CareMax, Inc.

CIK:0001813914|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 198,627,000	$ 224,440,000	$ 430,872,000	$ 397,424,000
Operating Expenses
External provider costs	153,115,000	156,995,000	334,056,000	267,668,000
Cost of care	42,593,000	40,192,000	85,726,000	78,819,000
Sales and marketing	1,378,000	3,327,000	4,441,000	7,092,000
Corporate, general and administrative	14,780,000	20,849,000	34,888,000	44,813,000
Depreciation and amortization	6,512,000	6,828,000	13,218,000	13,404,000
Impairment of long-lived assets (note 1)	132,990,000	0	132,990,000	0
Goodwill impairment	0	0	0	98,000,000
Total operating expenses	351,368,000	228,191,000	605,318,000	509,797,000
Operating loss	(152,741,000)	(3,750,000)	(174,446,000)	(112,373,000)
Nonoperating (expenses) income
Interest expense	(20,376,000)	(13,197,000)	(40,131,000)	(23,908,000)
Change in fair value of derivative liabilities	2,355,000	434,000	(26,000)	1,540,000
(Loss) gain on remeasurement of contingent earnout liabilities	0	(16,220,000)	0	19,916,000
Other income, net	382,000	534,000	992,000	721,000
Total nonoperating expenses	(17,639,000)	(28,449,000)	(39,165,000)	(1,730,000)
Loss before income tax	(170,381,000)	(32,199,000)	(213,612,000)	(114,103,000)
Income tax expense	(177,000)	(177,000)	(354,000)	(355,000)
Net loss	$ (170,558,000)	$ (32,376,000)	$ (213,966,000)	$ (114,458,000)
Weighted average basic shares outstanding	3,807,551	3,722,377	3,793,076	3,717,040
Weighted average diluted shares outstanding	3,807,551	3,722,377	3,793,076	3,717,040
Net loss per share
Basic	$ (44.79)	$ (8.70)	$ (56.41)	$ (30.79)
Diluted	$ (44.79)	$ (8.70)	$ (56.41)	$ (30.79)
Medicare
Revenue
Total revenue	$ 154,857,000	$ 155,486,000	$ 323,359,000	$ 277,079,000
Medicaid
Revenue
Total revenue	22,865,000	30,054,000	60,518,000	55,680,000
Government Value
Revenue
Total revenue	14,690,000	22,206,000	33,505,000	32,216,000
Other Revenue
Revenue
Total revenue	$ 6,215,000	$ 16,694,000	$ 13,491,000	$ 32,449,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (213,966,000)	$ (114,458,000)
Adjustments to reconcile net loss to cash and cash equivalents:
Depreciation and amortization expense	13,218,000	13,404,000
Amortization of debt issuance costs and discounts	1,821,000	4,086,000
Impairment of long-lived assets	132,990,000	0
Stock-based compensation expense	4,761,000	4,762,000
Deferred income taxes	354,000	355,000
Change in fair value of derivative liabilities	26,000	(1,540,000)
Gain on remeasurement of contingent earnout liabilities	0	(19,916,000)
Payment-in-kind interest expense	21,955,000	5,500,000
Non-cash finance lease expense	293,000	0
Provision for credit losses	(307,000)	57,000
Goodwill impairment	0	98,000,000
Amortization of right-of-use assets	5,325,000	5,842,000
Other non-cash, net	33,000	1,213,000
Changes in operating assets and liabilities:
Accounts receivable	17,573,000	(1,255,000)
Other current assets	(6,481,000)	452,000
Risk settlement liabilities	16,602,000	1,968,000
Other assets	(41,749,000)	(41,807,000)
Operating lease liabilities	(1,577,000)	(4,959,000)
Accounts payable	1,502,000	(128,000)
Accrued expenses	(2,967,000)	(4,219,000)
Related party liabilities	1,582,000	(1,134,000)
Other liabilities	898,000	10,515,000
Net cash used in operating activities	(48,114,000)	(43,263,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(794,000)	(5,234,000)
Net cash used in investing activities	(794,000)	(5,234,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings, net	0	62,000,000
Principal payments of debt	(189,000)	(125,000)
Payments of debt issuance costs	0	(398,000)
Net cash (used in) provided by financing activities	(189,000)	61,477,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(49,097,000)	12,980,000
Cash and cash equivalents - beginning of period	65,528,000	41,626,000
CASH AND CASH EQUIVALENTS - END OF PERIOD	16,430,000	54,605,000
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Additions to property and equipment funded through accounts payable	676,000	1,118,000
Reclassification of contingent consideration previously liability classified	0	114,645,000
Financed property and equipment purchases	168,000
Change in right-of-use assets and lease liabilities due to lease remeasurements	2,560,000	2,151,000
Right-of-use assets obtained in exchange for operating lease obligations	4,388,000	0
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 8,964,000	$ 14,609,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 16,430	$ 65,528
Accounts receivable, net	97,488	114,754
Other current assets	9,547	3,066
Total Current Assets	123,466	183,348
Property and equipment, net	21,419	47,918
Operating lease right-of-use assets	48,424	109,215
Goodwill, net	156,841	156,841
Intangible assets, net	42,163	101,243
Other assets	61,730	24,737
Total Assets	454,043	623,301
Current Liabilities
Accounts payable	8,453	6,275
Accrued expenses	13,257	16,224
Risk settlement liabilities	59,204	42,602
Related party liabilities	1,772	190
Current portion of third-party debt, net	403,321	364,380
Current portion of operating lease liabilities	43,646	8,975
Other current liabilities	17	165
Total Current Liabilities	529,671	438,812
Derivative liabilities	48	22
Long-term debt, net	1,785	21,443
Long-term operating lease liabilities	64,455	97,136
Other liabilities	5,844	4,443
Total Liabilities	601,803	561,856
COMMITMENTS AND CONTINGENCIES (NOTE 14)
STOCKHOLDERS' (DEFICIT) EQUITY
Preferred stock (1,000,000 shares authorized; one share issued and outstanding as of June 30, 2024 and December 31, 2023)
Class A common stock ($0.0001 par value; 8,333,333 shares authorized; 3,814,871 and 3,744,732 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	11	11
Additional paid-in-capital	787,132	782,371
Accumulated deficit	(934,902)	(720,938)
Total Stockholders' (Deficit) Equity	(147,759)	61,444
Total Liabilities and Stockholders' (Deficit) Equity	$ 454,043	$ 623,301