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
THIRD QUARTER 2015 RESULTS WITH NET OPERATING REVENUES OF $4.846 BILLION
FRANKLIN, Tenn. (November 2, 2015) Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating results
for the three and nine months ended September 30, 2015.
The operating results of Health Management Associates, Inc.
( HMA ) are included in the Company s consolidated results and statistical data from January 27, 2014, the date the Company completed its acquisition of HMA. For hospitals acquired in the HMA merger, same-store operating results
and statistical data reflect the periods from January 1 through September 30, 2015 and 2014, as if such hospitals were owned during both comparable nine-month periods. The Company had previously restated its prior period financial
statements and statistical results to reflect the reclassification in the fourth quarter of 2014 to discontinued operations for one hospital that was held for sale at December 31, 2014, and was subsequently sold during the nine months ended
Net operating revenues for the three months ended September 30, 2015, totaled $4.846 billion, a 1.4 percent
increase compared with $4.780 billion for the same period in 2014. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders decreased to $60 million, or $0.51 per share (diluted), for the three months
ended September 30, 2015, compared to $61 million, or $0.54 per share (diluted), for the same period in 2014. The results for the three months ended September 30, 2015, include $0.05 per share (diluted) related to expenses from the planned
spin-off of Quorum Health Corporation. Excluding this item, income from continuing operations was $0.56 per share (diluted). Net income attributable to Community Health Systems, Inc. common stockholders was $0.44 per share (diluted) for the three
months ended September 30, 2015, compared with $0.54 per share (diluted) for the same period in 2014. Discontinued operations for the three months ended September 30, 2015, consisted of $(0.04) per share (diluted) of losses from operations
of entities sold or held for sale and $(0.03) per share (diluted) of losses on sale, net, for a total after-tax loss of approximately $(8) million, or $(0.07) per share (diluted). Weighted-average shares outstanding (diluted) were 116 million
for the three months ended September 30, 2015, and 114 million for the three months ended September 30, 2014.
EBITDA for the three months ended September 30, 2015, was $661 million compared with $750 million for the same period in 2014, representing an 11.9 percent decrease.
The consolidated operating results for the three months ended September 30, 2015, reflect a 1.9 percent decrease in total admissions,
compared with the same period in 2014. Total adjusted admissions increased 0.2 percent for the three months ended September 30, 2015, compared with the same period in 2014. On a same-store basis, admissions decreased 2.1 percent while adjusted
admissions increased 0.1 percent during the three months ended September 30, 2015, compared with the same period in 2014. On a same-store basis, net operating revenues increased 1.2 percent during the three months ended September 30, 2015,
compared with the same period in 2014.
CYH Announces Third Quarter 2015 Results
Net operating revenues for the nine months ended September 30, 2015, totaled $14.639
billion, a 6.7 percent increase compared with $13.721 billion for the same period in 2014. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders increased to $268 million, or $2.32 per share (diluted),
for the nine months ended September 30, 2015, compared to $20 million, or $0.18 per share (diluted), for the same period in 2014. The results for the nine months ended September 30, 2015, include $0.09 per share (diluted) of expense
related to loss from early extinguishment of debt, $0.05 per share (diluted) of expense from fair value adjustments related to HMA legal proceedings, accounted for at fair value, underlying the CVR agreement, and related legal expenses, $0.04 per
share (diluted) related to impairment of long-lived assets, $0.01 per share (diluted) of expenses related to government legal settlements for several qui tam matters settled in principle and related legal expenses and $0.05 per share (diluted)
related to expenses from the planned spin-off of Quorum Health Corporation. Excluding these items, income from continuing operations was $2.55 per share (diluted). Net income attributable to Community Health Systems, Inc. common stockholders was
$2.08 per share (diluted) for the nine months ended September 30, 2015, compared with a net loss of $(0.07) per share (diluted) for the same period in 2014. Discontinued operations for the nine months ended September 30, 2015, consisted of
$(0.19) per share (diluted) of losses from operations of entities sold or held for sale, $(0.01) per share (diluted) of expenses related to the impairment of long-lived assets held for sale, and $(0.03) per share (diluted) of losses on sale, net,
for a total after-tax loss of approximately $(27) million, or $(0.24) per share (diluted). Weighted-average shares outstanding (diluted) were 116 million for the nine months ended September 30, 2015, and 112 million for the nine
months ended September 30, 2014.
Adjusted EBITDA for the nine months ended September 30, 2015, was $2.144 billion compared with
$1.993 billion for the same period in 2014, representing a 7.6 percent increase.
The consolidated operating results for the nine months
ended September 30, 2015, reflect a 3.5 percent increase in total admissions, and a 5.2 percent increase in total adjusted admissions, compared with the same period in 2014. On a same-store basis, admissions decreased 1.3 percent while adjusted
admissions increased 0.8 percent during the nine months ended September 30, 2015, compared with the same period in 2014. On a same-store basis, net operating revenues increased 2.8 percent during the nine months ended September 30, 2015,
compared with the same period in 2014.
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 incurred related to the planned spin-off of Quorum Health
Corporation, expense related to government legal settlements and related costs, and expense 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 (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, Our financial and operating results for the third quarter of 2015 fell short of expectations and were affected by a number of factors, including volume weakness, an unfavorable shift in payor mix, and
higher operating expenses, especially in some of the former HMA hospitals. Our management team is confronting these challenges by engaging in a rigorous review of our opportunities and implementing action plans to drive immediate improvements and
long-term growth. We are especially focused on fundamental operating strategies, including volume initiatives, expense management, productive investments and physician recruitment.
Smith added, We also believe our previously announced plan to spin off 38 of our affiliated hospitals into Quorum Health Corporation
will further refine our operating focus on both our core markets and regional networks where we believe we have the greatest potential to leverage growth opportunities.
CYH Announces Third Quarter 2015 Results
Included on pages 15, 16, 17 and 18 of this press release is the Company s updated 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 this time.
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 198 affiliated hospitals in 29 states with an aggregate of approximately 30,000 licensed beds.
The Company has announced plans for a spin-off transaction to create a new, publicly-traded company, Quorum Health Corporation, with 38
affiliated hospitals and related outpatient services in 16 states, together with Quorum Health Resources, LLC, a subsidiary providing management and consulting services to non-affiliated hospitals. The transaction is expected to close during the
first quarter of 2016.
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, November 3, 2015, at 10:00 a.m. Central, 11:00 a.m. Eastern,
to review financial and operating results for the third quarter ended September 30, 2015. 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 December 4, 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 Third Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Financial Highlights (a)(b)(c)(d)(e)
(In millions, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net operating revenues | $ | 4,846 | $ | 4,780 | $ | 14,639 | $ | 13,721 | ||||||||
| Adjusted EBITDA (f) | 661 | 750 | 2,144 | 1,993 | ||||||||||||
| Income from continuing operations (g), (j) | 83 | 94 | 335 | 95 | ||||||||||||
| Net income (loss) attributable to Community Health Systems, Inc. stockholders | 52 | 62 | 241 | (8 | ) | |||||||||||
| Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (j) | $ | 0.52 | $ | 0.55 | $ | 2.33 | $ | 0.18 | ||||||||
| Discontinued operations | (0.07 | ) | 0.00 | (0.24 | ) | (0.25 | ) | |||||||||
| Net income (loss) | $ | 0.45 | $ | 0.55 | $ | 2.09 | $ | (0.07 | ) | |||||||
| Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (j), (k) | $ | 0.51 | $ | 0.54 | $ | 2.32 | $ | 0.18 | ||||||||
| Discontinued operations | (0.07 | ) | 0.00 | (0.24 | ) | (0.25 | ) | |||||||||
| Net income (loss) (k) | $ | 0.44 | $ | 0.54 | $ | 2.08 | $ | (0.07 | ) | |||||||
| Weighted-average number of shares outstanding (h): | ||||||||||||||||
| Basic | 115 | 113 | 115 | 111 | ||||||||||||
| Diluted | 116 | 114 | 116 | 112 | ||||||||||||
| Net cash provided by operating activities | $ | 111 | $ | 126 | $ | 615 | $ | 639 |
footnotes, see pages 12, 13 and 14.
