MEDNAX, INC. MD Cash Flow

Mednax, inc. (MD)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income (loss)
-18,712	9,331	-1,255,916	-8,245	-242,872	60,214	65,575	79,412	63,428	136,103	65,880	63,698	54,691	78,079	96,421	82,325	67,771	92,414	90,640	84,048	68,589	88,280	86,238	79,025	63,660	78,974	76,958	69,218	55,367	66,103	65,910	60,544	48,350	58,359	58,241	55,941	45,456	53,800	61,270	49,358	38,263
Loss from discontinued operations
-2,602	-23,652	4,330	-43,786	-284,500	-1,448	3,407	4,638	3,421	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
18,673	19,410	19,608	19,809	20,033	21,433	22,204	20,281	19,914	2,391	25,116	25,735	25,614	25,254	24,185	20,241	19,584	18,149	16,918	15,549	13,612	13,902	11,356	10,362	10,370	10,491	10,461	9,870	9,144	8,091	7,925	7,687	7,113	7,266	6,213	6,032	5,781	5,843	6,321	5,006	4,780
Amortization of premiums, discounts and issuance costs
1,458	1,379	1,359	1,414	1,520	1,258	1,102	1,123	1,089	1,436	1,338	1,357	1,383	739	1,384	1,397	1,296	305	474	381	381	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in fair value of contingent consideration liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	245	-550	289	89	-966	114	346	2,340	610	464	242	232	246	252	265	266	273	279	265	250	268	274	175
Stock-based compensation expense
8,035	6,379	8,022	9,961	10,989	9,156	8,742	10,326	9,686	6,245	7,752	7,245	7,536	8,111	8,649	8,327	8,913	8,169	8,196	7,928	7,836	7,805	8,065	7,778	8,071	8,099	8,097	7,808	7,284	7,996	7,352	6,053	7,036	7,055	6,832	6,693	6,512	6,594	6,665	6,315	6,119
Equity in earnings of unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	784	745	821	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distribution of earnings from unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,062	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
33,582	-22,311	-143,736	-5,845	-5,108	-7,616	3,915	-21,547	-399	-77,964	-1,723	16,270	2,184	1,873	-1,805	15,486	2,595	11,624	-14,665	15,512	2,023	-7,851	2,918	7,879	-387	-3,420	3,130	20,582	-4,372	4,613	6,407	21,460	-11,136	2,509	1,367	2,924	1,263	18,143	816	7,231	-1,815
Other
1,883	-1,458	14,219	-10,383	-2,767	7,873	882	932	1,216	1,302	-927	651	2,756	626	-1,927	569	520	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Accounts receivable
-25,904	4,170	-9,491	-18,448	15,915	17,845	-2,672	-10,209	38,444	-19,869	27,446	-7,283	-11,078	9,188	8,584	-4,861	21,089	37,768	15,498	-6,558	8,683	7,022	7,983	11,721	30,292	12,583	3,040	5,954	15,754	-2,441	9,587	4,203	6,329	23,328	13,028	5,862	6,775	6,673	-4,261	4,998	9,541
Prepaid expenses and other current assets
-5,101	2,378	8,425	3,985	-4,790	378	3,921	2,409	-634	3,262	-913	3,808	-3,142	-338	-1,104	3,498	-1,273	425	1,800	4,679	-1,999	-4,674	113	1,575	1,480	-1,123	-1,340	3,614	-1,363	2,033	-2,529	2,895	-2,155	-1,593	5,067	-291	250	-250	-279	175	-3,528
Other long-term assets
-11,189	-7,461	-16,492	-4,456	-9,580	-2,199	1,848	-203	486	1,300	-1,775	1,068	2,357	244	-9,484	369	-1,164	5,646	-2,647	-2,773	-324	773	-1,048	-291	-341	533	3,187	-266	87	-399	-214	-561	21	89	-1,300	-222	-2,499	2,514	185	414	488
Accounts payable and accrued expenses
-198,452	79,682	81,584	75,454	-132,559	56,890	69,720	48,518	-129,185	44,680	78,064	64,005	-151,867	44,245	59,208	43,520	-135,356	44,860	66,793	50,095	-169,622	78,612	51,776	67,021	-131,370	52,582	50,066	54,315	-107,724	31,652	43,034	56,629	-114,362	34,662	38,988	37,548	-89,718	12,839	24,178	33,975	-109,910
