2017 Q4 Form 10-Q Financial Statement
#000163883317000044 Filed on November 09, 2017
Income Statement
Concept | 2017 Q4 | 2017 Q3 |
---|---|---|
Revenue | $460.3M | $132.3M |
YoY Change | 50.44% | -53.21% |
Cost Of Revenue | $338.7M | $102.9M |
YoY Change | 58.09% | -48.89% |
Gross Profit | $121.6M | $29.33M |
YoY Change | 32.57% | -63.91% |
Gross Profit Margin | 26.42% | 22.18% |
Selling, General & Admin | $51.20M | $45.00M |
YoY Change | 28.64% | 22.62% |
% of Gross Profit | 42.09% | 153.41% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $18.40M | $3.330M |
YoY Change | 73.58% | -65.72% |
% of Gross Profit | 15.13% | 11.35% |
Operating Expenses | $69.70M | $120.3M |
YoY Change | 38.29% | -49.83% |
Operating Profit | $51.94M | $11.93M |
YoY Change | 25.6% | -72.17% |
Interest Expense | -$30.30M | -$15.88M |
YoY Change | 26.78% | -40.01% |
% of Operating Profit | -58.33% | -133.18% |
Other Income/Expense, Net | $25.50M | $17.40M |
YoY Change | 3542.86% | -524.39% |
Pretax Income | $72.80M | -$2.859M |
YoY Change | 70.49% | -122.62% |
Income Tax | $7.900M | -$211.0K |
% Of Pretax Income | 10.85% | |
Net Earnings | -$32.18M | -$9.140M |
YoY Change | -290.82% | 290.93% |
Net Earnings / Revenue | -6.99% | -6.91% |
Basic Earnings Per Share | -$0.83 | -$0.57 |
Diluted Earnings Per Share | -$0.83 | -$0.57 |
COMMON SHARES | ||
Basic Shares Outstanding | 48.77M shares | 48.31M shares |
Diluted Shares Outstanding | 48.31M shares |
Balance Sheet
Concept | 2017 Q4 | 2017 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $174.9M | $199.7M |
YoY Change | 150.93% | 261.78% |
Cash & Equivalents | $174.9M | $214.2M |
Short-Term Investments | ||
Other Short-Term Assets | $38.50M | $15.48M |
YoY Change | 239.58% | 49.04% |
Inventory | $44.95M | $44.52M |
Prepaid Expenses | $16.84M | $18.42M |
Receivables | $288.0M | $271.1M |
Other Receivables | $14.20M | $19.90M |
Total Short-Term Assets | $563.2M | $573.7M |
YoY Change | 55.61% | 74.51% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $398.5M | $388.7M |
YoY Change | 95.06% | 94.74% |
Goodwill | $3.347B | $3.269B |
YoY Change | 115.2% | 113.48% |
Intangibles | $58.91M | $56.75M |
YoY Change | 22.67% | 16.59% |
Long-Term Investments | $77.70M | $67.50M |
YoY Change | 96.71% | 71.32% |
Other Assets | $48.67M | $19.13M |
YoY Change | 196.11% | 38.34% |
Total Long-Term Assets | $4.060B | $4.028B |
YoY Change | 108.93% | 109.8% |
TOTAL ASSETS | ||
Total Short-Term Assets | $563.2M | $573.7M |
Total Long-Term Assets | $4.060B | $4.028B |
Total Assets | $4.623B | $4.602B |
YoY Change | 100.56% | 104.64% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $84.71M | $73.25M |
YoY Change | 70.22% | 64.78% |
Accrued Expenses | $122.9M | $99.30M |
YoY Change | 73.1% | 42.26% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $58.70M | $48.50M |
YoY Change | 111.15% | 66.67% |
Total Short-Term Liabilities | $303.0M | $275.0M |
YoY Change | 62.27% | 53.94% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $2.252B | $2.562B |
YoY Change | 53.51% | 81.58% |
Other Long-Term Liabilities | $222.5M | $116.8M |
YoY Change | 191.72% | 33.59% |
Total Long-Term Liabilities | $222.5M | $116.8M |
YoY Change | 191.72% | 33.59% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $303.0M | $275.0M |
Total Long-Term Liabilities | $222.5M | $116.8M |
Total Liabilities | $525.5M | $391.8M |
YoY Change | 99.81% | 47.25% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$41.32M | -$9.140M |
YoY Change | -86.73% | -97.22% |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $654.7M | $695.4M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $4.623B | $4.602B |
YoY Change | 100.56% | 104.64% |
Cashflow Statement
Concept | 2017 Q4 | 2017 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$32.18M | -$9.140M |
YoY Change | -290.82% | 290.93% |
Depreciation, Depletion And Amortization | $18.40M | $3.330M |
YoY Change | 73.58% | -65.72% |
Cash From Operating Activities | $54.40M | -$1.222M |
YoY Change | 68.42% | -106.47% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$9.000M | $1.840M |
YoY Change | -15.89% | -123.0% |
Acquisitions | $1.163M | |
YoY Change | ||
Other Investing Activities | -$26.90M | $0.00 |
YoY Change | 37.24% | -100.0% |
Cash From Investing Activities | -$35.80M | -$3.003M |
YoY Change | 18.15% | -85.7% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | $3.609M | |
YoY Change | ||
Cash From Financing Activities | -43.40M | -$10.28M |
YoY Change | -447.2% | -277.24% |
NET CHANGE | ||
Cash From Operating Activities | 54.40M | -$1.222M |
Cash From Investing Activities | -35.80M | -$3.003M |
Cash From Financing Activities | -43.40M | -$10.28M |
Net Change In Cash | -24.80M | -$14.51M |
YoY Change | -271.03% | -492.03% |
FREE CASH FLOW | ||
Cash From Operating Activities | $54.40M | -$1.222M |
Capital Expenditures | -$9.000M | $1.840M |
Free Cash Flow | $63.40M | -$3.062M |
YoY Change | 47.44% | -111.38% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
CY2017Q3 | us-gaap |
Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
