Revenues Increased Approximately 30% Year Over
Year
Increases Full-Year 2014 Adjusted EBITDA
Guidance to $630 Million to $640 Million
LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced results
for the third quarter and nine months ended September 30, 2014.
For the third quarter ended September 30, 2014, revenues from
continuing operations were $1,166.0 million, up 29.6% from
$899.7 million for the same period a year ago. Adjusted EBITDA for
the third quarter ended September 30, 2014, increased 15.9% to
$155.7 million compared with $134.3 million for the same
period a year ago. Adjusted EBITDA for the third quarter ended
September 30, 2014, excludes an impairment charge of $12.2 million,
or $0.16 per diluted share, for the write down of property,
equipment and allocated goodwill in connection with the pending
sale of a hospital in LaPlace, Louisiana. Including the impairment
charge, income from continuing operations attributable to LifePoint
Hospitals, Inc. stockholders for the third quarter ended September
30, 2014, decreased 15.4% to $27.5 million, or $0.59 per
diluted share, compared with $32.5 million, or $0.68 per
diluted share, for the same period a year ago.
For the first nine months of 2014, revenues from continuing
operations were $3,220.2 million, up 18.1% from $2,725.7
million for the same period a year ago. Adjusted EBITDA for the
nine months ended September 30, 2014, increased 18.5% to
$460.2 million compared with $388.5 million for the same
period a year ago. Income from continuing operations attributable
to LifePoint Hospitals, Inc. stockholders, including the
aforementioned impairment charge of $12.2 million, for the first
nine months of 2014 increased 12.8% to $103.7 million, or
$2.20 per diluted share, compared with $91.9 million, or $1.93
per diluted share, for the same period a year ago.
“We delivered another solid performance in the third quarter of
2014,” said William F. Carpenter III, chairman and chief executive
officer of LifePoint Hospitals. “Our results were driven by the
performance of our recent acquisitions, improved volumes and solid
cost management. We expect to continue this momentum through the
fourth quarter and are pleased to be raising our guidance for full
year 2014. I want to thank LifePoint’s talented employees and
physicians who are working hard every day to provide our patients
with high quality care. We remain focused on executing our
initiatives to enhance value for our shareholders.”
The Company also issued the following revised guidance for
2014:
Estimated Net Revenue $4.45 - $4.50 billion
Estimated Adjusted EBITDA $630 - $640 million Estimated Diluted EPS
$3.26- $3.39
Guidance excludes the impact of items, if applicable, that are
non-operational in nature, including items such as, but not limited
to, gains or losses on sales of hospitals and businesses, gains or
losses on early debt retirement and impairments of long-lived
assets. This guidance is also subject to certain risks, including
those as set forth in the Company’s “Important Legal
Information.”
A listen-only simulcast, as well as a 30-day replay, of
LifePoint Hospitals’ third quarter 2014 conference call will be
available on line at www.lifepointhospitals.com/news/press-releases
today, Friday, October 24, 2014, beginning at 10:00 a.m. Eastern
Time.
LifePoint Hospitals, Inc. is a leading hospital company focused
on providing quality healthcare services close to home. Through its
subsidiaries, LifePoint operates 68 hospital campuses in 21 states.
With a mission of “Making Communities Healthier®,” LifePoint is the
sole community hospital provider in the majority of the communities
it serves. More information about the Company, which is
headquartered in Brentwood, Tennessee, can be found on its website,
www.LifePointHospitals.com. All references to “LifePoint,”
“LifePoint Hospitals,” or the “Company” used in this release refer
to LifePoint Hospitals, Inc. or its affiliates.
