HCA Holdings, Inc. (NYSE: HCA) today announced financial and operating
results for the third quarter ended September 30, 2016.
Key third quarter metrics (all percentage changes compare 3Q 2016
to 3Q 2015 unless noted):
-
Revenues increased 4.2 percent to $10.270 billion
-
Net income attributable to HCA Holdings, Inc. totaled $618 million, or
$1.59 per diluted share
-
Adjusted EBITDA totaled $1.957 billion
-
Cash flows from operations totaled $1.206 billion
-
Same facility equivalent admissions increased 1.3 percent, while same
facility admissions increased 0.7 percent
-
Same facility revenue per equivalent admission increased 2.7 percent
-
Same facility emergency room visits increased 2.7 percent
Revenues in the third quarter increased to $10.270 billion, compared to
$9.856 billion in the third quarter of 2015. Net income attributable to
HCA Holdings, Inc. totaled $618 million, or $1.59 per diluted share,
compared to $449 million, or $1.05 per diluted share, in the third
quarter of 2015. The Company recognized a reduction in the provision for
income taxes of $51 million, or $0.13 per diluted share, during the
third quarter of 2016, resulting from the completion of the IRS
examination of HCA’s 2011 and 2012 federal income tax returns. The
Company also recognized an $11 million tax benefit, or $0.03 per diluted
share, in the third quarter of 2016 related to the early adoption,
during the first quarter of 2016, of a new accounting standard which
requires the recording of excess tax benefits related to the equity
award settlements as a component of the provision for income taxes (for
prospective periods). Third quarter 2016 results also include legal
claim costs of $11 million, or $0.02 per diluted share, gains on sales
of facilities of $3 million, or $0.01 per diluted share, and losses on
retirement of debt of $4 million, or $0.01 per diluted share. The third
quarter 2015 results included legal claim costs of $77 million, or $0.12
per diluted share and losses on sales of facilities of $2 million.
Adjusted EBITDA totaled $1.957 billion compared to $1.815 billion in the
third quarter of 2015. 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 1.3 percent in the third
quarter of 2016 compared to the prior year period. Same facility
admissions increased 0.7 percent compared to the prior year period. Same
facility emergency room visits increased 2.7 percent in the third
quarter of 2016, compared to the prior year period. Same facility
inpatient surgeries increased 0.8 percent, while same facility
outpatient surgeries declined 0.2 percent in the third quarter of 2016
compared to the same period of 2015. Same facility revenue per
equivalent admission increased 2.7 percent in the third quarter of 2016
compared to the third quarter of 2015.
During the third quarter of 2016, salaries and benefits, supplies and
other operating expenses totaled $8.336 billion, or 81.1 percent of
revenues, compared to $8.059 billion, or 81.8 percent of revenues, in
the third quarter of 2015.
Nine Months Ended September 30, 2016
Revenues for the nine months ended September 30, 2016 totaled $30.849
billion compared to $29.429 billion in the same period of 2015. Net
income attributable to HCA Holdings, Inc. was $1.970 billion, or $4.93
per diluted share, compared to $1.547 billion, or $3.60 per diluted
share, for the first nine months of 2015. The Company recognized a $129
million tax benefit, or $0.32 per diluted share, during the nine months
ended September 30, 2016 related to the early adoption, during the first
quarter of 2016, of a new accounting standard which requires the
recording of excess tax benefits related to equity award settlements as
a component of the provision for income taxes (for prospective periods).
The Company also recognized a reduction in the provision for income
taxes of $51 million, or $0.13 per diluted share, during the nine months
ended September 30, 2016, resulting from the completion of the IRS
examination of HCA’s 2011 and 2012 federal income tax returns. Results
for the nine months ended September 30, 2016 also include gains on sales
of facilities of $8 million, or $0.01 per diluted share, losses on
retirement of debt of $4 million, or $0.01 per diluted share, and legal
claim costs of $33 million, or $0.05 per diluted share. Results for the
nine months ended September 30, 2015 included losses on retirement of
debt of $125 million, or $0.18 per diluted share, and legal claim costs
of $77 million, or $0.11 per diluted share.
