DaVita 3rd Quarter 2009 Results
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EL SEGUNDO, Calif.--(BUSINESS WIRE)-- DaVita Inc. (NYSE: DVA) today announced results for the quarter ended September 30, 2009. Net income attributable to DaVita Inc. for the three and nine months ended September 30, 2009 was $110.9 million and $313.0 million, or $1.06 per share and $3.00 per share, respectively. This compares to net income attributable to DaVita Inc. for the three and nine months ended September 30, 2008 of $93.9 million and $275.8 million, or $0.89 per share and $2.59 per share, respectively.
Financial and operating highlights include:
-- Cash Flow: For the rolling 12 months ended September 30, 2009 operating
cash flow was $713 million and free cash flow was $533 million. For the
three months ended September 30, 2009 operating cash flow was $167
million and free cash flow was $125 million.
-- Operating Income: Operating income for the three and nine months ended
September 30, 2009 was $245 million and $702 million, respectively, as
compared to $222 million and $646 million, respectively, for the same
periods of 2008.
-- Volume: Total treatments for the third quarter of 2009 were 4,339,195,
or 54,927 treatments per day, representing a per day increase of 6.1%
over the third quarter of 2008. Non-acquired treatment growth in the
quarter was 5.2% over the prior year's third quarter.
-- Effective Tax Rate: Our effective tax rate was 37.0% and 37.2% for the
three and nine months ended September 30, 2009, respectively. This
effective tax rate is impacted by the amount of third party owners'
income attributable to non-tax paying entities. The effective tax rate
attributable to DaVita Inc. was 40.0% for the three and nine months
ended September 30, 2009 which was in the range of our previously stated
guidance. Our effective tax rate for 2009 is projected to be in the
range of 36.5% to 37.5% and our 2009 effective tax rate attributable to
DaVita Inc. is still projected to be in a range of 39.5% to 40.5%.
-- Share Repurchases: During the third quarter of 2009, we repurchased a
total of 1,108,784 shares of our common stock for $62.4 million, or an
average price of $56.25 per share. For the first nine months of 2009 we
repurchased a total of 1,853,184 shares of our common stock for $94.4
million, or an average price of $50.93 per share. In addition, we
repurchased 1,049,435 shares of our common stock for $59.1 million, or
an average price of $56.32 per share, from October 1, 2009 through
October 7, 2009. All of these share repurchases were consummated
pursuant to previously announced authorizations by our Board of
Directors. On October 8, 2009, our Board of Directors authorized an
additional $500 million for share repurchases. We have not repurchased
any additional shares of our common stock under this authorization.
Therefore, the total outstanding authorization for share repurchases is
currently $500 million.
-- Center Activity: As of September 30, 2009, we operated or provided
administrative services at 1,513 outpatient dialysis centers serving
approximately 117,000 patients, of which 1,481 centers are consolidated
in our financial statements. During the third quarter of 2009, we
acquired four centers, opened 21 new centers, merged five centers,
closed one center and provided administrative and management services to
one additional third-party owned center.
Outlook
We are raising our operating income guidance range for 2009 from $900-$930 million to $930-$950 million. Also, we may modestly exceed the upper end of our previous operating cash flow guidance of $550-$600 million. Currently we expect our operating income for 2010 to be in the range of $950 million to $1.02 billion. These projections and the underlying assumptions involve significant risks and uncertainties, including those described below, and actual results may vary significantly from these current projections.
DaVita will be holding a conference call to discuss its results for the third quarter ended September 30, 2009 on November 3, 2009 at 5:00 p.m. Eastern Time. The dial in number is (800) 399-4406. A replay of the conference call will be available on DaVita's official web page, www.davita.com, for the following 30 days.
This release contains forward-looking statements, including statements related to our 2009 and 2010 operating income, 2009 operating cash flow and 2009 expected effective tax rate and the expected effective tax rate attributable to DaVita Inc. Factors which could impact future results include the uncertainties associated with governmental regulations, general economic and other market conditions, competition, accounting estimates, the variability of our cash flows and the risk factors set forth in our SEC filings, including our Form 10-K for the year ended December 31, 2008 and subsequent quarterly reports on Form 10-Q. The forward-looking statements should be considered in light of these risks and uncertainties.
