Board Authorizes Additional $1 Billion Share Repurchase
Plans to Increase 3-Year Capital Plan by $500 Million
HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating
results for the first quarter ended March 31, 2015.
Key first quarter metrics (all percentage changes compare 1Q 2015
to 1Q 2014 unless noted):
-
Revenues increased 9.5 percent to $9.676 billion
-
Net income attributable to HCA Holdings, Inc. totaled $591 million, or
$1.36 per diluted share
-
Adjusted EBITDA increased 19.3 percent to $1.961 billion
-
Cash flows from operations totaled $1.018 billion
-
Same facility equivalent admissions increased 6.8 percent, while same
facility admissions increased 5.1 percent
-
Same facility revenue per equivalent admission increased 1.6 percent
On May 4, 2015, HCA’s Board of Directors authorized an additional share
repurchase program for up to $1 billion of the Company’s outstanding
common stock. Repurchases will be made in accordance with applicable
securities laws from time to time in the open market, through privately
negotiated transactions, or otherwise.
Today, the Company is also announcing a $500 million planned increase in
its 3-year capital expenditures program to meet the growing capital
investment opportunities in its existing markets. The updated capital
investment program is expected to approximate $7.7 billion over the next
three years, up from the previous plan of approximately $7.2 billion.
Revenues in the first quarter increased to $9.676 billion, compared to
$8.832 billion in the first quarter of 2014. Net income attributable to
HCA Holdings, Inc. totaled $591 million, or $1.36 per diluted share,
compared to $347 million, or $0.76 per diluted share, in the first
quarter of 2014. First quarter 2015 results include gains on sales of
facilities of $9 million, or $0.01 per diluted share. Results for the
first quarter of 2014 include gains on sales of facilities of $21
million, or $0.03 per diluted share, and also include legal claims costs
of $78 million, or $0.11 per diluted share. Adjusted EBITDA totaled
$1.961 billion compared to $1.644 billion in the first quarter of 2014.
Adjusted EBITDA is a non-GAAP financial measure. A table reconciling net
income attributable to HCA Holdings, Inc. to Adjusted EBITDA is included
in this release.
Same facility equivalent admissions increased 6.8 percent in the first
quarter of 2015 compared to the prior year period. Same facility
admissions increased 5.1 percent compared to the prior year period. Same
facility emergency room visits increased 11.5 percent in the first
quarter of 2015, compared to the prior year period. Same facility
inpatient surgeries increased 3.0 percent, while same facility
outpatient surgeries increased 1.4 percent in the first quarter of 2015
compared to the same period of 2014. Same facility revenue per
equivalent admission increased 1.6 percent in the first quarter of 2015
compared to the first quarter of 2014.
During the first quarter of 2015, salaries and benefits, supplies and
other operating expenses totaled $7.753 billion, or 80.1 percent of
revenues, compared to $7.227 billion, or 81.8 percent of revenues, in
the first quarter of 2014.
Balance Sheet and Cash Flow
As of March 31, 2015, HCA Holdings, Inc.’s balance sheet reflected cash
and cash equivalents of $586 million, total debt of $29.443 billion, and
total assets of $31.288 billion. During the first quarter of 2015,
capital expenditures totaled $446 million, excluding acquisitions. Cash
flows provided by operating activities in the first quarter totaled
$1.018 billion compared to $443 million in the prior year’s first
quarter. As of March 31, 2015, HCA’s leverage ratio as measured by Total
Debt/Adjusted EBITDA was 3.80x, compared to 3.96x as of December 31,
2014.
The Company repurchased approximately 5.2 million shares of its common
stock during the first quarter of 2015. In addition, in April 2015, the
Company repurchased approximately 3.8 million shares of its common stock
beneficially owned by affiliates of Bain Capital Investors, LLC and
certain charitable organizations that received shares of common stock
previously held by the affiliates of Bain Capital Investors, LLC at a
purchase price of $77.26 per share, the closing price of the Company’s
common stock on the New York Stock Exchange on April 17, 2015, less a
discount of 1 percent. The share repurchase was made pursuant to the
Company’s existing $1.0 billion repurchase program adopted by the
Company’s Board of Directors in February 2015. Through April 30, 2015,
the Company has completed approximately $781 million of share
repurchases under the program. The Company had approximately 419.179
million shares outstanding as of March 31, 2015.
As of March 31, 2015, HCA operated 168 hospitals and 113 freestanding
surgery centers.
