Full Press Release Details
| Investor Contact: | W. Larry Cash | |
| President of Financial Services | ||
| and Chief Financial Officer | ||
| (615) 465-7000 |
COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES
FOURTH QUARTER 2014 RESULTS WITH NET OPERATING REVENUES OF $4.918 BILLION
FRANKLIN, Tenn. (February 19, 2015) Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating
results for the three months and year ended December 31, 2014.
Financial and statistical data reported in this earnings release
includes Health Management Associates, Inc. s ( HMA ) operating results from January 27, 2014, the date the Company completed its acquisition of HMA. Prior period consolidated results and statistical data reflect only the Company
and its subsidiaries for the period prior to the HMA acquisition. Same-store operating results and statistical data include comparable information for hospitals acquired as a result of the HMA acquisition for the months of February through December
Net operating revenues for the three months ended December 31, 2014, totaled $4.918 billion, a 54.1 percent increase
compared with $3.191 billion for the same period in 2013. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders increased to $129 million, or $1.12 per share (diluted), for the three months ended
December 31, 2014, compared with income from continuing operations attributable to Community Health Systems, Inc. common stockholders of $38 million, or $0.40 per share (diluted), for the same period in 2013. The results for the three months
ended December 31, 2014, include $0.01 per share (diluted) related to acquisition and integration expenses from the acquisition of HMA; $0.15 per share (diluted) of expenses related to government legal settlements and related costs (other than
HMA legal proceedings underlying the contingent value rights, or CVR , agreement); and $0.09 per share (diluted) of expenses related to the impairment of long-lived assets at certain hospitals, with these expenses partially offset by
$0.14 per share (diluted) of income from fair value adjustments, net of legal expenses, related to HMA legal proceedings underlying the CVR agreement. Excluding these expenses, income from continuing operations was $1.23 per share (diluted). Net
income attributable to Community Health Systems, Inc. common stockholders was $0.87 per share (diluted) for the three months ended December 31, 2014, compared with net income of $0.30 per share (diluted) for the same period in 2013.
Discontinued operations for the three months ended December 31, 2014, consisted of $0.01 per share (diluted) of losses from operations of entities sold or held for sale, and $0.24 per share (diluted) of expenses related to the impairment of
long-lived assets held for sale for a total after-tax loss of approximately $29 million, or $0.25 per share (diluted). Weighted-average shares outstanding (diluted) were 115 million for the three months ended December 31, 2014, and
95 million for the three months ended December 31, 2013.
Adjusted EBITDA for the three months ended December 31, 2014, was
$785 million compared with $459 million for the same period in 2013, representing a 71.0 percent increase.
The consolidated operating
results for the three months ended December 31, 2014, reflect a 56.4 percent increase in total admissions, and a 58.2 percent increase in total adjusted admissions compared with the same period in 2013. On a same-store basis, admissions
decreased 0.2 percent while adjusted admissions increased 2.7 percent compared with the same period in 2013. On a same-store basis, net operating revenues increased 4.7 percent compared with the same period in 2013.
Net operating revenues for the year ended December 31, 2014, totaled $18.639 billion, a 45.4 percent increase compared with $12.819
billion for the same period in 2013. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders decreased to $149 million, or $1.32 per share (diluted), for the
CYH Announces Fourth Quarter 2014 Results
year ended December 31, 2014, compared with income from continuing operations attributable to Community Health Systems, Inc. common stockholders of $166 million, or $1.77 per share
(diluted), for the same period in 2013. The results for the year ended December 31, 2014, include $0.38 per share (diluted) related to acquisition and integration expenses from the acquisition of HMA; $0.57 per share (diluted) of expenses
related to government legal settlements and related costs (other than HMA legal proceedings underlying the CVR agreement); $0.40 per share (diluted) of expenses related to the loss from early extinguishment of debt; $0.22 per share (diluted) of
expenses related to the impairment of long-lived assets; and $0.42 per share (diluted) of expenses related to accelerating amortization on software to be abandoned, with these expenses partially offset by $0.03 per share (diluted) of income from
fair value adjustments, net of legal expenses, related to HMA legal proceedings underlying the CVR agreement. Excluding these expenses, income from continuing operations was $3.29 per share (diluted). Net income attributable to Community Health
Systems, Inc. common stockholders was $0.82 per share (diluted) for the year ended December 31, 2014, compared with net income of $1.51 per share (diluted) for the same period in 2013. Discontinued operations for the year ended
December 31, 2014, consisted of 0.07 per share (diluted) of losses from operations of entities sold or held for sale and approximately $0.44 per share (diluted) of expenses related to the impairment of long-lived assets held for sale, for
a total after-tax loss of approximately $57 million, or $0.51 per share (diluted). Weighted-average shares outstanding (diluted) were 113 million for the year ended December 31, 2014, and 94 million for the year ended
Adjusted EBITDA for the year ended December 31, 2014, was $2.777 billion compared with $1.860 billion for
the same period in 2013, representing a 49.3 percent increase.
