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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ___ to ___.
Commission File No. 001-37392
ameh-20220930_g1.jpg
Apollo Medical Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware95-4472349
(State or Other Jurisdiction(I.R.S. Employer
of Incorporation)Identification Number)
1668 S. Garfield Avenue, 2nd Floor, Alhambra, California 91801
(Address of principal executive offices and zip code)
(626) 282-0288
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock, $0.001 par value per share
AMEH
Nasdaq Capital Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):  Yes     No




As of October 28, 2022, there were 56,723,447 shares of common stock of the registrant, $0.001 par value per share, issued and outstanding.



APOLLO MEDICAL HOLDINGS, INC.
INDEX TO FORM 10-Q FILING
TABLE OF CONTENTS
PAGE
 
3


Glossary

The following abbreviations or acronyms that may be used in this document shall have the adjacent meanings set forth below:
Accountable Health CareAccountable Health Care IPA, a Professional Medical Corporation
AHMCAHMC Healthcare Inc.
AIPBPAll-Inclusive Population-Based Payments
AKMAKM Medical Group, Inc.
Alpha CareAlpha Care Medical Group, Inc.
AMGAMG, a Professional Medical Corporation
AMG PropertiesAMG Properties, LLC
AMHApolloMed Hospitalists, a Medical Corporation
AMMApollo Medical Management, Inc.
AP-AMHAP-AMH Medical Corporation
AP-AMH 2AP-AMH 2 Medical Corporation
APAACOAPA ACO, Inc.
APCAllied Physicians of California, a Professional Medical Corporation
APCMGAccess Primary Care Medical Group
APC-LSMAAPC-LSMA Designated Shareholder Medical Corporation
BAHABay Area Hospitalist Associates
CAIPA MSOCAIPA MSO, LLC
CDSCConcourse Diagnostic Surgery Center, LLC
CMSCenters for Medicare & Medicaid Services
DMHCCalifornia Department of Managed Healthcare
DMGDiagnostic Medical Group of Southern California
GPDCGlobal and Professional Direct Contracting
HSMSOHealth Source MSO Inc., a California corporation
ICCAHMC International Cancer Center, a Medical Corporation
IPAindependent practice association
LMALaSalle Medical Associates
MMGMaverick Medical Group, Inc.
MPPMedical Property Partners, LLC
NGACONext Generation Accountable Care Organization
NMMNetwork Medical Management, Inc.
PMIOCPacific Medical Imaging and Oncology Center, Inc.
SCHCSouthern California Heart Centers
Sun LabsSun Clinical Laboratories
Tag 6Tag-6 Medical Investments Group, LLC
Tag 8Tag-8 Medical Investments Group, LLC
UCAPUniversal Care Acquisition Partners, LLC
UCIUniversal Care, Inc.
VIEvariable interest entity
ZLLZLL Partners, LLC
4



INTRODUCTORY NOTE
Unless the context dictates otherwise, references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us,” “our,” and similar words are references to Apollo Medical Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities (“VIEs”) and “ApolloMed” refers to Apollo Medical Holdings, Inc.
The Centers for Medicare & Medicaid Services (“CMS”) have not reviewed any statements contained in this Report, including statements describing the participation of APA ACO, Inc. (“APAACO”) in the Next Generation Accountable Care Organization (“NGACO”) model, or the Global and Professional Direct Contracting (“GPDC”) model.
Trade names and trademarks of the Company and its subsidiaries referred to herein, and their respective logos, are our property. This Quarterly Report on Form 10-Q may contain additional trade names and/or trademarks of other companies, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names and/or trademarks, if any, to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.
NOTE ABOUT FORWARD-LOOKING STATEMENTS
    This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any statements about our business, financial condition, operating results, plans, objectives, expectations, and intentions, any projections of earnings, revenue, EBITDA, Adjusted EBITDA, or other financial items, such as projected payments from CMS and our future liquidity; any statements of any plans, strategies, and objectives of management for future operations, such as the material opportunities that we believe exist for our company; any statements concerning proposed services, developments, mergers, or acquisitions; any statements regarding the outlook on our NGACO, GPDC model, or strategic transactions; any statements regarding management’s view of future expectations and prospects for us; any statements about prospective adoption of new accounting standards or effects of changes in accounting standards; any statements regarding future economic conditions or performance; any statements of belief; any statements of assumptions underlying any of the foregoing; and other statements that are not historical facts. Forward-looking statements may be identified by the use of forward-looking terms, such as “anticipate,” “could,” “can,” “may,” “might,” “potential,” “predict,” “should,” “estimate,” “expect,” “project,” “believe,” “think,” “plan,” “envision,” “intend,” “continue,” “target,” “seek,” “contemplate,” “budgeted,” “will,” “would,” and the negative of such terms, other variations on such terms or other similar or comparable words, phrases, or terminology. These forward-looking statements present our estimates and assumptions only as of the date of this Quarterly Report on Form 10-Q and are subject to change.
    Forward-looking statements involve risks and uncertainties and are based on the current beliefs, expectations, and certain assumptions of management. Some or all of such beliefs, expectations, and assumptions may not materialize or may vary significantly from actual results. Such statements are qualified by important economic, competitive, governmental, and technological factors that could cause our business, strategy, or actual results or events to differ materially from those in our forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2022, including the risk factors discussed under the heading “Risk Factors” in Part I, Item IA thereof. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change, and significant risks and uncertainties that could cause actual conditions, outcomes, and results to differ materially from those indicated by such statements.

PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
5


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

September 30,
2022
December 31,
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$184,016 $233,097 
Investments in marketable securities33,281 53,417 
Receivables, net69,386 10,608 
Receivables, net – related parties91,208 69,376 
Income taxes receivable12,224  
Other receivables41,799 9,647 
Prepaid expenses and other current assets11,702 18,637 
Loan receivable – related party 4,000 
Total current assets
443,616 398,782 
Non-current assets
Land, property, and equipment, net104,149 53,186 
Intangible assets, net73,231 82,807 
Goodwill257,482 253,039 
Loans receivable518 569 
Loan receivable - related party2,125  
Investments in other entities – equity method38,954 41,715 
Investments in privately held entities896 896 
Operating lease right-of-use assets16,338 15,441 
Other assets6,097 5,928 
Total non-current assets499,790 453,581 
Total assets (1)
$943,406 $852,363 
Liabilities, mezzanine equity, and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses$47,366 $43,951 
Fiduciary accounts payable6,506 10,534 
Medical liabilities94,884 55,783 
Income taxes payable 652 
Dividend payable556 556 
Finance lease liabilities509 486 
Operating lease liabilities3,208 2,629 
6


September 30,
2022
December 31,
2021
(Unaudited)
Current portion of long-term debt3,162 780 
Total current liabilities
156,191 115,371 
Non-current liabilities
Deferred tax liability4,701 9,127 
Finance lease liabilities, net of current portion931 973 
Operating lease liabilities, net of current portion16,143 13,198 
Long-term debt, net of current portion and deferred financing costs199,150 182,917 
Other long-term liabilities12,964 14,777 
Total non-current liabilities233,889 220,992 
Total liabilities (1)
390,080 336,363 
Commitments and contingencies (Note 12)

Mezzanine equity
Non-controlling interest in Allied Physicians of California, a Professional Medical Corporation39,820 55,510 
Stockholders’ equity
Series A Preferred stock, $0.001 par value per share; 5,000,000 shares authorized (inclusive of all preferred stock, including Series B Preferred stock); 1,111,111 issued and zero outstanding
  
Series B Preferred stock, $0.001 par value per share; 5,000,000 shares authorized (inclusive of all preferred stock, including Series A Preferred stock); 555,555 issued and zero outstanding
  
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 44,884,522 and 44,630,873 shares issued and outstanding, excluding 11,175,702 and 10,925,702 treasury shares, as of September 30, 2022 and December 31, 2021, respectively
45 45 
Additional paid-in capital315,115 310,876 
Retained earnings195,278 143,629 
510,438 454,550 
Non-controlling interest3,068 5,940 
Total stockholders’ equity513,506 460,490 
Total liabilities, mezzanine equity, and stockholders’ equity$943,406 $852,363 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7


(1) The Company’s consolidated balance sheets include the assets and liabilities of its consolidated VIEs. The consolidated balance sheets include total assets that can be used only to settle obligations of the Company’s consolidated VIEs totaling $590.7 million and $567.0 million as of September 30, 2022 and December 31, 2021, respectively, and total liabilities of the Company’s consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary of $129.2 million and $91.7 million as of September 30, 2022 and December 31, 2021, respectively. The VIE balances do not include $435.9 million of investment in affiliates and $37.8 million of amounts due from affiliates as of September 30, 2022 and $802.8 million of investment in affiliates and $6.6 million of amounts due from affiliates as of December 31, 2021 as these are eliminated upon consolidation and not presented within the consolidated balance sheets. See Note 16 — “Variable Interest Entities (VIEs)” for further detail.
8