|
2633000 | USD |
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-09-30 | ||
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001638833 | ||
CY2017Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
48769296 | shares |
dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
Surgery Partners, Inc. | ||
CY2017Q3 | sgry |
Amortizationof Unfavorable Lease Liability
AmortizationofUnfavorableLeaseLiability
|
27000 | USD |
CY2017Q3 | sgry |
Business Acquisition Contingent Acquisition Compensation Liability Current
BusinessAcquisitionContingentAcquisitionCompensationLiabilityCurrent
|
7866000 | USD |
CY2017Q3 | sgry |
Business Combination Contingent Acquisition Expense
BusinessCombinationContingentAcquisitionExpense
|
605000 | USD |
CY2017Q3 | sgry |
Business Combination Gain Loss On Acquisition Escrow
BusinessCombinationGainLossOnAcquisitionEscrow
|
0 | USD |
sgry |
Business Combination Integration Related Costs And Merger Costs
BusinessCombinationIntegrationRelatedCostsAndMergerCosts
|
2400000 | USD | |
CY2017Q3 | sgry |
Business Combination Integration Related Costs And Merger Costs
BusinessCombinationIntegrationRelatedCostsAndMergerCosts
|
3457000 | USD |
CY2017Q3 | sgry |
Business Combination Practice Acquisition Costs
BusinessCombinationPracticeAcquisitionCosts
|
606000 | USD |
sgry |
Business Combination Practice Acquisition Costs
BusinessCombinationPracticeAcquisitionCosts
|
2100000 | USD | |
CY2017Q3 | sgry |
Business Combination Practice Acquisition Costs
BusinessCombinationPracticeAcquisitionCosts
|
474000 | USD |
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Business Combination Practice Acquisition Costs
BusinessCombinationPracticeAcquisitionCosts
|
607000 | USD |
sgry |
Business Combination Practice Acquisition Costs
BusinessCombinationPracticeAcquisitionCosts
|
2200000 | USD | |
CY2017Q3 | sgry |
Debt Instrument Prepayment Penalty Amount
DebtInstrumentPrepaymentPenaltyAmount
|
0 | USD |
CY2017Q3 | sgry |
Deferred Income Tax Liability Gain On Amendment Of Liability
DeferredIncomeTaxLiabilityGainOnAmendmentOfLiability
|
1100000 | USD |
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Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
|
14842000 | USD |
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Escrow Deposit Current
EscrowDepositCurrent
|
4571000 | USD |
CY2017Q3 | sgry |
Escrow Deposit Noncurrent
EscrowDepositNoncurrent
|
19600000 | USD |
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Escrow Liability Current
EscrowLiabilityCurrent
|
4571000 | USD |
CY2017Q3 | sgry |
Escrow Liability Noncurrent
EscrowLiabilityNoncurrent
|
19600000 | USD |
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Gain Loss On Amendment To Tax Receivable Agreement
GainLossOnAmendmentToTaxReceivableAgreement
|
1098000 | USD |
CY2017Q3 | sgry |
Incentive Payments Recognizedfor Certain Hospitalsand Physician Practices That Demonstrate Meaningful Useof Certified Electronic Health Record Technology
IncentivePaymentsRecognizedforCertainHospitalsandPhysicianPracticesThatDemonstrateMeaningfulUseofCertifiedElectronicHealthRecordTechnology
|
-7000 | USD |
CY2017Q3 | sgry |
Increaseof Revenueas Resultof Changesin Estimatesto Thirdparty Settlements Relatedto Prior Years
IncreaseofRevenueasResultofChangesinEstimatestoThirdpartySettlementsRelatedtoPriorYears
|
0 | USD |
CY2017Q3 | sgry |
Intangible Assets Professional Recruitment Expense
IntangibleAssetsProfessionalRecruitmentExpense
|
38000 | USD |
CY2017Q3 | sgry |
Lease Obligation Noncurrent
LeaseObligationNoncurrent
|
90052000 | USD |
CY2017Q3 | sgry |
Medical Malpractice Liability Noncurrent
MedicalMalpracticeLiabilityNoncurrent
|
13453000 | USD |
CY2017Q3 | sgry |
Non Controlling Interest Acquisitions And Disposals Of Interests Held By Non Controlling Interest Holders Net
NonControllingInterestAcquisitionsAndDisposalsOfInterestsHeldByNonControllingInterestHoldersNet
|
-19000 | USD |
CY2017Q3 | sgry |
Number Of Surgical Facilities Owned
NumberOfSurgicalFacilitiesOwned
|
124 | surgical_facility |
CY2017Q3 | sgry |
Numberof Surgical Facilities Owned Consolidated
NumberofSurgicalFacilitiesOwnedConsolidated
|
109 | surgical_facility |
CY2017Q3 | sgry |
Numberof Surgical Facilities Owned Majority Interest
NumberofSurgicalFacilitiesOwnedMajorityInterest
|
85 | surgical_facility |
CY2017Q3 | sgry |
Optical Products Receivable
OpticalProductsReceivable
|
8369000 | USD |
CY2017Q3 | sgry |
Redeemable Noncontrolling Interest Decrease From Distributions To Noncontrolling Interest Holders
RedeemableNoncontrollingInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
730000 | USD |
CY2017Q3 | sgry |
Redeemable Noncontrolling Interest Increase Decrease From Redemptions Or Purchase Of Interests
RedeemableNoncontrollingInterestIncreaseDecreaseFromRedemptionsOrPurchaseOfInterests
|
91000 | USD |
CY2017Q3 | sgry |
Tax Receivable Agreement Expense
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|
0 | USD |
CY2017Q3 | sgry |
Tax Receivable Agreement Liability Current
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|
