Sale of Envision to KKR on Track for 2018
Fourth Quarter Closing
Envision Healthcare Corporation (“Envision”) (NYSE: EVHC) today
reported solid financial results for the three months and six
months ended June 30, 2018.
Highlights for the second quarter of 2018 include:
- Net revenue of $2.07 billion;
- Net loss attributable to common
stockholders of $1.84 billion, or $15.21 per share;
- Adjusted net earnings of $113.1
million, or $0.92 per diluted share; and
- Adjusted EBITDA of $246.7 million.
Envision’s net loss for the second quarter of 2018 included a
non-cash impairment charge of $1.98 billion that affected its
Physician Services’ segment goodwill. The goodwill adjustment
resulted from the establishment of fair value based on the
definitive agreement for Envision to be acquired at a price of $46
per share, plus assumption or repayment of all outstanding debt, by
global investment firm KKR. That agreement was entered into June
10, 2018, and the transaction is expected to be completed during
the fourth quarter of 2018.
A reconciliation of all non-GAAP financial results to the
comparable GAAP measure is provided on page six of this press
release.
“We are encouraged by the progress our organization is making on
a number of initiatives to improve operational efficiencies at
Envision, and these efforts are reflected in our results for the
second quarter of 2018,” said Christopher A. Holden, President and
Chief Executive Officer of Envision. “Specific accomplishments
include reduction of corporate overhead expense as a percent of
revenue, and more effective engagement of our clinical resources,
particularly premium compensation.
“Our organization remains committed to our Patients First
Initiative, which was launched earlier this year, and builds on the
leadership position we have established to move the overwhelming
majority of our services to in-network status and by supporting the
critical safety net services delivered to patients by our
facility-based providers and health system partners across the
country.”
Reporting Segments
Envision reports two operating segments: Physician Services,
which includes facility-based and post-acute services, and
Ambulatory Services.
Physician Services
Net revenues for Physician Services were $1.74 billion for the
second quarter of 2018, an increase of 7.1% from the prior-year
period. Revenue growth was driven by contributions of 4.7% from
acquisitions, 1.2% from net new contracts and 1.2% from same
contracts. Physician Services’ net revenue growth from new
contracts consisted of 7.9% growth from contract additions,
partially offset by contract terminations of 6.7%.
On a same-contract base, net revenues grew by 1.5% in the second
quarter of 2018 when compared to the prior-year period.
Same-contract patient encounters grew by 1.1%, while revenue per
patient encounter increased by 0.4%.
Physician Services Adjusted EBITDA was $182.4 million for the
second quarter of 2018, which compares with $193.3 million for the
prior-year period. Physician Services results were impacted by
higher-than-anticipated malpractice expense related to both
settlement of prior-year claims as well as increased accruals for
claims related to those same periods. Physician Services benefited
from operational improvement efforts, including lower supply costs
and other operating expenses for the second quarter of 2018, when
compared with the prior-year period. Physician Services’ margin was
10.5%, which compares with 11.9% for the prior-year period.
Ambulatory Services
Net revenues for the second quarter of 2018 were $328.0 million,
a 3.0% increase from $318.5 million for the prior-year period.
Same-center revenue grew by 2.9%, which included volume growth
of 1.5% and rate growth of 1.4%. Surgery centers deconsolidated and
disposed in the 12 months ended June 30, 2018, contributed
incremental revenues of $8.4 million for the second quarter of
2017.
Adjusted EBITDA for the second quarter of 2018 was $64.3
million, an increase of 6.1% from the prior-year period. Adjusted
EBITDA margin was 19.6% in the 2018 second quarter, a 60-basis
point improvement from the prior-year period.
Liquidity
Envision had cash and cash equivalents of $593.5 million and had
no amounts outstanding under its asset-based lending facility at
the end of the second quarter of 2018. At June 30, 2018, Envision
had total debt outstanding of $4.72 billion. The Company’s ratio of
total net debt at June 30, 2018, to trailing 12 months EBITDA, as
defined under the Company’s credit agreement, was 4.5 times.