Important Legal Information. Certain statements contained
in this release, including LifePoint’s revised guidance for the
year ended December 31, 2014, are based on current management
expectations and are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are intended to qualify for the safe harbor protections from
liability provided by the Private Securities Litigation Reform Act
of 1995. Numerous factors exist which may cause results to differ
from these expectations. Many of the factors that will determine
our future results are beyond our ability to control or predict
with accuracy. Such forward-looking statements reflect the current
expectations and beliefs of the management of LifePoint, are not
guarantees of performance and are subject to a number of risks,
uncertainties, assumptions and other factors that could cause
actual results to differ from those described in the
forward-looking statements. These forward-looking statements may
also be subject to other risk factors and uncertainties, including
without limitation: (i) the effects related to the enactment and
implementation of healthcare reform, the possible enactment of
additional federal or state healthcare reforms and possible changes
in healthcare reform laws and other federal, state or local laws or
regulations affecting the healthcare industry including the timing
of the implementation of reform; (ii) the extent to which states
support increases, decreases or changes in Medicaid programs,
implement healthcare exchanges or alter the provision of healthcare
to state residents through regulation or otherwise; (iii) delays in
receiving payments for services provided, reductions in Medicare or
Medicaid payments (including increased recoveries made by Recovery
Audit Contractors (RAC) and similar governmental agents), compared
to the timing of expanded coverage; (iv) reductions in
reimbursements from commercial payors, whether due to a change in
our revenue mix, service mix, reduction in commercial rates or
otherwise; (v) our ability to acquire hospitals and other
healthcare providers on favorable terms, the business risks and
costs associated therewith and the uncertainty in operating and
integrating such hospitals and other providers; (vi) our ongoing
ability to demonstrate meaningful use of certified electronic
health record technology and recognize income for the related
Medicare or Medicaid incentive payments; (vii) the failure or
closure of employers in our markets, especially those that are
dependent on a small number of local employers; (viii) the growth
of “bad debt” and “patient due” accounts, the number of individuals
without insurance coverage (or who are underinsured) who seek care
at our hospitals, and deterioration in the collectability of these
accounts; (ix) changes in general economic conditions nationally
and regionally in our markets; (x) whether our core strategies will
result in anticipated operating results, including measurable
quality and satisfaction improvements; (xi) whether our efforts to
reduce the cost of providing healthcare while increasing the
quality of care are successful; (xii) the ability to attract,
recruit and retain qualified physicians, nurses, medical
technicians and other healthcare professionals and the increasing
costs associated with doing so, including the direct costs
associated with employing physicians and other healthcare
professionals; (xiii) the loss of certain physicians in markets
where such a loss can have a disproportionate impact on our
hospital in such market; (xiv) the application, interpretation and
enforcement of increasingly stringent and complex laws and
regulations governing our operations and healthcare generally (and
changing interpretations of applicable laws and regulations),
related enforcement activity and the potentially adverse impact of
known and unknown government investigations, litigation and other
claims that may be made against us; (xv) any interruption of or
restriction in our access to licensed information (and information
technology systems) or failure in our ability to integrate changes
to LifePoint’s existing information systems or information systems
of acquired hospitals; (xvi) the highly competitive nature of the
health care business; (xvii) adverse events in states where a large
portion of our revenues are concentrated; (xviii) the availability
and terms of capital to fund the expansion of our business and
improvements to our existing facilities, and any changes in
accounting practices; (xix) liabilities resulting from potential
malpractice and related legal claims brought against our hospitals
or the healthcare providers associated with, or employed by, such
hospitals or affiliated entities; (xx) our increased dependence on
third parties to provide purchasing, revenue cycle and payroll
services and information technology and whether they are able to do
so effectively; (xxi) the continued viability of our operations
through joint venture entities, the largest of which is Duke
LifePoint Healthcare, our partnership with a wholly controlled
affiliate of Duke University Health Systems, Inc.; and (xxii) those
other risks and uncertainties described from time to time in our
filings with the Securities and Exchange Commission. Therefore, our
future results may differ materially from those described in this
release. LifePoint undertakes no obligation to 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 “our,” “LifePoint,” “LifePoint Hospitals” and
the “Company” as used throughout this release refer to LifePoint
Hospitals, Inc. and its subsidiaries.
LIFEPOINT HOSPITALS, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Dollars in millions, except per share
amounts
Three Months Ended
September 30,
Nine Months Ended
September 30,
2014 2013 2014
2013 Amount % of Revenues
Amount % of Revenues Amount %
of Revenues Amount % of Revenues Revenues before
provision
for doubtful accounts
$ 1,388.2 $ 1,092.9 $ 3,817.2 $ 3,268.8 Provision for doubtful
accounts 222.2 193.2 597.0
543.1 Revenues 1,166.0 100.0 % 899.7 100.0 %
3,220.2 100.0 % 2,725.7 100.0 % Salaries and benefits 558.8
47.9 422.2 46.9 1,522.1 47.3 1,277.5 46.9 Supplies 180.5 15.5 140.6
15.6 500.0 15.5 429.4 15.8 Other operating expenses 285.6 24.4
222.6 24.8 787.4 24.4 667.0 24.3 Other income (14.6 ) (1.2 ) (20.0
) (2.2 ) (49.5 ) (1.5 ) (36.7 ) (1.3 ) Depreciation and
amortization 68.8 6.0 57.4 6.3 190.8 5.9 169.1 6.2 Interest
expense, net 28.6 2.4 24.0 2.7 93.8 2.9 70.5 2.6 Gain on settlement
of pre-acquisition contingent obligation – – – – – – (5.6 ) (0.2 )
Debt transaction costs – – 0.3 – – – 4.7 0.2 Impairment charge
12.2 1.0 – – 12.2
0.4 – – 1,119.9
96.0 847.1 94.1 3,056.8
94.9 2,575.9 94.5 Income from
continuing operations before
income taxes
46.1 4.0 52.6 5.9 163.4 5.1 149.8 5.5 Provision for income taxes
17.4 1.5 18.5 2.1
55.2 1.7 55.5 2.0 Income from
continuing operations 28.7 2.5 34.1 3.8 108.2 3.4 94.3 3.5 Income
from discontinued operations, net of
income taxes
– – 0.3 – –
– 0.7 – Net income 28.7 2.5 34.4 3.8
108.2 3.4 95.0 3.5 Less: Net income attributable to noncontrolling
interests and redeemable noncontrolling interests (1.2 )
(0.1 ) (1.6 ) (0.2 ) (4.5 ) (0.2 ) (2.4 ) (0.1
) Net income attributable to LifePoint Hospitals, Inc. $ 27.5
2.4 % $ 32.8 3.6 % $ 103.7 3.2 % $ 92.6
3.4 % Earnings per share attributable to LifePoint
Hospitals, Inc. stockholders: Basic: Continuing operations $ 0.61 $
0.70 $ 2.30 $ 1.99 Discontinued operations – –
– 0.01 $ 0.61 $ 0.70
$ 2.30 $ 2.00 Diluted: Continuing
operations $ 0.59 $ 0.68 $ 2.20 $ 1.93 Discontinued operations
– – – 0.01
$ 0.59 $ 0.68 $ 2.20 $ 1.94
Amounts attributable to LifePoint Hospitals, Inc. stockholders:
Income from continuing operations, net of
income taxes
$ 27.5 $ 32.5 $ 103.7 $ 91.9
Income from discontinued operations, net
of income taxes
– 0.3 – 0.7
Net income $ 27.5 $ 32.8 $ 103.7 $ 92.6
LIFEPOINT HOSPITALS, INC.
UNAUDITED EARNINGS PER SHARE
CALCULATIONS
In millions, except per share
amounts
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2014 2013 2014 2013
Income from continuing operations $ 28.7 $ 34.1 $ 108.2 $ 94.3
Less: Net income attributable to noncontrolling interests
and redeemable noncontrolling
interests
(1.2) (1.6) (4.5) (2.4) Income from continuing operations
attributable to
LifePoint Hospitals, Inc. stockholders
27.5 32.5 103.7 91.9 Income from discontinued operations, net of
income taxes – 0.3 – 0.7 Net income attributable to LifePoint
Hospitals, Inc. $ 27.5 $ 32.8 $ 103.7 $ 92.6 Weighted
average shares outstanding – basic 44.8 46.5 45.1 46.3 Effect of
dilutive securities: Stock options and other stock-based awards 1.9
1.3 1.7 1.3 Convertible debt instruments – – 0.3 – Weighted average
shares outstanding – diluted 46.7 47.8 47.1 47.6 Earnings
per share attributable to LifePoint Hospitals, Inc. stockholders:
Basic: Continuing operations $ 0.61 $ 0.70 $ 2.30 $ 1.99
Discontinued operations – – – 0.01 $ 0.61 $ 0.70 $ 2.30 $ 2.00
Diluted: Continuing operations $ 0.59 $ 0.68 $ 2.20 $ 1.93
Discontinued operations – – – 0.01 $ 0.59 $ 0.68 $ 2.20 $ 1.94
LIFEPOINT HOSPITALS, INC.