The consolidated operating results for the year ended December 31,
2014, reflect a 43.7 percent increase in total admissions and a 47.3 percent increase in total adjusted admissions compared with the same period in 2013. On a same-store basis, admissions decreased 4.2 percent while adjusted admissions decreased 0.9
percent compared with the same period in 2013. On a same-store basis, net operating revenues increased 1.2 percent compared with the same period in 2013.
Adjusted EBITDA is EBITDA adjusted to exclude discontinued operations, loss from early extinguishment of debt, impairment of long-lived
assets, net income attributable to noncontrolling interests, acquisition and integration expenses from the acquisition of HMA, expenses related to government legal settlements and related costs (other than HMA legal proceedings underlying the CVR
agreement), and income from fair value adjustments, net of legal expenses, related to the HMA legal proceedings underlying the CVR agreement. Adjusted EBITDA as set forth herein is calculated in the same manner for the applicable 2014 and 2013
periods as ADJUSTED EBITDA in the Company s preliminary release issued on January 20, 2015. For information regarding why the Company believes Adjusted EBITDA presents useful information to investors, and for a reconciliation of Adjusted
EBITDA to net cash provided by operating activities, see footnote (f) to the Financial Highlights, Financial Statements and Selected Operating Data below.
Commenting on the results, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, We are pleased
with our overall operating performance, capping off an exceptional year for the Company following the acquisition of HMA at the beginning of 2014. Since that time, we have worked hard to assimilate these additional hospitals, and we have made
considerable progress in achieving our targeted operating synergies. We are pleased with the incremental improvement in operating revenues across our hospital network. We are also encouraged by more favorable volume trends, partly driven by a more
severe flu season during the fourth quarter, and we will continue to focus on initiatives to improve our overall admissions.
CYH Announces Fourth Quarter 2014 Results
Overall, we delivered a solid performance for 2014, reflecting consistent execution of
our proven operating strategy in our expanded hospital network. Community Health Systems has continued to demonstrate success in a dynamic and challenging healthcare environment. The Affordable Care Act has been a watershed event for healthcare
providers with greater access to essential health services, and we expect to realize additional benefits from proposed policy initiatives to cover the uninsured in more of our hospital markets. We continue to execute on the fundamental aspects of
our business strategy, recruiting qualified physicians, managing our costs, investing in technology, and, above all, focusing on the safety and quality of care in our hospitals. As we look ahead to 2015, we will pursue this same strategy to deliver
value to both our shareholders and the communities we serve, Smith concluded.
Included on pages 15, 16, 17 and 18 of this press
release are tables setting forth the Company s 2015 annual earnings guidance. The 2015 guidance is based on the Company s historical operating performance, current trends and other assumptions that the Company believes are reasonable at
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. Through its subsidiaries, the Company currently owns, leases or operates 205 affiliated hospitals in 29 states with an aggregate of approximately 31,000 licensed beds. 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 Friday, February 20,
2015, at 10:00 a.m. Central, 11:00 a.m. Eastern, to review financial and operating results for the three months and year ended December 31, 2014. 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 March 20, 2015. Copies of the Company s Current Report on Form 8-K (including this press
release) and conference call slide show will be available on the Company s website at www.chs.net.
