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 2015 RESULTS WITH NET OPERATING REVENUES OF $4.798 BILLION
FRANKLIN, Tenn. (February 15, 2016) Community Health Systems, Inc. (NYSE: CYH) (the Company ) today announced financial and operating
results for the three months and year ended December 31, 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 December 31, 2015 and 2014, as if such hospitals were owned during both comparable periods.
Net operating revenues for the three months ended December 31, 2015, totaled $4.798 billion, a 2.4 percent decrease compared with $4.918
billion for the same period in 2014. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders decreased to a loss of $(74) million, or $(0.66) per share (diluted), for the three months ended
December 31, 2015, compared with income of $129 million, or $1.12 per share (diluted), for the same period in 2014. The results for the three months ended December 31, 2015, include $0.33 per share (diluted) related to impairment of
long-lived assets, $0.02 per share (diluted) of expenses related to government legal settlements for several qui tam matters settled in principle and related legal expenses and $0.04 per share (diluted) related to expenses from the planned spin-off
of Quorum Health Corporation. Excluding these items, loss from continuing operations was $(0.28) per share (diluted). The financial results for the three months and year ended December 31, 2015, include a $169 million increase in the
Company s allowance for doubtful accounts on the December 31, 2015 consolidated balance sheet and a corresponding $169 million increase to the provision for bad debts related to a change in estimate recorded during the three months ended
December 31, 2015. This adjustment reduced net operating revenues and adjusted EBITDA by $169 million and income from continuing operations by $108 million, or $0.96 and $0.94 per share (diluted), for the three months and year ended
December 31, 2015, respectively.
Net income attributable to Community Health Systems, Inc. common stockholders was a loss of $(0.73)
per share (diluted) for the three months ended December 31, 2015, compared with income of $0.87 per share (diluted) for the same period in 2014. Discontinued operations for the three months ended December 31, 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 expenses related to the impairment of long-lived assets held for sale, for a total after-tax loss of approximately $(9) million, or
$(0.08) per share (diluted). Weighted-average shares outstanding (diluted) were 113 million for the three months ended December 31, 2015, and 115 million for the three months ended December 31, 2014.
Adjusted EBITDA for the three months ended December 31, 2015, which includes the provision for bad debts change in estimate adjustment of
$169 million, was $527 million compared with $785 million for the same period in 2014, representing a 32.9 percent decrease.
CYH Announces Fourth Quarter 2015 Results
The consolidated operating results for the three months ended December 31, 2015, reflect
a 3.6 percent decrease in total admissions, and a 1.5 percent decrease in total adjusted admissions, compared with the same period in 2014. On a same-store basis, admissions decreased 3.4 percent and adjusted admissions decreased 1.2 percent during
the three months ended December 31, 2015, compared with the same period in 2014. On a same-store basis, net operating revenues increased 1.3 percent during the three months ended December 31, 2015, compared with the same period in 2014.
Net operating revenues for the year ended December 31, 2015, which include the provision for bad debts change in estimate adjustment
of $169 million, totaled $19.437 billion, a 4.3 percent increase compared with $18.639 billion for the same period in 2014. Income from continuing operations attributable to Community Health Systems, Inc. common stockholders increased to $194
million, or $1.68 per share (diluted), for the year ended December 31, 2015, compared with $149 million, or $1.32 per share (diluted), for the same period in 2014. The results for the year ended December 31, 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, $0.36 per share (diluted) related to impairment of long-lived assets, $0.02 per share (diluted) of expenses related to government legal settlements for several qui tam matters settled in principle and related legal expenses and $0.09 per
share (diluted) related to expenses from the planned spin-off of Quorum Health Corporation. Excluding these items, income from continuing operations was $2.29 per share (diluted).
Net income attributable to Community Health Systems, Inc. common stockholders was $1.37 per share (diluted) for the year ended
December 31, 2015, compared with $0.82 per share (diluted) for the same period in 2014. Discontinued operations for the year ended December 31, 2015, consisted of $(0.24) per share (diluted) of losses from operations of entities sold or
held for sale, $(0.05) 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 $(36) million, or $(0.31) per
share (diluted). Weighted-average shares outstanding (diluted) were 115 million for the year ended December 31, 2015, and 113 million for the year ended December 31, 2014.
