Financial Data and Key Metrics Changes - The fourth quarter results were in line with expectations, reflecting a strong recovery from the previous year, with total births at hospitals providing NICU services up 5% and NICU days up 5.6% on a same-unit basis [5][6] - The company recorded significant funds from the CARES Act, totaling $26 million in revenue and $16.5 million in adjusted EBITDA for the quarter [8][9] - The outlook for 2022 includes expected revenue of approximately $2 billion and adjusted EBITDA of at least $270 million, with a focus on efficiency improvements [8][16] Business Line Data and Key Metrics Changes - The company achieved solid results in 2021 compared to pre-pandemic levels, with same-unit volumes growing by roughly 1% despite a 2.5% decline in the first quarter of the previous year [6][8] - The transition of revenue cycle operations to R1 is expected to yield meaningful savings, which began to be seen in Q3 of the previous year [7][9] Market Data and Key Metrics Changes - The payer mix was favorable year-over-year, reflecting a slightly favorable comparison to pre-pandemic levels [5] - The company is focused on expanding its pediatric primary and urgent care clinics, with recent acquisitions in Houston and Orlando [10][11] Company Strategy and Development Direction - The company is transitioning to operate under a unified Pediatrix brand, which is expected to strengthen existing relationships and open new opportunities [12][13] - The company is committed to environmental, social, and governance (ESG) goals, having improved its average ISS ESG quality score from over six to three [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of surprise billing legislation is currently limited due to a strong payer relationship and a diversified contract portfolio [15] - The company has not experienced significant workforce pressures or turnover, although the recruiting environment remains challenging [32] Other Important Information - The refinancing of the capital structure is expected to reduce annual debt service expenses by more than half and lower the weighted average interest rate on borrowings from 6.25% to under 4% [18][19] - The company is evaluating several markets for new clinic openings, with plans to open new clinics before the end of the year [45] Q&A Session Summary Question: Initial evidence from payers regarding surprise billing regulation - Management indicated a mix of responses from payers, with some contracts being renewed at higher rates while others are waiting to see how the situation develops [24] Question: Impact of supply chain issues - Management stated that they are not assuming any impact from surprise billing in their numbers, but expect modifications to the IFR based on feedback received [29] Question: Workforce pressures and inflation - Management reported no material workforce pressures so far, although they acknowledge the tough recruiting environment [32] Question: Update on Brave Care acquisition integration - Integration of Brave Care's technology into existing platforms is ongoing and expected to enhance patient experience in clinics [34] Question: Accounts receivable increase and CMS guidance on newborn screenings - Management explained that the increase in accounts receivable was expected due to the transition of the RCM function, and the impact from CMS changes on newborn screenings was noted but not significant to overall revenue [38][40] Question: G&A guidance and savings opportunities - Management discussed ongoing efforts to streamline operations and the potential for future savings from the RCM outsourcing initiative [42][43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K | FLORIDA | 26-3667538 | | --- | --- | | (State or other jurisdiction | (I.R.S. Employer | | of incorporation or organization) | Identification No.) | | 1301 Concord Terrace, Sunrise, Florida | 33323 | (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (954) 384-0175 Securities registered pursuant to Section 12(b) of the Act: ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-12111 Mednax, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of Incorporation ...

Financial Data and Key Metrics Changes - Revenue for the quarter was $473 million, exceeding internal expectations, with adjusted EBITDA of $66 million [10][48] - Adjusted EBITDA for 2021 is now expected to be above $240 million, an increase from the previous expectation of at least $220 million [10][49] - Operating cash flow for the second quarter was strong at $70 million, with cash at the end of the quarter at $338 million, up from $270 million at the end of the first quarter [48] Business Line Data and Key Metrics Changes - Total patient volumes increased by 1.3% compared to the second quarter of 2019, with hospital-based services up by 10 basis points and office-based services up by 5.2% [9][10] - Pediatric intensive care unit volumes were up 11.5% compared to the second quarter of 2019, while pediatric surgery volumes increased by 8% and maternal fetal medicine volumes rose by 9% [29][30] Market Data and Key Metrics Changes - The payer mix remained favorable year-over-year for the second consecutive quarter, with non-government volume up about 35 basis points [9][73] - Government reimbursement as a percentage of revenue decreased to 24% in Q2 2021 from 27% in 2020, indicating a shift in payer mix [78] Company Strategy and Development Direction - The company is focusing on building momentum in its core services and enhancing patient access, which has already added approximately $2 million to the top line in Q2 [12][13] - There is a strategic emphasis on expanding into children's primary and urgent care, with plans for new clinic openings and investments in this area [18] - The company is also making significant progress in improving operational efficiency through restructuring and technology upgrades, including transitioning revenue cycle management to R1 [42][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA above $270 million