XML 17 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8

8. SUPPLEMENTAL GUARANTOR INFORMATION (Tables)

9 Months Ended

Sep. 30, 2013

Supplemental Guarantor Information

SUPPLEMENTAL GUARANTOR INFORMATION [Table Text Block]

Separate financial statements of the Subsidiary Issuer or the Guarantor Subsidiaries are not presented because the guarantee by the Parent and each Guarantor Subsidiary is full and unconditional, joint and several.

						Subsidiary				Guarantor				Non-Guarantor
		Parent				Issuer				Subsidiaries				Subsidiaries				Eliminations				Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	–			$	–			$	268			$	–			$	–			$	268
Accounts receivable, net			–				–				59,980				74,285				–				134,265
Current portion of deferred tax assets			–				–				5,888				–				–				5,888
Prepaid expenses and other current assets			–				12,757				4,190				856				–				17,803
Total current assets			–				12,757				70,326				75,141				–				158,224
PROPERTY AND EQUIPMENT, NET			–				52,395				159,423				5,565				–				217,383
OTHER ASSETS
Goodwill			–				49,139				142,211				4,740				–				196,090
Other intangible assets			–				140				50,580				88				–				50,808
Deferred financing costs			–				10,600				–				–				–				10,600
Investment in subsidiaries			(1,830	)			361,281				26,931				–				(386,382	)			–
Investment in joint ventures			–				1,020				27,590				–				–				28,610
Deferred tax assets, net of current portion			–				–				49,679				–				–				49,679
Deposits and other			–				1,495				2,164				79				–				3,738
Total assets		$	(1,830	)		$	488,827			$	528,904			$	85,613			$	(386,382	)		$	715,132
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES
Intercompany		$	–			$	(155,450	)		$	115,090			$	40,360			$	–			$	–
Accounts payable, accrued expenses and other			–				56,619				29,647				13,499				–				99,765
Due to affiliates			–				–				1,273				–				–				1,273
Deferred revenue			–				–				1,448				–				–				1,448
Current portion of deferred rent			–				768				629				51				–				1,448
Current portion of notes payable			–				3,900				1,408				123				–				5,431
Current portion of obligations under capital leases			–				593				561				917				–				2,071
Total current liabilities			–				(93,570	)			150,056				54,950				–				111,436
LONG-TERM LIABILITIES
Deferred rent, net of current portion			–				10,872				7,332				255				–				18,459
Line of Credit			–				3,400				–				–				–				3,400
Notes payable, net of current portion			–				569,662				214				1,206				–				571,082
Obligations under capital leases, net of current portion			–				293				2,151				79				–				2,523
Other non-current liabilities			–				–				7,870				–				–				7,870
Total liabilities			–				490,657				167,623				56,490				–				714,770
EQUITY (DEFICIT)
Total Radnet, Inc.'s equity (deficit)			(1,830	)			(1,830	)			361,281				26,931				(386,382	)			(1,830	)
Noncontrolling interests			–				–				–				2,192				–				2,192
Total equity (deficit)			(1,830	)			(1,830	)			361,281				29,123				(386,382	)			362
Total liabilities and equity (deficit)		$	(1,830	)		$	488,827			$	528,904			$	85,613			$	(386,382	)		$	715,132

