AURORA DIAGNOSTICS HOLDINGS LLC

CIK:0001367832|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net revenue	$ 67,813	$ 68,752
Operating costs and expenses:
Cost of services	37,750	37,736
Selling, general and administrative expenses	17,355	18,948
Provision for doubtful accounts	3,605	4,060
Intangible asset amortization expense	4,162	4,931
Management fees, related parties	678	688
Impairment of goodwill and other intangible assets	9,484
Merger and acquisition transaction costs	488	293
Change in fair value of contingent consideration	550	670
Total operating costs and expenses	74,072	67,326
Income (loss) from operations	(6,259)	1,426
Other expense:
Interest expense	(10,312)	(10,503)
Total other expense, net	(10,312)	(10,503)
Loss before income taxes	(16,571)	(9,077)
Provision (benefit) for income taxes	(375)	(1,487)
Net loss	$ (16,196)	$ (7,590)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Operating Activities
Net loss	$ (16,196)	$ (7,590)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,977	5,864
Amortization of deferred debt issue costs	527	528
Amortization of original issue discount on debt	272	280
Deferred income taxes	(394)	(1,396)
Equity compensation costs	32	50
Change in fair value of contingent consideration	550	670
Impairment of goodwill and other intangible assets	9,484
Loss on abandonment of lease		1,171
Contingent note payments in excess of fair value at acquisition date	(287)	(269)
(Increase) decrease in:
Accounts receivable	516	(2,697)
Prepaid expenses and other assets	(807)	(735)
Increase (decrease) in:
Accounts payable, accrued expenses and other current liabilities	2,003	1,862
Accrued compensation	806	787
Accrued interest	(5,591)	(5,430)
Net cash used in operating activities	(4,108)	(6,905)
Cash Flows From Investing Activities
Purchases of property and equipment	(790)	(876)
Increase in deposits and other noncurrent assets	(116)	(24)
Businesses acquired, net of cash acquired	(11,188)	(7,000)
Net cash used in investing activities	(12,094)	(7,900)
Cash Flows From Financing Activities
Payments of capital lease obligations	(8)	(20)
Repayments under term loan facility	(875)	(500)
Payments of contingent notes	(50)	(331)
Borrowings under term loan facility		10,000
Net borrowings under revolving credit facility	16,000
Net cash provided by financing activities	15,067	9,149
Net decrease in cash and cash equivalents	(1,135)	(5,656)
Cash and cash equivalents, beginning of period	18,571	19,085
Cash and cash equivalents, end of period	17,436	13,429
Supplemental Disclosures of Cash Flow Information
Cash interest payments	15,143	15,130
Cash tax payments	1,660	239
Supplemental Schedule of Noncash Investing and Financing Activities
Fair value of contingent consideration issued in acquisitions	1,470	$ 1,100
Capital assets recorded under purchase commitment	$ 550

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 17,436	$ 18,571	$ 13,429	$ 19,085
Accounts receivable, net	35,164	35,680
Prepaid expenses and other assets	5,080	4,496
Prepaid income taxes	231
Total current assets	57,911	58,747
Property and equipment, net	8,042	7,517
Other Assets:
Deferred debt issue costs, net	295	327
Deposits and other noncurrent assets	839	599
Goodwill	120,866	120,755		$ 125,188
Intangible assets, net	50,954	51,854
Total other assets	172,954	173,535
Total Assets	238,907	239,799
Current Liabilities
Current portion of long-term debt	3,596	191,681
Current portion of fair value of contingent consideration	5,385	4,834
Accounts payable, accrued expenses and other current liabilities	20,863	18,424
Accrued compensation	7,720	6,914
Accrued interest	8,578	14,169
Total current liabilities	46,142	236,022
Long-term debt, net of current portion	403,010	199,041
Deferred tax liabilities	4,196	4,590
Accrued management fees, related parties	12,151	11,473
Fair value of contingent consideration, net of current portion	7,032	5,900
Other liabilities	2,326	2,559
Members' Deficit	(235,950)	(219,786)
Total Liabilities and Members' Deficit	$ 238,907	$ 239,799