American Renal Associates Holdings, Inc.

CIK:0001525040|SEC Filings

Leverage and Fixed Charge Financial Covenants Under Credit Facility, Consolidated Net Debt to Consolidated Earnings Before Interest Tax Depreciation and Amortization Ratio (Detail)	Sep. 30, 2012
December 31, 2011 through September 30, 2012
Line of Credit Facility [Line Items]
Consolidated net debt to consolidated EBITDA ratio	5.50
December 31, 2012 through September 30, 2013
Line of Credit Facility [Line Items]
Consolidated net debt to consolidated EBITDA ratio	5.00
December 31, 2013 through September 30, 2014
Line of Credit Facility [Line Items]
Consolidated net debt to consolidated EBITDA ratio	4.75
December 31, 2014 and thereafter
Line of Credit Facility [Line Items]
Consolidated net debt to consolidated EBITDA ratio	4.25

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Operating activities
Net income	$ 41,623	$ 29,708
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	15,151	13,222
Amortization of discounts, fees and deferred financing costs	1,457	1,842
Stock-based compensation	664	3,419
Deferred taxes	(641)	(298)
Accrued interest on debt agreements	12,600	8,213
Non-cash rent charges	406	403
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	286	(5,103)
Inventories	104	(90)
Prepaid expenses and other current assets	(1,101)	716
Other assets	(1,017)	(739)
Accounts payable	1,496	(5,835)
Accrued compensation and benefits	2,770	2,371
Accrued expenses and other current liabilities	3,370	15,087
Other liabilities	527	143
Cash provided by operating activities	77,695	63,059
Investing activities
Purchases of property and equipment	(20,582)	(14,559)
Cash paid for acquisitions	(21,241)	(2,563)
Cash paid for predecessor entity	(1,517)	(2,891)
Cash used in investing activities	(43,340)	(20,013)
Financing activities
Proceeds from term loans	4,348	1,004
Payments on long-term debt	(2,322)	(2,213)
Payments on capital lease obligations	(38)	(36)
Proceeds from issuance of common stock	436	6
Distributions to noncontrolling interests	(33,937)	(25,717)
Issuance of debt		135,600
Debt issuance costs		(3,375)
Return of capital dividend		(130,720)
Contributions from noncontrolling interests	3,553	778
Purchases of noncontrolling interests	(905)	(2,303)
Proceeds from sales of additional noncontrolling interests	511	623
Cash used in financing activities	(28,354)	(26,353)
Increase in cash and cash equivalents	6,001	16,693
Cash and cash equivalents at beginning of period	36,774	21,179
Cash and cash equivalents at end of period	42,775	37,872
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	4,014	734
Cash paid for interest	12,481	12,207
Supplemental Disclosure of Non-Cash Financing Activities
Issuance of notes in exchange for interest payments	15,298	6,970
Conversion of line of credit to term loan	1,004
Noncontrolling interests in net assets of acquisitions	10,744	628
Contributions from noncontrolling interests in the form of a receivable		$ 321

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash	$ 42,775	$ 36,774
Accounts receivable, less allowance for doubtful accounts of $4,926 and $4,084 at September 30, 2012 and December 31, 2011, respectively	55,741	56,027
Inventories	2,427	2,210
Prepaid expenses and other current assets	5,721	4,620
Income tax receivable	1,322	1,322
Deferred tax assets	8,912	8,271
Total current assets	116,898	109,224
Property and equipment, net	81,163	72,416
Deferred financing costs, net	4,605	4,962
Intangible assets, net	35,718	35,416
Other long-term assets	2,751	1,734
Goodwill	531,867	504,045
Total assets	773,002	727,797
Current liabilities:
Accounts payable	18,561	17,065
Accrued compensation and benefits	14,315	11,425
Accrued expenses and other current liabilities	28,318	24,192
Amount due to sellers	675	2,192
Current portion of long-term debt	2,977	2,662
Current portion of capital lease obligations	92	51
Total current liabilities	64,938	57,587
Long-term debt, less current portion	406,030	391,084
Capital lease obligations, less current portion	153	111
Other long-term liabilities	3,539	3,362
Deferred tax liabilities	16,233	16,233
Commitments and contingencies (Note K)
Noncontrolling interests subject to put provisions	53,119	47,492
Equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized; none issued
Common stock, $0.01 par value, 11,000,000 shares authorized, 9,215,594 and 9,192,151 issued and outstanding at September 30, 2012 and December 31, 2011, respectively	91	91
Additional paid-in capital	65,576	65,379
Receivable from shareholders		(761)
Accumulated deficit	(1,158)	(6,857)
Total American Renal Associates Holdings, Inc. equity	64,509	57,852
Noncontrolling interests not subject to put provisions	164,481	154,076
Total equity	228,990	211,928
Total liabilities and equity	$ 773,002	$ 727,797