Increases 2015 Financial Guidance
AmSurg Corp. (NASDAQ: AMSG) today announced financial results
for the third quarter ended September 30, 2015. The Company’s
results for the quarter included:
- Growth in net revenues of 29% to $650.2
million from $502.4 million for the third quarter of 2014;
- Net earnings from continuing operations
attributable to AmSurg common shareholders of $40.4 million.
Adjusted net earnings increased 53% to $53.0 million from the third
quarter of 2014;
- Net earnings per diluted share from
continuing operations attributable to AmSurg common shareholders of
$0.83 and 49% growth in adjusted net earnings per diluted share to
$1.03; and
- Adjusted EBITDA of $133.2 million, up
39% from the third quarter of 2014.
See page 6 for a reconciliation of all GAAP and non-GAAP
financial results.
“AmSurg continued to perform meaningfully better than we
expected during the third quarter of 2015, resulting in our raising
our financial guidance for the year for the third consecutive
quarter,” said Christopher A. Holden, President and Chief Executive
Officer of AmSurg. “Our strong results reflected outstanding
organic growth for the quarter, with an acceleration in our
Ambulatory Services same-center revenues for the third consecutive
quarter and double-digit growth in Physician Services same-contract
revenue growth for the second consecutive quarter.
“For the third quarter of 2015, Ambulatory Services produced
same-center revenue growth of 6.6%, due primarily to improved
reimbursement, increased volume and improved case mix. Physician
Services produced same-contract revenue growth of 10.1%, driven by
increased volume, improved reimbursement and higher acuity.
“In addition, the combination of AmSurg and Sheridan continued
to be catalytic to our acquisition growth strategies in the third
quarter. In a time of increasing industry integration and
consolidation, this combination gives AmSurg a unique and
nationally scaled platform that addresses strategically imperative
needs of health systems as they focus on building integrated
networks. The market reception for this platform continues to
exceed our expectations.
“During the third quarter, Ambulatory Services purchased two
ambulatory surgery centers (ASCs) and opened a de novo ASC. The
division also entered into a new joint venture with a health system
in California whereby we contributed two ASCs and the health system
contributed a surgical hospital. In addition, subsequent to quarter
end, Ambulatory Services acquired two ASCs. As previously
announced, Physician Services purchased two anesthesia practices
during the third quarter, and today we announced the acquisition of
Valley Anesthesia in Phoenix, Arizona, one of the largest
independent anesthesiology practices in the country.”
Ambulatory Services
Net revenues for Ambulatory Services grew 12% to $309.0 million
for the third quarter of 2015 from $276.4 million for the third
quarter of 2014. Same-center revenue rose 6.6% for third quarter of
2015 compared with the third quarter of 2014, comprised of a 2.7%
increase in procedures and a 3.9% increase in net revenue per
procedure. Adjusted EBITDA was $55.4 million for the third quarter
of 2015, a 16% increase from $47.9 million for the third quarter of
2014, while adjusted EBITDA margin increased 60 basis points to
17.9% from 17.3%.
At the end of the quarter, Ambulatory Services operated 253 ASCs
and one surgical hospital. Ambulatory Services had five ASCs under
letter of intent at the end of the third quarter and one center
under development, which is expected to open in 2016.
Physician Services
For the third quarter of 2015, net revenues for Physician
Services were $341.2 million. Adjusted EBITDA was $77.8 million for
the quarter, and adjusted EBITDA margin was 22.8%.
Comparable-quarter revenue growth for Physician Services was
25.9%, of which 7.6% was from same-contract revenues, 2.9% from net
new contract revenues and 15.4% from acquisition revenues.
Same-contract growth in net revenues totaled 10.1% for the third
quarter of 2015, which included a 5.0% increase in patient
encounters and a 5.1% increase in net revenue per patient
encounter.
Having completed the Valley Anesthesia transaction thus far in
the fourth quarter, Physician Services continues to evaluate
additional acquisition opportunities in its robust pipeline of
potential transactions.
Liquidity
AmSurg had cash and cash equivalents of $187.4 million at the
end of the third quarter. Subsequent to quarter end, the Company
executed the accordion feature under its credit agreement, which
increased its borrowing capacity to $500.0 million under its
revolving credit facility. A portion of this credit facility was
used to fund acquisitions subsequent to quarter end. The remaining
availability under the Company’s revolving credit facility is
$244.0 million. Net cash flows from operations, less distributions
to noncontrolling interests, were $118.7 million for the third
quarter. The Company’s ratio of total debt at the end of the third
quarter of 2015 to trailing 12 months EBITDA as calculated under
the Company’s credit agreement was 4.4.