Adjusted EBITDA for the year ended December 31, 2015, which includes the provision for bad debts change in estimate adjustment of $169
million, was $2.670 billion compared with $2.777 billion for the same period in 2014, representing a 3.9 percent decrease.
consolidated operating results for the year ended December 31, 2015, reflect a 1.7 percent increase in total admissions, and a 3.5 percent increase in total adjusted admissions, compared with the same period in 2014. On a same-store basis,
admissions decreased 1.8 percent while adjusted admissions increased 0.3 percent during the year ended December 31, 2015, compared with the same period in 2014. On a same-store basis, net operating revenues increased 2.4 percent during the year
ended December 31, 2015, compared with the same period in 2014.
Adjusted EBITDA, a non-GAAP financial measure, 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 (income) 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.
CYH Announces Fourth Quarter 2015 Results
Commenting on the results, Wayne T. Smith, chairman and chief executive officer of Community
Health Systems, Inc., said, The results for the fourth quarter of 2015 were affected by a number of factors, including volume weakness compared with a strong fourth quarter a year ago when we experienced higher emergency room visits and
admissions attributed to respiratory illness and the flu. It is taking longer than expected to achieve operational improvements in some of the former HMA markets; however, we continue to see opportunities in these markets and remain convinced that
performance will improve over time. Finally, certain adjustments during the quarter negatively affected our financial results, including primarily the increase in our allowance for doubtful accounts, as well as the impairment of long-lived assets,
legal fees and settlement expenses, and costs from the planned spin-off. Despite these challenges, we believe our physician recruitment initiatives, clinical and operational strategies, and rigorous expense management will drive sustainable
improvements in 2016.
Included on pages 16, 17, 18 and 19 of this press release are tables setting forth the Company s 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.
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 195 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
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, February 16, 2016, 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, 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 March 16, 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 Fourth 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 December 31, | Year Ended December 31, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net operating revenues | $ | 4,798 | $ | 4,918 | $ | 19,437 | $ | 18,639 | ||||||||
| Adjusted EBITDA (f) | 527 | 785 | 2,670 | 2,777 | ||||||||||||
| (Loss) income from continuing operations (g), (j) | (40 | ) | 165 | 295 | 260 | |||||||||||
| Net (loss) income attributable to Community Health | ||||||||||||||||
| Systems, Inc. stockholders | (83 | ) | 100 | 158 | 92 | |||||||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (m): | ||||||||||||||||
| Continuing operations (g), (j) | $ | (0.66 | ) | $ | 1.13 | $ | 1.69 | $ | 1.33 | |||||||
| Discontinued operations | (0.08 | ) | (0.26 | ) | (0.31 | ) | (0.51 | ) | ||||||||
| Net (loss) income | $ | (0.73 | ) | $ | 0.88 | $ | 1.38 | $ | 0.82 | |||||||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (m): | ||||||||||||||||
| Continuing operations (g), (j), (k) | $ | (0.66 | ) | $ | 1.12 | $ | 1.68 | $ | 1.32 | |||||||
| Discontinued operations | (0.08 | ) | (0.25 | ) | (0.31 | ) | (0.51 | ) | ||||||||
| Net (loss) income (k) | $ | (0.73 | ) | $ | 0.87 | $ | 1.37 | $ | 0.82 | |||||||
| Weighted-average number of shares outstanding (h): | ||||||||||||||||
| Basic | 113 | 114 | 114 | 112 | ||||||||||||
