Item 2.02 Results of Operations and Financial Condition.
Members of management of Surgery Partners, Inc. (the "Company") will be meeting
with investors as part of the 2021 J.P. Morgan Healthcare Conference the week of
January 11th, 2021, including a presentation on Monday, January 11, 2021 at 2:50
p.m. (Eastern Time). Based on results through November 2020, the Company is now
providing full year 2020 revenue guidance of $1.86 billion and reaffirming its
previous full-year 2020 Adjusted EBITDA guidance range of $250 to $260 million.
Consistent with previous management statements, the Company projects that in
2021, it will re-establish the multi-year double-digit Adjusted EBITDA growth
trajectory and profit levels originally targeted based on a pre-COVID baseline.
Correspondingly, 2021 Adjusted EBITDA is projected to be approximately $315
million. This information is included in a Corporate Presentation that may be
used for these meetings. The Corporate Presentation is available on the
Company's website at
http://ir.surgerypartners.com/events-and-presentations/presentations.
The guidance for the fiscal year ended December 31, 2020 is based on results of
the Company through November 2020 and is subject to quarter- and year-end
adjustments in connection with the completion of customary financial closing
procedures, including management's review and finalization of the results for
the full year 2020 and to accounting review procedures by the Company's
independent registered public accounting firm, which have not yet been
performed. These customary closing procedures, along with December results,
could cause actual results to differ materially from management's guidance.
Please also refer to Item 1A "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31, 2019 and the Company's Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and
September 30, 2020, and discussed from time to time in the Company's reports
filed with the Securities and Exchange Commission. You are cautioned not to rely
on management's guidance being achieved when making an investment decision in
the Company's securities.
Adjusted EBITDA is a financial measure that has not been prepared in accordance
with generally accepted accounting principles in the United States ("GAAP") and
the Company's definition and computation of this non-GAAP financial measure may
vary from those used by other companies. This measure has limitations as an
analytical tool and should not be considered isolation or as a substitute or
alternative to net income or loss, operating income or loss, or any other
measures of operating performance derived in accordance with GAAP. The Company
defines the term "Adjusted EBITDA" as income before income taxes adjusted for
net income attributable to non-controlling interests, depreciation and
amortization, interest expense, net, equity-based compensation expense,
transaction, integration and acquisition costs, loss on disposals and
deconsolidations, net, impairment charges, litigation settlement and other
litigation costs and certain other items that we do not believe are
representative of our ongoing operations. The Company is unable to present a
quantitative reconciliation of Adjusted EBITDA to net income/loss for the
periods presented because management cannot reasonably predict with sufficient
reliability all of the necessary components of net income/loss for the periods
presented. The determination of the amounts that are excluded from non-GAAP
financial measure is a matter of management judgment and depends upon, among
other factors, the nature of the underlying expense or income amounts.
The information in this Current Report is being furnished and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934
(the "Exchange Act") or otherwise subject to the liabilities under that Section
and shall not be deemed to be incorporated by reference into any filing of the
Registrant under the Securities Act of 1933 or the Exchange Act.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses