SEC Filings

8-K
ENVISION HEALTHCARE CORP filed this Form 8-K on 08/07/2017
Entire Document
 
Envision Healthcare Reports 2017 Second Quarter Financial Results
 
Page 6
 
 
August 7, 2017
 
 



Envision Healthcare Corporation
Unaudited Selected Consolidated Financial and Operating Data, continued
(In millions, except earnings per share)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Reconciliation of net earnings (loss) to adjusted net earnings (1):
 
 
 
 
 
 
 
Net earnings (loss) attributable to Envision stockholders
$
56.3

 
$
46.0

 
$
(388.9
)
 
$
76.9

(Earnings) loss from discontinued operations, net of tax
(3.9
)
 

 
474.3

 

Amortization of purchased intangibles
47.5

 
18.2

 
95.2

 
35.9

Share-based compensation
10.7

 
7.9

 
25.3

 
15.1

Transaction and integration costs
27.4

 
5.1

 
48.9

 
6.5

Net gain on disposals and deconsolidations, net of noncontrolling interests

 
(2.6
)
 
(0.3
)
 
(2.6
)
Impairment charges

 

 
0.3

 

Net change in fair value of contingent consideration

 
(2.6
)
 

 
(2.6
)
Total pre-tax adjustments
81.7

 
26.0

 
643.7

 
52.3

Tax effect
34.3

 
8.9

 
70.7

 
19.5

Total adjustments, net
47.4

 
17.1

 
573.0

 
32.8

Adjusted net earnings
$
103.7

 
$
63.1

 
$
184.1

 
$
109.7

 
 
 
 
 
 
 
 
Basic shares outstanding
116,852

 
53,739

 
116,708

 
53,702

Effect of dilutive securities, options and non-vested shares
5,793

 
3,588

 
5,917

 
3,527

Diluted shares outstanding, if converted
122,645


57,327

 
122,625

 
57,229

 
 
 
 
 
 
 
 
Adjusted net earnings per share
$
0.85

 
$
1.10

 
$
1.50

 
$
1.92

 
 
 
 
 
 
 
 
Reconciliation of net earnings to Adjusted EBITDA (2):
 
 
 
 
 
 
 
Net earnings (loss) attributable to Envision stockholders
$
56.3

 
$
46.0

 
$
(388.9
)
 
$
76.9

(Earnings) loss from discontinued operations, net of tax
(3.9
)
 

 
474.3

 

Interest expense, net
56.1

 
31.9

 
108.5

 
62.7

Income tax expense
35.6

 
33.4

 
53.1

 
54.2

Depreciation and amortization
71.6

 
30.1

 
142.9

 
59.1

EBITDA
215.7

 
141.4

 
389.9

 
252.9

Adjustments:
 
 
 
 
 
 
 
Transaction and integration costs
27.4

 
5.1

 
48.9

 
6.5

Share-based compensation
10.7

 
7.9

 
25.3

 
15.1

Impairment charges

 

 
0.3

 

Net gain on disposals and deconsolidations, net of noncontrolling interests

 
(2.6
)
 
(0.3
)
 
(2.6
)
Net change in fair value of contingent consideration

 
(2.6
)
 

 
(2.6
)
Total adjustments
38.1


7.8


74.2

 
16.4

Adjusted EBITDA
$
253.8

 
$
149.2

 
$
464.1

 
$
269.3


See footnotes on page 12



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