Full Press Release Details
| Investor Contact: | Thomas J. Aaron | |
| Executive Vice President and Chief Financial Officer | ||
| (615) 465-7000 |
COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES
SECOND QUARTER 2017 RESULTS WITH NET OPERATING REVENUES OF $4.144 BILLION
FRANKLIN, Tenn. (August 1, 2017) Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating results
for the three and six months ended June 30, 2017.
The following highlights the financial and operating results for the three months
ended June 30, 2017, that are further discussed below:
Financial and statistical data for 2016 include the following in operating results through the effective date of each respective transaction:
CYH Announces Second Quarter 2017 Results
Net operating revenues for the three months ended June 30, 2017, totaled $4.144 billion, a 9.7 percent decrease, compared with
$4.590 billion for the same period in 2016. Loss from continuing operations attributable to Community Health Systems, Inc. common stockholders was $(131) million, or $(1.17) per share (diluted), for the three months ended June 30, 2017,
compared with $(1.431) billion, or $(12.90) per share (diluted), for the same period in 2016. During the three months ended June 30, 2017, the Company recorded a non-cash expense totaling $80 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 June 30, 2017, included a loss
of $(0.77) per share (diluted) related to impairment and (gain) loss on sale of businesses, loss of $(0.06) per share (diluted) from early extinguishment of debt, loss of $(0.04) per share (diluted) related to government and other legal settlements,
loss of $(0.01) per share (diluted) related to employee termination benefits and other restructuring charges, 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. Excluding these items, loss from continuing operations was $(0.25) per share (diluted).
Net loss attributable to Community Health Systems, Inc. common stockholders was $(137) million, or $(1.22) per share (diluted) for the three
months ended June 30, 2017, compared with $(1.432) billion, or $(12.91) per share (diluted) for the same period in 2016. Discontinued operations for the three months ended June 30, 2017, consisted of $(0.01) per share (diluted) of losses
from operations of entities sold or held for sale and $(0.04) per share (diluted) for impairment of hospitals sold or held for sale for a total after-tax loss of approximately $(6) million. Weighted-average
shares outstanding (diluted) were 112 million for the three months ended June 30, 2017, and 111 million for the three months ended June 30, 2016. Adjusted EBITDA for the three months ended June 30, 2017, was
$435 million compared with $563 million for the same period in 2016, representing a 22.7 percent decrease.
consolidated operating results for the three months ended June 30, 2017, reflect a 10.8 percent decrease in total admissions, and an 11.2 percent decrease in total adjusted admissions, compared with the same period in 2016. On a
same-store basis, both admissions and adjusted admissions decreased 2.5 percent during the three months ended June 30, 2017, compared with the same period in 2016. On a same-store basis, net operating revenues decreased 0.7 percent
during the three months ended June 30, 2017, compared with the same period in 2016.
Net operating revenues for the six months ended
June 30, 2017, totaled $8.629 billion, a 10.0 percent decrease, compared with $9.589 billion for the same period in 2016. Loss from continuing operations attributable to Community Health Systems, Inc. common stockholders was
$(328) million, or $(2.94) per share (diluted), for the six months ended June 30, 2017, compared with $(1.418) billion, or $(12.82) per share (diluted), for the same period in 2016. During the six months ended June 30, 2017, the Company
recorded a non-cash expense totaling $330 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.
CYH Announces Second Quarter 2017 Results
The results for the six months ended June 30, 2017, included the loss of $(2.68) per
share (diluted) related to impairment and (gain) loss on sale of businesses, loss of $(0.18) per share (diluted) from early extinguishment of debt, loss of $(0.01) per share (diluted) related to employee termination benefits and other restructuring
charges, and loss of $(0.08) 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 $0.19 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, loss from continuing operations was $(0.17) per share (diluted).