Balance Sheet and Cash Flows from Operations
As of September 30, 2016, HCA Holdings, Inc.’s balance sheet reflected
cash and cash equivalents of $677 million, total debt of $31.441
billion, and total assets of $33.127 billion. During the third quarter
of 2016, capital expenditures totaled $712 million, excluding
acquisitions. Cash flows provided by operating activities in the third
quarter totaled $1.206 billion compared to $1.101 billion in the third
quarter of 2015.
As of September 30, 2016, HCA’s leverage ratio as measured by Total
Debt/Adjusted EBITDA was 3.86x, compared to 3.85x as of December 31,
2015.
During the third quarter of 2016, the Company repurchased $355 million,
or 4.637 million shares of its common stock and during the nine months
ended September 30, 2016, repurchased $2.213 billion, or 29.064 million
shares of its common stock. The Company had $390 million remaining under
its existing repurchase authorization as of September 30, 2016.
As of September 30, 2016, HCA operated 169 hospitals and 117
freestanding surgery centers.
2016 Guidance
The 2016 guidance ranges for the year, with the exception of an increase
in Adjusted EPS (diluted), remain unchanged from our second quarter
release and are as follows:
|
|
|
|
|
|
|
|
|
2016 Guidance
|
|
Revenues
|
|
|
$41.0 to $42.0 billion
|
|
Adjusted EBITDA
|
|
|
$8.10 to $8.30 billion
|
|
Adjusted EPS (diluted)
|
|
|
$6.50 to $6.80 per diluted share
|
|
Capital Expenditures
|
|
|
Approximately $2.7 billion
|
|
|
|
|
|
The Company’s 2016 guidance is based on the Company’s historical
operating performance, current trends and contains a number of
assumptions (which could have a potential significant impact on our
future GAAP financial results), including:
-
EHR incentive income of approximately $12 million compared to EHR
incentive income of $47 million in 2015;
-
2016 guidance for Adjusted EBITDA and Adjusted EPS (diluted) excludes
the impact of gains or losses on sales of facilities, losses on
retirement of debt, certain legal claim costs and impairments of
long-lived assets; and
-
Adjusted EPS (diluted) guidance includes the recorded impact of early
adoption of a new accounting standard which requires the recording of
excess tax benefits related to equity award settlements as a component
of the provision for income taxes for the first three quarters of
2016, but excludes any projection of this impact on the provision for
income taxes for the fourth quarter of 2016.
Adjusted EBITDA and Adjusted EPS (diluted) are non-GAAP financial
measures. A table reconciling net income attributable to HCA Holdings,
Inc. to Adjusted EBITDA is included in this release.
The Company’s guidance is based on current plans and expectations and is
subject to a number of known and unknown uncertainties and risks,
including those set forth below in the Company’s “Forward-Looking
Statements.”
Earnings Conference Call
HCA will host a conference call for investors at 9:00 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=1080635
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, including the financial
guidance provided herein. 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; (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 (22) other
risk factors described in our annual report on Form 10-K for the year
ended December 31, 2015 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.
|
|
|
HCA Holdings, Inc.
