Provides 2016 Financial Guidance
AmSurg Corp. (NASDAQ: AMSG) today announced financial results
for the fourth quarter and year ended December 31, 2015. The
Company’s results for the quarter included:
- Growth of 21% in net revenues to $704.3
million from $581.8 million for the fourth quarter of 2014;
- Net earnings from continuing operations
attributable to AmSurg common shareholders of $64.3 million and
adjusted net earnings of $56.7 million, up 43% compared with the
fourth quarter of 2014;
- Net earnings per diluted share from
continuing operations attributable to AmSurg common shareholders of
$1.26 and a 39% increase in adjusted net earnings per diluted share
to $1.07; and
- Adjusted EBITDA of $137.4 million, an
increase of 24% compared with the fourth quarter of 2014.
See page 6 for a reconciliation of all GAAP and non-GAAP
financial results.
For fiscal 2015, net revenues were $2.57 billion, a 58% increase
from $1.62 billion for fiscal 2014. Net earnings from continuing
operations attributable to AmSurg common shareholders were $154.9
million for 2015, and adjusted net earnings increased 68% to $191.3
million from $114.2 million for 2014. Net earnings per diluted
share from continuing operations attributable to AmSurg common
shareholders were $3.18 for 2015, and adjusted net earnings per
diluted share increased 35% to $3.71. For 2015, weighted average
diluted shares outstanding, if dilutive securities, options and
non-vested shares were converted, increased 24% from 2014,
primarily related to the equity issued to complete the acquisition
of Sheridan Healthcare in July 2014. Adjusted EBITDA for 2015 was
$492.3 million.
“AmSurg had an exceptional year for 2015, the first full year
following our transformative acquisition of Sheridan Healthcare in
July 2014,” said Christopher A. Holden, President and Chief
Executive Officer of AmSurg. “We exceeded every element of our 2015
financial guidance that was provided in our 2014 fourth-quarter
news release.
“Our strong organic growth was evident in the 6.0% same-center
revenue growth of Ambulatory Services for 2015 and the 9.9% same
contact growth of Physician Services. As expected, the combination
of AmSurg and Sheridan has indeed proven catalytic to our
acquisition growth strategy, as we deployed $963 million in capital
for acquisitions during 2015, completed 16 transactions, expanded
our platform into the large, attractive markets of Phoenix and
Atlanta and created significant growth momentum for 2016. Our
strong cash flow, combined with our December equity offering,
enabled us to execute on this large acquisition pipeline,
significantly reducing our leverage ratio to 4.1.
“Our outstanding financial and operating performance and strong
profitable growth continued in the fourth quarter of 2015. We drove
organic growth for the quarter through a 6.9% increase in
same-center revenues for Ambulatory Services and an 8.3% increase
in same contract revenue for Physician Services. This growth
reflects increased volume and improved reimbursement for the
quarter for both divisions.
“During the fourth quarter, Ambulatory Services purchased two
ambulatory surgery centers (ASCs) and entered into three joint
ventures with new health system partners. As a result of our joint
venture activity, we contributed six of our existing centers and
obtained an interest in two additional ASCs that were contributed
by our new partners. As previously announced, Physician Services
completed three acquisitions in the fourth quarter, including the
acquisition of Valley Anesthesia in Phoenix, Arizona; Premier
Emergency Medical Specialists, also in Phoenix; and Northside
Anesthesiology Consultants in Atlanta, Georgia.”
Ambulatory Services
Net revenues for Ambulatory Services grew 10% to $326.2 million
for the fourth quarter of 2015 from $295.7 million for the fourth
quarter of 2014. Same-center revenue rose 6.9% for fourth quarter
of 2015 compared with the fourth quarter of 2014, comprised of a
2.2% increase in procedures and a 4.7% increase in net revenue per
procedure. Adjusted EBITDA was $63.3 million for the fourth quarter
of 2015, a 22% increase from $51.9 million for the fourth quarter
of 2014, and adjusted EBITDA margin increased 180 basis points to
19.4% from 17.6%.