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
In millions
Sept. 30,
2014
Dec. 31,
2013
ASSETS Current assets: Cash and cash equivalents $ 263.0 $
637.9
Accounts receivable, less allowances for
doubtful accounts of $745.2 and $741.2 at September 30, 2014 and
December 31, 2013, respectively
741.0 595.7 Inventories 115.1 102.0 Prepaid expenses 45.2 38.0
Income taxes receivable 43.4 – Deferred tax assets 116.8 147.7
Other current assets 92.2 72.9 1,416.7
1,594.2 Property and equipment: Land 135.4 112.3 Buildings
and improvements 2,180.0 2,019.6 Equipment 1,576.4 1,469.9
Construction in progress 74.8 58.7
3,966.6 3,660.5 Accumulated depreciation (1,615.4 )
(1,463.3 ) 2,351.2 2,197.2 Deferred loan costs, net 32.8
31.1 Intangible assets, net 69.1 72.6 Other 43.0 40.7 Goodwill
1,637.6 1,651.0 Total assets $ 5,550.4
$ 5,586.8
LIABILITIES AND EQUITY
Current liabilities: Accounts payable $ 164.8 $ 135.9 Accrued
salaries 193.7 139.6 Other current liabilities 224.4 197.2 Current
maturities of long-term debt 16.3 583.0
599.2 1,055.7 Long-term debt 2,205.8 1,793.8 Deferred income
tax liabilities 218.4 233.1 Long-term portion of reserves for
self-insurance claims 128.5 139.8 Other long-term liabilities 86.1
55.4 Long-term income tax liability 19.2 16.6
Total liabilities 3,257.2 3,294.4
Redeemable noncontrolling interests 84.6 59.8
Equity: LifePoint Hospitals, Inc. stockholders’ equity: Common
stock 0.7 0.7 Capital in excess of par value 1,488.6 1,470.7
Accumulated other comprehensive income 3.4 3.4 Retained earnings
1,450.7 1,347.0 Common stock in treasury, at cost (761.0 )
(611.7 ) Total LifePoint Hospitals, Inc. stockholders’
equity 2,182.4 2,210.1 Noncontrolling interests 26.2
22.5 Total equity 2,208.6
2,232.6 Total liabilities and equity $ 5,550.4 $
5,586.8
LIFEPOINT HOSPITALS, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Dollars in millions
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2014 2013
2014 2013 Cash flows from
operating activities: Net income $ 28.7 $ 34.4 $ 108.2 $ 95.0
Adjustments to reconcile net income to net
cash provided by
operating activities:
Income from discontinued operations – (0.3 ) – (0.7 ) Stock-based
compensation 7.3 6.0 20.4 19.1 Depreciation and amortization 68.8
57.4 190.8 169.1 Amortization of physician minimum revenue
guarantees 3.5 4.1 11.2 13.1 Amortization of debt discounts,
premium and deferred loan costs 1.2 6.8 12.8 19.9 Gain on
settlement of pre-acquisition contingent obligation – – – (5.6 )
Debt transaction costs – 0.3 – 4.7 Impairment charge 12.2 – 12.2 –
Deferred income tax (benefit) 28.2 (9.9 ) 23.1 (53.6 ) Reserve for
self-insurance claims, net of payments 1.0 0.8 5.7 7.5
Increase (decrease) in cash from operating
assets and liabilities, net of effects from acquisitions and
divestitures:
Accounts receivable (28.4 ) (7.6 ) (56.7 ) (26.2 ) Inventories and
other current assets 6.7 (9.1 ) 27.1 (4.3 ) Accounts payable and
accrued expenses 28.7 6.6 (2.9 ) (19.4 ) Income taxes
payable/receivable (26.7 ) 14.7 (46.0 ) 34.2 Other 0.1
(0.1 ) 2.0 0.6 Net cash
provided by operating activities – continuing operations 131.3
104.1 307.9 253.4
Net cash provided by operating activities
– discontinued operations
– 0.2 – –
Net cash provided by operating activities 131.3
104.3 307.9 253.4
Cash flows from investing activities: Purchases of property and
equipment (37.0 ) (32.7 ) (90.7 ) (108.5 ) Acquisitions, net of
cash acquired (172.1 ) (12.2 ) (259.9 ) (18.4 ) Other (0.6 )
(1.7 ) (1.0 ) (0.3 ) Net cash used in
investing activities (209.7 ) (46.6 ) (351.6 )
(127.2 ) Cash flows from financing activities:
Proceeds from borrowings – – 412.0 323.0 Payments of borrowings
(2.8 ) (3.7 ) (582.6 ) (320.9 ) Repurchases of common stock (0.4 )
(31.3 ) (172.3 ) (38.5 ) Payment of debt financing costs (0.8 )
(7.3 ) (6.7 ) (8.3 ) Proceeds from exercise of stock options 4.8
6.2 23.1 34.4 Other (1.4 ) (1.8 ) (4.7 )
(6.1 ) Net cash used in financing activities (0.6 )
(37.9 ) (331.2 ) (16.4 ) Change in cash
and cash equivalents (79.0 ) 19.8 (374.9 ) 109.8 Cash and cash
equivalents at beginning of period 342.0 175.0
637.9 85.0 Cash and cash
equivalents at end of period $ 263.0 $ 194.8 $ 263.0
$ 194.8 Supplemental disclosure of cash flow
information: Interest payments $ 4.3 $ 5.3 $ 64.9
$ 40.7 Capitalized interest $ 0.3 $ 0.4
$ 0.6 $ 1.1 Income tax payments, net $ 15.7 $
14.0 $ 78.0 $ 75.4
LIFEPOINT HOSPITALS, INC.