|
|
Condensed Consolidated Comprehensive Income Statements
|
|
Third Quarter
|
|
(Dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
Amount
|
|
|
Ratio
|
|
|
Amount
|
|
|
Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues before provision for doubtful accounts
|
|
|
$
|
11,110
|
|
|
|
|
|
|
$
|
11,014
|
|
|
|
|
|
Provision for doubtful accounts
|
|
|
|
840
|
|
|
|
|
|
|
|
1,158
|
|
|
|
|
|
Revenues
|
|
|
|
10,270
|
|
|
|
100.0
|
%
|
|
|
|
9,856
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits
|
|
|
|
4,740
|
|
|
|
46.1
|
|
|
|
|
4,619
|
|
|
|
46.9
|
|
|
Supplies
|
|
|
|
1,699
|
|
|
|
16.5
|
|
|
|
|
1,644
|
|
|
|
16.7
|
|
|
Other operating expenses
|
|
|
|
1,897
|
|
|
|
18.5
|
|
|
|
|
1,796
|
|
|
|
18.2
|
|
|
Electronic health record incentive income
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
|
(9
|
)
|
|
|
(0.1
|
)
|
|
Equity in earnings of affiliates
|
|
|
|
(22
|
)
|
|
|
(0.2
|
)
|
|
|
|
(9
|
)
|
|
|
(0.1
|
)
|
|
Depreciation and amortization
|
|
|
|
495
|
|
|
|
4.9
|
|
|
|
|
482
|
|
|
|
4.8
|
|
|
Interest expense
|
|
|
|
432
|
|
|
|
4.2
|
|
|
|
|
411
|
|
|
|
4.2
|
|
|
Losses (gains) on sales of facilities
|
|
|
|
(3
|
)
|
|
|
-
|
|
|
|
|
2
|
|
|
|
-
|
|
|
Losses on retirement of debt
|
|
|
|
4
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Legal claim costs
|
|
|
|
11
|
|
|
|
0.1
|
|
|
|
|
77
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,252
|
|
|
|
90.1
|
|
|
|
|
9,013
|
|
|
|
91.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,018
|
|
|
|
9.9
|
|
|
|
|
843
|
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
273
|
|
|
|
2.6
|
|
|
|
|
270
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
745
|
|
|
|
7.3
|
|
|
|
|
573
|
|
|
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
127
|
|
|
|
1.3
|
|
|
|
|
124
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
618
|
|
|
|
6.0
|
|
|
|
$
|
449
|
|
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
1.59
|
|
|
|
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted earnings per share (millions)
|
|
|
|
389.592
|
|
|
|
|
|
|
|
426.441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to HCA Holdings, Inc.
|
|
|
$
|
621
|
|
|
|
|
|
|
$
|
430
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
|
Condensed Consolidated Comprehensive Income Statements
|
|
For the Nine Months Ended September 30, 2016 and 2015
|
|
(Dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
Amount
|
|
|
Ratio
|
|
|
Amount
|
|
|
Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues before provision for doubtful accounts
|
|
|
$
|
33,241
|
|
|
|
|
|
|
$
|
32,268
|
|
|
|
|
|
Provision for doubtful accounts
|
|
|
|
2,392
|
|
|
|
|
|
|
|
2,839
|
|
|
|
|
|
Revenues
|
|
|
|
30,849
|
|
|
|
100.0
|
%
|
|
|
|
29,429
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits
|
|
|
|
14,133
|
|
|
|
45.8
|
|
|
|
|
13,509
|
|
|
|
45.9
|
|
|
Supplies
|
|
|
|
5,131
|
|
|
|
16.6
|
|
|
|
|
4,952
|
|
|
|
16.8
|
|
|
Other operating expenses
|
|
|
|
5,627
|
|
|
|
18.2
|
|
|
|
|
5,268
|
|
|
|
17.9
|
|
|
Electronic health record incentive income
|
|
|
|
(10
|
)
|
|
|
-
|
|
|
|
|
(46
|
)
|
|
|
(0.2
|
)
|
|
Equity in earnings of affiliates
|
|
|
|
(44
|
)
|
|
|
(0.1
|
)
|
|
|
|
(38
|
)
|
|
|
(0.1
|
)
|
|
Depreciation and amortization
|
|
|
|
1,463
|
|
|
|
4.8
|
|
|
|
|
1,424
|
|
|
|
4.8
|
|
|
Interest expense
|
|
|
|
1,275
|
|
|
|
4.1
|
|
|
|
|
1,255
|
|
|
|
4.3
|
|
|
Gains on sales of facilities
|
|
|
|
(8
|
)
|
|
|
-
|
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
Losses on retirement of debt
|
|
|
|
4
|
|
|
|
-
|
|
|
|
|
125
|
|
|
|
0.4
|
|
|
Legal claim costs
|
|
|
|
33
|
|
|
|
0.1
|
|
|
|
|
77
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,604
|
|
|
|
89.5
|
|
|
|
|
26,524
|
|
|
|
90.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
3,245
|
|
|
|
10.5
|
|
|
|
|
2,905
|
|
|
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
898
|
|
|
|
2.9
|
|
|
|
|
947
|
|
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
2,347
|
|
|
|
7.6
|
|
|
|
|
1,958
|
|
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
377
|
|
|
|
1.2
|
|
|
|
|
411
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
1,970
|
|
|
|
6.4
|
|
|
|
$
|
1,547
|
|
|
|
5.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
$
|
4.93
|
|
|
|
|
|
|
$
|
3.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted earnings per share (millions)
|
|
|
|
399.577
|
|
|
|
|
|
|
|
430.354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to HCA Holdings, Inc.
