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PEDIATRIX MEDICAL GROUP INC

CIK:0000893949|SEC Filings

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 487,783	$ 468,844	$ 963,979	$ 927,203
Operating expenses:
Practice salaries and benefits	336,116	323,502	681,860	660,533
Practice supplies and other operating expenses	19,197	20,614	36,685	39,300
General and administrative expenses	61,291	55,714	121,557	114,318
Depreciation and amortization	5,782	5,313	11,901	10,645
Transformational and restructuring related expenses	8,475	3,834	13,397	10,439
Total operating expenses	430,861	408,977	865,400	835,235
Income from operations	56,922	59,867	98,579	91,968
Investment and other income	4,548	3,727	9,308	8,464
Interest expense	(8,172)	(9,130)	(16,437)	(18,284)
Equity in earnings of unconsolidated affiliate	702	505	1,394	911
Total non-operating expenses	(2,922)	(4,898)	(5,735)	(8,909)
Income before income taxes	54,000	54,969	92,844	83,059
Income tax provision	(14,157)	(15,709)	(23,429)	(23,062)
Net Income	39,843	39,260	69,415	59,997
Unrealized holding (loss) gain on investments, net of tax of $145, $140, $297, and $395	(463)	429	(996)	1,208
Total comprehensive income	$ 39,380	$ 39,689	$ 68,419	$ 61,205
Net income:
Basic	$ 0.5	$ 0.46	$ 0.87	$ 0.71
Diluted	$ 0.49	$ 0.46	$ 0.85	$ 0.7
Weighted average common shares:
Basic	79,440	84,797	79,957	84,653
Diluted	81,412	85,529	82,040	85,517

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 69,415	$ 59,997
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	11,901	10,645
Amortization of premiums, discounts and issuance costs	152	458
Stock-based compensation expense	9,736	7,550
Deferred income taxes	19,788	16,504
Other	(1,332)	(1,501)
Changes in assets and liabilities:
Accounts receivable	2,064	21,231
Prepaid expenses and other current assets	3,960	204
Other long-term assets	7,247	9,601
Accounts payable and accrued expenses	(117,525)	(89,951)
Income taxes payable	1,573	4,763
Long-term professional liabilities	(1,417)	(8,166)
Other liabilities	(8,755)	(9,315)
Net cash (used in) provided by operating activities - continuing operations	(3,193)	22,020
Net cash used in operating activities - discontinued operations	(1,331)	(2,316)
Net cash (used in) provided by operating activities	(4,524)	19,704
Cash flows from investing activities:
Acquisition payments, net of cash acquired	(7,000)	0
Purchases of investments	(10,060)	(21,529)
Proceeds from maturities or sales of investments	18,200	18,380
Purchases of property and equipment	(7,626)	(7,833)
Other	526	(3,636)
Net cash used in investing activities	(5,960)	(14,618)
Cash flows from financing activities:
Payments on term loan	(12,500)	(9,375)
Payments on finance lease obligations	(797)	(844)
Proceeds from issuance of common stock	1,614	1,838
Repurchases of common stock	(64,195)	(1,778)
Other	0	(135)
Net cash used in financing activities	(75,878)	(10,294)
Net decrease in cash and cash equivalents	(86,362)	(5,208)
Cash and cash equivalents at beginning of period	375,241	229,940
Cash and cash equivalents at end of period	$ 288,879	$ 224,732

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 288,879	$ 375,241
Short-term investments	115,319	124,482
Accounts receivable, net	227,601	229,665
Prepaid expenses	9,578	12,606
Income taxes receivable	11,404	12,641
Other current assets	7,360	8,879
Total current assets	660,141	763,514
Property and equipment, net	38,704	39,180
Goodwill	1,268,248	1,260,732
Intangible assets, net	14,514	16,862
Operating and finance lease right-of-use assets	35,190	34,330
Deferred income tax assets	56,114	73,922
Other assets	57,431	58,156
Total assets	2,130,342	2,246,696
Current liabilities:
Accounts payable and accrued expenses	301,837	419,530
Current portion of debt and finance lease liabilities, net	186,183	26,806
Current portion of operating lease liabilities	12,238	11,591
Income taxes payable	1,320	984
Total current liabilities	501,578	458,911
Long-term debt and finance lease liabilities, net	398,060	570,532
Long-term operating lease liabilities	23,475	25,686
Long-term professional liabilities	235,145	238,353
Deferred income tax liabilities	58,709	57,024
Other liabilities	32,398	30,336
Total liabilities	1,249,365	1,380,842
Commitments and contingencies
Shareholders' equity:
Preferred stock; $.01 par value; 1,000,000 shares authorized; none issued	0	0
Common stock; $.01 par value; 200,000,000 shares authorized; 81,222,774 and 82,976,110 shares issued and outstanding, respectively	812	830
Additional paid-in capital	894,288	947,566
Accumulated other comprehensive (loss) income	(386)	610
Retained deficit	(13,737)	(83,152)
Total shareholders' equity	880,977	865,854
Total liabilities and shareholders' equity	$ 2,130,342	$ 2,246,696