Income taxes payable
-32,883	1,718	3,105	-43,315	14,373	8,930	-30,277	-1,124	-38,785	47,628	41,322	-44,879	28,979	-11,164	15,066	-25,565	19,429	-20,055	28,089	-31,687	19,552	1,496	2,493	-23,067	26,076	906	8,790	-31,553	27,629	-7,185	3,154	-33,635	30,323	4,966	-683	-12,755	15,176	1,148	3,495	-10,018	24,081
Payments of contingent consideration liabilities
102	406	346	376	42	407	621	0	65	176	275	255	44	302	234	472	29	394	253	758	34	220	84	988	2,779	678	14	587	29	-	-	-	-	-	-	-	-	-	-	-	-
Long-term professional liabilities
6,969	9,023	4,295	-2,978	-496	-1,882	3,255	-5,220	-643	9,677	7,785	2,521	-1,505	-6,905	-69	1,921	1,601	-4,878	-2,475	344	4,945	-291	5,151	-1,995	6,419	2,448	5,387	4,814	7,148	-4,122	7,343	3,786	2,934	-2,064	5,144	2,647	4,116	-4,432	881	3,872	1,594
Other liabilities
-7,912	-2,607	-10,275	-3,612	-11,993	-1,862	-1,016	-2,095	1,016	-1,471	-1,498	123	2,159	738	-10,610	2,138	329	-1,471	-6,411	1,364	3,864	-219	239	1,269	1,203	-500	-681	1,019	1,373	-2,230	175	910	1,556	-1,097	499	1,343	1,214	-169	-2,857	1,267	1,608
Net cash provided by operating activities - discontinued operations
0	0	257	4,322	3,591	3,928	5,515	3,131	3,243	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in operating activities
-146,431	127,621	164,094	111,739	-60,408	127,594	140,727	135,238	-116,877	167,624	199,930	137,576	-21,763	130,948	196,126	149,743	-33,039	104,136	172,116	146,133	-53,684	178,807	159,413	134,243	-49,822	139,249	157,917	126,648	-18,416	105,171	134,702	117,149	-32,116	89,748	100,079	95,303	-14,461	85,079	105,392	91,693	-41,606
Cash flows from investing activities:
Acquisition payments, net of cash acquired
75	80,775	19,750	7,200	4,250	87,456	1,460	3,600	21,975	176,148	241,338	2,801	110,945	37,441	529,146	136,175	59,540	12,599	236,839	531,741	37,724	133,323	210,574	66,122	69,375	44,500	76,601	115,649	1,295	238,644	137,493	36,774	28,095	74,957	68,395	1,450	10,083	274,460	5,601	18,350	40,185
Purchases of investments
21,042	21,194	13,907	0	0	0	0	1,845	14,039	2,982	9,417	2,919	12,405	10,108	12,189	20,388	18,291	13,598	9,434	7,229	3,719	7,280	9,878	5,822	3,904	1,936	3,920	2,928	12,018	12,021	6,986	8,537	5,576	16,487	18,117	322	7,600	5,056	16,227	2,848	2,347
Proceeds from maturities or sales of investments
9,860	24,865	18,060	3,380	4,800	3,200	4,515	2,495	3,500	4,895	13,225	3,420	3,870	9,085	7,220	12,890	12,130	8,748	9,180	10,763	3,265	6,235	6,450	4,415	3,635	4,698	4,050	248	2,015	4,110	13,163	3,600	7,200	9,585	12,530	11,205	4,850	3,975	7,500	1,000	3,100
Purchases of property and equipment
13,713	6,872	8,529	10,659	5,821	5,661	6,522	9,833	8,463	-5,826	10,067	10,179	11,730	10,844	9,249	8,728	10,443	7,165	7,239	7,281	5,388	6,656	3,652	3,183	4,570	2,970	3,339	5,008	4,337	4,548	3,126	3,901	2,920	2,710	5,203	3,169	20,250	2,059	2,834	3,158	4,062
Proceeds from sales of businesses
4,750	-	-	0	0	0	0	0	22,764	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-2,896	59	-118	-3,750	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities - discontinued operations