|
|
|
$
|
1,894
|
|
|
|
|
|
|
$
|
1,561
|
|
|
|
|
|
|
|
HCA Holdings, Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
677
|
|
|
|
$
|
691
|
|
|
|
$
|
741
|
|
|
Accounts receivable, less allowance for doubtful accounts of
$5,011, $5,046 and $5,326
|
|
|
|
|
5,503
|
|
|
|
|
5,669
|
|
|
|
|
5,889
|
|
|
Inventories
|
|
|
|
|
|
1,503
|
|
|
|
|
1,481
|
|
|
|
|
1,439
|
|
|
Other
|
|
|
|
|
|
1,160
|
|
|
|
|
1,254
|
|
|
|
|
1,163
|
|
|
Total current assets
|
|
|
|
|
8,843
|
|
|
|
|
9,095
|
|
|
|
|
9,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
|
|
36,449
|
|
|
|
|
35,873
|
|
|
|
|
34,614
|
|
|
Accumulated depreciation
|
|
|
|
|
(20,574
|
)
|
|
|
|
(20,249
|
)
|
|
|
|
(19,600
|
)
|
|
|
|
|
|
|
|
|
|
|
15,875
|
|
|
|
|
15,624
|
|
|
|
|
15,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments of insurance subsidiaries
|
|
|
|
354
|
|
|
|
|
341
|
|
|
|
|
432
|
|
|
Investments in and advances to affiliates
|
|
|
|
216
|
|
|
|
|
201
|
|
|
|
|
178
|
|
|
Goodwill and other intangible assets
|
|
|
|
6,691
|
|
|
|
|
6,694
|
|
|
|
|
6,731
|
|
|
Other
|
|
|
|
|
|
1,148
|
|
|
|
|
1,250
|
|
|
|
|
1,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,127
|
|
|
|
$
|
33,205
|
|
|
|
$
|
32,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
1,950
|
|
|
|
$
|
1,934
|
|
|
|
$
|
2,170
|
|
|
Accrued salaries
|
|
|
|
|
1,241
|
|
|
|
|
1,405
|
|
|
|
|
1,233
|
|
|
Other accrued expenses
|
|
|
|
|
1,748
|
|
|
|
|
1,833
|
|
|
|
|
1,880
|
|
|
Long-term debt due within one year
|
|
|
|
216
|
|
|
|
|
224
|
|
|
|
|
233
|
|
|
Total current liabilities
|
|
|
|
|
5,155
|
|
|
|
|
5,396
|
|
|
|
|
5,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less net debt issuance costs of $178, $173 and $167
|
|
|
|
31,225
|
|
|
|
|
31,228
|
|
|
|
|
30,255
|
|
|
Professional liability risks
|
|
|
|
|
1,164
|
|
|
|
|
1,126
|
|
|
|
|
1,115
|
|
|
Income taxes and other liabilities
|
|
|
|
|
1,746
|
|
|
|
|
1,953
|
|
|
|
|
1,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit attributable to HCA Holdings, Inc.