At the end of the quarter, Ambulatory Services operated 257 ASCs
and one surgical hospital. Ambulatory Services had five ASCs under
letter of intent at the end of the fourth quarter and one center
under development, which is expected to open in late 2016.
Physician Services
For the fourth quarter of 2015, net revenues for Physician
Services increased 32% to $378.1 million from $286.1 million for
the fourth quarter of 2014. Adjusted EBITDA increased 25% to $74.1
million for the quarter compared with $59.1 million for the fourth
quarter of 2014, and adjusted EBITDA margin was 19.6% compared with
20.7%.
Comparable-quarter increase in Physician Services revenues was
comprised of growth of 6.2% in same-contract revenues, 1.7% in net
new contract revenues and 24.3% in acquisition revenues.
Same-contract growth in net revenues totaled 8.3% for the fourth
quarter of 2015, which included a 6.6% increase in patient
encounters and a 1.7% increase in net revenue per patient
encounter.
Physician Services continues to evaluate additional acquisition
opportunities in its robust pipeline of potential transactions.
Liquidity
At the end of 2015, AmSurg had cash and cash equivalents of
$106.7 million and availability under its $500 million revolving
credit facility of $325 million. Net cash flows from operations,
less distributions to noncontrolling interests, were $54.0 million
for quarter and $323.1 million for full-year 2015. Although 2015
capital expenditures for maintenance and acquisitions were more
than $1 billion, the Company’s ratio of total debt at the end of
2015 to trailing 12 months EBITDA as calculated under the Company’s
credit agreement was 4.1 compared with 5.3 at the end of 2014.
Guidance
AmSurg today established its financial and operating guidance
for 2016 and for the first quarter of the year. The Company’s
guidance is as follows:
- Revenues in a range of $3.09 billion to
$3.13 billion;
- A same-center revenue increase of 3.0%
to 5.0% for Ambulatory Services and same-contract revenue growth of
4.0% to 6.0% in Physician Services;
- Adjusted EBITDA of $590 million to $600
million;
- Adjusted EPS in a range of $4.26 to
$4.34; and
- For the first quarter of 2016, adjusted
EPS in a range of $0.77 to $0.80, which includes the seasonally
higher salary-related expenses historically experienced in
Physician Services.
Non-GAAP Adjusted EBITDA guidance for the full year of 2016
excludes interest expense, income taxes, depreciation,
amortization, share-based compensation, transaction costs, changes
in contingent purchase price consideration, gain or loss on
deconsolidations and discontinued operations. Non-GAAP Adjusted EPS
guidance for the first quarter and full year of 2016 exclude
acquisition-related transaction costs, acquisition-related
amortization expense, gains and losses on future deconsolidation
transactions and share-based compensation expense, net of the tax
impact thereon. The exact amount of such exclusions are not
currently determinable but may be significant and may vary
significantly from period to period (see page 6 for a
reconciliation of all GAAP and non-GAAP financial results).
Conference Call
AmSurg Corp. will hold a conference call to discuss this release
Wednesday, February 24, 2016, at 5:00 p.m. Eastern time. Investors
will have the opportunity to listen to the conference call over the
Internet by going to www.amsurg.com and clicking “Investors” at
least 15 minutes early to register, download, and install any
necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available at these sites shortly after
the call and continue for 30 days.
