10-Q Filing

SURGERY PARTNERS, INC. CIK: 1638833 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001638833-18-000014`
Period End Date	20180630
Filing Date	20180809
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	sgry-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 60 Cash Flow Statement 37 Stockholders Equity 15

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.03M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$174.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$96.07M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $4,282 and $2,026, respectively	`AccountsReceivableNetCurrent`	$288.02M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $4,282 and $2,026, respectively	`AccountsReceivableNetCurrent`	$276.85M	USD	Point-in-time
Inventories	`InventoryNet`	$44.95M	USD	Point-in-time
Redeemable preferred stock, redemption value	`RedeemableNoncontrollingInterestEquityPreferredRedemptionValue`	$330.81M	USD	Point-in-time
Inventories	`InventoryNet`	$45.70M	USD	Point-in-time
Redeemable preferred stock, redemption value	`RedeemableNoncontrollingInterestEquityPreferredRedemptionValue`	$342.65M	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$55.34M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$54.18M	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`	$472.80M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$563.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNetExcludingCapitalLeasedAssets`	$411.88M	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`	$61.42M	USD	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
Goodwill	`Goodwill`	$3.38B	USD	Point-in-time
Goodwill	`Goodwill`	$3.35B	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	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
Investments in and advances to affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$78.13M	USD	Point-in-time
Investments in and advances to affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$74.28M	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	48.90M	shares	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$131.72M	USD	Point-in-time
Long-term deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$132.32M	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	48.69M	shares	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$48.66M	USD	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	48.90M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$51.48M	USD	Point-in-time
Total assets	`Assets`	$4.58B	USD	Point-in-time
Total assets	`Assets`	$4.62B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$76.16M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$84.71M	USD	Point-in-time
Accrued payroll and benefits	`EmployeeRelatedLiabilitiesCurrent`	$49.62M	USD	Point-in-time
Accrued payroll and benefits	`EmployeeRelatedLiabilitiesCurrent`	$48.75M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$118.21M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$109.94M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$53.65M	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`	$296.77M	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`	$246.27M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$222.48M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$320.95M	USD	Point-in-time
Non-controlling interestsredeemable	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$299.32M	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, 48,902,118 shares issued and outstanding at June 30, 2018; 48,687,136 shares issued and outstanding at December 31, 2017	`CommonStockValueOutstanding`	$489.00K	USD	Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized, 48,902,118 shares issued and outstanding at June 30, 2018; 48,687,136 shares issued and outstanding at December 31, 2017	`CommonStockValueOutstanding`	$487.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$695.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$675.86M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-78.30M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-41.32M	USD	Point-in-time
Total Surgery Partners, Inc. stockholders' equity	`StockholdersEquity`	$598.05M	USD	Point-in-time
Total Surgery Partners, Inc. stockholders' equity	`StockholdersEquity`	$654.73M	USD	Point-in-time
Non-controlling interestsnon-redeemable	`MinorityInterest`	$656.42M	USD	Point-in-time
Non-controlling interestsnon-redeemable	`MinorityInterest`	$681.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.25B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.62B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.58B	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$862.14M	USD	2 Qtrs
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$444.77M	USD	1 Quarter
Salaries and benefits	`LaborAndRelatedExpense`	$134.02M	USD	1 Quarter
Salaries and benefits	`LaborAndRelatedExpense`	$263.75M	USD	2 Qtrs
Supplies	`SuppliesExpense`	$235.58M	USD	2 Qtrs
Supplies	`SuppliesExpense`	$121.15M	USD	1 Quarter
Professional and medical fees	`ProfessionalFees`	$72.39M	USD	2 Qtrs
Professional and medical fees	`ProfessionalFees`	$36.71M	USD	1 Quarter
Lease expense	`OperatingLeasesRentExpenseNet`	$21.92M	USD	1 Quarter
Lease expense	`OperatingLeasesRentExpenseNet`	$43.28M	USD	2 Qtrs
Other operating expenses	`OtherCostAndExpenseOperating`	$26.29M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$52.40M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$667.40M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$340.09M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$50.25M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$26.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$32.43M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.68M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$14.23M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$8.20M	USD	1 Quarter
Income from equity investments	`IncomeLossFromEquityMethodInvestments`	$4.42M	USD	2 Qtrs
Income from equity investments	`IncomeLossFromEquityMethodInvestments`	$2.56M	USD	1 Quarter
Loss on disposals and deconsolidations, net	`GainLossOnDispositionOfAssetsAndDeconsolidation`	$-3.24M	USD	2 Qtrs
Loss on disposals and deconsolidations, net	`GainLossOnDispositionOfAssetsAndDeconsolidation`	$-3.20M	USD	1 Quarter
Transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$11.64M	USD	1 Quarter
Transaction and integration costs	`BusinessCombinationIntegrationRelatedCosts`	$16.67M	USD	2 Qtrs
Gain on litigation settlement	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
Gain on litigation settlement	`GainLossRelatedToLitigationSettlement`	-	USD	2 Qtrs
Other income	`OtherNonrecurringIncomeExpense`	$-2.13M	USD	1 Quarter
Other income	`OtherNonrecurringIncomeExpense`	$-2.39M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$777.42M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$401.21M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$43.56M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$84.72M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-35.93M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-70.21M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$14.52M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$7.63M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.32M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.08M	USD	2 Qtrs
Net income	`ProfitLoss`	$9.44M	USD	2 Qtrs
Net income	`ProfitLoss`	$4.31M	USD	1 Quarter
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$46.42M	USD	2 Qtrs
Less: Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$23.77M	USD	1 Quarter
Net loss attributable to Surgery Partners, Inc.	`NetIncomeLoss`	$-19.46M	USD	1 Quarter
Net loss attributable to Surgery Partners, Inc.	`NetIncomeLoss`	$-36.98M	USD	2 Qtrs
Less: Amounts attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	$7.96M	USD	1 Quarter
Less: Amounts attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	$15.73M	USD	2 Qtrs
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-27.42M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-52.71M	USD	2 Qtrs
Basic (in USD per share)	`EarningsPerShareBasic`	$-0.57	USD	1 Quarter
Basic (in USD per share)	`EarningsPerShareBasic`	$-1.10	USD	2 Qtrs
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-1.10	USD	2 Qtrs
Diluted (in USD per share)	`EarningsPerShareDiluted`	$-0.57	USD	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.02M	shares	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.01M	shares	2 Qtrs
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.02M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.01M	shares	2 Qtrs
Contingent acquisition expense	`BusinessCombinationContingentAcquisitionExpense`	$1.01M	USD	2 Qtrs
Contingent acquisition expense	`BusinessCombinationContingentAcquisitionExpense`	$504.00K	USD	1 Quarter