837000 | USD |
CY2017Q3 | sgry |
Tax Receivable Agreement Liability Noncurrent
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|
68148000 | USD |
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Third Party Settlements Payable Current
ThirdPartySettlementsPayableCurrent
|
1400000 | USD |
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Variable Interest Entity Numberof Facilities
VariableInterestEntityNumberofFacilities
|
3 | Anesthesia_Practice |
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Variable Interest Entity Numberof Facilities
VariableInterestEntityNumberofFacilities
|
3 | Practice |
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Variable Interest Entity Numberof Facilities
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|
5 | surgical_facility |
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Accounts Payable Current
AccountsPayableCurrent
|
73251000 | USD |
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Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
271140000 | USD |
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Accrued Insurance Current
AccruedInsuranceCurrent
|
10287000 | USD |
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
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2729000 | USD |
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Additional Paid In Capital
AdditionalPaidInCapital
|
704054000 | USD |
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
-2648000 | USD |
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Cost Of Revenue
CostOfRevenue
|
102924000 | USD |
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Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
|
15566000 | USD |
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1683000 | USD |
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Allowance For Doubtful Accounts Receivable Current
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|
3690000 | USD |
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Amortization Of Financing Costs And Discounts
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|
-103000 | USD |
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Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
271000 | USD |
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Assets
Assets
|
4601854000 | USD |
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Assets Current
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|
573659000 | USD |
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Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
5033000 | USD |
us-gaap |
Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
|
5600000 | USD | |
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Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
|
2983000 | USD |
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Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
|
3000000 | USD |
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Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
|
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us-gaap |
Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
|
6400000 | USD | |
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Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
|
2300000 | USD |
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Capital Lease Obligations
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|
16340000 | USD |
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Capital Leases Balance Sheet Assets By Major Class Net
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|
19200000 | USD |
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Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
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700000 | USD |
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Cash And Cash Equivalents At Carrying Value
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199701000 | USD |
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Cash And Cash Equivalents At Carrying Value
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214206000 | USD |
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Cash And Cash Equivalents Period Increase Decrease
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-14505000 | USD |
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
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Common Stock Shares Authorized
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300000000 | shares |
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Common Stock Shares Issued
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48769296 | shares |
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Common Stock Shares Outstanding
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48769296 | shares |
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Common Stock Value Outstanding
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|
488000 | USD |
