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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2019
or
|
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___________ to ___________
Commission File Number: 1-14106
DAVITA INC.
|
| | |
Delaware | | 51-0354549 |
(State of incorporation) | | (I.R.S. Employer Identification No.) |
|
| | |
2000 16th Street |
Denver, | CO | 80202 |
Telephone number (720) 631-2100
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class: | | Trading symbol(s): | | Name of each exchange on which registered: |
Common Stock, $0.001 par value | | DVA | | NYSE |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
| | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒
As of November 1, 2019, the number of shares of the Registrant’s common stock outstanding was approximately 129.7 million shares.
DAVITA INC.
INDEX
|
| | | | |
| | | | Page No. |
| | PART I. FINANCIAL INFORMATION | | |
| | | | |
Item 1. | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Item 2. | | | | |
Item 3. | | | | |
Item 4. | | | | |
| | | | |
| | PART II. OTHER INFORMATION | | |
Item 1. | | | | |
Item 1A. | | | | |
Item 2. | | | | |
Item 6. | | | | |
| | | | |
Note: Items 3, 4 and 5 of Part II are omitted because they are not applicable.
DAVITA INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars in thousands, except per share data)
|
| | | | | | | | | | | | | | | |
| Three months ended September 30, |
| Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Dialysis and related lab patient service revenues | $ | 2,781,169 |
| | $ | 2,670,701 |
| | $ | 8,150,386 |
| | $ | 7,980,178 |
|
Provision for uncollectible accounts | (3,977 | ) | | (11,977 | ) | | (19,689 | ) | | (35,838 | ) |
Net dialysis and related lab patient service revenues | 2,777,192 |
| | 2,658,724 |
| | 8,130,697 |
| | 7,944,340 |
|
Other revenues | 126,886 |
| | 188,606 |
| | 359,198 |
| | 639,387 |
|
Total revenues | 2,904,078 |
| | 2,847,330 |
| | 8,489,895 |
| | 8,583,727 |
|
Operating expenses and charges: | |
| | |
| | |
| | |
|
Patient care costs | 1,991,172 |
| | 2,063,770 |
| | 5,913,860 |
| | 6,168,444 |
|
General and administrative | 298,736 |
| | 336,299 |
| | 824,887 |
| | 866,922 |
|
Depreciation and amortization | 155,915 |
| | 146,000 |
| | 456,685 |
| | 435,878 |
|
Provision for uncollectible accounts | — |
| | 800 |
| | — |
| | (7,300 | ) |
Equity investment (income) loss | (3,936 | ) | | 3,824 |
| | (11,158 | ) | | (6,126 | ) |
Investment and other asset impairments | — |
| | 6,093 |
| | — |
| | 17,338 |
|
Goodwill impairment charges | 83,855 |
| | — |
| | 124,892 |
| | 3,106 |
|
Loss (gain) on changes in ownership interest, net | — |
| | 1,506 |
| | — |
| | (32,451 | ) |
Total operating expenses and charges | 2,525,742 |
| | 2,558,292 |
| | 7,309,166 |
| | 7,445,811 |
|
Operating income | 378,336 |
| | 289,038 |
| | 1,180,729 |
| | 1,137,916 |
|
Debt expense | (88,589 | ) | | (125,927 | ) | | (351,774 | ) | | (359,135 | ) |
Debt prepayment, refinancing and redemption charges | (21,242 | ) | | — |
| | (33,402 | ) | | — |
|
Other income, net | 5,280 |
| | 4,007 |
| | 17,863 |
