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10-Q Filing

RADNET, INC. CIK: 790526 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0001019687-16-006187
Period End Date 20160331
Filing Date 20160510
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance rdnt-20160331.xml
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Common stock - par value (in Dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock - par value (in Dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock - shares authorized CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock - shares authorized CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock - shares issued CommonStockSharesIssued 47.27M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $446.00K USD Point-in-time
Common stock - shares issued CommonStockSharesIssued 46.28M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $307.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $154.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $410.00K USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $162.84M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $177.83M USD Point-in-time
Common stock - shares outstanding CommonStockSharesOutstanding 46.28M shares Point-in-time
Common stock - shares outstanding CommonStockSharesOutstanding 47.27M shares Point-in-time
Current portion of deferred tax assets DeferredTaxAssetsGrossCurrent $22.28M USD Point-in-time
Current portion of deferred tax assets DeferredTaxAssetsGrossCurrent $22.28M USD Point-in-time
Due from affiliates DueFromRelatedPartiesCurrent $3.73M USD Point-in-time
Due from affiliates DueFromRelatedPartiesCurrent $4.82M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $33.70M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $38.99M USD Point-in-time
Total current assets AssetsCurrent $229.37M USD Point-in-time
Total current assets AssetsCurrent $237.94M USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $256.72M USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $254.95M USD Point-in-time
Goodwill Goodwill $239.41M USD Point-in-time
Goodwill Goodwill $240.70M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $45.25M USD Point-in-time
Other intangible assets IntangibleAssetsNetExcludingGoodwill $44.70M USD Point-in-time
Deferred financing costs DeferredFinanceCostsNoncurrentNet $2.49M USD Point-in-time
Deferred financing costs DeferredFinanceCostsNoncurrentNet $2.84M USD Point-in-time
Investment in joint ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $34.12M USD Point-in-time
Investment in joint ventures InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $33.58M USD Point-in-time
Deferred tax assets, net of current portion DeferredTaxAssetsGrossNoncurrent $25.97M USD Point-in-time
Deferred tax assets, net of current portion DeferredTaxAssetsGrossNoncurrent $24.68M USD Point-in-time
Deposits and other DepositsAssets $4.85M USD Point-in-time
Deposits and other DepositsAssets $4.57M USD Point-in-time
Total assets Assets $836.43M USD Point-in-time
Total assets Assets $845.71M USD Point-in-time
Accounts payable, accrued expenses and other AccountsPayableAndAccruedLiabilitiesCurrent $113.81M USD Point-in-time
Accounts payable, accrued expenses and other AccountsPayableAndAccruedLiabilitiesCurrent $114.36M USD Point-in-time
Due to affiliates DueToAffiliateCurrent $4.78M USD Point-in-time
Due to affiliates DueToAffiliateCurrent $6.56M USD Point-in-time
Deferred revenue DeferredRevenue $1.53M USD Point-in-time
Deferred revenue DeferredRevenue $1.60M USD Point-in-time
Current portion of notes payable NotesPayableCurrent $22.38M USD Point-in-time
Current portion of notes payable NotesPayableCurrent $21.96M USD Point-in-time
Current portion of deferred rent DeferredRentCreditCurrent $2.59M USD Point-in-time
Current portion of deferred rent DeferredRentCreditCurrent $2.56M USD Point-in-time
Current portion of obligations under capital leases CapitalLeaseObligationsCurrent $9.28M USD Point-in-time
Current portion of obligations under capital leases CapitalLeaseObligationsCurrent $10.04M USD Point-in-time
Total current liabilities LiabilitiesCurrent $156.96M USD Point-in-time
Total current liabilities LiabilitiesCurrent $154.51M USD Point-in-time
Deferred rent, net of current portion DeferredRentCreditNoncurrent $27.28M USD Point-in-time
Deferred rent, net of current portion DeferredRentCreditNoncurrent $26.86M USD Point-in-time