						Subsidiary				Guarantor				Non-Guarantor
		Parent				Issuer				Subsidiaries				Subsidiaries				Eliminations				Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	–			$	362			$	–			$	–			$	–			$	362
Accounts receivable, net			–				–				76,838				52,356				–				129,194
Current portion of deferred tax assets			–				–				7,607				–				–				7,607
Prepaid expenses and other current assets			–				9,735				8,308				694				–				18,737
Total current assets			–				10,097				92,753				53,050				–				155,900
PROPERTY AND EQUIPMENT, NET			–				48,025				168,401				134				–				216,560
OTHER ASSETS
Goodwill			–				48,954				144,072				845				–				193,871
Other intangible assets			–				170				51,394				110				–				51,674
Deferred financing costs			–				11,977				–				–				–				11,977
Investment in subsidiaries			(7,318	)			338,113				9,217				–				(340,012	)			–
Investment in joint ventures			–				–				28,598				–				–				28,598
Deferred tax assets, net of current portion			–				–				48,535				–				–				48,535
Deposits and other			–				1,821				1,928				–				–				3,749
Total assets		$	(7,318	)		$	459,157			$	544,898			$	54,139			$	(340,012	)		$	710,864
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES
Intercompany		$	–			$	(176,217	)		$	138,223			$	37,994			$	–			$	–
Accounts payable, accrued expenses and other			–				57,939				42,124				6,294				–				106,357
Due to affiliates			–				–				1,602				–				–				1,602
Deferred revenue			–				–				1,273				–				–				1,273
Current portion of notes payable			–				3,500				1,203				–				–				4,703
Current portion of deferred rent			–				574				590				–				–				1,164
Current portion of obligations under capital leases			–				1,186				2,756				–				–				3,942
Total current liabilities			–				(113,018	)			187,771				44,288				–				119,041
LONG-TERM LIABILITIES
Deferred rent, net of current portion			–				9,579				6,271				–				–				15,850
Line of Credit			–				33,000				–				–				–				33,000
Notes payable, net of current portion			–				536,248				761				–				–				537,009
Obligations under capital leases, net of current portion			–				666				3,087				–				–				3,753
Other non-current liabilities			–				–				8,895				–				–				8,895
Total liabilities			–				466,475				206,785				44,288				–				717,548
EQUITY (DEFICIT)
Total Radnet, Inc.'s equity (deficit)			(7,318	)			(7,318	)			338,113				9,217				(340,012	)			(7,318	)
Noncontrolling interests			–				–				–				634				–				634
Total equity (deficit)			(7,318	)			(7,318	)			338,113				9,851				(340,012	)			(6,684	)
Total liabilities and equity (deficit)		$	(7,318	)		$	459,157			$	544,898			$	54,139			$	(340,012	)		$	710,864

						Subsidiary				Guarantor				Non-Guarantor
		Parent				Issuer				Subsidiaries				Subsidiaries				Eliminations				Consolidated
NET REVENUE
Service fee revenue, net of contractual allowances and discounts		$	–			$	28,938			$	106,414			$	30,021			$	–			$	165,373
Provision for bad debts			–				(1,390	)			(4,155	)			(1,488	)			–				(7,033	)
Net service fee revenue			–				27,548				102,259				28,533				–				158,340
Net Revenue under capitation arrangements			–				9,604				4,429				2,815				–				16,848
Total net revenue			–				37,152				106,688				31,348				–				175,188
OPERATING EXPENSES
Cost of operations			–				39,288				82,835				29,647				–				151,770
Depreciation and amortization			–				3,261				11,108				393				–				14,762
(Gain) loss on sale and disposal of equipment			–				–				(5	)			–				–				(5	)
Severance costs			–				28				44				–				–				72
Total operating expenses			–				42,577				93,982				30,040				–				166,599
(LOSS) INCOME FROM OPERATIONS			–				(5,425	)			12,706				1,308				–				8,589
OTHER EXPENSES
Interest expense			–				2,734				8,350				(32	)			–				11,052
Equity in earnings of joint ventures			–				–				(1,617	)			–				–				(1,617	)
Other expenses			–				–				4				–				–				4
Total other expenses			–				2,734				6,737				(32	)			–				9,439
(LOSS) INCOME BEFORE INCOME TAXES			–				(8,159	)			5,969				1,340				–				(850	)
(Provision for) benefit from income taxes			–				(710	)			1,193				–				–				483
Equity in earnings of consolidated subsidiaries			(467	)			8,402				1,240				–				(9,175	)			–
NET (LOSS) INCOME			(467	)			(467	)			8,402				1,340				(9,175	)			(367	)
Net income attributable to noncontrolling interests			–				–				–				100				–				100
NET (LOSS) INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS		$	(467	)		$	(467	)		$	8,402			$	1,240			$	(9,175	)		$	(467	)