UNAUDITED STATISTICS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2014 2013 %
Change
2014 2013 %
Change
Continuing Operations: (1) Number of hospitals 68 57 19.3 %
68 57 19.3 % Admissions 56,599 48,671 16.3 161,335 150,140 7.5
Equivalent admissions (2) 144,994 117,097 23.8 396,884 350,577 13.2
Revenues per equivalent admission $ 8,041 $ 7,683 4.7 $ 8,114 $
7,775 4.4 Medicare case mix index 1.38 1.37 0.7 1.37 1.37 – Average
length of stay (days) 4.8 4.5 6.7 4.8 4.6 4.3 Inpatient surgeries
15,672 13,341 17.5 43,219 40,173 7.6 Outpatient surgeries 56,101
45,514 23.3 154,355 135,410 14.0 Total surgeries 71,773 58,855 21.9
197,574 175,583 12.5 Emergency room visits 359,701 296,240 21.4
984,816 876,840 12.3 Outpatient factor (2) 2.57 2.40 7.1 2.46 2.34
5.1 Same-hospital: (3) Number of hospitals 56 56 – % 56 56 –
% Admissions 47,939 48,339 (0.8 ) 144,986 149,122 (2.8 ) Equivalent
admissions (2) 121,382 116,110 4.5 353,331 347,753 1.6 Revenues per
equivalent admission $ 7,931 $ 7,686 3.2 $ 7,962 $ 7,777 2.4
Medicare case mix index 1.39 1.37 1.5 1.38 1.37 0.7 Average length
of stay (days) 4.5 4.5 – 4.5 4.6 (2.2 ) Inpatient surgeries 13,132
13,230 (0.7 ) 38,530 39,806 (3.2 ) Outpatient surgeries 47,621
45,235 5.3 138,407 134,543 2.9 Total surgeries 60,753 58,465 3.9
176,937 174,349 1.5 Emergency room visits 306,973 292,059 5.1
879,350 864,682 1.7 Outpatient factor (2) 2.53 2.40 5.4 2.44 2.33
4.7
(1) Continuing operations information includes the results of
our hospital support center, our same-hospital operations and our
recent acquisitions completed in 2014 and 2013. Additionally,
continuing operations information includes the results of River
Parishes Hospital, which was classified as held for sale as of
September 30, 2014.
(2) Management and investors use equivalent admissions as a
general measure of combined inpatient and outpatient volume. We
compute equivalent admissions by multiplying admissions (inpatient
volumes) by the outpatient factor (the sum of gross inpatient
revenue and gross outpatient revenue and then dividing the
resulting amount by gross inpatient revenue). The equivalent
admissions computation “equates” outpatient revenue to the volume
measure (admissions) used to measure inpatient volume resulting in
a general measure of combined inpatient and outpatient volume.
(3) Same-hospital information includes the results of our
hospital support center and the same 56 hospitals operated during
the three months and nine months ended September 30, 2014 and 2013.
Same-hospital information excludes the results of our recent
acquisitions completed in 2014 and 2013, with the exception of
Scott Memorial Hospital, which we acquired effective January 1,
2013, through our joint venture with Norton Healthcare, Inc. and
which is included in our same-hospital information. Additionally,
same-hospital information excludes our hospitals that have
previously been disposed, in addition to River Parishes Hospital,
which was classified as held for sale as of September 30, 2014.
LIFEPOINT HOSPITALS, INC.UNAUDITED
SUPPLEMENTAL INFORMATIONDollars in millions, except Diluted
EPS amounts
Adjusted EBITDA is defined by the Company as earnings before
depreciation and amortization; interest expense, net; gain on
settlement of pre-acquisition contingent obligation; debt
transaction costs; impairment charge; provision for income taxes;
income from discontinued operations, net of income taxes; and net
income attributable to noncontrolling interests and redeemable
noncontrolling interests. LifePoint’s management and Board of
Directors use Adjusted EBITDA to evaluate the Company’s operating
performance and as a measure of performance for incentive
compensation purposes. LifePoint’s credit facilities use Adjusted
EBITDA for certain financial covenants. The Company believes
Adjusted EBITDA is a measure of performance used by some investors,
equity analysts and others to make informed investment decisions.
