$MD
Pediatrix Medical Group, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024053922 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $504.3M $495.1M
YoY Change 0.74% 0.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $414.4M $429.3M
YoY Change 0.56% 1.91%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.791M $10.31M
YoY Change -1.72% 15.13%
% of Gross Profit
Operating Expenses $662.0M $479.2M
YoY Change 46.44% 3.96%
Operating Profit -$157.7M $15.89M
YoY Change -425.22% -47.1%
Interest Expense $10.31M $10.60M
YoY Change -207.93% 2.01%
% of Operating Profit 66.69%
Other Income/Expense, Net -$10.01M -$8.068M
YoY Change 4.75% -13.52%
Pretax Income -$167.7M $7.824M
YoY Change -530.66% -62.22%
Income Tax -$14.70M $3.789M
% Of Pretax Income 48.43%
Net Earnings -$153.0M $4.035M
YoY Change -641.07% -71.6%
Net Earnings / Revenue -30.34% 0.81%
Basic Earnings Per Share -$1.84 $0.05
Diluted Earnings Per Share -$1.84 $0.05
COMMON SHARES
Basic Shares Outstanding 84.15M 84.12M
Diluted Shares Outstanding 83.33M 83.28M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.2M $115.5M
YoY Change 27.66% 12.29%
Cash & Equivalents $19.40M $7.998M
Short-Term Investments $113.8M $107.5M
Other Short-Term Assets $9.941M $9.578M
YoY Change -55.97% -20.64%
Inventory
Prepaid Expenses $11.91M $12.53M
Receivables $274.2M $283.7M
Other Receivables $0.00 $5.193M
Total Short-Term Assets $429.2M $426.5M
YoY Change 7.91% 4.39%
LONG-TERM ASSETS
Property, Plant & Equipment $47.89M $74.34M
YoY Change -65.89% 1.94%
Goodwill $1.239B $1.393B
YoY Change -19.13% -9.06%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $79.54M $83.07M
YoY Change -63.59% -30.41%
Total Long-Term Assets $1.566B $1.742B
YoY Change -17.91% -8.88%
TOTAL ASSETS
Total Short-Term Assets $429.2M $426.5M
Total Long-Term Assets $1.566B $1.742B
Total Assets $1.995B $2.168B
YoY Change -13.45% -6.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.00M $31.64M
YoY Change 3.25% -10.46%
Accrued Expenses $254.1M $196.4M
YoY Change -5.28% -7.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.73M $16.41M
YoY Change 18.84% 10.02%
Total Short-Term Liabilities $310.2M $247.3M
YoY Change -3.17% -13.0%
LONG-TERM LIABILITIES
Long-Term Debt $612.6M $693.3M
YoY Change -8.05% -6.66%
Other Long-Term Liabilities $31.52M $33.49M
YoY Change -90.7% -11.03%
Total Long-Term Liabilities $31.52M $33.49M
YoY Change -96.86% -11.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.2M $247.3M
Total Long-Term Liabilities $31.52M $33.49M
Total Liabilities $1.289B $1.312B
YoY Change -5.45% -6.97%
SHAREHOLDERS EQUITY
Retained Earnings -$298.5M -$145.4M
YoY Change 540.82% 94.29%
Common Stock $1.007B $1.004B
YoY Change 1.45% 1.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $706.5M $856.2M
YoY Change
Total Liabilities & Shareholders Equity $1.995B $2.168B
YoY Change -13.45% -6.55%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$153.0M $4.035M
YoY Change -641.07% -71.6%
Depreciation, Depletion And Amortization $8.791M $10.31M
YoY Change -1.72% 15.13%
Cash From Operating Activities $107.0M -$125.2M
YoY Change 20.1% 24.09%
INVESTING ACTIVITIES
Capital Expenditures $6.962M $5.330M
YoY Change -14.38% -23.85%
Acquisitions $8.167M
YoY Change 389.92%
Other Investing Activities -$5.930M -$10.91M
YoY Change 161.58% 150.7%
Cash From Investing Activities -$12.89M -$16.24M
YoY Change 23.99% 43.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -82.65M 76.20M
YoY Change 4.72% -29.81%
NET CHANGE
Cash From Operating Activities 107.0M -125.2M
Cash From Investing Activities -12.89M -16.24M
Cash From Financing Activities -82.65M 76.20M
Net Change In Cash 11.40M -65.26M
YoY Change -4246.91% 1663.78%
FREE CASH FLOW
Cash From Operating Activities $107.0M -$125.2M
Capital Expenditures $6.962M $5.330M
Free Cash Flow $99.99M -$130.6M
YoY Change 23.56% 20.98%

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IncreaseDecreaseInAccruedIncomeTaxesPayable
5299000
CY2024Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
4082000
CY2023Q1 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
2378000
CY2024Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-5011000
CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4201000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-122624000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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CY2024Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
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CY2023Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-273000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
8167000
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1667000
CY2024Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
16896000
CY2023Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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CY2024Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
14155000
CY2023Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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CY2024Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
5330000
CY2023Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16238000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11350000
CY2024Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
170500000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
216000000
CY2024Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
90500000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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CY2024Q1 md Payments To Term Loan
PaymentsToTermLoan
3125000
CY2023Q1 md Payments To Term Loan
PaymentsToTermLoan
3125000
CY2024Q1 md Repayments Of Long Term Capital Lease Obligation
RepaymentsOfLongTermCapitalLeaseObligation
690000
CY2023Q1 md Repayments Of Long Term Capital Lease Obligation
RepaymentsOfLongTermCapitalLeaseObligation
703000
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
860000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
887000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
775000
CY2024Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
46000
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2075000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
76204000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
108567000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-65260000
CY2024Q1 md Purchase Price
PurchasePrice
1.01
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
73258000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9824000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7998000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6124000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
107473000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
104485000
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1456721000
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1379213000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1172972000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1106900000
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
283749000
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
272313000
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
495101000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
491008000
CY2024Q1 md Percentage Of Net Patient Service Revenue By Type Of Payor
PercentageOfNetPatientServiceRevenueByTypeOfPayor
1
CY2023Q1 md Percentage Of Net Patient Service Revenue By Type Of Payor
PercentageOfNetPatientServiceRevenueByTypeOfPayor
1
CY2024Q1 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
CY2024Q1 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmount
9100000
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
400000
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
200000
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
31636000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
34588000
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
65711000
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
193112000
CY2024Q1 md Accrued Payroll Taxes And Benefits Current
AccruedPayrollTaxesAndBenefitsCurrent
23674000
CY2023Q4 md Accrued Payroll Taxes And Benefits Current
AccruedPayrollTaxesAndBenefitsCurrent
36545000
CY2024Q1 us-gaap Malpractice Loss Contingency Accrual Undiscounted Current
MalpracticeLossContingencyAccrualUndiscountedCurrent
29034000
CY2023Q4 us-gaap Malpractice Loss Contingency Accrual Undiscounted Current
MalpracticeLossContingencyAccrualUndiscountedCurrent
32039000
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2936000
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8262000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
54044000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46252000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
207035000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
350798000
CY2024Q1 md Increase Decrease In Accrued Salaries And Bonuses
IncreaseDecreaseInAccruedSalariesAndBonuses
127400000
CY2024Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05375
CY2024Q1 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
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82863000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81894000
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
412000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
424000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83275000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82318000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
406000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1377000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2900000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3000000
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000
CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
4600000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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