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenue
Capitation, net$227,571 $149,059 $677,253 $438,350 
Risk pool settlements and incentives64,849 59,923 101,717 94,146 
Management fee income10,030 9,652 30,487 26,345 
Fee-for-service, net12,859 7,260 35,694 14,968 
Other income1,692 1,223 4,804 5,006 
Total revenue317,001 227,117 849,955 578,815 
Operating expenses
Cost of services, excluding depreciation and amortization240,768 147,473 691,566 424,303 
General and administrative expenses21,388 21,813 53,224 45,476 
Depreciation and amortization4,754 4,671 13,480 13,105 
Total expenses266,910 173,957 758,270 482,884 
Income from operations50,091 53,160 91,685 95,931 
Other (expense) income
Income (loss) from equity method investments1,452 132 4,397 (3,680)
Gain on sale of equity method investment  2,193  2,193 
Interest expense(2,422)(967)(5,348)(4,343)
Interest income223 420 690 1,331 
Unrealized (loss) gain on investments(6,763)(60,943)(17,591)22,826 
Other (expense) income(1,318)500 2,328 (14,080)
Total other (expense) income, net(8,828)(58,665)(15,524)4,247 
Income (loss) before provision for income taxes41,263 (5,505)76,161 100,178 
Provision for (benefit from) income taxes13,867 (120)26,101 31,575 
Net income (loss) 27,396 (5,385)50,060 68,603 
Net income (loss) attributable to non-controlling interest1,410 (39,664)(1,589)8,515 
Net income attributable to Apollo Medical Holdings, Inc.$25,986 $34,279 51,649 $60,088 
Earnings per share – basic$0.58 $0.77 $1.15 $1.38 
Earnings per share – diluted$0.56 $0.74 $1.12 $1.33 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
9


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
10


Mezzanine
Equity –
Non-controlling
Interest in APC
Retained
Earnings
Common Stock OutstandingAdditional
Paid-in Capital
Non-controlling
Interest
Stockholders’
Equity
SharesAmount
Balance at January 1, 2022$55,510 44,630,873 $45 $310,876 $143,629 $5,940 $460,490 
Net (loss) income(3,129)— — — 14,264 938 15,202 
Purchase of non-controlling interest — — — — (200)(200)
Sale of non-controlling interest— — — — — 36 36 
Share buy back(230)— — — — — — 
Shares issued for vesting of restricted stock awards— 81,779 —  — —  
Shares issued for exercise of options and warrants— 124,735 — 1,573 — — 1,573 
Share-based compensation— — — 3,055 — — 3,055 
Issuance of shares for business acquisition— 18,756 — 1,000 — — 1,000 
Cancellation of restricted stock awards— (11,084)— (457)— — (457)
Dividends — — — — (1,178)(1,178)
Balance at March 31, 2022$52,151 44,845,059 $45 $316,047 $157,893 $5,536 $479,521 
Net (loss) income(2,154)— — — 11,399 1,346 12,745 
Shares issued for vesting of restricted stock awards— 108,933 — (253)— — (253)
Shares issued for exercise of options and warrants— 15,718 — 165 — — 165 
Purchase of treasury shares— (250,000)— (9,250)— — (9,250)
Share-based compensation— — — 3,920 — — 3,920 
Investment in non-controlling interest— — — — — 371 371 
Dividends(10,000)— — — — (1,374)(1,374)
Balance at June 30, 2022$39,997 44,719,710 $45 $310,629 $169,292 $5,879 $485,845 
Net (loss) income(9)— — — 25,986 1,419 27,405 
Purchase of non-controlling interest — — — — (4,138)(4,138)
Sale of non-controlling interest— — — — — 28 28 
Share buy back(168)— — — — — — 
Shares issued for vesting of restricted stock awards— 2,570 — (62)— — (62)
Shares issued for exercise of options and warrants— 162,242 — 1,046 — — 1,046 
Share-based compensation— — — 3,502 — — 3,502 
Dividends — — — — (120)(120)
Balance at September 30, 2022$39,820 44,884,522 $45 $315,115 $195,278 $3,068 $513,506 

11


Mezzanine
Equity –
Non-controlling
Interest in APC
Retained
Earnings
Common Stock OutstandingAdditional
Paid-in Capital
Non-controlling
Interest
Stockholders’
Equity
SharesAmount
Balance at January 1, 2021$114,237 42,249,137 $42 $261,011 $69,771 $87 $330,911 
Net income760 — — — 13,151 547 13,698 
Purchase of non-controlling interest(150)— — — — (75)(75)
Sale of non-controlling interest— — — — — 37 37 
Shares issued for vesting of restricted stock awards— 7,689 —  — —  
Shares issued for exercise of options and warrants— 421,002 1 4,255 — — 4,256 
Purchase of treasury shares— (34,158)— (342)— — (342)
Share-based compensation— — — 1,346 — — 1,346 
Cancellation of restricted stock awards— (5,281)— (144)— — (144)
Balance at March 31, 2021$114,847 42,638,389 $43 $266,126 $82,922 $596 $349,687 
Net income46,859 — — — 12,658 13 12,671 
Sale of non-controlling interest150 — — — — — — 
Sale of shares by non-controlling interest— 1,638,045 1 40,132 — — 40,133 
Shares issued for vesting of restricted stock awards— 22,284 —  — —  
Shares issued for exercise of options and warrants— 53,504  561 — — 561 
Purchase of treasury shares— (100,000)— (2,450)— — (2,450)
Share-based compensation— — — 1,556 — — 1,556 
Cancellation of restricted stock awards— (5,426)— (189)— — (189)
Investment in non-controlling interest— — — — — 3,769 3,769 
Dividends(20,000)— — — — (1,156)(1,156)
Balance at June 30, 2021$141,856 44,246,796 $44 $305,736 $95,580 $3,222 $404,582 
Net income(40,356)— — — 34,279 692 34,971 
Shares issued for exercise of options and warrants— 190,254  1,785 — — 1,785 
Purchase of treasury shares— (40,000)— (2,947)— — (2,947)
Share-based compensation— — — 1,420 — — 1,420 
Acquisition of noncontrolling interest— — — — — 500 500 
Noncontrolling interest capital charge— — — — — 10 10 
Dividends(10,000)— — — — —  
Balance at September 30, 2021$91,500 44,397,050 $44 $305,994 $129,859 $4,424 $440,321 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
12


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities
Net income $50,060 $68,603 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization13,480 13,105 
Amortization of debt issuance cost703 900 
Share-based compensation10,477 4,322 
Gain on sale of investments(2,272)(2,193)
Unrealized loss (gain) on investments21,894 (22,826)
(Income) loss from equity method investments(4,397)3,680 
Impairment of beneficial interest 15,723 
Unrealized (gain) loss on interest rate swaps(4,302)1,069 
Deferred tax(2,330)6,847 
Other901 189 
Changes in operating assets and liabilities, net of business combinations:
Receivables, net(58,325)(10,686)
Receivables, net – related parties(21,832)(4,367)
Other receivables(31,988)(1,477)
Prepaid expenses and other current assets3,228 5,064 
Right-of-use assets2,843 2,440 
Other assets(682)(954)
Accounts payable and accrued expenses765 14,362 
Fiduciary accounts payable(4,029)(815)
Medical liabilities37,491 (7,633)
Income taxes payable(14,555)(300)
Operating lease liabilities(3,059)(2,528)
Other long-term liabilities 3,118  
Net cash (used in) provided by operating activities(2,811)82,525 
Cash flows from investing activities
Payments for business acquisition, net of cash acquired (5,614)(2,575)
Proceeds from repayment of loans receivable – related parties4,051 41 
Purchase of marketable securities(1,750)(1,009)
Purchase of investment – equity method (13,384)
Proceeds from sale of equity method investment 6,375 
Purchases of property and equipment(22,054)(16,420)
Cash received from consolidation of VIE 3,322 
Proceeds from sale of marketable securities6,438 1,106 
Distribution from investment - equity method400  
Contribution to investment - equity method(1,785) 
Net cash used in investing activities(20,314)(22,544)
Cash flows from financing activities
13


Nine Months Ended
September 30,
20222021
Dividends paid(12,676)(31,089)
Repayment of long-term debt(3,714)(238,254)
Payment of finance lease obligations(417)(81)
Proceeds from the exercise of stock options and warrants2,784 6,601 
Repurchase of shares(9,648)(5,739)
Proceeds from sale of non-controlling interest67 48 
Purchase of non-controlling interest(4,338)(75)
Borrowings on loans1,986 180,000 
Proceeds from sale of shares 40,133 
Payment of debt issuance costs (