Envision’s cash flow from operations was impacted by tax
payments made during the second quarter of 2018 primarily related
to the divestiture of its Medical Transportation business. That
transaction was completed earlier in 2018. Cash flow from
operations less distributions to noncontrolling interests, and when
excluding transaction costs and the divestiture-related tax
payment, was $212.8 million.
During the second quarter of 2018, Envision invested $69.0
million in acquisitions, and maintenance capital expenditures were
$33.5 million. During the quarter, Envision completed four
acquisitions, including two physician group practice and two
ambulatory services transactions. One of those acquisitions was
completed at the end of the second quarter, and was funded early in
the third quarter of 2018.
Acquisition of Envision by KKR
On June 10, 2018, Envision entered into a definitive agreement
to be acquired by investment funds affiliated with the global
investment firm KKR in an all-cash transaction.
On July 19, 2018, the Federal Trade Commission granted early
termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act. Early termination of the waiting period
satisfies one of the conditions of the closing of the sale of
Envision. The closing remains subject to the satisfaction or waiver
of customary conditions, including approval by Envision’s
stockholders at its 2018 annual meeting of stockholders, which will
be held on Tuesday, September 11, 2018, in Nashville, TN.
Envision expects the transaction to be completed during the
fourth quarter of 2018.
About Envision Healthcare Corporation
Envision Healthcare Corporation is a leading provider of
physician-led services and post-acute care, and ambulatory surgery
services. At June 30, 2018, we delivered physician services,
primarily in the areas of emergency department and hospitalist
services, anesthesiology services, radiology/tele-radiology
services, and children’s services to more than 1,800 clinical
departments in healthcare facilities in 45 states and the District
of Columbia. Post-acute care is delivered through an array of
clinical professionals and integrated technologies which, when
combined, contribute to efficient and effective population health
management strategies. The Company owns and operates 261 surgery
centers and one surgical hospital in 35 states and the District of
Columbia, with medical specialties ranging from gastroenterology to
ophthalmology and orthopedics. In total, the Company offers a
differentiated suite of clinical solutions on a national scale,
creating value for health systems, payors, providers and patients.
For additional information, visit www.evhc.net.
Additional Information and Where to Find It
This communication relates to the proposed merger transaction
involving Envision Healthcare Corporation (the “Company”). In
connection with the proposed transaction, the Company has filed a
preliminary proxy statement with the Securities and Exchange
Commission (the “SEC”). The definitive proxy statement, when
available, and other relevant documents will be sent or given to
the stockholders of the Company and will contain important
information about the proposed transaction and related matters.
This communication is not a substitute for the proxy statement or
any other document that the Company may file with the SEC or send
to its stockholders in connection with the proposed transaction.
BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE
URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING
THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders will be able to obtain the documents
(when available) free of charge at the SEC’s website, www.sec.gov,
and the Company’s website, www.evhc.net.
Participants in the Solicitation
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from the
holders of Company common stock in respect of the proposed
transaction. Information about the directors and executive officers
of the Company is set forth in the preliminary proxy statement
filed by the Company with the SEC on July 9, 2018 in connection
with the proposed transaction and in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2017 filed with the
SEC on March 1, 2018, as amended by the Company’s Annual Report on
Form 10-K/A filed with the SEC on April 30, 2018. Other information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the definitive proxy
statement when it becomes available.
Forward-Looking Statements
Certain statements and information in this communication may be
deemed to be “forward-looking statements” within the meaning of the
Federal Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
statements relating to the proposed transaction, the Company’s
financial and operating objectives, plans and strategies, industry
trends, and all statements (other than statements of historical
fact) that address activities, events or developments that the
Company intends, expects, projects, believes or anticipates will or
may occur in the future. These statements are often characterized
by terminology such as “believe,” “hope,” “may,” “anticipate,”
“should,” “intend,” “plan,” “will,” “expect,” “estimate,”
“project,” “positioned,” “strategy” and similar expressions, and
are based on assumptions and assessments made by the Company’s
management in light of their experience and their perception of
historical trends, current conditions, expected future
developments, and other factors they believe to be appropriate. Any
forward-looking statements in this communication are made as of the
date hereof, and the Company undertakes no duty to update or revise
any such statements, whether as a result of new information, future
events or otherwise. Forward-looking statements are not guarantees
of future performance. Whether actual results will conform to
expectations and predictions is subject to known and unknown risks
and uncertainties, including: (i) risks and uncertainties discussed
in the reports and other documents that the Company files with the
SEC; (ii) general economic, market, or business conditions; (iii)
the impact of legislative or regulatory changes, such as changes to
the Patient Protection and Affordable Care Act, as amended by the
Health Care and Education Reconciliation Act of 2010;
(iv) changes in governmental reimbursement programs; (v)
decreases in revenue and profit margin under fee-for-service
contracts due to changes in volume, payor mix and reimbursement
rates; (vi) the loss of existing contracts; (vii) risks related to
the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement; (viii)
the failure to obtain Company stockholder approval of the
transaction or required regulatory approvals or the failure to
satisfy any of the other conditions to the completion of the
transaction; (ix) the effect of the announcement of the transaction
on the ability of the Company to retain and hire key personnel and
maintain relationships with its customers, suppliers, partners and
others with whom it does business, or on its operating results and
businesses generally; (x) risks associated with the disruption of
management’s attention from ongoing business operations due to the
transaction; (xi) the ability to meet expectations regarding the
timing and completion of the transaction; and (xii) other
circumstances beyond the Company’s control.
Envision Healthcare
Corporation
Unaudited Selected Consolidated
Financial and Operating Data
(In millions, except earnings per
share)
Three Months Ended June
30, Six Months Ended June 30,
Statement of
Operations Data:
2018 2017 2018
2017 Net revenue $ 2,072.8 $ 1,947.0 $ 4,149.8 $ 3,825.6
Operating expenses: Salaries and benefits 1,484.1 1,375.1 3,023.0
2,734.1 Supply cost 56.0 57.1 110.4 111.2 Insurance expense 52.6
30.8 100.2 68.4 Other operating expenses 190.0 189.6 380.8 373.7
Transaction and integration costs 57.4 27.4 78.8 48.9 Impairment
charges 1,979.9 — 1,980.6 0.3 Depreciation and amortization 70.3
71.6 140.9 142.9 Total operating
expenses 3,890.3 1,751.6 5,814.7 3,479.5 Net loss on disposals and
deconsolidations (0.8 ) (5.8 ) (1.8 ) (5.5 ) Equity in earnings of
unconsolidated affiliates 7.5 5.7 13.3 10.6
Operating income (loss) (1,810.8 ) 195.3 (1,653.4 ) 351.2
Interest expense, net 67.4 56.1 131.0 108.5 Other income, net 0.4
0.4 0.2 1.5 Earnings (loss) from
continuing operations before income taxes (1,877.8 ) 139.6 (1,784.2
) 244.2 Income tax expense (benefit) (100.8 ) 35.6 (95.3 )
53.1 Net earnings (loss) from continuing operations (1,777.0
) 104.0 (1,688.9 ) 191.1 Discontinued operations: Earnings from
discontinued operations — 6.7 3.5 16.7 Income tax expense from
discontinued operations — (2.8 ) (126.8 ) (491.0 ) Net
earnings (loss) from discontinued operations — 3.9
(123.3 ) (474.3 ) Net earnings (loss) (1,777.0 ) 107.9 (1,812.2 )
(283.2 ) Less net earnings attributable to noncontrolling interests
60.7 51.6 111.9 105.7 Net earnings
(loss) attributable to Envision Healthcare Corporation stockholders
(1,837.7 ) 56.3 (1,924.1 ) (388.9 ) Preferred stock dividends —
(2.2 ) — (4.5 ) Net earnings (loss) attributable to
Envision Healthcare Corporation common stockholders $ (1,837.7 ) $
54.1 $ (1,924.1 ) $ (393.4 ) Amounts attributable to
Envision Healthcare Corporation common stockholders: Earnings
(loss) from continuing operations, net of income tax $ (1,837.7 ) $
50.2 $ (1,800.8 ) $ 80.9 Earnings (loss) from discontinued
operations, net of income tax — 3.9 (123.3 ) (474.3 )
Net earnings (loss) attributable to Envision Healthcare Corporation
common stockholders $ (1,837.7 ) $ 54.1 $ (1,924.1 ) $
(393.4 ) Basic earnings (loss) per share attributable to
common stockholders: Net earnings (loss) from continuing operations
$ (15.21 ) $ 0.43 $ (14.92 ) $ 0.69 Net earnings (loss) from
discontinued operations — 0.03 (1.02 ) (4.06 ) Net
earnings (loss) $ (15.21 ) $ 0.46 $ (15.94 ) $ (3.37 )
Diluted earnings (loss) per share attributable to common
stockholders: Net earnings (loss) from continuing operations $
(15.21 ) $ 0.42 $ (14.92 ) $ 0.68 Net earnings (loss) from
discontinued operations — 0.03 (1.02 ) (4.06 ) Net
earnings (loss) $ (15.21 ) $ 0.45 $ (15.94 ) $ (3.37 )
Weighted average number of shares and share equivalents
outstanding: Basic 120,843 116,852 120,697 116,708 Diluted 122,630
119,581 122,600 119,528
Envision Healthcare Corporation
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In millions, except earnings per
share)
Three Months Ended June
30, Six Months Ended June 30, 2018
2017 2018 2017
Reconciliation of net loss to adjusted net earnings: Net
earnings (loss) attributable to Envision stockholders $ (1,837.7 )
$ 56.3 $ (1,924.1 ) $ (388.9 ) (Earnings) loss from
discontinued operations, net of tax — (3.9 ) 123.3 474.3 Income tax
benefit related to tax reform — — (10.3 ) — Amortization of
purchased intangibles 44.2 47.5 88.2 95.2 Share-based compensation
8.8 10.7 16.2 25.3 Transaction and integration costs 57.4 27.4 78.8
48.9 Net (gain) loss on disposals and deconsolidations, net of
noncontrolling interests — — 0.6 (0.3 ) Impairment charges 1,979.9
— 1,980.6 0.3 Net unrealized loss on equity securities 0.8 —
1.7 — Total adjustments 2,091.1 81.7 2,279.1
643.7 Tax effect 140.3 34.3 155.3 70.7
Total adjustments, net 1,950.8 47.4 2,123.8
573.0
Adjusted net earnings $ 113.1 $ 103.7
$ 199.7 $ 184.1 Basic shares
outstanding 120,843 116,852 120,697 116,708 Effect of dilutive
securities, options and non-vested shares 1,787 5,793
1,903 5,917 Diluted shares outstanding, if converted
122,630 122,645 122,600 122,625
Adjusted net earnings per share $ 0.92 $ 0.85
$ 1.63 $ 1.50
Reconciliation of net
earnings to Adjusted EBITDA: Net earnings (loss) attributable
to Envision stockholders $ (1,837.7 ) $ 56.3 $ (1,924.1 ) $ (388.9
) (Earnings) loss from discontinued operations, net of tax — (3.9 )
123.3 474.3 Interest expense, net 67.4 56.1 131.0 108.5 Income tax
expense (benefit) (100.8 ) 35.6 (95.3 ) 53.1 Depreciation and
amortization 70.3 71.6 140.9 142.9
EBITDA (1,800.8 ) 215.7 (1,624.2 ) 389.9 Adjustments:
Transaction and integration costs 57.4 27.4 78.8 48.9 Share-based
compensation 8.8 10.7 16.2 25.3 Impairment charges 1,979.9 —
1,980.6 0.3 Net (gain) loss on disposals and deconsolidations, net
of noncontrolling interests — — 0.6 (0.3 ) Net unrealized loss on
equity securities 0.8 — 1.7 — Net change in deferred taxes due to
tax reform attributable to noncontrolling interests 0.6 —
0.6 — Total adjustments 2,047.5 38.1
2,078.5 74.2
Adjusted EBITDA $ 246.7
$ 253.8 $ 454.3 $ 464.1
See definitions of non-GAAP measures on
page 11
Envision Healthcare
Corporation
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In millions, except earnings per
share)
Three Months Ended June
30, Six Months Ended June 30, 2018
2017 2018 2017
Segment Information: Physician Services net revenue $
1,744.8 $ 1,628.5 $ 3,514.2 $ 3,191.2 Ambulatory Services net
revenue 328.0 318.5 635.6 634.4
Total net revenue $ 2,072.8 $ 1,947.0 $
4,149.8 $ 3,825.6 Physician Services Adjusted
EBITDA $ 182.4 $ 193.3 $ 332.5 $ 343.4 Ambulatory Services Adjusted
EBITDA 64.3 60.5 121.8 120.7
Adjusted EBITDA $ 246.7 $ 253.8 $ 454.3
$ 464.1 Physician Services Adjusted EBITDA margin
10.5 % 11.9 % 9.5 % 10.8 % Ambulatory Services Adjusted EBITDA
margin 19.6 19.0 19.2 19.0
Adjusted
EBITDA margin 11.9 % 13.0 % 10.9 % 12.1 %
See definitions of non-GAAP measures on
page 11
Envision Healthcare
Corporation
Unaudited Selected Consolidated
Financial and Operating Data, continued
Operating Data -
Physician Services:
Three Months Ended June 30, Six Months Ended June
30, 2018 2017 2018 2017
Contribution to Net Revenue Growth: Same contract 1.2 % 2.5
% 1.9 % 3.1 % New contracts 7.9 5.6 7.9 5.9 Terminations (6.7 )
(9.4 ) (6.1 ) (9.7 ) Acquired contract and other 4.7
10.6 6.4 10.0 Total net
revenue growth 7.1 % 9.3 % 10.1 % 9.3 %
Patient encounters per day, day adjusted 1.1 % 1.1 % 1.9 %
2.0 % Net revenue per encounter 0.4 2.1
0.4 2.5 Same contract revenue growth
1.5 % 3.2 % 2.3 % 4.5 %
Operating Data -
Ambulatory Services:
Three Months Ended June 30, Six Months Ended June 30,
2018
2017
2018
2017
Procedures performed during the period at consolidated centers
442,118 434,694 847,826 855,181 Centers in operation, end of period
(consolidated) 229 237 229 237 Centers in operation, end of period
(unconsolidated) 32 26 32 26 Average number of continuing centers
in operation (consolidated) 230 236 231 237 New centers added,
during period 2 2 2 6 Centers disposed, during period 2 3 5 3
Surgical hospitals in operation, end of period (unconsolidated) 1 1
1 1 Centers under letter of intent, end of period 1 — 1 — Average
revenue per consolidated center (in thousands) $ 1,426 $ 1,350 $
2,757 $ 2,673 Same center revenues increase, day adjusted
(consolidated) 2.9
%
0.6%
1.2 % 1.3 %
Envision
Healthcare Corporation
Unaudited Selected Consolidated
Financial and Operating Data, continued
(Dollars in millions, shares in
thousands)
June 30,
December 31,
Balance Sheet
Data:
2018 2017 Assets Current assets: Cash and cash
equivalents $ 593.5 $ 312.2 Insurance collateral 110.2 86.2
Accounts receivable, net of allowance of $2,554.5 at December 31,
2017 1,543.5 1,405.8 Supplies inventory 22.1 22.7 Prepaid and other
current assets 96.0 165.6 Current assets held for sale —
2,751.8 Total current assets 2,365.3 4,744.3 Property and
equipment, net 288.4 302.7 Investments in unconsolidated affiliates
170.3 156.7 Goodwill 5,662.3 7,536.1 Intangible assets, net 3,632.0
3,665.5 Other assets 194.8 167.3 Total assets $
12,313.1 $ 16,572.6
Liabilities and Equity
Current liabilities: Current portion of long-term debt $ 13.0 $
52.1 Accounts payable 60.8 62.2 Accrued salaries and benefits 516.0
548.0 Accrued interest 51.3 52.1 Other accrued liabilities 327.3
281.6 Current liabilities held for sale — 399.1 Total
current liabilities 968.4 1,395.1 Long-term debt, net of deferred
financing costs of $88.7 and $97.3, respectively 4,613.6 6,263.3
Deferred income taxes 772.8 1,089.3 Insurance reserves 326.5 318.5
Other long-term liabilities 164.4 149.9 Commitments and
contingencies Noncontrolling interests – redeemable 186.8 187.1
Equity: Common stock, $0.01 par value, 1,000,000 shares authorized,
121,402 and 121,021 shares issued and outstanding, respectively 1.2
1.2 Additional paid-in capital 6,025.6 6,008.9 Retained earnings
(deficit) (1,400.8 ) 521.2 Accumulated other comprehensive loss
(0.2 ) (4.2 ) Total Envision Healthcare Corporation equity 4,625.8
6,527.1 Noncontrolling interests – non-redeemable 654.8
642.3 Total equity 5,280.6 7,169.4 Total
liabilities and equity $ 12,313.1 $ 16,572.6
Envision Healthcare
Corporation
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In millions)
Three Months Ended June 30,
Six Months Ended June 30,
Statement of Cash
Flow Data:
2018 2017 2018 2017
Cash flows from operating activities: Net earnings (loss) $
(1,777.0 ) $ 107.9 $ (1,812.2 ) $ (283.2 ) Adjustments to reconcile
net earnings (loss) to net cash flows provided by (used in)
operating activities: Depreciation and amortization 70.3 106.3
170.3 211.8 Amortization of deferred loan costs 4.4 4.2 8.7 8.4 Net
loss on disposals and deconsolidations 0.8 5.8 1.8 5.5 Share-based
compensation 8.8 13.2 16.2 29.3 Deferred income taxes (2.5 ) 25.1
25.4 529.3 Equity in earnings of unconsolidated affiliates (7.5 )
(5.8 ) (13.3 ) (10.9 ) Impairment charges 1,979.9 — 1,980.6 0.3
Gain on held for sale assets — — (14.7 ) — Increases (decreases) in
cash, cash equivalents, restricted cash, and restricted cash
equivalents net of acquisitions and dispositions: Accounts
receivable (8.3 ) (20.0 ) (48.8 ) (67.0 ) Supplies inventory — —
0.2 (0.7 ) Prepaid and other current assets (7.7 ) (7.0 ) (10.0 )
(5.1 ) Accounts payable 8.7 2.8 (13.9 ) (6.1 ) Accrued expenses and
other liabilities (287.6 ) 39.3 (264.6 ) (45.4 ) Other, net 5.1
8.8 (1.0 ) 12.5 Net cash flows provided by
(used in) operating activities (12.6 ) 280.6 24.7 378.7
Cash
flows from investing activities: Acquisitions and related
expenses, net of cash acquired (56.9 ) (412.6 ) (128.5 ) (485.7 )
Acquisition of property and equipment (33.5 ) (50.0 ) (78.8 ) (90.7
) Net proceeds from sale of medical transportation business — —
2,279.7 — Purchases of marketable securities (8.6 ) (12.5 ) (65.9 )
(15.9 ) Maturities of marketable securities 9.1 6.5 26.3 7.0 Other,
net (12.4 ) (6.0 ) (11.3 ) 11.3 Net cash flows provided by
(used in) investing activities (102.3 ) (474.6 ) 2,021.5 (574.0 )
Cash flows from financing activities: Proceeds from
long-term borrowings 3.9 794.6 129.4 798.3 Repayment on long-term
borrowings (3.5 ) (302.4 ) (1,827.7 ) (314.3 ) Distributions to
noncontrolling interests (60.0 ) (58.5 ) (113.1 ) (119.0 ) Other,
net (1.7 ) (11.8 ) (8.0 ) (20.2 ) Net cash flows provided by (used
in) financing activities (61.3 ) 421.9 (1,819.4 ) 344.8
Net increase (decrease) in cash, cash equivalents,
restricted cash and restricted cash equivalents (176.2 ) 227.9
226.8 149.5
Cash, cash equivalents, restricted cash
and restricted cash equivalents, beginning of period (1)
786.0 282.0 383.0 360.4
Less cash, cash equivalents, restricted
cash and restricted cash equivalents of held for sale assets, end
of period
— 23.3 — 23.3
Cash, cash equivalents, restricted cash
and restricted cash equivalents, end of period (2)
$ 609.8 $ 486.6 $ 609.8 $ 486.6
_______________________
(1)
Includes restricted cash and restricted
cash equivalents of $18.7 million and $39.0 million for the three
months ended June 30, 2018 and 2017, respectively, and $30.8
million and $43.5 million for the six months ended June 30, 2018
and 2017, respectively.
