MEDNAX, INC. MD Cash Flow

Mednax, inc. (MD)

CashFlow / TTM

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)
-1,273,542	-1,497,702	-1,446,819	-125,328	-37,671	268,629	344,518	344,823	329,109	320,372	262,348	292,889	311,516	324,596	338,931	333,150	334,873	335,691	331,557	327,155	322,132	317,203	307,897	298,617	288,810	280,517	267,646	256,598	247,924	240,907	233,163	225,494	220,891	217,997	213,438	216,467	209,884	202,691	0	0	0
Loss from discontinued operations
-65,710	-347,608	-325,404	-326,327	-277,903	10,018	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
77,500	78,860	80,883	83,479	83,951	83,832	64,790	67,702	73,156	78,856	101,719	100,788	95,294	89,264	82,159	74,892	70,200	64,228	59,981	54,419	49,232	45,990	42,579	41,684	41,192	39,966	37,566	35,030	32,847	30,816	29,991	28,279	26,624	25,292	23,869	23,977	22,951	21,950	0	0	0
Amortization of premiums, discounts and issuance costs
5,610	5,672	5,551	5,294	5,003	4,572	4,750	4,986	5,220	5,514	4,817	4,863	4,903	4,816	4,382	3,472	2,456	1,541	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in fair value of contingent consideration liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	73	-1,138	-474	-417	1,834	3,410	3,760	3,656	1,548	1,184	972	995	1,029	1,056	1,083	1,083	1,067	1,062	1,057	967	0	0	0
Stock-based compensation expense
32,397	35,351	38,128	38,848	39,213	37,910	34,999	34,009	30,928	28,778	30,644	31,541	32,623	34,000	34,058	33,605	33,206	32,129	31,765	31,634	31,484	31,719	32,013	32,045	32,075	31,288	31,185	30,440	28,685	28,437	27,496	26,976	27,616	27,092	26,631	26,464	26,086	25,693	0	0	0
Equity in earnings of unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distribution of earnings from unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-138,310	-177,000	-162,305	-14,654	-30,356	-25,647	-95,995	-101,633	-63,816	-61,233	18,604	18,522	17,738	18,149	27,900	15,040	15,066	14,494	-4,981	12,602	4,969	2,559	6,990	7,202	19,905	15,920	23,953	27,230	28,108	21,344	19,240	14,200	-4,336	8,063	23,697	23,146	27,453	24,375	0	0	0
Other
4,261	-389	8,942	-4,395	6,920	10,903	4,332	2,523	2,242	3,782	3,106	2,106	2,024	-212	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Accounts receivable
-49,673	-7,854	5,821	12,640	20,879	43,408	5,694	35,812	38,738	-10,784	18,273	-589	1,833	34,000	62,580	69,494	67,797	55,391	24,645	17,130	35,409	57,018	62,579	57,636	51,869	37,331	22,307	28,854	27,103	17,678	43,447	46,888	48,547	48,993	32,338	15,049	14,185	16,951	0	0	0
Prepaid expenses and other current assets
9,687	9,998	7,998	3,494	1,918	6,074	8,958	4,124	5,523	3,015	-585	-776	-1,086	783	1,546	4,450	5,631	4,905	-194	-1,881	-4,985	-1,506	2,045	592	2,631	-212	2,944	1,755	1,036	244	-3,382	4,214	1,028	3,433	4,776	-570	-104	-3,882	0	0	0
Other long-term assets
-39,598	-37,989	-32,727	-14,387	-10,134	-68	3,431	-192	1,079	2,950	1,894	-5,815	-6,514	-10,035	-4,633	2,204	-938	-98	-4,971	-3,372	-890	-907	-1,147	3,088	3,113	3,541	2,609	-792	-1,087	-1,153	-665	-1,751	-1,412	-3,932	-1,507	-22	614	3,601	0	0	0
Accounts payable and accrued expenses
38,268	104,161	81,369	69,505	42,569	45,943	33,733	42,077	57,564	34,882	34,447	15,591	-4,894	11,617	12,232	19,817	26,392	-7,874	25,878	10,861	27,787	66,039	40,009	38,299	25,593	49,239	28,309	21,277	23,591	16,953	19,963	15,917	-3,164	21,480	-343	-15,153	-18,726	-38,918	0	0	0
