$MD
Pediatrix Medical Group, Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516662264 Filed on July 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $771.8M $676.6M
YoY Change 14.07% 13.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $576.7M $495.2M
YoY Change 16.46% 14.36%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.24M $15.55M
YoY Change 30.18% 50.07%
% of Gross Profit
Operating Expenses $624.0M $535.6M
YoY Change 16.49% 14.97%
Operating Profit $147.8M $141.0M
YoY Change 4.84% 8.7%
Interest Expense $15.06M $5.149M
YoY Change 192.45% 135.33%
% of Operating Profit 10.19% 3.65%
Other Income/Expense, Net -$13.86M -$4.020M
YoY Change 244.75% 136.05%
Pretax Income $133.9M $136.9M
YoY Change -2.2% 7.01%
Income Tax $51.60M $52.89M
% Of Pretax Income 38.53% 38.62%
Net Earnings $82.43M $84.13M
YoY Change -2.02% 6.47%
Net Earnings / Revenue 10.68% 12.43%
Basic Earnings Per Share $0.89 $0.91
Diluted Earnings Per Share $0.89 $0.90
COMMON SHARES
Basic Shares Outstanding 92.18M shares 92.50M shares
Diluted Shares Outstanding 92.95M shares 93.50M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.50M $70.40M
YoY Change -11.22% 178.26%
Cash & Equivalents $51.89M $65.32M
Short-Term Investments $10.60M $5.100M
Other Short-Term Assets $13.38M $10.72M
YoY Change 24.9% -1.48%
Inventory
Prepaid Expenses $11.45M $9.256M
Receivables $461.2M $380.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $548.5M $525.5M
YoY Change 4.37% 28.9%
LONG-TERM ASSETS
Property, Plant & Equipment $89.90M $81.36M
YoY Change 10.49% 35.2%
Goodwill $3.510B $3.164B
YoY Change 10.95% 25.74%
Intangibles $446.2M
YoY Change
Long-Term Investments $74.50M $61.90M
YoY Change 20.36% 6.54%
Other Assets $101.9M $442.5M
YoY Change -76.96% 234.46%
Total Long-Term Assets $4.223B $3.750B
YoY Change 12.62% 35.52%
TOTAL ASSETS
Total Short-Term Assets $548.5M $525.5M
Total Long-Term Assets $4.223B $3.750B
Total Assets $4.771B $4.275B
YoY Change 11.61% 34.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.91M $25.19M
YoY Change 10.81% -0.77%
Accrued Expenses $272.2M $261.5M
YoY Change 4.09% 20.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.00M $12.00M
YoY Change 41.67% 11900.0%
Total Short-Term Liabilities $332.1M $311.8M
YoY Change 6.51% 18.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.423B $1.285B
YoY Change 10.71% 619.43%
Other Long-Term Liabilities $58.25M $64.42M
YoY Change -9.57% 8.94%
Total Long-Term Liabilities $58.25M $64.42M
YoY Change -9.57% 8.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $332.1M $311.8M
Total Long-Term Liabilities $58.25M $64.42M
Total Liabilities $2.213B $2.055B
YoY Change 7.71% 166.96%
SHAREHOLDERS EQUITY
Retained Earnings $1.611B $1.321B
YoY Change 21.95% -12.99%
Common Stock $947.0M $898.5M
YoY Change 5.4% 89573.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.558B $2.220B
YoY Change
Total Liabilities & Shareholders Equity $4.771B $4.275B
YoY Change 11.61% 34.67%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $82.43M $84.13M
YoY Change -2.02% 6.47%
Depreciation, Depletion And Amortization $20.24M $15.55M
YoY Change 30.18% 50.07%
Cash From Operating Activities $149.7M $146.1M
YoY Change 2.46% 8.87%
INVESTING ACTIVITIES
Capital Expenditures -$8.800M -$7.300M
YoY Change 20.55% 128.12%
Acquisitions
YoY Change
Other Investing Activities -$143.7M -$528.2M
YoY Change -72.79% 681.36%
Cash From Investing Activities -$152.4M -$535.5M
YoY Change -71.54% 657.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K 404.5M
YoY Change -100.22% -716.62%
NET CHANGE
Cash From Operating Activities 149.7M 146.1M
Cash From Investing Activities -152.4M -535.5M
Cash From Financing Activities -900.0K 404.5M
Net Change In Cash -3.600M 15.10M
YoY Change -123.84% -819.05%
FREE CASH FLOW
Cash From Operating Activities $149.7M $146.1M
Capital Expenditures -$8.800M -$7.300M
Free Cash Flow $158.5M $153.4M
YoY Change 3.32% 11.64%

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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
39825000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.62
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
193000000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
3200000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
494000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
18081000
us-gaap Interest Expense
InterestExpense
29521000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-228545000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
25020000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
793000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
272018000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-6136000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26910000
us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
4900000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
38679000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2467000
us-gaap Operating Expenses
OperatingExpenses
1252365000
us-gaap Net Income Loss
NetIncomeLoss
150326000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-230000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
245108000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
16228000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
902000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
61828000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
195715000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2225000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
112161000
us-gaap Health Care Organization Revenue