2015 Guidance
On April 15, 2015, the Company raised its previously issued financial
guidance ranges for 2015.
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February 2015 Guidance
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April 2015 Guidance
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Revenues
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$38.5 - $39.5 billion
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$39.0 - $40.0 billion
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Adjusted EBITDA
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$7.35 - $7.65 billion
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$7.55 - $7.85 billion
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Adjusted EPS (diluted)
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$4.55 - $4.95
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$4.90 - $5.30
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Capital Expenditures
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Approximately $2.4 billion
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Approximately $2.5 billion
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The Company’s revised 2015 guidance contains a number of assumptions
that remain unchanged from its February 2015 guidance, including:
-
The Company estimates approximately 6 to 7 percent of Adjusted EBITDA
is attributable to the Patient Protection and Affordable Care Act
(Health Reform Law);
-
EHR incentive income of $40-$50 million and EHR expenses in a range of
$30-$40 million, as compared to EHR incentive income of $125 million
and EHR expenses of $112 million in 2014;
-
Completion of $1 billion share repurchase authorized in February 2015,
but does not include additional repurchases under new authorization(s);
-
An increase in share-based compensation expense to approximately $224
million from $163 million in 2014;
-
2015 guidance excludes the impact of items such as, but not limited
to, gains or losses on sales of facilities, losses on retirement of
debt, legal claim costs and impairments of long-lived assets; and
-
2015 guidance does not include any anticipated contribution in 2015
from certain items which impacted 2014 Adjusted EBITDA, including: (i)
a $142 million increase to Medicaid revenues reflecting payments in
excess of our estimates for the indigent care component of the Texas
Medicaid Waiver Program for the program year ended September 30, 2013,
and recorded in the 2nd quarter of 2014, (ii) $70 million
reduction in Medicaid revenues related to the Texas Medicaid Waiver
Program and (iii) $90 million in Medicare revenues recorded in 3Q 2014
in settlement for certain claims denied by Recovery Audit Contractors
(“RAC”).
Earnings Conference Call
HCA will host a conference call for investors at 10:00 a.m. Central
Daylight Time today. All interested investors are invited to access a
live audio broadcast of the call via webcast. The broadcast also will be
available on a replay basis beginning this afternoon. The webcast can be
accessed at: https://event.webcasts.com/starthere.jsp?ei=1060572
or through the Company’s Investor Relations web page, www.hcahealthcare.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include statements that do not
relate solely to historical or current facts. Forward-looking statements
can be identified by the use of words like “may,” “believe,” “will,”
“expect,” “project,” “estimate,” “anticipate,” “plan,” “initiative” or
“continue.” These forward-looking statements are based on our current
plans and expectations and are subject to a number of known and unknown
uncertainties and risks, many of which are beyond our control, which
could significantly affect current plans and expectations and our future
financial position and results of operations. These factors include, but
are not limited to, (1) the impact of our substantial indebtedness and
the ability to refinance such indebtedness on acceptable terms, (2) the
effects related to the implementation of the Patient Protection and
Affordable Care Act, as amended by the Health Care and Education
Reconciliation Act (collectively, the “Health Reform Law”), possible
delays in or complications related to implementation of the Health
Reform Law, court challenges, the possible enactment of additional
federal or state health care reforms and possible changes to the Health
Reform Law and other federal, state or local laws or regulations
affecting the health care industry, (3) the effects related to the
continued implementation of the sequestration spending reductions
required under the Budget Control Act of 2011 (the “BCA”), and related
legislation extending these reductions, and the potential for future
deficit reduction legislation that may alter these spending reductions,
which include cuts to Medicare payments, or create additional spending
reductions, (4) increases in the amount and risk of collectability of
uninsured accounts and deductibles and copayment amounts for insured
accounts, (5) the ability to achieve operating and financial targets,
and attain expected levels of patient volumes and control the costs of
providing services, (6) possible changes in Medicare, Medicaid and other
