2013 Q4 Form 10-K Financial Statement

#000119312515039201 Filed on February 09, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $567.4M $554.7M $529.2M
YoY Change 20.39% 17.25% 17.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $409.0M $401.5M $386.5M
YoY Change 19.98% 18.02% 19.22%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.49M $10.46M $9.870M
YoY Change 29.66% 32.0% 28.4%
% of Gross Profit
Operating Expenses $443.5M $431.4M $415.8M
YoY Change 20.41% 17.96% 18.87%
Operating Profit $123.9M $123.3M $113.4M
YoY Change 20.28% 14.82% 13.67%
Interest Expense $1.046M $1.507M $1.673M
YoY Change -14.19% 141.51% 97.29%
% of Operating Profit 0.84% 1.22% 1.48%
Other Income/Expense, Net -$1.135M -$1.277M
YoY Change
Pretax Income $123.4M $122.2M $112.1M
YoY Change 20.4% 13.98% 12.94%
Income Tax $44.42M $45.20M $42.88M
% Of Pretax Income 36.0% 37.0% 38.25%
Net Earnings $78.97M $76.96M $69.22M
YoY Change 19.47% 16.76% 14.33%
Net Earnings / Revenue 13.92% 13.87% 13.08%
Basic Earnings Per Share $0.79 $0.77 $0.70
Diluted Earnings Per Share $0.78 $0.76 $0.68
COMMON SHARES
Basic Shares Outstanding 99.47M shares 99.51M shares 99.12M shares
Diluted Shares Outstanding 101.1M shares 101.2M shares 101.1M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.60M $21.20M $20.20M
YoY Change 34.77% -70.51% 30.32%
Cash & Equivalents $31.14M $16.24M $13.16M
Short-Term Investments $6.500M $4.900M $7.000M
Other Short-Term Assets $8.007M $9.415M $9.776M
YoY Change -13.23% 36.49% 43.74%
Inventory
Prepaid Expenses $6.361M $6.076M $7.055M
Receivables $285.4M $272.8M $269.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $368.1M $373.0M $367.7M
YoY Change 2.53% -7.41% 8.07%
LONG-TERM ASSETS
Property, Plant & Equipment $59.91M $60.93M $61.41M
YoY Change 0.29% 2.91% 2.56%
Goodwill $2.394B $2.354B $2.273B
YoY Change 10.53% 21.36% 25.76%
Intangibles
YoY Change
Long-Term Investments $57.50M $61.80M $59.90M
YoY Change 20.8% 52.59% 22.0%
Other Assets $129.4M $130.0M $127.2M
YoY Change 9.42% 43.34% 41.1%
Total Long-Term Assets $2.641B $2.607B $2.522B
YoY Change 10.43% 22.38% 25.66%
TOTAL ASSETS
Total Short-Term Assets $368.1M $373.0M $367.7M
Total Long-Term Assets $2.641B $2.607B $2.522B
Total Assets $3.009B $2.980B $2.889B
YoY Change 9.39% 17.64% 23.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.61M $11.47M $11.74M
YoY Change 34.7% 15.09% -3.01%
Accrued Expenses $290.1M $245.1M $192.4M
YoY Change 19.98% 14.05% 14.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $326.8M $274.0M $212.8M
YoY Change 21.78% 11.89% 7.89%
LONG-TERM LIABILITIES
Long-Term Debt $27.00M $123.7M $154.0M
YoY Change -81.28% 156.11% 51233.33%
Other Long-Term Liabilities $60.99M $63.32M $57.34M
YoY Change 7.08% 13.35% -1.91%
Total Long-Term Liabilities $87.99M $63.32M $57.34M
YoY Change 54.49% 13.35% -1.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $326.8M $274.0M $212.8M
Total Long-Term Liabilities $87.99M $63.32M $57.34M
Total Liabilities $665.7M $745.8M $696.2M
YoY Change -6.89% 27.73% 46.01%
SHAREHOLDERS EQUITY
Retained Earnings $1.484B $1.405B $1.371B
YoY Change 19.03% 19.0% 23.02%
Common Stock $1.012M $502.0K $506.0K
YoY Change 1.2% 0.8% 1.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.343B $2.234B $2.193B
YoY Change
Total Liabilities & Shareholders Equity $3.009B $2.980B $2.889B
YoY Change 9.39% 17.64% 23.11%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $78.97M $76.96M $69.22M
YoY Change 19.47% 16.76% 14.33%
Depreciation, Depletion And Amortization $10.49M $10.46M $9.870M
YoY Change 29.66% 32.0% 28.4%
Cash From Operating Activities $139.3M $157.9M $126.6M
YoY Change 32.41% 17.22% 8.11%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$3.400M -$5.000M
YoY Change -34.78% 9.68% 28.21%
Acquisitions
YoY Change
Other Investing Activities -$41.70M -$76.50M -$118.3M
YoY Change -83.09% -41.74% 183.69%
Cash From Investing Activities -$44.70M -$79.80M -$123.4M
YoY Change -82.2% -40.62% 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 -79.70M -75.00M -24.60M
YoY Change -178.83% -239.66% -69.93%
NET CHANGE
Cash From Operating Activities 139.3M 157.9M 126.6M
Cash From Investing Activities -44.70M -79.80M -123.4M
Cash From Financing Activities -79.70M -75.00M -24.60M
Net Change In Cash 14.90M 3.100M -21.40M
YoY Change -133.26% -94.26% 107.77%
FREE CASH FLOW
Cash From Operating Activities $139.3M $157.9M $126.6M
Capital Expenditures -$3.000M -$3.400M -$5.000M
Free Cash Flow $142.3M $161.3M $131.6M
YoY Change 29.6% 17.05% 8.76%

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26.16
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
MEDNAX, INC.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Trading Symbol
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MD
CY2014 dei Entity Filer Category
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Large Accelerated Filer
CY2014 dei Entity Voluntary Filers
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No
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CY2014 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.&#xA0;&#xA0;&#xA0;&#xA0;General:</b></font></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The principal business activity of MEDNAX, Inc. (&#x201C;MEDNAX&#x201D; or the &#x201C;Company&#x201D;) and its subsidiaries is to provide neonatal, anesthesia, maternal-fetal and other pediatric subspecialties physician services. The Company has contracts with affiliated business corporations or professional associations, limited liability companies and partnerships (&#x201C;affiliated professional contractors&#x201D;), which are separate legal entities that provide physician services in certain states and Puerto Rico. The Company and its affiliated professional contractors also have contracts with hospitals and other healthcare facilities to provide physician services, which include (i)&#xA0;fee-for-service contracts, whereby hospitals agree, in exchange for the Company&#x2019;s services, to authorize the Company and its healthcare professionals to bill and collect the charges for medical services rendered by the Company&#x2019;s affiliated healthcare professionals, and (ii)&#xA0;administrative fee contracts, whereby the Company is assured a minimum revenue level.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition to the Company&#x2019;s national physician network, during 2014 the Company acquired two complementary businesses that offer services to medical providers, including its own, consisting of a revenue cycle management company and a consulting services company. The Company expects that the development of these service offerings will function as support for its own physician practices as well as an outsourced services capability.</font></p> </div>
