10-Q Filing

SURGERY PARTNERS, INC. CIK: 1638833 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001638833-18-000010`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	sgry-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 31 Cash Flow Statement 30 Stockholders Equity 15 Comprehensive Income 5

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.12M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$112.82M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,122 and $2,026, respectively	`AccountsReceivableNetCurrent`	$275.34M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,122 and $2,026, respectively	`AccountsReceivableNetCurrent`	$288.02M	USD	Point-in-time
Redeemable preferred stock, redemption value	`RedeemableNoncontrollingInterestEquityPreferredRedemptionValue`	$330.81M	USD	Point-in-time
Inventories	`InventoryNet`	$44.95M	USD	Point-in-time
Inventories	`InventoryNet`	$48.10M	USD	Point-in-time
Redeemable preferred stock, redemption value	`RedeemableNoncontrollingInterestEquityPreferredRedemptionValue`	$334.69M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$54.32M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$55.34M	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	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
Total current assets	`AssetsCurrent`	$490.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$563.23M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$400.38M	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$398.54M	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
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$58.91M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$62.41M	USD	Point-in-time
Preferred stock, shares outstanding (shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Goodwill	`Goodwill`	$3.35B	USD	Point-in-time
Goodwill	`Goodwill`	$3.38B	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Investments in and advances to affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$75.19M	USD	Point-in-time
Investments in and advances to affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$74.28M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	48.69M	shares	Point-in-time
Restricted invested assets	`RestrictedCashAndInvestmentsNoncurrent`	$315.00K	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	48.90M	shares	Point-in-time
Restricted invested assets	`RestrictedCashAndInvestmentsNoncurrent`	$315.00K	USD	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	48.90M	shares	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$130.82M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$132.32M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$52.38M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$48.35M	USD	Point-in-time
Total assets	`Assets`	$4.59B	USD	Point-in-time
Total assets	`Assets`	$4.62B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$80.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$84.71M	USD	Point-in-time
Accrued payroll and benefits	`EmployeeRelatedLiabilitiesCurrent`	$36.84M	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
Other current liabilities	`OtherLiabilitiesCurrent`	$113.57M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$54.39M	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
Total current liabilities	`LiabilitiesCurrent`	$285.75M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$2.12B	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$2.13B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$233.52M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$222.48M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$313.64M	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 at both March 31, 2018 and December 31, 2017; redemption value of $334,692 and $330,806, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$334.69M	USD	Point-in-time
Redeemable preferred stock - Series A, 310,000 shares authorized, issued and outstanding at both March 31, 2018 and December 31, 2017; redemption value of $334,692 and $330,806, respectively	`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
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, 48,898,004 shares issued and outstanding at March 31, 2018; 48,687,136 shares issued and outstanding at December 31, 2017	`CommonStockValueOutstanding`	$487.00K	USD	Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized, 48,898,004 shares issued and outstanding at March 31, 2018; 48,687,136 shares issued and outstanding at December 31, 2017	`CommonStockValueOutstanding`	$489.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$689.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$695.56M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-58.84M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-41.32M	USD	Point-in-time
Total Surgery Partners, Inc. stockholders' equity	`StockholdersEquity`	$630.66M	USD	Point-in-time
Total Surgery Partners, Inc. stockholders' equity	`StockholdersEquity`	$654.73M	USD	Point-in-time
Non-controlling interestsnon-redeemable	`MinorityInterest`	$674.16M	USD	Point-in-time
Non-controlling interestsnon-redeemable	`MinorityInterest`	$681.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.30B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.59B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.62B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$417.37M	USD	1 Quarter
Salaries and benefits	`LaborAndRelatedExpense`	$129.74M	USD	1 Quarter
Supplies	`SuppliesExpense`	$114.43M	USD	1 Quarter
Professional and medical fees	`ProfessionalFees`	$35.68M	USD	1 Quarter
Lease expense	`OperatingLeasesRentExpenseNet`	$21.36M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$26.11M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$327.31M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$24.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.75M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$6.04M	USD	1 Quarter
Income from equity investments	`IncomeLossFromEquityMethodInvestments`	$1.86M	USD	1 Quarter
Loss on disposal or impairment of long-lived assets, net	`GainLossOnDispositionOfAssets1`	$-47.00K	USD	1 Quarter
Merger transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$5.03M	USD	1 Quarter
Other income	`OtherNonrecurringIncomeExpense`	$-262.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$376.21M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$41.16M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-34.28M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$6.89M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.76M	USD	1 Quarter
Net income	`ProfitLoss`	$5.12M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$22.65M	USD	1 Quarter
Net loss attributable to Surgery Partners, Inc.	`NetIncomeLoss`	$-17.52M	USD	1 Quarter
Less: Amounts attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	$7.77M	USD	1 Quarter
Less: Amounts attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	-	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.75M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-25.29M	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$-0.53	USD	1 Quarter
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-0.53	USD	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.01M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.01M	shares	1 Quarter
Contingent acquisition expense	`BusinessCombinationContingentAcquisitionExpense`	$503.00K	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$5.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.75M	USD	1 Quarter
Other non-cash amortization	`OtherAmortizationOfDeferredCharges`	$-127.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Loss on disposal or impairment of long-lived assets, net	`GainLossOnDispositionOfAssets1`	$-47.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$1.35M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$6.04M	USD	1 Quarter
Income from equity investments, net of distributions received	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-322.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.08M	USD	1 Quarter
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$8.53M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$30.06M	USD	1 Quarter
Purchases of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.98M	USD	1 Quarter
Payments for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$25.59M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$842.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.41M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$16.25M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$374.00K	USD	1 Quarter
Payments of preferred dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$3.92M	USD	1 Quarter
Distributions to non-controlling interest holders	`PaymentsOfDividendsMinorityInterest`	$30.92M	USD	1 Quarter
(Payments) receipts related to ownership transactions with non-controlling interest holders	`ProceedsFromPaymentsToMinorityShareholders`	$-782.00K	USD	1 Quarter
Repurchase of shares	`PaymentsForRepurchaseOfEquity`	$1.98M	USD	1 Quarter
Financing lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.51M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-749.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.74M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-62.10M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$113.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$113.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.23M	USD	Point-in-time
Non-cash purchases of property and equipment under capital leases and financing activities	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$4.03M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.90M	shares	Point-in-time
Beginning Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.30B	USD	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Net (loss) income	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-1.61M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Preferred dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$7.77M	USD	1 Quarter
Cancellation of restricted shares	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	$749.00K	USD	1 Quarter
Repurchase of shares	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.98M	USD	1 Quarter
Acquisition and disposal of shares of non-controlling interests, net	`NonControllingInterestAcquisitionsAndDisposalsOfInterestsHeldByNonControllingInterestHoldersNet`	$785.00K	USD	1 Quarter
Distributions to non-controlling interestsnon-redeemable holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$22.45M	USD	1 Quarter
Ending Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.90M	shares	Point-in-time
Ending Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.30B	USD	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$5.12M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$5.12M	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$22.65M	USD	1 Quarter
Comprehensive loss attributable to Surgery Partners, Inc.	`ComprehensiveIncomeNetOfTax`	$-17.52M	USD	1 Quarter

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