ATI PHYSICAL THERAPY, INC. Discusión y análisis de la administración sobre la situación financiera y los resultados de las operaciones (formulario 10-Q)

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The following dialogue and evaluation of ATI Physical Therapy, Inc. and its
subsidiaries (herein known as "we," "us," "the Company," "our Company," or
"ATI") ought to be learn along with the Company's condensed consolidated
monetary statements and associated notes thereto included elsewhere on this
Quarterly Report.

We make statements on this dialogue which can be forward-looking and contain dangers
and uncertainties. These statements comprise forward-looking data relating
to the monetary situation, outcomes of operations, plans, goals, future
efficiency and enterprise of the Company. The forward-looking statements are
primarily based on our present views and assumptions, and precise outcomes may differ
materially from these anticipated in such forward-looking statements as a consequence of
elements together with, however not restricted to, these mentioned underneath "Cautionary Note
Regarding Forward-Looking Statements" and Part II, Item 1A. "Risk Factors."

Many elements are past our management. Given these uncertainties, you shouldn't
place undue reliance on our forward-looking statements. Our forward-looking
statements symbolize our estimates and assumptions solely as of the date of this
Quarterly Report. Except as required by legislation, we're underneath no obligation to
replace any forward-looking assertion, whatever the cause the assertion could
not be correct.

Certain quantities on this Management's Discussion and Analysis could not add as a consequence of
rounding. All percentages have been calculated utilizing unrounded quantities for the
three and 6 months ended June 30, 2022, and 2021.

Todos los montos en dólares se presentan en miles, a menos que se indique lo contrario.

Resumen de la empresa


We are a nationally acknowledged outpatient bodily remedy supplier in the
United States specializing in outpatient rehabilitation and adjoining healthcare
companies, with 926 owned clinics (in addition to 20 clinics underneath administration service
agreements) situated in 25 states as of June 30, 2022. We function with a
dedication to offering our sufferers, medical supplier companions, payors and
employers with evidence-based, patient-centric care.

We supply a wide range of companies inside our clinics, together with bodily remedy to
deal with backbone, shoulder, knee and neck accidents or ache; work harm
rehabilitation companies, together with work conditioning and work hardening; hand
remedy; and different specialised remedy companies. Our Company's workforce of
professionals is devoted to serving to return sufferers to optimum bodily
well being.

Physical remedy sufferers obtain team-based care, modern methods and
individualized remedy plans in an encouraging atmosphere. To obtain optimum
outcomes, we use an intensive array of methods together with therapeutic train,
guide remedy and power coaching, amongst others. Our bodily remedy mannequin
goals to ship optimized outcomes and time to restoration for sufferers, insights
and repair satisfaction for referring suppliers and predictable prices and
measurable worth for payors.

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In addition to offering companies to bodily remedy sufferers at outpatient
rehabilitation clinics, we offer companies by our ATI Worksite Solutions
("AWS") program, Management Service Agreements ("MSA") and Sports Medicine
preparations. AWS supplies an on-site workforce of healthcare professionals at
employer worksites to advertise work-related harm prevention, facilitate
expedient and applicable return-to-work follow-up and preserve the well being and
well-being of the workforce. Our MSA preparations usually embody the Company
offering administration and bodily therapy-related companies to physician-owned
bodily remedy clinics. Sports Medicine preparations present licensed
healthcare professionals to varied colleges, universities and different establishments
to carry out on-site bodily remedy and rehabilitation companies.

Nombramiento del Director General


On April 28, 2022, the Company appointed Sharon Vitti as its Chief Executive
Officer and to the Board of Directors. Ms. Vitti has 30 years of healthcare
expertise, together with practically twenty years of government management in scientific and
consumer-focused healthcare firms.

In reference to Ms. Vitti's appointment, John (Jack) Larsen stepped down as
Executive Chairman of the Company, efficient April 28, 2022 and can proceed in
his function as Chairman of the Board of the Company. Mr. Larsen was appointed
Executive Chairman of the Company on August 9, 2021. In addition, efficient
April 28, 2022, John (Jack) Larsen, Joseph Jordan, the Company's Chief Financial
Officer, and Ray Wahl, the Company's Chief Operating Officer, not fulfill
the function of Principal Executive Officer.

2022 Refinanciamiento de deuda y financiamiento de acciones preferentes


On February 24, 2022, the Company entered into varied financing preparations to
refinance its current long-term debt (the "2022 Debt Refinancing"). The Company
entered into a brand new 2022 Credit Agreement which is comprised of a senior secured
time period mortgage which matures on February 24, 2028, and a "tremendous precedence" senior
secured revolver, which matures on February 24, 2027. Refer to Note 8 -
Borrowings within the condensed consolidated monetary statements for additional
particulars.

En relación con el Refinanciamiento de Deuda de 2022, la Compañía emitió acciones preferenciales no convertibles y warrants para comprar acciones ordinarias de la Compañía. Refiérase a la Nota 10 – Mezzanine y Capital Contable en los estados financieros consolidados condensados ​​para mayores detalles.

La Combinación de Negocios


On June 16, 2021 (the "Closing Date"), a Business Combination transaction (the
"Business Combination") was finalized pursuant to the Agreement and Plan of
Merger ("Merger Agreement"), dated February 21, 2021 between the working
firm, Wilco Holdco, Inc. ("Wilco Holdco"), and Fortress Value Acquisition
Corp. II (herein known as "FAII" and "FVAC"), a particular objective
acquisition firm. In reference to the closing of the Business Combination,
the Company modified its identify from Fortress Value Acquisition Corp. II to ATI
Physical Therapy, Inc. The Business Combination was accounted for as a reverse
recapitalization in accordance with U.S. usually accepted accounting
ideas ("GAAP"). The Company's widespread inventory is listed on the New York Stock
Exchange ("NYSE") underneath the image "ATIP." Refer to Note 3 - Business
Combinations and Divestiture within the condensed consolidated monetary statements
for additional particulars.

Home Health divestiture

On August 25, 2021, the Company entered into an settlement to divest its Home
Health service line. On October 1, 2021, the transaction closed with a sale
worth of $7.3 million. The main lessons of belongings and liabilities related
with the Home Health service line consisted predominantly of accounts
receivable, accrued bills and different liabilities which weren't materials.

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adquisiciones 2021


During the fourth quarter of 2021, the Company accomplished 3 acquisitions
consisting of seven whole clinics. The Company paid roughly $4.5 million in
money and $1.4 million in future fee consideration, topic to sure time
or efficiency circumstances set out within the buy agreements, to finish the
acquisitions.

Tendencias y factores que afectan el desempeño futuro de la empresa y la comparabilidad de los resultados

Durante el segundo trimestre de 2022, observamos las siguientes tendencias en desarrollo en nuestro negocio:

•Mejoró los volúmenes de referencias y visitas de pacientes para concluir el primer trimestre de 2022 y continuar hasta el segundo trimestre de 2022, en relación con la debilidad del volumen experimentada durante el comienzo de 2022 que fue impulsada por un aumento en los casos de COVID-19 debido al brote de más variantes.

•Un mercado laboral ajustado continuo para la fisioterapia disponible y otros proveedores en la fuerza laboral, lo que contribuye a la competencia en la contratación, el desgaste y la continua inflación salarial en la industria de la fisioterapia y en ATI.


•Decrease in price per go to primarily pushed by Medicare price cuts that turned
efficient on January 1, 2022, Medicare sequestration reductions that started after
March 31, 2022 and fewer favorable payor, state and repair combine when in comparison with
prior durations.

Nuestra capacidad para lograr nuestro plan de negocios depende de una serie de factores, que incluyen, entre otros, el éxito de una serie de pasos continuos relacionados con el aumento de los niveles de private clínico, el management de costos y el aumento del volumen de visitas y referencias.


During the quarter ended March 31, 2022, the Company recognized an interim
triggering occasion on account of elements together with potential adjustments in low cost
charges and the latest lower in share worth. The Company decided that the
mixture of those elements constituted an interim triggering occasion that
required additional evaluation with respect to potential impairment to goodwill,
commerce identify indefinite-lived intangible and different belongings. Accordingly, the
Company carried out interim quantitative impairment testing and decided that
the honest worth quantities have been under the respective carrying quantities. As a consequence,
the Company recorded non-cash impairment costs of $116.3 million associated to
goodwill and $39.4 million associated to the commerce identify indefinite-lived intangible
asset through the interval ended March 31, 2022. These costs are non-cash in
nature and don't have an effect on our liquidity or debt covenants.

During the quarter ended June 30, 2022, the Company recognized an interim
triggering occasion on account of elements primarily pushed by potential adjustments in
low cost charges. The Company decided that these elements constituted an interim
triggering occasion that required additional evaluation with respect to potential
impairment to goodwill, commerce identify indefinite-lived intangible and different belongings.
Accordingly, the Company carried out interim quantitative impairment testing and
decided that the honest worth quantities have been under the respective carrying
quantities. As a consequence, the Company recorded non-cash impairment costs of
roughly $87.9 million associated to goodwill and $40.0 million associated to the
commerce identify indefinite-lived intangible asset through the interval ended June 30,
2022. Refer to Note 5 - Goodwill, Trade Name and Other Intangible Assets within the
condensed consolidated monetary statements for additional particulars.

Impactos de volumen y pandemia de COVID-19


The coronavirus ("COVID-19") pandemic in the United States resulted in adjustments
to our working atmosphere. We proceed to carefully monitor the influence of
COVID-19 on all facets of our enterprise, and our priorities stay defending
the well being and security of workers and sufferers, maximizing the provision of
companies to fulfill affected person wants, and enhancing the operational and monetary
stability of our enterprise.