in 2022, driven by ongoing growth initiatives and efficiency improvements [21][49] - The rise in COVID-19 cases due to the Delta variant poses risks, but management remains optimistic about the recovery and growth trajectory [11][12] Other Important Information - The company completed several acquisitions, including child neurology consultants, to enhance its specialty services [16] - A significant data center consolidation and the implementation of an Oracle ERP solution were completed, which are expected to improve operational efficiency [45] Q&A Session Summary Question: NICU days increased more than birth numbers - Management explained that the NICU admission rate had reverted to trend after being below trend in 2020, leading to the observed differential [53][54] Question: Impact of vaccine approvals for under 12 population - Management indicated that while primary care pediatricians are involved in vaccinations, the overall impact on the company may not be significant [55] Question: Acquisition strategy and expansion into other specialties - Management confirmed a broad strategy to provide women's and children's health services, including subspecialties beyond traditional areas [56][57] Question: G&A efficiency opportunities - Management highlighted ongoing efforts to improve efficiency and reduce G&A costs through focused operations and restructuring [60][62] Question: Impact of managed care changes in Texas - Management acknowledged the challenges but expressed optimism about returning to network status with payers [68][69] Question: Sustainability of payer mix changes - Management noted that the current payer mix reflects a return to historical trends, but it is uncertain if this will stabilize at the new levels [78][79] Question: EBITDA margin expansion expectations - Management explained that recent investments in technology and infrastructure have impacted margins, but they expect improvements as these initiatives take effect [81][84] Question: Long-term EBITDA growth outlook - Management expressed optimism about future growth, indicating that they expect to exceed $270 million in adjusted EBITDA and continue to grow beyond that [99][100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 001-12111 Mednax, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of Incorporation or or ...

Financial Data and Key Metrics Changes - The company's net revenue grew by $5.5 million or just over 1% year-over-year, with same unit revenue increasing by 2.5% year-over-year [37] - Adjusted EBITDA for Q1 2021 was $45 million, which is still below the first quarter of 2019, reflecting an 18% decline compared to Q1 2019 [16][17] - The company expects 2021 adjusted EBITDA to be at or above $220 million, with a focus on recovering to pre-pandemic levels [15][70] Business Line Data and Key Metrics Changes - Patient volumes improved throughout Q1, with same unit growth in March across all service lines except for PeekYou and pediatric hospitalist services [39] - NICU days for the quarter were down slightly more than total births at hospitals where NICU coverage is provided, indicating a modest year-over-year decline in average length of stay [40] - Same unit volumes declined approximately 3% compared to the same period in 2019, with hospital-based volume down more than office-based volume [41] Market Data and Key Metrics Changes - The payor mix improved by 110 basis points compared to 2020, contributing roughly $5 million in revenue or over 1% to pricing growth for the quarter [42] - The company recorded about $8 million in revenue from the Provider Relief Fund during the quarter, which positively impacted overall revenue [37] Company Strategy and Development Direction - The company aims to reinforce its position as a leading provider of women's and children's healthcare, focusing on patient care and operational efficiency [20] - Plans include expanding pediatric primary and urgent care services to enhance patient access and strengthen community relationships [30][31] - A marketing campaign has been launched to increase brand awareness and trust in the company's services [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing volatility in operating results and the uncertain nature of recovery from COVID-19 impacts [18][19] - The company is optimistic about achieving a run rate of $270 million in adjusted EBITDA post-COVID, driven by operational improvements and strategic initiatives [19] - Management emphasized the importance of taking great care of patients as a core principle guiding the company's operations [21] Other Important Information - The company ended the quarter with $270 million in cash and net debt of $730 million, indicating a leverage ratio just over 3x [47] - G&A expenses were down nearly $1 million year-over-year, despite incurring costs related to transitional services provided to buyers of anesthesia and radiology medical groups [44] Q&A Session Summary Question: Understanding volume recovery for the rest of the year - Management noted that while there has been upward volatility in volumes, it is too early to make bullish predictions about recovery trends [52][54] Question: Impact of TSA on guidance - Management indicated that there will be residual costs from winding down TSA services, which may not be one-for-one with revenue collection [58] Question: Commercial mix improvement - Management stated that the payor mix is returning to expected levels after an anomaly in the fourth quarter [64] Question: Update on deal pipeline and acquisitions - Management confirmed a strong pipeline for both organic growth and acquisitions, particularly in pediatrics and obstetrics [67] Question: Guidance for Q2 EBITDA - Management provided a consensus estimate for Q2 EBITDA around $50 million to $55 million, emphasizing caution due to ongoing volatility [70][100]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12111 Mednax, Inc. (Exact name of registrant as specified in its charter) Florida 26-3667538 (State or other jurisdictio ...

MEDNAX, Inc. (NYSE:MD) Q4 2020 Earnings Conference Call February 18, 2021 9:00 AM ET Company Participants Charles Lynch ??? Senior Vice President, Finance and Strategy Mark Ordan ??? Chief Executive Officer Marc Richards ??? Chief Financial Officer Mack Hinson ??? President-Pediatrix and Obstetrix Medical Group Conference Call Participants Rob Moon ??? Credit Suisse Ralph Giacobbe ??? Citi Kevin Fischbeck ??? Bank of America Pito Chickering ??? Deutsche Bank Nick Spiekhout ??? William Blair Whit Mayo ??? UB ...

Financial Position - Total indebtedness as of December 31, 2020, was $1.75 billion, with $0.75 billion repaid in January 2021[221] - The company has $900 million of additional borrowing capacity under its revolving line of credit, which is subject to a variable interest rate[221] - The company has no outstanding borrowings on its Credit Agreement as of December 31, 2020, indicating a strong liquidity position[375] - The company is subject to market risk from interest rate changes, managing this risk through a combination of fixed and variable rate debt[375] - The carrying value of the Company's long-term debt was $1.7 billion as of December 31, 2020, with senior notes totaling $1.75 billion and a total carrying value of $1.731 billion after issuance costs[498] - The estimated fair value of the Company's 2023 Notes was $756.2 million and the 2027 Notes was $1.07 billion as of December 31, 2020[499] Revenue and Expenses - Total revenue for 2020 was $1,733,951, a decrease of 2.6% from $1,779,759 in 2019[398] - Operating expenses increased to $1,635,819 in 2020, up from $1,608,003 in 2019, reflecting a rise of 1.3%[398] - The company reported a net loss of $796,488 for 2020, compared to a net loss of $1,497,702 in 2019, indicating an improvement[398] - Cash and cash equivalents significantly increased to $1,123,843 in 2020 from $107,870 in 2019, representing a growth of 940%[398] - Total assets decreased to $3,347,948 in 2020, down from $4,145,901 in 2019, a decline of 19.2%[398] - Total liabilities slightly decreased to $2,600,231 in 2020 from $2,646,905 in 2019, a reduction of 1.8%[398] - Shareholders' equity dropped to $747,717 in 2020, down from $1,498,996 in 2019, a decrease of 50%[398] - The company incurred transformational and restructuring related expenses of $73,801 in 2020, compared to $60,890 in 2019, an increase of 21.5%[398] Cash Flow - Net cash provided by operating activities for continuing operations was $153,888, an increase from $74,091 in 2019[404] - Total net cash provided by operating activities decreased to $204,620 from $357,711 in 2019[404] - The company reported a net cash used in financing activities of $4,158, a decrease from $393,070 in 2019[404] Operational Challenges - A significant portion of cash flow from operations will be required to service interest and principal payments on debt, limiting availability for operations and expansion[224] - The company faces risks related to litigation, including potential claims for breach of contract and negligence, which could adversely affect financial condition and results of operations[217] - The company is dependent on third-party payors for a significant portion of net revenue, with risks of uncollectible and delayed reimbursements impacting cash flows[218] - Recruitment and retention of qualified physicians and clinicians are critical, with potential increases in compensation expenses due to market demand[228] - Information systems are essential for operations, and disruptions could lead to billing errors and increased administrative expenses[232] - Cybersecurity risks have increased, with potential breaches leading to financial loss and damage to reputation[235] - The company may face challenges in collecting reimbursements due to administrative issues and disputes with payors, affecting revenue and cash flows[219] - Legal fees associated with litigation could adversely impact financial condition and results of operations[217] Compliance and Regulatory Risks - The company faces risks related to compliance with federal and state privacy laws, which could increase costs and limit service offerings[240] - The company may face litigation and sanctions if alleged non-compliance with laws related to personal health information occurs[242] - The company anticipates potential changes to privacy legislation that could impact operations and compliance costs[241] Acquisitions and Divestitures - The company completed the acquisition of a pediatric subspecialty practice for $2.1 million in 2020, expanding its national network of physician practices[464] - The company divested its anesthesiology services medical group in May 2020, impacting its operating results significantly[421] - The Company divested its radiology services medical group in December 2020, with results reported as discontinued operations for the years ended December 31, 2020, 2019, and 2018[422] - The divestiture of the radiology services medical group resulted in a cash payment of $885 million, with a loss from discontinued operations of $63.8 million in 2020[471][475] - The anesthesiology services medical group was sold for $50 million, with an estimated total loss on sale of $663.7 million recorded in 2020[476][477] Stock and Compensation - The Company grants stock-based awards under its Amended and Restated 2008 Incentive Compensation Plan, measuring the cost based on grant-date fair value[450] - The Company recognized $21.1 million in stock-based