ATI Physical Therapy, Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021	FY2020 7 months to Dec 31, 2020
Operating activities:
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income from investments held in Trust Account
Goodwill and intangible asset impairment charges
Long-lived asset impairment charges
Depreciation and amortization
Provision for doubtful accounts
Deferred income tax provision
Non-cash lease expense related to right-of-use assets
Non-cash share-based compensation
Amortization of debt issuance costs and original issue discount
Non-cash interest expense
Non-cash interest expense on redeemable preferred stock
Loss on extinguishment of debt
Loss (gain) on disposal and impairment of assets
Loss on lease terminations
Loss on disposal and sale of assets
Change in fair value of 2L Notes
Change in fair value of warrant liability
Change in fair value of contingent common shares liability
Change in fair value of warrant liability and contingent common shares liability
Change in fair value of non-designated derivative instrument
Changes in:
Prepaid expenses
Accounts payable and accrued expenses
Franchise tax payable
Accounts receivable, net
Insurance recovery receivable
Prepaid expenses and other current assets
Other non-current assets
Accounts payable
Accrued expenses and other liabilities
Operating lease liabilities
Other non-current liabilities
Medicare Accelerated and Advance Payment Program Funds
Transaction-related amount due to former owners

Net cash used in operating activities
Investing activities:
Cash deposited in Trust Account
Purchases of property and equipment
Purchases of intangible assets
Proceeds from sale of property and equipment
Proceeds from sale of clinics
Clinics
Home Health service line
Total proceeds from sale of clinics
Business acquisitions, net of cash acquired
Payment of holdback liabilities related to acquisitions
Net cash used in investing activities

Financing activities:
Proceeds from issuance of Class F common stock to the Sponsor
Proceeds received under loan from the Sponsor
Repayment of loan from the Sponsor
Proceeds received from initial public offering, net of underwriting commission
Proceeds from long-term debt
Proceeds from long-term debt from related parties
Proceeds from 2L Notes from related parties
Financing transaction costs
Deferred financing costs
Original issue discount
Principal payments on long-term debt
Proceeds from issuance of Series A Senior Preferred Stock
Proceeds from revolving line of credit
Payments on revolving line of credit
Payments for equity issuance costs
Equity issuance costs and original issue discount
Payment of contingent consideration liabilities
Taxes paid on behalf of employees for shares withheld
Distribution to non-controlling interest holders
Net cash provided by (used in) financing activities

Changes in cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Supplemental noncash disclosures:
Offering costs included in accounts payable and accrued expenses
Deferred underwriting commissions payable in connection with the initial public offering
Derivative changes in fair value
Purchases of property and equipment in accounts payable
Warrant liability recognized upon the closing of the Business Combination
Contingent common shares liability recognized upon the closing of the Business Combination
Shares issued to Wilco Holdco Series A Preferred stockholders
Exchange for related party 2L Notes
Senior Secured Term Loan (due February 24, 2028)
Delayed Draw Right
Total exchange for related party 2L Notes
Debt discount on Senior Secured Term Loan
Capital contribution from recognition of delayed draw right asset
Series A Senior Preferred Stock dividends and redemption value adjustments
Other supplemental disclosures:
Cash paid for interest
Cash received from hedging activities
Cash received from taxes, net of payments

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