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As a results of the COVID-19 pandemic, visits per day ("VPD") decreased to a low
level of 12,643 through the quarter ended June 30, 2020. The Company has
skilled relative will increase in quarterly VPD following the low level.
Quarterly VPD was 19,520, 21,569, 20,674, 20,649, 21,062 and 22,403 within the
quarters ended March 31, 2021, June 30, 2021, September 30, 2021, December 31,
2021, March 31, 2022 and June 30, 2022, respectively, as native restrictions in
sure markets, referral ranges and particular person routines developed in comparison with
prior durations. During the fourth quarter of 2021, we noticed quantity softness
brought on, partially, by a rise in COVID-19 instances because of the outbreak of
further variants, which continued to influence go to volumes at first of
2022. Through the rest of the primary quarter of 2022 and the second quarter
of 2022, we skilled will increase in go to volumes relative to the start of
2022.

As demand for bodily remedy companies has elevated available in the market since its
low level through the quarter ended June 30, 2020, the Company has targeted on
rising its scientific staffing ranges by hiring clinicians and decreasing ranges
of clinician attrition which were elevated relative to historic ranges.
The elevated ranges of attrition have been initially brought on, partially, by adjustments made
through the COVID-19 pandemic associated to compensation, staffing ranges and
help for clinicians. We have carried out a variety of actions associated to
compensation, staffing ranges, scientific {and professional} growth and different
initiatives in an effort to retain and entice therapists throughout our platform,
which has elevated our present and future expectations for labor prices. While
the Company has noticed enchancment in attrition ranges since implementing
these actions, attrition stays above historic ranges as a consequence of a continued
tight labor marketplace for accessible bodily remedy and different suppliers within the
workforce which can impede our progress towards rising go to volumes. In an
effort to drive extra quantity and visits per day, along with specializing in
scientific staffing ranges, we're working to determine relationships with new
referral sources and strengthen relationships with our accomplice suppliers and
current referral sources throughout our geographic footprint.

El siguiente gráfico refleja la tendencia trimestral de VPD.

                     [[Image Removed: ati-20220630_g1.jpg]]

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The COVID-19 pandemic continues to be evolving and the total extent of its future influence
stays unknown and tough to foretell. The future influence of the COVID-19
pandemic on our efficiency will rely upon sure developments, together with the
period and unfold of the virus and its newly recognized strains, effectiveness
and adoption charges of vaccines and different therapeutic cures, the potential for
continued or reinstated restrictive insurance policies enforced by federal, state and
native governments, and the influence of the virus and vaccination necessities on
our workforce, all of which create uncertainty and can't be predicted. While we
anticipate the disruption attributable to COVID-19 and ensuing impacts to decrease over
time, we can't predict the size of such impacts, and if such impacts proceed
for an prolonged interval, it may have a continued impact on the Company's
outcomes of operations, monetary situation and money flows, which could possibly be
materials.

Ley CARES


On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the
"CARES Act") was signed into legislation offering reimbursement, grants, waivers and
different funds to help well being care suppliers through the COVID-19 pandemic. The
Company has realized advantages underneath the CARES Act together with, however not restricted to,
the next:

•The Company utilized for and obtained approval to obtain $26.7 million of
Medicare Accelerated and Advance Payment Program ("MAAPP") funds through the
quarter ended June 30, 2020. During the six months ended June 30, 2022 and 2021,
the Company utilized $10.7 million and $3.8 million in MAAPP funds in opposition to the
excellent legal responsibility, respectively. The remaining quantities are required to be
utilized or repaid by the quarter ending September 30, 2022. Because the Company
has not but met all required efficiency obligations or carried out the companies
associated to the remaining funds, as of June 30, 2022 and December 31, 2021, $1.6
million and $12.3 million of the funds are recorded in accrued bills and
different liabilities, respectively. The Company expects the remaining superior
funds to be utilized or repaid by the quarter ending September 30, 2022.

•The Company elected to defer depositing the employer portion of Social Security
taxes for funds due from March 27, 2020 by December 31, 2020,
interest-free and penalty-free. Related to those funds, as of June 30, 2022
and December 31, 2021, $5.9 million is included in accrued bills and different
liabilities. The Company expects the remaining deferred funds to be repaid
previous to the top of 2022.

Tendencias y factores del mercado y la industria


•Outpatient bodily remedy companies development. Outpatient bodily remedy
continues to play a key function in treating musculoskeletal circumstances for
sufferers. According to the Centers for Medicare & Medicaid Services ("CMS"),
musculoskeletal circumstances influence people of all ages and embody a few of
the commonest well being points within the U.S. As healthcare traits within the U.S.
proceed to evolve, with a rising give attention to value-based care emphasizing
up-front, conservative care to ship higher outcomes, high quality healthcare
companies addressing such circumstances in decrease value outpatient settings could
proceed rising in prevalence.

•U.S. inhabitants demographics. The inhabitants of adults aged 65 and older within the
U.S. is anticipated to proceed to develop and thus broaden the Company's market
alternative. According to the U.S. Census Bureau, the inhabitants of adults over
the age of 65 is anticipated to develop 30% from 2020 by 2030.

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•Federal funding for Medicare and Medicaid. Federal and state funding of
Medicare and Medicaid and the phrases of entry to those reimbursement applications
have an effect on demand for bodily remedy companies. In December 2021, the Protecting
Medicare and American Farmers from Sequester Cuts Act was signed into legislation. As a
consequence, the reimbursement price discount starting in January 2022 was
roughly 0.75%. The Act didn't tackle a beforehand proposed 15% lower
in funds for companies carried out by bodily remedy assistants, which started
on January 1, 2022. Additionally, an extra discount by resuming
sequestration was postponed. Sequestration reductions resumed at 1% after March
31, 2022, and by a further 1% after June 30, 2022, which resulted in an
total discount of two% in reimbursement charges associated to sequestration after
June 30, 2022. In July 2022, the CMS launched its proposed 2023 Medicare
Physician Fee Schedule. The proposed payment schedule requires an approximate 4.5%
discount within the calendar yr 2023 conversion issue which might result in
additional reductions in reimbursement charges.

•Financiamiento de compensación para trabajadores. Los pagos recibidos en virtud de ciertos acuerdos de compensación para trabajadores pueden basarse en programas de tarifas estatales predeterminados, que pueden verse afectados por cambios en la financiación estatal.


•Number of individuals with personal medical insurance. Physical remedy companies are
typically coated by personal medical insurance. Individuals coated by personal well being
insurance coverage could also be extra probably to make use of healthcare companies as a result of it helps offset
the price of such companies. As medical insurance protection rises, demand for
bodily remedy companies tends to additionally improve.

Componentes clave de los resultados operativos


Net affected person income. Net affected person revenues are recorded for bodily remedy
companies that the Company supplies to sufferers together with bodily remedy, work
conditioning, hand remedy, aquatic remedy and useful capability evaluation.
Net affected person income is acknowledged primarily based on contracted quantities with payors or
different established charges, adjusted for the estimated results of any variable
consideration, equivalent to contractual allowances and implicit worth concessions.
Visit quantity is primarily pushed by conversion of doctor referrals and
advertising and marketing efforts.

Otros ingresos. Otros ingresos consisten en los ingresos generados por nuestras líneas de servicio AWS, MSA y Sports Medicine.

Salarios y costos relacionados. Los salarios y costos relacionados consisten principalmente en salarios y beneficios para nuestros profesionales de la salud que participan directa o indirectamente en la prestación de servicios a los pacientes.


Rent, clinic provides, contract labor and different. Comprised of non-salary, clinic
associated bills consisting of lease, clinic provides, contract labor and different
prices together with journey bills and depreciation at our clinics.

Provision for uncertain accounts. Provision for uncertain accounts represents the
Company's estimate of accounts receivable recorded through the interval which will
in the end show uncollectible primarily based upon a number of elements, together with the age of
excellent receivables, the historic expertise of collections, the influence of
financial circumstances and, in some instances, the precise buyer account's skill
to pay.

Selling, common and administrative bills. Selling, common and
administrative bills consist primarily of wages and advantages for company
personnel, company outdoors companies, advertising and marketing prices, depreciation of
company fastened belongings, amortization of intangible belongings and sure company
degree skilled charges, together with these associated to authorized, accounting and
payroll.

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Goodwill and intangible asset impairment costs. Goodwill and intangible asset
impairment costs symbolize non-cash costs related to the write-down of
each goodwill and commerce identify indefinite-lived intangible belongings.

Cambio en el valor razonable del pasivo por warrants. Representa montos que no son en efectivo relacionados con el cambio en el valor razonable estimado de los Warrants de OPI.


Change in honest worth of contingent widespread shares legal responsibility. Represents non-cash
quantities associated to the change within the estimated honest worth of Earnout Shares and
Vesting Shares.

Loss on settlement of redeemable most popular inventory. Represents the loss on
settlement of the Wilco Holdco redeemable most popular inventory legal responsibility primarily based on the
worth of money and fairness offered to most popular stockholders in relation to the
excellent Wilco Holdco redeemable most popular inventory legal responsibility on the time of the
closing of the Business Combination.

Gasto por intereses, neto. Los gastos por intereses incluyen el costo de los préstamos bajo la línea de crédito de la Compañía y la amortización de los costos de financiamiento diferidos.