Net loss attributable to Community Health
Systems, Inc. common stockholders was $(335) million, or $(3.01) per share (diluted) for the six months ended June 30, 2017, compared with $(1.421) billion, or $(12.85) per share (diluted) for the same period in 2016. Discontinued operations
for the six months ended June 30, 2017, consisted of $(0.02) per share (diluted) of losses from operations of entities sold or held for sale and $(0.04) per share (diluted) for impairment of hospitals sold or held for sale for a total after-tax loss of approximately $(7) million. Weighted-average shares outstanding (diluted) were 112 million for the six months ended June 30, 2017, and 111 million for the six months ended
June 30, 2016. Adjusted EBITDA for the six months ended June 30, 2017, was $963 million compared with $1.196 billion for the same period in 2016, representing a 19.5 percent decrease.
The consolidated operating results for the six months ended June 30, 2017, reflect an 11.1 percent decrease in total admissions, and
an 11.9 percent decrease in total adjusted admissions, compared with the same period in 2016. On a same-store basis, both admissions and adjusted admissions decreased 1.8 percent during the six months ended June 30, 2017, compared
with the same period in 2016. On a same-store basis, net operating revenues increased 0.1 percent during the six months ended June 30, 2017, compared with the same period in 2016.
The Company completed its divestitures of one hospital on June 30, 2017, and eight hospitals on July 1, 2017, bringing its total
completed divestitures to 20 hospitals, out of the previously announced 30 hospitals subject to definitive agreements. The Company expects to complete the sale of the remaining 10 hospitals subject to definitive agreements by September 30,
In addition to the previously announced divestiture of 30 hospitals, the Company continues to receive interest from acquirers for
certain of its hospitals. The Company is pursuing these interests for sale transactions involving hospitals with a combined total of at least $1.5 billion in annual net operating revenues and combined
mid-single digit Adjusted EBITDA margins.
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, expenses related to employee termination benefits and other restructuring charges, and expense
(income) 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
CYH Announces Second Quarter 2017 Results
Commenting on the results, Wayne T. Smith, chairman and chief executive officer of Community
Health Systems, Inc., said, Obviously, we are disappointed with our performance during the second quarter. Our financial results reflect weaker than expected volumes, which negatively affected our net revenue and Adjusted EBITDA performance.
We are seeing better results in certain areas, and we continue to work on a number of initiatives to drive operational and financial improvements. In terms of our divestiture program, we completed several transactions during the second quarter and
remain on track to complete other announced divestitures in the third quarter of 2017. We also announced that we are pursuing the disposition of additional hospitals, as we shift to a smaller, stronger portfolio of assets.
Included on pages 18, 19, 20 and 21 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 137 affiliated hospitals in 21 states with an aggregate of approximately 22,000 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 2, 2017, at 10:00 a.m. Central, 11:00 a.m. Eastern, to
review financial and operating results for the second quarter ended June 30, 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 September 2, 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 Second Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Financial Highlights (a)(b)(c)(d)
(In millions, except per share amounts)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Net operating revenues | $ | 4,144 | $ | 4,590 | $ | 8,629 | $ | 9,589 | ||||||||
| Loss from continuing operations (f), (i), (j), (k) | (116 | ) | (1,405 | ) | (292 | ) | (1,368 | ) | ||||||||
| Net loss attributable to Community Health Systems, Inc. stockholders | (137 | ) | (1,432 | ) | (335 | ) | (1,421 | ) | ||||||||
| Adjusted EBITDA (e) | 435 | 563 | 963 | 1,196 | ||||||||||||
| Net cash provided by operating activities | 261 | 338 | 503 | 632 | ||||||||||||
| Basic loss per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (i), (j), (k) | $ | (1.17 | ) | $ | (12.90 | ) | $ | (2.94 | ) | $ | (12.82 | ) | ||||
| Discontinued operations | (0.06 | ) | (0.01 | ) | (0.06 | ) | (0.03 | ) | ||||||||
| Net loss | $ | (1.22 | ) | $ | (12.91 | ) | $ | (3.01 | ) | $ | (12.85 | ) | ||||
| Diluted loss per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (h), (i), (j), (k) | $ | (1.17 | ) | $ | (12.90 | ) | $ | (2.94 | ) | $ | (12.82 | ) | ||||
| Discontinued operations | (0.06 | ) | (0.01 | ) | (0.06 | ) | (0.03 | ) | ||||||||
| Net loss (h) | $ | (1.22 | ) | $ | (12.91 | ) | $ | (3.01 | ) | $ | (12.85 | ) | ||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 112 | 111 | 112 | 111 | ||||||||||||
| Diluted | 112 | 111 | 112 | 111 |
footnotes, see pages 13, 14, 15, 16 and 17.