Safe Harbor
This press release contains forward-looking statements,
including the Company’s financial and operating guidance for the
first quarter and full year of 2016. These statements, which have
been included in reliance on the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995, involve risks and
uncertainties. Investors are hereby cautioned that these statements
may be affected by important factors, including, but not limited
to, the following risks: we may face challenges managing our
Physician Services Division as a new business and may not realize
anticipated benefits; we may become subject to investigations by
federal and state entities and unpredictable impacts of the Patient
Protection and Affordable Care Act, as amended by the Health Care
and Education Reconciliation Act of 2010; we may not be able to
successfully maintain effective internal controls over financial
reporting; we may not be able to implement our business strategy,
manage the growth in our business, and integrate acquired
businesses; our substantial indebtedness and restrictions in our
debt instruments could adversely affect our business or our ability
to implement our growth strategy, or limit our ability to react to
changes in the economy or our industry; we may not generate
sufficient cash to service our indebtedness, including any future
indebtedness; regulatory changes may obligate us to buy out
interests of physicians who are minority owners of our surgery
centers; we may not be able to successfully maintain our
information systems and processes, implement new systems and
processes, and maintain the security of those systems and
processes; we may fail to effectively and timely transition to the
ICD-10 coding system; we may be subject to litigation and
investigations and liability claims for damages and other expenses
not covered by insurance; we may be required to write-off a portion
of our intangible assets; payments from third-party payors,
including government healthcare programs, may decrease or not
increase as our costs increase; there may be adverse developments
affecting the medical practices of our physician partners; we may
not be able to maintain favorable relations with our physician
partners; we may not be able to grow our ambulatory services
revenue by increasing procedure volume while maintaining operating
margins and profitability at our existing surgery centers; we may
not be able to compete for physician partners, managed care
contracts, patients and strategic relationships; adverse weather
and other factors beyond our control may affect our business; our
legal responsibility to minority owners of our surgery centers may
conflict with our interests and prevent us from acting solely in
our best interests; we may be adversely impacted by changes in
patient volume and patient mix; several client relationships
generate a significant portion of our physician services revenues;
our physician services contracts may be cancelled or not renewed or
we may not be able to enter into additional contracts under terms
acceptable to us; reimbursement rates, revenue and profit margin
under our fee-for-service physician services payor contracts may
decrease; we may not be able to timely or accurately bill for
services; laws and regulations that regulate payments for medical
services made by government healthcare programs could cause our
revenues to decrease; we may not be able to enroll our physician
services providers in the Medicare and Medicaid programs on a
timely basis; our strategic partnerships with healthcare providers
may not be successful; our segments of the market for medical
services have a high level of competition; we may not be able to
successfully recruit and retain physicians, nurses and other
clinical providers; we may not be able to accurately assess the
costs we will incur under new contracts; our margins may be
negatively impacted by cross-selling to existing clients or selling
bundled services to new clients; we may not be able to enforce
non-compete agreements with our physicians and other clinical
employees in some jurisdictions; there may be unfavorable changes
in regulatory, economic and other conditions in the states where we
operate; legislative or regulatory action may make our captive
insurance company arrangement less feasible or otherwise reduce our
profitability; our reserves with respect to our losses covered
under our insurance programs may not be sufficient; and the other
risk factors are described in AmSurg’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2014, as updated by other
filings with the Securities and Exchange Commission. Consequently,
actual results, performance or developments may differ materially
from the forward-looking statements included above. AmSurg
disclaims any intent or obligation to update these forward-looking
statements.
About AmSurg
AmSurg’s Ambulatory Services Division acquires, develops and
operates ambulatory surgery centers in partnership with physicians
throughout the U.S. AmSurg’s Physician Services Division, Sheridan,
provides outsourced physician services in multiple specialties to
hospitals, ASCs and other healthcare facilities throughout the
U.S., primarily in the areas of anesthesiology, children’s
services, emergency medicine and radiology. Through these
businesses as of December 31, 2015, AmSurg owned and operated 257
ASCs and one surgical hospital in 34 states and the District of
Columbia and provided physician services to more than 450
healthcare facilities in 29 states. AmSurg has partnerships with,
or employs, over 5,000 physicians and other healthcare
professionals in 38 states and the District of Columbia.
AMSURG CORP. Unaudited Selected Consolidated
Financial and Operating Data (In thousands, except earnings
per share) Three Months Ended
December 31,
Year Ended
December 31,
Statement of
Earnings Data:
2015 2014 2015 2014
Revenues $ 774,309 $ 645,619 $ 2,832,958 $ 1,738,950 Provision for
uncollectibles (70,047 ) (63,808 ) (266,074 ) (117,001 ) Net
revenue 704,262 581,811 2,566,884 1,621,949 Operating expenses:
Salaries and benefits 364,285 288,037 1,314,392 694,576 Supply cost
50,210 43,732 184,222 164,296 Other operating expenses 103,370
93,685 397,794 284,928 Transaction costs 2,764 5,209 8,324 33,890
Depreciation and amortization 26,957 22,811 97,493
60,344 Total operating expenses 547,586 453,474
2,002,225 1,238,034 Net gain on deconsolidations 30,840 — 36,694
3,411 Equity in earnings of unconsolidated affiliates 4,577
3,577 16,152 7,038 Operating income 192,093
131,914 617,505 394,364 Interest expense, net 30,915 30,379 121,586
83,285 Debt extinguishment costs — — — 16,887
Earnings from continuing operations before income taxes
161,178 101,535 495,919 294,192 Income tax expense 36,830
22,301 113,790 48,103 Net earnings from
continuing operations 124,348 79,234 382,129 246,089 Net loss from
discontinued operations (1,013 ) (150 ) (1,013 ) (1,296 ) Net
earnings 123,335 79,084 381,116 244,793 Less net earnings
attributable to noncontrolling interests 57,762 51,705
218,169 191,092 Net earnings attributable to
AmSurg Corp. shareholders 65,573 27,379 162,947 53,701 Preferred
stock dividends (2,264 ) (2,264 ) (9,056 ) (4,503 )
Net earnings attributable to AmSurg Corp.
common shareholders
$ 63,309 $ 25,115 $ 153,891 $ 49,198
Amounts attributable to AmSurg Corp. common shareholders:
Earnings from continuing operations, net of income tax $ 64,310 $
25,311 $ 154,892 $ 50,777 Loss from discontinued operations, net of
income tax (1,001 ) (196 ) (1,001 ) (1,579 )
Net earnings attributable to AmSurg Corp.
common shareholders
$ 63,309 $ 25,115 $ 153,891 $ 49,198
Basic earnings (loss) per share attributable to AmSurg Corp. common
shareholders: Net earnings from continuing operations $ 1.31 $ 0.53
$ 3.22 $ 1.29 Net loss from discontinued operations (0.02 ) —
(0.02 ) (0.04 ) Net earnings $ 1.28 $ 0.53 $
3.20 $ 1.25 Diluted earnings (loss) per share
attributable to AmSurg Corp. common shareholders: Net earnings from
continuing operations $ 1.26 $ 0.53 $ 3.18 $ 1.28 Net loss from
discontinued operations (0.02 ) — (0.02 ) (0.04 ) Net
earnings $ 1.24 $ 0.53 $ 3.16 $ 1.24
Weighted average number of shares and share equivalents
outstanding: Basic 49,277 47,384 48,058 39,311 Diluted 52,888
47,828 51,612 39,625
AMSURG CORP. Unaudited
Selected Consolidated Financial and Operating Data, continued
(In thousands, except earnings per share)
Three Months Ended
December 31,
Year Ended
December 31,
2015 2014 2015
2014 Reconciliation of net earnings to
Adjusted net earnings (1): Net earnings
attributable to AmSurg Corp. shareholders $ 65,573 $ 27,379 $
162,947 $ 53,701 Loss from discontinued operations 1,695 327 1,695
2,220 Amortization of purchased intangibles 15,173 12,179 52,766
22,148 Share-based compensation 3,690 2,716 15,009 10,104
Transaction costs 2,764 5,209 8,324 33,890 Net gain on
deconsolidations (30,840 ) — (36,694 ) (3,411 ) Net change in fair
value of contingent consideration 466 — 8,804 — Debt extinguishment
costs — — — 16,887 Deferred financing write-off — — —
12,763 Total pre-tax adjustments (7,052 ) 20,431
49,904 94,601 Tax effect (including impact of certain discrete
items) 1,852 8,172 21,521 34,140 Total
adjustments, net (8,904 ) 12,259 28,383 60,461
Adjusted net earnings $ 56,669 $ 39,638 $
191,330 $ 114,162 Basic shares outstanding