Income taxes payable
-71,375	-24,119	-16,907	-50,289	-8,098	-61,256	-22,558	49,041	5,286	73,050	14,258	-11,998	7,316	-2,234	-11,125	1,898	-4,224	-4,101	17,450	-8,146	474	6,998	6,408	12,705	4,219	5,772	-2,319	-7,955	-10,037	-7,343	4,808	971	21,851	6,704	2,886	7,064	9,801	18,706	0	0	0
Payments of contingent consideration liabilities
1,230	1,170	1,171	1,446	1,070	1,093	862	516	771	750	876	835	1,052	1,037	1,129	1,148	1,434	1,439	1,265	1,096	1,326	4,071	4,529	4,459	4,058	1,308	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Long-term professional liabilities
17,309	9,844	-1,061	-2,101	-4,343	-4,490	7,069	11,599	19,340	18,478	1,896	-5,958	-6,558	-3,452	-1,425	-3,831	-5,408	-2,064	2,523	10,149	7,810	9,284	12,023	12,259	19,068	19,797	13,227	15,183	14,155	9,941	11,999	9,800	8,661	9,843	7,475	3,212	4,437	1,915	0	0	0
Other liabilities
-24,406	-28,487	-27,742	-18,483	-16,966	-3,957	-3,566	-4,048	-1,830	-687	1,522	-7,590	-5,575	-7,405	-9,614	-5,415	-6,189	-2,654	-1,402	5,248	5,153	2,492	2,211	1,291	1,041	1,211	-519	337	228	411	1,544	1,868	2,301	1,959	2,887	-469	-545	-151	0	0	0
Net cash provided by operating activities - discontinued operations
4,579	8,170	12,098	17,356	16,165	15,817	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in operating activities
0	346,637	346,610	323,243	0	289,925	329,955	389,158	0	483,367	446,691	442,887	455,054	443,778	416,966	392,956	389,346	368,701	443,372	430,669	418,779	422,641	383,083	381,587	373,992	405,398	371,320	348,105	338,606	324,906	309,483	274,860	253,014	270,669	266,000	271,313	267,703	240,558	0	0	0
Cash flows from investing activities:
Acquisition payments, net of cash acquired
107,800	111,975	118,656	100,366	96,766	114,491	203,183	443,061	442,262	531,232	392,525	680,333	813,707	762,302	737,460	445,153	840,719	818,903	939,627	913,362	447,743	479,394	390,571	256,598	306,125	238,045	432,189	493,081	414,206	441,006	277,319	208,221	172,897	154,885	354,388	291,594	308,494	338,596	0	0	0
Purchases of investments
56,143	35,101	13,907	0	1,845	15,884	18,866	28,283	29,357	27,723	34,849	37,621	55,090	60,976	64,466	61,711	48,552	33,980	27,662	28,106	26,699	26,884	21,540	15,582	12,688	20,802	30,887	33,953	39,562	33,120	37,586	48,717	40,502	42,526	31,095	29,205	31,731	26,478	0	0	0
Proceeds from maturities or sales of investments
56,165	51,105	29,440	15,895	15,010	13,710	15,405	24,115	25,040	25,410	29,600	23,595	33,065	41,325	40,988	42,948	40,821	31,956	29,443	26,713	20,365	20,735	19,198	16,798	12,631	11,011	10,423	19,536	22,888	28,073	33,548	32,915	40,520	38,170	32,560	27,530	17,325	15,575	0	0	0
Purchases of property and equipment
39,773	31,881	30,670	28,663	27,837	30,479	18,992	22,537	22,883	26,150	42,820	42,002	40,551	39,264	35,585	33,575	32,128	27,073	26,564	22,977	18,879	18,061	14,375	14,062	15,887	15,654	17,232	17,019	15,912	14,495	12,657	14,734	14,002	31,332	30,681	28,312	28,301	12,113	0	0	0
Proceeds from sales of businesses
0	-	-	0	0	22,764	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-6,705	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities - discontinued operations
-16,003	-19,423	-15,718	-17,964	-17,846	-18,389	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