Line of credit LineOfCredit - USD Point-in-time
Line of credit LineOfCredit $16.30M USD Point-in-time
Notes payable, net of current portion LongTermNotesPayable $599.91M USD Point-in-time
Notes payable, net of current portion LongTermNotesPayable $594.55M USD Point-in-time
Obligations under capital lease, net of current portion CapitalLeaseObligationsNoncurrent $6.38M USD Point-in-time
Obligations under capital lease, net of current portion CapitalLeaseObligationsNoncurrent $5.80M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $9.75M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $9.84M USD Point-in-time
Total liabilities Liabilities $799.97M USD Point-in-time
Total liabilities Liabilities $808.18M USD Point-in-time
Common stock - $.0001 par value, 200,000,000 shares authorized; 47,270,751, and 46,281,189 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively CommonStockValue $4.00K USD Point-in-time
Common stock - $.0001 par value, 200,000,000 shares authorized; 47,270,751, and 46,281,189 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively CommonStockValue $4.00K USD Point-in-time
Paid-in-capital AdditionalPaidInCapital $199.96M USD Point-in-time
Paid-in-capital AdditionalPaidInCapital $197.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-149.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-153.00K USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-166.29M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-164.57M USD Point-in-time
Total RadNet, Inc.'s stockholders' equity StockholdersEquity $33.52M USD Point-in-time
Total RadNet, Inc.'s stockholders' equity StockholdersEquity $32.58M USD Point-in-time
Noncontrolling interests MinorityInterest $3.88M USD Point-in-time
Noncontrolling interests MinorityInterest $4.02M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $36.46M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $37.53M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $836.43M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $845.71M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Service fee revenue, net of contractual allowances and discounts HealthCareOrganizationPatientServiceRevenue $200.84M USD 1 Quarter
Service fee revenue, net of contractual allowances and discounts HealthCareOrganizationPatientServiceRevenue $165.03M USD 1 Quarter
Provision for bad debts HealthCareOrganizationPatientServiceRevenueProvisionforBadDebts $7.47M USD 1 Quarter
Provision for bad debts HealthCareOrganizationPatientServiceRevenueProvisionforBadDebts $10.30M USD 1 Quarter
Net service fee revenue HealthCareOrganizationPatientServiceRevenueLessProvisionForBadDebts $157.56M USD 1 Quarter
Net service fee revenue HealthCareOrganizationPatientServiceRevenueLessProvisionForBadDebts $190.54M USD 1 Quarter
Revenue under capitation arrangements HealthCareOrganizationCapitationRevenue $23.71M USD 1 Quarter
Revenue under capitation arrangements HealthCareOrganizationCapitationRevenue $25.85M USD 1 Quarter
Total net revenue SalesRevenueNet $181.27M USD 1 Quarter
Total net revenue SalesRevenueNet $216.39M USD 1 Quarter
Cost of operations, excluding depreciation and amortization CostOfRevenue $168.92M USD 1 Quarter
Cost of operations, excluding depreciation and amortization CostOfRevenue $196.83M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $14.29M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $16.41M USD 1 Quarter
Loss on sale and disposal of equipment GainLossOnDispositionOfAssets $38.00K USD 1 Quarter
Loss on sale and disposal of equipment GainLossOnDispositionOfAssets - USD 1 Quarter
Severance costs SeveranceCosts1 $36.00K USD 1 Quarter
Severance costs SeveranceCosts1 $167.00K USD 1 Quarter
Total operating expenses OperatingExpenses $213.41M USD 1 Quarter
Total operating expenses OperatingExpenses $183.21M USD 1 Quarter
INCOME (LOSS) FROM OPERATIONS OperatingIncomeLoss $-1.95M USD 1 Quarter
INCOME (LOSS) FROM OPERATIONS OperatingIncomeLoss $2.98M USD 1 Quarter
Interest expense InterestExpenseDebt $10.68M USD 1 Quarter
Interest expense InterestExpenseDebt $10.00M USD 1 Quarter
Meaningful use incentive MeaningfulUseIncentive $2.81M USD 1 Quarter
Meaningful use incentive MeaningfulUseIncentive $3.27M USD 1 Quarter
Equity in earnings of joint ventures IncomeLossFromEquityMethodInvestments $2.28M USD 1 Quarter
Equity in earnings of joint ventures IncomeLossFromEquityMethodInvestments $1.10M USD 1 Quarter
