10-Q 1 md-20220930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-12111

 

Pediatrix Medical Group, Inc.

(Exact name of registrant as specified in its charter)

 

 

Florida

 

26-3667538

(State or other jurisdiction of

Incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1301 Concord Terrace

Sunrise, Florida

 

33323

(Address of principal executive offices)

 

(Zip Code)

(954) 384-0175

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $.01 per share

 

MD

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☑

On October 28, 2022, the registrant had outstanding 83,069,757 shares of Common Stock, par value $.01 per share.

 

 

 


 

Pediatrix Medical Group, Inc.

 

INDEX

 

 

Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (Unaudited)

3

 

 

 

 

Consolidated Statements of Income for the Three and Nine Months Ended

September 30, 2022 and 2021 (Unaudited)

4

 

 

 

 

Consolidated Statements of Equity for the Three and Nine Months Ended

September 30, 2022 and 2021 (Unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended

September 30, 2022 and 2021 (Unaudited)

6

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

13

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

 

 

 

Item 4.

Controls and Procedures

22

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

23

 

 

 

Item 1A.

Risk Factors

23

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

23

 

 

 

Item 6.

Exhibits

24

 

 

 

SIGNATURES

25

 

2


 

Pediatrix Medical Group, Inc.

Consolidated Balance Sheets

(in thousands)

(Unaudited)

 



 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 



 

 



 

Current assets:

 



 

 



 

Cash and cash equivalents

 

$

8,668

 

 

$

387,391

 

Short-term investments

 

 

91,396

 

 

 

99,715

 

Accounts receivable, net

 

 

294,351

 

 

 

301,775

 

Prepaid expenses

 

 

9,664

 

 

 

18,538

 

Income taxes receivable

 

 

9,729

 

 

 

14,249

 

Other current assets

 

 

9,899

 

 

 

18,896

 

Total current assets

 

 

423,707

 

 

 

840,564

 

Property and equipment, net

 

 

71,656

 

 

 

70,154

 

Goodwill

 

 

1,532,092

 

 

 

1,505,430

 

Intangible assets, net

 

 

19,534

 

 

 

21,565

 

Operating and finance lease right-of-use assets

 

 

69,346

 

 

 

65,461

 

Deferred income tax assets

 

 

97,899

 

 

 

88,344

 

Other assets

 

 

117,723

 

 

 

131,028

 

Total assets

 

$

2,331,957

 

 

$

2,722,546

 

LIABILITIES AND EQUITY

 



 

 



 

Current liabilities:

 



 

 



 

Accounts payable and accrued expenses

 

$

306,460

 

 

$

394,118

 

Current portion of long-term debt and finance lease liabilities

 

 

14,919

 

 

 

2,490

 

Current portion of operating lease liabilities

 

 

22,654

 

 

 

19,684

 

Income taxes payable

 

 

7,661

 

 

 

11,074

 

Total current liabilities

 

 

351,694

 

 

 

427,366

 

Line of credit

 

 

95,000

 

 

 

 

Long-term debt and finance lease liabilities, net

 

 

636,004

 

 

 

1,002,258

 

Long-term operating lease liabilities

 

 

45,559

 

 

 

41,396

 

Long-term professional liabilities

 

 

262,626

 

 

 

271,093

 

Deferred income tax liabilities

 

 

39,904

 

 

 

41,409

 

Other liabilities

 

 

42,503

 

 

 

42,332

 

Total liabilities

 

 

1,473,290

 

 

 

1,825,854

 

Commitments and contingencies

 



 

 

 

 

Shareholders’ equity:

 



 

 



 

Preferred stock; $.01 par value; 1,000 shares authorized; none issued

 

 

 

 

 

Common stock; $.01 par value; 200,000 shares authorized; 83,006 and 86,423 shares
   issued and outstanding, respectively

 

 

830

 

 

 

864

 

Additional paid-in capital

 

 

980,659

 

 

 

1,049,696

 

Accumulated other comprehensive (loss) income

 

 

(4,100

)

 

 

1,317

 

Retained deficit

 

 

(118,722

)

 

 

(155,390

)

Total Pediatrix Medical Group, Inc. shareholders’ equity

 

 

858,667

 

 

 

896,487

 

Noncontrolling interest

 

 

 

 

 

205

 

Total equity

 

 

858,667

 

 

 

896,692

 

Total liabilities and equity

 

$

2,331,957

 

 

$

2,722,546

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

3


 

Pediatrix Medical Group, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net revenue

 

$

489,915

 

 

$

492,949

 

 

$

1,458,177

 

 

$

1,412,661

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Practice salaries and benefits

 

 

342,850

 

 

 

328,759

 

 

 

1,016,762

 

 

 

964,806

 

Practice supplies and other operating expenses

 

 

31,857

 

 

 

26,122

 

 

 

90,189

 

 

 

72,516

 

General and administrative expenses

 

 

57,888

 

 

 

66,892

 

 

 

180,340

 

 

 

204,376

 

Gain on sale of building

 

 

 

 

 

 

 

 

 

 

 

(7,280

)

Depreciation and amortization

 

 

8,956

 

 

 

8,151

 

 

 