state programs, including Medicaid upper payment limit programs or
waiver programs, that may impact reimbursements to health care providers
and insurers, (7) the highly competitive nature of the health care
business, (8) changes in service mix, revenue mix and surgical volumes,
including potential declines in the population covered under managed
care agreements, the ability to enter into and renew managed care
provider agreements on acceptable terms and the impact of consumer
driven health plans and physician utilization trends and practices, (9)
the efforts of insurers, health care providers and others to contain
health care costs, (10) the outcome of our continuing efforts to
monitor, maintain and comply with appropriate laws, regulations,
policies and procedures, (11) increases in wages and the ability to
attract and retain qualified management and personnel, including
affiliated physicians, nurses and medical and technical support
personnel, (12) the availability and terms of capital to fund the
expansion of our business and improvements to our existing facilities,
(13) changes in accounting practices, (14) changes in general economic
conditions nationally and regionally in our markets, (15) the emergence
and effects related to infectious diseases, including Ebola; (16) future
divestitures which may result in charges and possible impairments of
long-lived assets, (17) changes in business strategy or development
plans, (18) delays in receiving payments for services provided, (19) the
outcome of pending and any future tax audits, disputes and litigation
associated with our tax positions, (20) potential adverse impact of
known and unknown government investigations, litigation and other claims
that may be made against us, (21) our ongoing ability to demonstrate
meaningful use of certified electronic health record technology and
recognize income for the related Medicare or Medicaid incentive
payments, and (22) other risk factors described in our annual report on
Form 10-K for the year ended December 31, 2014 and our other filings
with the Securities and Exchange Commission. Many of the factors that
will determine our future results are beyond our ability to control or
predict. In light of the significant uncertainties inherent in the
forward-looking statements contained herein, readers should not place
undue reliance on forward-looking statements, which reflect management’s
views only as of the date hereof. We undertake no obligation to revise
or update any forward-looking statements, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
All references to “Company and “HCA” as used throughout this release
refer to HCA Holdings, Inc. and its affiliates.
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HCA Holdings, Inc.
|
Condensed Consolidated Comprehensive Income Statements
|
First Quarter
|
(Dollars in millions, except per share amounts)
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2015
|
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|
2014
|
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|
Amount
|
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|
Ratio
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|
Amount
|
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|
Ratio
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
Revenues before provision for doubtful accounts
|
|
|
|
$10,322
|
|
|
|
|
|
|
$9,683
|
|
|
|
|
Provision for doubtful accounts
|
|
|
|
646
|
|
|
|
|
|
|
851
|
|
|
|
|
Revenues
|
|
|
|
9,676
|
|
|
|
100.0
|
%
|
|
|
8,832
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Salaries and benefits
|
|
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|
4,398
|
|
|
|
45.5
|
|
|
|
4,050
|
|
|
|
45.9
|
|
Supplies
|
|
|
|
1,638
|
|
|
|
16.9
|
|
|
|
1,532
|
|
|
|
17.3
|
|
Other operating expenses
|
|
|
|
1,717
|
|
|
|
17.7
|
|
|
|
1,645
|
|
|
|
18.6
|
|
Electronic health record incentive income
|
|
|
|
(19
|
)
|
|
|
(0.2
|
)
|
|
|
(30
|
)
|
|
|
(0.3
|
)
|
Equity in earnings of affiliates
|
|
|
|
(19
|
)
|
|
|
(0.2
|
)
|
|
|
(9
|
)
|
|
|
(0.1
|
)
|
Depreciation and amortization
|
|
|
|
473
|
|
|
|
5.0
|
|
|
|
447
|
|
|
|
5.0
|
|
Interest expense
|
|
|
|
419
|
|
|
|
4.3
|
|
|
|
460
|
|
|
|
5.2
|
|
Gains on sales of facilities
|
|
|
|
(9
|
)
|
|
|
(0.1
|
)
|
|
|
(21
|
)
|
|
|
(0.2
|
)
|
Legal claim costs
|
|
|
|
-
|
|
|
|
-
|
|
|
|
78
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,598
|
|
|
|
88.9
|
|
|
|
8,152
|
|
|
|
92.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,078
|
|
|
|
11.1
|
|
|
|
680
|
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
358
|
|
|
|
3.7
|
|
|
|
226
|
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
720
|
|
|
|
7.4
|
|
|
|
454
|
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
129
|
|
|
|
1.3
|
|
|
|
107
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
|
$591
|
|
|
|
6.1
|
|
|
|
$347
|
|
|
|
3.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
$1.36
|
|
|
|
|
|
|
$0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted earnings per share (millions)
|
|
|
|
435.309
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|
|
|
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|
457.449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to HCA Holdings, Inc.