| Diluted | 113 | 115 | 115 | 113 | ||||||||||||
| Net cash provided by operating activities | $ | 306 | $ | 976 | $ | 921 | $ | 1,615 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Fourth Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of (Loss) Income (a)(b)(c)(d)(e)
(In millions, except per share amounts)
| Three Months Ended December 31, | ||||||||||||||||
| 2015 | 2014 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 5,724 | $ | 5,641 | ||||||||||||
| Provision for bad debts | 926 | 723 | ||||||||||||||
| Net operating revenues | 4,798 | 100.0 | % | 4,918 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 2,278 | 47.5 | % | 2,221 | 45.2 | % | ||||||||||
| Supplies | 773 | 16.1 | % | 764 | 15.5 | % | ||||||||||
| Other operating expenses | 1,151 | 23.9 | % | 1,073 | 21.9 | % | ||||||||||
| Government settlement and related costs (l) | 3 | 0.1 | % | 24 | 0.5 | % | ||||||||||
| Electronic health records incentive reimbursement | (25 | ) | (0.5 | )% | (47 | ) | (1.0 | )% | ||||||||
| Rent | 113 | 2.4 | % | 115 | 2.3 | % | ||||||||||
| Depreciation and amortization | 297 | 6.2 | % | 291 | 5.9 | % | ||||||||||
| Impairment of long-lived assets (j) | 62 | 1.3 | % | 17 | 0.3 | % | ||||||||||
| Total operating costs and expenses | 4,652 | 97.0 | % | 4,458 | 90.6 | % | ||||||||||
| Income from operations (g), (j) | 146 | 3.0 | % | 460 | 9.4 | % | ||||||||||
| Interest expense, net | 249 | 5.2 | % | 244 | 5.0 | % | ||||||||||
| Equity in earnings of unconsolidated affiliates | (12 | ) | (0.3 | )% | (14 | ) | (0.3 | )% | ||||||||
| (Loss) income from continuing operations before income taxes | (91 | ) | (1.9 | )% | 230 | 4.7 | % | |||||||||
| (Benefit from) provision for income taxes | (51 | ) | (1.1 | )% | 65 | 1.4 | % | |||||||||
| (Loss) income from continuing operations (g), (j) | (40 | ) | (0.8 | )% | 165 | 3.3 | % | |||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (5 | ) | (0.1 | )% | (2 | ) | % | |||||||||
| Impairment of hospitals sold or held for sale | (4 | ) | (0.1 | )% | (27 | ) | (0.6 | )% | ||||||||
| Loss from discontinued operations, net of taxes | (9 | ) | (0.2 | )% | (29 | ) | (0.6 | )% | ||||||||
| Net (loss) income | (49 | ) | (1.0 | )% | 136 | 2.7 | % | |||||||||
| Less: Net income attributable to noncontrolling interests | 34 | 0.7 | % | 36 | 0.7 | % | ||||||||||
| Net (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (83 | ) | (1.7 | )% | $ | 100 | 2.0 | % | |||||||
| Basic (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (m): | ||||||||||||||||
| Continuing operations (g), (j) | $ | (0.66 | ) | $ | 1.13 | |||||||||||
| Discontinued operations | (0.08 | ) | (0.26 | ) | ||||||||||||
| Net (loss) income | $ | (0.73 | ) | $ | 0.88 | |||||||||||
| Diluted (loss) earnings per share attributable to Community Health Systems, Inc. common stockholders (m): | ||||||||||||||||
| Continuing operations (g), (j), (k) | $ | (0.66 | ) | $ | 1.12 | |||||||||||
| Discontinued operations | (0.08 | ) | (0.25 | ) | ||||||||||||
| Net (loss) income (k) | $ | (0.73 | ) | $ | 0.87 | |||||||||||
| Weighted-average number of shares outstanding (h): | ||||||||||||||||
| Basic | 113 | 114 | ||||||||||||||
| Diluted | 113 | 115 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Fourth 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)
| Year Ended December 31, | ||||||||||||||||
| 2015 | 2014 | |||||||||||||||
| Amount | % of Net Operating Revenues | Amount | % of Net Operating Revenues | |||||||||||||
| Operating revenues (net of contractual allowances and discounts) | $ | 22,564 | $ | 21,561 | ||||||||||||
| Provision for bad debts | 3,127 | 2,922 | ||||||||||||||
| Net operating revenues | 19,437 | 100.0 | % | 18,639 | 100.0 | % | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Salaries and benefits | 8,991 | 46.3 | % | 8,618 | 46.2 | % | ||||||||||
| Supplies | 3,048 | 15.7 | % | 2,862 | 15.4 | % | ||||||||||
