$MD
Pediatrix Medical Group, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514289739 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $595.5M $529.2M
YoY Change 12.54% 17.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $433.0M $386.5M
YoY Change 12.03% 19.22%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.36M $9.870M
YoY Change 4.97% 28.4%
% of Gross Profit
Operating Expenses $465.9M $415.8M
YoY Change 12.04% 18.87%
Operating Profit $129.7M $113.4M
YoY Change 14.38% 13.67%
Interest Expense $2.188M $1.673M
YoY Change 30.78% 97.29%
% of Operating Profit 1.69% 1.48%
Other Income/Expense, Net -$1.703M -$1.277M
YoY Change 33.36%
Pretax Income $128.0M $112.1M
YoY Change 14.16% 12.94%
Income Tax $48.94M $42.88M
% Of Pretax Income 38.25% 38.25%
Net Earnings $79.02M $69.22M
YoY Change 14.16% 14.33%
Net Earnings / Revenue 13.27% 13.08%
Basic Earnings Per Share $0.80 $0.70
Diluted Earnings Per Share $0.79 $0.68
COMMON SHARES
Basic Shares Outstanding 98.41M shares 99.12M shares
Diluted Shares Outstanding 99.87M shares 101.1M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.30M $20.20M
YoY Change 25.25% 30.32%
Cash & Equivalents $17.71M $13.16M
Short-Term Investments $7.600M $7.000M
Other Short-Term Assets $10.88M $9.776M
YoY Change 11.25% 43.74%
Inventory
Prepaid Expenses $7.697M $7.055M
Receivables $327.4M $269.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $407.7M $367.7M
YoY Change 10.88% 8.07%
LONG-TERM ASSETS
Property, Plant & Equipment $60.18M $61.41M
YoY Change -2.0% 2.56%
Goodwill $2.516B $2.273B
YoY Change 10.69% 25.76%
Intangibles
YoY Change
Long-Term Investments $58.10M $59.90M
YoY Change -3.01% 22.0%
Other Assets $132.3M $127.2M
YoY Change 4.04% 41.1%
Total Long-Term Assets $2.767B $2.522B
YoY Change 9.72% 25.66%
TOTAL ASSETS
Total Short-Term Assets $407.7M $367.7M
Total Long-Term Assets $2.767B $2.522B
Total Assets $3.175B $2.889B
YoY Change 9.87% 23.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.39M $11.74M
YoY Change 116.24% -3.01%
Accrued Expenses $216.4M $192.4M
YoY Change 12.47% 14.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $262.8M $212.8M
YoY Change 23.52% 7.89%
LONG-TERM LIABILITIES
Long-Term Debt $178.6M $154.0M
YoY Change 15.97% 51233.33%
Other Long-Term Liabilities $59.13M $57.34M
YoY Change 3.11% -1.91%
Total Long-Term Liabilities $59.13M $57.34M
YoY Change 3.11% -1.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $262.8M $212.8M
Total Long-Term Liabilities $59.13M $57.34M
Total Liabilities $769.7M $696.2M
YoY Change 10.55% 46.01%
SHAREHOLDERS EQUITY
Retained Earnings $1.518B $1.371B
YoY Change 10.71% 23.02%
Common Stock $1.002M $506.0K
YoY Change 98.02% 1.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.404B $2.193B
YoY Change
Total Liabilities & Shareholders Equity $3.175B $2.889B
YoY Change 9.87% 23.11%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $79.02M $69.22M
YoY Change 14.16% 14.33%
Depreciation, Depletion And Amortization $10.36M $9.870M
YoY Change 4.97% 28.4%
Cash From Operating Activities $134.2M $126.6M
YoY Change 6.0% 8.11%
INVESTING ACTIVITIES
Capital Expenditures -$3.200M -$5.000M
YoY Change -36.0% 28.21%
Acquisitions
YoY Change
Other Investing Activities -$67.60M -$118.3M
YoY Change -42.86% 183.69%
Cash From Investing Activities -$70.70M -$123.4M
YoY Change -42.71% 170.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.60M -24.60M
YoY Change 166.67% -69.93%
NET CHANGE
Cash From Operating Activities 134.2M 126.6M
Cash From Investing Activities -70.70M -123.4M
Cash From Financing Activities -65.60M -24.60M
Net Change In Cash -2.100M -21.40M
YoY Change -90.19% 107.77%
FREE CASH FLOW
Cash From Operating Activities $134.2M $126.6M
Capital Expenditures -$3.200M -$5.000M
Free Cash Flow $137.4M $131.6M
YoY Change 4.41% 8.76%

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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
482500000
us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
2400000
us-gaap Profit Loss
ProfitLoss
142685000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-632000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
7753000
us-gaap Operating Income Loss
OperatingIncomeLoss
233770000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
144404000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1180246000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
9726000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
42013000
us-gaap Investment Income Net
InvestmentIncomeNet
1970000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1439000
us-gaap Net Income Loss
NetIncomeLoss
142676000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
42000
us-gaap Health Care Organization Patient Service Revenue
HealthCareOrganizationPatientServiceRevenue
1161883000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
126696000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
150000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
9000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-64349000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
