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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
 
 
 
 
 
https://cdn.kscope.io/47a17f4fef4d1ce66952b80e2ac6efda-logoa27.jpg
DAVITA INC.
Delaware
 
51-0354549
(State of incorporation)
 
(I.R.S. Employer Identification No.)
2000 16th Street
Denver,
CO
80202
Telephone number (720631-2100
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.
 

i




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.

1



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.


2



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.

3



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.

4



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.

5



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

 
182,815

 
$