| Other operating expenses | 4,520 | 23.2 | % | 4,322 | 23.3 | % | ||||||||||
| Government settlement and related costs (l) | 4 | 0.0 | % | 101 | 0.5 | % | ||||||||||
| Electronic health records incentive reimbursement | (160 | ) | (0.8 | )% | (259 | ) | (1.4 | )% | ||||||||
| Rent | 457 | 2.4 | % | 434 | 2.3 | % | ||||||||||
| Depreciation and amortization | 1,172 | 6.0 | % | 1,106 | 5.9 | % | ||||||||||
| Amortization of software to be abandoned (j) | % | 75 | 0.4 | % | ||||||||||||
| Impairment of long-lived assets (j) | 68 | 0.3 | % | 41 | 0.2 | % | ||||||||||
| Total operating costs and expenses | 18,100 | 93.1 | % | 17,300 | 92.8 | % | ||||||||||
| Income from operations (g), (j) | 1,337 | 6.9 | % | 1,339 | 7.2 | % | ||||||||||
| Interest expense, net | 973 | 5.0 | % | 972 | 5.3 | % | ||||||||||
| Loss from early extinguishment of debt | 16 | 0.1 | % | 73 | 0.4 | % | ||||||||||
| Equity in earnings of unconsolidated affiliates | (63 | ) | (0.3 | )% | (48 | ) | (0.3 | )% | ||||||||
| Income from continuing operations before income taxes | 411 | 2.1 | % | 342 | 1.8 | % | ||||||||||
| Provision for income taxes | 116 | 0.6 | % | 82 | 0.4 | % | ||||||||||
| Income from continuing operations (g), (j) | 295 | 1.5 | % | 260 | 1.4 | % | ||||||||||
| Discontinued operations, net of taxes: | ||||||||||||||||
| Loss from operations of entities sold or held for sale | (27 | ) | (0.2 | )% | (7 | ) | % | |||||||||
| Impairment of hospitals sold or held for sale | (5 | ) | % | (50 | ) | (0.3 | )% | |||||||||
| Loss on sale, net | (4 | ) | % | % | ||||||||||||
| Loss from discontinued operations, net of taxes | (36 | ) | (0.2 | )% | (57 | ) | (0.3 | )% | ||||||||
| Net income | 259 | 1.3 | % | 203 | 1.1 | % | ||||||||||
| Less: Net income attributable to noncontrolling interests | 101 | 0.5 | % | 111 | 0.6 | % | ||||||||||
| Net income attributable to Community Health Systems, Inc. stockholders | $ | 158 | 0.8 | % | $ | 92 | 0.5 | % | ||||||||
| Basic earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (m): | ||||||||||||||||
| Continuing operations (g), (j) | $ | 1.69 | $ | 1.33 | ||||||||||||
| Discontinued operations | (0.31 | ) | (0.51 | ) | ||||||||||||
| Net income | $ | 1.38 | $ | 0.82 | ||||||||||||
| Diluted earnings (loss) per share attributable to Community Health Systems, Inc. common stockholders (m): | ||||||||||||||||
| Continuing operations (g), (j), (k) | $ | 1.68 | $ | 1.32 | ||||||||||||
| Discontinued operations | (0.31 | ) | (0.51 | ) | ||||||||||||
| Net income (k) | $ | 1.37 | $ | 0.82 | ||||||||||||
| Weighted-average number of shares outstanding (h): | ||||||||||||||||
| Basic | 114 | 112 | ||||||||||||||
| Diluted | 115 | 113 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Fourth Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive (Loss) Income (c)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Net (loss) income | $ | (49 | ) | $ | 136 | $ | 259 | $ | 203 | |||||||
| Other comprehensive income (loss), net of income taxes: | ||||||||||||||||
| Net change in fair value of interest rate swaps, net of tax | 16 | (7 | ) | (6 | ) | 13 | ||||||||||
| Net change in fair value of available-for-sale securities, net of tax | 4 | 2 | (5 | ) | ||||||||||||
| Amortization and recognition of unrecognized pension cost components, net of tax | (10 | ) | 1 | (9 | ) | |||||||||||
| Other comprehensive income (loss) | 20 | (15 | ) | (10 | ) | 4 | ||||||||||
| Comprehensive (loss) income | (29 | ) | 121 | 249 | 207 | |||||||||||
| Less: Comprehensive income attributable to noncontrolling interests | 34 | 36 | 101 | 111 | ||||||||||||
| Comprehensive (loss) income attributable to Community Health Systems, Inc. stockholders | $ | (63 | ) | $ | 85 | $ | 148 | $ | 96 |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Fourth Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(d)
(Dollars in millions)
| Three Months Ended December 31, | ||||||||||||||||||||||||
| Consolidated | Same-Store | |||||||||||||||||||||||