CYH Announces Fourth Quarter 2014 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Financial Highlights (a)(b)(c)(d)(e)
(In millions, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Net operating revenues | $ | 4,918 | $ | 3,191 | $ | 18,639 | $ | 12,819 | ||||||||
| Adjusted EBITDA (f) | 785 | 459 | 2,777 | 1,860 | ||||||||||||
| Income from continuing operations (g), (h), (k) | 165 | 62 | 260 | 242 | ||||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders | 100 | 28 | 92 | 141 | ||||||||||||
| Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (n): | ||||||||||||||||
| Continuing operations (g), (h), (k) | $ | 1.13 | $ | 0.41 | $ | 1.33 | $ | 1.80 | ||||||||
| Discontinued operations | (0.26 | ) | (0.10 | ) | (0.51 | ) | (0.27 | ) | ||||||||
| Net income | $ | 0.88 | $ | 0.30 | $ | 0.82 | $ | 1.52 | ||||||||
| Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (n): | ||||||||||||||||
| Continuing operations (g), (h), (k), (l) | $ | 1.12 | $ | 0.40 | $ | 1.32 | $ | 1.77 | ||||||||
| Discontinued operations | (0.25 | ) | (0.10 | ) | (0.51 | ) | (0.27 | ) | ||||||||
| Net income (l) | $ | 0.87 | $ | 0.30 | $ | 0.82 | $ | 1.51 | ||||||||
| Weighted-average number of shares outstanding (i): | ||||||||||||||||
| Basic | 114 | 93 | 112 | 93 | ||||||||||||
| Diluted | 115 | 95 | 113 | 94 | ||||||||||||
| Net cash provided by operating activities | $ | 976 | $ | 648 | $ | 1,615 | $ | 1,089 |
footnotes, see pages 12, 13 and 14.
CYH Announces Fourth Quarter 2014 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (a)(b)(c)(d)(e)
(In millions, except per share amounts)
| Three Months Ended December 31, | ||||||||||||||||
| 2014 | 2013 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 5,641 | $ | 3,691 | ||||||||||||
| Provision for bad debts | 723 | 500 | ||||||||||||||
| Net operating revenues | 4,918 | 100.0 | % | 3,191 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 2,221 | 45.2 | % | 1,517 | 47.5 | % | ||||||||||
| Supplies | 764 | 15.5 | % | 508 | 15.9 | % | ||||||||||
| Other operating expenses | 1,073 | 21.9 | % | 706 | 22.1 | % | ||||||||||
| Government settlement and related costs (o) | 24 | 0.5 | % | 4 | 0.1 | % | ||||||||||
| Electronic health records incentive reimbursement (g) | (47 | ) | (1.0 | )% | (54 | ) | (1.7 | )% | ||||||||
| Rent | 115 | 2.3 | % | 70 | 2.2 | % | ||||||||||
| Depreciation and amortization | 291 | 5.9 | % | 197 | 6.2 | % | ||||||||||
| Total operating costs and expenses | 4,441 | 90.3 | % | 2,948 | 92.3 | % | ||||||||||
| Income from operations (g), (h) | 477 | 9.7 | % | 243 | 7.7 | % | ||||||||||
| Interest expense, net | 244 | 5.0 | % | 149 | 4.7 | % | ||||||||||
| Equity in earnings of unconsolidated affiliates | (14 | ) | (0.3 | )% | (6 | ) | (0.2 | )% | ||||||||
| Impairment of long-lived assets (k) | 17 | 0.3 | % | 12 | 0.4 | % | ||||||||||
| Income from continuing operations before income taxes | 230 | 4.7 | % | 88 | 2.8 | % | ||||||||||
| Provision for income taxes | 65 | 1.4 | % | 26 | 0.7 | % | ||||||||||
| Income from continuing operations (g), (h), (k) | 165 | 3.3 | % | 62 | 2.1 | % | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (2 | ) | (5 | ) | (0.2 | )% | ||||||||||
| Impairment of hospitals held for sale | (27 | ) | (0.6 | )% | (5 | ) | (0.2 | )% | ||||||||
| Loss from discontinued operations, net of taxes | (29 | ) | (0.6 | )% | (10 | ) | (0.4 | )% | ||||||||
| Net income | 136 | 2.7 | % | 52 | 1.7 | % | ||||||||||
| Less: Net income attributable to noncontrolling interests | 36 | 0.7 | % | 24 | 0.8 | % | ||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders | $ | 100 | 2.0 | % | $ | 28 | 0.9 | % | ||||||||
| Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (n): | ||||||||||||||||
| Continuing operations (g), (h), (k) | $ | 1.13 | $ | 0.41 | ||||||||||||
| Discontinued operations | (0.26 | ) | (0.10 | ) | ||||||||||||
| Net income | $ | 0.88 | $ | 0.30 | ||||||||||||
| Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (h), (k), (l) | $ | 1.12 | $ | 0.40 | ||||||||||||
| Discontinued operations | (0.25 | ) | (0.10 | ) | ||||||||||||
| Net income (l) | $ | 0.87 | $ | 0.30 | ||||||||||||
| Weighted-average number of shares outstanding (i): | ||||||||||||||||
| Basic | 114 | 93 | ||||||||||||||
| Diluted | 115 | 95 |
footnotes, see pages 12, 13 and 14.
