$MD
Pediatrix Medical Group, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023016430 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $500.6M $491.0M
YoY Change 2.99% 1.82%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $412.0M $421.3M
YoY Change 5.13% 4.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.945M $8.953M
YoY Change 1.94% 2.1%
% of Gross Profit
Operating Expenses $452.1M $461.0M
YoY Change 3.72% 4.03%
Operating Profit $48.50M $30.04M
YoY Change -3.3% -23.18%
Interest Expense -$9.551M $10.39M
YoY Change -213.58% -12.08%
% of Operating Profit -19.69% 34.59%
Other Income/Expense, Net -$9.551M -$9.329M
YoY Change 34.11% -86.17%
Pretax Income $38.95M $20.71M
YoY Change -9.5% -173.07%
Income Tax $10.67M $6.506M
% Of Pretax Income 27.38% 31.41%
Net Earnings $28.28M $14.21M
YoY Change 4.22% -167.05%
Net Earnings / Revenue 5.65% 2.89%
Basic Earnings Per Share $0.34 $0.17
Diluted Earnings Per Share $0.34 $0.17
COMMON SHARES
Basic Shares Outstanding 83.76M 83.03M
Diluted Shares Outstanding 82.66M 82.32M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.3M $102.8M
YoY Change -2.92% 6.28%
Cash & Equivalents $5.849M $6.124M
Short-Term Investments $98.49M $96.71M
Other Short-Term Assets $22.58M $12.07M
YoY Change 154.89% 32.92%
Inventory
Prepaid Expenses $12.46M $14.95M
Receivables $270.9M $278.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $397.8M $408.6M
YoY Change -13.4% -7.09%
LONG-TERM ASSETS
Property, Plant & Equipment $140.4M $72.93M
YoY Change 94.63% 0.65%
Goodwill $1.532B $1.532B
YoY Change 0.0% 0.22%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $218.4M $119.4M
YoY Change 75.61% -6.88%
Total Long-Term Assets $1.908B $1.911B
YoY Change -0.13% 0.54%
TOTAL ASSETS
Total Short-Term Assets $397.8M $408.6M
Total Long-Term Assets $1.908B $1.911B
Total Assets $2.306B $2.320B
YoY Change -2.71% -0.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.99M $35.33M
YoY Change 2.51% 16.55%
Accrued Expenses $268.3M $212.4M
YoY Change -3.45% -4.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.92M $14.91M
YoY Change -0.02% 520.38%
Total Short-Term Liabilities $320.3M $284.2M
YoY Change -2.76% 5.37%
LONG-TERM LIABILITIES
Long-Term Debt $666.3M $742.8M
YoY Change -16.01% -7.72%
Other Long-Term Liabilities $338.8M $37.65M
YoY Change 600.85% -14.19%
Total Long-Term Liabilities $1.005B $37.65M
YoY Change 1979.21% -14.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $320.3M $284.2M
Total Long-Term Liabilities $1.005B $37.65M
Total Liabilities $1.363B $1.410B
YoY Change -10.57% -3.66%
SHAREHOLDERS EQUITY
Retained Earnings -$46.58M -$74.86M
YoY Change -68.84% -57.61%
Common Stock $992.5M $987.8M
YoY Change -0.5% -6.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $942.4M $909.8M
YoY Change
Total Liabilities & Shareholders Equity $2.306B $2.320B
YoY Change -2.71% -0.89%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $28.28M $14.21M
YoY Change 4.22% -167.05%
Depreciation, Depletion And Amortization $8.945M $8.953M
YoY Change 1.94% 2.1%
Cash From Operating Activities $89.05M -$100.9M
YoY Change 8.07% 3.52%
INVESTING ACTIVITIES
Capital Expenditures $8.131M $6.999M
YoY Change -223.99% -197.96%
Acquisitions $1.667M
YoY Change -93.51%
Other Investing Activities -$2.267M -$4.351M
YoY Change -66.63% 4294.95%
Cash From Investing Activities -$10.40M -$11.35M
YoY Change -22.12% -56.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -78.93M 108.6M
YoY Change 27.01% -142.33%
NET CHANGE
Cash From Operating Activities 89.05M -100.9M
Cash From Investing Activities -10.40M -11.35M
Cash From Financing Activities -78.93M 108.6M
Net Change In Cash -275.0K -3.700M
YoY Change -103.98% -99.03%
FREE CASH FLOW
Cash From Operating Activities $89.05M -$100.9M
Capital Expenditures $8.131M $6.999M
Free Cash Flow $80.92M -$107.9M
YoY Change -9.04% 19.46%

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CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2389000
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
391000
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
605000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-21345000
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4470000
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
5299000
CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
17216000
CY2023Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
2378000
CY2022Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
2684000
CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4201000
CY2022Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
877000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-100644000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-89931000
CY2023Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-273000
CY2022Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-7551000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-100917000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-97482000
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1667000
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
25667000
CY2023Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
9549000
CY2022Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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CY2023Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
6865000
CY2022Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
7712000
CY2023Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
6999000
CY2022Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
7145000
CY2023Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
0
CY2022Q1 us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
