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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, 2021
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
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 26, 2021, there were 55,549,053 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
 
2


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
CQMCCritical Quality Management Corporation
CSICollege Street Investment LP, a California limited partnership
DMHCCalifornia Department of Managed Healthcare
DMGDiagnostic Medical Group of Southern California
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
3



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 Quarterly Report on Form 10-Q describing the participation of APA ACO, Inc. (“APAACO”) in the Next Generation Accountable Care Organization (“NGACO”) 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, statements about the Company’s guidance for the year ending December 31, 2021, any statements about our business (including the impact of the COVID-19 pandemic on our business), financial condition, operating results, plans, objectives, expectations and intentions, any guidance on, or projections of, earnings, revenue or other financial items, such as our projected capitation from CMS for the year ending December 31, 2021, or otherwise, and our future liquidity, including cash flows; 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 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, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2021, 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
4


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
September 30,
2021
December 31,
2020
Assets
Current assets
Cash and cash equivalents$204,768 $193,470 
Investments in marketable securities128,558 67,695 
Receivables, net18,753 7,058 
Receivables, net – related parties53,626 49,260 
Other receivables5,773 4,297 
Prepaid expenses and other current assets11,734 16,797 
Loan receivable – related party4,000  
Total current assets
427,212 338,577 
Noncurrent assets
Land, property, and equipment, net49,280 29,890 
Intangible assets, net83,594 86,985 
Goodwill243,353 239,053 
Loans receivable584 480 
Loans receivable – related party 4,145 
Investments in other entities – equity method45,046 43,292 
Investments in privately held entities896 37,075 
Restricted cash 500 
Operating lease right-of-use assets16,134 18,574 
Other assets5,195 18,915 
Total noncurrent assets
444,082 478,909 
Total assets (1)
$871,294 $817,486 
Liabilities, mezzanine equity, and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses$57,505 $36,143 
Fiduciary accounts payable8,827 9,642 
Medical liabilities42,872 50,330 
Income taxes payable4,024 4,224 
Dividend payable556 485 
Finance lease liabilities110 102 
Operating lease liabilities2,658 3,177 
5


September 30,
2021
December 31,
2020
Current portion of long-term debt207 10,889 
Total current liabilities
116,759 114,992 
Noncurrent liabilities
Deferred tax liability19,592 10,959 
Finance lease liabilities, net of current portion221 311 
Operating lease liabilities, net of current portion13,856 15,865 
Long-term debt, net of current portion and deferred financing costs182,813 230,211 
Other long-term liabilities6,232  
Total noncurrent liabilities
222,714 257,346 
Total liabilities (1)
339,473 372,338 
Commitments and contingencies (Note 12)

Mezzanine equity
Noncontrolling interest in Allied Physicians of California, a Professional Medical Corporation91,500 114,237 
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, 44,397,050 and 42,249,137 shares issued and outstanding, excluding 10,925,702 and 12,323,164 treasury shares, as of September 30, 2021 and December 31, 2020, respectively
44 42 
Additional paid-in capital
305,994 261,011 
Retained earnings
129,859 69,771 
435,897 330,824 
Noncontrolling interest
4,424 87 
Total stockholders’ equity440,321 330,911 
Total liabilities, mezzanine equity, and stockholders’ equity$871,294 $817,486 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6


(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 $601.8 million and $576.1 million as of September 30, 2021 and December 31, 2020, 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 $92.8 million and $88.6 million as of September 30, 2021 and December 31, 2020, respectively. The VIE balances do not include $994.8 million of investment in affiliates and $15.8 million of amounts due from affiliates as of September 30, 2021 and $225.1 million of investment in affiliates and $22.7 million of amounts due to affiliates as of December 31, 2020 as these are eliminated upon consolidation and not presented within the consolidated balance sheets. See Note 16 – Variable Interest Entities (VIEs) for further detail.
7


