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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Segment information is prepared on the same basis that our CEO, who is our Chief Operating Decision Maker ("CODM"), manages our segments, evaluates financial results, and makes key operating decisions. We have one reportable segment: Surgical Facilities. The Surgical Facilities reportable segment is comprised of two operating segments, which we have aggregated to a single reportable segment in consideration of the aggregation criteria set forth in ASC 280. The Surgical Facilities reportable segment includes the operation of ASCs, surgical hospitals, anesthesia services, and multi-specialty physician practices, which earns revenues primarily from contracts with patients in which the performance obligations are to provide health care services. The "All other" line item primarily consists of amounts attributable to the Company's corporate general and administrative functions. The Company defines its segment on the basis of the way in which its internally reported financial information is regularly reviewed by the CODM to assess performance and allocate resources. During the three months ended March 31, 2025, the operating segment previously defined as "Ancillary services" was included with Surgical Facilities based on changes in the operational management of our multi-specialty physician practices. Accordingly, the Company has reclassified segment disclosures previously reported to conform to current year presentation. The Company’s CODM uses Adjusted EBITDA to assess performance and allocate resources. The CODM considers budget-to-actual and actual versus prior period variances on a periodic basis as a means of assessing performance. The following segment information, including significant segment expenses, is presented in millions:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Surgical Facilities Revenues |  | $ | 776.0 |  |  | $ | 717.4 |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |
Salaries and benefits |  | 238.6 |  |  | 215.2 |  |  |  |  |  |  |
Supplies |  | 215.8 |  |  | 188.8 |  |  |  |  |  |  |
Professional and medical fees |  | 95.3 |  |  | 82.6 |  |  |  |  |  |  |
Lease expense |  | 20.8 |  |  | 21.4 |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates |  | (5.6) |  |  | (2.7) |  |  |  |  |  |  |
Net income attributable to non-controlling interests |  | 37.4 |  |  | 36.7 |  |  |  |  |  |  |
Other segment expense, net |  | 41.7 |  |  | 50.1 |  |  |  |  |  |  |
|  | 644.0 |  |  | 592.1 |  |  |  |  |  |  |
Adjusted Surgical Facilities EBITDA |  | $ | 132.0 |  |  | $ | 125.3 |  |  |  |  |  |  |
Reconciliation: |  |  |  |  |  |  |  |  |  |
Add back: Net income attributable to non-controlling interests |  | (37.4) |  |  | (36.7) |  |  |  |  |  |  |
Corporate and other unallocated expenses (1) |  | 71.2 |  |  | 52.3 |  |  |  |  |  |  |
Depreciation and amortization |  | 36.3 |  |  | 33.7 |  |  |  |  |  |  |
Interest expense, net |  | 62.2 |  |  | 47.3 |  |  |  |  |  |  |
(Loss) income before income taxes |  | $ | (0.3) |  |  | $ | 28.7 |  |  |  |  |  |  |
(1)Corporate and other unallocated expenses represent corporate overhead expenses that have not been allocated to any segment for reporting purposes including general and administrative expenses, transaction and integration costs, net loss on disposals, consolidations and deconsolidations, litigation settlements, and loss on debt extinguishment.
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |
Surgical Facilities |  | $ | 33.8 |  |  | $ | 31.5 |  |  |  |  |  |  |
All other |  | 2.5 |  |  | 2.2 |  |  |  |  |  |  |
Total depreciation and amortization expense |  | $ | 36.3 |  |  | $ | 33.7 |  |  |  |  |  |  |
|  | March 31, 2025 |  | December 31, 2024
Assets: |  |  |  |
Surgical Facilities |  | $ | 7,532.3 |  |  | $ | 7,466.3 |
All other |  | 416.9 |  |  | 423.7 |
Total assets |  | $ | 7,949.2 |  |  | $ | 7,890.0 |
|  | Three Months Ended March 31,
|  | 2025 |  | 2024 |  |
Cash purchases of property and equipment: |  |  |  |  |  |
Surgical Facilities |  | $ | 21.8 |  |  | $ | 16.3 |  |  |
All other |  | 0.9 |  |  | 4.7 |  |  |
Total cash purchases of property and equipment |  | $ | 22.7 |  |  | $ | 21.0 |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. 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