10-K Filing

SURGERY PARTNERS, INC. CIK: 1638833 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001638833-18-000004`
Period End Date	20171231
Filing Date	20180316
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	sgry-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 43 Cash Flow Statement 45 Stockholders Equity 16 Comprehensive Income 6

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.03M	USD	Point-in-time
Redeemable preferred stock, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	310,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.91M	USD	Point-in-time
Redeemable preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	310,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$214.21M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,026 and $29,872, respectively	`AccountsReceivableNetCurrent`	$288.02M	USD	Point-in-time
Redeemable preferred stock, shares outstanding (in shares)	`TemporaryEquitySharesOutstanding`	310,000.00	shares	Point-in-time
Redeemable preferred stock, redemption value	`RedeemableNoncontrollingInterestEquityPreferredRedemptionValue`	$330.81M	USD	Point-in-time
Inventories	`InventoryNet`	$44.95M	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$55.34M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$563.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$398.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$204.25M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$56.75M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$58.91M	USD	Point-in-time
Goodwill	`Goodwill`	$3.35B	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Goodwill	`Goodwill`	$3.27B	USD	Point-in-time
Investments in and advances to affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$74.28M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Restricted invested assets	`RestrictedCashAndInvestmentsNoncurrent`	$315.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	48.69M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$132.32M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$48.35M	USD	Point-in-time
Total assets	`Assets`	$4.62B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$84.71M	USD	Point-in-time
Accrued payroll and benefits	`EmployeeRelatedLiabilitiesCurrent`	$49.62M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$109.94M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$58.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$303.00M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$2.13B	USD	Point-in-time
Long-term tax receivable agreement liability	`TaxReceivableAgreementLiabilityNoncurrent`	$43.79M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$178.69M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$271.00M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$299.32M	USD	Point-in-time
Redeemable preferred stock - Series A, 310,000 shares authorized, issued and outstanding, redemption value of $330,806 at December 31, 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 $330,806 at December 31, 2017; no shares were authorized, issued or outstanding at December 31, 2016.	`TemporaryEquityCarryingAmountAttributableToParent`	$330.81M	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, 48,687,136 shares issued and outstanding at December 31, 2017; 48,488,616 shares issued and outstanding at December 31, 2016.	`CommonStockValueOutstanding`	$487.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$695.56M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-41.32M	USD	Point-in-time
Total Surgery Partners, Inc. stockholders' equity	`StockholdersEquity`	$654.73M	USD	Point-in-time
Non-controlling interestsnon-redeemable	`MinorityInterest`	$681.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.62B	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$460.35M	USD	1 Quarter
Revenues	`Revenues`	$132.26M	USD	Point-in-time
Salaries and benefits	`LaborAndRelatedExpense`	$175.40M	USD	1 Quarter
Supplies	`SuppliesExpense`	$161.01M	USD	1 Quarter
Professional and medical fees	`ProfessionalFees`	$45.06M	USD	1 Quarter
Lease expense	`OperatingLeasesRentExpenseNet`	$27.87M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$32.28M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$338.70M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$102.92M	USD	Point-in-time
General and administrative expenses	`GeneralAndAdministrativeExpense`	$29.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.80M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$12.46M	USD	1 Quarter
Income from equity investments	`IncomeLossFromEquityMethodInvestments`	$3.32M	USD	1 Quarter
Loss (gain) on disposal or impairment of long-lived assets, net	`GainLossOnDispositionOfAssets1`	$-5.00K	USD	1 Quarter
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$7.47M	USD	1 Quarter
Loss on debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on litigation settlements	`GainLossRelatedToLitigationSettlement`	$8.74M	USD	1 Quarter
Gain on acquisition escrow release	`BusinessCombinationGainLossOnAcquisitionEscrow`	$167.00K	USD	1 Quarter
Termination of management agreement and IPO costs	`TerminationofManagementAgreementandIPOCosts`	-	USD	1 Quarter
Electronic health records incentive expense (income)	`IncentivePaymentsRecognizedforCertainHospitalsandPhysicianPracticesThatDemonstrateMeaningfulUseofCertifiedElectronicHealthRecordTechnology`	$-45.00K	USD	1 Quarter
Other (income) expense	`OtherNonrecurringIncomeExpense`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$500.33M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$92.27M	USD	1 Quarter
Gain on amendment to tax receivable agreement	`GainLossOnAmendmentToTaxReceivableAgreement`	$1.10M	USD	1 Quarter
Tax receivable agreement benefit (expense)	`OtherTaxExpenseBenefit`	$-25.33M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-48.74M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$69.96M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$71.64M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$966.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-2.65M	USD	Point-in-time
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$33.14M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$6.49M	USD	Point-in-time
Net (loss) income attributable to Surgery Partners, Inc.	`NetIncomeLoss`	$-32.18M	USD	1 Quarter
Net (loss) income attributable to Surgery Partners, Inc.	`NetIncomeLoss`	$-9.14M	USD	Point-in-time
Less: Amounts attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	$26.05M	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-67.36M	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$-0.83	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$-0.57	USD	Point-in-time
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-0.57	USD	Point-in-time
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-0.83	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.32M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.32M	shares	1 Quarter
Contingent acquisition compensation expense	`BusinessCombinationContingentCompensationExpense`	$1.90M	USD	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$966.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-2.65M	USD	Point-in-time
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.80M	USD	1 Quarter
Amortization of debt issuance costs, discounts and premium	`AmortizationOfFinancingCostsAndDiscounts`	$-559.00K	USD	1 Quarter
Amortization of unfavorable lease liability	`AmortizationofUnfavorableLeaseLiability`	$221.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$1.89M	USD	1 Quarter
Loss (gain) on disposal or impairment of long-lived assets, net	`GainLossOnDispositionOfAssets1`	$-5.00K	USD	1 Quarter
Gain on legal settlements	`NoncashGainLossRelatedToLitigationSettlement`	$8.74M	USD	1 Quarter
Loss on debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on amendment to tax receivable agreement	`GainLossOnAmendmentToTaxReceivableAgreement`	$1.10M	USD	1 Quarter
Tax receivable agreement (benefit) expense	`TaxReceivableAgreementExpenseBenefit`	$-25.33M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$71.03M	USD	1 Quarter
Interest on contingent consideration obligation	`InterestonContingentConsiderationObligation`	-	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$12.46M	USD	1 Quarter
Income from equity investments, net of distributions received	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-678.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$31.50M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-14.49M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$53.23M	USD	1 Quarter
Purchases of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.83M	USD	1 Quarter
Payments for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$29.25M	USD	1 Quarter
Proceeds from divestitures	`ProceedsFromDivestitureOfBusinesses`	$1.18M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.89M	USD	1 Quarter
Proceeds from initial public offering, net of offering costs	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$18.63M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$409.00K	USD	1 Quarter
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$4.00K	USD	1 Quarter
Penalty on prepayment of debt	`DebtInstrumentPrepaymentPenaltyAmount`	-	USD	1 Quarter
Payment of premium of debt extinguishment	`PaymentsOfDebtExtinguishmentCosts`	-	USD	1 Quarter
Proceeds from preferred stock issuance	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Payments of stock issuance costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Payments of preferred dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$1.32M	USD	1 Quarter
Distributions to non-controlling interest holders	`PaymentsOfDividendsMinorityInterest`	$33.49M	USD	1 Quarter
Proceeds from (payments related to) ownership transactions with non-controlling interest holders	`ProceedsFromPaymentsToMinorityShareholders`	$998.00K	USD	1 Quarter
Repurchase of shares	`PaymentsForRepurchaseOfCommonStock`	$2.01M	USD	1 Quarter
Financing lease obligations	`ProceedsFromPaymentsForFinancingLeaseObligation`	$1.01M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-590.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-53.62M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-39.29M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$174.91M	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`	$174.91M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$214.21M	USD	Point-in-time
Interest paid, net of interest income received	`InterestPaidNet`	$40.87M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$485.00K	USD	1 Quarter
Non-cash purchases of property and equipment under capital leases and financing activities	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$14.87M	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, stockholders' equity (in shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time
Net (loss) income	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-14.61M	USD	1 Quarter
Issuance of restricted and unrestricted shares	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.89M	USD	1 Quarter
Cancellation of restricted shares	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	$585.00K	USD	1 Quarter
Preferred dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$10.48M	USD	1 Quarter
Mark to redemption adjustment	`AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock`	$15.57M	USD	1 Quarter
Reallocation in application of pushdown accounting	`NoncontrollingInterestsDecreaseFromReallocationDueToPushdownAccounting`	$21.25M	USD	1 Quarter
Acquisition and disposal of shares of non-controlling interests, net	`NonControllingInterestAcquisitionsAndDisposalsOfInterestsHeldByNonControllingInterestHoldersNet`	$19.40M	USD	1 Quarter
Distributions to non-controlling interestsnon-redeemable holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$25.26M	USD	1 Quarter
Repurchase of shares	`StockRepurchasedDuringPeriodValue`	$2.01M	USD	1 Quarter
Ending Balance, stockholders' equity (in shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.41B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$966.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-2.65M	USD	Point-in-time
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-1.68M	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$39.63M	USD	1 Quarter
Comprehensive (loss) income attributable to Surgery Partners, Inc.	`ComprehensiveIncomeNetOfTax`	$-41.32M	USD	1 Quarter

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