| | 10,583 |
|
Income from continuing operations before income taxes | 273,785 |
| | 167,118 |
| | 813,416 |
| | 789,364 |
|
Income tax expense | 65,254 |
| | 52,047 |
| | 197,938 |
| | 206,652 |
|
Net income from continuing operations | 208,531 |
| | 115,071 |
| | 615,478 |
| | 582,712 |
|
Net (loss) income from discontinued operations, net of tax | (6,843 | ) | | (211,739 | ) | | 102,854 |
| | (147,829 | ) |
Net income (loss) | 201,688 |
| | (96,668 | ) | | 718,332 |
| | 434,883 |
|
Less: Net income attributable to noncontrolling interests | (58,418 | ) | | (40,128 | ) | | (152,222 | ) | | (125,717 | ) |
Net income (loss) attributable to DaVita Inc. | $ | 143,270 |
| | $ | (136,796 | ) | | $ | 566,110 |
| | $ | 309,166 |
|
Earnings per share attributable to DaVita Inc.: | |
| | |
| | |
| | |
|
Basic net income from continuing operations per share | $ | 1.00 |
| | $ | 0.44 |
| | $ | 2.88 |
| | $ | 2.69 |
|
Basic net income (loss) per share | $ | 0.95 |
| | $ | (0.82 | ) | | $ | 3.51 |
| | $ | 1.79 |
|
Diluted net income from continuing operations per share | $ | 0.99 |
| | $ | 0.44 |
| | $ | 2.87 |
| | $ | 2.66 |
|
Diluted net income (loss) per share | $ | 0.95 |
| | $ | (0.82 | ) | | $ | 3.50 |
| | $ | 1.77 |
|
Weighted average shares for earnings per share: | | | | | |
| | |
|
Basic | 150,675,465 |
| | 166,770,664 |
| | 161,147,122 |
| | 172,403,944 |
|
Diluted | 151,295,950 |
| | 167,262,358 |
| | 161,636,011 |
| | 174,348,421 |
|
Amounts attributable to DaVita Inc.: | | | | | | | |
Net income from continuing operations | $ | 150,113 |
| | $ | 73,371 |
| | $ | 464,590 |
| | $ | 463,989 |
|
Net (loss) income from discontinued operations | (6,843 | ) | | (210,167 | ) | | 101,520 |
| | (154,823 | ) |
Net income (loss) attributable to DaVita Inc. | $ | 143,270 |
| | $ | (136,796 | ) | | $ | 566,110 |
| | $ | 309,166 |
|
See notes to condensed consolidated financial statements.
DAVITA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
|
| | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Net income (loss) | $ | 201,688 |
| | $ | (96,668 | ) | | $ | 718,332 |
| | $ | 434,883 |
|
Other comprehensive income (loss), net of tax: | |
| | |
| | |
| | |
|
Unrealized (losses) gains on interest rate cap agreements: | |
| | |
| | |
| | |
|
Unrealized (losses) gains | (1,060 | ) | | 37 |
| | (1,672 | ) | | 819 |
|
Reclassifications of net realized losses into net income (loss) | 1,569 |
| | 1,606 |
| | 4,782 |
| | 4,680 |
|
Unrealized losses on foreign currency translation: | | | |
| | | | |
|
Foreign currency translation adjustments | (44,502 | ) | | (8,827 | ) | | (45,790 | ) | | (39,475 | ) |
Other comprehensive loss | (43,993 | ) | | (7,184 | ) | | (42,680 | ) | | (33,976 | ) |
Total comprehensive income (loss) | 157,695 |
| | (103,852 | ) | | 675,652 |
| | 400,907 |
|
Less: Comprehensive income attributable to noncontrolling interests | (58,418 | ) | | (40,128 | ) | | (152,222 | ) | | (125,717 | ) |
Comprehensive income (loss) attributable to DaVita Inc. | $ | 99,277 |
| | $ | (143,980 | ) | | $ | 523,430 |
| | $ | 275,190 |
|
See notes to condensed consolidated financial statements.