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,
2021202020212020
Revenue
Capitation, net$149,059 $135,032 $438,350 $416,402 
Risk pool settlements and incentives59,923 30,916 94,146 54,155 
Management fee income9,652 8,707 26,345 26,212 
Fee-for-service, net7,260 3,737 14,968 9,434 
Other income1,223 1,731 5,006 4,194 
Total revenue227,117 180,123 578,815 510,397 
Operating expenses
Cost of services, excluding depreciation and amortization147,473 121,823 424,303 402,106 
General and administrative expenses21,813 16,270 45,476 39,660 
Depreciation and amortization4,671 4,674 13,105 14,004 
Total expenses173,957 142,767 482,884 455,770 
Income from operations53,160 37,356 95,931 54,627 
Other (expense) income
Income (loss) from equity method investments132 403 (3,680)3,291 
Gain on sale of equity method investment2,193  2,193 99,647 
Interest expense(967)(2,466)(4,343)(8,007)
Interest income420 752 1,331 2,544 
Unrealized (loss) gain on investments(60,943) 22,826  
Other income (expense)500 130 (14,080)1,514 
Total other (expense) income, net(58,665)(1,181)4,247 98,989 
(Loss) income before (benefit from) provision for income taxes(5,505)36,175 100,178 153,616 
(Benefit from) provision for income taxes(120)10,751 31,575 44,204 
Net (loss) income(5,385)25,424 68,603 109,412 
Net (loss) income attributable to noncontrolling interest(39,664)8,711 8,515 81,603 
Net income attributable to Apollo Medical Holdings, Inc.$34,279 $16,713 60,088 $27,809 
Earnings per share – basic$0.77 $0.46 $1.38 $0.77 
Earnings per share – diluted$0.74 $0.45 $1.33 $0.75 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
8


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF MEZZANINE AND STOCKHOLDERS’ EQUITY
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
Mezzanine
Equity –
Noncontrolling
Interest in APC
Retained
Earnings
Common Stock OutstandingAdditional
Paid-in Capital
Noncontrolling
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 noncontrolling interest(150)— — — — (75)(75)
Cancellation of restricted stock awards— (5,281)— (144)— — (144)
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 
Repurchase of treasury shares by noncontrolling interest— (34,158)— (342)— — (342)
Share-based compensation— — — 1,346 — — 1,346 
Sales of noncontrolling interest— — — — — 37 37 
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 
Cancellation of restricted stock awards— (5,426)— (189)— — (189)
Shares issued for vesting of restricted stock awards— 22,284 — — — —  
Shares issued for exercise of options and warrants— 53,504 — 561 — — 561 
Repurchase of treasury shares by noncontrolling interest— (100,000)— (2,450)— — (2,450)
Share-based compensation— — — 1,556 — — 1,556 
Sale of noncontrolling interest150 — — — —   
Sale of shares by noncontrolling interest— 1,638,045 1 40,132 — — 40,133 
Investment in noncontrolling 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 
Repurchase of treasury shares by noncontrolling interest— (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 

9


Mezzanine
Equity –
Noncontrolling
Interest in APC
Retained
Earnings
Common Stock OutstandingAdditional
Paid-in Capital
Noncontrolling
Interest
Stockholders’
Equity
SharesAmount
Balance at January 1, 2020$168,725 35,908,057 $36 $159,608 $31,905 $786 $192,335 
Net (loss) income(1,160)— — — 4,052 95 4,147 
Purchase of noncontrolling interest(126)— — — — —  
Purchase of treasury shares— (16,897)— (301)(301)
Shares issued for exercise of options and warrants— 151,601 — 722 — — 722 
Share-based compensation— — — 1,058 — — 1,058 
Dividends(10,000)— — — — —  
Balance at March 31, 2020$157,439 36,042,761 $36 $161,087 $35,957 $881 $197,961 
Net income73,666 — — — 7,044 291 7,335 
Purchase of noncontrolling interest(125)— — — —   
Shares issued for vesting of restricted stock awards— 24,453 — — — —  
Shares issued for exercise of options and warrants— 242,299 — 2,283 — — 2,283 
Share-based compensation— — — 852 — — 852 
Cancellation of restricted stock awards— — — (236)— — (236)
Dividends(20,000)— — — — (347)(347)
Balance at June 30, 2020$210,980 36,309,513 $36 $163,986 $43,001 $825 $207,848 
Net income8,522 — — — — 16,713 189 16,902 
Purchase of noncontrolling interest(771)— — — — —  
Shares issued for cashless exercise of warrants— 66,517 — — — —  
Shares issued for exercise of options and warrants— 399,787 1 4,019 —  4,020 
Share-based compensation— — — 648 —  648 
Cancellation of restricted stock awards— — —  —   
Dividends(20,000)—  — —   
Balance at September 30, 2020$198,731 36,775,817 $37 $168,653 $59,714 $1,014 $229,418 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
10


