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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 June 30, 2020
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/4a9fe59396230e54c018ab83e77b382a-logoa31.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 July 29, 2020, the number of shares of the Registrant’s common stock outstanding was approximately 122.0 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 June 30,
 
Six months ended June 30,
 
2020
 
2019
 
2020
 
2019
Dialysis patient service revenues
$
2,758,197

 
$
2,723,816

 
$
5,471,478

 
$
5,353,505

Other revenues
121,782

 
118,889

 
249,738

 
232,312

Total revenues
2,879,979

 
2,842,705

 
5,721,216

 
5,585,817

Operating expenses and charges:
 

 
 

 
 

 
 

Patient care costs
1,984,564

 
1,957,753

 
3,960,013

 
3,922,688

General and administrative
316,209

 
275,338

 
579,785

 
526,151

Depreciation and amortization
157,376

 
152,242

 
312,055

 
300,770

Equity investment income
(4,342
)
 
(4,514
)
 
(22,185
)
 
(7,222
)
Loss on changes in ownership interest, net
16,252

 

 
16,252

 

Goodwill impairment charges

 

 

 
41,037

Total operating expenses and charges
2,470,059

 
2,380,819

 
4,845,920

 
4,783,424

Operating income
409,920

 
461,886

 
875,296

 
802,393

Debt expense
(81,381
)
 
(131,666
)
 
(169,984
)
 
(263,185
)
Debt prepayment and refinancing charges

 
(12,160
)
 
(2,948
)
 
(12,160
)
Other income, net
9,545

 
5,643

 
5,195

 
12,583

Income from continuing operations before income taxes
338,084

 
323,703

 
707,559

 
539,631

Income tax expense
83,212

 
75,938

 
174,772

 
132,684

Net income from continuing operations
254,872

 
247,765

 
532,787

 
406,947

Net income from discontinued operations, net of tax

 
79,392

 
9,980

 
109,697

Net income
254,872

 
327,157

 
542,767

 
516,644

Less: Net income attributable to noncontrolling interests
(53,270
)
 
(53,606
)
 
(101,572
)
 
(93,804
)
Net income attributable to DaVita Inc.
$
201,602

 
$
273,551

 
$
441,195

 
$
422,840

 
 
 
 
 
 
 
 
Earnings per share attributable to DaVita Inc.:
 

 
 

 
 

 
 

Basic net income from continuing operations per share
$
1.65

 
$
1.17

 
$
3.49

 
$
1.89

Basic net income per share
$
1.65

 
$
1.64

 
$
3.57

 
$
2.54

Diluted net income from continuing operations per share
$
1.62

 
$
1.16

 
$
3.44

 
$
1.89

Diluted net income per share
$
1.62

 
$
1.64

 
$
3.52

 
$
2.54

 
 
 
 
 
 
 
 
Weighted average shares for earnings per share:
 
 
 
 
 

 
 

Basic
122,074,452

 
166,346,041

 
123,485,412

 
166,366,886

Diluted
124,068,278

 
166,799,525

 
125,478,913

 
166,789,978

 
 
 
 
 
 
 
 
Amounts attributable to DaVita Inc.:
 
 
 
 
 
 
 
Net income from continuing operations
$
201,602

 
$
194,223

 
$
431,215

 
$
314,477

Net income from discontinued operations

 
79,328

 
9,980

 
108,363

Net income attributable to DaVita Inc.
$
201,602

 
$
273,551

 
$
441,195

 
$
422,840

 
See notes to condensed consolidated financial statements.

1



DAVITA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
 
 
Three months ended June 30,
 
Six months ended June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
254,872

 
$
327,157

 
$
542,767

 
$
516,644

Other comprehensive income, net of tax:
 

 
 

 
 

 
 

Unrealized losses on interest rate cap agreements:
 

 
 

 
 

 
 

Unrealized losses
(1,824
)
 
(31
)
 
(14,842
)
 
(611
)
Reclassifications of net realized losses into net income
1,623

 
1,606

 
3,246

 
3,212

Unrealized gains (losses) on foreign currency translation:
 
 
 

 
 
 
 

Foreign currency translation adjustments
5,619

 
12,365

 
(76,013
)
 
(1,288
)
Other comprehensive income (loss)
5,418

 
13,940

 
(87,609
)
 
1,313

Total comprehensive income
260,290

 
341,097

 
455,158

 
517,957

Less: Comprehensive income attributable to noncontrolling interests
(53,270
)
 
(53,606
)
 
(101,572
)
 
(93,804
)
Comprehensive income attributable to DaVita Inc.
$
207,020

 
$
287,491

 
$
353,586

 
$
424,153

 See notes to condensed consolidated financial statements.