Gastos de intereses sobre acciones preferentes redimibles. Representa el gasto por intereses relacionado con la acumulación de dividendos sobre las acciones preferentes redimibles de Wilco Holdco según los términos del contrato.

Otros gastos, neto. Otros gastos, neto se compone de la actividad del estado de resultados no relacionada con las operaciones principales de la Compañía.

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Métricas comerciales clave


When evaluating the outcomes of operations, administration has recognized quite a lot of
metrics that enable for particular analysis of efficiency on a extra detailed
foundation. See "Results of Operations" for additional dialogue on monetary assertion
metrics equivalent to internet working income, internet earnings, EBITDA and Adjusted EBITDA.

Visitas de pacientes


As the principle operations of the Company are pushed by bodily remedy companies
offered to sufferers, administration considers whole affected person visits to be a key
quantity measure of such companies. In addition to whole affected person visits, administration
analyzes (1) common VPD calculated as whole affected person visits divided by enterprise
days for the interval, as this enables for comparability between time durations with
an unequal variety of enterprise days, and (2) common VPD per clinic, calculated
as common VPD divided by the common variety of owned clinics open through the
interval.

Ingresos netos de pacientes («NPR») por visita

La Compañía calcula los ingresos netos de los pacientes por visita, su métrica de reembolso más importante, dividiendo los ingresos netos de los pacientes en un período por el whole de visitas de pacientes en el mismo período.

Clínicas


To higher perceive geographical and location-based traits, the Company
evaluates metrics primarily based on the 926 owned and 20 managed clinic areas as of
June 30, 2022. De novo clinics symbolize natural new clinics opened through the
present interval primarily based on subtle website choice analytics. Acqui-novo
clinics symbolize new clinics opened through the present interval, that have been
current clinics not beforehand owned by the Company, in a goal geography that
supplies the Company with a right away presence, accessible employees and referral
relationships of the previous proprietor throughout the surrounding areas. Same clinic
income development price identifies income development yr over yr on clinics that
have been owned and working for over one yr. This metric is decided by
isolating the inhabitants of clinics which were open for a minimum of 12 months
and calculating the share change in income of this inhabitants between the
present and prior interval.

La siguiente tabla presenta datos operativos y financieros seleccionados que consideramos son indicadores clave de nuestro desempeño operativo:


                                                     Three Months Ended                                       Six Months Ended
                                         June 30, 2022                June 30, 2021              June 30, 2022               June 30, 2021
Number of clinics owned (finish of
interval)                                                 926                         889                        926                         889
Number of clinics managed (finish of
interval)                                                  20                          23                         20                          23
New clinics through the interval                            10                          10                         22                          20
Business days                                            64                          64                        128                         127
Average visits per day                               22,403                      21,569                     21,733                      20,553
Average visits per day per clinic                      24.2                        24.3                       23.8                        23.3
Total affected person visits                              1,433,815                   1,380,392                  2,781,793                   2,610,178
Net affected person income per go to        $               103.57       $              106.26       $             103.33       $              106.87
Same clinic income development price                      0.0  %                     48.9  %                     2.1  %                      5.2  %


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La siguiente tabla proporciona un avance de la actividad relacionada con el número de clínicas propias durante los períodos correspondientes:


                                                          Three Months Ended                                           Six Months Ended
                                            June 30, 2022                   June 30, 2021                June 30, 2022                  June 30, 2021
Number of clinics owned (starting of
interval)                                                    922                             882                          910                           

875

Add: New clinics opened through the
interval                                                      10                              10                           22                            

20


Less: Clinics closed/offered through the
interval                                                       6                               3                            6                             6
Number of clinics owned (finish of interval)                    926                             889                          926                           889


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  Table of Contents


Results of Operations

Tres meses terminaron 30 de junio de 2022 en comparación con los tres meses terminados 30 de junio de 2021

La siguiente tabla resume los resultados consolidados de las operaciones de la Compañía por los tres meses terminados 30 de junio de 2022 y 2021:

                                                                             Three Months Ended June 30,
                                                                 2022                                               2021                                   Increase/(Decrease)
($ in 1000's, besides percentages)                 $                     % of Revenue                 $                 % of Revenue                     $                      %
Net affected person income                        $      148,506                           90.9  %       $  146,679                       89.4  %       $            1,827                1.2  %
Other income                                      14,787                            9.1  %           17,354                       10.6  %                   (2,567)             (14.8) %
Net working income                             163,293                          100.0  %          164,033                      100.0  %                     (740)              (0.5) %
Cost of companies:
Salaries and associated prices                         89,606                           54.9  %           80,917                       49.3  %                    8,689               10.7  %
Rent, clinic provides, contract
labor and different                                    50,405                           30.9  %           44,079                       26.9  %                    6,326               14.4  %
Provision for uncertain accounts                     3,506                            2.1  %            3,585                        2.2  %                      (79)              (2.2) %
Total value of companies                            143,517                           87.9  %          128,581                       78.4  %                   14,936               11.6  %
Selling, common and administrative
bills                                           31,808                           19.5  %           26,391                       16.1  %                    5,417               20.5  %
Goodwill and intangible asset
impairment costs                                127,820                           78.3  %          453,331                      276.4  %                 (325,511)                  n/m
Operating loss                                   (139,852)                         (85.6) %         (444,270)                    (270.8) %                  304,418                   n/m
Change in honest worth of warrant
legal responsibility                                          (1,184)                          (0.7) %           (4,539)                      (2.8) %                    3,355                   n/m
Change in honest worth of contingent
widespread shares legal responsibility                            (1,496)                          (0.9) %          (20,948)                     (12.8) %                   19,452                   n/m
Loss on settlement of redeemable
most popular inventory                                         -                              -  %           14,037                        8.6  %                  (14,037)                  n/m
Interest expense, internet                              11,379                            7.0  %           15,632                        9.5  %                   (4,253)             (27.2) %
Interest expense on redeemable
most popular inventory                                         -                              -  %            4,779                        2.9  %                   (4,779)                  n/m
Other expense, internet                                    205                            0.1  %            5,626                        3.4  %                   (5,421)             (96.4) %
Loss earlier than taxes                                (148,756)                         (91.1) %         (458,857)                    (279.7) %                  310,101                   n/m
Income tax profit                                (13,033)                          (8.0) %          (19,731)                     (12.0) %                    6,698                   n/m
Net loss                                   $     (135,723)                         (83.1) %       $ (439,126)                    (267.7) %       $          303,403                   n/m


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Net affected person income. Net affected person income for the three months ended June 30,
2022 was $148.5 million in comparison with $146.7 million for the three months ended
June 30, 2021, a rise of $1.8 million or 1.2%.

The improve in internet affected person income was primarily pushed by elevated go to
volumes on account of increased clinic depend within the present interval, partially
offset by unfavorable internet affected person income per go to within the present interval. Total
affected person visits elevated by roughly 0.1 million visits, or 3.9%, driving
a rise in common visits per day of 834, or 3.9%. Net affected person income per
go to decreased $2.69, or 2.5%, to $103.57 for the three months ended June 30,
2022 in comparison with $106.26 for the three months ended June 30, 2021. The lower
in internet affected person income per go to through the three months ended June 30, 2022
in comparison with the three months ended June 30, 2021 was primarily pushed by
unfavorable combine shifts associated to payor lessons, Medicare price cuts and better
denials per go to.

El siguiente gráfico refleja detalles adicionales con respecto a los impulsores del cambio en los ingresos netos de los pacientes (en millones).

                     [[Image Removed: ati-20220630_g2.jpg]]

Other income. Other income for the three months ended June 30, 2022 was $14.8
million in comparison with $17.4 million for the three months ended June 30, 2021, a
lower of $2.6 million or 14.8%. The lower in different income was primarily
pushed by the absence of Home Health service line income for the three months
ended June 30, 2022 on account of its divestiture on October 1, 2022.

Salaries and associated prices. Salaries and associated prices for the three months
ended June 30, 2022 have been $89.6 million in comparison with $80.9 million for the three
months ended June 30, 2021, a rise of $8.7 million or 10.7%. Salaries and
associated prices as a share of internet working income was 54.9% and 49.3% for
the three months ended June 30, 2022 and 2021, respectively. The improve of
$8.7 million was primarily pushed by increased wages because the Company elevated its
clinician and help employees as a consequence of increased go to volumes and by increased
compensation as a consequence of wage inflation for clinic labor. The improve as a
share of internet working income was primarily pushed by increased compensation
as a consequence of wage inflation for clinic labor, decrease clinic labor productiveness and
decrease internet affected person income per go to through the three months ended June 30, 2022.

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Rent, clinic provides, contract labor and different. Rent, clinic provides, contract
labor and different prices for the three months ended June 30, 2022 have been $50.4
million in comparison with $44.1 million for the three months ended June 30, 2021, an
improve of $6.3 million or 14.4%. Rent, clinic provides, contract labor and
different prices as a share of internet working income was 30.9% and 26.9% for the
three months ended June 30, 2022 and 2021, respectively. The improve of $6.3
million and improve as a share of internet working income was primarily
pushed by the next clinic depend and better contract labor prices for the three
months ended June 30, 2022.

Provision for uncertain accounts. Provision for uncertain accounts for the three
months ended June 30, 2022 was $3.5 million in comparison with $3.6 million for the
three months ended June 30, 2021, a lower of $0.1 million or 2.2%. Provision
for uncertain accounts in {dollars} and as a share of internet working income
for the three months ended June 30, 2022 and 2021 remained comparatively constant
yr over yr.

Selling, common and administrative bills. Selling, common and
administrative bills for the three months ended June 30, 2022 have been $31.8
million in comparison with $26.4 million for the three months ended June 30, 2021, an
improve of $5.4 million or 20.5%. Selling, common and administrative bills
as a share of internet working income was 19.5% and 16.1% for the three
months ended June 30, 2022 and 2021, respectively. The improve of $5.4 million
and improve as a share of income was primarily as a consequence of a loss on authorized
settlement, increased public firm working prices and non-ordinary authorized and
regulatory prices through the three months ended June 30, 2022, partially offset
by decrease transaction prices incurred relative to the three months ended June 30,
2021 because of the closing of the Business Combination.

Goodwill and intangible asset impairment costs. Goodwill and intangible asset
impairment costs for the three months ended June 30, 2022 was $127.8 million
in comparison with $453.3 million for 3 months ended June 30, 2021. The quantity
pertains to the non-cash write-down of each goodwill and commerce identify
indefinite-lived intangible belongings on account of elements together with improve in
low cost charges in 2022, and the acceleration of clinician attrition, competitors
for clinicians within the labor market and internet affected person income per go to decreases
primarily pushed by unfavorable payor, state and repair combine shifts in 2021.
Refer to Note 5 - Goodwill, Trade Name and Other Intangible Assets within the
condensed consolidated monetary statements for additional particulars.

Change in honest worth of warrant legal responsibility. Change in honest worth of warrant
legal responsibility for the three months ended June 30, 2022 was a acquire of $1.2 million
in comparison with a acquire of $4.5 million for the three months ended June 30, 2021. The
acquire in every interval pertains to the lower within the estimated honest worth of the
Company's IPO Warrants, primarily pushed by decreases in worth of the Company's
Public Warrants through the three months ended June 30, 2022 and 2021,
respectively.

Change in honest worth of contingent widespread shares legal responsibility. Change in honest worth
of contingent widespread shares legal responsibility for the three months ended June 30, 2022
was a acquire of $1.5 million in comparison with a acquire of $20.9 million for the three
months ended June 30, 2021. The acquire in every interval pertains to the lower in
the estimated honest worth of the Company's Earnout Shares and Vesting Shares,
primarily pushed by decreases within the Company's share worth through the three
months ended June 30, 2022 and 2021, respectively.

Loss on settlement of redeemable most popular inventory. Loss on settlement of
redeemable most popular inventory for the three months ended June 30, 2021 was $14.0
million. The loss relies on the worth of money and fairness offered to most popular
stockholders in relation to the excellent Wilco Holdco redeemable most popular
inventory legal responsibility on the time of the closing of the Business Combination.

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Interest expense, internet. Interest expense, internet for the three months ended June 30,
2022 was $11.4 million in comparison with $15.6 million for the three months ended June
30, 2021, a lower of roughly $4.3 million or 27.2%. The lower in
curiosity expense was primarily pushed by decrease excellent principal balances
underneath the Company's credit score settlement through the three months ended June 30,
2022.

Interest expense on redeemable most popular inventory. Interest expense on redeemable
most popular inventory for the three months ended June 30, 2021 was $4.8 million. The
redeemable most popular inventory was totally settled in June 2021 and not accrued
curiosity following the Business Combination.

Other expense, internet. Other expense, internet for the three months ended June 30, 2022
was $0.2 million in comparison with $5.6 million for the three months ended June 30,
2021, a lower of $5.4 million. The lower was pushed by $5.5 million in
loss on debt extinguishment associated to the derecognition of the unamortized
deferred financing prices and authentic subject low cost related to the partial
and full compensation of the 2016 first and second lien time period loans through the three
months ended June 30, 2021 that didn't recur through the three months ended June
30, 2022.

Income tax profit. Income tax profit for the three months ended June 30, 2022
was $13.0 million in comparison with $19.7 million for the three months ended June 30,
2021, a lower in profit of roughly $6.7 million. The lower was
primarily pushed by the distinction within the efficient tax price for the respective
durations. The efficient tax price was totally different between the respective durations
primarily as a consequence of increased nondeductible impairment costs, nondeductible
transaction prices, nondeductible loss on redeemable most popular inventory and curiosity
expense on redeemable most popular inventory for the three months ended June 30, 2021.

Net loss. Net loss for the three months ended June 30, 2022 was $135.7 million
in comparison with $439.1 million for the three months ended June 30, 2021, a lower
in lack of $303.4 million. The comparatively decrease loss was primarily pushed by
decrease goodwill and intangible asset impairment costs through the three months
ended June 30, 2022 as in comparison with the three months ended June 30, 2021.

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Seis meses terminados 30 de junio de 2022 en comparación con los seis meses terminados 30 de junio de 2021

La siguiente tabla resume los resultados consolidados de las operaciones de la Compañía por los seis meses terminados 30 de junio de 2022 y 2021:

                                                                           Six Months Ended June 30,
                                                              2022                                             2021                                   Increase/(Decrease)
($ in 1000's, besides percentages)              $                   % of Revenue                 $                 % of Revenue                     $                      %
Net affected person income                        $     287,431                       90.6  %       $  278,950                       89.1  %       $            8,481                3.0  %
Other income                                     29,684                        9.4  %           34,145                       10.9  %                   (4,461)             (13.1) %
Net working income                            317,115                      100.0  %          313,095                      100.0  %                    4,020                1.3  %
Cost of companies:
Salaries and associated prices                       177,021                       55.8  %          161,571                       51.6  %                   15,450                9.6  %
Rent, clinic provides, contract
labor and different                                  102,020                       32.2  %           87,375                       27.9  %                   14,645               16.8  %
Provision for uncertain accounts                    8,611                        2.7  %           10,756                        3.4  %                   (2,145)             (19.9) %
Total value of companies                           287,652                       90.7  %          259,702                       82.9  %                   27,950               10.8  %
Selling, common and administrative
bills                                          61,832                       19.5  %           51,117                       16.3  %                   10,715               21.0  %
Goodwill and intangible asset
impairment costs                               283,561                       89.4  %          453,331                      144.8  %                 (169,770)                  n/m
Operating loss                                  (315,930)                     (99.6) %         (451,055)                    (144.1) %                  135,125                   n/m
Change in honest worth of warrant
legal responsibility                                         (2,861)                      (0.9) %           (4,539)                      (1.4) %                    1,678                   n/m
Change in honest worth of contingent
widespread shares legal responsibility                          (25,830)                      (8.1) %          (20,948)                      (6.7) %                   (4,882)                  n/m
Loss on settlement of redeemable
most popular inventory                                        -                          -  %           14,037                        4.5  %                  (14,037)                  n/m
Interest expense, internet                             20,035                        6.3  %           31,719                       10.1  %                  (11,684)             (36.8) %
Interest expense on redeemable
most popular inventory                                        -                          -  %           10,087                        3.2  %                  (10,087)                  n/m
Other expense, internet                                 2,986                        0.9  %            5,779                        1.8  %                   (2,793)             (48.3) %
Loss earlier than taxes                               (310,260)                     (97.8) %         (487,190)                    (155.6) %                  176,930                   n/m
Income tax profit                               (36,314)                     (11.5) %          (30,246)                      (9.7) %                   (6,068)                  n/m
Net loss                                   $    (273,946)                     (86.4) %       $ (456,944)                    (145.9) %       $          182,998                   n/m


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Net affected person income. Net affected person income for the six months ended June 30, 2022
was $287.4 million in comparison with $279.0 million for the six months ended June 30,
2021, a rise of $8.5 million or 3.0%.

The improve in internet affected person income was primarily pushed by elevated go to
volumes on account of increased VPD per clinic, increased clinic depend and another
enterprise day within the present interval, partially offset by unfavorable internet affected person
income per go to within the present interval. Total affected person visits elevated by
roughly 0.2 million visits, or 6.6%, driving a rise in common visits
per day of 1,180, or 5.7%. Net affected person income per go to decreased $3.54, or
3.3%, to $103.33 for the six months ended June 30, 2022 in comparison with $106.87 for
the six months ended June 30, 2021. The lower in internet affected person income per
go to through the six months ended June 30, 2022 in comparison with the six months ended
June 30, 2021 was primarily pushed by unfavorable combine shifts associated to payor
lessons, states and companies and Medicare price cuts.

El siguiente gráfico refleja detalles adicionales con respecto a los impulsores del cambio en los ingresos netos de los pacientes (en millones):

                     [[Image Removed: ati-20220630_g3.jpg]]

Other income. Other income for the six months ended June 30, 2022 was $29.7
million in comparison with $34.1 million for the six months ended June 30, 2021, a
lower of $4.5 million or 13.1%. The lower in different income was primarily
pushed by the absence of Home Health service line income for the six months
ended June 30, 2022 on account of its divestiture on October 1, 2021.

Salaries and associated prices. Salaries and associated prices for the six months ended
June 30, 2022 have been $177.0 million in comparison with $161.6 million for the six months
ended June 30, 2021, a rise of roughly $15.5 million or 9.6%.
Salaries and associated prices as a share of internet working income was 55.8%
and 51.6% for the six months ended June 30, 2022 and 2021, respectively. The
improve of $15.5 million was primarily pushed by increased wages because the Company
elevated its clinician and help employees as a consequence of increased go to volumes and by
increased compensation as a consequence of wage inflation for clinic labor. The improve as a
share of internet working income was primarily pushed by increased compensation
as a consequence of wage inflation for clinic labor, increased share-based compensation for
scientific workers, decrease clinic labor productiveness and decrease internet affected person
income per go to through the six months ended June 30, 2022.