These risks and uncertainties include those relating to:
-- the concentration of profits generated from commercial payor plans,
-- continued downward pressure on average realized payment rates from
commercial payors, which may result in the loss of revenue or patients,
-- a reduction in the number of patients under higher-paying commercial
plans,
-- a reduction in government payment rates or changes to the structure of
payments under the Medicare ESRD program, including the implementation
of a bundled payment rate system which result in lower reimbursement for
services we provide to Medicare patients,
-- changes in pharmaceutical or anemia management practice patterns,
payment policies, or pharmaceutical pricing,
-- our ability to maintain contracts with physician medical directors,
-- legal compliance risks, including our continued compliance with complex
government regulations and compliance with the corporate integrity
agreement applicable to the dialysis centers acquired from Gambro
Healthcare and assumed in connection with such acquisition, and
-- the resolution of ongoing investigations by various federal and state
governmental agencies.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of changes in underlying factors, new information, future events or otherwise.
This release contains non-GAAP financial measures. For reconciliations of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the attached reconciliation schedules.
DAVITA INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars in thousands, except per share data)
Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
Net operating $ 1,573,915 $ 1,447,135 $ 4,540,596 $ 4,199,163
revenues
Operating
expenses and
charges:
Patient care 1,095,857 1,005,648 3,153,622 2,909,143
costs
General and 134,931 128,617 394,370 374,581
administrative
Depreciation
and 56,813 54,970 172,121 160,673
amortization
Provision for
uncollectible 42,021 37,305 119,990 109,433
accounts
Equity
investment (708 ) (1,177 ) (1,066 ) (654 )
income
Total
operating 1,328,914 1,225,363 3,839,037 3,553,176
expenses and
charges
Operating 245,001 221,772 701,559 645,987
income
Debt expense (45,535 ) (54,505 ) (140,924 ) (168,891 )
Other income 999 2,481 3,026 10,331
Income before 200,465 169,748 563,661 487,427
income taxes
Income tax 74,195 62,010 209,485 175,853
expense
Net income 126,270 107,738 354,176 311,574
Less: Net
income
attributable (15,340 ) (13,828 ) (41,216 ) (35,779 )
to
noncontrolling
interests
Net income
attributable $ 110,930 $ 93,910 $ 312,960 $ 275,795
to DaVita Inc.
Earnings per
share:
Basic earnings
per share $ 1.07 $ 0.90 $ 3.01 $ 2.61
attributable
to DaVita Inc.
Diluted
earnings per
share $ 1.06 $ 0.89 $ 3.00 $ 2.59
attributable
to DaVita Inc.
Weighted
average shares
for earnings
per share:
Basic 104,127,334 104,556,770 103,904,768 105,569,971
Diluted 104,607,318 105,577,823 104,315,019 106,421,184
DAVITA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
Nine months ended
September 30,
2009 2008
Cash flows from operating
activities:
Net income $ 354,176 $ 311,574
Adjustments to reconcile net
income to cash provided by
operating activities:
Depreciation and amortization 172,121 160,673
Stock-based compensation expense 33,850 29,975
Tax benefits from stock award 12,434 10,174
exercises
Excess tax benefits from stock (8,115 ) (5,054 )
award exercises
Deferred income taxes 45,417 56,157
Equity investment income (1,066 ) (654 )
Loss on disposal of assets 7,826 9,688
Non-cash debt and non-cash rent 7,497 9,971
charges
Changes in operating assets and
liabilities, other than from
acquisitions and divestitures:
Accounts receivable (68,235 ) (130,022 )
Inventories 15,858 (1,248 )
Other receivables and other (2,164 ) (28,684 )
current assets
Other long-term assets 5,641 (12,761 )
Accounts payable (58,995 ) (12,800 )
Accrued compensation and benefits 20,733 (11,752 )
Other current liabilities (68,383 ) 29,838
Income taxes 55,226 (3,086 )
Other long-term liabilities (9,702 ) 3,163
