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Selected Quarterly Financial Information (Tables)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summary of Company's Selected Quarterly Financial Information

The following tables set forth a summary of the Company’s selected quarterly financial information for each of the four quarters ended December 31, 2018 and 2017 (in thousands, except for per share data):

 

     2018 Quarters  
     First     Second     Third     Fourth  

Net revenue

   $ 901,857     $ 915,918     $ 896,652     $ 932,696  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Practice salaries and benefits

     631,830       620,980       625,717       657,061  

Practice supplies and other operating expenses

     30,655       31,833       30,159       29,381  

General and administrative expenses

     108,776       107,908       102,905       112,789  

Depreciation and amortization

     26,163       26,518       28,709       29,891  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     797,424       787,239       787,490       829,122  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     104,433       128,679       109,162       103,574  

Investment and other income

     1,464       1,202       1,302       967  

Interest expense

     (19,935     (21,604     (21,782     (25,448

Equity in earnings of unconsolidated affiliates

     1,525       1,257       1,766       2,277  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expenses

     (16,946     (19,145     (18,714     (22,204

Income before income taxes

     87,487       109,534       90,448       81,370  

Income tax provision

     (24,059     (30,122     (24,873     (21,156
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 63,428     $ 79,412     $ 65,575     $ 60,214  
  

 

 

   

 

 

   

 

 

   

 

 

 

Per common and common equivalent share data (1):

        

Net income:

        

Basic

   $ 0.68     $ 0.85     $ 0.72     $ 0.69  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.68     $ 0.85     $ 0.72     $ 0.68  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares:

        

Basic

     92,859       92,987       90,984       87,810  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     93,505       93,529       91,359       88,258  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Basic and diluted per share amounts are computed for each of the periods presented. Accordingly, the sum of the quarterly per share amounts may not agree with the full year amount.

 

     2017 Quarters  
     First     Second     Third     Fourth  

Net revenue

   $ 835,597     $ 842,944     $ 868,951     $ 910,820  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Practice salaries and benefits

     572,385       561,418       586,476       617,455  

Practice supplies and other operating expenses

     27,796       30,872       29,497       32,353  

General and administrative expenses

     103,765       103,015       101,430       108,895  

Depreciation and amortization

     25,614       25,735       25,116       26,414  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     729,560       721,040       742,519       785,117  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     106,037       121,904       126,432       125,703  

Investment and other income

     576       365       235       2,777  

Interest expense

     (17,752     (18,535     (18,428     (19,844

Equity (loss) in earnings of unconsolidated affiliate

     797       689       (240     (294
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating expenses

     (16,379     (17,481     (18,433     (17,361

Income before income taxes

     89,658       104,423       107,999       108,342  

Income tax (provision) benefit

     (34,967     (40,725     (42,119     27,761  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 54,691     $ 63,698     $ 65,880     $ 136,103  
  

 

 

   

 

 

   

 

 

   

 

 

 

Per common and common equivalent share data (2):

        

Net income:

        

Basic

   $ 0.59     $ 0.69     $ 0.71     $ 1.47  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.59     $ 0.69     $ 0.71     $ 1.46  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares:

        

Basic

     92,360       92,181       92,589       92,756  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     93,143       92,812       92,881       93,159  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(2)

Basic and diluted per share amounts are computed for each of the periods presented. Accordingly, the sum of the quarterly per share amounts may not agree with the full year amount.