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 8
 
 
October 31, 2017
 
 



Envision Healthcare Corporation
Unaudited Selected Consolidated Financial and Operating Data, continued
(In millions)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Net Revenue by Segment:
 
 
 
 
 
 
 
Physician Services (1)
$
1,681.3

 
$
507.6

 
$
4,872.5

 
$
1,363.9

Ambulatory Services
309.4

 
314.6

 
943.8

 
941.5

Total net revenue - continuing operations
1,990.7

 
822.2

 
5,816.3

 
2,305.4

Medical Transportation Services (2)
692.2

 

 
1,874.5

 

Net revenue including discontinued operations
$
2,682.9

 
$
822.2

 
$
7,690.8

 
$
2,305.4

 
 
 
 
 
 
 
 
Adjusted EBITDA by Segment:
 
 
 
 
 
 
 
Physician Services (1)
$
179.0

 
$
91.9

 
$
522.4

 
$
245.9

Ambulatory Services
54.5

 
61.1

 
175.2

 
176.4

Adjusted EBITDA - continuing operations
233.5

 
153.0

 
697.6

 
422.3

Medical Transportation Services (2)
84.6

 

 
225.1

 

Adjusted EBITDA including discontinued operations
$
318.1

 
$
153.0

 
$
922.7

 
$
422.3

 
 
 
 
 
 
 
 
Adjusted EBITDA Margin by Segment:
 
 
 
 
 
 
 
Physician Services (1)
10.6
%
 
18.1
%
 
10.7
%
 
18.0
%
Ambulatory Services
17.6

 
19.4

 
18.6

 
18.7

Total - continuing operations
11.7

 
18.6

 
12.0

 
18.3

Medical Transportation Services (1)(2)
12.2

 

 
12.0

 

Total including discontinued operations
11.9
%
 
18.6
%
 
12.0
%
 
18.3
%
 
 
 
 
 
 
 
 
 
Physician Services
 
Ambulatory Services
 
Medical Transportation (Discontinued Operations)
 
Total
Three months ended September 30, 2017
 
 
 
 
 
 
 
Segment results after impact of discontinued operations
$
179.0

 
$
54.5

 
$
84.6

 
$
318.1

Corporate overhead allocation adjustment due to accounting for discontinued operations (3)
7.2

 
2.1

 
(9.3
)
 

Standalone segment results
$
186.2

 
$
56.6

 
$
75.3

 
$
318.1

 
 
 
 
 
 
 
 
Nine months ended September 30, 2017
 
 
 
 
 
 
 
Segment results after impact of discontinued operations
$
522.4

 
$
175.2

 
$
225.1

 
$
922.7

Corporate overhead allocation adjustment due to accounting for discontinued operations (3)
20.6

 
6.1

 
(26.7
)
 

Standalone segment results
$
543.0

 
$
181.3

 
$
198.4

 
$
922.7

 
(1)
Excludes amounts from EHH for the three and nine months ended September 30, 2016.
(2)
Amounts from Medical Transportation represent discontinued operations for the three and nine months ending September 30, 2017.
(3)
For the three and nine months ended September 30, 2017 and on a before tax basis, approximately $15.3 million and $44.9 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 nine months ended September 30, 2017 of $7.2 million and $2.1 million and $20.6 million and $6.1 million, respectively.

See definitions of non-GAAP measures on page 13

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