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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Service Fee Revenue | Our total service fee revenues for the years ended December 31, 2022, 2021, and 2020 are presented in the table below. Our imaging center revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type. Additional revenues are earned from our management services provided to joint ventures and our software and AI subsidiaries.
In Thousands | 2022 |  | 2021 |  | 2020
Commercial insurance | $ | 785,128 |  |  | $ | 743,462 |  |  | $ | 584,035 |
Medicare | 311,124 |  |  | 280,911 |  |  | 217,928 |
Medicaid | 38,279 |  |  | 34,731 |  |  | 25,619 |
Workers' compensation/personal injury | 51,339 |  |  | 44,235 |  |  | 33,478 |
Other patient revenue | 31,849 |  |  | 19,398 |  |  | 25,314 |
Management fee revenue | 22,235 |  |  | 19,630 |  |  | 11,253 |
Software and teleradiology | 14,238 |  |  | 10,525 |  |  | 10,798 |
Other | 19,428 |  |  | 12,436 |  |  | 23,297 |
Revenue under capitation arrangements | 152,045 |  |  | 148,334 |  |  | 140,118 |
Imaging center segment revenue | 1,425,665 |  |  | 1,313,662 |  |  | 1,071,840 |
AI segment revenue | 4,396 |  |  | 1,415 |  |  | — |
Total revenue | $ | 1,430,061 |  |  | $ | 1,315,077 |  |  | $ | 1,071,840 |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses were comprised of the following (in thousands):
| December 31,
| 2022 |  | 2021
Accounts payable | $ | 102,678 |  |  | $ | 86,461 |
Accrued expenses | 181,574 |  |  | 93,420 |
Accrued salary and benefits | 62,072 |  |  | 62,425 |
Accrued professional fees | 23,271 |  |  | 21,631 |
Total | $ | 369,595 |  |  | $ | 263,937 |
Schedule of Effect of Derivative Instruments on Comprehensive (Loss) Income | A tabular presentation of the effect of derivative instruments on our consolidated statement of comprehensive (loss) income, net of taxes is as follows (amounts in thousands):
| Interest Rate Contracts |
For the twelve months ended | Amount of Gain (Loss) Recognized on Derivative, net of taxes | Location of Gain (Loss) Recognized in Income on Derivative
December 31, 2022 | $— |
December 31, 2021 | $— |
December 31, 2020 | $788 | Other Comprehensive Loss
A tabular presentation of the effect of derivative instruments on our consolidated statement of comprehensive loss of the 2019 swaps is as follows (amounts in thousands):
Interest Rate Contracts - Effective Portion
For the twelve months ended | Amount of Loss Recognized on Derivative, net of taxes | Location of Loss Recognized in Income on Derivative
December 31, 2022 | $— |
December 31, 2021 | $— |
December 31, 2020 | $(20,160) | Other Comprehensive Loss
A tabular presentation of the effect of derivative instruments on our statement of operations of the 2019 Swaps for the Swaps that became ineffective in 2020 is as follows (amounts in thousands):
Interest Rate Contracts - Ineffective Portion
For the twelve months ended | Amount of gain (loss) recognized in income on derivative (current period ineffective portion) | Location of gain (loss) recognized in Income on derivative (current period ineffective portion) | Amount of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion) | Location of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion)
December 31, 2022 | $39,621 | Other Income (Expense) | $(3,687) | Interest Expense
December 31, 2021 | $21,670 | Other Income (Expense) | $(3,695) | Interest Expense
December 31, 2020 | $(2,528) | Other Income (Expense) | $(3,448) | Interest Expense
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | A tabular rollforward of contingent consideration is as follows (amounts in thousands):
For the twelve months ended December 31, 2022
Entity |  | Account |  | January 1, 2022 Balance |  | Issuance of contingent consideration |  | Amount of income (loss) recognized on contingent consideration |  | Currency Translation |  | December 31, 2022 Balance |  |
Aidence |  | Other Long Term Liabilities |  | $ | — |  |  | $ | 11,453 |  |  | $ | (362) |  |  | $ | 67 |  |  | $ | 11,158 |  |  |
Quantib |  | Accrued Expenses & Other Long Term Liabilities |  | $ | — |  |  | $ | 4,581 |  |  | $ | (903) |  |  | $ | 31 |  |  | $ | 3,709 |  |  |
Montclair |  | Accrued Expenses |  | $ | — |  |  | $ | 1,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,200 |  |  |
Heart and Lung Limited |  | Accrued Expenses & Other Long Term Liabilities |  | $ | — |  |  | $ | 10,814 |  |  | $ | 566 |  |  | $ | 276 |  |  | $ | 11,656 |  |  |
Schedule of Fair Value of Assets and Liabilities | The table below summarizes the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets in our consolidated balance sheets, as follows (in thousands):
| As of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Other Current Assets and Deposits and Other |  |  |  |  |  |  |
2019 SWAPS - Interest Rate Contracts | $ | — |  |  | $ | 23,302 |  |  | $ | — |  |  | $ | 23,302 |
| As of December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Accrued expenses and other non-current liabilities |  |  |  |  |  |  |
2019 SWAPS - Interest Rate Contracts | $ | — |  |  | $ | 16,319 |  |  | $ | — |  |  | $ | 16,319 |
The table below summarizes the estimated fair values of contingencies and holdback relating to our Aidence Holding B.V. and Quantib B.V. acquisitions on January 20, 2022, and the Heart and Lung Imaging Limited acquisition on November 1, 2022 that are subject to fair value measurements and the classification of these liabilities on our consolidated balance sheets, as follows (in thousands):