						Subsidiary				Guarantor				Non-Guarantor
		Parent				Issuer				Subsidiaries				Subsidiaries				Eliminations				Consolidated
NET REVENUE
Service fee revenue, net of contractual allowances and discounts		$	–			$	30,380			$	110,272			$	11,729			$	–			$	152,381
Provision for bad debts			–				(1,483	)			(4,411	)			(680	)			–				(6,574	)
Net service fee revenue			–				28,897				105,861				11,049				–				145,807
Net Revenue under capitation arrangements							6,942				5,271				2,433								14,646
Total net revenue			–				35,839				111,132				13,482				–				160,453
OPERATING EXPENSES
Cost of operations			–				31,479				88,129				13,615				–				133,223
Depreciation and amortization			–				3,231				10,110				28				–				13,369
Loss on sale and disposal of equipment			–				6				(51	)			–				–				(45	)
Severance costs			–				8				58				–				–				66
Total operating expenses			–				34,724				98,246				13,643				–				146,613
INCOME (LOSS) FROM OPERATIONS			–				1,115				12,886				(161	)			–				13,840
OTHER EXPENSES
Interest expense			–				6,306				7,569				–				–				13,875
Equity in earnings of joint ventures			–				–				(3,686	)			–				–				(3,686	)
Other expenses (income)			–				(1,382	)			22				–				–				(1,360	)
Total other expenses			–				4,924				3,905				–				–				8,829
(LOSS) INCOME BEFORE INCOME TAXES			–				(3,809	)			8,981				(161	)			–				5,011
Provision for income taxes			–				–				(30	)			–				–				(30	)
Equity in earnings of consolidated subsidiaries			5,053				8,862				(89	)			–				(13,826	)			–
NET INCOME (LOSS) ATTRIBUTABLE TO			5,053				5,053				8,862				(161	)			(13,826	)			4,981
Net loss attributable to noncontrolling interests			–				–				–				(72	)			–				(72	)
NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS		$	5,053			$	5,053			$	8,862			$	(89	)		$	(13,826	)		$	5,053

						Subsidiary				Guarantor				Non-Guarantor
		Parent				Issuer				Subsidiaries				Subsidiaries				Eliminations				Consolidated
NET REVENUE
Service fee revenue, net of contractual allowances and discounts		$	–			$	85,129			$	339,836			$	71,459			$	–			$	496,424
Provision for bad debts			–				(4,137	)			(12,654	)			(4,019	)			–				(20,810	)
Net service fee revenue			–				80,992				327,182				67,440				–				475,614
Net Revenue under capitation arrangements							27,861				12,660				8,513								49,034
Total net revenue			–				108,853				339,842				75,953				–				524,648
OPERATING EXPENSES
Cost of operations			–				101,255				276,745				72,030				–				450,030
Depreciation and amortization			–				9,541				33,415				1,094				–				44,050
(Gain) loss on sale and disposal of equipment			–				(114	)			471				–				–				357
Severance costs			–				59				251				2				–				312
Total operating expenses			–				110,741				310,882				73,126				–				494,749
(LOSS) INCOME FROM OPERATIONS			–				(1,888	)			28,960				2,827				–				29,899
OTHER EXPENSES
Interest expense			–				8,074				26,316				152				–				34,542
Equity in earnings of joint ventures			–				–				(4,481	)			–				–				(4,481	)
Gain on Sale of Imaging Centers							–				(2,108	)			–				–				(2,108	)
Other expenses			–				120				32				–				–				152
Total other expenses			–				8,194				19,759				152				–				28,105
(LOSS) INCOME BEFORE INCOME TAXES			–				(10,082	)			9,201				2,675				–				1,794
Benefit from (provision for) income taxes			–				(16	)			(744	)			(6	)							(766	)
Equity in earnings of consolidated subsidiaries			877				10,975				2,518								(14,370	)			–
NET INCOME			877				877				10,975				2,669				(14,370	)			1,028
Net income attributable to noncontrolling interests			–				–				–				151				–				151
NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS		$	877			$	877			$	10,975			$	2,518			$	(14,370	)		$	877