compensation expense for the year ended December 31, 2020, down from $33.4 million in 2019[518] - The total stock-based compensation cost related to non-vested restricted and deferred stock remaining to be recognized as compensation expense over a weighted-average period of 1.8 years was $11.6 million as of December 31, 2020[519] - The total stock-based compensation related to non-vested stock options remaining to be recognized as compensation expense over a weighted average period of approximately 2.6 years was $4.3 million[523] Taxation - The Company reported a total income tax provision of $16.7 million for the year ended December 31, 2020, compared to $16.6 million in 2019[501] - The effective tax rate for continuing operations increased to 234.0% for the year ended December 31, 2020, primarily due to a significant reduction in pre-tax income[502] - The Company's net deferred tax liabilities were $7.3 million as of December 31, 2020, compared to net deferred tax assets of $30.2 million at the end of 2019[505] - The liability for uncertain tax positions decreased to $6.2 million as of December 31, 2020, from $7.4 million in 2019[508] Market Conditions - The healthcare industry is highly competitive, with potential consolidation strengthening competitors, which may adversely affect the company's financial condition and operations[243] - The company's payor mix for 2020 included 68% from contracted managed care, 27% from government, and 4% from other third parties[458] - Net patient service revenue for 2020 was $1,481,331,000, a decline from $1,567,624,000 in 2019, contributing to total net revenue of $1,733,951,000, down from $1,779,759,000[458]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of just under $73 million for Q3 2020, an increase from $69 million in the same quarter last year [27] - Same unit volumes declined by 4.3%, showing a partial recovery from a 9% decline in Q2 2020 [16][17] - The company received over $14 million in CARES funding during the quarter, contributing to a 3.9% same unit pricing growth [21] Business Line Data and Key Metrics Changes - In hospital-based practices, NICU days were down 3.9%, while volumes in related services were down more significantly [18] - Office-based practices, including Maternal Fetal Medicine and pediatric cardiology, saw volumes decline by approximately 5%, a recovery from a 17% decline in Q2 [20] - Pediatric cardiology remained one of the most impacted service lines, while MFM volumes rebounded sharply [20] Market Data and Key Metrics Changes - The overall volume trend in October appeared similar to Q3, with patient volumes down by mid-single digits compared to last year [17] - Births declined by just under 1% on a two-year stacked basis, consistent with historical trends [20] Company Strategy and Development Direction - The company is focusing on its core areas, particularly women's and children's health, and aims to grow organically and through new partnerships [41][42] - A recent partnership with Memorial Healthcare System to lead neonatology services across three hospitals was highlighted as a significant achievement [42] - The management emphasized the importance of operational efficiency and data analytics to improve financial control and decision-making [39][49][118] Management's Comments on Operating Environment and Future Outlook - Management does not foresee a major drop in birth rates and is actively managing operations to maximize efficiency [34][72] - The company aims to achieve a steady state EBITDA run rate of $270 million in 2021, assuming no major ongoing effects from COVID-19 [35][92] - Management expressed confidence in the ability to grow without straying from core areas, citing strong relationships with hospital systems [41][66] Other Important Information - The company incurred $34 million in transformational and restructuring expenses for the quarter, with expectations to reduce these costs in Q4 2020 [26] - Adjusted EBITDA for Q3 2020 included an $8 million contribution from CARES funds, with uncertainty regarding additional funding in Q4 [28][30] Q&A Session Summary Question: Insights on maternal fetal patient volume trends - Management indicated that current trends suggest a return to baseline volumes, but predicting beyond that is challenging [60] Question: Capital deployment strategy post-radiology sale - Management highlighted growth opportunities in core areas and expressed a shareholder-friendly approach to capital allocation, including potential buybacks [61][63] Question: Growth rate expectations and strategies - Management refrained from providing specific growth numbers but expressed confidence in achieving solid organic and new growth [65][66] Question: Clarification on NICU volume growth and same-store revenue - Management clarified that while NICU volumes are growing, overall same-store revenue remains slightly down due to pandemic impacts [72][73] Question: Adjustments needed for enterprise value calculations - Management confirmed no significant adjustments are needed outside of the radiology proceeds and CARES Act funds received [90][91] Question: Payer mix and its impact - Management reported no significant changes in payer mix, maintaining a stable trend over the past several years [124][125] Question: Cost-cutting measures and future realizations - Management indicated that significant non-payroll expense reductions are expected to be realized in the upcoming quarters [128]