| As of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Accrued expenses and other non-current liabilities |  |  |  |  |  |  |
Aidence Holding B.V. milestone consideration | $ | — |  |  | $ | — |  |  | $ | 11,158 |  |  | $ | 11,158 |
Quantib B.V. holdback of 113,303 shares of RadNet common stock | $ | — |  |  | $ | — |  |  | $ | 3,709 |  |  | $ | 3,709 |
Montclair Radiological Associates | $ | — |  |  | $ | — |  |  | $ | 1,200 |  |  | $ | 1,200 |
Heart and Lung Imaging Limited | $ | — |  |  | $ | — |  |  | $ | 11,656 |  |  | $ | 11,656 |
The table below summarizes the estimated fair value and carrying amount of our Truist (Term Loan Agreement) and Barclays (First Lien Term Loans) long-term debt as follows (in thousands):
| As of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Term Loan Agreement and First Lien Term Loans | $ | — |  |  | $ | 843,594 |  |  | $ | — |  |  | $ | 843,594 |  |  | $ | 864,125 |
| As of December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Term Loan Agreement and First Lien Term Loans | $ | — |  |  | $ | 766,973 |  |  | $ | — |  |  | $ | 766,973 |  |  | $ | 767,875 |
Schedule of Earnings Per Share | Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Net income (loss) attributable to RadNet, Inc. common stockholders | $ | 10,650 |  |  | $ | 24,727 |  |  | $ | (14,840) |
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |
Weighted average number of common shares outstanding during the period | 56,293,336 |  |  | 52,496,679 |  |  | 50,891,791 |
Basic net income (loss) per share attributable to RadNet, Inc. common stockholders | $ | 0.19 |  |  | $ | 0.47 |  |  | $ | (0.29) |
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |
Weighted average number of common shares outstanding during the period | 56,293,336 |  |  | 52,496,679 |  |  | 50,891,791 |
Add nonvested restricted stock subject only to service vesting | 172,139 |  |  | 259,539 |  |  | — |
Add additional shares issuable upon exercise of stock options, warrants and holdback shares | 855,395 |  |  | 664,815 |  |  | — |
Weighted average number of common shares used in calculating diluted net income per share | 57,320,870 |  |  | 53,421,033 |  |  | 50,891,791 |
Changes in fair value associated with contingently issuable shares | $ | (724) |  |  | $ | — |  |  | $ | — |
Net income (loss) attributable to RadNet, Inc's common stockholders for diluted share calculation | $9,926 |  | $24,727 |  | $(14,840)
Diluted net income (loss) per share attributable to RadNet, Inc. common stockholders | $ | 0.17 |  |  | $ | 0.46 |  |  | $ | (0.29) |
Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive: |  |  |  |  |
Nonvested restricted stock subject to service vesting | — |  |  | — |  |  | 329,159 |
Shares issuable upon the exercise of stock options | 152,723 |  |  | 47,792 |  |  | 554,444 |
Schedule of Investment in Joint Ventures | The following table is a summary of our investment in joint ventures during the years ended December 31, 2022 and December 31, 2021 (in thousands):
Balance as of December 31, 2020 | $ | 34,528 |
Equity contributions in existing and purchase of interest in joint ventures | 1,441 |
Equity in earnings in these joint ventures | 10,967 |
Distribution of earnings | (4,707) |
Balance as of December 31, 2021 | $ | 42,229 |
Equity contributions in existing and purchase of interest in joint ventures | 9,712 |
Equity in earnings in these joint ventures | 10,390 |
Distribution of earnings | (4,438) |
Balance as of December 31, 2022 | $ | 57,893 |
Schedule of Joint Venture Investment and Financial Information | The following table is a summary of key unaudited financial data for these joint ventures as of December 31, 2022 and 2021, respectively, and for the years ended December 31, 2022, 2021 and 2020, respectively, (in thousands):
| December 31,
Balance Sheet Data: | 2022 |  | 2021
Current assets | $ | 39,304 |  |  | $ | 37,186 |
Noncurrent assets | 134,694 |  |  | 73,592 |
Current liabilities | (29,588) |  |  | (12,919) |
Noncurrent liabilities | (37,952) |  |  | (22,370) |
Total net assets | $ | 106,458 |  |  | $ | 75,489 |
Book value of RadNet joint venture interests | $ | 49,564 |  |  | $ | 34,930 |
Cost in excess of book value of acquired joint venture interests accounted for as equity method goodwill | 8,329 |  |  | 7,299 |
Total value of RadNet joint venture interests | $ | 57,893 |  |  | $ | 42,229 |
| 2022 |  | 2021 |  | 2020
Net revenue | $ | 145,256 |  |  | $ | 129,023 |  |  | $ | 101,921 |
Net income | $ | 21,169 |  |  | $ | 21,893 |  |  | $ | 16,850 |
Schedule Of Foreign Currency Translation Amounts | The following is a reconciliation of Foreign Currency Translation amounts for the years ended December 31, 2022, 2021 and 2020 is provided below (in thousands):
|  | Currency Translation |
Balance as of January 1, 2020 |  | $ | (276) |  |
Currency Translation Adjustments |  | (101) |  |
Balance as of December 31, 2020 |  | (377) |  |
Currency Translation Adjustments |  | (65) |  |
Balance as of December 31, 2021 |  | (442) |  |
Currency Translation Adjustments |  | (3,943) |  |
Balance as of December 31, 2022 |  | $ | (4,385) |  |

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