|
|
|
|
(7,763
|
)
|
|
|
|
(8,107
|
)
|
|
|
|
(7,599
|
)
|
|
Noncontrolling interests
|
|
|
|
|
1,600
|
|
|
|
|
1,609
|
|
|
|
|
1,553
|
|
|
Total deficit
|
|
|
|
|
|
(6,163
|
)
|
|
|
|
(6,498
|
)
|
|
|
|
(6,046
|
)
|
|
|
|
|
|
|
|
|
|
$
|
33,127
|
|
|
|
$
|
33,205
|
|
|
|
$
|
32,744
|
|
|
|
|
HCA Holdings, Inc.
|
|
Consolidated Statements of Cash Flows
|
|
For Nine Months Ended September 30, 2016 and 2015
|
|
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2,347
|
|
|
|
$
|
1,958
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash from operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(2,044
|
)
|
|
|
|
(2,976
|
)
|
|
|
|
|
|
Provision for doubtful accounts
|
|
|
|
2,392
|
|
|
|
|
2,839
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
348
|
|
|
|
|
(137
|
)
|
|
|
|
|
|
Inventories and other assets
|
|
|
|
(161
|
)
|
|
|
|
(205
|
)
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
|
(341
|
)
|
|
|
|
(152
|
)
|
|
|
|
|
Depreciation and amortization
|
|
|
|
1,463
|
|
|
|
|
1,424
|
|
|
|
|
|
Income taxes
|
|
|
|
8
|
|
|
|
|
(148
|
)
|
|
|
|
|
Gains on sales of facilities
|
|
|
|
(8
|
)
|
|
|
|
(2
|
)
|
|
|
|
|
Losses on retirement of debt
|
|
|
|
4
|
|
|
|
|
125
|
|
|
|
|
|
Legal claim costs
|
|
|
|
33
|
|
|
|
|
77
|
|
|
|
|
|
Amortization of debt issuance costs
|
|
|
|
26
|
|
|
|
|
27
|
|
|
|
|
|
Share-based compensation
|
|
|
|
196
|
|
|
|
|
171
|
|
|
|
|
|
Other
|
|
|
|
39
|
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
3,954
|
|
|
|
|
3,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
(1,884
|
)
|
|
|
|
(1,571
|
)
|
|
|
|
Acquisition of hospitals and health care entities
|
|
|
|
(468
|
)
|
|
|
|
(184
|
)
|
|
|
|
Disposition of hospitals and health care entities
|
|
|
|
23
|
|
|
|
|
27
|
|
|
|
|
Change in investments
|
|
|
|
78
|
|
|
|
|
94
|
|
|
|
|
Other
|
|
|
|
17
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(2,234
|
)
|
|
|
|
(1,631
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of long-term debt
|
|
|
|
5,400
|
|
|
|
|
4,048
|
|
|
|
|
Net change in revolving credit facilities
|
|
|
|
(70
|
)
|
|
|
|
(270
|
)
|
|
|
|
Repayment of long-term debt
|
|
|
|
(4,424
|
)
|
|
|
|
(3,702
|
)
|
|
|
|
Distributions to noncontrolling interests
|
|
|
|
(342
|
)
|
|
|
|
(367
|
)
|
|
|
|
Payment of debt issuance costs
|
|
|
|
(40
|
)
|
|
|
|
(34
|
)
|
|
|
|
Repurchase of common stock
|
|
|
|
(2,213
|
)
|
|
|
|
(1,386
|
)
|
|
|
|
Other
|
|
|
|
(95
|
)
|
|
|
|
188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(1,784
|
)
|
|
|
|
(1,523
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents
|
|
|
|
(64
|
)
|
|
|
|
22
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
741
|
|
|
|
|
566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
677
|
|
|
|
$
|
588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payments
|
|
|
$
|
1,339
|
|
|
|
$
|
1,349
|
|
|
Income tax payments, net
|
|
|
$
|
890
|
|
|
|
$
|
864
|
|
|
|
|
HCA Holdings, Inc.