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Rent, clinic provides, contract labor and different. Rent, clinic provides, contract
labor and different prices for the six months ended June 30, 2022 have been $102.0 million
in comparison with $87.4 million for the six months ended June 30, 2021, a rise of
$14.6 million or 16.8%. Rent, clinic provides, contract labor and different prices as
a share of internet working income was 32.2% and 27.9% for the six months
ended June 30, 2022 and 2021, respectively. The improve of $14.6 million and
improve as a share of internet working income was primarily pushed by a
increased clinic depend and better contract labor prices through the six months ended
June 30, 2022.

Provision for uncertain accounts. Provision for uncertain accounts for the six
months ended June 30, 2022 was $8.6 million in comparison with $10.8 million for the
six months ended June 30, 2021, a lower of $2.1 million or 19.9%. Provision
for uncertain accounts as a share of internet working income was 2.7% and three.4%
for the six months ended June 30, 2022 and 2021, respectively. The lower of
$2.1 million and reduce as a share of internet working income was primarily
pushed by favorable money collections through the six months ended June 30, 2022.

Selling, common and administrative bills. Selling, common and
administrative bills for the six months ended June 30, 2022 have been $61.8
million in comparison with $51.1 million for the six months ended June 30, 2021, an
improve of $10.7 million or 21.0%. Selling, common and administrative bills
as a share of internet working income was 19.5% and 16.3% for the six months
ended June 30, 2022 and 2021, respectively. The improve of $10.7 million and
improve as a share of internet working income was primarily as a consequence of a loss on
authorized settlement, increased public firm working prices and non-ordinary authorized
and regulatory prices through the six months ended June 30, 2022, partially offset
by decrease transaction prices incurred relative to the six months ended June 30,
2021 because of the closing of the Business Combination.

Goodwill and intangible asset impairment costs. Goodwill and intangible asset
impairment costs for the six months ended June 30, 2022 was $283.6 million
in comparison with $453.3 million for the six months ended June 30, 2021. The quantity
pertains to the non-cash write-down of each goodwill and commerce identify
indefinite-lived intangible belongings on account of elements together with improve in
low cost charges and decrease public firm comparative multiples in 2022, and the
acceleration of clinician attrition, competitors for clinicians within the labor
market and internet affected person income per go to decreases primarily pushed by
unfavorable payor, state and repair combine shifts in 2021. Refer to Note 5 -
Goodwill, Trade Name and Other Intangible Assets within the condensed consolidated
monetary statements for additional particulars.

Change in honest worth of warrant legal responsibility. Change in honest worth of warrant
legal responsibility for the six months ended June 30, 2022 was a acquire of $2.9 million
in comparison with a acquire of $4.5 million for the six months ended June 30, 2021. The
acquire in every interval pertains to the lower within the estimated honest worth of the
Company's IPO Warrants, primarily pushed by decreases in worth of the Company's
Public Warrants through the six months ended June 30, 2022 and 2021,
respectively.

Change in honest worth of contingent widespread shares legal responsibility. Change in honest worth
of contingent widespread shares legal responsibility for the six months ended June 30, 2022 was
a acquire of $25.8 million in comparison with a acquire of $20.9 million for the six months
ended June 30, 2021. The acquire in every interval pertains to the lower within the
estimated honest worth of the Company's Earnout Shares and Vesting Shares,
primarily pushed by decreases within the Company's share worth through the six months
ended June 30, 2022 and 2021, respectively.

Loss on settlement of redeemable most popular inventory. Loss on settlement of
redeemable most popular inventory for the six months ended June 30, 2021 was $14.0
million. The loss relies on the worth of money and fairness offered to most popular
stockholders in relation to the excellent Wilco Holdco redeemable most popular
inventory legal responsibility on the time of the closing of the Business Combination.

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Interest expense, internet. Interest expense, internet for the six months ended June 30,
2022 was $20.0 million in comparison with $31.7 million for the six months ended June
30, 2021, a lower of $11.7 million or 36.8%. The lower in curiosity expense
was primarily pushed by decrease excellent principal balances underneath the Company's
credit score settlement through the six months ended June 30, 2022.

Interest expense on redeemable most popular inventory. Interest expense on redeemable
most popular inventory for the six months ended June 30, 2021 was $10.1 million. The
redeemable most popular inventory was totally settled in June 2021 and not accrued
curiosity following the Business Combination.

Other expense, internet. Other expense, internet for the six months ended June 30, 2022
was $3.0 million in comparison with $5.8 million for the six months ended June 30,
2021, a lower of $2.8 million. The lower was pushed by $5.5 million in
loss on debt extinguishment associated to the derecognition of the unamortized
deferred financing prices and authentic subject low cost related to the partial
and full compensation of the 2016 first and second lien time period loans through the six
months ended June 30, 2021, in comparison with $2.8 million in loss on debt
extinguishment associated to the derecognition of the unamortized deferred
financing prices and authentic issuance low cost related to the total
compensation of the 2016 first lien time period mortgage through the six months ended June 30,
2022.

Income tax profit. Income tax profit for the six months ended June 30, 2022
was $36.3 million in comparison with $30.2 million for the six months ended June 30,
2021, a rise in profit of roughly $6.1 million. The improve was
primarily pushed by the distinction within the efficient tax price for the respective
durations. The efficient tax price was totally different between the respective durations
primarily as a consequence of increased nondeductible impairment costs, nondeductible
transaction prices, nondeductible loss on redeemable most popular inventory and curiosity
expense on redeemable most popular inventory for the six months ended June 30, 2021.

Net loss. Net loss for the six months ended June 30, 2022 was $273.9 million
in comparison with $456.9 million for the six months ended June 30, 2021, a lower in
lack of roughly $183.0 million. The comparatively decrease loss was primarily
pushed by decrease goodwill and intangible asset impairment costs through the six
months ended June 30, 2022 as in comparison with the six months ended June 30, 2021.

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Medidas financieras no GAAP


The following desk reconciles the supplemental non-GAAP monetary measures, as
outlined underneath the foundations of the U.S. Securities and Exchange Commission ("SEC"),
introduced herein to probably the most instantly comparable monetary measures calculated
and introduced in accordance with GAAP. The Company has offered the non-GAAP
monetary measures, which aren't calculated or introduced in accordance with
GAAP, as supplemental data and along with the monetary measures that
are calculated and introduced in accordance with GAAP. EBITDA and Adjusted EBITDA
are outlined as internet earnings from persevering with operations calculated in accordance
with GAAP, much less internet earnings attributable to non-controlling pursuits, plus the
sum of earnings tax expense, curiosity expense, internet, depreciation and amortization
("EBITDA") and additional adjusted to exclude sure gadgets of a major or
uncommon nature, together with however not restricted to, goodwill and intangible asset
impairment costs, adjustments in honest worth of warrant legal responsibility and contingent
widespread shares legal responsibility, loss on debt extinguishment, loss on authorized settlement,
non-ordinary authorized and regulatory issues, share-based compensation, transaction
and integration prices, pre-opening de novo prices, acquire on sale of Home Health
service line, loss on settlement of redeemable most popular inventory and
reorganization and severance prices ("Adjusted EBITDA").

We current EBITDA and Adjusted EBITDA as a result of they're key measures utilized by our
administration workforce to guage our working efficiency, generate future working
plans and make strategic choices. The Company believes EBITDA and Adjusted
EBITDA are helpful to traders for the needs of evaluating our outcomes
period-to-period and alongside friends and understanding and evaluating our
working ends in the identical method as our administration workforce and board of
administrators.

These supplemental measures shouldn't be thought-about superior to, as a
substitute for or as an alternative choice to, and ought to be thought-about in conjunction
with, the GAAP monetary measures introduced. In addition, since these non-GAAP
measures are usually not decided in accordance with GAAP, they're vulnerable to
various calculations and will not be corresponding to different equally titled
non-GAAP measures of different firms.

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EBITDA y EBITDA ajustado (medidas financieras no GAAP)


The following is a reconciliation of internet loss, probably the most instantly comparable GAAP
monetary measure, to EBITDA and Adjusted EBITDA (every of which is a non-GAAP
monetary measure) for every of the durations indicated. For further data
on these non-GAAP monetary measures, see "Non-GAAP Financial Measures" above.

                                                  Three Months Ended                               Six Months Ended
($ in 1000's)                         June 30, 2022           June 30, 2021           June 30, 2022           June 30, 2021
Net loss                               $     (135,723)         $     (439,126)         $     (273,946)         $     (456,944)
Plus (minus):
Net loss attributable to
non-controlling pursuits                         177                   3,769                     650                   2,460
Interest expense, internet                          11,379                  15,632                  20,035                  31,719
Interest expense on redeemable
most popular inventory                                     -                   4,779                       -                  10,087
Income tax profit                            (13,033)                (19,731)                (36,314)                (30,246)
Depreciation and amortization expense          10,055                   9,149                  19,955                  18,768
EBITDA                                 $     (127,145)         $     

(425,528) $ (269,620) $ (424,156)
Buena voluntad y cargos por deterioro de activos intangibles(1)

                         127,820                 453,331                 283,561                 453,331
Goodwill and intangible asset
impairment costs attributable to
non-controlling pursuits(1)                     (654)                 (5,021)                 (1,594)                 (5,021)
Changes in honest worth of warrant
legal responsibility and contingent widespread shares
legal responsibility(2)                                   (2,680)                (25,487)                (28,691)                (25,487)
Loss on debt extinguishment(3)                      -                   5,534                   2,809                   5,534
Loss on authorized settlement(4)                     3,000                       -                   3,000                       -
Non-ordinary authorized and regulatory
issues(5)                                      2,202                       -                   4,699                       -
Share-based compensation                        2,004                   3,112                   3,968                   3,616
Transaction and integration prices(6)              603                   3,580                   2,141                   6,498
Pre-opening de novo prices(7)                      286                     441                     667                     875
Gain on sale of Home Health service
line, internet                                           -                       -                    (199)                      -
Loss on settlement of redeemable
most popular inventory                                     -                  14,037                       -                  14,037
Reorganization and severance prices(8)               -                       -                       -                     362

Adjusted EBITDA                        $        5,436          $       23,999          $          741          $       29,589


(1)Represents non-cash costs associated to the write-down of goodwill and commerce
identify indefinite-lived intangible belongings. Refer to Note 5 of the accompanying
condensed consolidated monetary statements for additional particulars.