DAVITA INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands, except per share data)
|
| | | | | | | |
| September 30, 2019 |
| December 31, 2018 |
ASSETS | |
| | |
|
Cash and cash equivalents | $ | 1,253,256 |
| | $ | 323,038 |
|
Restricted cash and equivalents | 103,885 |
| | 92,382 |
|
Short-term investments | 100,713 |
| | 2,935 |
|
Accounts receivable, net | 1,901,225 |
| | 1,858,608 |
|
Inventories | 98,641 |
| | 107,381 |
|
Other receivables | 474,145 |
| | 469,796 |
|
Income tax receivable | 16,236 |
| | 68,614 |
|
Prepaid and other current assets | 50,617 |
| | 111,840 |
|
Current assets held for sale, net | — |
| | 5,389,565 |
|
Total current assets | 3,998,718 |
| | 8,424,159 |
|
Property and equipment, net of accumulated depreciation of $3,792,683 and $3,524,098, respectively | 3,419,238 |
| | 3,393,669 |
|
Operating lease right-of-use assets | 2,781,288 |
| | — |
|
Intangible assets, net of accumulated amortization of $78,437 and $80,566, respectively | 117,666 |
| | 118,846 |
|
Equity method and other investments | 219,386 |
| | 224,611 |
|
Long-term investments | 35,041 |
| | 35,424 |
|
Other long-term assets | 114,834 |
| | 71,583 |
|
Goodwill | 6,765,659 |
| | 6,841,960 |
|
| $ | 17,451,830 |
| | $ | 19,110,252 |
|
LIABILITIES AND EQUITY | |
| | |
|
Accounts payable | $ | 332,136 |
| | $ | 463,270 |
|
Other liabilities | 716,023 |
| | 595,850 |
|
Accrued compensation and benefits | 662,826 |
| | 658,913 |
|
Current portion of operating lease liabilities | 374,214 |
| | — |
|
Current portion of long-term debt | 121,441 |
| | 1,929,369 |
|
Current liabilities held for sale | — |
| | 1,243,759 |
|
Total current liabilities | 2,206,640 |
| | 4,891,161 |
|
Long-term operating lease liabilities | 2,682,125 |
| | — |
|
Long-term debt | 8,014,475 |
| | 8,172,847 |
|
Other long-term liabilities | 135,087 |
| | 450,669 |
|
Deferred income taxes | 604,921 |
| | 562,536 |
|
Total liabilities | 13,643,248 |
| | 14,077,213 |
|
Commitments and contingencies | | | |
Noncontrolling interests subject to put provisions | 1,296,059 |
| | 1,124,641 |
|
Equity: | |
| | |
|
Preferred stock ($0.001 par value, 5,000,000 shares authorized; none issued) | — |
| | — |
|
Common stock ($0.001 par value, 450,000,000 shares authorized; 166,540,590 and 166,387,307 shares issued and 133,888,864 and 166,387,307 shares outstanding, respectively) | 167 |
| | 166 |
|
Additional paid-in capital | 906,990 |
| | 995,006 |
|
Retained earnings | 3,349,180 |
| | 2,743,194 |
|
Treasury stock (32,651,726 and zero shares, respectively) | (1,860,157 | ) | | — |
|
Accumulated other comprehensive loss | (77,604 | ) | | (34,924 | ) |
Total DaVita Inc. shareholders' equity | 2,318,576 |
| | 3,703,442 |
|
Noncontrolling interests not subject to put provisions | 193,947 |
| | 204,956 |
|
Total equity | 2,512,523 |
| | 3,908,398 |
|
| $ | 17,451,830 |
| | $ | 19,110,252 |
|
See notes to condensed consolidated financial statements.
DAVITA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands) |
| | | | | | | |
| Nine months ended September 30, |
| 2019 | | 2018 |
Cash flows from operating activities: | |
| | |
|
Net income | $ | 718,332 |
| | $ | 434,883 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
|
Depreciation and amortization | 456,685 |
| | 435,878 |
|
Impairment charges | 124,892 |
| | 20,444 |
|
Debt prepayment, refinancing and redemption charges | 33,402 |
| | — |
|
Stock-based compensation expense | 47,811 |
| | 59,605 |
|
Deferred income taxes | 72,590 |
| | 200,056 |
|
Equity investment loss, net | 5,131 |
| | 8,611 |
|
Gain (loss) on sales of business interests, net | 23,022 |
| | (57,547 | ) |
Other non-cash charges, net | 24,291 |
| | 164,856 |
|
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | | | |
Accounts receivable | (182,684 | ) | | (74,622 | ) |