9800000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
500000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
129700000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-71000000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
119243000
us-gaap Goodwill Transfers
GoodwillTransfers
7200000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
700000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
8050000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
47081000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7492000
us-gaap Share Based Compensation
ShareBasedCompensation
15849000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13424000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-144926000
us-gaap Interest Expense
InterestExpense
3559000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
3009000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18388000
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1025000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2472000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
634000000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20732000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
9816000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15800000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
744256000
us-gaap Operating Expenses
OperatingExpenses
928113000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
89646000
md Number Of Physician Group Practices
NumberOfPhysicianGroupPractices
6 Company
md Practice Supplies And Other Operating Expenses
PracticeSuppliesAndOtherOperatingExpenses
43882000
md Time Period For Achievement Of Certain Performance Measures For Payment Of Contingent Consideration
TimePeriodForAchievementOfCertainPerformanceMeasuresForPaymentOfContingentConsideration
P4Y
md Payment Of Contingent Consideration Liability
PaymentOfContingentConsiderationLiability
3767000
md Payments Of Contingent Consideration Liabilities
PaymentsOfContingentConsiderationLiabilities
6910000
md Contingent Consideration Payments Related To Prior Period Acquisitions
ContingentConsiderationPaymentsRelatedToPriorPeriodAcquisitions
10700000
md Net Change In Fair Value Of Contingent Consideration Liabilities
NetChangeInFairValueOfContingentConsiderationLiabilities
460000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101098000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.70
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1982000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99116000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
138000 shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
112094000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
69218000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
113371000
CY2013Q2 us-gaap Investment Income Net
InvestmentIncomeNet
396000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1277000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
415809000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
69218000
CY2013Q2 us-gaap Health Care Organization Patient Service Revenue
HealthCareOrganizationPatientServiceRevenue
529180000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
54601000
CY2013Q2 us-gaap Interest Expense
InterestExpense
1673000
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9870000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7800000
CY2013Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
331922000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42876000
CY2013Q2 md Practice Supplies And Other Operating Expenses
PracticeSuppliesAndOtherOperatingExpenses
19416000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99866000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1455000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98411000 shares
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
127969000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
79025000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
129672000
CY2014Q2 us-gaap Investment Income Net
InvestmentIncomeNet
335000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1703000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
79016000
CY2014Q2 us-gaap Health Care Organization Patient Service Revenue
HealthCareOrganizationPatientServiceRevenue
595544000
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
150000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
9000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
60829000
CY2014Q2 us-gaap Interest Expense
InterestExpense
2188000
CY2014Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10361000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7700000
CY2014Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
372216000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
465872000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48944000
CY2014Q2 md Practice Supplies And Other Operating Expenses
PracticeSuppliesAndOtherOperatingExpenses
22466000

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