DENVER, April 29, 2021 /PRNewswire/ -- DaVita Inc.
(NYSE: DVA) announced financial and operating results for the
quarter ended March 31, 2021.
For the quarter, diluted earnings per share from continuing
operations was $2.09, an increase of
15.5% from the prior year diluted earnings per share from
continuing operations and an increase of 14.2% from the prior year
adjusted diluted earnings per share from continuing operations.
First quarter diluted earnings per share from continuing operations
was impacted by the challenges of responding to COVID-19, with an
estimated net impact on operating income of approximately
$(35) million. This impact was
primarily driven by higher patient mortality due to COVID-19 and
the high cost of personal protective equipment, partially offset by
a benefit from the temporary suspension of Medicare sequestration
cuts.
"We have made incredible progress in our efforts to combat the
pandemic," said Javier Rodriguez,
CEO of DaVita. "To date almost three fourths of our U.S. dialysis
patients have received at least one dose of the COVID-19 vaccine,
thanks in large part to having obtained direct allocation of
vaccines from the Federal and State governments, as well as the
continued dedication of our front-line, caregiving teammates. Our
focus on vaccinating our patients helped improve health equity
among our patient population at the same time as reducing the risk
to patients and teammates."
Financial and operating highlights for the quarter ended
March 31, 2021:
- Consolidated revenues were $2.820
billion.
- Operating income was $443
million.
- Diluted earnings per share was $2.09.
- Operating cash flow and free cash flow, both from continuing
operations, were $154 million and
$(17) million, respectively.
- Issued an additional $1.0 billion
aggregate principal amount of our 4.625% senior notes due
June 1, 2030 in an unregistered
add-on offering.
- Repurchased 2,949,482 shares of our common stock at an average
cost of $109.28 per share.
|
Three months ended
March 31,
|
|
2021
|
|
2020
|
Net income
attributable to DaVita Inc.:
|
(dollars in
millions, except per share data)
|
Net income from
continuing operations
|
$
|
237
|
|
|
$
|
230
|
|
Diluted per
share
|
$
|
2.09
|
|
|
$
|
1.81
|
|
Adjusted net income
from continuing operations(1)
|
$
|
237
|
|
|
$
|
232
|
|
Diluted per share
adjusted(1)
|
$
|
2.09
|
|
|
$
|
1.83
|
|
Net income
|
$
|
237
|
|
|
$
|
240
|
|
Diluted per
share
|
$
|
2.09
|
|
|
$
|
1.89
|
|
___________________
|
(1)
|
For definitions of
non-GAAP financial measures, see the note titled "Note on Non-GAAP
Financial Measures" and related reconciliations beginning on page
14.
|
|
Three months ended
March 31,
|
|
2021
|
|
2020
|
|
Amount
|
|
Margin
|
|
Amount
|
|
Margin
|
Operating
income:
|
(dollars in
millions)
|
Operating
income
|
$
|
443
|
|
|
15.7
|
%
|
|
$
|
465
|
|
|
16.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dialysis metrics:
Volume: Total U.S. dialysis treatments for the first
quarter of 2021 were 7,286,934, or an average of 94,636 treatments
per day, representing a per day decline of (1.3)% and (2.3)%
compared to the fourth quarter of 2020 and first quarter of 2020,
respectively. Normalized non-acquired treatment growth in the first
quarter of 2021 compared to the first quarter of 2020 was
(2.2)%.
|
Three months
ended
|
|
|
|
March
31,
2021
|
|
December
31,
2020
|
|
Quarter
change
|
Per treatment
metrics:
|
|
|
|
|
|
Revenue
|
$
|
354.50
|
|
|
$
|
351.78
|
|
|
$
|
2.72
|
|
Patient care
costs
|
$
|
238.69
|
|
|
$
|
245.06
|
|
|
$
|
(6.37)
|
|
General and
administrative
|
$
|
30.33
|
|
|
$
|
31.80
|
|
|
$
|
(1.47)
|
|
Primary drivers of the changes in the table above were as
follows:
Revenue: The quarter change was primarily due to
favorable changes in government rates related to an increase in the
Medicare base rate in 2021 and the inclusion of calcimimetics in
the Medicare bundle, favorable changes in government mix due to
shifts to Medicare Advantage plans, as well as favorable changes in
commercial mix and increased hospital inpatient dialysis revenue,
partially offset by a seasonal decline from co-insurance and
deductibles.
Patient care costs: The quarter change was primarily
due to a decrease in COVID-19-related expenses, including a
decrease in compensation and medical supply expenses that had been
driven higher in the fourth quarter of 2020 by the winter COVID-19
surge, a decrease in utilities expense driven by our virtual power
purchase arrangements, as well as decreases in health benefit
expenses, pharmaceutical unit costs and other direct operating
expenses associated with our dialysis centers. These decreases were
partially offset by an increase in labor costs due to lower
productivity levels at our dialysis centers and a seasonal increase
in payroll taxes.
General and administrative: The quarter change was
primarily due to decreases in costs related to COVID-19, including
compensation expenses, as well as decreases in contributions to our
charitable foundation and professional fees.
Certain items impacting the quarter:
Share repurchases: During the three months ended
March 31, 2021, we repurchased 2,949,482 shares our common
stock for $322 million, at an average
cost of $109.28 per share.
Subsequent to March 31, 2021 through April 28, 2021,
we repurchased 990,701 shares of our common stock for $109 million, at an average cost of $109.91 per share.
Financial and operating metrics:
|
Three months
ended
March
31,
|
|
Twelve months
ended
March
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cash
flow:
|
(dollars in
millions)
|
|
Operating cash
flow
|
$
|
154
|
|
|
$
|
360
|
|
|
$
|
1,773
|
|
|
$
|
2,291
|
|
|
Operating cash flow
from continuing operations
|
$
|
154
|
|
|
$
|
360
|
|
|
$
|
1,773
|
|
|
$
|
2,260
|
|
|
Free cash flow from
continuing operations (1)
|
$
|
(17)
|
|
|
$
|
184
|
|
|
$
|
986
|
|
|
$
|
1,429
|
|
___________________
|
(1)
|
For definitions of
non-GAAP financial measures, see the note titled "Note on Non-GAAP
Financial Measures" and related reconciliations beginning on page
14.
|
|
Three months
ended
March 31,
2021
|
Effective income
tax rate on:
|
|
|
Income from
continuing operations
|
22.6
|
%
|
|
Income from
continuing operations attributable to DaVita
Inc.(1)
|
26.4
|
%
|
___________________
|
(1)
|
For definitions of
non-GAAP financial measures, see the note titled "Note on Non-GAAP
Financial Measures" and related reconciliations beginning on page
14.
|
Center activity: As of March 31, 2021, we provided
dialysis services to a total of approximately 238,900 patients at
3,150 outpatient dialysis centers, of which 2,827 centers were
located in the United States and
323 centers were located in ten countries outside of the United States. During the first quarter of
2021, we opened a total of 18 new dialysis centers and closed seven
dialysis centers in the United
States. We also acquired three dialysis centers, opened two
dialysis centers and closed three dialysis centers outside of
the United States during the first
quarter of 2021.