CYH Announces Second Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Loss (a)(b)(c)(d)
(In millions, except per share amounts)
| Three Months Ended June 30, | ||||||||||||||||
| 2017 | 2016 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 4,823 | $ | 5,290 | ||||||||||||
| Provision for bad debts | 679 | 700 | ||||||||||||||
| Net operating revenues | 4,144 | 100.0% | 4,590 | 100.0% | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 1,920 | 46.3% | 2,154 | 46.9% | ||||||||||||
| Supplies | 697 | 16.8% | 759 | 16.6% | ||||||||||||
| Other operating expenses | 1,017 | 24.6% | 1,056 | 23.1% | ||||||||||||
| Government and other legal settlements and related costs (j) | 7 | 0.2% | % | |||||||||||||
| Electronic health records incentive reimbursement | (17 | ) | (0.4)% | (31 | ) | (0.7)% | ||||||||||
| Rent | 104 | 2.5% | 112 | 2.4% | ||||||||||||
| Depreciation and amortization | 223 | 5.4% | 276 | 6.0% | ||||||||||||
| Impairment and (gain) loss on sale of businesses, net (i) | 80 | 1.9% | 1,639 | 35.7% | ||||||||||||
| Total operating costs and expenses | 4,031 | 97.3% | 5,965 | 130.0% | ||||||||||||
| Income (loss) from operations (f), (i), (j) | 113 | 2.7% | (1,375 | ) | (30.0)% | |||||||||||
| Interest expense, net | 239 | 5.8% | 246 | 5.4% | ||||||||||||
| Loss from early extinguishment of debt | 10 | 0.2% | 30 | 0.7% | ||||||||||||
| Gain on sale of investments in unconsolidated affiliates (k) | % | (94 | ) | (2.1)% | ||||||||||||
| Equity in earnings of unconsolidated affiliates | (5 | ) | (0.1)% | (14 | ) | (0.4)% | ||||||||||
| Loss from continuing operations before income taxes | (131 | ) | (3.2)% | (1,543 | ) | (33.6)% | ||||||||||
| Benefit from income taxes | (15 | ) | (0.4)% | (138 | ) | (3.0)% | ||||||||||
| Loss from continuing operations (f), (i), (j), (k) | (116 | ) | (2.8)% | (1,405 | ) | (30.6)% | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (1 | ) | (0.0)% | (1 | ) | % | ||||||||||
| Impairment of hospitals sold or held for sale | (5 | ) | (0.1)% | % | ||||||||||||
| Loss from discontinued operations, net of taxes | (6 | ) | (0.1)% | (1 | ) | % | ||||||||||
| Net loss | (122 | ) | (2.9)% | (1,406 | ) | (30.6)% | ||||||||||
| Less: Net income attributable to noncontrolling interests | 15 | 0.4% | 26 | 0.6% | ||||||||||||
| Net loss attributable to Community Health Systems, Inc. stockholders | $ | (137 | ) | (3.3)% | $ | (1,432 | ) | (31.2)% | ||||||||
| Basic loss per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (i), (j), (k) | $ | (1.17 | ) | $ | (12.90 | ) | ||||||||||
| Discontinued operations | (0.06 | ) | (0.01 | ) | ||||||||||||
| Net loss | $ | (1.22 | ) | $ | (12.91 | ) | ||||||||||
| Diluted loss per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (h), (i), (j), (k) | $ | (1.17 | ) | $ | (12.90 | ) | ||||||||||
| Discontinued operations | (0.06 | ) | (0.01 | ) | ||||||||||||
| Net loss (h) | $ | (1.22 | ) | $ | (12.91 | ) | ||||||||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 112 | 111 | ||||||||||||||
| Diluted | 112 | 111 |
footnotes, see pages 13, 14, 15, 16 and 17.
