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 7
 
 
August 7, 2017
 
 



Envision Healthcare Corporation
Unaudited Selected Consolidated Financial and Operating Data, continued
(In millions)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Net Revenue by Segment:
 
 
 
 
 
 
 
Physician Services (1)
$
1,628.5

 
$
438.7

 
$
3,191.2

 
$
856.3

Ambulatory Services
318.5

 
319.8

 
634.4

 
626.9

Total net revenue - continuing operations
1,947.0

 
758.5

 
3,825.6

 
1,483.2

Medical Transportation Services (2)
588.8

 

 
1,182.3

 

Net revenue including discontinued operations
$
2,535.8

 
$
758.5

 
$
5,007.9

 
$
1,483.2

 
 
 
 
 
 
 
 
Adjusted EBITDA by Segment:
 
 
 
 
 
 
 
Physician Services (1)
$
193.3

 
$
87.5

 
$
343.4

 
$
154.0

Ambulatory Services
60.5

 
61.7

 
120.7

 
115.3

Adjusted EBITDA - continuing operations
253.8

 
149.2

 
464.1

 
269.3

Medical Transportation Services (2)
68.2

 

 
140.5

 

Adjusted EBITDA including discontinued operations
$
322.0

 
$
149.2

 
$
604.6

 
$
269.3

 
 
 
 
 
 
 
 
Adjusted EBITDA Margin by Segment:
 
 
 
 
 
 
 
Physician Services (1)
11.9
%
 
19.9
%
 
10.8
%
 
18.0
%
Ambulatory Services
19.0

 
19.3

 
19.0

 
18.4

Total - continuing operations
13.0

 
19.7

 
12.1

 
18.2

Medical Transportation Services (1)(2)
11.6

 

 
11.9

 

Total - including discontinued operations
12.7
%
 
19.7
%
 
12.1
%
 
18.2
%
 
 
 
 
 
 
 
 
 
Physician Services
 
Ambulatory Services
 
Medical Transportation (Discontinued Operations)
 
Total
Three months ended June 30, 2017
 
 
 
 
 
 
 
Segment results after impact of discontinued operations
$
193.3

 
$
60.5

 
$
68.2

 
$
322.0

Corporate overhead allocation adjustment due to accounting for discontinued operations (3)
6.5

 
2.0

 
(8.5
)
 

Standalone segment results
$
199.8

 
$
62.5

 
$
59.7

 
$
322.0

 
 
 
 
 
 
 
 
Six months ended June 30, 2017
 
 
 
 
 
 
 
Segment results after impact of discontinued operations
$
343.4

 
$
120.7

 
$
140.5

 
$
604.6

Corporate overhead allocation adjustment due to accounting for discontinued operations (3)
13.4

 
4.0

 
(17.4
)
 

Standalone segment results
$
356.8

 
$
124.7

 
$
123.1

 
$
604.6

 
(1)
Excludes amounts from EHH for the three and six months ended June 30, 2016.
(2)
Amounts from Medical Transportation represent discontinued operations for the three and six months ending June 30, 2017.
(3)
For the three and six months ended June 30, 2017 and on a before tax basis, approximately $15.1 million and $29.6 million, respectively, of general corporate expenses, including allocations for corporate salaries and stock based compensation, general and administrative costs and depreciation, were removed from the medical transportation business and reallocated to the Company's remaining segments. This removal of corporate expenses resulted in a reduction of Adjusted EBITDA in the physician services and ambulatory services segments for the three and six months ended June 30, 2017 of $6.5 million and $2.0 million and $13.4 million and $4.0 million, respectively.

See footnotes for definitions of non-GAAP measures on page 12

-MORE-