26,500

 

 

 

24,288

 

Transformational and restructuring related expenses

 

 

977

 

 

 

4,232

 

 

 

7,736

 

 

 

19,042

 

Total operating expenses

 

 

442,528

 

 

 

434,156

 

 

 

1,321,527

 

 

 

1,277,748

 

Income from operations

 

 

47,387

 

 

 

58,793

 

 

 

136,650

 

 

 

134,913

 

Investment and other income

 

 

617

 

 

 

1,686

 

 

 

2,336

 

 

 

11,829

 

Interest expense

 

 

(9,516

)

 

 

(17,595

)

 

 

(29,743

)

 

 

(52,119

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

(57,016

)

 

 

(14,532

)

Equity in earnings of unconsolidated affiliate

 

 

371

 

 

 

550

 

 

 

1,319

 

 

 

1,622

 

Total non-operating expenses

 

 

(8,528

)

 

 

(15,359

)

 

 

(83,104

)

 

 

(53,200

)

Income from continuing operations before income taxes

 

 

38,859

 

 

 

43,434

 

 

 

53,546

 

 

 

81,713

 

Income tax provision

 

 

(10,051

)

 

 

(11,594

)

 

 

(14,982

)

 

 

(14,002

)

Income from continuing operations

 

 

28,808

 

 

 

31,840

 

 

 

38,564

 

 

 

67,711

 

Income (loss) from discontinued operations, net of tax

 

 

1,920

 

 

 

(1,052

)

 

 

(1,892

)

 

 

15,716

 

Net income

 

 

30,728

 

 

 

30,788

 

 

 

36,672

 

 

 

83,427

 

Net loss attributable to noncontrolling interest

 

 

 

 

 

7

 

 

 

4

 

 

 

21

 

Net income attributable to Pediatrix Medical Group, Inc.

 

$

30,728

 

 

$

30,795

 

 

$

36,676

 

 

$

83,448

 

Per common and common equivalent share data:

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.37

 

 

$

0.46

 

 

$

0.80

 

Diluted

 

$

0.35

 

 

$

0.37

 

 

$

0.45

 

 

$

0.79

 

Income (loss) from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.02

 

 

$

(0.01

)

 

$

(0.02

)

 

$

0.18

 

Diluted

 

$

0.02

 

 

$

(0.01

)

 

$

(0.02

)

 

$

0.18

 

Net income attributable to Pediatrix Medical Group, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.37

 

 

$

0.36

 

 

$

0.44

 

 

$

0.98

 

Diluted

 

$

0.37

 

 

$

0.36

 

 

$

0.43

 

 

$

0.97

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

82,126

 

 

 

85,065

 

 

 

84,122

 

 

 

84,754

 

Diluted

 

 

82,776

 

 

 

86,096

 

 

 

84,821

 

 

 

85,759

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

4


 

Pediatrix Medical Group, Inc.

Consolidated Statements of Equity

(in thousands)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Retained

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit1

 

 

Equity

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2022

 

 

86,423

 

 

$

864

 

 

$

1,049,696

 

 

$

1,317

 

 

$

(155,185

)

 

 

896,692

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,188

)

 

 

(21,188

)

Dissolution of and net loss attributable to noncontrolling interest (1)

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

(213

)

 

 

(203

)

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(2,668

)

 

 

 

 

 

(2,668

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

50

 

 

 

 

 

 

1,174

 

 

 

 

 

 

 

 

 

1,174

 

Issuance of restricted stock

 

 

766

 

 

 

8

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,435

 

 

 

 

 

 

 

 

 

4,435

 

Repurchased common stock

 

 

(50

)

 

 

 

 

 

(1,166

)

 

 

 

 

 

 

 

 

(1,166

)

Balance at March 31, 2022

 

 

87,184

 

 

$

872

 

 

$

1,054,141

 

 

$

(1,351

)

 

$

(176,586

)

 

$

877,076

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,136

 

 

 

27,136

 

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,234

)

 

 

 

 

 

(1,234

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

82

 

 

 

1

 

 

 

1,663

 

 

 

 

 

 

 

 

 

1,664

 

Issuance of restricted stock

 

 

74

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,186

 

 

 

 

 

 

 

 

 

5,186

 

Repurchased common stock

 

 

(3,275

)

 

 

(33

)

 

 

(64,365

)

 

 

 

 

 

 

 

 

(64,398

)

Balance at June 30, 2022

 

 

84,060

 

 

$

841

 

 

$

996,624

 

 

$

(2,585

)

 

$

(149,450

)

 

$

845,430

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,728

 

 

 

30,728

 

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,515

)

 

 

 

 

 

(1,515

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

74

 

 

 

1

 

 

 

1,380

 

 

 

 

 

 

 

 

 

1,381

 

Issuance of restricted stock

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(8

)

 

 

(1

)

 

 

1

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,120

 

 

 

 

 

 

 

 

 

4,120

 

Repurchased common stock

 

 

(1,121

)

 

 

(11

)

 

 

(21,466

)

 

 

 

 

 

 

 

 

(21,477

)

Balance at September 30, 2022

 

 

83,006

 

 

$

830

 

 

$

980,659