|
|
Operating Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
|
|
|
|
|
|
Third Quarter
|
|
Ended September 30,
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
Number of Hospitals
|
|
|
|
169
|
|
|
|
168
|
|
|
|
169
|
|
|
|
168
|
|
|
|
Number of Freestanding Outpatient Surgery Centers
|
|
|
|
117
|
|
|
|
114
|
|
|
|
117
|
|
|
|
114
|
|
|
|
Licensed Beds at End of Period
|
|
|
|
44,226
|
|
|
|
43,731
|
|
|
|
44,226
|
|
|
|
43,731
|
|
|
|
Weighted Average Licensed Beds
|
|
|
|
44,188
|
|
|
|
43,700
|
|
|
|
44,011
|
|
|
|
43,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported:
|
|
|
|
|
|
|
|
|
|
|
|
Admissions
|
|
|
|
469,800
|
|
|
|
466,400
|
|
|
|
1,416,600
|
|
|
|
1,401,500
|
|
|
|
% Change
|
|
|
|
0.7
|
%
|
|
|
|
|
1.1
|
%
|
|
|
|
|
Equivalent Admissions
|
|
|
|
799,100
|
|
|
|
787,300
|
|
|
|
2,389,700
|
|
|
|
2,334,900
|
|
|
|
% Change
|
|
|
|
1.5
|
%
|
|
|
|
|
2.3
|
%
|
|
|
|
|
Revenue per Equivalent Admission
|
|
|
$
|
12,851
|
|
|
$
|
12,517
|
|
|
$
|
12,909
|
|
|
$
|
12,604
|
|
|
|
% Change
|
|
|
|
2.7
|
%
|
|
|
|
|
2.4
|
%
|
|
|
|
|
Inpatient Revenue per Admission
|
|
|
$
|
12,744
|
|
|
$
|
12,224
|
|
|
$
|
12,753
|
|
|
$
|
12,332
|
|
|
|
% Change
|
|
|
|
4.3
|
%
|
|
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient Days
|
|
|
|
2,276,800
|
|
|
|
2,260,700
|
|
|
|
6,965,500
|
|
|
|
6,871,900
|
|
|
|
% Change
|
|
|
|
0.7
|
%
|
|
|
|
|
1.4
|
%
|
|
|
|
|
Equivalent Patient Days
|
|
|
|
3,873,800
|
|
|
|
3,817,000
|
|
|
|
11,750,800
|
|
|
|
11,448,600
|
|
|
|
% Change
|
|
|
|
1.5
|
%
|
|
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient Surgery Cases
|
|
|
|
135,000
|
|
|
|
134,000
|
|
|
|
400,900
|
|
|
|
395,900
|
|
|
|
% Change
|
|
|
|
0.8
|
%
|
|
|
|
|
1.3
|
%
|
|
|
|
|
Outpatient Surgery Cases
|
|
|
|
229,000
|
|
|
|
226,400
|
|
|
|
690,100
|
|
|
|
669,200
|
|
|
|
% Change
|
|
|
|
1.2
|
%
|
|
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Room Visits
|
|
|
|
2,078,000
|
|
|
|
2,023,100
|
|
|
|
6,304,300
|
|
|
|
6,012,500
|
|
|
|
% Change
|
|
|
|
2.7
|
%
|
|
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outpatient Revenues as a Percentage of Patient Revenues
|
|
|
|
39.8
|
%
|
|
|
40.2
|
%
|
|
|
39.5
|
%
|
|
|
39.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Length of Stay
|
|
|
|
4.8
|
|
|
|
4.8
|
|
|
|
4.9
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
|
|
|
|
56.0
|
%
|
|
|
56.2
|
%
|
|
|
57.8
|
%
|
|
|
57.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Facility:
|
|
|
|
|
|
|
|
|
|
|
|
Admissions
|
|
|
|
466,900
|
|
|
|
463,500
|
|
|
|
1,408,400
|
|
|
|
1,394,800
|
|
|
|
% Change
|
|
|
|
0.7
|
%
|
|
|
|
|
1.0
|
%
|
|
|
|
|
Equivalent Admissions
|
|
|
|
790,900
|
|
|
|
781,000
|
|
|
|
2,367,500
|
|
|
|
2,320,900
|
|
|
|
% Change
|
|
|
|
1.3
|
%
|
|
|
|
|
2.0
|
%
|
|
|
|
|
Revenue per Equivalent Admission
|
|
|
$
|
12,836
|
|
|
$
|
12,503
|
|
|
$
|
12,888
|
|
|
$
|
12,597
|
|
|
|
% Change
|
|
|
|
2.7
|
%
|
|
|
|
|
2.3
|
%
|
|
|
|
|
Inpatient Revenue per Admission
|
|
|
$
|
12,756
|
|
|
$
|
12,231
|
|
|
$
|
12,765
|
|
|
$
|
12,335
|
|
|
|
% Change
|
|
|
|
4.3
|
%
|
|
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inpatient Surgery Cases
|
|
|
|
134,300
|
|
|
|
133,100
|
|
|
|
399,100
|
|
|
|
393,700
|
|
|
|
% Change
|
|
|
|
0.8
|
%
|
|
|
|
|
1.4
|
%
|
|
|
|
|
Outpatient Surgery Cases
|
|