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Comprehensive Income Net Of Tax
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|
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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|
6492000 | USD |
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Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
|
0 | USD |
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Deferred Compensation Liability Classified Noncurrent
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|
1804000 | USD |
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Deferred Compensation Plan Assets
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|
1804000 | USD |
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Deferred Finance Costs Noncurrent Net
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|
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Deferred Income Tax Expense Benefit
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|
-465000 | USD |
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Deferred Income Tax Liabilities Net
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|
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Deferred Tax Assets Liabilities Net Noncurrent
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|
209207000 | USD |
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Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
3330000 | USD |
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Earnings Per Share Basic
EarningsPerShareBasic
|
-0.57 | |
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Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.57 | |
us-gaap |
Effective Income Tax Rate Continuing Operations
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|
0.38 | ||
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Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
42439000 | USD |
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Estimated Insurance Recoveries
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|
9100000 | USD |
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Finance Lease Principal Payments
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|
253000 | USD |
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Finitelived Intangible Assets Acquired1
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|
66000 | USD |
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Gain Loss On Disposition Of Assets1
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|
-333000 | USD |
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Gain Loss Related To Litigation Settlement
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|
0 | USD |
CY2017Q3 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
0 | USD |
us-gaap |
Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
|
-16400000 | USD | |
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General And Administrative Expense
GeneralAndAdministrativeExpense
|
7777000 | USD |
CY2017Q3 | us-gaap |
Goodwill
Goodwill
|
3270309000 | USD |
CY2017Q3 | us-gaap |
Goodwill
Goodwill
|
3269225000 | USD |
CY2017Q3 | us-gaap |
Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
|
1214000 | USD |
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Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
|
-130000 | USD |
CY2017Q3 | us-gaap |
Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
|
0 | USD |
CY2017Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Domestic
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|
-2859000 | USD |
CY2017Q3 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
712000 | USD |
CY2017Q3 | us-gaap |
Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
|
203000 | USD |
CY2017Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-211000 | USD |
CY2017Q3 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
8618000 | USD |
CY2017Q3 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2795000 | USD |
CY2017Q3 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
2919000 | USD |
CY2017Q3 | us-gaap |
Insurance Receivable For Malpractice Current
InsuranceReceivableForMalpracticeCurrent
|
2837000 | USD |
CY2017Q3 | us-gaap |
Insurance Receivable For Malpractice Noncurrent
InsuranceReceivableForMalpracticeNoncurrent
|
6835000 | USD |
CY2017Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
56507000 | USD |
CY2017Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
56750000 | USD |
CY2017Q3 | us-gaap |
Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
|
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Interest Payable Current
InterestPayableCurrent
|
23777000 | USD |
CY2017Q3 | us-gaap |
Inventory Net
InventoryNet
|
44523000 | USD |
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Investments In Affiliates Subsidiaries Associates And Joint Ventures
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|
64427000 | USD |
CY2017Q3 | us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
41784000 | USD |
CY2017Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