(2)
Includes restricted cash and restricted
cash equivalents of $16.3 million for both the three and six months
ended June 30, 2018 and $45.3 million for both the three and six
months ended June 30, 2017. Envision Healthcare Reports 2018 Second
Quarter Financial Results
Envision Healthcare Corporation
Footnotes to Reconciliations of
Non-GAAP Measures to GAAP Measures
(1) We believe the calculation of adjusted net earnings from
continuing operations per diluted share attributable to common
stockholders provides a better measure of our ongoing performance
and provides better comparability to prior periods because it
excludes discontinued operations, the gains or loss from
deconsolidations, net of noncontrolling interests, which are
non-cash in nature, impairment charges, transaction and integration
costs, including associated debt extinguishment costs and deferred
financing write-off, and acquisition-related amortization expense,
changes in contingent purchase price consideration, purchase
accounting adjustments related to mergers and acquisitions, the
impact of the Tax Cuts and Jobs Act of 2017, share-based
compensation expense, and unrealized gain or loss on equity
securities. Adjusted net earnings from continuing operations per
diluted share attributable to common stockholders should not be
considered as a measure of financial performance under accounting
principles generally accepted in the United States, and the items
excluded from it is a significant component in understanding and
assessing financial performance. Because adjusted net earnings from
continuing operations per diluted share attributable to common
stockholders is not a measurement determined in accordance with
accounting principles generally accepted in the United States and
is thus susceptible to varying calculations, it may not be
comparable as presented to other similarly titled measures of other
companies. For purposes of calculating adjusted earnings per share,
we utilize the if-converted method to determine the number of
diluted shares outstanding. In periods where utilizing the
if-converted method is anti-dilutive, the mandatory convertible
preferred stock will not be included in the calculation of diluted
shares outstanding. (2) We define Adjusted EBITDA as
earnings before interest expense, net, income taxes, depreciation,
amortization, transaction and integration costs, share-based
compensation, impairment charges, debt extinguishment costs, gain
or loss on deconsolidations, net of noncontrolling interests,
changes in contingent purchase price consideration, purchase
accounting adjustments related to mergers and acquisitions, the
impact of the Tax Cuts and Jobs Act of 2017, discontinued
operations and unrealized gain or loss on equity securities.
Adjusted EBITDA should not be considered a measure of financial
performance under generally accepted accounting principles. Items
excluded from Adjusted EBITDA are significant components in
understanding and assessing financial performance. Adjusted EBITDA
is an analytical indicator used by management and the health care
industry to evaluate company performance, allocate resources and
measure leverage. Adjusted EBITDA should not be considered in
isolation or as an alternative to net earnings, cash flows from
operations, investing or financing activities, or other financial
statement data presented in the consolidated financial statements
as indicators of financial performance. Because Adjusted EBITDA is
not a measurement determined in accordance with generally accepted
accounting principles and is thus susceptible to varying
calculations, Adjusted EBITDA as presented may not be comparable to
other similarly titled measures of other companies. Net earnings
from continuing operations attributable to common stockholders is
the financial measure calculated and presented in accordance with
generally accepted accounting principles that is most comparable to
Adjusted EBITDA, as defined.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180806005586/en/
Envision Healthcare CorporationBob Kneeley, 303-495-1245Vice
President, Investor Relationsbob.kneeley@evhc.net
ENVISION HEALTHCARE HOLDINGS, IN (NYSE:EVHC)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
ENVISION HEALTHCARE HOLDINGS, IN (NYSE:EVHC)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