CYH Announces Fourth Quarter 2014 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (a)(b)(c)(d)(e)
(In millions, except per share amounts)
| Year Ended December 31, | ||||||||||||||||
| 2014 | 2013 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 21,561 | $ | 14,853 | ||||||||||||
| Provision for bad debts | 2,922 | 2,034 | ||||||||||||||
| Net operating revenues | 18,639 | 100.0 | % | 12,819 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 8,618 | 46.2 | % | 6,107 | 47.6 | % | ||||||||||
| Supplies | 2,862 | 15.4 | % | 1,975 | 15.4 | % | ||||||||||
| Other operating expenses | 4,322 | 23.3 | % | 2,818 | 22.0 | % | ||||||||||
| Government settlement and related costs (o) | 101 | 0.5 | % | 102 | 0.8 | % | ||||||||||
| Electronic health records incentive reimbursement (g) | (259 | ) | (1.4 | )% | (162 | ) | (1.3 | )% | ||||||||
| Rent | 434 | 2.3 | % | 279 | 2.2 | % | ||||||||||
| Depreciation and amortization | 1,106 | 5.9 | % | 771 | 6.0 | % | ||||||||||
| Amortization of software to be abandoned (k) | 75 | 0.4 | % | |||||||||||||
| Total operating costs and expenses | 17,259 | 92.6 | % | 11,890 | 92.7 | % | ||||||||||
| Income from operations (g), (h), (k) | 1,380 | 7.4 | % | 929 | 7.3 | % | ||||||||||
| Interest expense, net | 972 | 5.3 | % | 613 | 4.8 | % | ||||||||||
| Loss from early extinguishment of debt | 73 | 0.4 | % | 1 | ||||||||||||
| Equity in earnings of unconsolidated affiliates | (48 | ) | (0.3 | )% | (43 | ) | (0.3 | )% | ||||||||
| Impairment of long-lived assets (k) | 41 | 0.2 | % | 12 | 0.1 | % | ||||||||||
| Income from continuing operations before income taxes | 342 | 1.8 | % | 346 | 2.7 | % | ||||||||||
| Provision for income taxes | 82 | 0.4 | % | 104 | 0.8 | % | ||||||||||
| Income from continuing operations (g), (h), (k) | 260 | 1.4 | % | 242 | 1.9 | % | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (7 | ) | (21 | ) | (0.2 | )% | ||||||||||
| Impairment of hospitals held for sale | (50 | ) | (0.3 | )% | (4 | ) | ||||||||||
| Loss from discontinued operations, net of taxes | (57 | ) | (0.3 | )% | (25 | ) | (0.2 | )% | ||||||||
| Net income | 203 | 1.1 | % | 217 | 1.7 | % | ||||||||||
| Less: Net income attributable to noncontrolling interests | 111 | 0.6 | % | 76 | 0.6 | % | ||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders | $ | 92 | 0.5 | % | $ | 141 | 1.1 | % | ||||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (n): | ||||||||||||||||
| Continuing operations (g), (h), (k) | $ | 1.33 | $ | 1.80 | ||||||||||||
| Discontinued operations | (0.51 | ) | (0.27 | ) | ||||||||||||
| Net income | $ | 0.82 | $ | 1.52 | ||||||||||||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (n): | ||||||||||||||||
| Continuing operations (g), (h), (k), (l) | $ | 1.32 | $ | 1.77 | ||||||||||||
| Discontinued operations | (0.51 | ) | (0.27 | ) | ||||||||||||
| Net income (l) | $ | 0.82 | $ | 1.51 | ||||||||||||
| Weighted-average number of shares outstanding (i): | ||||||||||||||||
| Basic | 112 | 93 | ||||||||||||||
| Diluted | 113 | 94 |
footnotes, see pages 12, 13 and 14.
CYH Announces Fourth Quarter 2014 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (c)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Net income | $ | 136 | $ | 52 | $ | 203 | $ | 217 | ||||||||
| Other comprehensive income (loss), net of income taxes: | ||||||||||||||||
| Net change in fair value of interest rate swaps, net of tax | (7 | ) | 13 | 13 | 60 | |||||||||||
| Net change in fair value of available-for-sale securities, net of tax | 2 | (1 | ) | 2 | ||||||||||||
| Amortization and recognition of unrecognized pension cost components, net of tax | (10 | ) | 13 | (9 | ) | 16 | ||||||||||
| Other comprehensive income (loss) | (15 | ) | 25 | 4 | 78 | |||||||||||
| Comprehensive income | 121 | 77 | 207 | 295 | ||||||||||||
| Less: Comprehensive income attributable to noncontrolling interests | 36 | 24 | 111 | 76 | ||||||||||||
| Comprehensive income attributable to Community Health Systems, Inc. stockholders | $ | 85 | $ | 53 | $ | 96 | $ | 219 |
footnotes, see pages 12, 13 and 14.