Outlook:
The following forward-looking measures and the underlying
assumptions involve significant known and unknown risks and
uncertainties, including those described below, and actual results
may vary materially from these forward-looking measures. In
particular, the widespread impact of the COVID-19 pandemic
continues to generate significant risk and uncertainty, and as a
result, our future results could vary materially from the guidance
provided below. We do not provide guidance for operating income or
diluted net income from continuing operations per share
attributable to DaVita Inc. on a basis consistent with United States generally accepted accounting
principles (GAAP) nor a reconciliation of forward-looking non-GAAP
financial measures to the most directly comparable GAAP financial
measures on a forward-looking basis because we are unable to
predict certain items contained in the GAAP measures without
unreasonable efforts. These non-GAAP financial measures do not
include certain items, including foreign currency fluctuations,
which may be significant.
|
Current 2021
guidance
|
|
Prior 2021
guidance
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
(dollars in
millions, except per share data)
|
Adjusted operating
income
|
$
|
1,750
|
|
|
$
|
1,875
|
|
|
$
|
1,675
|
|
|
$
|
1,825
|
|
Adjusted diluted net
income from continuing operations
per share attributable to DaVita Inc.
|
$
|
8.20
|
|
|
$
|
9.00
|
|
|
$
|
7.75
|
|
|
$
|
8.75
|
|
Free cash flow from
continuing operations
|
$
|
900
|
|
|
$
|
1,150
|
|
|
$
|
900
|
|
|
$
|
1,150
|
|
We will be holding a conference call to discuss our results for
the first quarter ended March 31, 2021, on April 29,
2021, at 5:00 p.m. Eastern Time. To
join the conference call, please dial (877) 918-6630 from the U.S.
or (517) 308-9042 from outside the U.S., and provide the operator
the password 'Earnings'. A replay of the conference call will be
available on our website at investors.davita.com for the following
30 days.
Forward looking statements
DaVita Inc. and its representatives may from time to time
make written and oral forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 (PSLRA),
including statements in this release, filings with the Securities
and Exchange Commission (SEC), reports to stockholders and in
meetings with investors and analysts. All statements in this
release, during the related presentation or other meetings, other
than statements of historical fact, are forward-looking statements
and as such are intended to be covered by the safe harbor for
"forward-looking statements" provided by the PSLRA. These
forward-looking statements could include, among other things,
DaVita's response to and the expected future impacts of the novel
coronavirus (COVID-19), including statements about our balance
sheet and liquidity, our expenses and expense offsets, revenues,
billings and collections, potential need, ability or willingness to
use any funds under government relief programs, availability or
cost of supplies, treatment volumes, mix expectation, such as the
percentage or number of patients under commercial insurance, the
availability, acceptance, impact and administration of COVID-19
vaccines and other treatments or therapies, and overall impact on
our patients and teammates, as well as other statements regarding
our future operations, financial condition and prospects, expenses,
strategic initiatives, government and commercial payment rates,
expectations related to value-based care and Medicare Advantage
plan enrollment and our ongoing stock repurchase program, and
statements related to our guidance and expectations for future
periods and the assumptions underlying any such projections. All
statements in this release, other than statements of historical
fact, are forward-looking statements. Without limiting the
foregoing, statements including the words "expect," "intend,"
"will," "could," "plan," "anticipate," "believe," "forecast,"
"guidance," "outlook," "goals," and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based on DaVita's current
expectations and are based solely on information available as of
the date of this release. DaVita undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of changed circumstances, new information, future
events or otherwise, except as may be required by law. Actual
future events and results could differ materially from any
forward-looking statements due to numerous factors that involve
substantial known and unknown risks and uncertainties. These risks
and uncertainties include, among other things:
- the continuing impact of the dynamic and evolving COVID-19
pandemic, including, without limitation, on our patients,
teammates, physician partners, suppliers, business, operations,
reputation, financial condition and results of operations; the
government's response to the COVID-19 pandemic; the availability,
acceptance, impact and efficacy of COVID-19 vaccines and other
treatments or therapies; further spread or resurgence of the virus,
including as a result of the emergence of new strains of the virus;
the continuing impact of the pandemic on our revenue and
non-acquired growth due to lower treatment volumes; the
consequences of an extended economic downturn resulting from the
impacts of COVID-19, such as a potential negative impact on our
commercial mix, which may persist even after the pandemic subsides;
and continuing COVID-19-related costs, such as costs to procure
equipment and clinical supplies and higher salary and wage expense,
any of which may also have the effect of heightening many of the
other risks and uncertainties discussed below;
- the concentration of profits generated by higher-paying
commercial payor plans for which there is continued downward
pressure on average realized payment rates, and a reduction in the
number or percentage of our patients under such plans, including,
without limitation, as a result of restrictions or prohibitions on
the use and/or availability of charitable premium assistance, which
may result in the loss of revenues or patients, or our making
incorrect assumptions about how our patients will respond to any
change in financial assistance from charitable
organizations;
- noncompliance by us or our business associates with any
privacy or security laws or any security breach by us or a third
party involving the misappropriation, loss or other unauthorized
use or disclosure of confidential information;
- the extent to which the ongoing implementation of healthcare
reform, or changes in or new legislation, regulations or guidance,
enforcement thereof or related litigation result in a reduction in
coverage or reimbursement rates for our services, a reduction in
the number of patients enrolled in higher-paying commercial plans
or that are enrolled in or select Medicare Advantage plans or other
material impacts to our business; or our making incorrect
assumptions about how our patients will respond to any such
developments;
- a reduction in government payment rates under the Medicare
End Stage Renal Disease program or other government-based programs
and the impact of the Medicare Advantage benchmark
structure;
- risks arising from potential changes in laws, regulations or
requirements applicable to us, such as potential and proposed
federal and/or state legislation, regulation, ballot, executive
action or other initiatives, including those related to healthcare
and/or labor matters, such as AB 290 and AB 650 in California and HB 2322 in Oregon;
- the impact of the political environment and related
developments on the current healthcare marketplace and on our
business, including with respect to the future of the Affordable
Care Act, the exchanges and many other core aspects of the current
healthcare marketplace, as well as the composition of the U.S.