Inventories | 9,519 |
| | 88,355 |
|
Other receivables and other current assets | 51,319 |
| | (757 | ) |
Other long-term assets | 2,324 |
| | 2,142 |
|
Accounts payable | (106,662 | ) | | (12,800 | ) |
Accrued compensation and benefits | (57,930 | ) | | 40,225 |
|
Other current liabilities | 140,046 |
| | 45,624 |
|
Income taxes | 57,279 |
| | 21,749 |
|
Other long-term liabilities | (27,542 | ) | | 5,546 |
|
Net cash provided by operating activities | 1,391,825 |
| | 1,382,248 |
|
Cash flows from investing activities: | | | |
|
Additions of property and equipment | (547,183 | ) | | (705,659 | ) |
Acquisitions | (77,348 | ) | | (113,526 | ) |
Proceeds from asset and business sales | 3,863,619 |
| | 135,268 |
|
Purchase of other debt and equity investments | (5,160 | ) | | (5,791 | ) |
Purchase of investments held-to-maturity | (98,322 | ) | | (3,728 | ) |
Proceeds from sale of other debt and equity investments | 5,893 |
| | 8,783 |
|
Proceeds from investments held-to-maturity | — |
| | 32,628 |
|
Purchase of equity investments | (8,770 | ) | | (12,874 | ) |
Distributions received on equity investments | 1,296 |
| | 3,580 |
|
Net cash provided by (used in) investing activities | 3,134,025 |
| | (661,319 | ) |
Cash flows from financing activities: | | | |
Borrowings | 38,519,991 |
| | 41,674,279 |
|
Payments on long-term debt and other financing costs | (40,570,003 | ) | | (40,828,443 | ) |
Purchase of treasury stock | (1,837,022 | ) | | (1,161,511 | ) |
Distributions to noncontrolling interests | (157,170 | ) | | (139,673 | ) |
Stock award exercises and other share issuances, net | 7,333 |
| | 8,803 |
|
Contributions from noncontrolling interests | 44,095 |
| | 43,179 |
|
Proceeds from sales of additional noncontrolling interest | — |
| | 15 |
|
Purchases of noncontrolling interests | (10,988 | ) | | (19,988 | ) |
Net cash used in financing activities | (4,003,764 | ) | | (423,339 | ) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,178 | ) | | (5,790 | ) |
Net increase in cash, cash equivalents and restricted cash | 517,908 |
| | 291,800 |
|
Less: Net (decrease) increase in cash, cash equivalents and restricted cash from discontinued operations | (423,813 | ) | | 270,565 |
|
Net increase in cash, cash equivalents and restricted cash from continuing operations | 941,721 |
| | 21,235 |
|
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year | 415,420 |
| | 518,920 |
|
Cash, cash equivalents and restricted cash of continuing operations at end of the period | $ | 1,357,141 |
| | $ | 540,155 |
|
See notes to condensed consolidated financial statements.
DAVITA INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(dollars and shares in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, 2019 |
| Non- controlling interests subject to put provisions | | DaVita Inc. Shareholders’ Equity | | Non- controlling interests not subject to put provisions |
| | |
| | Common stock | | Additional paid-in capital | | Retained earnings | | Treasury stock | | Accumulated other comprehensive loss | | | |
| | Shares | | Amount | | | | Shares | | Amount | | | Total | |
Balance at June 30, 2019 | $ | 1,185,733 |
| | 166,533 |
| | $ | 167 |
| | $ | 989,021 |
| | $ | 3,205,910 |
| | (2,060 | ) | | $ | (112,189 | ) | | $ | (33,611 | ) | | $ | 4,049,298 |
| | $ | 193,771 |
|
Comprehensive income: |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Net income | 38,778 |
| |
|
| |
|
| |
|
| | 143,270 |
| |
|
| |
|
| |
|
| | 143,270 |
| | 19,640 |
|
Other comprehensive loss |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | (43,993 | ) | | (43,993 | ) | |
|
|
Stock unit shares issued |
|
| | 8 |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | — |
| |
|
|
Stock-settled stock-based compensation expense |
|
| |
|
| |
|
| | 18,724 |