Other expenses (income) OtherNonoperatingIncomeExpense $3.00K USD 1 Quarter
Other expenses (income) OtherNonoperatingIncomeExpense $-2.00K USD 1 Quarter
Total other expenses OtherExpenses $5.62M USD 1 Quarter
Total other expenses OtherExpenses $5.60M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-7.57M USD 1 Quarter
LOSS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-2.61M USD 1 Quarter
Benefit from income taxes IncomeTaxExpenseBenefit $-3.09M USD 1 Quarter
Benefit from income taxes IncomeTaxExpenseBenefit $-1.18M USD 1 Quarter
NET LOSS ProfitLoss $-1.43M USD 1 Quarter
NET LOSS ProfitLoss $-4.48M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $78.00K USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $290.00K USD 1 Quarter
NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS NetIncomeLoss $-1.72M USD 1 Quarter
NET LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS NetIncomeLoss $-4.55M USD 1 Quarter
BASIC AND DILUTED LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS EarningsPerShareBasicAndDiluted $-0.11 USD 1 Quarter
BASIC AND DILUTED LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS EarningsPerShareBasicAndDiluted $-0.04 USD 1 Quarter
WEIGHTED AVERAGE SHARES OUTSTANDING: Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 42.75M shares 1 Quarter
WEIGHTED AVERAGE SHARES OUTSTANDING: Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 46.58M shares 1 Quarter
Cash Flow Statement 71 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-1.43M USD 1 Quarter
Net income (loss) ProfitLoss $-4.48M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $14.29M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $16.41M USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $7.47M USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $10.30M USD 1 Quarter
Equity in earnings of joint ventures IncomeLossFromEquityMethodInvestments $2.28M USD 1 Quarter
Equity in earnings of joint ventures IncomeLossFromEquityMethodInvestments $1.10M USD 1 Quarter
Distributions from joint ventures EquityMethodInvestmentDividendsOrDistributions $3.04M USD 1 Quarter
Distributions from joint ventures EquityMethodInvestmentDividendsOrDistributions $2.04M USD 1 Quarter
Deferred rent amortization DeferredRentAmortization $443.00K USD 1 Quarter
Deferred rent amortization DeferredRentAmortization $925.00K USD 1 Quarter
Amortization of deferred financing costs and loan discount AmortizationOfFinancingCosts $1.37M USD 1 Quarter
Amortization of deferred financing costs and loan discount AmortizationOfFinancingCosts $1.29M USD 1 Quarter
Gain on sale and disposal of equipment GainLossOnDispositionOfAssets $38.00K USD 1 Quarter
Gain on sale and disposal of equipment GainLossOnDispositionOfAssets - USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.55M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.73M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $25.29M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $12.50M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $-5.29M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $-2.79M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-856.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $289.00K USD 1 Quarter
Deferred taxes IncreaseDecreaseInDeferredIncomeTaxes $3.58M USD 1 Quarter
Deferred taxes IncreaseDecreaseInDeferredIncomeTaxes $1.29M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-202.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-70.00K USD 1 Quarter
Accounts payable, accrued expenses and other IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $11.88M USD 1 Quarter
Accounts payable, accrued expenses and other IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $6.29M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $17.47M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $20.96M USD 1 Quarter
Purchase of imaging facilities PaymentsToAcquireProductiveAssets $5.01M USD 1 Quarter
Purchase of imaging facilities PaymentsToAcquireProductiveAssets - USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $22.50M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $19.83M USD 1 Quarter
Proceeds from sale of equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from sale of equipment ProceedsFromSaleOfPropertyPlantAndEquipment $205.00K USD 1 Quarter
Equity contributions in existing joint ventures PaymentsToAcquireInvestments $294.00K USD 1 Quarter
