Provides Guidance for First Quarter and Full Year 2019
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 7, 2019--
MEDNAX, Inc. (NYSE: MD), the national health solutions partner
specializing in neonatology, anesthesiology, radiology, maternal-fetal
medicine, other pediatric services, and management services, today
reported earnings of $0.68 per diluted share for the three months ended
December 31, 2018. On a non-GAAP basis, MEDNAX reported Adjusted EPS of
$0.92.
For the 2018 fourth quarter, MEDNAX reported the following results:
-
Net revenue of $933 million;
-
Net income of $60 million; and
-
EBITDA of $137 million.
“Our operating results for the fourth quarter were in line with our
expectations and reflect continued execution of our shared services and
operational initiatives,” said Roger J. Medel, M.D., Chief Executive
Officer of MEDNAX. “We achieved the goal we established for these
initiatives of $60 million in improvements in 2018, and we remain
committed to achieving our target of $120 million in annualized
improvements by the end of 2019. Our focus in 2019 is on generating
consistent, stable operating performance against our outlook of clinical
and non-clinical compensation growth, reimbursement trends, and a
utilization environment that reflects soft birth rates and a continued
adverse migration of anesthesia payor mix. We believe a combination of
our internal focus, investments in the optimization of our shared
services and physician group performance, and the use of our capital
toward targeted acquisitions and share repurchases positions us well to
generate enhanced shareholder value while continuing to take great care
of our patients.”
Operating Results
MEDNAX’s net revenue for the three months ended December 31, 2018
increased by 2.4 percent, to $932.7 million, from $910.8 million for the
prior-year period. MEDNAX’s same-unit revenue increased by 2.8 percent,
while growth attributable to recent acquisitions was offset by the
non-renewal of certain contracts.
Same-unit revenue from net reimbursement-related factors increased by
2.0 percent for the 2018 fourth quarter as compared to the prior-year
period. The net increase in revenue was primarily due to modest
improvements in managed care contracting.
The percentage of services reimbursed under government programs was
unchanged for the fourth quarter compared with the prior-year period,
reflecting a favorable comparison for neonatology and other pediatric
services, offset by an unfavorable comparison for anesthesiology
services.
Same-unit revenue attributable to patient volume increased by 0.8
percent for the 2018 fourth quarter as compared to the prior-year
period. Volumes increased across all of the Company’s service lines
except for neonatology, for which neonatal intensive care unit (NICU)
patient days were effectively unchanged compared to the prior-year
period.
For the 2018 fourth quarter, practice salaries and benefits expense was
$657.1 million, compared to $617.5 million for the prior-year period.
Practice salaries and benefits expense as a percentage of net revenue
was 70.4 percent for the fourth quarter of 2018, compared to 67.8
percent for the prior-year period. Of this increase, approximately $8
million, or 90 basis points, reflects expense related to the continued
employment of clinicians affected by the non-renewal of a contract, for
which the affected practice was no longer billing for service effective
July 1, 2018. The remaining increase was primarily attributable to
growth in clinician compensation expense at existing practices as well
as to support acquisition-related growth.
For the 2018 fourth quarter, general and administrative expenses were
$112.8 million, as compared to $108.9 million for the prior-year period.
General and administrative expenses as a percentage of net revenue was
12.1 percent for the fourth quarter of 2018, compared to 12.0 percent
for the prior-year period.
Earnings before interest, taxes, depreciation and amortization expense
(EBITDA) for the 2018 fourth quarter was $136.7 million, compared to
$154.6 million for the prior-year period, or a decline of 11.6 percent.
EBITDA as a percentage of net revenue was 14.7 percent for the fourth
quarter of 2018, compared to 17.0 percent in the prior-year period. This
decline primarily reflects the revenue and cost items detailed above, as
well as the loss of the contribution from the previously noted
non-renewal of certain contracts.
Depreciation and amortization expense was $29.9 million for the fourth
quarter of 2018 compared to $26.4 million for the fourth quarter of
2017, an increase of $3.5 million.
Interest expense was $25.4 million for the fourth quarter of 2018
compared to $19.8 million for the fourth quarter of 2017, due primarily
to a higher effective interest rate on borrowings between the two
periods. The increase in effective interest rate also reflects the
partial-period impact of the Company’s issuance in November 2018 of $500
million in 6.25% senior notes, the proceeds of which were used to repay
a portion of the indebtedness outstanding under the Company’s senior
unsecured revolving credit facility.
MEDNAX generated net income of $60.2 million for the 2018 fourth
quarter, or $0.68 per diluted share based on a weighted average 88.3
million shares outstanding. This compares with net income of $136.1
million, or $1.46 per diluted share, for the 2017 fourth quarter, based
on a weighted average 93.2 million shares outstanding. Net income for
the 2017 fourth quarter included a tax benefit of $70.0 million, or
$0.75 per share, related to a revaluation of our deferred tax liability
resulting from the reduction in the corporate tax rate enacted under the
Tax Cuts and Jobs Act of 2017 (“TCJA”). The decrease in weighted average
shares outstanding is primarily related to the impact of shares
repurchased under an accelerated repurchase program, which was completed
in the fourth quarter of 2018.
For the fourth quarter of 2018, MEDNAX reported Adjusted EPS of $0.92,
compared to $0.87 for the fourth quarter of 2017. For these periods,
Adjusted EPS is defined as diluted net income per common and common
equivalent share excluding non-cash amortization expense and stock-based
compensation expense. For the fourth quarter of 2017, Adjusted EPS also
excludes a $0.75 per share benefit from the TCJA.
For the year ended December 31, 2018, MEDNAX generated revenue of $3.65
billion, an increase of 5.5 percent from $3.46 billion for the prior
year. EBITDA for the year ended December 31, 2018 was $568.9 million,
compared to $587.9 million for the prior year. MEDNAX earned net income
of $268.6 million, or $2.93 per share, for the year ended December 31,
2018, based on a weighted average 91.6 million shares outstanding, which
compares to net income of $320.4 million, or $3.45 per share, based on a
weighted average 93.0 million shares outstanding for the year ended
December 31, 2017. The decrease in weighted average shares outstanding
is primarily related to the impact of shares repurchased during 2018.
Net income for the year ended December 31, 2017 included $70.0 million,
or $0.75 per share, related to the impacts of the TCJA. For the year
ended December 31, 2018, MEDNAX reported Adjusted EPS of $3.82, compared
to $3.34 for the prior year. For the year ended December 31, 2017,
Adjusted EPS excludes $0.75 per share related to the impacts of the TCJA.
MEDNAX had cash and cash equivalents of $36.7 million at December 31,
2018, and net accounts receivable were $542.3 million.
During the fourth quarter of 2018, MEDNAX generated cash flow from
operations of $127.6 million, which compares to $195.6 million during
the 2017 fourth quarter. Cash flow from operations for the 2017 fourth
quarter was favorably impacted by the deferral of approximately $34
million in tax payments for companies impacted by the 2017 hurricanes.
The majority of the remaining change in cash flow from operations,
compared to the fourth quarter of 2017, primarily reflects changes in
working capital.
For the full year 2018, MEDNAX generated cash flow from operations of
$289.9 million, which compares to $511.4 million in 2017. Cash flow from
operations for 2017 and 2018 was impacted by the deferral of
approximately $62 million in tax payments for companies impacted by the
2017 hurricanes, which the Company paid during the first quarter of 2018.
MEDNAX used $89.3 million during the 2018 fourth quarter to fund three
radiology practice acquisitions, one neonatology acquisition and to make
contingent purchase price payments for previously completed
acquisitions. For the year, the Company used $120.8 million to fund nine
physician group practice acquisitions and to make contingent purchase
price payments for previously completed acquisitions.
At December 31, 2018, MEDNAX had total debt outstanding of $2.0 billion,
consisting of $1.25 billion in senior notes and approximately $740
million in borrowings under its $2 billion revolving credit facility.