|
|
233,800
|
|
|
|
224,200
|
|
|
|
676,500
|
|
|
|
664,000
|
|
|
|
% Change
|
|
|
|
-0.2
|
%
|
|
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Room Visits
|
|
|
|
2,052,100
|
|
|
|
1,998,000
|
|
|
|
6,227,100
|
|
|
|
5,954,400
|
|
|
|
% Change
|
|
|
|
2.7
|
%
|
|
|
|
|
4.6
|
%
|
|
|
|
|
|
HCA Holdings, Inc.
|
|
Supplemental Non-GAAP Disclosures
|
|
Operating Results Summary
|
|
(Dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
|
|
|
|
|
|
|
|
Third Quarter
|
|
|
Ended September 30,
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
10,270
|
|
|
|
$
|
9,856
|
|
|
$
|
30,849
|
|
|
|
$
|
29,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
618
|
|
|
|
$
|
449
|
|
|
$
|
1,970
|
|
|
|
$
|
1,547
|
|
|
|
Losses (gains) on sales of facilities (net of tax)
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
|
|
(4
|
)
|
|
|
|
(1
|
)
|
|
|
Losses on retirement of debt (net of tax)
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
2
|
|
|
|
|
79
|
|
|
|
Legal claim costs (net of tax)
|
|
|
|
7
|
|
|
|
|
49
|
|
|
|
21
|
|
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc., excluding losses
(gains) on sales of facilities, losses on retirement of debt and
legal claim costs (a)
|
|
|
|
625
|
|
|
|
|
500
|
|
|
|
1,989
|
|
|
|
|
1,674
|
|
|
|
Depreciation and amortization
|
|
|
|
495
|
|
|
|
|
482
|
|
|
|
1,463
|
|
|
|
|
1,424
|
|
|
|
Interest expense
|
|
|
|
432
|
|
|
|
|
411
|
|
|
|
1,275
|
|
|
|
|
1,255
|
|
|
|
Provision for income taxes
|
|
|
|
278
|
|
|
|
|
298
|
|
|
|
908
|
|
|
|
|
1,020
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
127
|
|
|
|
|
124
|
|
|
|
377
|
|
|
|
|
411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a)
|
|
|
$
|
1,957
|
|
|
|
$
|
1,815
|
|
|
$
|
6,012
|
|
|
|
$
|
5,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
1.59
|
|
|
|
$
|
1.05
|
|
|
$
|
4.93
|
|
|
|
$
|
3.60
|
|
|
|
Losses (gains) on sales of facilities
|
|
|
|
(0.01
|
)
|
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
|
|
-
|
|
|
|
Losses on retirement of debt
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
|
0.18
|
|
|
|
Legal claim costs
|
|
|
|
0.02
|
|
|
|
|
0.12
|
|
|
|
0.05
|
|
|
|
|
0.11
|
|
|
|
Net income attributable to HCA Holdings, Inc., excluding losses
(gains) on sales of facilities, losses on retirement of debt and
legal claim costs(a)
|
|
|
$
|
1.61
|
|
|
|
$
|
1.17
|
|
|
$
|
4.98
|
|
|
|
$
|
3.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted earnings per share (millions)
|
|
|
|
389.592
|
|
|
|
|
426.441
|
|
|
|
399.577
|
|
|
|
|
430.354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net income attributable to HCA Holdings, Inc., excluding losses
(gains) on sales of facilities, losses on retirement of debt 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 losses (gains) on sales of
facilities, losses on retirement of debt 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 losses (gains) on
sales of facilities, losses on retirement of debt and legal claim
costs, and Adjusted EBITDA as the primary measures to review and
assess operating performance of its health care facilities and their
management teams.
|
|
|
|
|
|
Management and investors review both the overall performance
(including net income attributable to HCA Holdings, Inc., excluding
losses (gains) on sales of facilities, losses on retirement of debt
