XML 21 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income including non-controlling interest $ 37,220 $ 43,407 $ 57,924
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:      
Depreciation and amortization 15,695 14,743 11,591
Provision for credit losses 6,172 5,548 5,305
Equity-based awards compensation expense 7,236 7,264 7,867
Amortization of debt issue costs 420 305 56
Change in deferred income taxes 4,490 4,309 5,688
Change in revaluation of put-right liability (2,582) 5 0
Change in fair value of contingent earn-out consideration 1,550 (2,520) 0
Equity of earnings in unconsolidated affiliate (955) (1,175) (112)
Loss (gain) on sale of clinics and fixed assets 166 (643) 0
Impairment of goodwill and other intangible assets 17,495 9,112 0
Other 0 (83) (134)
Changes in operating assets and liabilities:      
Increase in patient accounts receivable (5,645) (10,279) (9,417)
Increase in accounts receivable - other (356) (307) (1,538)
Increase (decrease) in other current and long term assets (197) (5,940) (633)
Decrease (increase) in accounts payable and accrued expenses 15 (7,755) 4,657
Decrease (increase) in other long-term liabilities 1,254 2,546 (4,848)
Net cash provided by operating activities 81,978 58,537 76,406
INVESTING ACTIVITIES      
Purchase of fixed assets (9,294) (8,248) (8,201)
Purchase of majority interest in businesses, net of cash acquired (26,582) (59,788) (86,823)
Purchase of redeemable non-controlling interest, temporary equity (10,986) (14,987) (28,465)
Purchase of non controlling interest, permanent equity (281) (280) (1,274)
Proceeds on sale of non-controlling interest, permanent equity 102 0 131
Proceeds on sale of partnership interest - redeemable non-controlling interest, temporary equity 875 402 69
Distributions from unconsolidated affiliate 830 1,259 152
Proceeds on sale of partnership interest, clinics and fixed assets 0 373 275
Other 321 0 0
Net cash used in investing activities (45,015) (81,269) (124,136)
FINANCING ACTIVITIES      
Proceeds from issuance of common stock pursuant to the secondary public offering, net of issuance costs 163,646 0 0
Proceeds from revolving facility 24,000 101,000 316,000
Distributions to non-controlling interest, permanent and temporary equity (16,100) (15,348) (16,931)
Cash dividends paid to shareholders (24,128) (21,321) (18,765)
Payments on revolving facility (55,000) (184,000) (218,000)
Principal payments on notes payable (4,400) (930) (4,899)
Payments on term loan (3,750) (1,875) 0
Proceeds from term loan 0 150,000 0
Payment of deferred financing costs 0 (1,779) 0
Payment of Medicare Accelerated and Advance Funds 0 0 (14,054)
Other 0 12 28
Net cash provided by financing activities 84,268 25,759 43,379
Net increase in cash and cash equivalents 121,231 3,027 (4,351)
Cash and cash equivalents - beginning of period 31,594 28,567 32,918
Cash and cash equivalents - end of period 152,825 31,594 28,567
Cash paid during the period for:      
Income taxes 4,926 7,615 12,214
Interest paid 8,655 5,687 1,352
Non-cash investing and financing transactions during the period:      
Purchase of businesses - seller financing portion 1,815 1,574 3,050
Liabilities assumed associated with a purchase of a business 524 0 0
Notes payable related to purchase of redeemable non-controlling interest, temporary equity 1,087 1,074 1,759
Notes payable related to the purchase of non-controlling interest, permanent equity 200 296 0
Notes receivable related to sale of redeemable non-controlling interest, temporary equity 4,136 1,580 914
Notes receivable related to the sale of non-controlling interest, permanent equity $ 458 $ 0 $ 0