Cash Flow Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$9.44M	USD	2 Qtrs
Net income	`ProfitLoss`	$4.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$32.43M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.68M	USD	1 Quarter
Non-cash interest (income) expense, net	`NoncashInterestIncomeExpenseNet`	$654.00K	USD	2 Qtrs
Equity-based compensation	`ShareBasedCompensation`	$4.78M	USD	2 Qtrs
Equity-based compensation	`ShareBasedCompensation`	$2.78M	USD	1 Quarter
Loss on disposals and deconsolidations, net	`GainLossOnDispositionOfAssetsAndDeconsolidation`	$-3.24M	USD	2 Qtrs
Loss on disposals and deconsolidations, net	`GainLossOnDispositionOfAssetsAndDeconsolidation`	$-3.20M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.83M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$14.23M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$8.20M	USD	1 Quarter
Income from equity investments, net of distributions received	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$237.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.46M	USD	2 Qtrs
Other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-4.04M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$69.64M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.94M	USD	2 Qtrs
Payments for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$47.89M	USD	2 Qtrs
Proceeds from divestitures	`ProceedsFromDivestitureOfBusinesses`	$10.23M	USD	2 Qtrs
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$1.22M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-54.82M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$45.35M	USD	2 Qtrs
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$21.35M	USD	2 Qtrs
Payments of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Lender financing escrow fee	`PaymentsOfLoanCosts`	-	USD	2 Qtrs
Payments of preferred dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$7.81M	USD	2 Qtrs
Distributions to non-controlling interest holders	`PaymentsOfDividendsMinorityInterest`	$55.78M	USD	2 Qtrs
Payments related to ownership transactions with non-controlling interest holders	`ProceedsFromPaymentsToMinorityShareholders`	$-82.00K	USD	2 Qtrs
Repurchase of shares	`PaymentsForRepurchaseOfEquity`	$1.98M	USD	2 Qtrs
Principal payments on financing lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$3.04M	USD	2 Qtrs
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-976.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-93.66M	USD	2 Qtrs
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-78.84M	USD	2 Qtrs
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$96.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$175.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$96.38M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Beginning Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.90M	shares	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.25B	USD	Point-in-time
Beginning Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time
Net (loss) income	`NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest`	$-4.46M	USD	2 Qtrs
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.78M	USD	2 Qtrs
Preferred dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$15.73M	USD	2 Qtrs
Cancellation of restricted shares	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	$977.00K	USD	2 Qtrs
Repurchase of shares	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.98M	USD	2 Qtrs
Acquisition and disposal of shares of non-controlling interests, net (1)	`NonControllingInterestAcquisitionsAndDisposalsOfInterestsHeldByNonControllingInterestHoldersNet`	$-24.49M	USD	2 Qtrs
Distributions to non-controlling interestsnon-redeemable holders	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$39.28M	USD	2 Qtrs
Ending Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.69M	shares	Point-in-time
Ending Balance, stockholders' equity (shares)	`CommonStockSharesOutstanding`	48.90M	shares	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.25B	USD	Point-in-time
Ending Balance, stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.34B	USD	Point-in-time

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