(2)Represents non-cash quantities associated to the change within the estimated honest worth
of IPO Warrants, Earnout Shares and Vesting Shares. Refer to Notes 3, 12 and 13
of the accompanying condensed consolidated monetary statements for additional
particulars.

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(3)Represents costs associated to the derecognition of the unamortized deferred
financing prices and authentic issuance low cost related to the total
compensation of the 2016 first lien time period mortgage and the partial and full compensation of
the 2016 first and second lien time period loans, respectively. Refer to Note 8 of the
accompanying condensed consolidated monetary statements for additional particulars.

(4)Represents estimated cost for possible internet settlement legal responsibility associated to
billing dispute. Refer to Note 17 of the accompanying condensed consolidated
monetary statements for additional particulars.

(5)Representa costos legales de curso no ordinario relacionados con las demandas colectivas de accionistas de ATIP, demandas derivadas y SEGUNDO consulta. Consulte la Nota 17 de los estados financieros consolidados resumidos adjuntos para obtener más detalles.


(6)Represents prices associated to the Business Combination, non-capitalizable debt
transaction prices and consulting and planning prices associated to preparation to
function as a public firm.

(7)Representa los gastos asociados a costos de renovación, equipamiento y mercadeo relacionados con la puesta en marcha y puesta en marcha de nuevos locales incurridos antes de la apertura.

(8)Representa indemnizaciones, consultorías y otros costos relacionados con iniciativas discretas enfocadas en la reorganización y desjerarquización del modelo laboral, la estructura gerencial y las funciones de apoyo de la Compañía.

Liquidez y Recursos de Capital


Our principal sources of liquidity are working money flows, borrowings underneath
our credit score settlement and proceeds from fairness issuances. We have used these
funds for our short-term and long-term capital makes use of, which embody salaries,
advantages and different employee-related bills, lease, scientific provides, outdoors
companies, capital expenditures, acquisitions, de novos and acqui-novos and debt
service. Our capital expenditure, acquisition, de novo and acqui-novo spend will
rely upon many elements, together with, however not restricted to, the focused variety of
new clinic openings, affected person volumes, clinician labor market, income development
charges and degree of working money flows.

A partir de 30 de junio de 2022 y 31 de diciembre de 2021tuvimos $ 79,7 millones y $ 48,6 millones en efectivo y equivalentes de efectivo, respectivamente. A partir de 30 de junio de 2022tuvimos
$ 50,0 millones disponible bajo nuestra línea de crédito renovable de 2022, menos $ 1,8 millones de cartas de crédito pendientes.


For the six months ended June 30, 2022, we had working money outflows of
$32.7 million pushed by gadgets together with internet losses and the partial utility
of MAAPP funds. Our skill to generate future working money flows is dependent upon
many elements, together with scientific staffing ranges, affected person volumes and income
development charges.

As of June 30, 2022 and December 31, 2021, the Company had $1.6 million and
$12.3 million of MAAPP funds included within the steadiness of money and money
equivalents, respectively. In addition, as of June 30, 2022 and December 31,
2021, the Company had $5.9 million of deferred Social Security taxes included in
the steadiness of money and money equivalents. The Company started making use of MAAPP funds
to Medicare billings within the second quarter of 2021 and remitted funds on its
deferred employer Social Security taxes within the third and fourth quarters of
2021. The MAAPP funds and deferred employer Social Security taxes are required
to be utilized or repaid previous to the top of 2022, which along with different
operational exercise, could end in a internet working money outflow for 2022.

We make affordable and applicable efforts to gather accounts receivable,
together with payor quantities and relevant affected person deductibles, co-payments and
co-insurance, in a constant method for all payor sorts. Claims are submitted
to payors day by day, weekly or month-to-month in accordance with our coverage or payor's
necessities. When attainable, we submit our claims electronically. The assortment
course of is time consuming and usually entails the submission of claims to
a number of payors whose fee of claims could also be dependent upon the fee of
one other payor. Claims underneath litigation and vehicular incidents can take a yr
or longer to gather.

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Acuerdo de Crédito 2022


On February 24, 2022 (the "Refinancing Date"), the Company entered into varied
financing preparations to refinance its current long-term debt, which consisted
of $555.0 million in principal underneath the Company's current time period mortgage (the "2016
first lien time period mortgage"), which was repaid in full on the Refinancing Date. As
a part of the 2022 Debt Refinancing, ATI Holdings Acquisition, Inc. (the
"Borrower"), an oblique subsidiary of ATI Physical Therapy, Inc., entered into
a credit score settlement among the many Borrower, Wilco Intermediate Holdings, Inc.
("Holdings"), as mortgage guarantor, Barclays Bank PLC, as administrative agent and
issuing financial institution, and a syndicate of lenders (the "2022 Credit Agreement"). The 2022
Credit Agreement supplies a $550.0 million credit score facility (the "2022 Credit
Facility") that's comprised of a $500.0 million senior secured time period mortgage (the
"Senior Secured Term Loan") which was totally funded at closing and a $50.0
million "tremendous precedence" senior secured revolver (the "Revolving Loans") with a
$10.0 million letter of credit score sublimit. The 2022 Credit Facility refinanced and
changed the Company's prior credit score facility for which Barclays Bank PLC served
as administrative agent for a syndicate of lenders.

The Company acknowledged $2.8 million in loss on debt extinguishment associated to
the derecognition of the remaining unamortized deferred financing prices and
unamortized authentic subject low cost along with the compensation of the
2016 first lien time period mortgage. The Company capitalized debt issuance prices totaling
$12.5 million associated to the 2022 Credit Facility in addition to an authentic subject
low cost of $10.0 million. The Company capitalized issuance prices of $0.5
million associated to the Revolving Loans.

The Senior Secured Term Loan matures on February 24, 2028 and bears curiosity, at
the Company's election, at a base rate of interest of the Alternate Base Rate
("ABR"), as outlined within the settlement, plus an relevant credit score unfold, or the
Adjusted Term Secured Overnight Financing Rate ("SOFR"), as outlined within the
settlement, plus an relevant credit score unfold. The credit score unfold is decided
primarily based on a pricing grid and the Company's Secured Net Leverage Ratio. As of
June 30, 2022, borrowings on the Senior Secured Term Loan bear curiosity at
1-month SOFR, topic to a 1.0% flooring, plus 7.25%. The Company could elect to pay
2.0% curiosity in-kind at a 0.5% premium through the first yr underneath the
settlement. As of June 30, 2022, the rate of interest on the Senior Secured Term
mortgage was 8.8% and the efficient rate of interest was 9.7%. As of June 30, 2022, the
excellent principal quantity underneath the Senior Secured Term Loan was $500.0
million.

The Revolving Loans are topic to a most borrowing capability of $50.0 million
and mature on February 24, 2027. Borrowings on the Revolving Loans bear
curiosity, on the Company's election, at a base rate of interest of the ABR, as
outlined within the settlement, plus an relevant credit score unfold, or the Adjusted Term
SOFR Rate, as outlined within the settlement, plus an relevant credit score unfold. The
credit score unfold is decided primarily based on a pricing grid and the Company's Secured
Net Leverage Ratio. Commitment charges on the Revolving Loans are payable quarterly
at 0.5% each year on the day by day common undrawn portion for the quarter and are
expensed as incurred.

The 2022 Credit Facility is assured by sure of the Company's subsidiaries
and is secured by considerably all the belongings of Holdings, the Borrower and
the Borrower's wholly owned subsidiaries, together with a pledge of the inventory of the
Borrower, in every case, topic to customary exceptions.

The 2022 Credit Agreement comprises customary covenants and restrictions,
together with monetary and non-financial covenants. The monetary covenants require
the Company to keep up $30.0 million of minimal liquidity at every take a look at date
by the primary quarter of 2024. Additionally, starting within the second quarter
of 2024, the Company should preserve a Secured Net Leverage Ratio, as outlined in
the settlement, to not exceed 7.00:1.00. The internet leverage ratio covenant
decreases within the third quarter of 2024 to six.75:1.00 and additional decreases within the
first quarter of 2025 to six.25:1.00, which stays relevant by maturity.
The monetary covenants are examined as of every fiscal quarter finish for the
respective durations.

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The 2022 Credit Facility comprises customary representations and warranties,
occasions of default, reporting and different affirmative covenants and destructive
covenants, together with limitations on indebtedness, liens, investments, destructive
pledges, dividends, junior debt funds, basic adjustments and asset gross sales
and affiliate transactions. Failure to adjust to these covenants and
restrictions may end in an occasion of default underneath the 2022 Credit Facility,
topic to customary remedy durations. In such an occasion, all quantities excellent
underneath the 2022 Credit Facility, along with any accrued curiosity, may then
be declared instantly due and payable.