Supreme Court and the new presidential administration and
congressional majority;
- our ability to successfully implement our strategies with
respect to home-based dialysis, value-based care and/or integrated
kidney care, including maintaining our existing business and
further developing our capabilities in a complex and highly
regulated environment;
- changes in pharmaceutical practice patterns, reimbursement
and payment policies and processes, or pharmaceutical pricing,
including with respect to hypoxia inducible factors;
- legal and compliance risks, such as our continued compliance
with complex government regulations;
- continued increased competition from dialysis providers and
others, and other potential marketplace changes;
- our ability to maintain contracts with physician medical
directors, changing affiliation models for physicians, and the
emergence of new models of care introduced by the government or
private sector that may erode our patient base and reimbursement
rates, such as accountable care organizations, independent practice
associations and integrated delivery systems;
- our ability to complete acquisitions, mergers or
dispositions that we might announce or be considering, on terms
favorable to us or at all, or to integrate and successfully operate
any business we may acquire or have acquired, or to successfully
expand our operations and services in markets outside the United States, or to businesses outside of
dialysis;
- the variability of our cash flows, including without
limitation any extended billing or collections cycles; the risk
that we may not be able to generate or access sufficient cash in
the future to service our indebtedness or to fund our other
liquidity needs; and the risk that we may not be able to refinance
our indebtedness as it becomes due, on terms favorable to us or at
all;
- factors that may impact our ability to repurchase stock
under our stock repurchase program and the timing of any such stock
repurchases, as well as our use of a considerable amount of
available funds to repurchase stock;
- risks arising from the use of accounting estimates,
judgments and interpretations in our financial statements;
- impairment of our goodwill, investments or other assets;
and
- uncertainties associated with the other risk factors set
forth in Part I, Item 1A. of our Annual Report on Form 10-K for the
year ended December 31, 2020 and the
risks and uncertainties discussed in any subsequent reports that we
file or furnish with the SEC from time to time.
The financial information presented in this release is
unaudited and is subject to change as a result of subsequent events
or adjustments, if any, arising prior to the filing of the
Company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021.
Contact:
|
Jim
Gustafson
|
|
Investor
Relations
|
|
DaVita
Inc.
|
|
(310)
536-2585
|
DAVITA
INC.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(unaudited)
|
(dollars and
shares in thousands, except per share data)
|
|
|
Three months ended
March 31,
|
|
2021
|
|
2020
|
Dialysis patient
service revenues
|
$
|
2,714,587
|
|
|
$
|
2,713,281
|
|
Other
revenues
|
105,414
|
|
|
127,956
|
|
Total
revenues
|
2,820,001
|
|
|
2,841,237
|
|
Operating
expenses:
|
|
|
|
Patient care
costs
|
1,938,330
|
|
|
1,975,449
|
|
General and
administrative
|
281,426
|
|
|
263,576
|
|
Depreciation and
amortization
|
165,701
|
|
|
154,679
|
|
Equity investment
income
|
(8,058)
|
|
|
(17,843)
|
|
Total operating
expenses
|
2,377,399
|
|
|
2,375,861
|
|
Operating
income
|
442,602
|
|
|
465,376
|
|
Debt
expense
|
(67,014)
|
|
|
(88,603)
|
|
Debt refinancing
charges
|
—
|
|
|
(2,948)
|
|
Other income (loss),
net
|
1,168
|
|
|
(4,350)
|
|
Income from
continuing operations before income taxes
|
376,756
|
|
|
369,475
|
|
Income tax
expense
|
85,211
|
|
|
91,560
|
|
Net income from
continuing operations
|
291,545
|
|
|
277,915
|
|
Net income from
discontinued operations, net of tax
|
—
|
|
|
9,980
|
|
Net income
|
291,545
|
|
|
287,895
|
|
Less: Net income
attributable to noncontrolling interests
|
(54,142)
|
|
|
(48,302)
|
|
Net income
attributable to DaVita Inc.
|
$
|
237,403
|
|
|
$
|
239,593
|
|
|
|
|
|
Earnings per share
attributable to DaVita Inc.:
|
|
|
|
Basic net income from
continuing operations
|
$
|
2.18
|
|
|
$
|
1.84
|
|
Basic net
income
|
$
|
2.18
|
|
|
$
|
1.92
|
|
Diluted net income
from continuing operations
|
$
|
2.09
|
|
|
$
|
1.81
|
|
Diluted net
income
|
$
|
2.09
|
|
|
$
|
1.89
|
|
|
|
|
|
Weighted average
shares for earnings per share:
|
|
|
|
Basic
shares
|
109,014
|
|
|
124,902
|
|
Diluted
shares
|
113,852
|
|
|
126,895
|
|
|
|
|
|
Amounts
attributable to DaVita Inc.:
|
|
|
|
Net income from
continuing operations
|
$
|
237,403
|
|
|
$
|
229,613
|
|
Net income from
discontinued operations
|
—
|
|
|
9,980
|
|
Net income
attributable to DaVita Inc.
|
$
|
237,403
|
|
|
$
|
239,593
|
|
DAVITA
INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(unaudited)
|
(dollars in
thousands)
|
|
|
Three months
ended
March
31,
|
|
2021
|
|
2020
|
Net income
|
$
|
291,545
|
|
|
$
|
287,895
|
|
Other comprehensive
loss, net of tax:
|
|
|
|
Unrealized gains
(losses) on interest rate cap agreements:
|
|
|
|
Unrealized gains
(losses)
|
4,882
|
|
|
(13,018)
|
|
Reclassifications of
net realized losses into net income
|
1,033
|
|
|
1,623
|
|
Unrealized losses on
foreign currency translation
|
(62,544)
|
|
|
(81,632)
|
|
Other comprehensive
loss
|
(56,629)
|
|
|
(93,027)
|
|
Total comprehensive
income
|
234,916
|
|
|
194,868
|
|
Less: Comprehensive
income attributable to noncontrolling interests
|
(54,142)
|
|
|
(48,302)
|
|
Comprehensive income
attributable to DaVita Inc.