Introduction of Adjusted EBITDA
During 2019, MEDNAX anticipates that it will incur certain expenses
related to transformational and restructuring activities that are
generally project-based and periodic in nature. MEDNAX will begin to
report Adjusted EBITDA, which is defined as earnings before interest,
taxes, depreciation, amortization, and these transformational and
restructuring related expenses with its first quarter 2019 results. The
Company’s Adjusted EPS will also exclude the impact of these
transformational and restructuring related expenses.
“Our focus during 2019 will be toward the continued progress of our
operational and shared services initiatives,” said Stephen D. Farber,
Executive Vice President and Chief Financial Officer. “To that end, we
intend to make a series of information-technology and other investments
to improve processes and performance across the enterprise.”
2019 First Quarter Outlook
For the 2019 first quarter, MEDNAX expects earnings per share will be in
a range of $0.41 to $0.49 per diluted share and Adjusted EPS will be in
a range of $0.67 to $0.75. The Adjusted EPS range excludes $0.14 per
diluted share of estimated amortization expense, $0.09 per diluted share
of estimated stock-based compensation expense and $0.03 per diluted
share of transformation related expenses.
Additionally, for the 2019 first quarter, MEDNAX expects that Adjusted
EBITDA will be between $108 million and $118 million, compared to the
prior-year period Adjusted EBITDA of $133.6 million. For the 2019 first
quarter, MEDNAX has one fewer weekday compared to the 2018 first
quarter, which is expected to impact Adjusted EBITDA unfavorably by
approximately $4 million. In addition, Adjusted EBITDA for the first
quarter of 2018 includes approximately $5 million in contribution from
the previously mentioned anesthesiology contract that was not renewed
subsequent to that period.
This outlook assumes that total same-unit revenue growth for the three
months ended March 31, 2019 will be in a range of flat to two percent,
compared to the prior-year period.
This outlook also assumes an effective tax rate for the first quarter of
2019 of 27.5 percent and average diluted shares outstanding of 87.3
million.
Consistent with prior years, MEDNAX’s results from operations in the
2019 first quarter, when compared on a sequential basis to the 2018
fourth quarter, will be affected by annual seasonality. These recurring
items reduce MEDNAX’s net income, Adjusted EBITDA and earnings per share
for the first quarter of each year, relative to other quarters
throughout the year.
These factors include the incurrence of a disproportionate share of the
annual expenses associated with Social Security payroll taxes and 401(k)
match. In 2018, the Company’s total expenses related to these items were
approximately $167 million, of which $67 million, or 40 percent, was
incurred in the first quarter. Consequently, MEDNAX’s Adjusted EBITDA
and EPS for the first quarter of 2018 reflected expenses related to
these items that were approximately $25 million, or $0.21, higher than
if they were incurred ratably throughout the year. The Company’s outlook
for the first quarter of 2019 reflects a similar impact due to the
seasonality of these expense items.
These seasonal factors also include impacts on net revenue during the
first quarter, on a sequential basis, because there are fewer calendar
days than in the fourth quarter. Related to 2019, the previously noted
impact of one less weekday during the first quarter will magnify this
normal seasonality.
Preliminary 2019 Outlook
On a preliminary basis, MEDNAX anticipates that its 2019 Adjusted
EBITDA, as defined above, will be between $550 million and $580 million.
“Our preliminary outlook of 2019 Adjusted EBITDA contemplates a range of
scenarios related to revenue and cost assumptions, as well as our
ongoing performance improvement initiatives,” said Mr. Farber. “We
expect a significant portion of this Adjusted EBITDA to convert to
operating cash flow, in a manner substantially similar to our historical
experience. We expect to use our significant free cash flow, as well as
the potential proceeds from the ongoing sale process for MedData, in a
balanced approach across targeted, strategic acquisitions, debt
repayment, and routine, persistent share repurchases. Consistent with
this outlook, we intend to utilize a portion of our remaining $250
million share repurchase authorization via open market purchases in the
first quarter of 2019.”
