2015 Form 10-K Financial Statement

#000119312516459842 Filed on February 11, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $2.780B $650.5M $626.5M
YoY Change 13.99% 14.65% 12.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.059B $472.0M $455.4M
YoY Change 14.99% 15.4% 13.42%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.23M $13.90M $11.36M
YoY Change 39.66% 32.52% 8.56%
% of Gross Profit
Operating Expenses $2.222B $509.4M $488.4M
YoY Change 15.38% 14.88% 13.19%
Operating Profit $557.9M $141.1M $138.1M
YoY Change 8.75% 13.86% 12.05%
Interest Expense $23.11M $3.313M $2.019M
YoY Change 159.93% 216.73% 33.97%
% of Operating Profit 4.14% 2.35% 1.46%
Other Income/Expense, Net -$18.14M -$2.213M -$731.0K
YoY Change 313.85% -35.59%
Pretax Income $539.7M $138.9M $137.4M
YoY Change 6.12% 12.54% 12.49%
Income Tax $204.0M $50.59M $51.17M
% Of Pretax Income 37.8% 36.43% 37.24%
Net Earnings $336.3M $88.40M $86.21M
YoY Change 6.0% 11.93% 12.02%
Net Earnings / Revenue 12.1% 13.59% 13.76%
Basic Earnings Per Share $3.61 $0.90 $0.87
Diluted Earnings Per Share $3.58 $0.89 $0.86
COMMON SHARES
Basic Shares Outstanding 93.08M shares 98.07M shares 99.09M shares
Diluted Shares Outstanding 93.96M shares 99.13M shares 100.1M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.40M $54.00M $79.10M
YoY Change 11.85% 43.62% 273.11%
Cash & Equivalents $51.60M $47.93M $71.82M
Short-Term Investments $8.900M $6.000M $7.300M
Other Short-Term Assets $22.60M $7.901M $10.82M
YoY Change -62.89% -1.32% 14.9%
Inventory
Prepaid Expenses $7.036M $8.778M
Receivables $444.7M $352.2M $345.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $527.8M $467.1M $481.1M
YoY Change 13.0% 26.87% 28.98%
LONG-TERM ASSETS
Property, Plant & Equipment $83.60M $66.05M $63.60M
YoY Change 26.67% 10.24% 4.37%
Goodwill $2.776B $2.659B
YoY Change 15.98% 12.96%
Intangibles $198.1M
YoY Change
Long-Term Investments $63.30M $64.10M $61.80M
YoY Change -1.25% 11.48% 0.0%
Other Assets $82.20M $36.74M $212.4M
YoY Change 123.98% -71.61% 63.45%
Total Long-Term Assets $4.019B $3.141B $2.997B
YoY Change 27.96% 18.96% 14.97%
TOTAL ASSETS
Total Short-Term Assets $527.8M $467.1M $481.1M
Total Long-Term Assets $4.019B $3.141B $2.997B
Total Assets $4.547B $3.608B $3.478B
YoY Change 26.02% 19.93% 16.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00M $32.78M $22.17M
YoY Change -32.93% 76.21% 93.25%
Accrued Expenses $373.8M $347.9M $278.1M
YoY Change 7.44% 19.92% 13.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.90M $10.00M $300.0K
YoY Change 13.33% 9900.0% 200.0%
Total Short-Term Liabilities $428.8M $416.3M $329.3M
YoY Change 3.0% 27.38% 20.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.263B $557.5M $288.2M
YoY Change 126.19% 1964.64% 132.98%
Other Long-Term Liabilities $228.8M $58.96M $54.51M
YoY Change 10.21% -3.32% -13.91%
Total Long-Term Liabilities $1.492B $616.4M $54.51M
YoY Change 94.75% 600.59% -13.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $428.8M $416.3M $329.3M
Total Long-Term Liabilities $1.492B $616.4M $54.51M
Total Liabilities $2.110B $1.343B $973.1M
YoY Change 57.02% 101.69% 30.48%
SHAREHOLDERS EQUITY
Retained Earnings $1.377B $1.604B
YoY Change -7.23% 14.19%
Common Stock $887.8M $1.003M
YoY Change 87630.93% 99.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.438B $2.265B $2.504B
YoY Change
Total Liabilities & Shareholders Equity $4.547B $3.608B $3.478B
YoY Change 26.02% 19.93% 16.72%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $336.3M $88.40M $86.21M
YoY Change 6.0% 11.93% 12.02%
Depreciation, Depletion And Amortization $64.23M $13.90M $11.36M
YoY Change 39.66% 32.52% 8.56%
Cash From Operating Activities $368.7M $178.8M $159.4M
YoY Change -12.75% 28.36% 0.95%
INVESTING ACTIVITIES
Capital Expenditures -$27.10M -$6.700M -$3.600M
YoY Change 49.72% 123.33% 5.88%
Acquisitions $818.9M
YoY Change 70.82%
Other Investing Activities -$820.9M -$134.3M -$214.0M
YoY Change 69.08% 222.06% 179.74%
Cash From Investing Activities -$848.0M -$141.0M -$217.7M
YoY Change 68.39% 215.44% 172.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $214.9M
YoY Change -51.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 482.9M -61.60M 112.3M
YoY Change 393.76% -22.71% -249.73%
NET CHANGE
Cash From Operating Activities 368.7M 178.8M 159.4M
Cash From Investing Activities -848.0M -141.0M -217.7M
Cash From Financing Activities 482.9M -61.60M 112.3M
Net Change In Cash 3.600M -23.80M 54.00M
YoY Change -78.57% -259.73% 1641.94%
FREE CASH FLOW
Cash From Operating Activities $368.7M $178.8M $159.4M
Capital Expenditures -$27.10M -$6.700M -$3.600M
Free Cash Flow $395.8M $185.5M $163.0M
YoY Change -10.19% 30.36% 1.05%

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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> <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 <font style="WHITE-SPACE: nowrap">(i)&#xA0;fee-for-service</font> 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 2015 the Company acquired a radiology physician services and telemedicine company that provides outsourced radiology and telemedicine services to hospital, health system and radiology group facilities as well as a third-party receivables company that specializes in revenue recovery on accounts that require heightened expertise, labor and capital. 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.</font></p> </div>
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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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3.66
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3.69
CY2015 dei Document Fiscal Year Focus
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2015
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CY2015 dei Entity Filer Category
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Large Accelerated Filer
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CY2015 dei Entity Current Reporting Status
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Yes
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2019-10-29
CY2015 dei Entity Registrant Name
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MEDNAX, INC.
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
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CY2015 dei Entity Voluntary Filers
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CY2015 dei Document Period End Date
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2015-12-31
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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>
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MD
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3.61
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EarningsPerShareDiluted
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0.87
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PracticeSalariesAndBenefits
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