49,277 47,384 48,058 39,311 Effect of dilutive securities, options
and non-vested shares 3,611 3,891 3,554 2,152
Diluted shares outstanding, if converted 52,888
51,275 51,612 41,463
Adjusted
earnings per share $ 1.07 $ 0.77 $ 3.71 $
2.75
Reconciliation of net earnings to Adjusted
EBITDA (2): Net earnings attributable to AmSurg
Corp. shareholders $ 65,573 $ 27,379 $ 162,947 $ 53,701 Loss from
discontinued operations 1,001 196 1,001 1,579 Interest expense, net
30,915 30,379 121,586 83,285 Income tax expense 36,830 22,301
113,790 48,103 Depreciation and amortization 26,957 22,811
97,493 60,344
EBITDA 161,276 103,066
496,817 247,012 Adjustments: Share-based compensation 3,690 2,716
15,009 10,104 Transaction costs 2,764 5,209 8,324 33,890 Net gain
on deconsolidations (30,840 ) — (36,694 ) (3,411 ) Net change in
fair value of contingent consideration 466 — 8,804 — Debt
extinguishment costs — — — 16,887 Total
adjustments (23,920 ) 7,925 (4,557 ) 57,470
Adjusted EBITDA $ 137,356 $ 110,991 $ 492,260
$ 304,482
Segment Information:
Ambulatory Services Adjusted EBITDA $ 63,264 $ 51,902 $ 226,229 $
197,377 Physician Services Adjusted EBITDA 74,092 59,089
266,031 107,105
Adjusted EBITDA $
137,356 $ 110,991 $ 492,260 $ 304,482
Net Revenue by Segment: Ambulatory Services $ 326,166
$ 295,728 $ 1,230,050 $ 1,109,935 Physician Services 378,096
286,083 1,336,834 512,014
Total net
revenue $ 704,262 $ 581,811 $ 2,566,884 $
1,621,949
See footnotes on page 10
AMSURG CORP. Unaudited Selected
Consolidated Financial and Operating Data, continued
(Dollars in thousands)
Operating Data-
Ambulatory Services:
Three Months Ended
December 31,
Year Ended
December 31,
2015 2014 2015 2014 Procedures
performed during the period at consolidated centers 448,721 434,285
1,729,262 1,645,350 Centers in operation at end of period
(consolidated) 236 237 236 237 Centers in operation at end of
period (unconsolidated) 21 9 21 9 Average number of continuing
centers in operation (consolidated) 239 235 238 233 New centers
added during the period 5 4 11 10 Centers discontinued during the
period — 1 — 6 Centers under development at end of period 1 2 1 2
Centers under letter of intent at end of period 5 5 5 5 Average
revenue per consolidated center $ 1,363 $ 1,258 $ 5,174 $ 4,755
Same center revenues increase (consolidated) 6.9 % 1.1 % 6.0 % 0.7
% Surgical hospitals in operation at end of period (unconsolidated)
1 — 1 —
Operating Data-
Physician Services:
Three Months Ended
December 31,
Year Ended
December 31,
2015 2015 Contribution to Net Revenue Growth:
Same contract 6.2 % 7.5 % New contract 1.7 2.0 Acquired contract
and other 24.3 14.9 Total net revenue growth 32.2 %
24.4 % Same contract revenue growth 8.3 % 9.9 %
AMSURG CORP. Unaudited Selected Consolidated
Financial and Operating Data, continued (In thousands)
December 31, December 31,
Balance Sheet
Data:
2015 2014 Assets Current assets: Cash and cash
equivalents $ 106,660 $ 208,079 Restricted cash and marketable
securities 13,506 10,219 Accounts receivable, net of allowance of
$167,411 and $113,357, respectively 337,330 233,053 Supplies
inventory 21,406 19,974 Prepaid and other current assets 75,771
92,900 Total current assets 554,673 564,225 Property and
equipment, net 189,168 180,448 Investments in unconsolidated
affiliates 169,170 75,475 Goodwill 3,970,210 3,381,149 Intangible
assets, net 1,641,811 1,273,879 Other assets 21,450 25,886
Total assets $ 6,546,482 $ 5,501,062
Liabilities and
Equity Current liabilities: Current portion of long-term debt $
20,377 $ 18,826 Accounts payable 32,561 29,585 Accrued salaries and
benefits 202,537 140,044 Accrued interest 30,480 29,644 Other
accrued liabilities 119,237 67,986 Total current liabilities