Non-GAAP Measures
A reconciliation of EBITDA and Adjusted EPS to the most directly
comparable GAAP measures for the three and 12 months ended December 31,
2018 and 2017 is provided in the financial tables of this press release.
Additionally, historical reconciliations of EBITDA and Adjusted EPS to
the most directly comparable GAAP measures as well as the reconciliation
of forward-looking EBITDA to the most directly comparable GAAP measure
are available on the Company’s website at www.mednax.com/investors.
Forward-looking information for 2019 Adjusted EBITDA is provided only on
a non-GAAP basis because a reconciliation to the most comparable GAAP
financial measure, 2019 net income, is not available without
unreasonable effort due to the unpredictable nature of the reconciling
item for transformational and restructuring related expenses. MEDNAX
believes that such item and, accordingly, the other items of the
reconciliation, would require an unreasonable effort to forecast. MEDNAX
believes that any such forecast would result in a broad range of
projected values that would not be meaningful to investors.
Earnings Conference Call
MEDNAX, Inc., will host an investor conference call to discuss the
quarterly results at 10 a.m., ET today. The conference call Webcast may
be accessed from the Company’s Website, www.mednax.com.
A telephone replay of the conference call will be available from 12:00
p.m. ET today through midnight ETFebruary 21, 2019 by dialing
800.475.6701, access Code 463203. The replay will also be available at www.mednax.com.
ABOUT MEDNAX
MEDNAX, Inc. is a national health solutions partner comprised of the
nation’s leading providers of physician services. Physicians and
advanced practitioners practicing as part of MEDNAX are reshaping the
delivery of care within their specialties and subspecialties, using
evidence-based tools, continuous quality initiatives, clinical research
and telemedicine to enhance patient outcomes and provide high-quality,
cost-effective care. The Company was founded in 1979, and today, through
its affiliated professional corporations, MEDNAX provides services
through a network of more than 4,200 physicians in all 50 states and
Puerto Rico. In addition to its national physician network, MEDNAX
provides services to healthcare facilities and physicians in over 40
states through two complementary businesses, consisting of a management
services company and a consulting services company. Additional
information is available at www.mednax.com.
Certain statements and information in this press release may be
deemed to contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.Forward-looking statementsmay
include, but are not limited to, statements relating to our objectives,
plans and strategies, and all statements, other than statements of
historical facts, that address activities, events or developments that
we intend, expect, project, believe or anticipate will or may occur in
the future. These statements are often characterized by terminology such
as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,”
“will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and
similar expressions, and are based on assumptions and assessments made
by MEDNAX’s management in light of their experience and their perception
of historical trends, current conditions, expected future developments
and other factors they believe to be appropriate. Any forward-looking
statements in this press release are made as of the date hereof, and
MEDNAX undertakes no duty to update or revise any such statements,
whether as a result of new information, future events or otherwise.
Forward-looking statements are not guarantees of future performance and
are subject to risks and uncertainties. Important factors that couldcause
actual results, developments, and business decisions to differ
materially from forward-looking statements are described in MEDNAX’s
most recent Annual Report on Form 10-K and its Quarterly Reports on Form
10-Q, including the sections entitled “Risk Factors”, as well MEDNAX’s
current reports on Form 8-K,filed with the Securities and
Exchange Commission, and include the effects of economic conditions on
MEDNAX’s business; the effects of the Affordable Care Act and potential
changes thereto or a repeal thereof; MEDNAX’s relationships with
government-sponsored or funded healthcare programs, including Medicare
and Medicaid, and with managed care organizations and commercial health
insurance payors; MEDNAX’s ability to consummate the proposed
disposition of MedData; the effects of share repurchases; and the
effects of MEDNAX’s corporate and operational initiatives.
|
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MEDNAX, INC.