Under the 2022 Credit Facility the Company could also be required to make sure
necessary prepayments upon the incidence of sure occasions, together with: an occasion
of default, a Prepayment Asset Sale or receipt of Net Insurance Proceeds (as
outlined within the 2022 Credit Agreement) in extra of $15.0 million, or extra money
flows exceeding sure thresholds (as outlined within the 2022 Credit Agreement).

Financiamiento de acciones preferentes


In reference to the 2022 Debt Refinancing, the Company issued 165,000 shares
of non-convertible most popular inventory (the "Series A Senior Preferred Stock") plus
5.2 million warrants to buy shares of the Company's widespread inventory at an
train worth of $3.00 per share (the "Series I Warrants") and warrants to
buy 6.3 million shares of the Company's widespread inventory at an train worth
equal to $0.01 per share (the "Series II Warrants"). The shares of the Series A
Senior Preferred Stock have a par worth of $0.0001 per share and an preliminary
acknowledged worth of $1,000 per share, for an combination preliminary acknowledged worth of
$165.0 million. The Series I and Series II Warrants are exercisable for five years
from the Refinancing Date

The gross proceeds obtained from the issuance of the Series A Senior Preferred
Stock and the Series I and Series II Warrants have been $165.0 million, which was
allotted among the many devices primarily based on the relative honest values of every
instrument. Of the gross proceeds, $144.7 million was allotted to the Series A
Senior Preferred Stock, $5.1 million to the Series I Warrants and $15.2 million
to the Series II Warrants. The ensuing low cost on the Series A Senior
Preferred Stock can be acknowledged as a deemed dividend when these shares are
subsequently remeasured upon changing into redeemable or possible of changing into
redeemable. The Company acknowledged $2.9 million in issuance prices and $1.4
million of authentic subject low cost associated to the Series A Senior Preferred
Stock. The Company acknowledged whole issuance prices and authentic subject low cost
of roughly $0.2 million and $0.5 million associated to the Series I Warrants
and Series II Warrants, respectively.

The Series A Senior Preferred Stock has precedence over the Company's Class A
widespread inventory and all different junior fairness securities of the Company, and is
junior to the Company's current or future indebtedness and different liabilities
(together with commerce payables), with respect to fee of dividends, distribution
of belongings, and all different liquidation, winding up, dissolution, dividend and
redemption rights.

The Series A Senior Preferred Stock carries an preliminary dividend price of 12.0%
each year (the "Base Dividend Rate"), payable quarterly in arrears. Dividends
can be paid in-kind and added to the acknowledged worth of the Series A Senior
Preferred Stock. The Company could elect to pay dividends on the Series A Senior
Preferred Stock in money starting on the third anniversary of the Refinancing
Date and, with respect to any such dividends paid in money, the dividend price
then in impact can be decreased by 1.0%.

The Base Dividend Rate is topic to sure changes, together with a rise
of 1.0% each year on the primary day following the fifth anniversary of the
Refinancing Date and on every one-year anniversary thereafter, and a pair of.0% each year
upon the incidence of both an Event of Noncompliance (as outlined within the
Certificate of Designation) or a failure by the Company to redeem in full all
Series A Senior Preferred Stock upon a Mandatory Redemption Event, which
features a change of management, liquidation, chapter or sure restructurings.
The paid in-kind dividends associated to the Series A Preferred Stock have been $5.1
million and $7.0 million for the three and 6 months ended June 30, 2022,
respectively. As of June 30, 2022, the gathered paid in-kind dividends
associated to the Series A Preferred Stock have been $7.0 million and the combination
acknowledged worth was $172.0 million.

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La Compañía tiene el derecho de redimir las acciones preferenciales senior Serie A, en su totalidad o en parte, en cualquier momento (sujeto a ciertas limitaciones sobre redenciones parciales). El Precio de Redención (según se outline en el Certificado de Designación) para cada acción de las Acciones Preferenciales Preferenciales Serie A depende de cuándo se lleve a cabo dicha redención opcional, si es que se lleva a cabo.


The Series A Senior Preferred Stock is perpetual and isn't mandatorily
redeemable on the choice of the holders, besides upon the incidence of a
Mandatory Redemption Event (as outlined within the Certificate of Designation). Upon
the incidence of a Mandatory Redemption Event, to the extent not prohibited by
legislation, the Company is required to redeem all Series A Senior Preferred Stock, in
money, at a worth per share equal to the then relevant Redemption Price. Based
on the Company's evaluation of the circumstances which might set off the redemption
of the Series A Senior Preferred Stock, the Company has decided that the
Series A Senior Preferred Stock is neither presently redeemable nor possible of
changing into redeemable. Because the Series A Senior Preferred Stock is assessed
as mezzanine fairness and isn't thought-about redeemable or possible of changing into
redeemable, the paid in-kind dividends which can be added to the acknowledged worth don't
influence the carrying worth of the Series A Senior Preferred Stock within the
Company's condensed consolidated steadiness sheets. Should the Series A Senior
Preferred Stock develop into possible of changing into redeemable, the Company will
acknowledge adjustments within the redemption worth of the Series A Senior Preferred Stock
instantly as they happen and modify the carrying quantity accordingly on the finish
of every reporting interval. As of June 30, 2022, the redemption worth of the
Series A Senior Preferred Stock was $172.0 million, which is the acknowledged worth.

If an Event of Noncompliance happens, then the holders of a majority of the then
excellent shares of Series A Senior Preferred Stock (the "Majority Holders")
have the proper to demand that the Company interact in a sale/refinancing course of
to consummate a Forced Transaction (as outlined within the Certificate of
Designation). A Forced Transaction features a refinancing of the Series A Senior
Preferred Stock or a sale of the Company. Upon consummation of any Forced
Transaction, to the extent not prohibited by legislation, the Company is required to
redeem all Series A Senior Preferred Stock, in money, at a worth per share equal
to the then relevant Redemption Price.

Holders of shares of Series A Senior Preferred Stock don't have any voting rights with
respect to the Series A Senior Preferred Stock besides as set forth within the
Certificate of Designation, different paperwork entered into in reference to the
Purchase Agreement and the transactions contemplated thereby (collectively, the
"Transaction Documents"), or as in any other case required by legislation. For as long as any
Series A Senior Preferred Stock is excellent, the Company is prohibited from
taking sure actions with out the prior consent of the Majority Holders as set
forth within the Certificate of Designation which embody: issuing fairness securities
rating senior to or pari passu with the Series A Senior Preferred Stock,
incurring indebtedness or liens, partaking in affiliate transactions, making
restricted funds, consummating investments or asset inclinations,
consummating a change of management transaction except the Series A Senior
Preferred Stock is redeemed in full, altering the Company's organizational
paperwork, and making materials adjustments to the character of the Company's enterprise.

Holders of Series A Senior Preferred Stock, voting as a separate class, have the
proper to designate and elect one director to serve on the Company's board of
administrators till such time after the Refinancing Date that (i) as of any
relevant fiscal quarter finish, the Company's trailing 12-month Consolidated
Adjusted EBITDA (as outlined within the Certificate of Designation) exceeds $100
million, or (ii) the Lead Purchaser ceases to carry a minimum of 50.1% of the Series
A Senior Preferred Stock held by it as of the Refinancing Date.

Como resultado del Refinanciamiento de Deuda 2022 y el Financiamiento de Acciones Preferenciales, la Compañía agregó aproximadamente $ 77,3 millones de efectivo a su steadiness. Creemos que nuestro flujo de efectivo operativo, combinado con nuestro efectivo existente, equivalentes de efectivo y línea de crédito seguirá siendo suficiente para financiar nuestras operaciones durante al menos los próximos 12 meses.

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Flujos de efectivo consolidados


The following desk presents chosen knowledge from our condensed consolidated
statements of money flows:

                                                                      Six Months Ended
($ in 1000's)                                            June 30, 2022           June 30, 2021

Net money utilized in working actions                     $      (32,737)         $      (27,109)
Net money utilized in investing actions                            (17,618)                (18,943)
Net money offered by (utilized in) financing actions               81,419                  (5,507)
Net improve (lower) in money and money equivalents              31,064                 (51,559)
Cash and money equivalents at starting of interval                  48,616                 142,128
Cash and money equivalents at finish of interval                $       79,680    

$ 90,569

Seis meses terminados 30 de junio de 2022 en comparación con los seis meses terminados 30 de junio de 2021


Net money utilized in working actions for the six months ended June 30, 2022 was
$32.7 million in comparison with $27.1 million for the six months ended June 30, 2021
a rise in money used of $5.6 million. The change was primarily the results of
$10.8 million of partial utility of MAAPP funds and better internet losses as
adjusted for non-cash gadgets through the six months ended June 30, 2022, partially
offset by money outflows associated to lease terminations and exercise related
with the Business Combination not recurring in 2022.

Net money utilized in investing actions for the six months ended June 30, 2022 was
$17.6 million in comparison with $18.9 million for the six months ended June 30, 2021,
a lower of $1.3 million. The lower was primarily pushed by money outflows
associated to purchases of intangible belongings through the six months ended June 30,
2021 not recurring in 2022.

Net money offered by financing actions for the six months ended June 30, 2022
was $81.4 million in comparison with $5.5 million of money utilized in financing actions
for the six months ended June 30, 2021, a rise in money offered of
$86.9 million. The change was primarily pushed by internet money inflows associated to
the 2022 Debt Refinancing (check with Note 8 - Borrowings for additional particulars) and
a decrease distribution to non-controlling curiosity holders through the six months
ended June 30, 2022.

