SEC Filings

8-K
ENVISION HEALTHCARE CORP filed this Form 8-K on 10/31/2017
Entire Document
 
Envision Healthcare Reports 2017 Third Quarter Financial Results
 
Page 7
 
 
October 31, 2017
 
 



Envision Healthcare Corporation
Unaudited Selected Consolidated Financial and Operating Data, continued
(In millions, except earnings per share)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Reconciliation of net earnings (loss) to adjusted net earnings:
 
 
 
 
 
 
 
Net earnings (loss) attributable to Envision stockholders
$
28.3

 
$
40.0

 
$
(360.6
)
 
$
116.9

Loss from discontinued operations, net of tax
12.4

 

 
486.7

 

Amortization of purchased intangibles
49.8

 
19.1

 
145.0

 
55.0

Share-based compensation
9.2

 
6.1

 
34.5

 
21.2

Transaction and integration costs
18.8

 
16.9

 
67.7

 
23.4

Net loss (gain) on disposals and deconsolidations, net of noncontrolling interests
3.0

 
(4.1
)
 
2.7

 
(6.7
)
Impairment charges

 

 
0.3

 

Net change in fair value of contingent consideration
0.3

 

 
0.3

 
(2.6
)
Total pre-tax adjustments
93.5

 
38.0

 
737.2

 
90.3

Tax effect
32.4

 
13.0

 
103.1

 
32.5

Total adjustments, net
61.1

 
25.0

 
634.1

 
57.8

Adjusted net earnings
$
89.4

 
$
65.0

 
$
273.5

 
$
174.7

 
 
 
 
 
 
 
 
Basic shares outstanding
119,949

 
53,757

 
117,788

 
53,720

Effect of dilutive securities, options and non-vested shares
2,751

 
3,630

 
4,866

 
3,561

Diluted shares outstanding, if converted
122,700


57,387

 
122,654

 
57,281

 
 
 
 
 
 
 
 
Adjusted net earnings per share
$
0.73

 
$
1.13

 
$
2.23

 
$
3.05

 
 
 
 
 
 
 
 
Reconciliation of net earnings to Adjusted EBITDA:
 
 
 
 
 
 
 
Net earnings (loss) attributable to Envision stockholders
$
28.3

 
$
40.0

 
$
(360.6
)
 
$
116.9

Loss from discontinued operations, net of tax
12.4

 

 
486.7

 

Interest expense, net
61.4

 
32.9

 
169.9

 
95.6

Income tax expense
27.1

 
29.6

 
80.2

 
83.8

Depreciation and amortization
73.0

 
31.6

 
215.9

 
90.7

EBITDA
202.2

 
134.1

 
592.1

 
387.0

Adjustments:
 
 
 
 
 
 
 
Transaction and integration costs
18.8

 
16.9

 
67.7

 
23.4

Share-based compensation
9.2

 
6.1

 
34.5

 
21.2

Impairment charges

 

 
0.3

 

Net loss (gain) on disposals and deconsolidations, net of noncontrolling interests
3.0

 
(4.1
)
 
2.7

 
(6.7
)
Net change in fair value of contingent consideration
0.3

 

 
0.3

 
(2.6
)
Total adjustments
31.3


18.9


105.5

 
35.3

Adjusted EBITDA
$
233.5

 
$
153.0

 
$
697.6

 
$
422.3



See definitions of non-GAAP measures on page 13




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