| 2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 194 | 197 | 194 | 194 | ||||||||||||||||||||
| Licensed beds (at end of period) | 29,853 | 30,137 | 29,853 | 30,023 | ||||||||||||||||||||
| Beds in service (at end of period) | 26,312 | 27,000 | 26,312 | 26,908 | ||||||||||||||||||||
| Admissions | 230,250 | 238,740 | -3.6 | % | 230,067 | 238,128 | -3.4 | % | ||||||||||||||||
| Adjusted admissions | 504,119 | 511,988 | -1.5 | % | 503,681 | 509,935 | -1.2 | % | ||||||||||||||||
| Patient days | 1,011,868 | 1,046,254 | 1,010,993 | 1,044,488 | ||||||||||||||||||||
| Average length of stay (days) | 4.4 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 41.8 | % | 42.4 | % | 41.8 | % | 42.5 | % | ||||||||||||||||
| Net operating revenues | $ | 4,798 | $ | 4,918 | -2.4 | % | $ | 4,963 | $ | 4,901 | 1.3 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 43.0 | % | 43.6 | % | 42.9 | % | 43.7 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 57.0 | % | 56.4 | % | 57.1 | % | 56.3 | % | ||||||||||||||||
| Income from operations (g), (j) | $ | 146 | $ | 460 | -68.3 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 3.0 | % | 9.4 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 297 | $ | 291 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (12 | ) | $ | (14 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (f) | $ | 527 | $ | 785 | -32.9 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 11.0 | % | 16.0 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 306 | $ | 976 | ||||||||||||||||||||
| Net cash provided by operating activities as a % of net operating revenues | 6.4 | % | 19.8 | % |
footnotes, see pages 12, 13, 14 and 15.
CYH Announces Fourth Quarter 2015 Results
COMMUNITY HEALTH SYSTEMS, INC. AND SUBSIDIARIES
Selected Operating Data (a)(d)(i)
(Dollars in millions)
| Year Ended December 31, | ||||||||||||||||||||||||
| Consolidated | Same-Store (1) | |||||||||||||||||||||||
| 2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
| Number of hospitals (at end of period) | 194 | 197 | 194 | 194 | ||||||||||||||||||||
| Licensed beds (at end of period) | 29,853 | 30,137 | 29,853 | 30,023 | ||||||||||||||||||||
| Beds in service (at end of period) | 26,312 | 27,000 | 26,312 | 26,908 | ||||||||||||||||||||
| Admissions | 940,292 | 924,557 | 1.7 | % | 929,213 | 946,531 | -1.8 | % | ||||||||||||||||
| Adjusted admissions | 2,038,103 | 1,969,770 | 3.5 | % | 2,015,496 | 2,009,847 | 0.3 | % | ||||||||||||||||
| Patient days | 4,175,214 | 4,091,183 | 4,119,165 | 4,195,141 | ||||||||||||||||||||
| Average length of stay (days) | 4.4 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||
| Occupancy rate (average beds in service) | 43.3 | % | 43.8 | % | 43.5 | % | 43.9 | % | ||||||||||||||||
| Net operating revenues | $ | 19,437 | $ | 18,639 | 4.3 | % | $ | 19,432 | $ | 18,973 | 2.4 | % | ||||||||||||
| Net inpatient revenues as a % of net patient revenues before provision for bad debts | 42.8 | % | 43.9 | % | 42.8 | % | 44.1 | % | ||||||||||||||||
| Net outpatient revenues as a % of net patient revenues before provision for bad debts | 57.2 | % | 56.1 | % | 57.2 | % | 55.9 | % | ||||||||||||||||
| Income from operations (g), (j) | $ | 1,337 | $ | 1,339 | -0.1 | % | ||||||||||||||||||
| Income from operations as a % of net operating revenues | 6.9 | % | 7.2 | % | ||||||||||||||||||||
| Depreciation and amortization | $ | 1,172 | $ | 1,181 | ||||||||||||||||||||
| Equity in earnings of unconsolidated affiliates | $ | (63 | ) | $ | (48 | ) | ||||||||||||||||||
| Liquidity Data: | ||||||||||||||||||||||||
| Adjusted EBITDA (f) | $ | 2,670 | $ | 2,777 | -3.9 | % | ||||||||||||||||||
| Adjusted EBITDA as a % of net operating revenues | 13.7 | % | 14.9 | % | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 921 | $ | 1,615 | ||||||||||||||||||||
| Net cash provided by operating activities as a % of net operating revenues | 4.7 | % | 8.7 | % |