Guidance
AmSurg today has raised its financial and operating guidance for
2015 and established its financial guidance for the fourth quarter
of the year. The Company’s guidance is as follows:
- Revenues in a range of $2.52 billion to
$2.54 billion, up from a range of $2.50 billion to $2.52
billion;
- A same-center revenue increase of 4% to
5% for Ambulatory Services, compared with the prior range of 3% to
4%; affirms guidance for same-contract revenue growth of 8% to 10%
in Physician Services;
- Adjusted EBITDA of $486 million to $490
million, up from a range of $474 million to $480 million;
- Adjusted EPS in a range of $3.66 to
$3.69, up from a range of $3.52 to $3.59; and
- For the fourth quarter of 2015,
adjusted EPS in a range of $1.03 to $1.06.
Non-GAAP Adjusted EBITDA guidance for the full year of 2015
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 fourth quarter and full year of 2015 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
Tuesday, November 3, 2015, 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
fourth quarter and full year of 2015. 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 September 30, 2015, AmSurg owned and operated 253
ASCs and one surgical hospital in 34 states and provided physician
services to more than 360 healthcare facilities in 27 states.
AmSurg has partnerships with, or employs, over 5,000 physicians 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
September 30,
Nine Months Ended
September 30,
Statement of
Operations Data:
2015 2014 2015
2014 Revenues $ 712,719 $ 555,543 $ 2,058,649 $ 1,093,331
Provision for uncollectibles (62,492 ) (53,193 ) (196,027 ) (53,193
) Net revenue 650,227 502,350 1,862,622 1,040,138 Operating
expenses: Salaries and benefits 327,532 240,337 950,107 406,539
Supply cost 45,638 41,886 134,012 120,564 Other operating expenses
98,852 81,262 294,424 191,243 Transaction costs 2,107 25,102 5,560
28,681 Depreciation and amortization 24,106 20,838
70,536 37,533 Total operating expenses 498,235
409,425 1,454,639 784,560 Net gain on deconsolidations 9,112 —
5,854 3,411 Equity in earnings of unconsolidated affiliates 4,935
2,158 11,575 3,461 Operating income
166,039 95,083 425,412 262,450 Interest expense, net 30,242 39,054
90,671 52,906 Debt extinguishment costs — 16,887 —
16,887 Earnings from continuing operations before
income taxes 135,797 39,142 334,741 192,657 Income tax expense
37,518 22 76,960 25,802 Net earnings
from continuing operations 98,279 39,120 257,781 166,855 Net loss
from discontinued operations — (1,697 ) — (1,146 )
Net earnings 98,279 37,423 257,781 165,709 Less net earnings
attributable to noncontrolling interests 55,618 47,257
160,407 139,387 Net earnings (loss)
attributable to AmSurg Corp. shareholders 42,661 (9,834 ) 97,374
26,322 Preferred stock dividends (2,264 ) (2,239 ) (6,792 ) (2,239
) Net earnings (loss) attributable to AmSurg Corp.
common shareholders
$ 40,397 $ (12,073 ) $ 90,582 $ 24,083
Amounts attributable to AmSurg Corp. common shareholders: Earnings
(loss) from continuing operations, net of income tax $ 40,397 $
(10,697 ) $ 90,582 $ 25,466 Loss from discontinued operations, net
of income tax — (1,376 ) — (1,383 ) Net earnings
(loss) attributable to AmSurg Corp. common shareholders $ 40,397
$ (12,073 ) $ 90,582 $ 24,083 Basic earnings
(loss) per share attributable to AmSurg Corp. common shareholders:
Net earnings (loss) from continuing operations $ 0.85 $ (0.23 ) $
1.90 $ 0.70 Net loss from discontinued operations — (0.03 )
— (0.04 ) Net earnings (loss) $ 0.85 $ (0.26 ) $ 1.90
$ 0.66 Diluted earnings (loss) per share attributable
to AmSurg Corp. common shareholders: Net earnings (loss) from
continuing operations $ 0.83 $ (0.23 ) $ 1.89 $ 0.69 Net loss from
discontinued operations — (0.03 ) — (0.04 ) Net
earnings (loss) $ 0.83 $ (0.26 ) $ 1.89 $ 0.65
Weighted average number of shares and share equivalents
outstanding: Basic 47,707 46,320 47,652 36,620 Diluted 51,275
46,320 48,050 37,026
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In thousands, except earnings per
share)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
2015 2014 2015
2014 Reconciliation of net earnings (loss) to Adjusted
net earnings (1): Net earnings (loss)
attributable to AmSurg Corp. shareholders $ 42,661 $ (9,834 ) $
