10-Q Filing

SURGERY PARTNERS, INC. CIK: 1638833 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001638833-17-000044`
Period End Date	20170930
Filing Date	20171109
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	sgry-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 37 Cash Flow Statement 35 Stockholders Equity 12 Comprehensive Income 5

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$199.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$214.21M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,045 and $29,872, respectively	`AccountsReceivableNetCurrent`	$271.14M	USD	Point-in-time
Redeemable preferred stock, redemption value	`RedeemableNoncontrollingInterestEquityPreferredRedemptionValue`	$326.88M	USD	Point-in-time
Inventories	`InventoryNet`	$44.52M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$53.72M	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Acquisition escrow deposit	`EscrowDepositCurrent`	$4.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$573.66M	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$388.70M	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$56.51M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$56.75M	USD	Point-in-time
Goodwill	`Goodwill`	$3.27B	USD	Point-in-time
Goodwill	`Goodwill`	$3.27B	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	48.77M	shares	Point-in-time
Investments in and advances to affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$64.43M	USD	Point-in-time
Restricted invested assets	`RestrictedCashAndInvestmentsNoncurrent`	$315.00K	USD	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	48.77M	shares	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$209.21M	USD	Point-in-time
Long-term acquisition escrow deposit	`EscrowDepositNoncurrent`	$19.60M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$19.13M	USD	Point-in-time
Total assets	`Assets`	$4.60B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.25M	USD	Point-in-time
Accrued payroll and benefits	`EmployeeRelatedLiabilitiesCurrent`	$42.44M	USD	Point-in-time
Acquisition escrow liability	`EscrowLiabilityCurrent`	$4.57M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$106.28M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$48.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$275.01M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$2.14B	USD	Point-in-time
Long-term tax receivable agreement liability	`TaxReceivableAgreementLiabilityNoncurrent`	$68.15M	USD	Point-in-time
Long-term acquisition escrow liability	`EscrowLiabilityNoncurrent`	$19.60M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$116.80M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$271.00M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$271.42M	USD	Point-in-time
Redeemable preferred stock - Series A, 310,000 shares authorized, issued and outstanding, redemption value of $326,882 at September 30, 2017; no shares were authorized issued or outstanding at December 31, 2016.	`TemporaryEquityCarryingAmountAttributableToParent`	$310.00M	USD	Point-in-time
Redeemable preferred stock - Series A, 310,000 shares authorized, issued and outstanding, redemption value of $326,882 at September 30, 2017; no shares were authorized issued or outstanding at December 31, 2016.	`TemporaryEquityCarryingAmountAttributableToParent`	$326.88M	USD	Point-in-time
Preferred stock, $0.01 par value, 20,000,000 shares authorized, no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized, 48,769,296 shares issued and outstanding at September 30, 2017; 48,488,616 shares issued and outstanding at December 31, 2016	`CommonStockValueOutstanding`	$488.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$704.05M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-9.14M	USD	Point-in-time
Total Surgery Partners, Inc. stockholders' equity	`StockholdersEquity`	$695.40M	USD	Point-in-time
Non-controlling interestsnon-redeemable	`MinorityInterest`	$683.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.38B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.60B	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$132.26M	USD	Point-in-time
Salaries and benefits	`LaborAndRelatedExpense`	$41.78M	USD	Point-in-time
Supplies	`SuppliesExpense`	$35.03M	USD	Point-in-time
Professional and medical fees	`ProfessionalFees`	$11.25M	USD	Point-in-time
Lease expense	`OperatingLeasesRentExpenseNet`	$6.86M	USD	Point-in-time
Other operating expenses	`OtherCostAndExpenseOperating`	$8.00M	USD	Point-in-time
Cost of revenues	`CostOfRevenue`	$102.92M	USD	Point-in-time
General and administrative expenses	`GeneralAndAdministrativeExpense`	$7.78M	USD	Point-in-time
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.33M	USD	Point-in-time
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$3.69M	USD	Point-in-time
Income from equity investments	`IncomeLossFromEquityMethodInvestments`	$712.00K	USD	Point-in-time
Loss on disposal or impairment of long-lived assets, net	`GainLossOnDispositionOfAssets1`	$-333.00K	USD	Point-in-time
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$2.98M	USD	Point-in-time
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$2.30M	USD	1 Quarter
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$1.90M	USD	1 Quarter
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$5.60M	USD	3 Qtrs
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$6.40M	USD	3 Qtrs
Loss on debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Point-in-time
Gain on litigation settlement	`GainLossRelatedToLitigationSettlement`	-	USD	Point-in-time
Gain on acquisition escrow release	`BusinessCombinationGainLossOnAcquisitionEscrow`	-	USD	Point-in-time
Electronic health records incentive expense (income)	`IncentivePaymentsRecognizedforCertainHospitalsandPhysicianPracticesThatDemonstrateMeaningfulUseofCertifiedElectronicHealthRecordTechnology`	$-7.00K	USD	Point-in-time
Other (income) expense	`OtherNonrecurringIncomeExpense`	-	USD	Point-in-time
Total operating expenses	`OperatingExpenses`	$120.33M	USD	Point-in-time
Operating income (loss)	`OperatingIncomeLoss`	$11.93M	USD	Point-in-time
Gain on amendment to tax receivable agreement	`GainLossOnAmendmentToTaxReceivableAgreement`	$1.10M	USD	Point-in-time
Tax receivable agreement expense	`TaxReceivableAgreementExpense`	-	USD	Point-in-time
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-15.88M	USD	Point-in-time
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.86M	USD	Point-in-time
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-211.00K	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-2.65M	USD	Point-in-time
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$6.49M	USD	Point-in-time
Net loss attributable to Surgery Partners, Inc.	`NetIncomeLoss`	$-9.14M	USD	Point-in-time
Basic (in USD per share)	`EarningsPerShareBasic`	$-0.57	USD	Point-in-time
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-0.57	USD	Point-in-time
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.31M	shares	Point-in-time
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.31M	shares	Point-in-time
Contingent acquisition expense	`BusinessCombinationContingentAcquisitionExpense`	$605.00K	USD	Point-in-time