4601854000 | USD |
CY2017Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
275012000 | USD |
CY2017Q3 | us-gaap |
Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
|
2853000 | USD |
CY2017Q3 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
2144862000 | USD |
CY2017Q3 | us-gaap |
Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
|
48472000 | USD |
CY2017Q3 | us-gaap |
Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
|
2193334000 | USD |
CY2017Q3 | us-gaap |
Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
|
8618000 | USD |
CY2017Q3 | us-gaap |
Minority Interest
MinorityInterest
|
683733000 | USD |
CY2017Q3 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
5714000 | USD |
CY2017Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-10280000 | USD |
CY2017Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3003000 | USD |
CY2017Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1222000 | USD |
CY2017Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9140000 | USD |
CY2017Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
6492000 | USD |
CY2017Q3 | us-gaap |
Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
|
1054000 | USD |
CY2017Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-27339000 | USD |
CY2017Q3 | us-gaap |
Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
|
-3702000 | USD |
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
3 | segment | |
CY2017Q3 | us-gaap |
Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
|
32 | state |
CY2017Q3 | us-gaap |
Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
|
7893000 | USD |
CY2017Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
120332000 | USD |
CY2017Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
11926000 | USD |
CY2017Q3 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
6858000 | USD |
CY2017Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
33076000 | USD |
CY2017Q3 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
15482000 | USD |
CY2017Q3 | us-gaap |
Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
|
4847000 | USD |
CY2017Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
19133000 | USD |
CY2017Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
0 | USD |
CY2017Q3 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
8000000 | USD |
CY2017Q3 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
106279000 | USD |
CY2017Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
116799000 | USD |
CY2017Q3 | us-gaap |
Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
|
0 | USD |
CY2017Q3 | us-gaap |
Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
|
3597000 | USD |
CY2017Q3 | us-gaap |
Payables To Customers
PayablesToCustomers
|
15087000 | USD |
CY2017Q3 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
4000 | USD |
CY2017Q3 | us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
6444000 | USD |
CY2017Q3 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
0 | USD |
CY2017Q3 | us-gaap |
Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
|
1163000 | USD |
CY2017Q3 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1840000 | USD |
CY2017Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2017Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
20000000 | shares |
CY2017Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2017Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2017Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2017Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
53724000 | USD |
CY2017Q3 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
18418000 | USD |
CY2017Q3 | us-gaap |
Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
|
0 | USD |
CY2017Q3 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
0 | USD |
CY2017Q3 | us-gaap |
Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
|
0 | USD |
CY2017Q3 | us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
0 | USD |
CY2017Q3 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
30000 | USD |
CY2017Q3 | us-gaap |
Professional Fees
ProfessionalFees
|
11254000 | USD |
CY2017Q3 | us-gaap |
Profit Loss
ProfitLoss
|
-2648000 | USD |
CY2017Q3 | us-gaap |
Property Plant And Equipment Gross Excluding Capital Leased Assets
PropertyPlantAndEquipmentGrossExcludingCapitalLeasedAssets
|
391426000 | USD |
CY2017Q3 | us-gaap |
Property Plant And Equipment Net Excluding Capital Leased Assets
PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets
|
388697000 | USD |
CY2017Q3 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
3690000 | USD |
CY2017Q3 | us-gaap |
Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
|
271416000 | USD |
CY2017Q3 | us-gaap |
Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
|
271001000 | USD |
CY2017Q3 | us-gaap |
Redeemable Noncontrolling Interest Equity Preferred Redemption Value
RedeemableNoncontrollingInterestEquityPreferredRedemptionValue
|
326882000 | USD |
CY2017Q3 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
3609000 | USD |
CY2017Q3 | us-gaap |
Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