APOLLO MEDICAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
Nine Months Ended
September 30,
20212020
Cash flows from operating activities
Net income $68,603 $109,412 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization13,105 14,004 
Amortization of debt issuance costs900 1,004 
Share-based compensation4,322 2,558 
Unrealized (gain) loss from investment in equity securities(22,826)23 
Loss (income) from equity method investments3,680 (3,291)
Gain on sale of equity method investment(2,193)(99,647)
Impairment of beneficial interest15,723  
Loss on interest rate swaps1,069  
Deferred tax6,847 (6,137)
Other189  
Changes in operating assets and liabilities, net of business combinations:
Receivables, net(10,686)(6,953)
Receivables, net – related parties(4,367)6,618 
Other receivables(1,477)12,898 
Prepaid expenses and other current assets5,064 (1,804)
Right-of-use assets2,440 2,601 
Other assets(954)(5,090)
Accounts payable and accrued expenses14,362 12,644 
Fiduciary accounts payable(815)1,958 
Medical liabilities(7,633)(1,566)
Income taxes payable(300)11,642 
Operating lease liabilities(2,528)(2,110)
Net cash provided by operating activities82,525 48,764 
Cash flows from investing activities
Payments for business acquisition, net of cash acquired(2,575) 
Proceeds from repayment of loans receivable – related parties41 16,500 
Purchases of marketable securities(1,009)(1,793)
Purchase of investment – equity method(13,384)(500)
Proceeds from sale of equity method investment6,375 52,743 
Purchases of property and equipment(16,420)(553)
Proceeds from sale of marketable securities1,106  
Cash received from consolidation of VIE3,322  
Net cash (used in) provided by investing activities(22,544)66,397 
Cash flows from financing activities
Dividends paid(31,089)(50,133)
Repayment of long-term debt(238,254)(7,125)
Payment of finance lease obligations(81)(78)
Proceeds from the exercise of stock options and warrants6,601 6,552 
Repurchase of shares(5,739)(1,559)
11


Nine Months Ended
September 30,
20212020
Distribution to noncontrolling interest(75) 
Proceeds from sale of noncontrolling interest48  
Borrowings on revolver180,000  
Proceeds from sale of shares40,133  
Payment of debt issuance costs(727) 
Net cash used in financing activities(49,183)(52,343)
Net increase in cash, cash equivalents, and restricted cash10,798 62,818 
Cash, cash equivalents, and restricted cash, beginning of period193,970 104,010 
Cash, cash equivalents, and restricted cash, end of period$204,768 $166,828 
Supplementary disclosures of cash flow information:
Cash paid for income taxes$24,800 $37,900 
Cash paid for interest3,330 6,961 
Supplemental disclosures of non-cash investing and financing activities
Dividend declared included in dividend payable$71 $485 
Preferred shares received from sale of equity investment$ $36,179 
Cancellation of restricted stock awards$334 $ 
Deferred tax liability adjustment to goodwill$1,786 $ 
Deferred tax liability adjustment related to warrant exercises$ $473 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total amounts of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows (in thousands):
September 30,
20212020
Cash and cash equivalents$