|
$
|
180,774
|
|
|
$
|
146,566
|
|
DAVITA
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
(unaudited)
|
(dollars in
thousands)
|
|
|
Three months ended
March 31,
|
|
2021
|
|
2020
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
|
291,545
|
|
|
$
|
287,895
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
165,701
|
|
|
154,679
|
|
Debt refinancing
charges
|
—
|
|
|
884
|
|
Stock-based
compensation expense
|
23,595
|
|
|
19,870
|
|
Deferred income
taxes
|
18,688
|
|
|
103,301
|
|
Equity investment
income, net
|
(2,924)
|
|
|
(9,482)
|
|
Other non-cash
charges, net
|
3,979
|
|
|
5,055
|
|
Changes in operating
assets and liabilities, net of effect of acquisitions and
divestitures:
|
|
|
|
Accounts
receivable
|
(224,274)
|
|
|
(32,966)
|
|
Inventories
|
(5,303)
|
|
|
1,835
|
|
Other receivables and
prepaid and other current assets
|
13,756
|
|
|
(24,965)
|
|
Other long-term
assets
|
(6,521)
|
|
|
2,673
|
|
Accounts
payable
|
(75,504)
|
|
|
(24,045)
|
|
Accrued compensation
and benefits
|
(126,330)
|
|
|
(96,428)
|
|
Other current
liabilities
|
26,970
|
|
|
3,982
|
|
Income
taxes
|
62,719
|
|
|
(32,616)
|
|
Other long-term
liabilities
|
(11,793)
|
|
|
709
|
|
Net cash provided by
operating activities
|
154,304
|
|
|
360,381
|
|
Cash flows from
investing activities:
|
|
|
|
Additions of property
and equipment
|
(144,913)
|
|
|
(154,942)
|
|
Acquisitions
|
(3,668)
|
|
|
(34,107)
|
|
Proceeds from asset
and business sales
|
16,337
|
|
|
31,518
|
|
Purchase of debt
investments held-to-maturity
|
(5,349)
|
|
|
(5,049)
|
|
Purchase of other debt
and equity investments
|
(1,779)
|
|
|
(2,633)
|
|
Proceeds from debt
investments held-to-maturity
|
5,349
|
|
|
5,049
|
|
Proceeds from sale of
other debt and equity investments
|
11,879
|
|
|
3,268
|
|
Purchase of equity
method investments
|
(3,200)
|
|
|
(6,174)
|
|
Distributions from
equity method investments
|
978
|
|
|
445
|
|
Net cash used in
investing activities
|
(124,366)
|
|
|
(162,625)
|
|
Cash flows from
financing activities:
|
|
|
|
Borrowings
|
1,606,969
|
|
|
570,779
|
|
Payments on long-term
debt
|
(698,298)
|
|
|
(104,592)
|
|
Deferred financing
costs
|
(8,346)
|
|
|
(350)
|
|
Purchase of treasury
stock
|
(316,250)
|
|
|
(321,798)
|
|
Distributions to
noncontrolling interests
|
(53,867)
|
|
|
(58,131)
|
|
Net (payments)
receipts related to stock purchases and awards
|
(2,524)
|
|
|
2,397
|
|
Contributions from
noncontrolling interests
|
10,689
|
|
|
9,387
|
|
Purchases of
noncontrolling interests
|
(1,095)
|
|
|
(700)
|
|
Net cash provided by
financing activities
|
537,278
|
|
|
96,992
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(7,966)
|
|
|
(14,978)
|
|
Net increase in cash,
cash equivalents and restricted cash
|
559,250
|
|
|
279,770
|
|
Less: Net increase in
cash, cash equivalents and restricted cash from discontinued
operations
|
—
|
|
|
—
|
|
Net increase in cash,
cash equivalents and restricted cash from continuing
operations
|
559,250
|
|
|
279,770
|
|
Cash, cash
equivalents and restricted cash of continuing operations at
beginning of the year
|
501,790
|
|
|
1,208,718
|
|
Cash, cash
equivalents and restricted cash of continuing operations at end of
the period
|
$
|
1,061,040
|
|
|
$
|
1,488,488
|
|
DAVITA
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(unaudited)
|
(dollars and
shares in thousands, except per share data)
|
|
|
March 31,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
884,205
|
|
|
$
|
324,958
|
|
Restricted cash and
equivalents
|
176,835
|
|
|
176,832
|
|
Short-term
investments
|
11,060
|
|
|
20,101
|
|
Accounts
receivable
|
2,040,813
|
|
|
1,824,282
|
|
Inventories
|
116,322
|
|
|
111,625
|
|
Other
receivables
|
535,521
|
|
|
544,376
|
|
Prepaid and other
current assets
|
73,765
|
|
|
76,387
|
|
Income tax
receivable
|
28,160
|
|
|
70,163
|
|
Total current
assets
|
3,866,681
|
|
|
3,148,724
|
|
Property and
equipment, net of accumulated depreciation of $4,622,798 and
$4,480,429, respectively
|
3,490,442
|
|
|
3,521,824
|
|
Operating lease
right-of-use assets
|
2,868,292
|
|
|
2,863,089
|
|
Intangible assets,
net of accumulated amortization of $69,691 and $70,141,
respectively
|
150,706
|
|
|
166,585
|
|
Equity method and
other investments
|
257,513
|
|
|
257,491
|
|
Long-term
investments
|
31,891
|
|
|
32,193
|
|
Other long-term
assets
|
90,534
|
|
|
79,501
|
|
Goodwill
|
6,891,209
|
|
|
6,919,109
|
|
|
$
|
17,647,268
|
|
|
$
|
16,988,516
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Accounts
payable
|
$
|
348,105
|
|
|
$
|
434,253
|
|
Other
liabilities
|
846,710
|
|
|
810,529
|
|
Accrued compensation
and benefits
|
550,671
|
|
|
685,555
|
|
Current portion of
operating lease liabilities
|
372,737
|
|
|
369,497
|
|
Current portion of
long-term debt
|
168,191
|
|
|
168,541
|
|
Income tax
payable
|
28,310
|
|
|
7,768
|
|
Total current
liabilities
|
2,314,724
|
|
|
2,476,143
|
|
Long-term operating
lease liabilities
|
2,739,311
|
|
|
2,738,670
|
|
Long-term
debt
|
8,829,765
|
|
|
7,917,263
|
|
Other long-term
liabilities
|
150,724
|
|
|
150,060
|
|
Deferred income
taxes
|
830,369
|
|
|
809,600
|
|
Total
liabilities
|
14,864,893
|
|
|
14,091,736
|
|
Commitments and
contingencies
|
|
|
|
Noncontrolling
interests subject to put provisions
|
1,349,160
|
|
|
1,330,028
|
|
Equity:
|
|
|
|
Preferred stock
($0.001 par value, 5,000 shares authorized; none issued)
|
—
|
|
|
—
|
|
Common stock ($0.001
par value, 450,000 shares authorized; 110,027 and 107,078 shares
issued and outstanding at March
31, 2021, respectively, and 109,933 shares issued and outstanding
at December 31, 2020)
|
110
|
|
|
110
|
|
Additional paid-in
capital
|
603,172
|
|
|
597,073
|
|
Retained
earnings
|
1,089,940
|
|
|
852,537
|
|
Treasury stock (2,949
and zero shares, respectively)
|
(322,333)
|
|
|
—
|
|
Accumulated other
comprehensive loss
|
(122,783)
|
|
|
(66,154)
|
|
Total DaVita Inc.