CYH Announces Third Quarter 2015 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 September 30, | ||||||||||||||||
| 2015 | 2014 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 5,580 | $ | 5,538 | ||||||||||||
| Provision for bad debts | 734 | 758 | ||||||||||||||
| Net operating revenues | 4,846 | 100.0 | % | 4,780 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 2,240 | 46.2 | % | 2,184 | 45.7 | % | ||||||||||
| Supplies | 762 | 15.7 | % | 730 | 15.3 | % | ||||||||||
| Other operating expenses | 1,144 | 23.7 | % | 1,118 | 23.4 | % | ||||||||||
| Government settlement and related costs (l) | % | 77 | 1.6 | % | ||||||||||||
| Electronic health records incentive reimbursement | (54 | ) | (1.1 | )% | (88 | ) | (1.8 | )% | ||||||||
| Rent | 115 | 2.4 | % | 110 | 2.3 | % | ||||||||||
| Depreciation and amortization | 288 | 5.9 | % | 279 | 5.8 | % | ||||||||||
| Total operating costs and expenses | 4,495 | 92.8 | % | 4,410 | 92.3 | % | ||||||||||
| Income from operations (g), (j) | 351 | 7.2 | % | 370 | 7.7 | % | ||||||||||
| Interest expense, net | 242 | 4.9 | % | 249 | 5.2 | % | ||||||||||
| Equity in earnings of unconsolidated affiliates | (12 | ) | (0.2 | )% | (12 | ) | (0.3 | )% | ||||||||
| Income from continuing operations before income taxes | 121 | 2.5 | % | 133 | 2.8 | % | ||||||||||
| Provision for income taxes | 38 | 0.8 | % | 39 | 0.8 | % | ||||||||||
| Income from continuing operations (g), (j) | 83 | 1.7 | % | 94 | 2.0 | % | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| (Loss) income from operations of entities sold or held for sale | (5 | ) | (0.1 | )% | 1 | % | ||||||||||
| Loss on sale, net | (3 | ) | (0.1 | )% | % | |||||||||||
| (Loss) income from discontinued operations, net of taxes | (8 | ) | (0.2 | )% | 1 | 0.0 | % | |||||||||
| Net income | 75 | 1.5 | % | 95 | 2.0 | % | ||||||||||
| Less: Net income attributable to noncontrolling interests | 23 | 0.4 | % | 33 | 0.7 | % | ||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders | $ | 52 | 1.1 | % | $ | 62 | 1.3 | % | ||||||||
| Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (j) | $ | 0.52 | $ | 0.55 | ||||||||||||
| Discontinued operations | (0.07 | ) | 0.00 | |||||||||||||
| Net income | $ | 0.45 | $ | 0.55 | ||||||||||||
| Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (j), (k) | $ | 0.51 | $ | 0.54 | ||||||||||||
| Discontinued operations | (0.07 | ) | 0.00 | |||||||||||||
| Net income (k) | $ | 0.44 | $ | 0.54 | ||||||||||||
| Weighted-average number of shares outstanding (h): | ||||||||||||||||
| Basic | 115 | 113 | ||||||||||||||
| Diluted | 116 | 114 |
footnotes, see pages 12, 13 and 14.