2



DAVITA INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands, except per share data)
 
June 30, 2020
 
December 31, 2019
ASSETS
 

 
 

Cash and cash equivalents
$
2,928,910

 
$
1,102,372

Restricted cash and equivalents
106,809

 
106,346

Short-term investments
154,115

 
11,572

Accounts receivable
1,772,259

 
1,795,598

Inventories
97,902

 
97,949

Other receivables
614,606

 
489,695

Prepaid and other current assets
63,266

 
66,866

Income tax receivable
41,963

 
19,772

Total current assets
5,779,830

 
3,690,170

Property and equipment, net of accumulated depreciation of $4,229,363 and $3,969,566,
respectively
3,417,918

 
3,473,384

Operating lease right-of-use assets
2,826,620

 
2,830,047

Intangible assets, net of accumulated amortization of $88,133 and $81,922, respectively
113,379

 
135,684

Equity method and other investments
255,489

 
241,983

Long-term investments
28,340

 
36,519

Other long-term assets
92,909

 
115,972

Goodwill
6,790,606

 
6,787,635

 
$
19,305,091

 
$
17,311,394

LIABILITIES AND EQUITY
 

 
 

Accounts payable
$
357,283

 
$
403,840

Other liabilities
902,019

 
756,174

Accrued compensation and benefits
686,700

 
695,052

Current portion of operating lease liabilities
360,405

 
343,912

Current portion of long-term debt
1,906,560

 
130,708

Income tax payable
61,596

 
42,412

Total current liabilities
4,274,563

 
2,372,098

Long-term operating lease liabilities
2,709,569

 
2,723,800

Long-term debt
7,894,674

 
7,977,526

Other long-term liabilities
144,121

 
160,809

Deferred income taxes
706,410

 
577,543

Total liabilities
15,729,337

 
13,811,776

Commitments and contingencies
 
 
 
Noncontrolling interests subject to put provisions
1,241,937

 
1,180,376

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; 126,036,632 and
121,984,334 shares issued and outstanding at J
une 30, 2020, respectively and 125,842,853
shares issued and outstanding at December 31, 2019)
126

 
126

Additional paid-in capital
719,102

 
749,043

Retained earnings
1,872,933

 
1,431,738

Treasury stock (4,052,298 and zero shares, respectively)
(303,139
)
 

Accumulated other comprehensive loss
(135,107
)
 
(47,498
)
Total DaVita Inc. shareholders' equity
2,153,915

 
2,133,409

Noncontrolling interests not subject to put provisions
179,902

 
185,833

Total equity
2,333,817

 
2,319,242

 
$
19,305,091

 
$
17,311,394

See notes to condensed consolidated financial statements.

3



DAVITA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
 
Six months ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 

 
 

Net income
$
542,767

 
$
516,644

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 

Depreciation and amortization
312,055

 
300,770

Debt refinancing charges
884

 

Impairment charges

 
41,037

Stock-based compensation expense
42,125

 
29,045

Deferred income taxes
132,101

 
60,706

Equity investment (loss) income, net
(6,494
)
 
2,631

Loss on sales of business interests, net
16,252

 
23,022

Other non-cash charges, net
(5,885
)
 
25,857

Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
 
 
 
Accounts receivable
15,194

 
(288,437
)
Inventories
(696
)
 
11,542

Other receivables and other current assets
(131,988
)
 
(5,142
)
Other long-term assets
1,950

 
(410
)
Accounts payable
(15,858
)
 
(68,887
)
Accrued compensation and benefits
(19,325
)
 
(88,473
)
Other current liabilities
146,490

 
151,780

Income taxes
(4,800
)
 
57,551

Other long-term liabilities
(13,269
)
 
(18,121
)
Net cash provided by operating activities
1,011,503

 
751,115

Cash flows from investing activities:
 
 
 

Additions of property and equipment
(291,667
)
 
(373,918
)
Acquisitions
(44,267
)
 
(65,970
)
Proceeds from asset and business sales
70,615

 
3,851,381

Purchase of debt investments held-to-maturity
(142,483
)
 
(3,322
)
Purchase of other debt and equity investments
(3,034
)
 
(4,812
)
Proceeds from debt investments held-to-maturity
7,621

 