99000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11350000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26273000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
216000000
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
248500000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
106000000
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
99500000
CY2023Q1 md Payments To Term Loan
PaymentsToTermLoan
3125000
CY2022Q1 md Payments To Term Loan
PaymentsToTermLoan
0
CY2023Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0
CY2022Q1 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
1046880000
CY2023Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0
CY2022Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
650000000
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
7924000
CY2023Q1 md Repayments Of Long Term Capital Lease Obligation
RepaymentsOfLongTermCapitalLeaseObligation
703000
CY2022Q1 md Repayments Of Long Term Capital Lease Obligation
RepaymentsOfLongTermCapitalLeaseObligation
747000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1095000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1174000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
775000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1166000
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2075000
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
86000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
108567000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-256457000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3700000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-380212000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9824000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
387391000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6124000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7179000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
96709000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
93239000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
482229000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85405000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
424000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81894000
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1467937000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1548492000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1189198000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1251705000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
278739000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
296787000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
491008000
CY2023Q1 md Percentage Of Net Patient Service Revenue By Type Of Payor
PercentageOfNetPatientServiceRevenueByTypeOfPayor
1
CY2022Q1 md Percentage Of Net Patient Service Revenue By Type Of Payor
PercentageOfNetPatientServiceRevenueByTypeOfPayor
1
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
35333000
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
31857000
CY2023Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
67767000
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
197831000
CY2023Q1 md Accrued Payroll Taxes And Benefits Current
AccruedPayrollTaxesAndBenefitsCurrent
28355000
CY2022Q4 md Accrued Payroll Taxes And Benefits Current
AccruedPayrollTaxesAndBenefitsCurrent
34983000
CY2023Q1 us-gaap Malpractice Loss Contingency Accrual Undiscounted Current
MalpracticeLossContingencyAccrualUndiscountedCurrent
26062000
CY2022Q4 us-gaap Malpractice Loss Contingency Accrual Undiscounted Current
MalpracticeLossContingencyAccrualUndiscountedCurrent
32232000
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
3235000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8921000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
65923000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
68401000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
226675000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
374225000
CY2023Q1 md Increase Decrease In Accrued Salaries And Bonuses
IncreaseDecreaseInAccruedSalariesAndBonuses
130000000.0
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05375
CY2023Q1 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
payable semi-annually in arrears on February 15 and August 15, beginning on August 15, 2022
CY2023Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
Notes are guaranteed on an unsecured senior basis by the same subsidiaries and affiliated professional contractors that guarantee the Amended Credit Agreement (as defined below). The indenture under which the 2030 Notes are issued, among other things, limits the Company's ability to (1) incur liens and (2) enter into sale and lease-back transactions, and also limits the Company's ability to merge or dispose of all or substantially all of its assets, in all cases, subject to a number of customary exceptions
CY2023Q1 md Purchase Price
PurchasePrice
1.01
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82318000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85405000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1377000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
248000
CY2022Q1 md Incremental Shares In Continuing Operation
IncrementalSharesInContinuingOperation
900000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3000000.0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4400000
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000.0
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
5500000

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