|
315000 | USD |
CY2017Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-9140000 | USD |
CY2017Q3 | us-gaap |
Revenues
Revenues
|
132258000 | USD |
CY2017Q3 | us-gaap |
Security Deposit
SecurityDeposit
|
2794000 | USD |
CY2017Q3 | us-gaap |
Self Insurance Reserve
SelfInsuranceReserve
|
16600000 | USD |
CY2017Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1683000 | USD |
CY2017Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
695402000 | USD |
CY2017Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1379135000 | USD |
CY2017Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
1405086000 | USD |
CY2017Q3 | us-gaap |
Supplies Expense
SuppliesExpense
|
35028000 | USD |
CY2017Q3 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
6731000 | USD |
CY2017Q3 | us-gaap |
Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
|
2633000 | USD |
CY2017Q3 | us-gaap |
Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
|
15566000 | USD |
CY2017Q3 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
15566000 | USD |
CY2017Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
326882000 | USD |
CY2017Q3 | us-gaap |
Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
|
310000000 | USD |
CY2017Q3 | us-gaap |
Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
|
1316000 | USD |
CY2017Q3 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
2633000 | USD |
CY2017Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
0 | shares |
CY2017Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
48314746 | shares |
CY2017Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
48314746 | shares |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:left;padding-left:24px;text-indent:-24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">Surgery Partners, Inc.</font><font style="font-family:inherit;font-size:9pt;">,</font><font style="font-family:inherit;font-size:10pt;"> a </font><font style="font-family:inherit;font-size:9pt;">Delaware corporation (together with its subsidiaries, the “Company”), was formed on April 2, 2015, as a holding company for the purpose of facilitating an initial public offering (the “IPO”) of shares of common stock. Prior to September 30, 2015, the Company conducted business through Surgery Center Holdings, Inc. and its subsidiaries. Surgery Center Holdings, LLC was and is the sole indirect owner of the equity interests of Surgery Center Holdings, Inc. and has no other material assets. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">On September 30, 2015, Surgery Partners, Inc. became the direct parent and sole member of Surgery Center Holdings, LLC (the "Reorganization"). In the Reorganization, all of the equity interests held by the pre-IPO owners of Surgery Center Holdings, LLC were contributed to Surgery Partners, Inc. in exchange for </font><font style="font-family:inherit;font-size:9pt;">33,871,990</font><font style="font-family:inherit;font-size:9pt;"> shares of common stock of Surgery Partners, Inc. and certain rights to additional payments under a tax receivable agreement. After giving effect to the Reorganization, Surgery Partners, Inc. is a holding company, and its sole material asset is an equity interest in Surgery Center Holdings, LLC. On October 1, 2015, the Company completed its IPO of </font><font style="font-family:inherit;font-size:9pt;">14,285,000</font><font style="font-family:inherit;font-size:9pt;"> shares of common stock at an offering price of </font><font style="font-family:inherit;font-size:9pt;">$19.00</font><font style="font-family:inherit;font-size:9pt;"> per share.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">On August 31, 2017, the Company completed its acquisition of NSH Holdco, Inc. (“NSH”). Pursuant to the terms of the Agreement and Plan of Merger, dated as of May 9, 2017, by and among the Company, SP Merger Sub, Inc., a wholly owned subsidiary of the Company, NSH, and IPC / NSH, L.P. (solely in its capacity as sellers’ representative), as amended by that certain Letter Amendment, dated as of July 7, 2017 (as amended, the “NSH Merger Agreement”), SP Merger Sub, Inc. merged with and into NSH with NSH continuing as the surviving corporation and a wholly owned subsidiary of Surgery Center Holdings, Inc. (the “NSH Merger”). Also on August 31, 2017, (i) the Company completed the sale and issuance of </font><font style="font-family:inherit;font-size:9pt;">310,000</font><font style="font-family:inherit;font-size:9pt;"> shares of the Company's preferred stock, par value </font><font style="font-family:inherit;font-size:9pt;">$0.01</font><font style="font-family:inherit;font-size:9pt;"> per share, designated as </font><font style="font-family:inherit;font-size:9pt;">10.00%</font><font style="font-family:inherit;font-size:9pt;"> Series A Convertible Perpetual Participating Preferred Stock (the “Series A Preferred Stock”) to BCPE Seminole Holdings LP (“Bain”), an affiliate of Bain Capital Private Equity, at a purchase price of </font><font style="font-family:inherit;font-size:9pt;">$1,000</font><font