shareholders' equity
|
1,248,106
|
|
|
1,383,566
|
|
Noncontrolling
interests not subject to put provisions
|
185,109
|
|
|
183,186
|
|
Total
equity
|
1,433,215
|
|
|
1,566,752
|
|
|
$
|
17,647,268
|
|
|
$
|
16,988,516
|
|
DAVITA
INC.
|
SUPPLEMENTAL
FINANCIAL DATA
|
(unaudited)
|
(dollars in
millions and shares in thousands, except for per share and per
treatment data)
|
|
|
Three months
ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
1. Consolidated
business metrics:
|
|
|
|
|
|
Operating
margin
|
15.7
|
%
|
|
13.1
|
%
|
|
16.4
|
%
|
General and
administrative expenses as a percent of consolidated revenues(1)
|
10.0
|
%
|
|
10.5
|
%
|
|
9.3
|
%
|
Effective income tax
rate on income from continuing operations
|
22.6
|
%
|
|
22.4
|
%
|
|
24.8
|
%
|
Effective income tax
rate on income from continuing operations attributable to DaVita Inc.(2)
|
26.4
|
%
|
|
27.5
|
%
|
|
28.5
|
%
|
Effective income tax
rate on adjusted income from continuing operations attributable to DaVita
Inc.(2)
|
26.4
|
%
|
|
27.5
|
%
|
|
28.5
|
%
|
|
|
|
|
|
|
2. Summary of
financial results:
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
U.S. dialysis patient
services and other
|
$
|
2,590
|
|
|
$
|
2,674
|
|
|
$
|
2,617
|
|
Other—Ancillary
services
|
|
|
|
|
|
U.S. other
|
99
|
|
|
124
|
|
|
124
|
|
International dialysis
patient service and other
|
162
|
|
|
152
|
|
|
137
|
|
|
261
|
|
|
276
|
|
|
261
|
|
Eliminations
|
(31)
|
|
|
(45)
|
|
|
(36)
|
|
Total consolidated
revenues
|
$
|
2,820
|
|
|
$
|
2,905
|
|
|
$
|
2,841
|
|
Operating income
(loss):
|
|
|
|
|
|
U.S.
dialysis
|
$
|
480
|
|
|
$
|
433
|
|
|
$
|
492
|
|
Other—Ancillary
services
|
|
|
|
|
|
U.S.
|
(25)
|
|
|
(25)
|
|
|
(19)
|
|
International(3)
|
13
|
|
|
(2)
|
|
|
17
|
|
|
(12)
|
|
|
(27)
|
|
|
(3)
|
|
Corporate
administrative support expenses
|
(25)
|
|
|
(24)
|
|
|
(24)
|
|
Total consolidated
operating income
|
$
|
443
|
|
|
$
|
382
|
|
|
$
|
465
|
|
DAVITA
INC.
|
SUPPLEMENTAL
FINANCIAL DATA - continued
|
(unaudited)
|
(dollars in
millions and shares in thousands, except for per share and per
treatment data)
|
|
|
Three months
ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
3. Summary of
reportable segment financial results and metrics:
|
|
|
|
|
|
U.S.
dialysis
|
|
|
|
|
|
Financial
results
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
Dialysis patient
service revenues
|
$
|
2,583
|
|
|
$
|
2,664
|
|
|
$
|
2,611
|
|
Other
revenues
|
7
|
|
|
10
|
|
|
5
|
|
Total operating
revenues
|
2,590
|
|
|
2,674
|
|
|
2,617
|
|
Operating
expenses:
|
|
|
|
|
|
Patient care
costs
|
1,739
|
|
|
1,856
|
|
|
1,783
|
|
General and
administrative
|
221
|
|
|
241
|
|
|
204
|
|
Depreciation and
amortization
|
156
|
|
|
152
|
|
|
146
|
|
Equity investment
income
|
(6)
|
|
|
(7)
|
|
|
(9)
|
|
Total operating
expenses
|
2,110
|
|
|
2,241
|
|
|
2,125
|
|
Segment operating
income
|
$
|
480
|
|
|
$
|
433
|
|
|
$
|
492
|
|
Metrics
|
|
|
|
|
|
Volume:
|
|
|
|
|
|
Treatments
|
7,286,934
|
|
|
7,574,217
|
|
|
7,513,321
|
|
Number of treatment
days
|
77.0
|
|
|
79.0
|
|
|
77.6
|
|
Average treatments per
day
|
94,636
|
|
|
95,876
|
|
|
96,821
|
|
Per day year-over-year
(decrease) increase
|
(2.3)
|
%
|
|
(0.9)
|
%
|
|
1.6
|
%
|
Normalized
year-over-year non-acquired treatment
growth(4)
|
(2.2)
|
%
|
|
(0.3)
|
%
|
|
2.3
|
%
|
Operating net
revenues:
|
|
|
|
|
|
Average patient
service revenue per treatment
|
$
|
354.50
|
|
|
$
|
351.78
|
|
|
$
|
347.54
|
|
Expenses:
|
|
|
|
|
|
Patient care costs per
treatment
|
$
|
238.69
|
|
|
$
|
245.06
|
|
|
$
|
237.35
|
|
General and
administrative expenses per treatment
|
$
|
30.33
|
|
|
$
|
31.80
|
|
|
$
|
27.14
|
|
Accounts
receivable:
|
|
|
|
|
|
Receivables
|
$
|
1,892
|
|
|
$
|
1,681
|
|
|
$
|
1,668
|
|
DSO
|
67
|
|
|
59
|
|
|
59
|
|
DAVITA
INC.
|
SUPPLEMENTAL
FINANCIAL DATA - continued
|
(unaudited)
|
(dollars in
millions and shares in thousands, except for per share and per
treatment data)
|
|
|
Three months
ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
5. Cash
flow:
|
|
|
|
|
|
Operating cash
flow
|
$
|
154
|
|
|
$
|
485
|
|
|
$
|
360
|
|
Operating cash flow
from continuing operations
|
$
|
154
|
|
|
$
|
485
|
|
|
$
|
360
|
|
Operating cash flow
from continuing operations, last twelve months
|
$
|
1,773
|
|
|
$
|
1,979
|
|
|
$
|
2,260
|
|
Free cash flow from
continuing operations(2)
|
$
|
(17)
|
|
|
$
|
210
|
|
|
$
|
184
|
|
Free cash flow from
continuing operations, last twelve months(2)
|
$
|
986
|
|
|
$
|
1,188
|
|
|
$
|
1,429
|
|
Capital expenditures
from continuing operations:
|
|
|
|
|
|
Routine
maintenance/IT/other
|
$
|
90
|
|
|
$
|
160
|
|
|
$
|
82
|
|
Development and
relocations
|
$
|
55
|
|
|
$
|
65
|
|
|
$
|
73
|
|
Acquisition
expenditures
|
$
|
4
|
|
|
$
|
69
|
|
|
$
|
34
|
|
Proceeds from sale of
self-developed properties
|
$
|
16
|
|
|
$
|
14
|
|
|
$
|
27
|
|
|
|
|
|
|
|
6. Debt and
capital structure:
|
|
|
|
|
|
Total
debt(5)
|
$
|
9,063
|
|
|
$
|
8,164
|
|
|
$
|
8,657
|
|
Net debt, net of cash
and cash equivalents(5)
|
$
|
8,179
|
|
|
$
|
7,839
|
|
|
$
|
7,275
|
|
Leverage ratio (see
calculation on page 13)
|
3.39x
|
|
|
3.21x
|
|
|
3.17x
|
|
Weighted average
effective interest rate:
|
|
|
|
|
|
During the
quarter
|
3.08
|
%
|
|
3.07
|
%
|
|
4.35
|
%
|
At end of the
quarter
|
3.18
|
%
|
|
3.06
|
%
|
|
3.75
|
%
|
On the senior secured
credit facilities at end of the quarter
|
1.97
|
%
|
|
2.03
|
%
|
|
2.78
|
%
|
Debt with fixed and
capped rates as a percentage of total debt:
|
|
|
|
|
|
Debt with rates fixed
by its terms
|
51
|
%
|
|
44
|
%
|
|
42
|
%
|
Debt with rates fixed
by its terms or capped by cap agreements
|
90
|
%
|
|
87
|
%
|
|
82
|
%
|
Amount spent on share
repurchases
|
$
|
322
|
|
|
$
|
417
|
|
|
$
|
303
|
|
Number of shares
repurchased
|
2,949
|
|
|
4,193
|
|
|
4,052
|
|
|
|
Certain columns, rows
or percentages may not sum or recalculate due to the presentation
of rounded numbers.
|
_________________
|
(1)
|
General and
administrative expenses include certain corporate support,
long-term incentive compensation and charitable
contributions.
|
(2)
|
These are non-GAAP
financial measures. For a reconciliation of these non-GAAP
financial measures to their most comparable measure calculated and
presented in accordance with GAAP, and for a definition of adjusted
amounts, see attached reconciliation schedules.
|
(3)
|
The reported
operating income (loss) for the three months ended March 31,
2021, December 31, 2020 and March 31, 2020, includes
foreign currency gains (losses) embedded in equity method income
recognized from our Asia Pacific joint venture of approximately
$2.7, $(6.0) and $9.7, respectively.
|
(4)
|
Normalized
non-acquired treatment growth reflects year-over-year growth in
treatment volume, adjusted to exclude acquisitions and other
similar transactions, and further adjusted to normalize for the
number and mix of treatment days in a given quarter versus the
prior year quarter.
|
(5)
|
The debt amounts as
of March 31, 2021, December 31, 2020 and March 31,
2020 presented exclude approximately $65.2, $77.7 and $68.8,
respectively, of debt discount, premium and other deferred
financing costs related to our senior secured credit facilities and
senior notes in effect or outstanding at that time.
|
DAVITA INC.
SUPPLEMENTAL FINANCIAL
DATA-continued
(unaudited)
(dollars in
millions)
Note 1: Calculation of the Leverage Ratio
Under our senior secured credit facilities (the Credit
Agreement) dated August 12, 2019, the
leverage ratio is defined as (a) all funded debt plus the face
amount of all letters of credit issued, minus unrestricted cash and
cash equivalents (including short-term investments) not to exceed
$750 divided by (b) "Consolidated
EBITDA." The leverage ratio determines the interest rate margin
payable by the Company for its Term Loan A and revolving line of
credit under the Credit Agreement by establishing the margin over
the base interest rate (LIBOR) that is applicable. The
calculation below is based on the last twelve months of
"Consolidated EBITDA," as of the end of the reported period and pro
forma for acquisitions or divestitures that occurred during the
period, and "Consolidated net debt" at the end of the reported
period, each as defined in the Credit Agreement. The Company's
management believes the presentation of "Consolidated EBITDA" is
useful to investors to enhance their understanding of the Company's
leverage ratio under its Credit Agreement. The leverage
ratio calculated by the Company is a non-GAAP measure and
should not be considered a substitute for the ratio of total debt
to operating income, determined in accordance with GAAP. The
Company's calculation of its leverage ratio might not be calculated
in the same manner as, and thus might not be comparable to,
similarly titled measures of other companies.