HealthCareOrganizationRevenue
1524383000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17200000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-91836000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-795000
us-gaap Investment Income Net
InvestmentIncomeNet
1028000
us-gaap Malpractice Loss Contingency Period Increase Decrease
MalpracticeLossContingencyPeriodIncreaseDecrease
3522000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1583000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
95012000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
116704000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
19171000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
157700000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11455000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93018000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
900000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
61800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92225000 shares
dei Trading Symbol
TradingSymbol
MD
us-gaap Profit Loss
ProfitLoss
150096000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
737500000
us-gaap Share Based Compensation
ShareBasedCompensation
17240000
md Number Of Pediatric Subspecialty Practices Acquired
NumberOfPediatricSubspecialtyPracticesAcquired
2 Company
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
927000
md Payment Of Contingent Consideration Liability Financing
PaymentOfContingentConsiderationLiabilityFinancing
4393000
md Assumed Payment Probability Of Contingent Consideration Payment
AssumedPaymentProbabilityOfContingentConsiderationPayment
1.00 pure
md Payment Of Contingent Consideration Liability Operating
PaymentOfContingentConsiderationLiabilityOperating
501000
md Business Combination Contingent Consideration Arrangement Time Period Of Measurement
BusinessCombinationContingentConsiderationArrangementTimePeriodOfMeasurement
P5Y
md Number Of Anesthesiology Practices Acquired
NumberOfAnesthesiologyPracticesAcquired
4 Company
md Number Of Physician Group Practices Acquired
NumberOfPhysicianGroupPracticesAcquired
7 Company
md Practice Salaries And Benefits
PracticeSalariesAndBenefits
976436000
md Increase Decrease In Accrued Payroll Taxes And Benefits
IncreaseDecreaseInAccruedPayrollTaxesAndBenefits
96700000
md Number Of Neonatology Practices Acquired
NumberOfNeonatologyPracticesAcquired
1 Company
md Practice Supplies And Other Operating Expenses
PracticeSuppliesAndOtherOperatingExpenses
54038000
md Payments To Acquire Businesses Net Of Cash Acquired Excluding Prior Period Adjustments
PaymentsToAcquireBusinessesNetOfCashAcquiredExcludingPriorPeriodAdjustments
189500000
md Number Of Patient Engagement Software Company Acquired
NumberOfPatientEngagementSoftwareCompanyAcquired
1 Company
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
72401000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15549000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4020000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
535631000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
84130000
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-82000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
136937000
CY2015Q2 us-gaap Interest Expense
InterestExpense
5149000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
995000 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
140957000
CY2015Q2 us-gaap Health Care Organization Revenue
HealthCareOrganizationRevenue
676588000
CY2015Q2 us-gaap Investment Income Net
InvestmentIncomeNet
384000
CY2015Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
745000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
52889000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93495000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92500000 shares
CY2015Q2 us-gaap Profit Loss
ProfitLoss
84048000
CY2015Q2 md Practice Salaries And Benefits
PracticeSalariesAndBenefits
422803000
CY2015Q2 md Practice Supplies And Other Operating Expenses
PracticeSuppliesAndOtherOperatingExpenses
24878000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8300000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
92116000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
CY2016Q2 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
3200000
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20241000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-13859000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
623974000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
82427000
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-102000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
133926000
CY2016Q2 us-gaap Interest Expense
InterestExpense
15058000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
763000 shares
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
147785000
CY2016Q2 us-gaap Health Care Organization Revenue
HealthCareOrganizationRevenue
771759000
CY2016Q2 us-gaap Investment Income Net
InvestmentIncomeNet
410000
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
789000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51601000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
92945000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92182000 shares
CY2016Q2 us-gaap Profit Loss
ProfitLoss
82325000
CY2016Q2 md Practice Salaries And Benefits
PracticeSalariesAndBenefits
484625000
CY2016Q2 md Practice Supplies And Other Operating Expenses
PracticeSuppliesAndOtherOperatingExpenses
26992000

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