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 losses (gains) on
sales of facilities, losses on retirement of debt 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 losses
(gains) on sales of facilities, losses on retirement of debt 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 losses (gains) on
sales of facilities, losses on retirement of debt 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 losses
(gains) on sales of facilities, losses on retirement of debt 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.
|
|
Supplemental Non-GAAP Disclosures
|
|
2016 Operating Results Forecast
|
|
(Dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ending
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
Low
|
|
|
High
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
41,000
|
|
|
$
|
42,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc., excluding losses
(gains) on sales of facilities, losses on retirement of debt and
legal claim costs (a)
|
|
|
$
|
2,600
|
|
|
$
|
2,720
|
|
|
Depreciation and amortization
|
|
|
|
1,960
|
|
|
|
1,960
|
|
|
Interest expense
|
|
|
|
1,710
|
|
|
|
1,710
|
|
|
Provision for income taxes
|
|
|
|
1,310
|
|
|
|
1,390
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
520
|
|
|
|
520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (a)
|
|
|
|
$
|
8,100
|
|
|
$
|
8,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to HCA Holdings, Inc.
|
|
|
$
|
6.50
|
|
|
$
|
6.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing diluted earnings per share (millions)
|
|
|
|
400.000
|
|
|
|
400.000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's forecasted guidance range is based on current plans
and expectations and is subject to a number of known and unknown
uncertainties and risks.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net income attributable to HCA Holdings, Inc., excluding losses
(gains) on sales of facilities, losses on retirement of debt 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 losses (gains) on sales of
facilities, losses on retirement of debt 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 losses (gains) on
sales of facilities, losses on retirement of debt and legal claim
costs, and Adjusted EBITDA as the primary measures to review and
assess operating performance of its health care facilities and their
management teams.
|
|
|
|
|
|
Management and investors review both the overall performance
(including net income attributable to HCA Holdings, Inc., excluding
losses (gains) on sales of facilities, losses on retirement of debt
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 losses (gains) on
sales of facilities, losses on retirement of debt and legal claim
costs will occur in the forecast period, but the amounts recognized
are very difficult to predict, 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 losses
(gains) on sales of facilities, losses on retirement of debt 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 losses (gains) on
sales of facilities, losses on retirement of debt 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 losses
(gains) on sales of facilities, losses on retirement of debt 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.
Investor Contact:
Mark Kimbrough, 615-344-2688
or
Media Contact:
Ed Fishbough, 615-344-2810