Equity contributions in existing joint ventures PaymentsToAcquireInvestments - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-19.62M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-27.80M USD 1 Quarter
Principal payments on notes and leases payable RepaymentsOfLongTermDebtAndCapitalSecurities $2.03M USD 1 Quarter
Principal payments on notes and leases payable RepaymentsOfLongTermDebtAndCapitalSecurities $3.17M USD 1 Quarter
Payments on Term Loan Debt/Senior Notes RepaymentsOfDebt $5.19M USD 1 Quarter
Payments on Term Loan Debt/Senior Notes RepaymentsOfDebt $6.18M USD 1 Quarter
Net proceeds on revolving credit facility ProceedsFromLinesOfCredit $16.30M USD 1 Quarter
Net proceeds on revolving credit facility ProceedsFromLinesOfCredit $9.40M USD 1 Quarter
Distributions paid to noncontrolling interests PaymentsToMinorityShareholders $158.00K USD 1 Quarter
Distributions paid to noncontrolling interests PaymentsToMinorityShareholders $468.00K USD 1 Quarter
Proceeds from issuance of common stock upon exercise of options/warrants ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions - USD 1 Quarter
Proceeds from issuance of common stock upon exercise of options/warrants ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $324.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $6.80M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $2.04M USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalents $4.00K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalents $-37.00K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-36.00K USD 1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-153.00K USD 1 Quarter
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $446.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $307.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $154.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, beginning of period CashAndCashEquivalentsAtCarryingValue $410.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $446.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $307.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $154.00K USD Point-in-time
CASH AND CASH EQUIVALENTS, end of period CashAndCashEquivalentsAtCarryingValue $410.00K USD Point-in-time
Cash paid during the period for interest InterestPaid $8.62M USD 1 Quarter
Cash paid during the period for interest InterestPaid $9.09M USD 1 Quarter
Purchase of equipment and leasehold improvements not yet paid for PurchaseOfEquipmentAndLeaseholdImprovementsNotYetPaidFor $12.30M USD 1 Quarter
Purchase of equipment and leasehold improvements not yet paid for PurchaseOfEquipmentAndLeaseholdImprovementsNotYetPaidFor $20.50M USD 1 Quarter
Capital lease debt CapitalLeaseDebtAdded $1.30M USD 1 Quarter
Stockholders Equity 9 line items
Line Item Tag Value Unit Period
Beginning balance, value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $36.46M USD Point-in-time
Beginning balance, value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $37.53M USD Point-in-time
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions $2.66M USD 1 Quarter
Distributions paid to noncontrolling interest MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $-158.00K USD 1 Quarter
Change in cumulative foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $4.00K USD 1 Quarter
Net (loss) income ProfitLoss $-1.43M USD 1 Quarter
Net (loss) income ProfitLoss $-4.48M USD 1 Quarter
Ending balance, value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $36.46M USD Point-in-time
Ending balance, value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $37.53M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
NET LOSS ProfitLoss $-1.43M USD 1 Quarter
NET LOSS ProfitLoss $-4.48M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-37.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $4.00K USD 1 Quarter
COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-1.43M USD 1 Quarter
COMPREHENSIVE LOSS ComprehensiveIncomeNetOfTax $-4.51M USD 1 Quarter
Less comprehensive income attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $78.00K USD 1 Quarter
Less comprehensive income attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $290.00K USD 1 Quarter
COMPREHENSIVE LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-4.59M USD 1 Quarter
COMPREHENSIVE LOSS ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.72M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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