CYH Announces Second Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Loss (a)(b)(c)(d)
(In millions, except per share amounts)
| Six Months Ended June 30, | ||||||||||||||||
| 2017 | 2016 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 9,991 | $ | 11,044 | ||||||||||||
| Provision for bad debts | 1,362 | 1,455 | ||||||||||||||
| Net operating revenues | 8,629 | 100.0% | 9,589 | 100.0% | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 3,981 | 46.1% | 4,470 | 46.6% | ||||||||||||
| Supplies | 1,446 | 16.8% | 1,559 | 16.3% | ||||||||||||
| Other operating expenses | 2,074 | 24.1% | 2,229 | 23.2% | ||||||||||||
| Government and other legal settlements and related costs (j) | (34 | ) | (0.4)% | 1 | % | |||||||||||
| Electronic health records incentive reimbursement | (23 | ) | (0.3)% | (49 | ) | (0.5)% | ||||||||||
| Rent | 214 | 2.5% | 231 | 2.4% | ||||||||||||
| Depreciation and amortization | 458 | 5.3% | 574 | 6.0% | ||||||||||||
| Impairment and (gain) loss on sale of businesses, net (i) | 330 | 3.8% | 1,656 | 17.3% | ||||||||||||
| Total operating costs and expenses | 8,446 | 97.9% | 10,671 | 111.3% | ||||||||||||
| Income (loss) from operations (f), (i), (j) | 183 | 2.1% | (1,082 | ) | (11.3)% | |||||||||||
| Interest expense, net | 468 | 5.4% | 496 | 5.2% | ||||||||||||
| Loss from early extinguishment of debt | 31 | 0.4% | 30 | 0.3% | ||||||||||||
| Gain on sale of investments in unconsolidated affiliates (k) | % | (94 | ) | (1.0)% | ||||||||||||
| Equity in earnings of unconsolidated affiliates | (9 | ) | (0.1)% | (34 | ) | (0.4)% | ||||||||||
| Loss from continuing operations before income taxes | (307 | ) | (3.6)% | (1,480 | ) | (15.4)% | ||||||||||
| Benefit from income taxes | (15 | ) | (0.2)% | (112 | ) | (1.1)% | ||||||||||
| Loss from continuing operations (f), (i), (j), (k) | (292 | ) | (3.4)% | (1,368 | ) | (14.3)% | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (2 | ) | % | (2 | ) | % | ||||||||||
| Impairment of hospitals sold or held for sale | (5 | ) | (0.1)% | (1 | ) | % | ||||||||||
| Loss from discontinued operations, net of taxes | (7 | ) | (0.1)% | (3 | ) | % | ||||||||||
| Net loss | (299 | ) | (3.5)% | (1,371 | ) | (14.3)% | ||||||||||
| Less: Net income attributable to noncontrolling interests | 36 | 0.4% | 50 | 0.5% | ||||||||||||
| Net loss attributable to Community Health Systems, Inc. stockholders | $ | (335 | ) | (3.9)% | $ | (1,421 | ) | (14.8)% | ||||||||
| Basic loss per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (i), (j), (k) | $ | (2.94 | ) | $ | (12.82 | ) | ||||||||||
| Discontinued operations | (0.06 | ) | (0.03 | ) | ||||||||||||
| Net loss | $ | (3.01 | ) | $ | (12.85 | ) | ||||||||||
| Diluted loss per share attributable to Community Health Systems, Inc. common stockholders (l): | ||||||||||||||||
| Continuing operations (f), (h), (i), (j), (k) | $ | (2.94 | ) | $ | (12.82 | ) | ||||||||||
| Discontinued operations | (0.06 | ) | (0.03 | ) | ||||||||||||
| Net loss (h) | $ | (3.01 | ) | $ | (12.85 | ) | ||||||||||
| Weighted-average number of shares outstanding (g): | ||||||||||||||||
| Basic | 112 | 111 | ||||||||||||||
| Diluted | 112 | 111 |
footnotes, see pages 13, 14, 15, 16 and 17.