97,374 $ 26,322 Loss from discontinued operations — 1,877 — 1,893
Amortization of purchased intangibles 12,681 9,969 37,593 9,969
Share-based compensation 3,727 2,424 11,319 7,388 Transaction costs
2,107 25,102 5,560 28,681 Net gain on deconsolidations (9,112 ) —
(5,854 ) (3,411 ) Net change in fair value of contingent
consideration 1,928 — 8,338 — Debt extinguishment costs — 16,887 —
16,887 Deferred financing write-off — 12,763 —
12,763 Total pre-tax adjustments 11,331 69,022 56,956 74,170
Tax effect (less $3.7 million charge to income tax expense for
change in valuation allowance for 2015) 946 24,574
19,669 25,968 Total adjustments, net 10,385
44,448 37,287 48,202
Adjusted net
earnings $ 53,046 $ 34,614 $ 134,661 $
74,524 Basic shares outstanding 47,707 46,320 47,652
36,620 Effect of dilutive securities, options and non-vested shares
3,568 3,904 3,534 1,572 Diluted
shares outstanding, if converted 51,275 50,224
51,186 38,192
Adjusted earnings per
share $ 1.03 $ 0.69 $ 2.63 $ 1.95
Reconciliation of net earnings (loss) to Adjusted
EBITDA (2): Net earnings (loss) attributable to
AmSurg Corp. shareholders $ 42,661 $ (9,834 ) $ 97,374 $ 26,322
Loss from discontinued operations — 1,376 — 1,383 Interest expense,
net 30,242 39,054 90,671 52,906 Income tax expense 37,518 22 76,960
25,802 Depreciation and amortization 24,106 20,838
70,536 37,533
EBITDA 134,527 51,456 335,541
143,946 Adjustments: Share-based compensation 3,727 2,424 11,319
7,388 Transaction costs 2,107 25,102 5,560 28,681 Net gain on
deconsolidations (9,112 ) — (5,854 ) (3,411 ) Net change in fair
value of contingent consideration 1,928 — 8,338 — Debt
extinguishment costs — 16,887 — 16,887
Total adjustments (1,350 ) 44,413 19,363 49,545
Adjusted EBITDA $ 133,177 $ 95,869 $
354,904 $ 193,491
Segment Information:
Ambulatory Services Adjusted EBITDA $ 55,353 $ 47,853 $ 162,965 $
145,475 Physician Services Adjusted EBITDA 77,824 48,016
191,939 48,016
Adjusted EBITDA $
133,177 $ 95,869 $ 354,904 $ 193,491
Net Revenue by Segment: Ambulatory Services $ 308,983
$ 276,419 $ 903,884 $ 814,207 Physician Services 341,244
225,931 958,738 225,931
Total net
revenue $ 650,227 $ 502,350 $ 1,862,622 $
1,040,138
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
September 30,
Nine Months Ended
September 30,
2015 2014 2015 2014 Procedures
performed during the period at consolidated centers 434,720 410,048
1,280,541 1,211,065 Centers in operation at end of period
(consolidated) 240 233 240 233 Centers in operation at end of
period (unconsolidated) 13 9 13 9 Average number of continuing
centers in operation (consolidated) 239 233 237 233 New centers
added during the period 3 4 6 6 Centers discontinued during the
period — 4 — 5 Centers under development at end of period 1 1 1 1
Centers under letter of intent at end of period 5 8 5 8 Average
revenue per consolidated center $ 1,295 $ 1,188 $ 3,810 $ 3,497
Same center revenues increase 6.6 % 1.7 % 5.5 % 0.6 % Surgical
hospitals in operation at end of period (unconsolidated) 1 — 1 —
Operating Data-
Physician Services:
Three
MonthsEndedSeptember 30, 2015
Nine MonthsEndedSeptember
30,2015
Contribution to Net Revenue Growth: Same contract 7.6 % 7.9
% New contract 2.9 2.3 Acquired contract and other 15.4 11.4
Total net revenue growth 25.9 % 21.6 % Same contract
revenue growth 10.1 % 10.4 %
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In thousands)
September 30, December
31,
Balance Sheet
Data:
2015 2014 Assets Current assets: Cash and cash
equivalents $ 187,422 $ 208,079 Restricted cash and marketable
securities 11,789 10,219 Accounts receivable, net of allowance of
$144,893 and $113,357, respectively 276,237 233,053 Supplies
inventory 20,887 19,974 Prepaid and other current assets 91,651
115,362 Total current assets 587,986 586,687 Property and
equipment, net 190,399 180,448 Investments in unconsolidated
affiliates 112,877 75,475 Goodwill 3,589,317 3,381,149 Intangible
assets, net 1,282,567 1,273,879 Other assets 24,074 25,886
Total assets $ 5,787,220 $ 5,523,524
Liabilities and
Equity Current liabilities: Current portion of long-term debt $
19,982 $ 18,826 Accounts payable 30,750 29,585 Accrued salaries and
benefits 186,923 140,044 Accrued interest 17,846 29,644 Other
accrued liabilities 130,563 67,986 Total current liabilities
386,064 286,085 Long-term debt 2,230,296 2,232,186 Deferred income
taxes 645,711 633,480 Other long-term liabilities 90,671 89,443
Commitments and contingencies Noncontrolling interests – redeemable
185,261 184,099 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 shares authorized, 48,455 and
48,113 shares issued and outstanding, respectively 897,007 885,393
Retained earnings 718,104 627,522 Total AmSurg Corp. equity
1,781,743 1,679,547 Noncontrolling interests – non-redeemable
467,474 418,684 Total equity 2,249,217 2,098,231
Total liabilities and equity $ 5,787,220 $ 5,523,524
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In thousands)
Three Months EndedSeptember
30,
Nine Months EndedSeptember
30,
Statement of Cash
Flow Data:
2015 2014 2015
2014 Cash flows from operating activities: Net
earnings $ 98,279 $ 37,423 $ 257,781 $ 165,709 Adjustments to
reconcile net earnings to net cash flows provided by operating
activities: Depreciation and amortization 24,106 20,838 70,536
37,533 Amortization of deferred loan costs 2,083 14,649 6,238
15,645 Provision for uncollectibles 68,032 58,944 212,546 69,715
Net loss on sale of long-lived assets — 1,857 — 2,468 Net gain on
deconsolidations (9,112 ) — (5,854 ) (3,411 ) Share-based
compensation 3,727 2,424 11,319 7,388 Excess tax benefit from
share-based compensation (246 ) (198 ) (3,779 ) (2,288 ) Deferred
income taxes 4,610 13,516 7,309 31,388 Equity in earnings of
unconsolidated affiliates (4,935 ) (2,158 ) (11,575 ) (3,461 ) Debt
extinguishment costs — 4,536 — 4,536 Net change in fair value of
contingent consideration 1,928 — 8,338 — Increases (decreases) in
cash and cash equivalents, net of acquisitions and dispositions:
Accounts receivable (75,409 ) (49,008 ) (232,465 ) (65,758 )
Supplies inventory (423 ) 75 (533 ) 68 Prepaid and other current
assets 6,152 (22,104 ) 36,479 (24,414 ) Accounts payable 3,012
(7,610 ) 2,316 (10,007 ) Accrued expenses and other liabilities
52,112 47,599 64,760 48,368 Other, net 1,891 1,687
3,786 2,572 Net cash flows provided by operating
activities 175,807 122,470 427,202 276,051
Cash flows from
investing activities: Acquisitions and related expenses (37,458
) (2,114,211 ) (233,490 ) (2,138,648 ) Acquisition of property and
equipment (14,341 ) (8,098 ) (47,006 ) (23,109 ) Proceeds from sale
of interests in surgery centers — 2,877 — 4,969 Purchases of
marketable securities (498 ) (3,486 ) (1,743 ) (3,486 ) Maturities
of marketable securities 1,245 — 4,233 — Other (1,987 ) 4,527
(3,974 ) 2,082 Net cash flows used in investing
activities (53,039 ) (2,118,391 ) (281,980 ) (2,158,192 )
Cash
flows from financing activities: Proceeds from long-term
borrowings 2,402 1,972,153 10,197 2,046,399 Repayment on long-term
borrowings (5,449 ) (300,717 ) (15,737 ) (403,043 ) Distributions
to noncontrolling interests (57,111 ) (47,433 ) (158,144 ) (139,443
) Proceeds from preferred stock offering — 172,500 — 172,500 Cash
dividends for preferred shares (2,264 ) (2,239 ) (6,792 ) (2,239 )
Proceeds from common stock offering — 439,875 — 439,875 Proceeds
from issuance of common stock upon exercise of stock options 276
504 2,356 2,150 Repurchase of common stock — (33 ) (3,684 ) (2,890
) Excess tax benefit from share-based compensation 246 198 3,779
2,288 Payments of equity issuance costs — (24,366 ) — (24,366 )
Financing cost incurred (1 ) (65,673 ) (294 ) (65,673 ) Other 266
322 2,440 (176 ) Net cash flows provided by
(used in) financing activities (61,635 ) 2,145,091 (165,879
) 2,025,382 Net increase (decrease) in cash and cash
equivalents 61,133 149,170 (20,657 ) 143,241 Cash and cash
equivalents, beginning of period 126,289 44,911
208,079 50,840 Cash and cash equivalents, end of
period $ 187,422 $ 194,081 $ 187,422 $ 194,081
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
(the majority of which relate to the Sheridan Transaction and which
are of a nature and significance not generally associated with our
historical individual center acquisition activity), 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/20151103006822/en/
AmSurg Corp.Claire M. Gulmi, 615-665-1283Executive Vice
President andChief Financial Officer
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