						Subsidiary				Guarantor				Non-Guarantor
		Parent				Issuer				Subsidiaries				Subsidiaries				Eliminations				Consolidated
NET REVENUE
Service fee revenue, net of contractual allowances and discounts		$	–			$	87,842			$	339,616			$	36,275			$	–			$	463,733
Provision for bad debts			–				(4,074	)			(13,467	)			(1,912	)			–				(19,453	)
Net service fee revenue			–				83,768				326,149				34,363				–				444,280
Net Revenue under capitation arrangements							22,192				14,070				7,278								43,540
Total net revenue			–				105,960				340,219				41,641				–				487,820
OPERATING EXPENSES
Cost of operations			–				94,498				269,308				41,371				–				405,177
Depreciation and amortization			–				9,592				33,410				152				–				43,154
Loss on sale and disposal of equipment			–				245				10				–				–				255
Severance costs			–				50				602				26				–				678
Total operating expenses			–				104,385				303,330				41,549				–				449,264
INCOME FROM OPERATIONS			–				1,575				36,889				92				–				38,556
OTHER EXPENSES
Interest expense			–				22,218				18,699				–				–				40,917
Equity in earnings of joint ventures			–				–				(4,157	)			–				–				(4,157	)
Gain on de-consolidation of joint venture			–				–				(2,777	)			–				–				(2,777	)
Other (income) expense			–				(4,032	)			181				–				–				(3,851	)
Total other expenses			–				18,186				11,946				–				–				30,132
(LOSS) INCOME BEFORE INCOME TAXES			–				(16,611	)			24,943				92				–				8,424
Provision for income taxes			–				(21	)			(670	)			(5	)			–				(696	)
Equity in earnings of consolidated subsidiaries			7,888				24,520				247				–				(32,655	)			–
NET INCOME			7,888				7,888				24,520				87				(32,655	)			7,728
Net loss attributable to noncontrolling interests			–				–				–				(160	)			–				(160	)
NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS		$	7,888			$	7,888			$	24,520			$	247			$	(32,655	)		$	7,888

CASH FLOWS FROM OPERATING ACTIVITIES		Parent				Subsidiary Issuer				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Net income		$	877			$	877			$	10,975			$	2,669			$	(14,370	)		$	1,028
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			–				9,541				33,415				1,094				–				44,050
Provision for bad debt			–				4,137				12,654				4,019				–				20,810
Equity in earnings of consolidated subsidiaries			(877	)			(10,975	)			(2,518	)			–				14,370				–
Distributions from consolidated subsidiaries			–				–				(9,277	)			–				9,277				–
Equity in earnings of joint ventures			–				(20	)			(4,461	)			–				–				(4,481	)
Distributions from joint ventures			–				–				5,624				–				–				5,624
Deferred rent amortization			–				1,485				1,315				93				–				2,893
Amortization of deferred financing cost			–				1,676				–				–				–				1,676
Amortization of term loan and bond discount			–				1,651				–				–				–				1,651
(Gain) loss on sale and disposal of equipment			–				(114	)			471				–				–				357
(Gain) loss on sale of imaging centers			–				–				(2,108	)			–				–				(2,108	)
Stock-based compensation			–				511				1,534				–				–				2,045
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions:
Accounts receivable			–				–				(2,204	)			(22,892	)			–				(25,096	)
Other current assets			–				(2,987	)			1,487				(4	)			–				(1,504	)
Other assets			–				326				(134	)			(20	)			–				172
Deferred taxes			–				–				575				–								575
Deferred revenue			–				–				175				–				–				175
Accounts payable, accrued expenses and other			–				6,645				(19,533	)			7,531				–				(5,357	)
Net cash provided by (used in) operating activities			–				12,753				27,990				(7,510	)			9,277				42,510
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of imaging facilities			–				(350	)			(5,568	)			–				–				(5,918	)
Purchase of property and equipment			–				(14,466	)			(25,363	)			(92	)			–				(39,921	)
Proceeds from sale of equipment			–				198				312				–				–				510
Proceeds from sale of imaging centers			–				–				3,920				–				–				3,920
Proceeds from sale of joint venture interests			–				–				2,640				–				–				2,640
Purchase of equity interest in joint ventures			–				–				(1,803	)			–				–				(1,803	)
Net cash used in investing activities			–				(14,618	)			(25,862	)			(92	)			–				(40,572	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes and leases payable			–				(4,056	)			(1,756	)			(1,664	)			–				(7,476	)
Deferred financing costs			–				(432	)			–				–				–				(432	)
Proceeds from, net of payments, on Term Loan			–				35,122				–				–				–				35,122
Proceeds from, net of payments, on line of credit			–				(29,600	)			–				–				–				(29,600	)
Distributions paid to noncontrolling interests			–				–				–				9,266				(9,277	)			(11	)
Proceeds from issuance of common stock			–				469				–				–				–				469
Net cash provided by (used in) financing activities			–				1,503				(1,756	)			7,602				(9,277	)			(1,928	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH			–				–				(104	)			–				–				(104	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS			–				(362	)			268				–				–				(94	)
CASH AND CASH EQUIVALENTS,
beginning of period			–				362				–				–				–				362
CASH AND CASH EQUIVALENTS,
end of period		$	–			$	–			$	268			$	–			$	–			$	268

