Full Press Release Details
and Chief Financial Officer
HEALTH SYSTEMS, INC. ANNOUNCES
FIRST QUARTER 2017 RESULTS WITH NET OPERATING REVENUES OF $4.486 BILLION
FRANKLIN, Tenn. (May 1, 2017) Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating results for
the three months ended March 31, 2017.
The following highlights the financial and operating results for the three months ended
March 31, 2017, that are further discussed below:
Financial and statistical data reported in this earnings release for 2016 include the following in operating results through the effective
date of each respective transaction:
CYH Announces First Quarter 2017 Results
Net operating revenues for the three months ended March 31, 2017, totaled $4.486
billion, a 10.3 percent decrease, compared with $4.999 billion for the same period in 2016. Loss from continuing operations attributable to Community Health Systems, Inc. common stockholders was $(198) million, or $(1.78) per share (diluted), for
the three months ended March 31, 2017, compared with income from continuing operations of $12 million, or $0.11 per share (diluted), for the same period in 2016. During the three months ended March 31, 2017, the Company recorded a non-cash
expense totaling $250 million related to impairment charges to reduce the value of long-lived assets, primarily allocated goodwill, at hospitals that the Company has identified for sale. The impairment charges do not have an impact on the
calculation of the Company s financial covenants under the Company s Credit Facility.
The results for the three months ended
March 31, 2017, included the loss of $(1.92) per share (diluted) related to impairment and (gain) loss on sale of businesses, loss of $(0.12) per share (diluted) from early extinguishment of debt, and loss of $(0.04) per share (diluted) related
to expense from fair value adjustments on the CVR agreement liability accounted for at fair value related to the HMA legal proceedings, and related legal expenses. These expenses were partially offset by income of $0.23 per share (diluted) related
to government and other legal settlements, net of related legal expenses, primarily as a result of the previously announced settlement of the shareholder derivative action in January 2017. Excluding these items, income from continuing operations was
$0.08 per share (diluted).
Net loss attributable to Community Health Systems, Inc. common stockholders was $(199) million, or $(1.79) per
share (diluted) for the three months ended March 31, 2017, compared with net income of $11 million, or $0.10 per share (diluted) for the same period in 2016. Discontinued operations for the three months ended March 31, 2017, consisted of
$(0.01) per share (diluted) of losses from operations of entities sold or held for sale for an after-tax loss of approximately $(1) million. Weighted-average shares outstanding (diluted) were 111 million for the three months ended
March 31, 2017, and 110 million for the three months ended March 31, 2016. Adjusted EBITDA for the three months ended March 31, 2017, was $527 million compared with $633 million for the same period in 2016, representing a 16.7
The consolidated operating results for the three months ended March 31, 2017, reflect an 11.5 percent decrease in
total admissions, and a 12.5 percent decrease in total adjusted admissions, compared with the same period in 2016. On a same-store basis, admissions decreased 1.5 percent and adjusted admissions decreased 1.4 percent during the three months ended
March 31, 2017, compared with the same period in 2016. On a same-store basis, net operating revenues increased 0.7 percent during the three months ended March 31, 2017, compared with the same period in 2016.
Adjusted EBITDA, a non-GAAP financial measure, is EBITDA adjusted to add back net income attributable to noncontrolling interests and to
exclude the effect of discontinued operations, loss from early extinguishment of debt, impairment and (gain) loss on sale of businesses, gain on sale of investments in unconsolidated affiliates, expense incurred related to the spin-off of QHC,
expense incurred related to the sale of a majority ownership interest in the Company s home care division, (income) expense related to government and other legal settlements and related costs, and expense from fair value adjustments on the CVR
agreement liability accounted for at fair value related to the HMA legal proceedings, and related legal expenses. For information regarding why the Company believes Adjusted EBITDA presents useful information to investors, and for a reconciliation
of Adjusted EBITDA to net income attributable to Community Health Systems, Inc. stockholders, see footnote (e) to the Financial Highlights, Financial Statements and Selected Operating Data below.
CYH Announces First Quarter 2017 Results
Commenting on the results, Wayne T. Smith, chairman and chief executive officer of Community
Health Systems, Inc., said, We continue to make good progress on our strategic and operational initiatives, and we are pleased to see these efforts reflected in our first quarter results. We are focused on performance improvements that we
believe will yield additional efficiencies as we move through 2017. At the same time, we are making progress with our portfolio rationalization strategy as we work to create a stronger, more sustainable company for the future and further reduce our
Included on pages 14, 15, 16 and 17 of this press release are tables setting forth the Company s 2017 annual earnings
guidance. The updated 2017 guidance is based on the Company s historical operating performance, current trends and other assumptions that the Company believes are reasonable at this time, and reflects the impact of planned divestitures that the
Company expects to occur in 2017.
Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United
States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 146 affiliated hospitals in 21 states with an aggregate of approximately 24,000 licensed
The Company s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health
Systems, Inc. are traded on the New York Stock Exchange under the symbol CYH. More information about the Company can be found on its website at www.chs.net.
Community Health Systems, Inc. will hold a conference call on Tuesday, May 2, 2017, at 11:00 a.m. Central, 12:00 noon Eastern, to review
financial and operating results for the first quarter ended March 31, 2017. Investors will have the opportunity to listen to a live Internet broadcast of the conference call by clicking on the Investor Relations link of the Company s
website at www.chs.net. To listen to the live call, please go to the website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will
be available shortly after the call and will continue to be available through May 9, 2017. Copies of this press release and conference call slide show, as well as the Company s Current Report on Form 8-K (including this press release),
will be available on the Company s website at www.chs.net.
CYH Announces First Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Financial Highlights (a)(b)(c)(d)
(In millions, except per share amounts)
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Net operating revenues | $ | 4,486 | $ | 4,999 | ||||
| (Loss) income from continuing operations (f), (i) | (176 | ) | 37 | |||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | (199 | ) | 11 | |||||
| Adjusted EBITDA (e) | 527 | 633 | ||||||
| Net cash provided by operating activities | 242 | 294 | ||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||
| Continuing operations (f), (i) | $ | (1.78 | ) | $ | 0.11 | |||
| Discontinued operations | (0.01 | ) | (0.01 | ) | ||||
| Net (loss) income | $ | (1.79 | ) | $ | 0.10 | |||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||
| Continuing operations (f), (h), (i) | $ | (1.78 | ) | $ | 0.11 | |||
| Discontinued operations | (0.01 | ) | (0.01 | ) | ||||
| Net (loss) income (h) | $ | (1.79 | ) | $ | 0.10 | |||
| Weighted-average number of shares outstanding (g): | ||||||||
| Basic | 111 | 110 | ||||||
| Diluted | 111 | 110 |
footnotes, see pages 10, 11, 12 and 13.
CYH Announces First Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Loss (Income) (a)(b)(c)(d)
(In millions, except per share amounts)
| Three Months Ended March 31, | ||||||||||||||||
| 2017 | 2016 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 5,168 | $ | 5,754 | ||||||||||||
| Provision for bad debts | 682 | 755 | ||||||||||||||
| Net operating revenues | 4,486 | 100.0% | 4,999 | 100.0% | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 2,061 | 45.9% | 2,317 | 46.3% | ||||||||||||
| Supplies | 749 | 16.7% | 799 | 16.0% | ||||||||||||
| Other operating expenses | 1,057 | 23.5% | 1,173 | 23.5% | ||||||||||||
| Government and other legal settlements and related costs (j) | (41 | ) | (0.9)% | % | ||||||||||||
| Electronic health records incentive reimbursement | (6 | ) | (0.1)% | (18 | ) | (0.4)% | ||||||||||
| Rent | 109 | 2.4% | 119 | 2.4% | ||||||||||||
| Depreciation and amortization | 236 | 5.3% | 298 | 6.0% | ||||||||||||
| Impairment and (gain) loss on sale of businesses, net (i) | 250 | 5.6% | 17 | 0.3% | ||||||||||||
| Total operating costs and expenses | 4,415 | 98.4% | 4,705 | 94.1% | ||||||||||||
| Income from operations (f), (i) | 71 | 1.6% | 294 | 5.9% | ||||||||||||
| Interest expense, net | 229 | 5.1% | 251 | 5.0% | ||||||||||||
| Loss from early extinguishment of debt | 21 | 0.5% | % | |||||||||||||
| Equity in earnings of unconsolidated affiliates | (3 | ) | (0.1)% | (20 | ) | (0.4)% | ||||||||||
| (Loss) income from continuing operations before income taxes | (176 | ) | (3.9)% | 63 | 1.3% | |||||||||||
| Provision for income taxes | % | 26 | 0.6% | |||||||||||||
| (Loss) income from continuing operations (f), (i) | (176 | ) | (3.9)% | 37 | 0.7% | |||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (1 | ) | % | % | ||||||||||||
| Impairment of hospitals sold or held for sale | % | (1 | ) | % | ||||||||||||
| Loss from discontinued operations, net of taxes | (1 | ) | % | (1 | ) | % | ||||||||||
| Net (loss) income | (177 | ) | (3.9)% | 36 | 0.7% | |||||||||||
| Less: Net income attributable to noncontrolling interests | 22 | 0.5% | 25 | 0.5% | ||||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (199 | ) | (4.4)% | $ | 11 | 0.2% | |||||||||
| Basic (loss) income per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (f), (i) | $ | (1.78 | ) | $ | 0.11 | |||||||||||
| Discontinued operations | (0.01 | ) | (0.01 | ) | ||||||||||||
| Net (loss) income | $ | (1.79 | ) | $ | 0.10 | |||||||||||
| Diluted (loss) income per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (f), (h), (i) | $ | (1.78 | ) | $ | 0.11 | |||||||||||
| Discontinued operations | (0.01 | ) | (0.01 | ) | ||||||||||||
| Net (loss) income (h) | $ | (1.79 | ) | $ | 0.10 | |||||||||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 111 | 110 | ||||||||||||||
| Diluted | 111 | 110 |
footnotes, see pages 10, 11, 12 and 13.