CYH Announces Second Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Loss
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Net loss | $ | (122 | ) | $ | (1,406 | ) | $ | (299 | ) | $ | (1,371 | ) | ||||
| Other comprehensive income (loss), net of income taxes: | ||||||||||||||||
| Net change in fair value of interest rate swaps, net of tax | (2 | ) | (2 | ) | 3 | (21 | ) | |||||||||
| Net change in fair value of available-for-sale securities, net of tax | 2 | (3 | ) | 5 | (1 | ) | ||||||||||
| Amortization and recognition of unrecognized pension cost components, net of tax | 1 | 2 | 1 | 3 | ||||||||||||
| Other comprehensive income (loss) | 1 | (3 | ) | 9 | (19 | ) | ||||||||||
| Comprehensive loss | (121 | ) | (1,409 | ) | (290 | ) | (1,390 | ) | ||||||||
| Less: Comprehensive income attributable to noncontrolling interests | 15 | 26 | 36 | 50 | ||||||||||||
| Comprehensive loss attributable to Community Health | ||||||||||||||||
| Systems, Inc. stockholders | $ | (136 | ) | $ | (1,435 | ) | $ | (326 | ) | $ | (1,440 | ) |
footnotes, see pages 13, 14, 15, 16 and 17.
CYH Announces Second Quarter 2017 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(c)
(Dollars in millions)
| Three Months Ended June 30, | ||||||||||||||||||||||||
| Consolidated | Same-Store | |||||||||||||||||||||||
| 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 143 | 156 | 143 | 143 | ||||||||||||||||||||
| Licensed beds (at end of period) | 23,829 | 26,366 | 23,829 | 24,163 | ||||||||||||||||||||
| Beds in service (at end of period) | 21,549 | 23,371 | 21,549 | 21,673 | ||||||||||||||||||||
| Admissions | 189,435 | 212,259 | -10.8 | % | 184,992 | 189,762 | -2.5 | % | ||||||||||||||||
| Adjusted admissions | 415,515 | 468,087 | -11.2 | % | 405,584 | 415,778 | -2.5 | % | ||||||||||||||||
| Patient days | 840,516 | 947,492 | 818,249 | 842,493 | ||||||||||||||||||||
| Average length of stay (days) | 4.4 | 4.5 | 4.4 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 41.9 | % | 42.5 | % | 41.8 | % | 42.5 | % | ||||||||||||||||
| Net operating revenues | $ | 4,144 | $ | 4,590 | -9.7 | % | $ | 4,054 | $ | 4,083 | -0.7 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 43.3 | % | 42.8 | % | 43.2 | % | 43.1 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 56.7 | % | 57.2 | % | 56.8 | % | 56.9 | % | ||||||||||||||||
| Income (loss) from operations (f), (i), (j) | $ | 113 | $ | (1,375 | ) | 108.2 | % | |||||||||||||||||
| Income (loss) from operations as a % of net operating revenues | 2.7 | % | -30.0 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 223 | $ | 276 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (5 | ) | $ | (14 | ) | ||||||||||||||||||
| Net loss attributable to Community Health Systems, Inc. stockholders | $ | (137 | ) | $ | (1,432 | ) | 90.4 | % | ||||||||||||||||
| Net loss attributable to Community Health Systems, Inc. stockholders as a % of net operating revenues | -3.3 | % | -31.2 | % | ||||||||||||||||||||
| Adjusted EBITDA (e) | $ | 435 | $ | 563 | -22.7 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 10.5 | % | 12.3 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 261 | $ | 338 | -22.8 | % |
footnotes, see pages 13, 14, 15, 16 and 17.
CYH Announces Second Quarter 2017 Results