CASH FLOWS FROM OPERATING ACTIVITIES		Parent				Subsidiary Issuer				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Net income		$	7,888			$	7,888			$	24,520			$	87			$	(32,655	)		$	7,728
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			–				9,592				33,410				152				–				43,154
Provision for bad debt			–				4,074				13,467				1,912				–				19,453
Equity in earnings of consolidated subsidiaries			(7,888	)			(24,520	)			(247	)			–				32,655				–
Distributions from consolidated subsidiaries			–				–				845				–				(845	)			–
Equity in earnings of joint ventures			–				–				(4,157	)			–				–				(4,157	)
Distributions from joint ventures			–				–				5,526				–				–				5,526
Deferred rent amortization			–				1,848				1,142				–				–				2,990
Deferred financing cost interest expense			–				1,803				–				–				–				1,803
Amortization of bond discount			–				706				–				–				–				706
Loss on sale and disposal of equipment			–				245				10				–				–				255
Gain on de-consolidation of joint venture			–				–				(2,777	)			–				–				(2,777	)
Amortization of cash flow hedge			–				276				551				–				–				827
Stock-based compensation			–				535				1,604				–				–				2,139
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions:
Accounts receivable			–				–				(5,336	)			(13,026	)			–				(18,362	)
Other current assets			–				(772	)			(32	)			371				–				(433	)
Other assets			–				(60	)			9				–				–				(51	)
Deferred revenue			–				–				72				–				–				72
Accounts payable, accrued expenses and other			–				18,667				(32,249	)			10,327				–				(3,255	)
Net cash provided by (used in) operating activities			–				20,282				36,358				(177	)			(845	)			55,618
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of imaging facilities			–				(8,447	)			(2,170	)			–				–				(10,617	)
Purchase of property and equipment			–				(7,558	)			(27,721	)			–				–				(35,279	)
Proceeds from sale of equipment			–				43				798				–				–				841
Proceeds from sale of imaging facilities			–				–				2,300				–				–				2,300
Proceeds from sale of joint venture interests			–				–				1,800				–				–				1,800
Purchase of equity interest in joint ventures			–				–				(2,756	)			–				–				(2,756	)
Net cash used in investing activities			–				(15,962	)			(27,749	)			–				–				(43,711	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on notes and leases payable			–				(4,440	)			(6,740	)			–				–				(11,180	)
Proceeds from, net of payments, on line of credit			–				1,800				–				–				–				1,800
Payments to counterparties of interest rate swaps, net of amounts received			–				(3,046	)			(1,541	)			–				–				(4,587	)
Distributions paid to noncontrolling interests			–				–				–				(912	)			845				(67	)
Net cash used in financing activities			–				(5,686	)			(8,281	)			(912	)			845				(14,034	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH			–				–				60				–				–				60
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS			–				(1,366	)			388				(1,089	)			–				(2,067	)
CASH AND CASH EQUIVALENTS,
beginning of period			–				1,366				–				1,089				–				2,455
CASH AND CASH EQUIVALENTS,
end of period		$	–			$	–			$	388			$	–			$	–			$	388

X

- Details

Name:	rdnt_SupplementalGuarantorInformationAbstract
Namespace Prefix:	rdnt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12265-110248

+ Details

Name:	us-gaap_ScheduleOfGuaranteeObligationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration