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
SECOND QUARTER 2016 RESULTS WITH NET OPERATING REVENUES OF $4.590 BILLION
FRANKLIN, Tenn. (August 2, 2016) - Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating results for
the three and six months ended June 30, 2016.
On April 29, 2016, the Company completed the spin-off of Quorum Health Corporation
( QHC ), comprised of 38 affiliated hospitals and related outpatient services in 16 states, together with Quorum Health Resources, LLC, a subsidiary providing management advisory and consulting services to non-affiliated hospitals.
Following the spin-off, QHC became an independent public company with its common stock listed for trading under the symbol QHC on the New York Stock Exchange. Financial and statistical data reported in this earnings release include QHC
operating results through the spin-off date. Same-store operating results and statistical data exclude information for the hospitals divested in the spin-off of QHC in both the 2016 periods and the comparable periods in 2015.
Net operating revenues for the three months ended June 30, 2016, totaled $4.590 billion, a 6.0 percent decrease compared with $4.882 billion
for the same period in 2015. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders decreased to a loss of $(1.431) billion, or $(12.90) per share (diluted), for the three months ended June 30, 2016,
compared with income from continuing operations of $117 million, or $1.01 per share (diluted), for the same period in 2015. During the three months ended June 30, 2016, the Company recorded a non-cash impairment charge of $1.400 billion to reduce
the value of goodwill for the Company s hospital reporting unit; a charge of $169 million to reduce the value of long-lived assets at certain hospitals that the Company is currently marketing for sale; and a charge of $70 million to reduce the
value of long-lived assets at certain under-performing hospitals. The impairment charge recorded for goodwill is an estimated charge resulting from a determination that the carrying value of the Company s hospital operations reporting unit
exceeded its fair value, primarily as the result of the decline in the Company s market capitalization and fair value of long-term debt during the three months ended June 30, 2016, as well as a decrease in the estimated future earnings of the
Company compared to previous estimates. These 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 June 30, 2016,
included the loss of $(13.29) per share (diluted) related to impairment of goodwill and long-lived assets, loss of $(0.18) per share (diluted) from early extinguishment of debt and loss of $(0.07) per share (diluted) related to expenses from the
spin-off of QHC, which were partially offset by income of $0.54 per share (diluted) related to the gain on sale of investments in unconsolidated affiliates in connection with the Company s sale of its minority equity interests in five hospitals
located in Las Vegas, Nevada, on April 29, 2016. Excluding these items, income from continuing operations was $0.09 per share (diluted).
Net income attributable to Community Health Systems, Inc. common stockholders was a loss of $(12.91) per share (diluted) for the three months
ended June 30, 2016, compared with income of $0.95 per share (diluted) for the same period in 2015. Discontinued operations for the three months ended June 30, 2016, consisted of $(0.01) per share (diluted) of losses from operations of entities sold
or held for sale for a total after-tax loss of approximately $(1) million or $(0.01) per share (diluted). Weighted-average shares outstanding (diluted) were 111 million for the three months ended June 30, 2016, and 116 million for the three months
ended June 30, 2015.
CYH Announces Second Quarter 2016 Results
Net cash provided by operating activities for the three months ended June 30, 2016, was $338 million compared with $565 million for the same
period in 2015, representing a 40.2 percent decrease. Adjusted EBITDA for the three months ended June 30, 2016, was $563 million compared with $769 million for the same period in 2015, representing a 26.8 percent decrease.
The consolidated operating results for the three months ended June 30, 2016, reflect a 9.1 percent decrease in total admissions, and an 8.5
percent decrease in total adjusted admissions, compared with the same period in 2015. On a same-store basis, admissions decreased 2.1 percent and adjusted admissions decreased 0.6 percent during the three months ended June 30, 2016, compared with
the same period in 2015. On a same-store basis, net operating revenues increased 1.2 percent during the three months ended June 30, 2016, compared with the same period in 2015.
Net operating revenues for the six months ended June 30, 2016, totaled $9.589 billion, a 2.1 percent decrease compared with $9.793 billion for
the same period in 2015. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders decreased to a loss of $(1.418) billion, or $(12.82) per share (diluted), for the six months ended June 30, 2016, compared
with income from continuing operations of $209 million, or $1.80 per share (diluted), for the same period in 2015. The results for the six months ended June 30, 2016, included the loss of $(13.45) per share (diluted) related to impairment of
goodwill and long-lived assets, loss of $(0.18) per share (diluted) from early extinguishment of debt and loss of $(0.09) per share (diluted) related to expenses from the spin-off of QHC, which were partially offset by income of $0.54 per share
(diluted) related to the gain on sale of investments in unconsolidated affiliates, as noted above. Excluding these items, income from continuing operations was $0.36 per share (diluted).
Net income attributable to Community Health Systems, Inc. common stockholders was a loss of $(12.85) per share (diluted) for the six months
ended June 30, 2016, compared with income of $1.64 per share (diluted) for the same period in 2015. Discontinued operations for the six months ended June 30, 2016, consisted of $(0.02) per share (diluted) of losses from operations of entities sold
or held for sale and $(0.01) per share (diluted) of expenses related to the impairment of long-lived assets held for sale, for a total after-tax loss of approximately $(3) million, or $(0.03) per share (diluted). Weighted-average shares outstanding
(diluted) were 111 million for the six months ended June 30, 2016, and 116 million for the six months ended June 30, 2015.
provided by operating activities for the six months ended June 30, 2016, was $632 million compared with $504 million for the same period in 2015, representing a 25.4 percent increase. Adjusted EBITDA for the six months ended June 30, 2016, was
$1.196 billion compared with $1.483 billion for the same period in 2015, representing a 19.4 percent decrease.
The consolidated operating
results for the six months ended June 30, 2016, reflect a 5.7 percent decrease in total admissions, and a 3.9 percent decrease in total adjusted admissions, compared with the same period in 2015. On a same-store basis, admissions decreased 2.1
percent while adjusted admissions increased 0.4 percent during the six months ended June 30, 2016, compared with the same period in 2015. On a same-store basis, net operating revenues increased 1.8 percent during the six months ended June 30, 2016,
compared with the same period in 2015.
CYH Announces Second Quarter 2016 Results
Adjusted EBITDA, a non-GAAP financial measure, is EBITDA adjusted to exclude discontinued operations, loss from early extinguishment of debt,
impairment of goodwill and long-lived assets, gain on sale of investments in unconsolidated affiliates, net income attributable to noncontrolling interests, acquisition and integration expenses from the acquisition of Health Management Associates,
Inc. ( HMA ), expenses incurred related to the spin-off of QHC, expense (income) related to government legal settlements and related costs, and expense (income) from fair value adjustments related to the HMA legal proceedings, accounted
for at fair value, underlying the CVR agreement, 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 cash
provided by operating activities, see footnote (e) 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, During the
second quarter, we completed the successful spin-off of Quorum Health Corporation. Additional divestiture activity is underway as part of our portfolio rationalization strategy, which we believe will ultimately produce a higher performing, more
sustainable group of hospitals and outpatient services. We also revised our organization structure and promoted key leaders into new roles. While our operating performance fell short of expectations this period, our management team and local
operators are aggressively pursuing key initiatives and growth opportunities in markets where we believe we have the greatest potential to generate better operational and financial results.
Included on pages 16, 17, 18 and 19 of this press release are tables setting forth the Company s updated 2016 annual earnings guidance.
The 2016 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 the spin-off of QHC and other planned
divestitures that the Company expects to occur in 2016.
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. After giving effect to the spin-off noted above, the Company, through its subsidiaries, owns, leases or operates 159 affiliated
hospitals in 22 states with an aggregate of nearly 27,000 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 Wednesday, August 3, 2016, at 10:00 a.m. Central, 11:00 a.m. Eastern, to review
financial and operating results for the second quarter ended June 30, 2016. 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 September 3, 2016. 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 Second Quarter 2016 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Financial Highlights (a)(b)(c)(d)
(In millions, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net operating revenues | $ | 4,590 | $ | 4,882 | $ | 9,589 | $ | 9,793 | ||||||||
| (Loss) income from continuing operations (f), (i), (k) | (1,405 | ) | 140 | (1,368 | ) | 252 | ||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | (1,432 | ) | 111 | (1,421 | ) | 189 | ||||||||||
| Adjusted EBITDA (e) | 563 | 769 | 1,196 | 1,483 | ||||||||||||
| Net cash provided by operating activities | 338 | 565 | 632 | 504 | ||||||||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (f), (i) | $ | (12.90 | ) | $ | 1.02 | $ | (12.82 | ) | $ | 1.82 | ||||||
| Discontinued operations | (0.01 | ) | (0.06 | ) | (0.03 | ) | (0.17 | ) | ||||||||
| Net (loss) income | $ | (12.91 | ) | $ | 0.96 | $ | (12.85 | ) | $ | 1.65 | ||||||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (h), (i) | $ | (12.90 | ) | $ | 1.01 | $ | (12.82 | ) | $ | 1.80 | ||||||
| Discontinued operations | (0.01 | ) | (0.06 | ) | (0.03 | ) | (0.17 | ) | ||||||||
| Net (loss) income (h) | $ | (12.91 | ) | $ | 0.95 | $ | (12.85 | ) | $ | 1.64 | ||||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 111 | 115 | 111 | 115 | ||||||||||||
| Diluted | 111 | 116 | 111 | 116 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Second Quarter 2016 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 June 30, | ||||||||||||||||
| 2016 | 2015 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 5,290 | $ | 5,614 | ||||||||||||
| Provision for bad debts | 700 | 732 | ||||||||||||||
| Net operating revenues | 4,590 | 100.0 | % | 4,882 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 2,154 | 46.9 | % | 2,217 | 45.4 | % | ||||||||||
| Supplies | 759 | 16.6 | % | 750 | 15.4 | % | ||||||||||
| Other operating expenses | 1,056 | 23.1 | % | 1,125 | 23.0 | % | ||||||||||
| Government settlement and related costs (j) | % | (6 | ) | (0.1 | )% | |||||||||||
| Electronic health records incentive reimbursement | (31 | ) | (0.7 | )% | (55 | ) | (1.1 | )% | ||||||||
| Rent | 112 | 2.4 | % | 113 | 2.3 | % | ||||||||||
| Depreciation and amortization | 276 | 6.0 | % | 291 | 6.0 | % | ||||||||||
| Impairment of goodwill and long-lived assets (i) | 1,639 | 35.7 | % | 6 | 0.1 | % | ||||||||||
| Total operating costs and expenses | 5,965 | 130.0 | % | 4,441 | 91.0 | % | ||||||||||
| (Loss) income from operations (f), (i) | (1,375 | ) | (30.0 | )% | 441 | 9.0 | % | |||||||||
| Interest expense, net | 246 | 5.4 | % | 239 | 4.9 | % | ||||||||||
| Loss from early extinguishment of debt | 30 | 0.7 | % | 9 | 0.2 | % | ||||||||||
| Gain on sale of investments in unconsolidated affiliates (k) | (94 | ) | (2.1 | )% | % | |||||||||||
| Equity in earnings of unconsolidated affiliates | (14 | ) | (0.4 | )% | (21 | ) | (0.4 | )% | ||||||||
| (Loss) income from continuing operations before income taxes | (1,543 | ) | (33.6 | )% | 214 | 4.3 | % | |||||||||
| (Benefit from) provision for income taxes | (138 | ) | (3.0 | )% | 74 | 1.5 | % | |||||||||
| (Loss) income from continuing operations (f), (i), (k) | (1,405 | ) | (30.6 | )% | 140 | 2.8 | % | |||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (1 | ) | (0.0 | )% | (6 | ) | (0.1 | )% | ||||||||
| Loss from discontinued operations, net of taxes | (1 | ) | % | (6 | ) | (0.1 | )% | |||||||||
| Net (loss) income | (1,406 | ) | (30.6 | )% | 134 | 2.7 | % | |||||||||
| Less: Net income attributable to noncontrolling interests | 26 | 0.6 | % | 23 | 0.4 | % | ||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (1,432 | ) | (31.2 | )% | $ | 111 | 2.3 | % | |||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (f), (i), (k) | $ | (12.90 | ) | $ | 1.02 | |||||||||||
| Discontinued operations | (0.01 | ) | (0.06 | ) | ||||||||||||
| Net (loss) income | $ | (12.91 | ) | $ | 0.96 | |||||||||||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (f), (h), (i), (k) | $ | (12.90 | ) | $ | 1.01 | |||||||||||
| Discontinued operations | (0.01 | ) | (0.06 | ) | ||||||||||||
| Net (loss) income (h) | $ | (12.91 | ) | $ | 0.95 | |||||||||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 111 | 115 | ||||||||||||||
| Diluted | 111 | 116 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Second Quarter 2016 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of (Loss) Income (a)(b)(c)(d)
(In millions, except per share amounts)
| Six Months Ended June 30, | ||||||||||||||||
| 2016 | 2015 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 11,044 | $ | 11,260 | ||||||||||||
| Provision for bad debts | 1,455 | 1,467 | ||||||||||||||
| Net operating revenues | 9,589 | 100.0 | % | 9,793 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 4,470 | 46.6 | % | 4,474 | 45.7 | % | ||||||||||
| Supplies | 1,559 | 16.3 | % | 1,512 | 15.4 | % | ||||||||||
| Other operating expenses | 2,229 | 23.2 | % | 2,225 | 22.8 | % | ||||||||||
| Government settlement and related costs (j) | 1 | 0.0 | % | 1 | 0.0 | % | ||||||||||
| Electronic health records incentive reimbursement | (49 | ) | (0.5 | )% | (81 | ) | (0.8 | )% | ||||||||
| Rent | 231 | 2.4 | % | 229 | 2.3 | % | ||||||||||
| Depreciation and amortization | 574 | 6.0 | % | 587 | 6.0 | % | ||||||||||
| Impairment of goodwill and long-lived assets (i) | 1,656 | 17.3 | % | 6 | 0.1 | % | ||||||||||
| Total operating costs and expenses | 10,671 | 111.3 | % | 8,953 | 91.5 | % | ||||||||||
| (Loss) income from operations (f), (i) | (1,082 | ) | (11.3 | )% | 840 | 8.5 | % | |||||||||
| Interest expense, net | 496 | 5.2 | % | 481 | 4.8 | % | ||||||||||
| Loss from early extinguishment of debt | 30 | 0.3 | % | 16 | 0.2 | % | ||||||||||
| Gain on sale of investments in unconsolidated affiliates (k) | (94 | ) | (1.0 | )% | % | |||||||||||
| Equity in earnings of unconsolidated affiliates | (34 | ) | (0.4 | )% | (39 | ) | (0.4 | )% | ||||||||
| (Loss) income from continuing operations before income taxes | (1,480 | ) | (15.4 | )% | 382 | 3.9 | % | |||||||||
| (Benefit from) provision for income taxes | (112 | ) | (1.1 | )% | 130 | 1.3 | % | |||||||||
| (Loss) income from continuing operations (f), (i), (k) | (1,368 | ) | (14.3 | )% | 252 | 2.6 | % | |||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (2 | ) | (0.0 | )% | (17 | ) | (0.2 | )% | ||||||||
| Impairment of hospitals sold or held for sale | (1 | ) | (0.0 | )% | (2 | ) | (0.0 | )% | ||||||||
| Loss on sale, net | % | (1 | ) | (0.0 | )% | |||||||||||
| Loss from discontinued operations, net of taxes | (3 | ) | (0.0 | )% | (20 | ) | (0.2 | )% | ||||||||
| Net (loss) income | (1,371 | ) | (14.3 | )% | 232 | 2.4 | % | |||||||||
| Less: Net income attributable to noncontrolling interests | 50 | 0.5 | % | 43 | 0.5 | % | ||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (1,421 | ) | (14.8 | )% | $ | 189 | 1.9 | % | |||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (f), (i), (k) | $ | (12.82 | ) | $ | 1.82 | |||||||||||