CYH Announces Fourth Quarter 2014 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(d)(j)
(Dollars in millions)
| For the Three Months Ended December 31, | ||||||||||||||||||||||||
| Consolidated | Same-Store (1) | |||||||||||||||||||||||
| 2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 197 | 129 | 193 | 193 | ||||||||||||||||||||
| Licensed beds (at end of period) | 30,137 | 19,632 | 29,154 | 29,499 | ||||||||||||||||||||
| Beds in service (at end of period) | 27,000 | 16,850 | 26,242 | 26,743 | ||||||||||||||||||||
| Admissions | 238,740 | 152,641 | 56.4 | % | 229,657 | 230,070 | -0.2 | % | ||||||||||||||||
| Adjusted admissions | 511,988 | 323,658 | 58.2 | % | 493,906 | 480,841 | 2.7 | % | ||||||||||||||||
| Patient days | 1,046,254 | 676,168 | 1,004,207 | 1,016,927 | ||||||||||||||||||||
| Average length of stay (days) | 4.4 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 42.4 | % | 43.6 | % | 41.8 | % | 41.3 | % | ||||||||||||||||
| Net operating revenues | $ | 4,918 | $ | 3,191 | 54.1 | % | $ | 4,795 | $ | 4,580 | 4.7 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 43.6 | % | 42.2 | % | 43.6 | % | 44.1 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 56.4 | % | 57.8 | % | 56.4 | % | 55.9 | % | ||||||||||||||||
| Income from operations (g), (h), (k) | $ | 477 | $ | 243 | 96.3 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 9.7 | % | 7.7 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 291 | $ | 197 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (14 | ) | $ | (6 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (f) | $ | 785 | $ | 459 | 71.0 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 16.0 | % | 14.4 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 976 | $ | 648 | ||||||||||||||||||||
| Net cash provided by operating activities a % of net operating revenues | 19.8 | % | 20.3 | % |
For footnotes, see pages 12, 13 and 14.
CYH Announces Fourth Quarter 2014 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(d)(j)
(Dollars in millions)
| For the Year Ended December 31, | ||||||||||||||||||||||||
| Consolidated | Same-Store (1) | |||||||||||||||||||||||
| 2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 197 | 129 | 193 | 193 | ||||||||||||||||||||
| Licensed beds (at end of period) | 30,137 | 19,632 | 29,154 | 29,499 | ||||||||||||||||||||
| Beds in service (at end of period) | 27,000 | 16,850 | 26,242 | 26,743 | ||||||||||||||||||||
| Admissions | 924,951 | 643,497 | 43.7 | % | 892,536 | 931,511 | -4.2 | % | ||||||||||||||||
| Adjusted admissions | 1,970,610 | 1,337,683 | 47.3 | % | 1,908,074 | 1,926,045 | -0.9 | % | ||||||||||||||||
| Patient days | 4,091,183 | 2,845,281 | 3,941,245 | 4,107,903 | ||||||||||||||||||||
| Average length of stay (days) | 4.4 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 43.8 | % | 46.4 | % | 43.2 | % | 43.6 | % | ||||||||||||||||
| Net operating revenues | $ | 18,639 | $ | 12,819 | 45.4 | % | $ | 18,138 | $ | 17,929 | 1.2 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 43.9 | % | 44.0 | % | 43.8 | % | 45.4 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 56.1 | % | 56.0 | % | 56.2 | % | 54.6 | % | ||||||||||||||||
| Income from operations (g), (h), (k) | $ | 1,380 | $ | 929 | 48.5 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 7.4 | % | 7.3 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 1,181 | $ | 771 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (48 | ) | $ | (43 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (f) | $ | 2,777 | $ | 1,860 | 49.3 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 14.9 | % | 14.5 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 1,615 | $ | 1,089 | ||||||||||||||||||||
| Net cash provided by operating activities a % of net operating revenues | 8.7 | % | 8.5 | % |
For footnotes, see pages 12, 13 and 14.