0	102,455	-149,511	-131,098	0	-142,769	-236,916	-475,766	0	-576,613	-436,785	-732,493	-872,533	-821,217	-796,523	-497,491	-880,578	-848,000	-964,410	-937,732	-472,956	-503,604	-407,288	-269,444	-322,069	-263,490	-469,885	-524,517	-446,792	-460,548	-294,014	-238,757	-186,881	-190,573	-383,604	-321,581	-351,201	-361,612	0	0	0
Cash flows from financing activities:
Borrowings on credit agreement
1,243,800	1,247,300	1,584,800	1,800,500	1,736,000	1,723,500	2,954,500	2,846,500	2,815,500	2,846,000	1,535,000	1,859,000	1,926,500	1,940,000	1,936,000	1,609,000	2,037,000	2,121,500	2,517,000	2,535,000	2,017,500	1,754,500	1,163,500	980,500	987,500	911,500	948,000	836,500	680,000	517,500	526,500	518,500	498,000	512,500	712,000	586,000	602,000	684,000	0	0	0
Payments on credit agreement
1,267,300	1,986,800	2,639,000	2,598,500	2,568,000	2,094,500	2,774,500	2,727,500	2,751,500	2,699,000	1,497,500	1,526,500	1,468,000	1,510,000	2,247,500	2,203,000	2,231,500	2,156,000	1,446,500	1,421,500	1,369,500	1,213,500	999,500	955,800	923,500	1,028,500	872,500	682,700	579,500	402,500	528,500	584,500	591,000	630,000	662,000	578,000	554,500	587,500	0	0	0
Proceeds from issuance of senior notes
0	500,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for credit facility amendment and financing costs
1,314	9,194	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of contingent consideration liabilities
10,060	10,120	10,120	10,067	6,204	5,263	5,493	3,855	5,400	5,449	6,283	8,308	10,724	10,740	12,098	12,602	12,917	12,856	11,230	9,477	11,466	11,740	14,235	12,181	10,629	10,365	10,222	9,636	9,416	9,445	0	0	0	-	-	-	-	-	-	-	-
Payments on finance lease obligations
195	234	526	814	1,073	1,339	1,033	1,284	1,390	1,659	2,151	2,201	2,171	2,130	2,709	2,643	2,548	2,171	1,138	572	293	159	107	88	94	99	91	103	123	136	171	195	411	463	474	468	290	262	0	0	0
Excess tax benefit from exercises of stock options and vesting of restricted stock
-	-	-	-	-	-	-	-	-	-	-	-	-	4,241	3,540	5,964	10,826	11,583	17,770	16,619	16,603	17,462	19,381	20,600	18,100	18,579	12,416	10,583	6,918	6,494	4,580	5,594	8,719	7,031	7,676	6,048	2,935	3,043	0	0	0
Proceeds from issuance of common stock
10,214	11,258	12,162	13,420	15,403	16,258	17,845	18,675	19,930	23,276	25,107	24,557	24,702	22,022	19,005	20,627	19,929	20,128	35,458	35,444	40,074	42,876	37,480	36,910	30,902	28,697	25,340	25,182	24,741	28,810	21,881	22,064	34,489	31,362	41,269	37,622	25,474	22,532	0	0	0
Contribution from noncontrolling interests
-	-	-	-	-	-	-	-	-	894	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of common stock
68,840	145,280	0	0	0	-	-	-	-	70,192	70,192	70,192	71,296	61,828	61,828	63,278	60,096	235,051	595,721	595,334	605,041	488,429	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities - discontinued operations
0	-	-	-4	-10	-17	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
0	-393,070	-213,893	-206,258	0	-170,611	-114,991	76,230	0	89,737	-14,308	278,137	403,827	381,565	371,447	91,105	496,504	482,943	510,131	554,672	84,621	97,754	79,785	-107,593	-66,573	-132,051	48,683	177,429	120,223	138,326	14,906	-47,921	-58,794	-87,751	91,966	48,091	74,608	120,802	0	0	0
Net increase in cash and cash equivalents
254,254	56,022	-16,794	-6,200	-3,038	-23,455	6,059	17,633	19,100	24,502	-4,402	-11,469	-13,652	4,126	-8,110	-13,430	5,272	3,644	-10,907	47,609	30,444	16,791	55,580	4,550	-14,650	9,857	-49,882	1,017	12,037	2,684	30,375	-11,818	7,339	-7,655	-25,638	-2,177	-8,890	-252	0	0	0