Net cash provided by operating 514,119 415,152
activities
Cash flows from investing
activities:
Additions of property and (205,653 ) (223,851 )
equipment
Acquisitions (64,001 ) (77,157 )
Proceeds from asset sales 6,256 451
Purchase of investments available (1,737 ) (1,695 )
for sale
Purchase of investments (16,942 ) (19,005 )
held-to-maturity
Proceeds from sale of investments 16,537 5,323
available for sale
Proceeds from maturities of 16,123 18,728
investments held-to-maturity
Distributions received on equity 929 802
investments
Purchase of intangible assets and (260 ) (65 )
other
Net cash used in investing (248,748 ) (296,469 )
activities
Cash flows from financing
activities:
Borrowings 13,924,642 12,937,047
Payments on long-term debt (13,961,667 ) (12,938,297 )
Deferred financing costs (42 ) (130 )
Purchase of treasury stock (61,223 ) (169,673 )
Excess tax benefits from stock 8,115 5,054
award exercises
Stock award exercises and other 30,309 33,670
share issuances, net
Distributions to noncontrolling (46,888 ) (43,391 )
interests
Contributions from noncontrolling 11,117 13,525
interests
Proceeds from sales of additional 7,733 8,422
noncontrolling interests
Purchases from noncontrolling (6,668 ) (24,009 )
interests
Net cash used in financing (94,572 ) (177,782 )
activities
Net increase (decrease) in cash 170,799 (59,099 )
and cash equivalents
Cash and cash equivalents at 410,881 447,046
beginning of period
Cash and cash equivalents at end $ 581,680 $ 387,947
of period
DAVITA INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands, except per share data)
ASSETS September 30, December 31,
2009 2008
Cash and cash equivalents $ 581,680 $ 410,881
Short-term investments 20,680 35,532
Accounts receivable, less allowance of 1,142,861 1,075,457
$225,931 and $211,222
Inventories 69,014 84,174
Other receivables 235,785 239,165
Other current assets 34,816 33,761
Income tax receivable - 32,130
Deferred income taxes 223,697 217,196
Total current assets 2,308,533 2,128,296
Property and equipment, net 1,088,446 1,048,075
Amortizable intangibles, net 141,925 160,521
Investments in third-party dialysis 24,011 19,274
businesses
Long-term investments 7,567 5,656
Other long-term assets 34,262 47,330
Goodwill 3,932,964 3,876,931
$ 7,537,708 $ 7,286,083
LIABILITIES AND EQUITY
Accounts payable $ 256,707 $ 282,883
Other liabilities 426,856 495,239
Accrued compensation and benefits 314,677 312,216
Current portion of long-term debt 100,677 72,725
Income taxes payable 14,592 -
Total current liabilities 1,113,509 1,163,063
Long-term debt 3,555,853 3,622,421
Other long-term liabilities 100,722 101,442
Alliance and product supply agreement, net 31,980 35,977
Deferred income taxes 304,675 244,884
Total liabilities 5,106,739 5,167,787
Commitments and contingencies
Noncontrolling interests subject to put 292,636 291,397
provisions
Equity:
Preferred stock ($0.001 par value,
5,000,000 shares authorized; none issued)
Common stock ($0.001 par value,
450,000,000 shares authorized; 134,862,283 135 135
shares issued; 103,232,774 and 103,753,673
shares outstanding)
Additional paid-in capital 638,253 584,358
Retained earnings 2,202,410 1,889,450
Treasury stock, at cost (31,629,509 and (756,157 ) (691,857 )
31,108,610 shares)
Accumulated other comprehensive loss (7,838 ) (14,339 )
Total DaVita Inc. shareholders' equity 2,076,803 1,767,747
Noncontrolling interests not subject to 61,530 59,152
put provisions
Total equity 2,138,333 1,826,899
$ 7,537,708 $ 7,286,083
DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA
(unaudited)
(dollars in millions, except for per share and per treatment data)
Three months ended
Nine months
ended
September 30, June 30, September 30, September 30,
2009 2009 2008 2009
1. Consolidated
Financial
Results:
Revenues $ 1,574 $ 1,519 $ 1,447 $ 4,541
Operating income $ 245.0 $ 236.0 $ 221.8 $ 701.6
Operating income 15.6 % 15.5 % 15.3 % 15.5 %
margin
Net income
attributable to $ 110.9 $ 105.8 $ 93.9 $ 313.0
DaVita Inc.
Diluted earnings
per share $ 1.06 $ 1.02 $ 0.89 $ 3.00
attributable to
DaVita Inc.
2. Consolidated
Business Metrics:
Expenses
Patient care
costs as a
percent of 69.6 % 69.2 % 69.5 % 69.5 %
consolidated
revenue(3)
General and
administrative
expenses as a 8.6 % 8.7 % 8.9 % 8.7 %
percent of
consolidated
revenue(3)
Bad debt expense
as a percent of 2.7 % 2.7 % 2.6 % 2.6 %
consolidated
revenue
Consolidated
effective tax 40.0 % 40.0 % 39.7 % 40.0 %
rate attributable
to DaVita Inc.(1)
3. Segment
Financial
Results: (dollar
amounts rounded
to nearest
million)
Dialysis and
related lab
services
Revenues $ 1,491 $ 1,441 $ 1,378 $ 4,309
Direct operating 1,231 1,191 1,143 3,563
expenses
Dialysis segment $ 260 $ 250 $ 235 $ 746
margin
Other - Ancillary
services and
strategic
initiatives
Revenues $ 83 $ 78 $ 69 $ 232
Direct operating 87 81 73 243
expenses
Ancillary segment $ (4 ) $ (3 ) $ (4 ) $ (12 )
loss
Total segment $ 256 $ 247 $ 231 $ 734
margin
Reconciling
items:
Stock-based (11 ) (11 ) (11 ) (34 )
compensation
Equity investment 1 - 1 1
income
Consolidated $ 245 $ 236 $ 222 $ 702
operating income
DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA--continued
(unaudited)
(dollars in millions, except for per share and per treatment data)
Three months ended
Nine months
ended
September 30, June 30, September 30, September 30,
2009 2009 2008 2009
4. Segment
Business
Metrics:
Dialysis and
related lab
services:
Volume
Treatments 4,339,195 4,228,179 4,091,099 12,649,812
Number of 79.0 78.0 79.0 233.5
treatment days
Treatments per 54,927 54,207 51,786 54,175
day
Per day year
over year 6.1 % 5.2 % 5.1 % 5.4 %
increase
Non-acquired
growth year 5.2 % 4.5 % 3.8 % 4.5 %
over year
Revenue
Dialysis and
related lab
services $ 343.14 $ 340.35 $ 336.42 $ 340.14
revenue per
treatment
Per treatment
increase from 0.8 % 1.1 % 0.1 % -
previous
quarter
Per treatment
increase from 2.0 % 1.3 % 0.9 % 1.9 %
previous year
Percent of
consolidated 94.7 % 94.9 % 95.2 % 94.9 %
revenue
Expenses
Patient care
costs
Percent of
segment 69.0 % 68.6 % 69.0 % 68.8 %
revenue
Per treatment $ 237.21 $ 233.93 $ 232.50 $ 234.40
Per treatment
increase from 1.4 % 0.9 % 0.7 % -
previous
quarter
Per treatment
increase from 2.0 % 1.3 % 3.9 % 1.9 %
previous year
General and
administrative
expenses
Percent of
segment 7.1 % 7.4 % 7.4 % 7.3 %
revenue
Per treatment $ 24.39 $ 25.14 $ 24.88 $ 24.90
Per treatment
decrease from (3.0 %) (0.2 %) - -
previous
quarter
Per treatment
(decrease) (2.0 %) 1.1 % (1.5 %) 1.6 %
increase from
previous year
5. Cash Flow
Operating cash $ 167.5 $ 212.4 $ 160.2 $ 514.1
flow
Operating cash
flow last $ 712.7 $ 705.4 $ 651.3
twelve months
Free cash flow $ 125.5 $ 173.6 $ 119.0 $ 388.5
(1)
Free cash
flow, last $ 533.3 $ 526.8 $ 490.6
twelve months
(1)
Capital
expenditures:
Development
and $ 42.4 $ 42.5 $ 51.6 $ 127.0
relocations
Routine
maintenance/IT $ 25.0 $ 22.5 $ 27.2 $ 78.7
other
Acquisition $ 20.7 $ 3.5 $ 30.4 $ 64.0
expenditures
6. Accounts
Receivable
Net $ 1,143 $ 1,128 $ 1,057
receivables
DSO 70 70 70
DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA--continued
(unaudited)
(dollars in millions, except for per share and per treatment data)
Three months ended
Nine months
September 30, June 30, September 30, ended
2009 2009 2008 September 30,
2009
7. Debt and
Capital Structure
Total debt(2) $ 3,654 $ 3,669 $ 3,704