405,192 286,085 Long-term debt 2,405,130 2,232,186 Deferred income
taxes 699,498 611,018 Other long-term liabilities 96,183 89,443
Commitments and contingencies Noncontrolling interests – redeemable
175,732 184,099 Equity: Preferred stock, no par value, 5,000 shares
authorized, 1,725 shares issued and outstanding 166,632 166,632
Common stock, no par value, 120,000 and 70,000 shares authorized,
respectively, 54,294 and 48,113 shares issued and outstanding,
respectively 1,345,418 885,393 Retained earnings 781,413
627,522 Total AmSurg Corp. equity 2,293,463 1,679,547
Noncontrolling interests – non-redeemable 471,284 418,684
Total equity 2,764,747 2,098,231 Total liabilities and
equity $ 6,546,482 $ 5,501,062
AMSURG
CORP. Unaudited Selected Consolidated Financial and
Operating Data, continued (In thousands)
Three Months Ended
December 31,
Year Ended
December 31,
Statement of Cash
Flow Data:
2015 2014 2015 2014
Cash flows from operating activities: Net earnings $ 123,335
$ 79,084 $ 381,116 $ 244,793
Adjustments to reconcile net earnings to
net cash flows provided by operating activities:
Depreciation and amortization 26,957 22,811 97,493 60,344
Amortization of deferred loan costs 2,124 2,070 8,362 17,715
Provision for uncollectibles 74,881 69,559 287,427 139,274 Net
(gain) loss on sale of long-lived assets (12 ) 375 (12 ) 2,843 Net
gain on deconsolidations (30,840 ) — (36,694 ) (3,411 ) Share-based
compensation 3,690 2,716 15,009 10,104 Excess tax benefit from
share-based compensation (222 ) (889 ) (4,001 ) (3,177 ) Deferred
income taxes 11,728 (608 ) 19,037 30,780 Equity in earnings of
unconsolidated affiliates (4,577 ) (3,577 ) (16,152 ) (7,038 ) Debt
extinguishment costs — — — 4,536 Net change in fair value of
contingent consideration 466 — 8,804 — Increases (decreases) in
cash and cash equivalents, net of acquisitions and dispositions:
Accounts receivable (93,769 ) (71,905 ) (326,234 ) (137,663 )
Supplies inventory 191 (274 ) (342 ) (206 ) Prepaid and other
current assets (10,599 ) 15,323 25,880 (9,091 ) Accounts payable
815 1,567 3,131 (8,440 ) Accrued expenses and other liabilities
1,840 17,807 66,600 66,175 Other, net 4,749 2,261
8,535 4,833 Net cash flows provided by operating
activities 110,757 136,320 537,959 412,371
Cash flows from
investing activities: Acquisitions and related expenses
(729,199 ) (45,410 ) (962,689 ) (2,184,058 ) Acquisition of
property and equipment (13,299 ) (17,108 ) (60,305 ) (40,217 )
Proceeds from sale of interests in surgery centers 7,114 2,100
7,114 7,069 Purchases of marketable securities (2,241 ) (2,988 )
(3,984 ) (6,474 ) Maturities of marketable securities — 3,486 4,233
3,486 Other 2,780 (7,023 ) (1,194 ) (4,941 ) Net cash flows
used in investing activities (734,845 ) (66,943 ) (1,016,825 )
(2,225,135 )
Cash flows from financing activities: Proceeds
from long-term borrowings and revolving credit facility 549,936
2,559 560,133 2,048,958 Repayment on long-term borrowings and
revolving credit facility (376,849 ) (5,432 ) (392,586 ) (408,475 )
Distributions to noncontrolling interests (56,755 ) (50,654 )
(214,899 ) (190,097 ) Proceeds from preferred stock offering — — —
172,500 Proceeds from common stock offering 466,777 — 466,777
439,875 Proceeds from issuance of common stock upon exercise of
stock options 228 480 2,584 2,630 Repurchase of common stock —
(1,725 ) (3,684 ) (4,615 ) Payments of equity issuance costs
(19,058 ) (128 ) (19,058 ) (24,494 ) Financing costs incurred (817
) (138 ) (1,111 ) (65,811 ) Other (20,136 ) (341 ) (20,709 ) (468 )
Net cash flows provided by (used in) financing activities 543,326
(55,379 ) 377,447 1,970,003 Net increase
(decrease) in cash and cash equivalents (80,762 ) 13,998 (101,419 )