CYH Announces Third Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Loss) (a)(b)(c)(d)(e)
(In millions, except per share amounts)
| Nine Months Ended September 30, | ||||||||||||||||
| 2015 | 2014 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 16,840 | $ | 15,920 | ||||||||||||
| Provision for bad debts | 2,201 | 2,199 | ||||||||||||||
| Net operating revenues | 14,639 | 100.0 | % | 13,721 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 6,714 | 45.9 | % | 6,397 | 46.6 | % | ||||||||||
| Supplies | 2,274 | 15.5 | % | 2,098 | 15.3 | % | ||||||||||
| Other operating expenses | 3,370 | 23.0 | % | 3,251 | 23.7 | % | ||||||||||
| Government settlement and related costs (l) | 1 | 0.0 | % | 77 | 0.6 | % | ||||||||||
| Electronic health records incentive reimbursement | (135 | ) | (0.9 | )% | (212 | ) | (1.5 | )% | ||||||||
| Rent | 344 | 2.3 | % | 319 | 2.3 | % | ||||||||||
| Depreciation and amortization | 875 | 6.0 | % | 815 | 5.9 | % | ||||||||||
| Amortization of software to be abandoned (j) | % | 75 | 0.5 | % | ||||||||||||
| Total operating costs and expenses | 13,443 | 91.8 | % | 12,820 | 93.4 | % | ||||||||||
| Income from operations (g), (j) | 1,196 | 8.2 | % | 901 | 6.6 | % | ||||||||||
| Interest expense, net | 723 | 5.0 | % | 728 | 5.4 | % | ||||||||||
| Loss from early extinguishment of debt | 16 | 0.1 | % | 73 | 0.5 | % | ||||||||||
| Equity in earnings of unconsolidated affiliates | (51 | ) | (0.3 | )% | (35 | ) | (0.3 | )% | ||||||||
| Impairment of long-lived assets (j) | 6 | 0.0 | % | 24 | 0.2 | % | ||||||||||
| Income from continuing operations before income taxes | 502 | 3.4 | % | 111 | 0.8 | % | ||||||||||
| Provision for income taxes | 167 | 1.1 | % | 16 | 0.1 | % | ||||||||||
| Income from continuing operations (g), (j) | 335 | 2.3 | % | 95 | 0.7 | % | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (22 | ) | (0.2 | )% | (5 | ) | % | |||||||||
| Impairment of hospitals sold or held for sale | (2 | ) | % | (23 | ) | (0.2 | )% | |||||||||
| Loss on sale, net | (3 | ) | % | % | ||||||||||||
| Loss from discontinued operations, net of taxes | (27 | ) | (0.2 | )% | (28 | ) | (0.2 | )% | ||||||||
| Net income | 308 | 2.1 | % | 67 | 0.5 | % | ||||||||||
| Less: Net income attributable to noncontrolling interests | 67 | 0.5 | % | 75 | 0.6 | % | ||||||||||
| Net income (loss) attributable to Community Health Systems, Inc. stockholders | $ | 241 | 1.6 | % | $ | (8 | ) | (0.1 | )% | |||||||
| Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (j) | $ | 2.33 | $ | 0.18 | ||||||||||||
| Discontinued operations | (0.24 | ) | (0.25 | ) | ||||||||||||
| Net income (loss) | $ | 2.09 | $ | (0.07 | ) | |||||||||||
| Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders: | ||||||||||||||||
| Continuing operations (g), (j), (k) | $ | 2.32 | $ | 0.18 | ||||||||||||
| Discontinued operations | (0.24 | ) | (0.25 | ) | ||||||||||||
| Net income (loss) (k) | $ | 2.08 | $ | (0.07 | ) | |||||||||||
| Weighted-average number of shares outstanding (h): | ||||||||||||||||
| Basic | 115 | 111 | ||||||||||||||
| Diluted | 116 | 112 |
footnotes, see pages 12, 13 and 14.
CYH Announces Third Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (c)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net income | $ | 75 | $ | 95 | $ | 308 | $ | 67 | ||||||||
| Other comprehensive (loss) income, net of income taxes: | ||||||||||||||||
| Net change in fair value of interest rate swaps, net of tax | (21 | ) | 11 | (22 | ) | 20 | ||||||||||
| Net change in fair value of available-for-sale securities, net of tax | (9 | ) | (5 | ) | (10 | ) | (2 | ) | ||||||||
| Amortization and recognition of unrecognized pension cost components, net of tax | 1 | 1 | 2 | 1 | ||||||||||||
| Other comprehensive (loss) income | (29 | ) | 7 | (30 | ) | 19 | ||||||||||
| Comprehensive income | 46 | 102 | 278 | 86 | ||||||||||||
| Less: Comprehensive income attributable to noncontrolling interests | 23 | 33 | 67 | 75 | ||||||||||||
| Comprehensive income attributable to Community Health Systems, Inc. stockholders | $ | 23 | $ | 69 | $ | 211 | $ | 11 |
footnotes, see pages 12, 13 and 14.
