AMSURG CORP

CIK:0000895930|SEC Filings

Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues	$ 968,822	$ 712,719	$ 2,646,940	$ 2,058,649
Provision for uncollectibles			(359,290)	(212,546)
Net revenue	822,216	650,227	2,305,393	1,862,622
Operating expenses:
Salaries and benefits	461,281	327,532	1,275,131	950,107
Supply cost	47,952	45,638	144,618	134,012
Other operating expenses	114,928	98,852	333,755	294,424
Transaction costs	16,906	2,107	23,431	5,560
Depreciation and amortization	31,585	24,106	90,711	70,536
Total operating expenses	672,652	498,235	1,867,646	1,454,639
Net gain on disposals and deconsolidations	4,144	9,112	6,739	5,854
Equity in earnings of unconsolidated affiliates	4,445	4,935	18,375	11,575
Operating income	158,153	166,039	462,861	425,412
Interest expense, net	32,915	30,242	95,638	90,671
Earnings before income taxes	125,238	135,797	367,223	334,741
Income tax expense	29,658	37,518	83,820	76,960
Net earnings	95,580	98,279	283,403	257,781
Less net earnings attributable to noncontrolling interests	55,626	55,618	166,517	160,407
Net earnings attributable to AmSurg Corp. shareholders	39,954	42,661	116,886	97,374
Preferred stock dividends	(2,264)	(2,264)	(6,792)	(6,792)
Net earnings attributable to AmSurg Corp. common shareholders	$ 37,690	$ 40,397	$ 110,094	$ 90,582
Net earnings per share attributable to common shareholders:
Earnings Per Share, Basic	$ 0.70	$ 0.85	$ 2.05	$ 1.90
Earnings Per Share, Diluted	$ 0.69	$ 0.83	$ 2.03	$ 1.89
Weighted average number of shares and share equivalents outstanding:
Basic (in shares)	53,757	47,707	53,720	47,652
Diluted (in shares)	54,258	51,275	54,152	48,050
Physician Services [Member]
Provision for uncollectibles	$ (146,606)	$ (62,492)	$ (341,547)	$ (196,027)
Net revenue	$ 507,607	$ 341,244	$ 1,363,903	$ 958,738

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net earnings	$ 283,403	$ 257,781
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
Depreciation and amortization	90,711	70,536
Amortization of deferred loan costs	6,419	6,238
Provision for uncollectibles	359,290	212,546
Net gain on disposals and deconsolidations	(6,739)	(5,854)
Share-based compensation	21,243	11,319
Excess tax benefit from share-based compensation	(3,910)	(3,779)
Deferred income taxes	34,605	7,309
Equity in earnings of unconsolidated affiliates	(18,375)	(11,575)
Net change in fair value of contingent consideration	(2,598)	8,338
Increases (decreases) in cash and cash equivalents, net of acquisitions and dispositions:
Accounts receivable	(387,733)	(232,465)
Supplies inventory	(699)	(533)
Prepaid and other current assets	(16,118)	36,479
Accounts payable	(5,617)	2,316
Accrued expenses and other liabilities	(14,423)	64,760
Other, net	11,631	3,786
Net cash flows provided by operating activities	351,090	427,202
Cash flows from investing activities:
Acquisitions and related expenses	(351,736)	(233,490)
Acquisition of property and equipment	(64,007)	(47,006)
Increase in cash due to consolidation of previously unconsolidated affiliates	31,412	0
Purchases of marketable securities	(498)	(1,743)
Maturities of marketable securities	2,987	4,233
Other, net	(6,488)	(3,974)
Net cash flows used in investing activities	(388,330)	(281,980)
Cash flows from financing activities:
Proceeds from long-term borrowings and revolving credit facility	430,006	10,197
Repayment on long-term borrowings and revolving credit facility	(214,268)	(15,737)
Distributions to noncontrolling interests	(172,075)	(158,144)
Proceeds from issuance of common stock upon exercise of stock options	450	2,356
Repurchase of common stock	(6,145)	(3,684)
Other, net	(1,330)	(867)
Net cash flows provided by (used in) financing activities	36,638	(165,879)
Net decrease in cash and cash equivalents	(602)	(20,657)
Cash and cash equivalents, beginning of period	106,660	208,079
Cash and cash equivalents, end of period	106,058	187,422
Supplemental cash flow information:
Interest payments	101,524	96,418
Income tax paid, net of refunds	$ 53,360	$ 28,429

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 106,058	$ 106,660
Restricted cash and marketable securities	12,794	13,506
Accounts receivable, net of allowance of $251,414 and $167,411, respectively	424,895	337,330
Supplies inventory	22,505	21,406
Prepaid and other current assets	64,454	75,771
Total current assets	630,706	554,673
Property and equipment, net	227,213	189,168
Investments in unconsolidated affiliates	111,006	169,170
Goodwill	4,300,102	3,970,210
Intangible assets, net	1,678,927	1,594,637
Other assets	48,985	21,450
Total assets	6,996,939	6,499,308
Liabilities and Equity
Current portion of long-term debt	22,020	20,377
Accounts payable	27,191	32,561
Accrued salaries and benefits	213,298	202,537
Accrued interest	18,577	30,480
Other accrued liabilities	101,625	119,237
Total current liabilities	382,711	405,192
Long-term debt, net of deferred financing costs of $40,768 and $47,174, respectively	2,591,895	2,357,956
Deferred income taxes	760,504	699,498
Other long-term liabilities	129,897	96,183
Commitments and contingencies
Noncontrolling interests – redeemable	177,877	175,732
Equity:
Preferred stock, no par value, 5,000 shares authorized, 1,725 shares issued and outstanding	166,632	166,632
Common stock, no par value, 120,000 shares authorized, 54,804 and 54,294 shares issued and outstanding, respectively	1,361,581	1,345,418
Retained earnings	891,507	781,413
Total AmSurg Corp. equity	2,419,720	2,293,463
Noncontrolling interests – non-redeemable	534,335	471,284
Total equity	2,954,055	2,764,747
Total liabilities and equity	$ 6,996,939	$ 6,499,308