CYH Announces First Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Loss
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Net (loss) income | $ | (177 | ) | $ | 36 | |||
| Other comprehensive income (loss), net of income taxes: | ||||||||
| Net change in fair value of interest rate swaps, net of tax | 5 | (19 | ) | |||||
| Net change in fair value of available-for-sale securities, net of tax | 3 | 2 | ||||||
| Amortization and recognition of unrecognized pension cost components, net of tax | 1 | |||||||
| Other comprehensive income (loss) | 8 | (16 | ) | |||||
| Comprehensive (loss) income | (169 | ) | 20 | |||||
| Less: Comprehensive income attributable to noncontrolling interests | 22 | 25 | ||||||
| Comprehensive loss attributable to Community Health Systems, Inc. stockholders | $ | (191 | ) | $ | (5 | ) |
footnotes, see pages 10, 11, 12 and 13.
CYH Announces First Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(c)
(Dollars in millions)
| Three Months Ended March 31, | ||||||||||||||||||||||||
| Consolidated | Same-Store | |||||||||||||||||||||||
| 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 155 | 194 | 154 | 154 | ||||||||||||||||||||
| Licensed beds (at end of period) | 26,009 | 29,936 | 25,989 | 26,261 | ||||||||||||||||||||
| Beds in service (at end of period) | 23,336 | 26,285 | 23,316 | 23,300 | ||||||||||||||||||||
| Admissions | 212,242 | 239,700 | -11.5 | % | 211,090 | 214,289 | -1.5 | % | ||||||||||||||||
| Adjusted admissions | 449,012 | 513,192 | -12.5 | % | 446,053 | 452,436 | -1.4 | % | ||||||||||||||||
| Patient days | 972,885 | 1,076,226 | 969,056 | 973,873 | ||||||||||||||||||||
| Average length of stay (days) | 4.6 | 4.5 | 4.6 | 4.5 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 46.5 | % | 45.1 | % | 46.5 | % | 46.1 | % | ||||||||||||||||
| Net operating revenues | $ | 4,486 | $ | 4,999 | -10.3 | % | $ | 4,424 | $ | 4,392 | 0.7 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 43.9 | % | 43.9 | % | 43.9 | % | 44.2 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 56.1 | % | 56.1 | % | 56.1 | % | 55.8 | % | ||||||||||||||||
| Income from operations (f), (i) | $ | 71 | $ | 294 | -75.9 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 1.6 | % | 5.9 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 236 | $ | 298 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (3 | ) | $ | (20 | ) | ||||||||||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (199 | ) | $ | 11 | -1909.1 | % | |||||||||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders as a % of net operating revenues | -4.4 | % | 0.2 | % | ||||||||||||||||||||
| Adjusted EBITDA (e) | $ | 527 | $ | 633 | -16.7 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 11.7 | % | 12.7 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 242 | $ | 294 | -17.7 | % |
footnotes, see pages 10, 11, 12 and 13.
CYH Announces First Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (b)
(In millions, except share data)
| March 31, 2017 | December 31, 2016 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 247 | $ | 238 | ||||
| Patient accounts receivable, net of allowance for doubtful accounts of $3,729 and $3,773 at March 31, 2017 and December 31, 2016, respectively | 3,164 | 3,176 | ||||||
| Supplies | 458 | 480 | ||||||
| Prepaid income taxes | 17 | 17 | ||||||
| Prepaid expenses and taxes | 218 | 187 | ||||||
| Other current assets | 671 | 568 | ||||||
| Total current assets | 4,775 | 4,666 | ||||||
| Property and equipment, gross | 11,824 | 12,422 | ||||||
| Less accumulated depreciation and amortization | (4,185 | ) | (4,273 | ) | ||||
| Property and equipment, net | 7,639 | 8,149 | ||||||
| Goodwill | 6,327 | 6,521 | ||||||
| Other assets, net | 2,919 | 2,608 | ||||||
| Total assets | $ | 21,660 | $ | 21,944 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Current maturities of long-term debt | $ | 558 | $ | 455 | ||||
| Accounts payable | 988 | 995 | ||||||
| Accrued interest | 145 | 207 | ||||||
| Accrued liabilities | 1,305 | 1,230 | ||||||
| Total current liabilities | 2,996 | 2,887 | ||||||
| Long-term debt | 14,687 | 14,789 | ||||||
| Deferred income taxes | 415 | 411 | ||||||
| Other long-term liabilities | 1,469 | 1,575 | ||||||
| Total liabilities | 19,567 | 19,662 | ||||||
| Redeemable noncontrolling interests in equity of consolidated subsidiaries | 552 | 554 | ||||||
| EQUITY | ||||||||
| Community Health Systems, Inc. stockholders equity: | ||||||||
| Preferred stock, $.01 par value per share, 100,000,000 shares authorized; none issued | ||||||||
| Common stock, $.01 par value per share, 300,000,000 shares authorized; 114,690,205 shares issued and outstanding at March 31, 2017, and 113,876,580 shares issued and outstanding at December 31, 2016 | 1 | 1 | ||||||
| Additional paid-in capital | 1,980 | 1,975 | ||||||
| Accumulated other comprehensive loss | (54 | ) | (62 | ) | ||||
| Accumulated deficit | (498 | ) | (299 | ) | ||||
| Total Community Health Systems, Inc. stockholders equity | 1,429 | 1,615 | ||||||
| Noncontrolling interests in equity of consolidated subsidiaries | 112 | 113 | ||||||
| Total equity | 1,541 | 1,728 | ||||||
| Total liabilities and equity | $ | 21,660 | $ | 21,944 |
footnotes, see pages 10, 11, 12 and 13.
CYH Announces First Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (b)
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Cash flows from operating activities | ||||||||
| Net (loss) income | $ | (177 | ) | $ | 36 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 236 | 298 | ||||||
| Government and other legal settlements and related costs (j) | (1 | ) | ||||||
| Stock-based compensation expense | 9 | 14 | ||||||
| Impairment of hospitals sold or held for sale | 1 | |||||||
| Impairment and (gain) loss on sale of businesses, net (i) | 250 | 17 | ||||||
| Loss from early extinguishment of debt | 21 | |||||||
| Other non-cash expenses, net | 8 | 14 | ||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | ||||||||
| Patient accounts receivable | 11 | (109 | ) | |||||
| Supplies, prepaid expenses and other current assets | (67 | ) | (14 | ) | ||||
| Accounts payable, accrued liabilities and income taxes | (14 | ) | 64 | |||||
| Other | (34 | ) | (27 | ) | ||||
| Net cash provided by operating activities | 242 | 294 | ||||||
| Cash flows from investing activities | ||||||||
| Acquisitions of facilities and other related equipment | (2 | ) | (99 | ) | ||||
| Purchases of property and equipment | (146 | ) | (224 | ) | ||||
| Proceeds from disposition of hospitals and other ancillary operations | 12 | |||||||
| Proceeds from sale of property and equipment | 4 | |||||||
| Purchases of available-for-sale securities | (12 | ) | (37 | ) | ||||
| Proceeds from sales of available-for-sale securities | 26 | 40 | ||||||
| Increase in other investments | (37 | ) | (67 | ) | ||||
| Net cash used in investing activities | (171 | ) | (371 | ) | ||||
| Cash flows from financing activities | ||||||||
| Repurchase of restricted stock shares for payroll tax withholding requirements | (5 | ) | (7 | ) | ||||
| Deferred financing costs and other debt-related costs | (40 | ) | ||||||
| Proceeds from noncontrolling investors in joint ventures | 5 | |||||||
| Redemption of noncontrolling investments in joint ventures | (4 | ) | (16 | ) | ||||
| Distributions to noncontrolling investors in joint ventures | (28 | ) | (18 | ) | ||||
| Borrowings under credit agreements | 610 | 1,564 | ||||||
| Issuance of long-term debt | 2,200 | |||||||
| Proceeds from receivables facility | 26 | 31 | ||||||
| Repayments of long-term indebtedness | (2,826 | ) | (1,480 | ) | ||||
| Net cash (used in) provided by financing activities | (62 | ) | 74 | |||||
| Net change in cash and cash equivalents | 9 | (3 | ) | |||||
| Cash and cash equivalents at beginning of period | 238 | 184 | ||||||
| Cash and cash equivalents at end of period | $ | 247 | $ | 181 |
footnotes, see pages 10, 11, 12 and 13.
CYH Announces First Quarter 2017 Results
Footnotes to Financial Highlights, Financial Statements and Selected Operating Data
The following table presents the impact of the recorded amounts as described above as applied to the CVR and the $18 million deductible and 10%
co-insurance amounts (in millions):
| As of March 31, 2017 | ||||
| Legal and other related costs incurred to date | $ | 33 | ||
| Settlements | 30 | |||
| Estimated liability for probable contingencies | ||||
| Estimated liability for unresolved contingencies at fair value | 258 | |||
| Costs incurred plus certain estimated liabilities for CVR-related matters | 321 | |||
| Allocated to: | ||||
| CHS deductible of $18 million | (18 | ) | ||
| CHS co-insurance at 10% | (29 | ) | ||
| Recorded amounts that reduce CVR value after giving effect to deductible and co-insurance | $ | 274 | ||
| CVRs outstanding | 265 |
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| (Loss) income from continuing operations attributable to Community Health Systems, Inc. common stockholders: | ||||||||
| (Loss) income from continuing operations, net of taxes | $ | (176 | ) | $ | 37 | |||
| Less: Income from continuing operations attributable to noncontrolling interests, net of taxes | 22 | 25 | ||||||
| (Loss) income from continuing operations attributable to Community Health Systems, Inc. common stockholders basic and diluted | $ | (198 | ) | $ | 12 |
CYH Announces First Quarter 2017 Results
Footnotes to Financial Highlights, Financial Statements and Selected Operating Data
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders: | ||||||||
| Loss from discontinued operations, net of taxes | $ | (1 | ) | $ | (1 | ) | ||
| Less: Loss from discontinued operations attributable to noncontrolling interests, net of taxes | ||||||||
| Loss from discontinued operations attributable to Community Health Systems, Inc. common stockholders basic and diluted | $ | (1 | ) | $ | (1 | ) |
Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP. It should not be considered in isolation or as a substitute for
net income, operating income, or any other performance measure calculated in accordance with U.S. GAAP. The items excluded from Adjusted EBITDA are significant components in understanding and evaluating financial performance. The Company believes
such adjustments are appropriate as the magnitude and frequency of such items can vary significantly and are not related to the assessment of normal operating performance. Additionally, this calculation of Adjusted EBITDA may not be comparable to
similarly titled measures reported by other companies.
CYH Announces First Quarter 2017 Results
Footnotes to Financial Highlights, Financial Statements and Selected Operating Data
The following table reflects the reconciliation of Adjusted EBITDA, as defined, to net (loss) income attributable to Community Health
Systems, Inc. stockholders as derived directly from the condensed consolidated financial statements (in millions):
| Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (199 | ) | $ | 11 | |||
| Adjustments: | ||||||||
| Provision for income taxes | 26 | |||||||
| Depreciation and amortization | 236 | 298 | ||||||
| Net income attributable to noncontrolling interests | 22 | 25 | ||||||
| Loss from discontinued operations | 1 | 1 | ||||||
| Interest expense, net | 229 | 251 | ||||||
| Loss from early extinguishment of debt | 21 | |||||||
| Impairment and (gain) loss on sale of businesses, net | 250 | 17 | ||||||
| (Income) expense from government and other legal settlements and related costs | (41 | ) | ||||||
| Expense from fair value adjustments and legal expenses related to cases covered by the CVR | 7 | |||||||
| Expenses related to the sale of a majority interest in home care division | 1 | |||||||
| Expenses related to the spin-off of QHC | 4 | |||||||
| Adjusted EBITDA | $ | 527 | $ | 633 |