CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
| OPERATING ACTIVITIES |
|
|
|
| Net income including non-controlling interests |
$ 3,338
|
$ 12,375
|
|
| Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
2,607
|
2,400
|
|
| Provision for doubtful accounts |
1,361
|
1,206
|
|
| Equity-based awards compensation expense |
1,886
|
1,728
|
|
| Deferred income taxes |
(1,369)
|
2,118
|
|
| Write-off of goodwill - closed clinics |
1,859
|
0
|
$ 0
|
| Other |
129
|
12
|
|
| Changes in operating assets and liabilities: |
|
|
|
| (Decrease) Increase in patient accounts receivable |
3,209
|
(4,898)
|
|
| Increase in accounts receivable - other |
(1,752)
|
(495)
|
|
| Increase (Decrease) in other assets |
2,846
|
(894)
|
|
| Increase in accounts payable and accrued expenses |
2,027
|
274
|
|
| Increase (decrease) in other liabilities |
239
|
(263)
|
|
| Net cash provided by operating activities |
16,380
|
13,563
|
|
| INVESTING ACTIVITIES |
|
|
|
| Purchase of fixed assets |
(2,754)
|
(2,497)
|
|
| Purchase of majority interest in businesses, net of cash acquired |
(11,633)
|
0
|
|
| Purchase of redeemable non-controlling interest, temporary equity |
(1,852)
|
(2,053)
|
|
| Purchase of non-controlling interest, permanent equity |
0
|
(139)
|
|
| Proceeds on sale of fixed assets |
316
|
59
|
|
| Net cash used in investing activities |
(15,923)
|
(4,630)
|
|
| FINANCING ACTIVITIES |
|
|
|
| Distributions to non-controlling interests, permanent and temporary equity |
(2,341)
|
(2,576)
|
|
| Proceeds from revolving line of credit |
88,000
|
19,000
|
|
| Payments on revolving line of credit |
(20,000)
|
(28,000)
|
|
| Principal payments on notes payable |
(114)
|
(482)
|
|
| Other |
1
|
(5)
|
|
| Net cash provided by (used in) financing activities |
65,546
|
(12,063)
|
|
| Net increase in cash and cash equivalents |
66,003
|
(3,130)
|
|
| Cash and cash equivalents - beginning of period |
23,548
|
23,368
|
23,368
|
| Cash and cash equivalents - end of period |
89,551
|
20,238
|
$ 23,548
|
| Cash paid during the period for: |
|
|
|
| Income taxes |
242
|
313
|
|
| Interest |
349
|
343
|
|
| Non-cash investing and financing transactions during the period: |
|
|
|
| Purchase of businesses - seller financing portion |
300
|
0
|
|
| Purchase of non-controlling interest - payable |
$ 0
|
$ 228
|
|