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57.73
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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744794 shares
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500 shares
CY2014 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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3.27
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0.0274 pure
CY2014 us-gaap Malpractice Loss Contingency Period Increase Decrease
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9284000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Accounting Estimates and Assumptions</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions are involved in the calculation of the Company&#x2019;s allowance for contractual adjustments and uncollectibles on accounts receivable, liabilities for self-insured amounts and claims incurred but not reported related to the Company&#x2019;s professional liability risks, the fair value of goodwill, and liabilities for uncertain tax positions. Actual results could differ from those estimates.</font></p> </div>
CY2014 dei Document Period End Date
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2014-12-31
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EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0059 pure
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37.90
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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27.72
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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42.19
CY2014 dei Amendment Flag
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false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
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2014
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99887000 shares
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3.22
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P8Y8M12D
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GoodwillPeriodIncreaseDecrease
382500000
CY2014 us-gaap Pro Forma Weighted Average Shares Outstanding Diluted
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99887000 shares
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P3Y7M6D
CY2014 dei Entity Central Index Key
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0000893949
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3.31
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0.3500 pure
CY2014 us-gaap Line Of Credit Facility Description
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At the Company’s option, borrowings under the Credit Agreement (other than swingline loans) will bear interest at (i) the Alternate Base Rate (defined as the higher of (a) the prime rate, (b) the Federal Funds Rate plus 1/2 of 1.00% and (c) LIBOR for an interest period of one month plus 1.00%) plus an applicable margin rate ranging from 0.125% to 0.750% based on the Company’s consolidated leverage ratio or (ii) the LIBOR rate plus an applicable margin rate ranging from 1.125% to 1.750% based on the Company’s consolidated leverage ratio. Swingline loans will bear interest at the alternate base rate plus the applicable margin.
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0
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317203000
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-1506000
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-2137000
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CY2014 dei Document Fiscal Period Focus
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FY
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1000 shares
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512999000
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CY2014 dei Entity Current Reporting Status
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Yes
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98588000 shares
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98588000 shares
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40000
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161841000
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7700000
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26884000
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3750000
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2728000
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CY2014 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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1780000
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2300000
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CY2014 md Number Of Physician Group Practices
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1996000 shares
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324906000
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99382000 shares
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2.47
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15800000
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24800000
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18100000
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19814000
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