Surgery Partners(US:SGRY)2025-03-03 12:32Revenue Growth - Fourth quarter 2024 revenues increased 17.5% to $864.4 million compared to $735.4 million in Q4 2023[3] - Full year 2024 revenues rose 13.5% to $3.1 billion from $2.7 billion in 2023[4] - Same-facility revenue growth for 2024 was 8.0%, with a 4.0% increase in revenue per case and a 3.9% increase in same-facility cases[4] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $163.8 million, a 15.1% increase from $142.3 million in Q4 2023[4] - Full year 2024 Adjusted EBITDA increased 16.0% to $508.2 million compared to $438.1 million in 2023[4] - Adjusted EBITDA for the three months ended December 31, 2024, was $163.8 million, compared to $142.3 million in 2023, marking a year-over-year increase of 15.1%[25] Net Loss and Income - The net loss attributable to Surgery Partners, Inc. for Q4 2024 was $108.5 million, and for the full year, it was $168.1 million[4] - For the three months ended December 31, 2024, the net income was $(46.6) million, compared to $46.7 million in the same period of 2023[30] - Adjusted net income attributable to common stockholders for the year ended December 31, 2024, was $118.8 million, down from $126.7 million in 2023, representing a decrease of approximately 6.2%[30] Cash and Liquidity - The liquidity position at the end of 2024 was over $770 million, including $269.5 million in cash and $501.5 million in borrowing capacity[5] - Cash and cash equivalents increased to $269.5 million in 2024 from $195.9 million in 2023, representing a growth of 37.4%[21] Assets and Liabilities - Total assets rose to $7,890.0 million in 2024, up from $6,876.7 million in 2023, reflecting an increase of 14.7%[21] - Total liabilities increased to $4,254.8 million in 2024 from $3,514.8 million in 2023, an increase of 21.0%[21] - The ratio of total net debt to EBITDA was approximately 3.7x at the end of Q4 2024[6] Acquisitions and Growth - The company deployed nearly $400 million on accretive acquisitions and opened eight new facilities in 2024[2] - The company reported a case growth of 6.8% for the three months ended December 31, 2024, compared to the same period in 2023[23] - The number of cases performed in Q4 2024 was 174,185, up from 153,193 in Q4 2023, indicating a growth of 13.7%[21] Shareholder Information - Adjusted net income per share (diluted) remained stable at $0.44 for Q4 2024, compared to $0.44 in Q4 2023[21] - The adjusted net income per share attributable to common stockholders for 2024 was $0.94 (basic) and $0.93 (diluted), compared to $1.01 (basic) and $1.00 (diluted) in 2023[30] - The weighted average common shares outstanding for basic shares was 126,209 for the three months ended December 31, 2024, compared to 125,774 in 2023[30] Costs and Expenses - The company incurred transaction, integration, and acquisition costs of $36.8 million in Q4 2024, compared to $26.1 million in Q4 2023, reflecting an increase of 40.5%[25] - Equity-based compensation expense increased to $6.2 million for the three months ended December 31, 2024, compared to $4.5 million in 2023[30] - The company reported a net loss on disposals, consolidations, and deconsolidations of $19.1 million for the three months ended December 31, 2024, up from $6.9 million in 2023[30] Future Projections - The company projects 2025 revenue to be between $3.30 billion and $3.45 billion, with Adjusted EBITDA expected to be between $555 million and $565 million[7] Tax Information - The company made income tax payments of $1.6 million and $1.4 million for the years ended December 31, 2024, and 2023, respectively[30] - No federal income tax payments were made during the years ended December 31, 2024, and 2023, due to the utilization of net operating loss carryforwards[30] Valuation Allowance - The change in valuation allowance on deferred tax assets contributed $99.5 million for the year ended December 31, 2024[30]