SEC Filings

10-Q
ENVISION HEALTHCARE CORP filed this Form 10-Q on 08/08/2017
Entire Document
 
Item 1. Financial Statements - (continued)

Envision Healthcare Corporation
Consolidated Statements of Operations (unaudited)
(Dollars in millions, except earnings per share)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Revenues
$
3,020.6

 
$
859.8

 
$
5,876.4

 
$
1,678.1

Provision for uncollectibles
(1,073.6
)
 
(101.3
)
 
(2,050.8
)
 
(194.9
)
Net revenue
1,947.0

 
758.5

 
3,825.6

 
1,483.2

Operating expenses:
 
 
 
 
 
 
 
Salaries and benefits
1,363.6

 
406.1

 
2,711.7

 
817.6

Supply cost
57.0

 
49.7

 
111.0

 
96.7

Insurance expense
42.6

 
19.1

 
91.4

 
36.8

Other operating expenses
189.4

 
90.0

 
373.3

 
178.4

Transaction and integration costs
27.4

 
5.1

 
48.9

 
6.5

Impairment charges

 

 
0.3

 

Depreciation and amortization
71.6

 
30.1

 
142.9

 
59.1

Total operating expenses
1,751.6

 
600.1

 
3,479.5

 
1,195.1

Net gain (loss) on disposals and deconsolidations
(5.8
)
 
2.6

 
(5.5
)
 
2.6

Equity in earnings of unconsolidated affiliates
5.7

 
7.4

 
10.6

 
14.0

Operating income
195.3

 
168.4

 
351.2

 
304.7

Interest expense, net
56.1

 
31.9

 
108.5

 
62.7

Other income, net
0.4

 

 
1.5

 

Earnings from continuing operations before income taxes
139.6


136.5

 
244.2

 
242.0

Income tax expense
35.6

 
33.4

 
53.1

 
54.2

Net earnings from continuing operations
104.0

 
103.1

 
191.1

 
187.8

Discontinued operations:
 
 
 
 
 
 
 
Earnings from discontinued operations
6.7

 

 
16.7

 

Income tax expense from discontinued operations
(2.8
)
 

 
(491.0
)
 

Net earnings (loss) from discontinued operations
3.9



 
(474.3
)
 

Net earnings (loss)
107.9

 
103.1

 
(283.2
)
 
187.8

Less net earnings attributable to noncontrolling interests
51.6

 
57.1

 
105.7

 
110.9

Net earnings (loss) attributable to Envision Healthcare Corporation stockholders
56.3

 
46.0

 
(388.9
)
 
76.9

Preferred stock dividends
(2.2
)
 
(2.2
)
 
(4.5
)
 
(4.5
)
Net earnings (loss) attributable to Envision Healthcare Corporation common stockholders
$
54.1

 
$
43.8

 
$
(393.4
)
 
$
72.4

 
 
 
 
 
 
 
 
Amounts attributable to Envision Healthcare Corporation common stockholders:
 
 
 
 
 
 
 
Earnings from continuing operations, net of income tax
$
50.2

 
$
43.8

 
$
80.9

 
$
72.4

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

 

 
(474.3
)
 

Net earnings (loss) attributable to Envision Healthcare Corporation common stockholders
$
54.1

 
$
43.8

 
$
(393.4
)
 
$
72.4

 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
Net earnings from continuing operations
$
0.43

 
$
0.82

 
$
0.69

 
$
1.35

Net earnings (loss) from discontinued operations
0.03

 

 
(4.06
)
 

Net earnings (loss)
$
0.46

 
$
0.82

 
$
(3.37
)
 
$
1.35

Diluted earnings (loss) per share attributable to common stockholders:
 
 
 
 
 
 
 
Net earnings from continuing operations
$
0.42

 
$
0.80

 
$
0.68

 
$
1.34

Net earnings (loss) from discontinued operations
0.03

 

 
(4.06
)
 

Net earnings (loss)
$
0.45

 
$
0.80

 
$
(3.37
)
 
$
1.34

 
 
 
 
 
 
 
 
Weighted average number of shares and share equivalents outstanding:
 
 
 
 
 
 
 
Basic
116,852

 
53,739

 
116,708

 
53,702

Diluted
119,581

 
57,327

 
119,528

 
57,229


See accompanying notes to the unaudited consolidated financial statements.
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