Net debt, net of $ 3,072 $ 3,124 $ 3,316
cash(2)
Leverage ratio
(see Note 1 2.57x 2.66x 2.98x
below)
Overall effective
weighted average
interest rate 4.79 % 4.92 % 5.66 %
during the
quarter
Overall effective
weighted average
interest rate at 4.76 % 4.87 % 6.09 %
end of the
quarter
Effective
weighted average
interest rate on
the Senior 2.81 % 3.02 % 5.39 %
Secured Credit
Facilities at end
of the quarter
Economically
fixed interest
rates as a 61 % 64 % 70 %
percentage of our
total debt
Share repurchases $ 62.4 $ - $ - $ 94.4
8. Clinical
(quarterly
averages)
Dialysis adequacy
-% of patients 95 % 95 % 94 %
with Kt/V > 1.2
90 day patients
with Hb >= 10 <= 88 % 88 % 87 %
13
Patients with
arteriovenous 64 % 63 % 61 %
fistulas placed
_________________
These are non-GAAP financial measures. For a reconciliation of these
(1) non-GAAP financial measures to their most comparable measure calculated and
presented in accordance with GAAP, see attached reconciliation schedules.
This is a non-GAAP financial measure. It excludes $2.9 million, for the
(2) quarter ended September 30, 2009, the unamortized balance of a debt premium
associated with our senior notes that is not actually outstanding debt
principal.
Consolidated percentages of revenue and per treatment amounts are comprised
(3) of the dialysis and related lab services business, other ancillary services
and strategic initiatives, as well as stock-based compensation expenses.
DAVITA INC.
SUPPLEMENTAL FINANCIAL DATA--continued
(unaudited)
(dollars
in thousands)
Note 1: Calculation of the Leverage Ratio
Under the Company's current Senior Secured Credit Facilities (Credit Agreement), the leverage ratio is defined as all funded debt plus the face amount of all letters of credit issued, minus cash and cash equivalents, divided by "Consolidated EBITDA". The leverage ratio determines the interest rate margin payable by the Company for its term loan A and revolving line of credit under the Credit Agreement by establishing the margin over the base interest rate (LIBOR) that is applicable. The following leverage ratio was calculated using "Consolidated EBITDA" as defined in the Credit Agreement. The calculation below is based on the last twelve months of "Consolidated EBITDA", pro forma for the routine acquisitions that occurred during the period. The Company's management believes the presentation of "Consolidated EBITDA" is useful to investors to enhance their understanding of the Company's leverage ratio under its Credit Agreement.
Rolling twelve
months ended
September 30, 2009
Net income attributable to DaVita Inc. $ 411,325
Income taxes 269,103
Debt expense 196,749
Depreciation and amortization 228,365
Noncontrolling interests and equity investment 51,389
income, net
Other 13,797
Stock-based compensation expense 45,108
"Consolidated EBITDA" $ 1,215,836
September 30, 2009
Total debt, excluding debt premium of $2.9 $ 3,653,622
million
Letters of credit issued 47,894
3,701,516
Less: cash and cash equivalents (581,680 )
Consolidated net debt $ 3,119,836
Last twelve months "Consolidated EBITDA" $ 1,215,836
Leverage ratio 2.57x
In accordance with the Company's Credit Agreement, the Company's leverage ratio cannot exceed 4.25 to 1.0 as of September 30, 2009. At that date the Company's leverage ratio did not exceed 4.25 to 1.0.