| Discontinued operations | (0.03 | ) | (0.17 | ) | ||||||||||||
| Net (loss) income | $ | (12.85 | ) | $ | 1.65 | |||||||||||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (h), (i), (k) | $ | (12.82 | ) | $ | 1.80 | |||||||||||
| Discontinued operations | (0.03 | ) | (0.17 | ) | ||||||||||||
| Net (loss) income (h) | $ | (12.85 | ) | $ | 1.64 | |||||||||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 111 | 115 | ||||||||||||||
| Diluted | 111 | 116 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Second Quarter 2016 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive (Loss) Income
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net (loss) income | $ | (1,406 | ) | $ | 134 | $ | (1,371 | ) | $ | 232 | ||||||
| Other comprehensive (loss) income, net of income taxes: | ||||||||||||||||
| Net change in fair value of interest rate swaps, net of tax | (2 | ) | 8 | (21 | ) | (1 | ) | |||||||||
| Net change in fair value of available-for-sale securities, net of tax | (3 | ) | (2 | ) | (1 | ) | (1 | ) | ||||||||
| Amortization and recognition of unrecognized pension cost components, net of tax | 2 | 3 | 1 | |||||||||||||
| Other comprehensive (loss) income | (3 | ) | 6 | (19 | ) | (1 | ) | |||||||||
| Comprehensive (loss) income | (1,409 | ) | 140 | (1,390 | ) | 231 | ||||||||||
| Less: Comprehensive income attributable to noncontrolling interests | 26 | 23 | 50 | 43 | ||||||||||||
| Comprehensive (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (1,435 | ) | $ | 117 | $ | (1,440 | ) | $ | 188 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Second Quarter 2016 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(c)
(Dollars in millions)
| Three Months Ended June 30, | ||||||||||||||||||||||||
| Consolidated | Same-Store | |||||||||||||||||||||||
| 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 156 | 196 | 153 | 153 | ||||||||||||||||||||
| Licensed beds (at end of period) | 26,366 | 29,964 | 26,065 | 26,177 | ||||||||||||||||||||
| Beds in service (at end of period) | 23,371 | 26,206 | 23,206 | 23,112 | ||||||||||||||||||||
| Admissions | 212,259 | 233,517 | -9.1 | % | 202,702 | 207,091 | -2.1 | % | ||||||||||||||||
| Adjusted admissions | 468,087 | 511,456 | -8.5 | % | 444,270 | 446,912 | -0.6 | % | ||||||||||||||||
| Patient days | 947,492 | 1,033,244 | 909,067 | 928,935 | ||||||||||||||||||||
| Average length of stay (days) | 4.5 | 4.4 | 4.5 | 4.5 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 42.5 | % | 43.0 | % | 42.8 | % | 43.8 | % | ||||||||||||||||
| Net operating revenues | $ | 4,590 | $ | 4,882 | -6.0 | % | $ | 4,339 | $ | 4,286 | 1.2 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 42.8 | % | 42.4 | % | 43.0 | % | 42.4 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 57.2 | % | 57.6 | % | 57.0 | % | 57.6 | % | ||||||||||||||||
| (Loss) income from operations (f), (i) | $ | (1,375 | ) | $ | 441 | -411.8 | % | |||||||||||||||||
| (Loss) income from operations as a % of net operating revenues | -30.0 | % | 9.0 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 276 | $ | 291 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (14 | ) | $ | (21 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (e) | $ | 563 | $ | 769 | -26.8 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 12.3 | % | 15.8 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 338 | $ | 565 | -40.2 | % | ||||||||||||||||||
| Net cash provided by operating activities as a % of net operating revenues | 7.4 | % | 11.6 | % |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Second Quarter 2016 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(c)
(Dollars in millions)