0	-8,777	-3,093	-4,133	-3,420	-5,072	-5,339	-4,015	-3,963	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-20,220	156,977	-27,219	-18,612	-5,271	-94,989	-8,806	-16,798	-18,213	-189,136	-247,656	-12,361	-127,460	-49,308	-543,364	-152,401	-76,144	-24,614	-244,332	-535,488	-43,566	-141,024	-217,654	-70,712	-74,214	-44,708	-79,810	-123,337	-15,635	-251,103	-134,442	-45,612	-29,391	-84,569	-79,185	6,264	-33,083	-277,600	-17,162	-23,356	-43,494
Cash flows from financing activities:
Borrowings on credit agreement
515,000	21,500	327,300	380,000	518,500	359,000	543,000	315,500	506,000	1,590,000	435,000	284,500	536,500	279,000	759,000	352,000	550,000	275,000	432,000	780,000	634,500	670,500	450,000	262,500	371,500	79,500	267,000	269,500	295,500	116,000	155,500	113,000	133,000	125,000	147,500	92,500	147,500	324,500	21,500	108,500	229,500
Payments on credit agreement
146,500	231,300	469,000	420,500	866,000	883,500	428,500	390,000	392,500	1,563,500	381,500	414,000	340,000	362,000	410,500	355,500	382,000	1,099,500	366,000	384,000	306,500	390,000	341,000	332,000	150,500	176,000	297,300	299,700	255,500	20,000	107,500	196,500	78,500	146,000	163,500	203,000	117,500	178,000	79,500	179,500	150,500
Proceeds from issuance of senior notes
0	0	0	0	500,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for credit facility amendment and financing costs
500	0	0	814	8,380	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of contingent consideration liabilities
1,248	1,394	3,555	3,863	1,308	1,394	3,502	0	367	1,624	1,864	1,545	416	2,458	3,889	3,961	432	3,816	4,393	4,276	371	2,190	2,640	6,265	645	4,685	586	4,713	381	4,542	0	4,493	410	-	-	-	-	-	-	-	-
Payments on finance lease obligations
3	51	85	56	42	343	373	315	308	37	624	421	577	529	674	391	536	1,108	608	296	159	75	42	17	25	23	23	23	30	15	35	43	43	50	59	259	95	61	53	81	67
Excess tax benefit from exercises of stock options and vesting of restricted stock
-	-	-	-	-	-	-	-	-	-	-	-	-	817	70	3,035	319	116	2,494	7,897	1,076	6,303	1,343	7,881	1,935	8,222	2,562	5,381	2,414	2,059	729	1,716	1,990	145	1,743	4,841	302	790	115	1,728	410
Proceeds from issuance of common stock
1,832	2,101	2,606	3,675	2,876	3,005	3,864	5,658	3,731	4,592	4,694	6,913	7,077	6,423	4,144	7,058	4,397	3,406	5,766	6,360	4,596	18,736	5,752	10,990	7,398	13,340	5,182	4,982	5,193	9,983	5,024	4,541	9,262	3,054	5,207	16,966	6,135	12,961	1,560	4,818	3,193
Contribution from noncontrolling interests
-	-	-	-	-	-	-	-	-	0	0	0	894	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of common stock
2,542	355	416	65,527	78,982	-	-	-	-	0	0	2,078	68,114	0	0	3,182	58,646	0	1,450	0	233,601	360,670	1,063	9,707	116,989	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities - discontinued operations
0	-	-	0	0	0	-4	-6	-7	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
366,039	-209,499	-143,150	-107,085	66,664	-30,322	-135,515	-121,323	116,556	25,298	55,706	-126,631	135,364	-78,747	348,151	-941	113,102	-88,865	67,809	404,458	99,541	-61,677	112,350	-65,593	112,674	-79,646	-75,028	-24,573	47,196	101,088	53,718	-81,779	65,299	-22,332	-9,109	-92,652	36,342	157,385	-52,984	-66,135	82,536
Net increase in cash and cash equivalents
199,388	75,099	-14,188	-6,045	1,156	2,283	-3,594	-2,883	-19,261	31,797	7,980	-1,416	-13,859	2,893	913	-3,599	3,919	-9,343	-4,407	15,103	2,291	-23,894	54,109	-2,062	-11,362	14,895	3,079	-21,262	13,145	-44,844	53,978	-10,242	3,792	-17,153	11,785	8,915	-11,202	-35,136	35,246	2,202	-2,564