157,239 Cash and cash equivalents, beginning of period 187,422
194,081 208,079 50,840 Cash and cash
equivalents, end of period $ 106,660 $ 208,079 $
106,660 $ 208,079
AMSURG CORP.
Footnotes to Reconciliations of
Non-GAAP Measures to GAAP Measures
(1) We believe the calculation of adjusted net earnings from
continuing operations per diluted share attributable to AmSurg
Corp. common shareholders provides a better measure of our ongoing
performance and provides better comparability to prior periods
because it excludes discontinued operations, the gains or loss from
deconsolidations, which are non-cash in nature, transaction costs,
including associated debt extinguishment costs and deferred
financing write-off, and acquisition-related amortization expense,
changes in contingent purchase price consideration and share-based
compensation expense. Adjusted net earnings from continuing
operations per diluted share attributable to AmSurg Corp. common
shareholders should not be considered as a measure of financial
performance under accounting principles generally accepted in the
United States, and the items excluded from it is a significant
component in understanding and assessing financial performance.
Because adjusted net earnings from continuing operations per
diluted share attributable to AmSurg Corp. common shareholders is
not a measurement determined in accordance with accounting
principles generally accepted in the United States and is thus
susceptible to varying calculations, it may not be comparable as
presented to other similarly titled measures of other companies.
For purposes of calculating adjusted earnings per share, we utilize
the if-converted method to determine the number of diluted shares
outstanding. In periods where utilizing the if-converted method is
anti-dilutive, the mandatory convertible preferred stock will not
be included in the calculation of diluted shares outstanding.
(2) We define Adjusted EBITDA of AmSurg as earnings before
interest expense, net, income taxes, depreciation, amortization,
share-based compensation, transaction costs, changes in contingent
purchase price consideration, gain or loss on deconsolidations and
discontinued operations. Adjusted EBITDA should not be considered a
measure of financial performance under generally accepted
accounting principles. Items excluded from Adjusted EBITDA are
significant components in understanding and assessing financial
performance. Adjusted EBITDA is an analytical indicator used by
management and the health care industry to evaluate company
performance, allocate resources and measure leverage and debt
service capacity. Adjusted EBITDA should not be considered in
isolation or as an alternative to net income, cash flows from
operations, investing or financing activities, or other financial
statement data presented in the consolidated financial statements
as indicators of financial performance or liquidity. Because
Adjusted EBITDA is not a measurement determined in accordance with
generally accepted accounting principles and is thus susceptible to
varying calculations, Adjusted EBITDA as presented may not be
comparable to other similarly titled measures of other companies.
Net earnings from continuing operations attributable to AmSurg
Corp. common shareholders is the financial measure calculated and
presented in accordance with generally accepted accounting
principles that is most comparable to Adjusted EBITDA as defined.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160224006458/en/
AmSurg Corp.Claire M. Gulmi, 615-665-1283Executive Vice
President and Chief Financial Officer
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