CYH Announces Third Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(d)
(Dollars in millions)
| Three Months Ended September 30, | ||||||||||||||||||||||||
| Consolidated | Same-Store | |||||||||||||||||||||||
| 2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 195 | 195 | 193 | 193 | ||||||||||||||||||||
| Licensed beds (at end of period) | 30,019 | 29,922 | 29,715 | 29,746 | ||||||||||||||||||||
| Beds in service (at end of period) | 26,309 | 26,669 | 26,105 | 26,577 | ||||||||||||||||||||
| Admissions | 230,510 | 235,009 | -1.9 | % | 229,679 | 234,576 | -2.1 | % | ||||||||||||||||
| Adjusted admissions | 512,465 | 511,268 | 0.2 | % | 510,330 | 509,702 | 0.1 | % | ||||||||||||||||
| Patient days | 1,003,025 | 1,023,191 | 998,575 | 1,021,919 | ||||||||||||||||||||
| Average length of stay (days) | 4.4 | 4.4 | 4.3 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 41.6 | % | 42.1 | % | 41.6 | % | 42.2 | % | ||||||||||||||||
| Net operating revenues | $ | 4,846 | $ | 4,780 | 1.4 | % | $ | 4,824 | $ | 4,769 | 1.2 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 41.7 | % | 43.3 | % | 41.7 | % | 43.3 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 58.3 | % | 56.7 | % | 58.3 | % | 56.7 | % | ||||||||||||||||
| Income from operations (g), (j) | $ | 351 | $ | 370 | -5.1 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 7.2 | % | 7.7 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 288 | $ | 279 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (12 | ) | $ | (12 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (f) | $ | 661 | $ | 750 | -11.9 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 13.6 | % | 15.7 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 111 | $ | 126 | ||||||||||||||||||||
| Net cash provided by operating activities as a % of net operating revenues | 2.3 | % | 2.6 | % |
footnotes, see pages 12, 13 and 14.
CYH Announces Third Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(d)(i)
(Dollars in millions)
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| Consolidated | Same-Store (1) | |||||||||||||||||||||||
| 2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 195 | 195 | 193 | 193 | ||||||||||||||||||||
| Licensed beds (at end of period) | 30,019 | 29,922 | 29,715 | 29,746 | ||||||||||||||||||||
| Beds in service (at end of period) | 26,309 | 26,669 | 26,105 | 26,577 | ||||||||||||||||||||
| Admissions | 710,042 | 685,817 | 3.5 | % | 699,146 | 708,403 | -1.3 | % | ||||||||||||||||
| Adjusted admissions | 1,533,763 | 1,457,740 | 5.2 | % | 1,511,635 | 1,499,856 | 0.8 | % | ||||||||||||||||
| Patient days | 3,163,346 | 3,044,929 | 3,108,172 | 3,150,653 | ||||||||||||||||||||
| Average length of stay (days) | 4.5 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 43.9 | % | 44.3 | % | 43.7 | % | 44.0 | % | ||||||||||||||||
| Net operating revenues | $ | 14,639 | $ | 13,721 | 6.7 | % | $ | 14,469 | $ | 14,071 | 2.8 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 42.8 | % | 44.0 | % | 42.7 | % | 44.2 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 57.2 | % | 56.0 | % | 57.3 | % | 55.8 | % | ||||||||||||||||
| Income from operations (g), (j) | $ | 1,196 | $ | 901 | 32.7 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 8.2 | % | 6.6 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 875 | $ | 890 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (51 | ) | $ | (35 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (f) | $ | 2,144 | $ | 1,993 | 7.6 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 14.6 | % | 14.5 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 615 | $ | 639 | ||||||||||||||||||||
| Net cash provided by operating activities as a % of net operating revenues | 4.2 | % | 4.7 | % |
footnotes, see pages 12, 13 and 14.
CYH Announces Third Quarter 2015 Results