|
|
|
|
$570
|
|
|
|
|
|
|
$372
|
|
|
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
Supplemental Non-GAAP Disclosures
|
Operating Results Summary
|
(Dollars in millions, except per share amounts)
|
|
|
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|
|
|
|
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|
|
|
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|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
9,676
|
|
|
$
|
8,832
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
591
|
|
|
$
|
347
|
|
|
Gains on sales of facilities (net of tax)
|
|
|
|
(6
|
)
|
|
|
(13
|
)
|
|
Legal claim costs (net of tax)
|
|
|
|
-
|
|
|
|
49
|
|
Net income attributable to HCA Holdings, Inc., excluding gains on
sales of facilities and legal claim costs (a)
|
|
|
|
585
|
|
|
|
383
|
|
|
Depreciation and amortization
|
|
|
|
473
|
|
|
|
447
|
|
|
Interest expense
|
|
|
|
419
|
|
|
|
460
|
|
|
Provision for income taxes
|
|
|
|
355
|
|
|
|
247
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
129
|
|
|
|
107
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a)
|
|
|
$
|
1,961
|
|
|
$
|
1,644
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
1.36
|
|
|
$
|
0.76
|
|
|
Gains on sales of facilities
|
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
Legal claim costs
|
|
|
|
-
|
|
|
|
0.11
|
|
|
|
Net income attributable to HCA Holdings, Inc., excluding gains on
sales of facilities and legal claim costs(a)
|
|
|
$
|
1.35
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted earnings per share (millions)
|
|
|
|
435.309
|
|
|
|
457.449
|
|
_____________________________
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|
|
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|
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(a)
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Net income attributable to HCA Holdings, Inc., excluding gains on
sales of facilities and legal claim costs, and Adjusted EBITDA
should not be considered as measures of financial performance under
generally accepted accounting principles ("GAAP"). We believe net
income attributable to HCA Holdings, Inc., excluding gains on sales
of facilities and legal claim costs, and Adjusted EBITDA are
important measures that supplement discussions and analysis of our
results of operations. We believe it is useful to investors to
provide disclosures of our results of operations on the same basis
used by management. Management relies upon net income attributable
to HCA Holdings, Inc., excluding gains on sales of facilities and
legal claim costs, and Adjusted EBITDA as the primary measures to
review and assess operating performance of its hospital facilities
and their management teams.
|
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|
Management and investors review both the overall performance
(including net income attributable to HCA Holdings, Inc., excluding
gains on sales of facilities and legal claim costs, and GAAP net
income attributable to HCA Holdings, Inc.) and operating performance
(Adjusted EBITDA) of our health care facilities. Adjusted EBITDA and
the Adjusted EBITDA margin (Adjusted EBITDA divided by revenues) are
utilized by management and investors to compare our current
operating results with the corresponding periods during the previous
year and to compare our operating results with other companies in
the health care industry. It is reasonable to expect that gains
(losses) on sales of facilities and legal claim costs will occur in
future periods, but the amounts recognized can vary significantly
from period to period, do not directly relate to the ongoing
operations of our health care facilities and complicate period
comparisons of our results of operations and operations comparisons
with other health care companies.
|
|
|
|
Net income attributable to HCA Holdings, Inc., excluding gains on
sales of facilities and legal claim costs, and Adjusted EBITDA are
not measures of financial performance under GAAP, and should not be
considered as alternatives to net income attributable to HCA
Holdings, Inc. as a measure of operating performance or cash flows
from operating, investing and financing activities as a measure of
liquidity. Because net income attributable to HCA Holdings, Inc.,
excluding gains on sales of facilities and legal claim costs, and
Adjusted EBITDA are not measurements determined in accordance with
GAAP and are susceptible to varying calculations, net income
attributable to HCA Holdings, Inc., excluding gains on sales of
facilities and legal claim costs, and Adjusted EBITDA, as presented,
may not be comparable to other similarly titled measures presented
by other companies.