Consolidated Statements of Income
(in
thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
|
$
|
932,696
|
|
|
|
$
|
910,820
|
|
|
|
$
|
3,647,123
|
|
|
|
$
|
3,458,312
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Practice salaries and benefits
|
|
|
|
|
657,061
|
|
|
|
|
617,455
|
|
|
|
|
2,535,588
|
|
|
|
|
2,337,734
|
|
|
Practice supplies and other operating expenses
|
|
|
|
|
29,381
|
|
|
|
|
32,353
|
|
|
|
|
122,028
|
|
|
|
|
120,518
|
|
|
General and administrative expenses
|
|
|
|
|
112,789
|
|
|
|
|
108,895
|
|
|
|
|
432,378
|
|
|
|
|
417,105
|
|
|
Depreciation and amortization
|
|
|
|
|
29,891
|
|
|
|
|
26,414
|
|
|
|
|
111,281
|
|
|
|
|
102,879
|
|
|
Total operating expenses
|
|
|
|
|
829,122
|
|
|
|
|
785,117
|
|
|
|
|
3,201,275
|
|
|
|
|
2,978,236
|
|
|
Income from operations
|
|
|
|
|
103,574
|
|
|
|
|
125,703
|
|
|
|
|
445,848
|
|
|
|
|
480,076
|
|
|
Investment and other income
|
|
|
|
|
967
|
|
|
|
|
2,777
|
|
|
|
|
4,935
|
|
|
|
|
3,953
|
|
|
Interest expense
|
|
|
|
|
(25,448
|
)
|
|
|
|
(19,844
|
)
|
|
|
|
(88,769
|
)
|
|
|
|
(74,559
|
)
|
|
Equity in earnings (losses) of unconsolidated affiliates
|
|
|
|
|
2,277
|
|
|
|
|
(294
|
)
|
|
|
|
6,825
|
|
|
|
|
952
|
|
|
Total non-operating expenses
|
|
|
|
|
(22,204
|
)
|
|
|
|
(17,361
|
)
|
|
|
|
(77,009
|
)
|
|
|
|
(69,654
|
)
|
|
Income before income taxes
|
|
|
|
|
81,370
|
|
|
|
|
108,342
|
|
|
|
|
368,839
|
|
|
|
|
410,422
|
|
|
Income tax (provision) benefit
|
|
|
|
|
(21,156
|
)
|
|
|
|
27,761
|
|
|
|
|
(100,210
|
)
|
|
|
|
(90,050
|
)
|
|
Net income
|
|
|
|
$
|
60,214
|
|
|
|
$
|
136,103
|
|
|
|
$
|
268,629
|
|
|
|
$
|
320,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common and common equivalent share (diluted)
|
|
|
|
$
|
0.68
|
|
|
|
$
|
1.46
|
|
|
|
$
|
2.93
|
|
|
|
$
|
3.45
|
|
|
Weighted average diluted shares outstanding
|
|
|
|
|
88,258
|
|
|
|
|
93,159
|
|
|
|
|
91,606
|
|
|
|
|
92,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDNAX, INC.
Reconciliation of Net Income to EBITDA
(in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
60,214
|
|
|
$
|
136,103
|
|
|
|
$
|
268,629
|
|
|
$
|
320,372
|
|
Interest expense
|
|
|
|
|
|
25,448
|
|
|
|
19,844
|
|
|
|
|
88,769
|
|
|
|
74,559
|
|
Income tax provision (benefit)
|
|
|
|
|
|
21,156
|
|
|
|
(27,761
|
)
|
|
|
|
100,210
|
|
|
|
90,050
|
|
Depreciation and amortization
|
|
|
|
|
|
29,891
|
|
|
|
26,414
|
|
|
|
|
111,281
|
|
|
|
102,879
|
|
EBITDA
|
|
|
|
|
$
|
136,709
|
|
|
$
|
154,600
|
|
|
|
$
|
568,889
|
|
|
$
|
587,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDNAX, INC.
