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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net Loss $ (26,958) $ (63,150)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 10,516 8,450
Amortization of debt issuance costs 609 787
Amortization of postcombination compensation 1,661 0
Deferred income taxes 2,734 384
Amortization of operating right-of-use assets [1] 8,855 8,289
(Gain) Loss on change in fair value of derivatives (243) 10,204
Equity-based compensation and NCI rebalancing 14,422 4,874
Equity in (income) loss of affiliate (153) 259
Loss (gain) on sale and abandonment of property and equipment 4,496 (289)
Bargain purchase gain on acquisition of physician practice (514) 0
Changes in operating assets and liabilities, net of reverse recapitalization:    
Patient accounts receivable, net (771) 6,947
Inventories [2] (13,671) (8,090)
Prepaid expenses and other current assets (3,957) (1,607)
Other receivables (20,739) (5,759)
Other assets (13,126) (2,649)
Accounts payable [3] 39,490 20,067
Accrued compensation related costs 8,029 3,944
Accrued other (6,112) 5,495
Operating lease liabilities [4] (6,925) (7,754)
Other long-term liabilities (2,586) 1,480
Net cash used in operating activities (4,943) (18,118)
Cash flows from investing activities    
Purchases of property and equipment (20,954) (12,283)
Proceeds from disposals of property and equipment 218 704
Purchases of marketable securities (28,636) (67,395)
Proceeds from sales of marketable securities 54,736 42,320
Acquisition of physician practices (6,712) 0
Issuance of notes receivable - related parties (1,925) (55)
Collections on notes receivable - related parties 862 1,175
Net cash used in investing activities (2,411) (35,534)
Cash flows from financing activities    
Repayments of long-term debt (3,498) 0
Proceeds from reverse recapitalization 0 1,493
Repurchases of Class A Common Stock (368) (89)
Payment of tax withholding obligation on net RSU settlements (3,258) 0
Class A and A-1 preferred returns and tax distributions 0 (9,480)
Repayments on finance leases (1,212) (593)
Issuance of redeemable convertible Class C Units 0 64,996
Issuance of Class A Common Stock [5] 50,000 0
Cash paid for debt financing costs 0 (446)
Series A Preferred Stock offering costs 0 (750)
Contribution from noncontrolling interest 0 134
Net cash provided by financing activities 41,664 55,265
Net increase (decrease) in cash and cash equivalents 34,310 1,613
Beginning of period 28,539 26,926
End of period 62,849 28,539
Supplemental consolidated cash flow information    
Cash paid for interest 5,743 5,847
Supplemental noncash investing and financing activities    
Unpaid offering costs relating to the reverse recapitalization 0 2,745
Right-of-use assets and lease liabilities removed in termination of lease 0 2,128
Promissory note issued in connection with acquisition of physician practices (6,550) 0
Promissory note issued in connection with asset acquisition (1,848) 0
Noncash consideration paid by assumption of note for purchase of physician practice (4,530) 0
Deemed dividend for Series A Preferred Stock extinguishment 0 2,089
Changes in accounts payable for capital additions to property and equipment 0 1,131
Other (380) 0
Forgiveness on note receivable related-party $ 255 $ 0
[1] Includes related party amortization of operating right-of-use assets of $1,990 and $2,146 for the years ended December 31, 2024 and 2023, respectively.
[2] Includes changes in related party balances of ($6,110) and $(7,688) for the years ended December 31, 2024 and 2023, respectively.
[3] Includes changes in related party balances of $35,046 and $18,744 for the years ended December 31, 2024 and 2023, respectively.
[4] Includes changes in related party balances of ($2,522) and ($2,381) for the years ended December 31, 2024 and 2023, respectively.
(5)Net of $1,000 of issuance costs.
[5] Net of $1,000 of issuance costs.