|
Rolling twelve
months ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
Net income
attributable to DaVita Inc. from continuing operations
(1)
|
$
|
791
|
|
|
$
|
783
|
|
|
$
|
816
|
|
Income
taxes
|
308
|
|
|
314
|
|
|
314
|
|
Interest
expense
|
255
|
|
|
272
|
|
|
355
|
|
Depreciation and
amortization
|
641
|
|
|
630
|
|
|
621
|
|
Impairment
charges
|
—
|
|
|
—
|
|
|
84
|
|
Noncontrolling
interests and equity investment income, net
|
247
|
|
|
235
|
|
|
222
|
|
Stock-settled
stock-based compensation
|
94
|
|
|
90
|
|
|
73
|
|
Debt prepayment,
refinancing and redemption charges
|
86
|
|
|
89
|
|
|
36
|
|
Loss on changes in
ownership interest, net
|
16
|
|
|
16
|
|
|
—
|
|
Other
|
29
|
|
|
29
|
|
|
(10)
|
|
"Consolidated
EBITDA"
|
$
|
2,468
|
|
|
$
|
2,460
|
|
|
$
|
2,512
|
|
|
|
|
|
|
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
Total debt, excluding
debt discount and other deferred financing
costs(2)
|
$
|
9,063
|
|
|
$
|
8,164
|
|
|
$
|
8,657
|
|
Letters of credit
issued
|
65
|
|
|
65
|
|
|
58
|
|
|
9,128
|
|
|
8,228
|
|
|
8,715
|
|
Less: Cash and cash
equivalents including short-term
investments(3)
|
(750)
|
|
|
(333)
|
|
|
(750)
|
|
Consolidated net
debt
|
$
|
8,378
|
|
|
$
|
7,895
|
|
|
$
|
7,965
|
|
Last twelve months
"Consolidated EBITDA"
|
$
|
2,468
|
|
|
$
|
2,460
|
|
|
$
|
2,512
|
|
Leverage
ratio
|
3.39x
|
|
|
3.21x
|
|
|
3.17x
|
|
Maximum leverage
ratio permitted under the Credit Agreement
|
5.00x
|
|
|
5.00x
|
|
|
5.00x
|
|
|
|
Certain columns or
rows may not sum or recalculate due to the presentation of rounded
numbers.
|
______________________________
|
(1)
|
The net income
measure presented is our net income from continuing operations
attributable to DaVita Inc., since the Credit Agreement requires
divestitures to be reflected on a pro forma basis for our leverage
ratio calculation, and this measure of net income already excludes
our discontinued operations divested.
|
(2)
|
The debt amounts as
of March 31, 2021, December 31, 2020 and March 31,
2020 presented exclude approximately $65.2, $77.7, and $68.8,
respectively, of debt discount, premium and other deferred
financing costs related to our senior secured credit facilities and
senior notes in effect at that time.
|
(3)
|
This excludes amounts
not readily convertible to cash related to the Company's
non-qualified deferred compensation plans for all periods
presented. The Credit Agreement limits the amount deducted for cash
and cash equivalents, including short-term investments, to the
lesser of all unrestricted cash and cash equivalents of the Company
or $750.
|
DAVITA INC.
RECONCILIATIONS FOR
NON-GAAP MEASURES
(unaudited)
Note on Non-GAAP Financial Measures
As used in this press release, the term "adjusted" refers to
non-GAAP measures as follows, each as reconciled to its most
comparable GAAP measure as presented in the non-GAAP
reconciliations in the notes to this press release: (i) for income
measures, the term "adjusted" refers to operating performance
measures that exclude certain items such as impairment charges,
(gain) loss on ownership changes, restructuring charges, accruals
for legal matters and debt prepayment and refinancing charges; and
(ii) the term "effective income tax rate on adjusted income from
continuing operations attributable to DaVita Inc." represents the
Company's effective tax rate excluding applicable non-GAAP items
and noncontrolling owners' income, which primarily relates to
non-tax paying entities.
These non-GAAP or "adjusted" measures are presented because
management believes these measures are useful adjuncts to GAAP
results. However, these non-GAAP measures should not be considered
alternatives to the corresponding measures determined under
GAAP.
Specifically, management uses adjusted operating income,
adjusted net income from continuing operations attributable to
DaVita Inc. and adjusted diluted net income from continuing
operations per share attributable to DaVita Inc. to compare and
evaluate our performance period over period and relative to
competitors, to analyze the underlying trends in our business, to
establish operational budgets and forecasts and for incentive
compensation purposes. We believe these non-GAAP measures also are
useful to investors and analysts in evaluating our performance over
time and relative to competitors, as well as in analyzing the
underlying trends in our business. As a result, adjusting for these
amounts allows for comparison to our normalized prior period
results.
In addition, the effective income tax rate on income from
continuing operations attributable to DaVita Inc. excludes
noncontrolling owners' income, which primarily relates to non-tax
paying entities.
The effective income tax rate on adjusted income from continuing
operations attributable to DaVita Inc. excludes noncontrolling
owners' income and certain non-deductible and other charges which
we do not believe are indicative of our ordinary results.
Accordingly, we believe these adjusted effective income tax rates
are useful to management, investors and analysts in evaluating our
performance and establishing expectations for income taxes incurred
on our ordinary results attributable to DaVita Inc.
Finally, free cash flow from continuing operating represents net
cash provided by operating activities from continuing operations
less distributions to noncontrolling interests and all capital
expenditures (including development capital expenditures, routine
maintenance and information technology); plus contributions from
noncontrolling interests and proceeds from the sale of
self-developed properties. Management uses this measure to assess
our ability to fund acquisitions and meet our debt service
obligations and we believe this measure is equally useful to
investors and analysts as an adjunct to cash flows from operating
activities from continuing operations and other measures under
GAAP.
It is important to bear in mind that these non-GAAP "adjusted"
measures are not measures of financial performance or liquidity
under GAAP and should not be considered in isolation from, nor as
substitutes for, their most comparable GAAP measures.
The following Notes 2 through 4 provide reconciliations of the
non-GAAP financial measures presented in this press release to
their most comparable GAAP measures.
