$OPCH

MIM CORP

CIK:0001014739|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
NET REVENUE	$ 1,442,400	$ 1,416,085	$ 2,793,054	$ 2,749,057
COST OF REVENUE	1,175,149	1,147,042	2,263,789	2,216,962
GROSS PROFIT	267,251	269,043	529,265	532,095
OPERATING COSTS AND EXPENSES:
Selling, general and administrative expenses	164,659	170,092	339,221	338,210
Depreciation and amortization expense	17,452	16,241	32,359	31,987
Total operating expenses	182,111	186,333	371,580	370,197
OPERATING INCOME	85,140	82,710	157,685	161,898
OTHER INCOME (EXPENSE):
Interest expense, net	(14,020)	(14,447)	(27,324)	(27,678)
Equity in earnings of joint ventures	1,704	1,395	3,393	3,124
Other, net	1,163	(797)	1,236	(4,927)
Total other (expense) income	(11,153)	(13,849)	(22,695)	(29,481)
INCOME BEFORE INCOME TAXES	73,987	68,861	134,990	132,417
INCOME TAX EXPENSE	20,074	18,338	35,734	35,152
NET INCOME	53,913	50,523	99,256	97,265
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Change in unrealized (loss) gain on cash flow hedges, net of income tax benefit (expense) of $374, $548, $613 and $1,331, respectively	(1,142)	(1,684)	(1,874)	(4,082)
OTHER COMPREHENSIVE (LOSS) INCOME	(1,142)	(1,684)	(1,874)	(4,082)
NET COMPREHENSIVE INCOME	$ 52,771	$ 48,839	$ 97,382	$ 93,183
EARNINGS PER COMMON SHARE:
Earnings per share, basic (in dollars per share)	$ 0.35	$ 0.31	$ 0.64	$ 0.59
Earnings per share, diluted (in dollars per share)	$ 0.35	$ 0.31	$ 0.64	$ 0.59
Weighted average common shares outstanding, basic (in shares)	152,931	162,931	154,782	164,188
Weighted average common shares outstanding, diluted (in shares)	153,485	164,133	155,772	165,402

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 99,256	$ 97,265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	34,037	33,326
Non-cash operating lease costs	10,187	14,663
Deferred income taxes, net	2,901	1,634
Amortization of deferred financing costs	1,378	2,315
Equity in earnings of joint ventures	(3,393)	(3,124)
Stock-based incentive compensation expense	18,581	19,513
Distribution from equity method investments	1,100	1,600
Other adjustments	781	(744)
Changes in operating assets and liabilities:
Accounts receivable, net	(37,941)	(61,392)
Inventories	71,544	(12,718)
Prepaid expenses and other current assets	(9,958)	17,606
Accounts payable	2,610	(27,904)
Accrued compensation and employee benefits	(4,188)	8,730
Accrued expenses and other current liabilities	(3,264)	3,852
Operating lease liabilities	(11,544)	(12,603)
Other noncurrent assets and liabilities	(602)	1,100
Net cash provided by operating activities	171,485	83,119
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(20,123)	(18,466)
Business acquisitions, net of cash acquired	0	(117,247)
Other investing activities	(877)	0
Net cash used in investing activities	(21,000)	(135,713)
CASH FLOWS FROM FINANCING ACTIVITIES:
Stock-based compensation tax withholdings	(14,285)	(7,900)
Purchase of company stock and related excise taxes	(170,545)	(152,429)
Repayments of debt principal	(3,390)	(3,255)
Deferred financing costs	(2,044)	0
Other financing activities	922	2,431
Net cash used in financing activities	(189,342)	(161,153)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(38,857)	(213,747)
Cash and cash equivalents - beginning of period	232,624	412,565
CASH AND CASH EQUIVALENTS - END OF PERIOD	193,767	198,818
Supplemental disclosure of cash flow information:
Cash paid for interest	30,377	32,526
Cash paid for income taxes	34,306	39,436
Cash paid for operating leases	$ 16,160	$ 15,107

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 193,767	$ 232,624
Accounts receivable, net	511,507	473,566
Inventories	399,605	471,149
Prepaid expenses and other current assets	95,713	87,629
Total current assets	1,200,592	1,264,968
NONCURRENT ASSETS:
Property and equipment, net	140,408	139,236
Operating lease right-of-use asset	89,351	91,250
Intangible assets, net	20,229	21,897
Referral sources, net	270,410	287,281
Goodwill	1,606,743	1,606,743
Other noncurrent assets	51,044	44,394
Total noncurrent assets	2,178,185	2,190,801
TOTAL ASSETS	3,378,777	3,455,769
CURRENT LIABILITIES:
Accounts payable	639,767	639,829
Accrued compensation and employee benefits	66,226	70,414
Accrued expenses and other current liabilities	83,615	88,329
Current portion of operating lease liability	23,089	23,996
Current portion of long-term debt	6,780	6,780
Total current liabilities	819,477	829,348
NONCURRENT LIABILITIES:
Long-term debt, net of discount, deferred financing costs and current portion	1,152,040	1,154,052
Operating lease liability, net of current portion	86,170	88,519
Deferred income taxes	58,920	56,019
Other noncurrent liabilities	2,272	1,438
Total noncurrent liabilities	1,299,402	1,300,028
Total liabilities	2,118,879	2,129,376
STOCKHOLDERS’ EQUITY:
Preferred stock; $0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock; $0.0001 par value: 250,000,000 shares authorized, 185,321,928 shares issued and 149,777,268 shares outstanding as of June 30, 2026; 184,522,423 shares issued and 156,857,801 shares outstanding as of December 31, 2025	18	18
Treasury stock; 35,544,660 and 27,664,622 shares outstanding, at cost, as of June 30, 2026 and December 31, 2025, respectively	(987,296)	(818,201)
Paid-in capital	1,268,767	1,263,549
Retained earnings	976,177	876,921
Accumulated other comprehensive income (loss)	2,232	4,106
Total stockholders’ equity	1,259,898	1,326,393
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,378,777	$ 3,455,769