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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Total revenue $ 470,279,000 $ 336,305,000 $ 1,268,600,000 $ 955,003,000
Costs and expenses        
Cost of revenue [1] 433,746,000 310,894,000 1,193,283,000 880,827,000
General and administrative expenses [2] 34,738,000 25,199,000 99,753,000 72,831,000
Transaction expenses 194,000 24,603,000 1,210,000 29,886,000
Total costs and expenses 468,678,000 360,696,000 1,294,246,000 983,544,000
Income (loss) from operations 1,601,000 (24,391,000) (25,646,000) (28,541,000)
Other income (expense)        
Interest expense (1,874,000) (1,532,000) (5,470,000) (4,500,000)
Interest income 637,000 373,000 2,455,000 499,000
Other (expense) income, net (1,924,000) (3,309,000) 1,715,000 (7,689,000)
Loss before income taxes, equity loss in affiliate, and noncontrolling interest (1,560,000) (28,859,000) (26,946,000) (40,231,000)
Income tax expense 0 315,000 2,570,000 315,000
Loss before equity in affiliate and noncontrolling interest (1,560,000) (29,174,000) (29,516,000) (40,546,000)
Equity in income (loss) of affiliate 283,000 (31,000) 153,000 (251,000)
Net loss before noncontrolling interest (1,277,000) (29,205,000) (29,363,000) (40,797,000)
Net income attributable to noncontrolling interest 680,000 0 389,000 0
Net loss before redeemable noncontrolling interest (1,957,000) (29,205,000) (29,752,000) (40,797,000)
Net loss and noncontrolling interest attributable to Legacy AON Stockholders prior to the reverse recapitalization 0 (15,489,000) 0 (27,081,000)
Net loss attributable to redeemable noncontrolling interest (888,000) (11,924,000) (24,463,000) (11,924,000)
Net income (loss) attributable to AON Inc, basic (1,069,000) (1,792,000) (5,289,000) (1,792,000)
Net income (loss) attributable to AON Inc, diluted (1,069,000) (1,792,000) (5,289,000) (1,792,000)
Less: Series A Preferred Cumulative Dividends (1,431,000) (133,000) (4,166,000) (133,000)
Less: Series A Preferred Deemed Dividend 0 (2,089,000) 0 (2,089,000)
Net loss attributable to Class A Common Stockholders (2,500,000) (4,014,000) (9,455,000) (4,014,000)
Reallocation of net loss attributable to Class A Common Stockholders as a result of the impact and conversion of dilutive securities 0 0 (24,463,000) 0
Net loss attributable to Class A Common Stockholders for diluted earnings per share $ (2,500,000) $ (4,014,000) $ (33,918,000) $ (4,014,000)
Loss per share of Class A Common Stock:        
Basic (in dollars per share) $ (190) $ (0.61) $ (900) $ (0.61)
Diluted (in dollars per share) $ (190) $ (0.61) $ (940) $ (0.61)
Weighted average shares of Class A Common Stock Outstanding:        
Basic (in shares) 13,264,403 6,614,229 10,527,469 6,614,229
Diluted (in shares) 13,264,403 6,614,229 36,225,302 6,614,229
Other comprehensive income (loss):        
Unrealized gain (loss) on marketable securities $ 0 $ 102,000 $ (189,000) $ 190,000
Other comprehensive gain (loss) 0 102,000 (189,000) 190,000
Comprehensive loss (1,957,000) (29,103,000) (29,941,000) (40,607,000)
Other comprehensive loss attributable to Legacy AON Shareholders 0 (15,398,000) 0 (26,902,000)
Other comprehensive loss attributable to noncontrolling interests (888,000) (11,915,000) (24,596,000) (11,915,000)
Total comprehensive loss attributable to AON Inc. (1,069,000) (1,790,000) (5,345,000) (1,790,000)
Patient service revenue, net        
Revenue        
Total revenue 465,474,000 332,195,000 1,258,732,000 945,681,000
Other revenue        
Revenue        
Total revenue $ 4,805,000 $ 4,110,000 $ 9,868,000 $ 9,322,000
[1] Includes related party inventory expense of $399,848 and $271,790 and $1,076,092 and $777,478 for the three and nine months ended September 30, 2024 and 2023, respectively.
[2] Includes related party rent of $637 and $679 and $2,015 and $2,037 for the three and nine months ended September 30, 2024 and 2023, respectively.