affiliates	235,988		238,577
Total current liabilities	277,050		273,996
Other non-current liabilities	6		5
Deferred income taxes liability	—		—
Total liabilities	$	277,056	$	274,001

- 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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