Reconciliation of Diluted Net Income
per Share
to Adjusted Diluted Net Income per Share
(“Adjusted EPS”)
(in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
Weighted average dilutive shares outstanding
|
|
|
|
|
88,258
|
|
|
93,159
|
|
Net income and diluted net income per share
|
|
|
|
|
$
|
60,214
|
|
|
$ 0.68
|
|
|
$
|
136,103
|
|
|
|
$ 1.46
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization (net of tax of $4,896 and $6,757)
|
|
|
|
|
|
13,936
|
|
|
0.16
|
|
|
|
10,569
|
|
|
|
0.11
|
|
|
Stock-based compensation (net of tax of $2,433 and $2,746)
|
|
|
|
|
|
6,926
|
|
|
0.08
|
|
|
|
4,294
|
|
|
|
0.05
|
|
|
Income tax benefit related to the Tax Cuts and Jobs Act of 2017
|
|
|
|
|
|
─
|
|
|
─
|
|
|
|
(70,014
|
)
|
|
|
(0.75
|
)
|
|
Adjusted net income and diluted EPS
|
|
|
|
|
$
|
81,076
|
|
|
$ 0.92
|
|
|
$
|
80,952
|
|
|
|
$ 0.87
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
|
Weighted average dilutive shares outstanding
|
|
|
|
|
91,606
|
|
|
92,958
|
|
Net income and diluted net income per share
|
|
|
|
|
$
|
268,629
|
|
|
$ 2.93
|
|
|
$
|
320,372
|
|
|
|
$ 3.45
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization (net of tax of $19,780 and $26,902)
|
|
|
|
|
|
53,020
|
|
|
0.58
|
|
|
|
42,079
|
|
|
|
0.45
|
|
|
Stock-based compensation (net of tax of $10,516 and $11,534)
|
|
|
|
|
|
28,187
|
|
|
0.31
|
|
|
|
18,039
|
|
|
|
0.19
|
|
|
Income tax benefit related to the Tax Cuts and Jobs Act of 2017
|
|
|
|
|
|
─
|
|
|
─
|
|
|
|
(70,014
|
)
|
|
|
(0.75
|
)
|
|
Adjusted net income and diluted EPS
|
|
|
|
|
$
|
349,836
|
|
|
$ 3.82
|
|
|
$
|
310,476
|
|
|
|
$ 3.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDNAX, INC.
Balance Sheet Highlights
(in thousands)
|
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
As of |
|
|
|
|
|
December 31, 2018 |
|
|
December 31, 2017 |
| Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
36,745
|
|
|
$
|
60,200
|
|
Short-term investments
|
|
|
|
|
|
21,923
|
|
|
|
10,292
|
|
Accounts receivable, net
|
|
|
|
|
|
542,272
|
|
|
|
503,999
|
|
Other current assets
|
|
|
|
|
|
56,469
|
|
|
|
52,744
|
|
Intangible assets, net
|
|
|
|
|
|
588,312
|
|
|
|
639,928
|
|
Goodwill, other assets, property and equipment
|
|
|
|
|
|
4,689,190
|
|
|
|
4,600,115
|
|
Total assets
|
|
|
|
|
$
|
5,934,911
|
|
|
$
|
5,867,278
|
|
|
|
|
|
|
|
|
|
| Liabilities and shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
|
|
$
|
469,342
|
|
|
$
|
438,017
|
|
Total debt
|
|
|
|
|
|
1,974,533
|
|
|
|
1,852,824
|
|
Other liabilities
|
|
|
|
|
|
403,152
|
|
|
|
509,983
|
|
Total liabilities
|
|
|
|
|
|
2,847,027
|
|
|
|
2,800,824
|
|
Total shareholders’ equity
|
|
|
|
|
|
3,087,884
|
|
|
|
3,066,454
|
|
Total liabilities and shareholders’ equity
|
|
|
|
|
$
|
5,943,911
|
|
|
$
|
5,867,278
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190207005174/en/
Source: MEDNAX, Inc.
Charles Lynch
Vice President, Strategy and Investor Relations
954-384-0175,
x 5692
charles_lynch@mednax.com