DAVITA INC.
RECONCILIATIONS FOR NON-GAAP MEASURES
(unaudited)
(dollars
in thousands)
1. Effective Income Tax Rates
We believe that reporting the effective income tax rate attributable to DaVita Inc. enhances a user's understanding of DaVita's effective income tax rate for the periods presented because it excludes noncontrolling owners' income that primarily relates to non-tax paying entities and accordingly is more comparable to prior periods presentations regarding DaVita's effective income tax rate and is more meaningful to a user to fully understand the related income tax effects on DaVita Inc. operating results. This measure is not a measure of financial performance under United States generally accepted accounting principles and should not be considered as an alternative to the effective income tax rate.
Effective income tax rate as compared to the effective income tax rate attributable to DaVita Inc. is as follows:
Three months ended
Nine months
ended
September 30, June 30, September 30, September 30,
2009 2009 2008 2009
Income before $ 200,465 $ 190,139 $ 169,748 $ 563,661
income taxes
Income tax $ 74,195 $ 70,507 $ 62,010 $ 209,485
expense
Effective
income tax 37.0 % 37.1 % 36.5 % 37.2 %
rate
Three months ended
Nine months
ended
September 30, June 30, September 30, September 30,
2009 2009 2008 2009
Income before $ 200,465 $ 190,139 $ 169,748 $ 563,661
income taxes
Less:
Noncontrolling
owners' income
primarily (15,585 ) (13,913 ) (13,888 ) (41,654 )
attributable
to non-tax
paying
entities
Income before
income taxes $ 184,880 $ 176,226 $ 155,860 $ 522,007
attributable
to DaVita Inc.
Income tax $ 74,195 $ 70,507 $ 62,010 $ 209,485
expense
Less income
tax
attributable (245 ) (100 ) (60 ) (438 )
to
noncontrolling
interests
Income tax
attributable $ 73,950 $ 70,407 $ 61,950 $ 209,047
to DaVita Inc.
Effective
income tax
rate 40.0 % 40.0 % 39.7 % 40.0 %
attributable
to DaVita Inc.
DAVITA INC.
RECONCILIATIONS FOR NON-GAAP MEASURES
(unaudited)
(dollars
in thousands)
2. Free cash flow
Free cash flow represents net cash provided by operating activities less income distributions to noncontrolling interests and capital expenditures for routine maintenance and information technology. We believe free cash flow is a useful adjunct to cash flow from operating activities and other measurements under United States generally accepted accounting principles, since free cash flow is a meaningful measure of our ability to fund acquisition and development activities and meet our debt service requirements. In addition, free cash flow excluding income distributions to noncontrolling interests also provides a user with an understanding of free cash flows that are attributable to DaVita Inc. Free cash flow is not a measure of financial performance under United States generally accepted accounting principles and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows or as a measure of liquidity.
Three months ended
Nine months
ended
September 30, June 30, September 30, September 30,
2009 2009 2008 2009
Cash provided by
operating $ 167,487 $ 212,383 $ 160,195 $ 514,119
activities
Less: Income
distributions to (16,993 ) (16,328 ) (13,968 ) (46,888 )
noncontrolling
interests
Cash provided by
operating
activities $ 150,494 $ 196,055 $ 146,227 $ 467,231
attributable to
DaVita Inc.
Less:
Expenditures for
routine (25,040 ) (22,502 ) (27,217 ) (78,697 )
maintenance and
information
technology
Free cash flow $ 125,454 $ 173,553 $ 119,010 $ 388,534
Rolling 12-Month Period
September 30, June 30, September 30,
2009 2009 2008
Cash provided by operating $ 712,668 $ 705,376 $ 651,291
activities
Less: Income distributions to (61,267 ) (58,242 ) (56,204 )
noncontrolling interests
Cash provided by operating
activities attributable to $ 651,401 $ 647,134 $ 595,087
DaVita Inc.
Less: Expenditures for routine
maintenance and information (118,109 ) (120,286 ) (104,509 )
technology
Free cash flow. $ 533,292 $ 526,848 $ 490,578
Source: DaVita Inc.
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