| |
|
| |
|
| |
|
| |
|
| | 18,724 |
| |
|
|
Changes in noncontrolling interest from: |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
Distributions | (37,868 | ) | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | (23,588 | ) |
Contributions | 8,946 |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | 3,868 |
|
Acquisitions and divestitures | (91 | ) | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | 10 |
|
Partial purchases | 8 |
| |
|
| |
|
| | (202 | ) | |
|
| |
|
| |
|
| |
|
| | (202 | ) | | 246 |
|
Fair value remeasurements | 100,553 |
| |
|
| |
|
| | (100,553 | ) | |
|
| |
|
| |
|
| |
|
| | (100,553 | ) | |
|
|
Purchase of treasury stock |
|
| |
|
| |
|
| |
|
| |
|
| | (30,592 | ) | | (1,747,968 | ) | |
|
| | (1,747,968 | ) | |
|
|
Balance at September 30, 2019 | $ | 1,296,059 |
| | 166,541 |
| | $ | 167 |
| | $ | 906,990 |
| | $ | 3,349,180 |
| | (32,652 | ) | | $ | (1,860,157 | ) | | $ | (77,604 | ) | | $ | 2,318,576 |
| | $ | 193,947 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, 2019 |
| Non- controlling interests subject to put provisions | | DaVita Inc. Shareholders’ Equity | | Non- controlling interests not subject to put provisions |
| | |
| | Common stock | | Additional paid-in capital | | Retained earnings | | Treasury stock | | Accumulated other comprehensive loss | | | |
| | Shares | | Amount | | | | Shares | | Amount | | | Total | |
Balance at January 1, 2019 | $ | 1,124,641 |
| | 166,387 |
| | $ | 166 |
| | $ | 995,006 |
| | $ | 2,743,194 |
| | — |
| | $ | — |
| | $ | (34,924 | ) | | $ | 3,703,442 |
| | $ | 204,956 |
|
Cumulative effect of change in accounting principle | (38 | ) | |
|
| |
|
| |
|
| | 39,876 |
| |
|
| |
|
| |
|
| | 39,876 |
| | (6 | ) |
Comprehensive income: | | | | | | | | | | | | | | | | | | | |
Net income | 102,078 |
| |
|
| |
|
| |
|
| | 566,110 |
| |
|
| |
|
| |
|
| | 566,110 |
| | 50,144 |
|
Other comprehensive loss |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | (42,680 | ) | | (42,680 | ) | |
|
|
Stock unit shares issued |
|
| | 154 |
| | 1 |
| | (3,246 | ) | |
|
| |
|
| |
|
| |
|
| | (3,245 | ) | |
|
|
Stock-settled stock-based compensation expense |
|
| |
|
| |
|
| | 47,723 |
| |
|
| |
|
| |
|
| |
|
| | 47,723 |
| |
|
|
Changes in noncontrolling interest from: | | | | | | | | | | | | | | | | | | | |
Distributions | (98,103 | ) | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | (59,067 | ) |
Contributions | 24,714 |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | 19,381 |
|
Acquisitions and divestitures | 1,782 |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| | (1,981 | ) |
Partial purchases | (2,240 | ) | |
|
| |
|
| | 10,732 |
| |
|
| |
|
| |
|
| |
|
| | 10,732 |
| | (19,480 | ) |
Fair value remeasurements | 143,225 |
| |
|
| |
|
| | (143,225 | ) | |
|
| |
|
| |
|
| |
|
| | (143,225 | ) | |
|
|
Purchase of treasury stock |
|
| |
|
| |
|
| |
|
| |
|
| | (32,652 | ) | | (1,860,157 | ) | |
|
| | (1,860,157 | ) | |
|
|
Balance at September 30, 2019 | $ | 1,296,059 |
| | 166,541 |
| | $ | 167 |
| | $ | 906,990 |
| | $ | 3,349,180 |
| | (32,652 | ) | | $ | (1,860,157 | ) | | $ | (77,604 | ) | | $ | 2,318,576 |
| | $ | 193,947 |
|
See notes to condensed consolidated financial statements.
DAVITA INC.
CONSOLIDATED STATEMENTS OF EQUITY - continued
(unaudited)
(dollars and shares in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, 2018 |
| Non- controlling interests subject to put provisions | | DaVita Inc. Shareholders’ Equity | | Non- controlling interests not subject to put provisions |
| | |
| | Common stock | | Additional paid-in capital | | Retained earnings | | Treasury stock | | Accumulated other comprehensive loss | | | |
| | Shares | | Amount | | | | Shares | | Amount | | | Total | |
Balance at June 30, 2018 | $ | 1,047,158 |
|