Compromisos y contingencias


The Company could also be topic to loss contingencies, equivalent to authorized proceedings and
claims arising out of its enterprise. The Company information accruals for such loss
contingencies when it's possible {that a} legal responsibility has been incurred and the
quantity of loss might be moderately estimated. As of June 30, 2022, the Company did
not report any accruals associated to the outcomes of the authorized issues described
in Note 17 - Commitments and Contingencies. Refer to Note 17 to our condensed
consolidated monetary statements included elsewhere on this Quarterly Report
for additional data.

We enter into contractual obligations and commitments on occasion within the
regular course of enterprise, primarily associated to our debt financing and working
leases. Refer to Notes 8 and 16 to our condensed consolidated monetary
statements included elsewhere on this Quarterly Report for additional data.
As famous beforehand, we've got commitments associated to MAAPP funds and deferred
Social Security taxes that are required to be utilized or repaid previous to the
finish of 2022.

Arreglos Fuera de Balance

A partir de 30 de junio de 2022 y 31 de diciembre de 2021la Sociedad no tiene acuerdos fuera de steadiness.

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Estimaciones contables críticas


The dialogue and evaluation of the Company's monetary situation and outcomes of
operations relies upon the Company's condensed consolidated monetary
statements, which have been ready in accordance with US GAAP. The preparation
of the Company's condensed consolidated monetary statements requires its
administration to make estimates and judgments that have an effect on the reported quantities of
belongings, liabilities, income and bills and associated disclosures. The Company's
administration bases its estimates, assumptions and judgments on historic
expertise and varied different elements which can be believed to be affordable underneath
the circumstances, the outcomes of which type the premise for making judgments
concerning the carrying values of belongings and liabilities that aren't readily
obvious from different sources. Different assumptions and judgments would change
the estimates used within the preparation of the Company's condensed consolidated
monetary statements which, in flip, may change the outcomes from these
reported. In addition, precise outcomes could differ from these estimates and such
variations could possibly be materials to the Company's monetary place and outcomes of
operations.

Critical accounting estimates are people who the Company's administration considers
crucial to the portrayal of the Company's monetary situation and
outcomes of operations as a result of they require administration's most tough,
subjective or complicated judgments, typically on account of the necessity to make estimates
concerning the impact of issues which can be inherently unsure. The Company's
vital accounting estimates in relation to its condensed consolidated
monetary statements embody these associated to:

•Reconocimiento de ingresos de pacientes y provisión para cuentas de cobro dudoso

•Realización de activos por impuestos diferidos

•Fondo de comercio y activos intangibles


Additional data associated to our vital accounting estimates might be discovered
in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
of our audited consolidated monetary statements and Part II, Item 7 included in
our Annual Report on Form 10-Okay filed with the SEC on March 1, 2022. Other than
as described under, there have been no materials adjustments to our vital
accounting estimates since our Annual Report on Form 10-Okay for the yr ended
December 31, 2021.

Buena voluntad y activos intangibles


Goodwill represents the surplus of the acquisition worth over the honest worth of
belongings acquired and liabilities assumed. The Company accounts for goodwill and
indefinite-lived intangible belongings underneath ASC Topic 350, Intangibles - Goodwill
and Other, which requires the Company to check goodwill and different
indefinite-lived belongings for impairment yearly or every time occasions or
circumstances point out that impairment could exist.

The value of acquired companies is allotted first to its identifiable belongings,
each tangible and intangible, primarily based on estimated honest values. Costs allotted to
finite-lived identifiable intangible belongings are usually amortized on a
straight-line foundation over the remaining estimated helpful lives of the belongings. The
extra of the acquisition worth over the honest worth of identifiable belongings
acquired, internet of liabilities assumed, is recorded as goodwill.

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Goodwill and intangible belongings with indefinite lives are usually not amortized however should
be reviewed a minimum of yearly for impairment. If the impairment take a look at signifies
that the carrying worth of an intangible asset exceeds its honest worth, then an
impairment loss ought to be acknowledged within the condensed consolidated statements of
operations in an quantity equal to the surplus carrying worth over honest worth. Fair
worth is decided utilizing valuation methods primarily based on estimates, judgments and
assumptions the Company believes are applicable within the circumstances. The
Company accomplished the interim and annual impairment analyses of goodwill as of
June 30, 2021, September 30, 2021 and October 1, 2021 utilizing a median of a
discounted money stream evaluation and comparable public firm evaluation. The
Company concluded that no goodwill impairment occurred through the fourth quarter
of 2021. Goodwill impairment costs have been recorded through the second and third
quarters of 2021. The key assumptions related to figuring out the estimated
honest worth embody projected income development charges, EBITDA margins, the terminal
development price, the low cost price and related market multiples.

The Company accomplished the interim and annual impairment evaluation of indefinite
lived intangible belongings as of June 30, 2021, September 30, 2021 and October 1,
2021 utilizing the reduction from royalty methodology. The Company concluded that no
indefinite lived intangible asset impairment occurred through the fourth quarter
of 2021. Indefinite lived intangibles asset impairment costs have been recorded
through the second and third quarters of 2021. The key assumptions related
with figuring out the estimated honest worth embody projected income development
charges, the royalty price, the low cost price and the terminal development price.

La Compañía tiene una unidad de informes para efectos de las pruebas de deterioro del fondo de comercio de la Compañía.


During the quarter ended March 31, 2022, the Company recognized an interim
triggering occasion on account of elements together with potential adjustments in low cost
charges and the latest lower in share worth. The Company decided that the
mixture of those elements constituted an interim triggering occasion that
required additional evaluation with respect to potential impairment to goodwill,
commerce identify indefinite-lived intangible and different belongings. Accordingly, the
Company carried out interim quantitative impairment testing and decided that
the honest worth quantities have been under the respective carrying quantities. As a consequence,
the Company recorded non-cash impairment costs of $116.3 million associated to
goodwill and $39.4 million associated to the commerce identify indefinite-lived intangible
asset through the interval ended March 31, 2022.

During the quarter ended June 30, 2022, the Company recognized an interim
triggering occasion on account of elements primarily pushed by potential adjustments in
low cost charges. The Company decided that these elements constituted an interim
triggering occasion that required additional evaluation with respect to potential
impairment to goodwill, commerce identify indefinite-lived intangible and different belongings.
Accordingly, the Company carried out interim quantitative impairment testing and
decided that the honest worth quantities have been under the respective carrying
quantities. As a consequence, the Company recorded non-cash impairment costs of
roughly $87.9 million associated to goodwill and $40.0 million associated to the
commerce identify indefinite-lived intangible asset through the interval ended June 30,
2022. Refer to Note 5 - Goodwill, Trade Name and Other Intangible Assets within the
condensed consolidated monetary statements for additional particulars.

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Fair worth determinations require appreciable judgment and are delicate to
adjustments in underlying assumptions, estimates and market elements. Estimating the
honest worth of the Company's reporting unit and indefinite-lived intangible
belongings requires us to make assumptions and estimates concerning our future plans,
in addition to business, financial, and regulatory circumstances. These assumptions and
estimates embody projected income development charges, EBITDA margins, terminal
development charges, low cost charges, related market multiples, royalty charges and different
market elements. If present expectations of future development charges, margins and money
flows are usually not met, or if market elements outdoors of our management change
considerably, together with low cost charges, related market multiples, firm
share worth and different market elements, then our reporting unit or
indefinite-lived intangible belongings may develop into impaired sooner or later,
negatively impacting our working outcomes and monetary place. As the
carrying quantities of goodwill and the Company's commerce identify indefinite-lived
intangible asset have been impaired as of March 31, 2022 and June 30, 2022 and
written all the way down to honest worth, these quantities are extra vulnerable to an impairment
danger if there are unfavorable adjustments in assumptions and estimates.
Additionally, goodwill and indefinite-lived intangible belongings related to
acquisitions which will happen sooner or later are recorded on the steadiness sheet at
their estimated acquisition date honest values, these quantities are extra vulnerable
to impairment danger if enterprise working outcomes or market circumstances
deteriorate.

To additional illustrate sensitivity of the valuation fashions, if we had modified the
assumptions used to estimate the honest worth of our goodwill reporting unit and
commerce identify indefinite-lived intangible asset in our most up-to-date quantitative
evaluation, these remoted adjustments, that are moderately attainable to happen, would
have led to the next approximate improve/(lower) within the combination honest
worth of the reporting unit underneath the discounted money stream evaluation or commerce
identify indefinite-lived intangible asset (in 1000's):

                                  Discount price                               Terminal development price(1)                            EBITDA margin                                    Royalty price
                                 50 foundation factors                                  50 foundation factors                               100 foundation factors                                50 foundation factors
                       Increase                  Decrease               Increase                   Decrease             Increase                Decrease             Increase                   Decrease
Goodwill              $(30,000)                   $35,000               $30,000                   $(25,000)             $50,000                $(50,000)
Trade identify            $(20,000)                   $20,000               $10,000                   $(10,000)                                                          $40,000                   $(40,000)

(1) Un cambio de 100 puntos base en nuestras tasas de crecimiento de ingresos no terminales supuestas daría como resultado aproximadamente $ 60 millones de un impacto estimado en el valor razonable de nuestra unidad de informes de crédito mercantil.

Pronunciamientos Contables Recientes

Para información sobre pronunciamientos contables recientes, referirse a la Nota 2 – Bases de Presentación y Normas Contables Recientes en los estados financieros consolidados condensados ​​adjuntos.

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