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Acquisitions of Businesses (Tables)
12 Months Ended
Dec. 31, 2023
Acquisitions of Businesses [Abstract]  
Clinic Acquisition
During 2023, 2022 and 2021, the Company acquired a majority interest in the following businesses:

2023 Acquisitions

 
 
  
 
% Interest
   
Number of
 
Acquisition
 
Date
 
Acquired
   
Clinics
 
October 2023 Acquisition
 
October 31, 2023
    **

   
*
 
September 2023 Acquisition1
 
September 29, 2023
   
70%

   
4
 
September 2023 Acquisition2
 
September 29, 2023
   
70%

   
1
 
July 2023 Acquisition
 
July 31, 2023
   
70%

   
7
 
May 2023 Acquisition
 
May 31, 2023
   
45%

   
4
 
February 2023 Acquisition
 
February 28, 2023
   
80%

   
1
 

*
IIP business
**
On October 31, 2023, the Company concurrently acquired 100% of an IIP business and a 55% equity interest in the ergonomics software business (“October 2023 Acquisition”).
 
2022 Acquisitions

 
 
  
 
% Interest
   
Number of
 
Acquisition
 
Date
 
Acquired
   
Clinics
 
November 2022 Acquisition
 
November 30, 2022
   
80%

   
13
 
October 2022 Acquisition
 
October 31, 2022
   
60%

   
14
 
September 2022 Acquisition
 
September 30, 2022
   
80%

   
2
 
August 2022 Acquisition
 
August 31, 2022
   
70%

   
6
 
March 2022 Acquisition
 
March 31, 2022
   
70%

   
6
 
 
2021 Acquisitions

         % Interest
    Number of  
 Acquisition    Date   Acquired     Clinics
 
December 2021 Acquisition   December 31, 2021     75%
    3  
November 2021 Acquisition
 
November 30, 2021
   
70%

   
*
 
September 2021 Acquisition
 
September 30, 2021
   
100%

   
*
 
June 2021 Acquisition
 
June 30, 2021
   
65%

   
8
 
March 2021 Acquisition   March 31, 2021     70%
    6  

*
IIP business
Purchase Price Allocation
The purchase prices for the 2023 acquisitions have been preliminarily allocated as follows.

   
For the Year Ended December 31, 2023
 
         
Physical Therapy
       
   
IIP
   
Operations
   
Total
 
   
(In thousands)
 
Cash paid, net of cash acquired
 
$
3,955
   
$
22,627
   
$
26,582
 
Seller note
   
-
     
985
     
985
 
Deferred payments
   
-
     
830
     
830
 
Contingent payments
   
-
     
200
     
200
 
Total consideration
 
$
3,955
   
$
24,642
   
$
28,597
 
 
                       
Estimated fair value of net tangible assets acquired:
                       
Total current assets
 
$
392
   
$
1,141
   
$
1,533
 
Total non-current assets
   
335
     
3,149
     
3,484
 
Total liabilities
   
(41
)
   
(3,163
)
   
(3,204
)
Net tangible assets acquired
   
686
     
1,127
     
1,813
 
Customer and referral relationships
   
757
     
6,819
     
7,576
 
Non-compete agreement
   
37
     
329
     
366
 
Tradenames
   
187
     
1,680
     
1,867
 
Goodwill
   
2,562
     
25,521
     
28,083
 
Fair value of non-controlling interest (classified as redeemable non-controlling interest)
   
(274
)
   
(10,834
)
   
(11,108
)
   
$
3,955
   
$
24,642
   
$
28,597
 
 
The purchase price for the 2022 acquisitions has been allocated as follows.

     Physical Therapy  
   
Operations
 
    (In thousands)
 
Cash paid, net of cash acquired
 
$
59,788
 
Seller notes
   
1,574
 
Contingent payments
   
10,000
 
Total consideration
 
$
71,362
 
Estimated fair value of net tangible assets acquired:
       
Total current assets
 
$
1,329
 
Total non-current assets
   
7,798
 
Total liabilities
   
(10,930
)
Net tangible assets acquired
   
(1,803
)
Customer and referral relationships
   
18,062
 
Non-compete agreements
   
934
 
Tradenames
   
5,445
 
Goodwill
   
75,525
 
Fair value of non-controlling interest (classified as redeemable non-controlling interest)
   
(26,801
)
   
$
71,362
 
 
The purchase price for the 2021 acquisitions has been allocated as follows.

         
Physical Therapy
   

 
    IIP     Operations     Total  
     (In thousands)      (In thousands)     (In thousands)
 
Cash paid, net of cash acquired
 
$
63,193
   
$
23,630
   
$
86,823
 
Seller notes
   
1,250
     
800
     
2,050
 
Contingent payments
    2,520       837       3,357  
Other payable
    -       1,000       1,000  
Seller put right
   
3,522
      -      
3,522
 
Total consideration
 
$
70,485
   
$
26,267
   
$
96,752
 
 
                       
Estimated fair value of net tangible assets acquired:
                       
Total current assets
 
$
5,588
   
$
1,885
   
$
7,473
 
Total non-current assets
   
12,620
     
7,014
     
19,634
 
Total liabilities
   
(4,842
)
   
(8,313
)
   
(13,155
)
Net tangible assets acquired
 

13,366
   

586
   

13,952
 
Customer and referral relationships
   
21,127
     
7,969
     
29,096
 
Non-compete agreements
   
500
     
415
     
915
 
Tradenames
   
5,141
     
2,144
     
7,285
 
Goodwill
   
58,257
     
27,109
     
85,366
 
Fair value of non-controlling interest (classified as redeemable non-controlling interest)
   
(27,906
)
   
(11,956
)
   
(39,862
)
   
$
70,485
   
$
26,267
   
$
96,752