In addition, multiples of current or projected Adjusted EBITDA are
used to estimate current or prospective enterprise value. Adjusted
EBITDA should not be considered as a measure of financial
performance under U.S. generally accepted accounting principles
(“GAAP”), and the items excluded from Adjusted EBITDA are
significant components in understanding and assessing financial
performance. Adjusted EBITDA should not be considered in isolation
or as an alternative to net income, cash flows generated by
operating, investing or financing activities or other financial
statement data presented in the consolidated financial statements
as an indicator of financial performance or liquidity. Because
Adjusted EBITDA is not a measurement determined in accordance with
GAAP and is susceptible to varying calculations, Adjusted EBITDA as
presented may not be comparable to other similarly titled measures
of other companies.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2014 2013 2014
2013 Amount
% ofRevenues
Amount
% ofRevenues
Amount
% ofRevenues
Amount
% ofRevenues
Revenues before provision
for doubtful accounts
$ 1,388.2 $ 1,092.9 $ 3,817.2 $ 3,268.8 Provision for doubtful
accounts 222.2 193.2 597.0
543.1 Revenues 1,166.0 100.0 % 899.7 100.0 %
3,220.2 100.0 % 2,725.7 100.0 % Salaries and benefits 558.8
47.9 422.2 46.9 1,522.1 47.3 1,277.5 46.9 Supplies 180.5 15.5 140.6
15.6 500.0 15.5 429.4 15.8 Other operating expenses 285.6 24.4
222.6 24.8 787.4 24.4 667.0 24.3 Other income (14.6 ) (1.2 )
(20.0 ) (2.2 ) (49.5 ) (1.5 ) (36.7 ) (1.3 )
1,010.3 86.6 765.4 85.1
2,760.0 85.7 2,337.2 85.7
Adjusted EBITDA $ 155.7 13.4 % $ 134.3 14.9 % $ 460.2
14.3 % $ 388.5 14.3 %
The following table reconciles Adjusted EBITDA as presented
above to net income attributable to LifePoint Hospitals, Inc. as
reflected in the unaudited condensed consolidated statements of
operations:
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2014 2013
2014 2013 Adjusted EBITDA $
155.7 $ 134.3 $ 460.2 $ 388.5 Less: Depreciation and amortization
68.8 57.4 190.8 169.1 Interest expense, net 28.6 24.0 93.8 70.5
Gain on settlement of pre-acquisition contingent obligation – – –
(5.6 ) Debt transaction costs – 0.3 – 4.7 Impairment charge 12.2 –
12.2 – Provision for income taxes 17.4 18.5 55.2 55.5 Income from
discontinued operations, net of income taxes – (0.3 ) – (0.7 )
Net income attributable to noncontrolling
interests and redeemable noncontrolling interests
1.2 1.6 4.5 2.4 Net
income attributable to LifePoint Hospitals, Inc. $ 27.5 $ 32.8
$ 103.7 $ 92.6
LIFEPOINT HOSPITALS, INC.
UNAUDITED SUPPLEMENTAL INFORMATION
(Continued)
Dollars in millions, except Diluted EPS
amounts
The following table reconciles Adjusted
EBITDA as presented for the Company’s updated guidance ranges:
LowEnd
HighEnd
Adjusted EBITDA $ 630.0 $ 640.0 Less: Depreciation and amortization
262.0 262.0 Interest expense, net 122.0 122.0 Provision for income
taxes 85.7 89.1 Net income attributable to noncontrolling interests
and redeemable noncontrolling interests 7.3 7.7 Net
income from continuing operations attributable to LifePoint
Hospitals, Inc. $ 153.0 $ 159.2
Guidance excludes the impact of items, if applicable, that are
non-operational in nature, including items such as, but not limited
to, gains or losses on sales of hospitals and businesses, gains or
losses on early debt retirement and impairments of long-lived
assets. This guidance is also subject to certain risks, including
those as set forth in the Company’s “Important Legal
Information.”
LifePoint Hospitals, Inc.Leif Murphy, 615-920-7664Executive Vice
President andChief Financial Officer
LifePoint Health, Inc. (NASDAQ:LPNT)
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