style="font-family:inherit;font-size:9pt;"> per share in cash (the “Preferred Private Placement”) pursuant to the Securities Purchase Agreement, dated as of May 9, 2017, by and between the Company and Bain (the “Preferred Stock Purchase Agreement”), and (ii) Bain completed its purchase of </font><font style="font-family:inherit;font-size:9pt;">26,455,651</font><font style="font-family:inherit;font-size:9pt;"> shares (the “Purchased Shares”) of the Company's common stock, par value </font><font style="font-family:inherit;font-size:9pt;">$0.01</font><font style="font-family:inherit;font-size:9pt;"> per share (the “Common Stock”) from H.I.G. Surgery Centers, LLC (“H.I.G.”) at a purchase price of </font><font style="font-family:inherit;font-size:9pt;">$19.00</font><font style="font-family:inherit;font-size:9pt;"> per share in cash (the “Private Sale”) pursuant to the Stock Purchase Agreement, dated as of May 9, 2017, by and among the Company, Bain, H.I.G. and H.I.G. Bayside Debt & LBO Fund II L.P. (for the purposes stated therein) (the “Common Stock Purchase Agreement” and together with the NSH Merger Agreement, the Preferred Stock Purchase Agreement and the other agreements and documents executed in connection therewith, including the TRA (as defined in Note 2. “Significant Accounting Policies - Income Taxes and Tax Receivable Agreement”), the “Transaction Agreements”). As of August 31, 2017, the Purchased Shares represented approximately </font><font style="font-family:inherit;font-size:9pt;">54.2%</font><font style="font-family:inherit;font-size:9pt;"> of the Company’s outstanding Common Stock. As a result of the Preferred Private Placement and the Private Sale, Bain became the controlling stockholder of the Company, holding Series A Preferred Stock and Common Stock that collectively represent approximately </font><font style="font-family:inherit;font-size:9pt;">65.7%</font><font style="font-family:inherit;font-size:9pt;"> of the voting power of all classes of capital stock of the Company as of August 31, 2017, and H.I.G. and its affiliated investment funds no longer own any capital stock of the Company.</font></div><div style="line-height:120%;padding-bottom:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">In connection with the change of control effected by the Preferred Private Placement and the Private Sale, the Company elected to apply “pushdown” accounting by applying the guidance in Accounting Standards Codification Topic ("ASC") 805, </font><font style="font-family:inherit;font-size:9pt;font-style:italic;">Business Combinations</font><font style="font-family:inherit;font-size:9pt;">, including the recognition of the Company’s assets and liabilities at fair value as of August 31, 2017, and similarly recognizing goodwill calculated based on the terms of the transaction and the fair value of the new basis of net assets of the Company. Accordingly, the condensed consolidated financial statements of the Company for periods before and after August 31, 2017 reflect different bases of accounting, and the financial positions and results of operations of those periods are not comparable. Throughout the Company's condensed consolidated financial statements and the accompanying notes herein, periods prior to the change of control are identified as "Predecessor" and periods after the change of control are identified as "Successor."</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;">As of </font><font style="font-family:inherit;font-size:9pt;">September 30, 2017</font><font style="font-family:inherit;font-size:9pt;"> (</font><font style="font-family:inherit;font-size:9pt;">Successor</font><font style="font-family:inherit;font-size:9pt;">), the Company owned and operated a national network of surgical facilities and ancillary services in </font><font style="font-family:inherit;font-size:9pt;">32</font><font style="font-family:inherit;font-size:9pt;"> states.  The surgical facilities, which include ambulatory surgery centers ("ASCs") and surgical hospitals, primarily provide non-emergency surgical procedures across many specialties, including, among others, gastroenterology</font><font style="font-family:inherit;font-size:10pt;"> ("</font><font style="font-family:inherit;font-size:9pt;">GI"), general surgery, ophthalmology, orthopedics and pain management. The Company's surgical hospitals provide services such as diagnostic imaging, laboratory, obstetrics, oncology, pharmacy, physical therapy and wound care. Ancillary services are comprised of a diagnostic laboratory, multi-specialty physician practices, urgent care facilities, anesthesia services, optical services and specialty pharmacy services. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"> As of </font><font style="font-family:inherit;font-size:9pt;">September 30, 2017</font><font style="font-family:inherit;font-size:9pt;"> (</font><font style="font-family:inherit;font-size:9pt;">Successor</font><font style="font-family:inherit;font-size:9pt;">), the Company owned or operated a portfolio of </font><font style="font-family:inherit;font-size:9pt;">124</font><font style="font-family:inherit;font-size:9pt;"> surgical facilities, comprised of </font><font style="font-family:inherit;font-size:9pt;">104</font><font style="font-family:inherit;font-size:9pt;"> ASCs and </font><font style="font-family:inherit;font-size:9pt;">20</font><font style="font-family:inherit;font-size:9pt;"> surgical hospitals. The Company owns these facilities in partnership with physicians and, in some cases, healthcare systems in the markets and communities it serves. The Company owned a majority interest in </font><font style="font-family:inherit;font-size:9pt;">85</font><font style="font-family:inherit;font-size:9pt;"> of the surgical facilities and consolidated </font><font style="font-family:inherit;font-size:9pt;">109</font><font style="font-family:inherit;font-size:9pt;"> of these facilities for financial reporting purposes. In addition, the Company owned or operated a network of </font><font style="font-family:inherit;font-size:9pt;">60</font><font style="font-family:inherit;font-size:9pt;"> physician practices.</font></div></div> | ||
us-gaap |
Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Revenues</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The Company recognizes revenues in the period in which the services are performed. Patient service revenues and receivables from third-party payors are recorded net of estimated contractual adjustments and allowances, which the Company estimates based on the historical trend of its cash collections and contractual write-offs, accounts receivable agings, established fee schedules, contracts with payors and procedure statistics.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">Patient service revenues.</font><font style="font-family:inherit;font-size:9pt;"> The fee charged for healthcare procedures performed in surgical facilities varies depending on the type of service provided, but usually includes all charges for usage of an operating room, a recovery room, special equipment, medical supplies, nursing staff and medications. The fee does not normally include professional fees charged by the patient’s surgeon, anesthesiologist or other attending physician, which are billed directly by such physicians to the patient or third-party payor. However, in several surgical facilities, the Company charges for anesthesia services. Ancillary service revenues include fees for patient visits to the Company's physician practices, pharmacy services and diagnostic tests ordered by physicians. Patient service revenues are recognized on the date of service, net of estimated contractual adjustments and discounts from third-party payors, including Medicare and Medicaid. Changes in estimated contractual adjustments and discounts are recorded in the period of change.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">Other service revenues.</font><font style="font-family:inherit;font-size:9pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:9pt;"> Optical service revenues consist of product sales from the Company's optical laboratories as well as handling charges billed to the members of the Company's optical products purchasing organization. The Company's optical products purchasing organization negotiates volume buying discounts with optical products manufacturers. The buying discounts and any handling charges billed to the members of the buying group represent the revenue recognized for financial reporting purposes. Revenue is recognized as orders are shipped to members. The Company bases its estimates for sales returns and discounts on historical experience and has not experienced significant fluctuations between estimated and actual return activity and discounts given. The Company's optical laboratories manufacture and distribute corrective lenses and eyeglasses to ophthalmologists and optometrists. Revenue is recognized when product is shipped, net of allowance for discounts. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other revenues include management and administrative service fees derived from the non-consolidated facilities that the Company accounts for under the equity method, management of surgical facilities in which it does not own an interest, and management services provided to physician practices for which the Company is not required to provide capital or additional assets. The fees derived from these management arrangements are based on a predetermined percentage of the revenues of each facility or practice and are recognized in the period in which services are rendered.</font></div></div> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes. Examples include, but are not limited to, estimates of accounts receivable allowances, professional and general liabilities and the estimate of deferred tax assets or liabilities. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments are of a normal, recurring nature. Actual results could differ from those estimates.</font></div></div> |