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
Condensed Consolidated Balance Sheets
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
586
|
|
|
|
$
|
566
|
|
Accounts receivable, less allowance for doubtful accounts of
$4,692 and $5,011
|
|
|
|
|
5,928
|
|
|
|
|
5,694
|
|
Inventories
|
|
|
|
|
1,287
|
|
|
|
|
1,279
|
|
Deferred income taxes
|
|
|
|
|
304
|
|
|
|
|
366
|
|
Other
|
|
|
|
|
1,025
|
|
|
|
|
1,025
|
|
Total current assets
|
|
|
|
|
9,130
|
|
|
|
|
8,930
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
|
|
33,293
|
|
|
|
|
32,980
|
|
Accumulated depreciation
|
|
|
|
|
(18,901
|
)
|
|
|
|
(18,625
|
)
|
|
|
|
|
|
14,392
|
|
|
|
|
14,355
|
|
|
|
|
|
|
|
|
|
Investments of insurance subsidiaries
|
|
|
|
|
435
|
|
|
|
|
494
|
|
Investments in and advances to affiliates
|
|
|
|
|
181
|
|
|
|
|
165
|
|
Goodwill and other intangible assets
|
|
|
|
|
6,415
|
|
|
|
|
6,416
|
|
Other
|
|
|
|
|
735
|
|
|
|
|
620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,288
|
|
|
|
$
|
30,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
1,973
|
|
|
|
$
|
2,035
|
|
Accrued salaries
|
|
|
|
|
1,180
|
|
|
|
|
1,370
|
|
Other accrued expenses
|
|
|
|
|
1,982
|
|
|
|
|
1,737
|
|
Long-term debt due within one year
|
|
|
|
|
2,037
|
|
|
|
|
338
|
|
Total current liabilities
|
|
|
|
|
7,172
|
|
|
|
|
5,480
|
|
|
|
|
|
|
|
|
|
Long-term debt, less debt issuance costs of $220 and $219
|
|
|
|
|
27,406
|
|
|
|
|
29,088
|
|
Professional liability risks
|
|
|
|
|
1,095
|
|
|
|
|
1,078
|
|
Income taxes and other liabilities
|
|
|
|
|
1,837
|
|
|
|
|
1,832
|
|
|
|
|
|
|
|
|
|
EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
Stockholders' deficit attributable to HCA Holdings, Inc.
|
|
|
|
|
(7,620
|
)
|
|
|
|
(7,894
|
)
|
Noncontrolling interests
|
|
|
|
|
1,398
|
|
|
|
|
1,396
|
|
Total deficit
|
|
|
|
|
(6,222
|
)
|
|
|
|
(6,498
|
)
|
|
|
|
|
$
|
31,288
|
|
|
|
$
|
30,980
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
Consolidated Statements of Cash Flows
|
First Quarter
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
720
|
|
|
|
$
|
454
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash from operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(895
|
)
|
|
|
|
(1,125
|
)
|
|
|
|
|
Provision for doubtful accounts
|
|
|
|
|
646
|
|
|
|
|
851
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
(249
|
)
|
|
|
|
(274
|
)
|
|
|
|
|
Inventories and other assets
|
|
|
|
|
(106
|
)
|
|
|
|
(123
|
)
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
|
|
(312
|
)
|
|
|
|
(313
|
)
|
|
|
|
Depreciation and amortization
|
|
|
|
|
473
|
|
|
|
|
447
|
|
|
|
|
Income taxes
|
|
|
|
|
438
|
|
|
|
|
144
|
|
|
|
|
Gains on sales of facilities
|
|
|
|
|
(9
|
)
|
|
|
|
(21
|
)
|
|
|
|
Legal claim costs
|
|
|
|
|
-
|
|
|
|
|
78
|
|
|
|
|
Amortization of debt issuance costs
|
|
|
|
|
10
|
|
|
|
|
14
|
|
|
|
|
Share-based compensation
|
|
|
|
|
48
|
|
|
|
|
37
|
|
|
|
|
Other
|
|
|
|
|
5
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
1,018
|
|
|
|
|
443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
|
(446
|
)
|
|
|
|
(400
|
)
|
|
|
Acquisition of hospitals and health care entities
|
|
|
|
|
(28
|
)
|
|
|
|
(19
|
)
|
|
|
Disposition of hospitals and health care entities
|
|
|
|
|
15
|
|
|
|
|
23
|
|
|
|
Change in investments
|
|
|
|
|
22
|
|
|
|
|
(13
|
)
|
|
|
Other
|
|
|
|
|
5
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
(432
|
)
|
|
|
|
(409
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Issuance of long-term debt
|
|
|
|
|
1,000
|
|
|
|
|
3,502
|
|
|
|
Net change in revolving credit facilities
|
|
|
|
|