DAVITA
INC.
|
RECONCILIATIONS
FOR NON-GAAP MEASURES - continued
|
(unaudited)
|
(dollars in
millions, except for per share data)
|
|
Note 2:
Adjusted net income from continuing operations and adjusted
diluted net income from continuing operations per share
attributable to DaVita Inc.
|
|
|
Three months
ended
|
|
March 31,
2021
|
|
December 31,
2020
|
|
March 31,
2020
|
|
Dollars
|
|
Per
share
|
|
Dollars
|
|
Per
share
|
|
Dollars
|
|
Per
share
|
Net income from
continuing operations attributable to DaVita Inc.
|
$
|
237
|
|
|
$
|
2.09
|
|
|
$
|
193
|
|
|
$
|
1.67
|
|
|
$
|
230
|
|
|
$
|
1.81
|
|
Debt refinancing
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
0.02
|
|
Related income
tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(0.01)
|
|
Adjusted net income
from continuing operations attributable to DaVita Inc.
|
$
|
237
|
|
|
$
|
2.09
|
|
|
$
|
193
|
|
|
$
|
1.67
|
|
|
$
|
232
|
|
|
$
|
1.83
|
|
|
Certain columns or
rows may not sum or recalculate due to the presentation of rounded
numbers.
|
Note 3:
Effective income tax rates on income from continuing operations
attributable to DaVita Inc.
|
|
|
Three months
ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
Income from
continuing operations before income taxes
|
$
|
377
|
|
|
$
|
327
|
|
|
$
|
369
|
|
Less: Noncontrolling
owners' income primarily attributable to non-tax
paying entities
|
(54)
|
|
|
(61)
|
|
|
(48)
|
|
Income from
continuing operations before income taxes attributable to
DaVita Inc.
|
$
|
323
|
|
|
$
|
267
|
|
|
$
|
321
|
|
|
|
|
|
|
|
Income tax expense
for continuing operations
|
$
|
85
|
|
|
$
|
73
|
|
|
$
|
92
|
|
Less: Income tax
attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
Income tax expense
from continuing operations attributable to DaVita Inc.
|
$
|
85
|
|
|
$
|
73
|
|
|
$
|
91
|
|
|
|
|
|
|
|
Effective income tax
rate on income from continuing operations attributable to DaVita Inc.
|
26.4
|
%
|
|
27.5
|
%
|
|
28.5
|
%
|
The effective income tax rate on adjusted income from continuing
operations attributable to DaVita Inc. is computed as follows:
|
Three months
ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
Income from
continuing operations before income taxes
|
$
|
377
|
|
|
$
|
327
|
|
|
$
|
369
|
|
Debt refinancing
charges
|
—
|
|
|
—
|
|
|
3
|
|
Noncontrolling
owners' income primarily attributable to non-tax paying
entities
|
(54)
|
|
|
(61)
|
|
|
(48)
|
|
Adjusted income from
continuing operations before income taxes attributable to DaVita Inc.
|
$
|
323
|
|
|
$
|
267
|
|
|
$
|
324
|
|
Income tax
expense
|
$
|
85
|
|
|
$
|
73
|
|
|
$
|
92
|
|
Plus income tax
related to:
|
|
|
|
|
|
Debt refinancing
charges
|
—
|
|
|
—
|
|
|
1
|
|
Less income tax
related to:
|
|
|
|
|
|
Noncontrolling
interests
|
—
|
|
|
—
|
|
|
—
|
|
Income tax on
adjusted income from continuing operations attributable to
DaVita Inc.
|
$
|
85
|
|
|
$
|
73
|
|
|
$
|
92
|
|
Effective income tax
rate on adjusted income from continuing operations
attributable to DaVita Inc.
|
26.4
|
%
|
|
27.5
|
%
|
|
28.5
|
%
|
|
Certain columns, rows
or percentages may not sum or recalculate due to the presentation
of rounded numbers.
|
DAVITA
INC.
|
RECONCILIATIONS
FOR NON-GAAP MEASURES - continued
|
(unaudited)
|
(dollars in
millions)
|
|
Note 4:
Free cash flow from continuing operations
|
|
|
Three months
ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
Net cash provided by
continuing operating activities
|
$
|
154
|
|
|
$
|
485
|
|
|
$
|
360
|
|
Less: Distributions to
noncontrolling interests
|
(54)
|
|
|
(74)
|
|
|
(58)
|
|
Plus: Contributions
from noncontrolling interests
|
11
|
|
|
10
|
|
|
9
|
|
Cash provided by
operating activities attributable to DaVita Inc.
|
$
|
111
|
|
|
$
|
421
|
|
|
$
|
312
|
|
Less: Expenditures for
routine maintenance and information technology
|
(90)
|
|
|
(160)
|
|
|
(82)
|
|
Less: Expenditures for
development
|
(55)
|
|
|
(65)
|
|
|
(73)
|
|
Plus: Proceeds from
sale of self-developed properties
|
16
|
|
|
14
|
|
|
27
|
|
Free cash flow from
continuing operations
|
$
|
(17)
|
|
|
$
|
210
|
|
|
$
|
184
|
|
|
|
|
Rolling twelve
months ended
|
|
March
31,
2021
|
|
December
31,
2020
|
|
March
31,
2020
|
Net cash provided by
operating activities from continuing operations
|
$
|
1,773
|
|
|
$
|
1,979
|
|
|
$
|
2,260
|
|
Less: Distributions to
noncontrolling interests
|
(249)
|
|
|
(253)
|
|
|
(247)
|
|
Plus: Contributions
from noncontrolling interests
|
44
|
|
|
43
|
|
|
48
|
|
Cash provided by
operating activities from continuing operations attributable
to DaVita Inc.
|
$
|
1,568
|
|
|
$
|
1,769
|
|
|
$
|
2,061
|
|
Less: Expenditures for
routine maintenance and information technology
|
(408)
|
|
|
(399)
|
|
|
(357)
|
|
Less: Expenditures for
development
|
(257)
|
|
|
(275)
|
|
|
(347)
|
|
Plus: Proceeds from
sale of self-developed properties
|
83
|
|
|
93
|
|
|
73
|
|
Free cash flow from
continuing operations
|
$
|
986
|
|
|
$
|
1,188
|
|
|
$
|
1,429
|
|
|
Certain columns or
rows may not sum or recalculate due to the presentation of rounded
numbers.
|
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SOURCE DaVita Inc.