Cash Flow Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-2.65M	USD	Point-in-time
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.33M	USD	Point-in-time
Amortization of debt issuance costs, discounts and premium	`AmortizationOfFinancingCostsAndDiscounts`	$-103.00K	USD	Point-in-time
Amortization of unfavorable lease liability	`AmortizationofUnfavorableLeaseLiability`	$27.00K	USD	Point-in-time
Equity-based compensation	`ShareBasedCompensation`	$1.68M	USD	Point-in-time
Loss on disposal or impairment of long-lived assets, net	`GainLossOnDispositionOfAssets1`	$-333.00K	USD	Point-in-time
Loss on debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Point-in-time
Gain on amendment to tax receivable agreement	`GainLossOnAmendmentToTaxReceivableAgreement`	$1.10M	USD	Point-in-time
Tax receivable agreement expense	`TaxReceivableAgreementExpense`	-	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-465.00K	USD	Point-in-time
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$3.69M	USD	Point-in-time
(Income) loss from equity investments, net of distributions received	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$203.00K	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.79M	USD	Point-in-time
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$2.92M	USD	Point-in-time
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.22M	USD	Point-in-time
Purchases of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.84M	USD	Point-in-time
Payments for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.16M	USD	Point-in-time
Proceeds from divestitures	`ProceedsFromDivestitureOfBusinesses`	-	USD	Point-in-time
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.00M	USD	Point-in-time
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$3.61M	USD	Point-in-time
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Point-in-time
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$4.00K	USD	Point-in-time
Penalty on prepayment of debt	`DebtInstrumentPrepaymentPenaltyAmount`	-	USD	Point-in-time
Proceeds from preferred stock issuance	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Point-in-time
Payments of stock issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	Point-in-time
Distributions to non-controlling interest holders	`PaymentsOfDividendsMinorityInterest`	$6.44M	USD	Point-in-time
Receipts (payments) related to ownership transactions with non-controlling interest holders	`ProceedsFromPaymentsToMinorityShareholders`	$30.00K	USD	Point-in-time
Financing lease obligation	`FinanceLeasePrincipalPayments`	$253.00K	USD	Point-in-time
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	Point-in-time
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.28M	USD	Point-in-time
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-14.51M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$199.70M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$214.21M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$199.70M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$214.21M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.77M	shares	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.38B	USD	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Net (loss) income	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-3.70M	USD	Point-in-time
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.68M	USD	Point-in-time
Preferred dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$2.63M	USD	Point-in-time
Mark to redemption adjustment	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$15.57M	USD	Point-in-time
Acquisition and disposal of shares of non-controlling interests, net	`NonControllingInterestAcquisitionsAndDisposalsOfInterestsHeldByNonControllingInterestHoldersNet`	$-19.00K	USD	Point-in-time
Distributions to non-controlling interestsnon-redeemable holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$5.71M	USD	Point-in-time
Ending Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.77M	shares	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.38B	USD	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-2.65M	USD	Point-in-time
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-2.65M	USD	Point-in-time
Less: Comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$6.49M	USD	Point-in-time
Comprehensive loss attributable to Surgery Partners, Inc.	`ComprehensiveIncomeNetOfTax`	$-9.14M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.