(260
|
)
|
|
|
|
(2,440
|
)
|
|
|
Repayment of long-term debt
|
|
|
|
|
(791
|
)
|
|
|
|
(542
|
)
|
|
|
Distributions to noncontrolling interests
|
|
|
|
|
(132
|
)
|
|
|
|
(87
|
)
|
|
|
Payment of debt issuance costs
|
|
|
|
|
(11
|
)
|
|
|
|
(48
|
)
|
|
|
Repurchase of common stock
|
|
|
|
|
(366
|
)
|
|
|
|
-
|
|
|
|
Distributions to stockholders
|
|
|
|
|
(6
|
)
|
|
|
|
(7
|
)
|
|
|
Income tax benefits
|
|
|
|
|
38
|
|
|
|
|
50
|
|
|
|
Other
|
|
|
|
|
(38
|
)
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
|
|
(566
|
)
|
|
|
|
402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
|
|
|
20
|
|
|
|
|
436
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
566
|
|
|
|
|
414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
586
|
|
|
|
$
|
850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payments
|
|
|
|
$
|
487
|
|
|
|
$
|
523
|
|
Income tax (refunds) payments, net
|
|
|
|
$
|
(118
|
)
|
|
|
$
|
32
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Number of Hospitals
|
|
|
|
|
168
|
|
|
|
|
165
|
|
|
Number of Freestanding Outpatient Surgery Centers
|
|
|
|
|
113
|
|
|
|
|
115
|
|
|
Licensed Beds at End of Period
|
|
|
|
|
43,500
|
|
|
|
|
43,000
|
|
|
Weighted Average Licensed Beds
|
|
|
|
|
43,451
|
|
|
|
|
42,958
|
|
|
|
|
|
|
|
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
Admissions
|
|
|
|
|
470,900
|
|
|
|
|
445,100
|
|
|
% Change
|
|
|
|
|
5.8
|
%
|
|
|
|
|
Equivalent Admissions
|
|
|
|
|
769,400
|
|
|
|
|
713,000
|
|
|
% Change
|
|
|
|
|
7.9
|
%
|
|
|
|
|
Revenue per Equivalent Admission
|
|
|
|
$
|
12,576
|
|
|
|
$
|
12,388
|
|
|
% Change
|
|
|
|
|
1.5
|
%
|
|
|
|
|
Inpatient Revenue per Admission
|
|
|
|
$
|
12,391
|
|
|
|
$
|
12,088
|
|
|
% Change
|
|
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient Days
|
|
|
|
|
2,343,500
|
|
|
|
|
2,197,200
|
|
|
% Change
|
|
|
|
|
6.7
|
%
|
|
|
|
|
Equivalent Patient Days
|
|
|
|
|
3,829,300
|
|
|
|
|
3,520,000
|
|
|
% Change
|
|
|
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient Surgery Cases
|
|
|
|
|
130,100
|
|
|
|
|
126,300
|
|
|
% Change
|
|
|
|
|
3.0
|
%
|
|
|
|
|
Outpatient Surgery Cases
|
|
|
|
|
214,500
|
|
|
|
|
210,500
|
|
|
% Change
|
|
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Room Visits
|
|
|
|
|
1,982,000
|
|
|
|
|
1,765,000
|
|
|
% Change
|
|
|
|
|
12.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outpatient Revenues as a Percentage of Patient Revenues
|
|
|
|
|
37.7
|
%
|
|
|
|
36.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Average Length of Stay
|
|
|
|
|
5.0
|
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
|
59.9
|
%
|
|
|
|
56.8
|
%
|
|
|
|
|
|
|
|
|
|
Same Facility:
|
|
|
|
|
|
|
|
|
Admissions
|
|
|
|
|
466,900
|
|
|
|
|
444,100
|
|
|
% Change
|
|
|
|
|
5.1
|
%
|
|
|
|
|
Equivalent Admissions
|
|
|
|
|
760,100
|
|
|
|
|
711,500
|
|
|
% Change
|
|
|
|
|
6.8
|
%
|
|
|
|
|
Revenue per Equivalent Admission
|
|
|
|
$
|
12,587
|
|
|
|
$
|
12,390
|
|
|
% Change
|
|
|
|
|
1.6
|
%
|
|
|
|
|
Inpatient Revenue per Admission
|
|
|
|
$
|
12,448
|
|
|
|
$
|
12,099
|
|
|
% Change
|
|
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient Surgery Cases
|
|
|
|
|
129,000
|
|
|
|
|
125,200
|
|
|
% Change
|
|
|
|
|
3.0
|
%
|
|
|
|
|
Outpatient Surgery Cases
|
|
|
|
|
211,400
|
|
|
|
|
208,500
|
|
|
% Change
|
|
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Room Visits
|
|
|
|
|
1,963,700
|
|
|
|
|
1,760,500
|
|
|
% Change
|
|
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150505005710/en/
HCA Holdings, Inc.
Investor Contact:
Mark Kimbrough, 615-344-2688
or
Media Contact:
Ed Fishbough, 615-344-2810