Proceeds from sale of other debt and equity investments
3,438

 
5,893

Purchase of equity method investments
(8,101
)
 
(6,715
)
Distributions from equity method investments
739

 
155

Net cash (used in) provided by investing activities
(407,139
)
 
3,402,692

Cash flows from financing activities:
 
 
 
Borrowings
2,324,300

 
32,367,300

Payments on long-term debt
(635,695
)
 
(33,527,788
)
Deferred financing and debt redemption costs
(20,375
)
 
(3,621
)
Purchase of treasury stock
(321,798
)
 
(73,078
)
Distributions to noncontrolling interests
(118,553
)
 
(95,714
)
Stock award exercises and other share issuances, net
(2,106
)
 
2,107

Contributions from noncontrolling interests
20,582

 
31,281

Purchases of noncontrolling interests
(6,782
)
 
(11,040
)
Net cash provided by (used in) financing activities
1,239,573

 
(1,310,553
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(16,936
)
 
(77
)
Net increase in cash, cash equivalents and restricted cash
1,827,001

 
2,843,177

Less: Net decrease in cash, cash equivalents and restricted cash from discontinued operations

 
(423,813
)
Net increase in cash, cash equivalents and restricted cash from continuing operations
1,827,001

 
3,266,990

Cash, cash equivalents and restricted cash of continuing operations at beginning of the year
1,208,718

 
415,420

Cash, cash equivalents and restricted cash of continuing operations at end of the year
$
3,035,719

 
$
3,682,410

See notes to condensed consolidated financial statements.

4



DAVITA INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(dollars and shares in thousands)
 
Three months ended June 30, 2020
 
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 March 31, 2020
$
1,228,036

 
125,857

 
$
126

 
$
720,053

 
$
1,671,331

 
(4,052
)
 
$
(303,139
)
 
$
(140,525
)
 
$
1,947,846

 
$
185,498

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
34,707

 
 
 
 
 
 
 
201,602

 
 
 
 
 
 
 
201,602

 
18,563

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,418

 
5,418

 
 
Stock unit shares issued
 
 
153

 
 
 
(7,076
)
 
 
 
 
 
 
 
 
 
(7,076
)
 
 
Stock appreciation rights shares
issued
 
 
27

 
 
 
(815
)
 
 
 
 
 
 
 
 
 
(815
)
 
 
Stock-settled stock-based
compensation expense
 
 
 
 
 
 
21,881

 
 
 
 
 
 
 
 
 
21,881

 
 
Changes in noncontrolling
interest from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
(39,569
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(20,853
)
Contributions
8,812

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,383

Acquisitions and divestitures
(3,214
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,383
)
Partial purchases
(6,418
)
 
 
 
 
 
4,642

 
 
 
 
 
 
 
 
 
4,642

 
(4,306
)
Fair value remeasurements
19,583

 
 
 
 
 
(19,583
)
 
 
 
 
 
 
 
 
 
(19,583
)
 
 
Purchase of treasury stock
 
 
 
 
 
 
 
 
 
 


 


 
 
 


 
 
Balance at June 30, 2020
$
1,241,937

 
126,037

 
$
126

 
$
719,102

 
$
1,872,933

 
(4,052
)
 
$
(303,139
)
 
$
(135,107
)
 
$
2,153,915

 
$
179,902


 
Six months ended June 30, 2020
 
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 December 31, 2019
$
1,180,376

 
125,843

 
$
126

 
$
749,043

 
$
1,431,738

 

 
$

 
$
(47,498
)
 
$
2,133,409

 
$
185,833

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
66,883

 
 
 
 
 
 
 
441,195

 
 
 
 
 
 
 
441,195

 
34,689

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(87,609
)
 
(87,609
)
 
 
Stock unit shares issued
 
 
161

 
 
 
(7,151
)
 
 
 
 
 
 
 
 
 
(7,151
)
 
 
Stock appreciation rights shares
issued
 
 
33

 
 
 
(1,060
)
 
 
 
 
 
 
 
 
 
(1,060
)
 
 
Stock-settled stock-based
compensation expense
 
 
 
 
 
 
41,678

 
 
 
 
 
 
 
 
 
41,678

 
 
Changes in noncontrolling
interest from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
(77,135
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(41,418
)
Contributions
14,095

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,487

Acquisitions and divestitures
(3,214
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,383
)
Partial purchases
(6,673
)
 
 
 
 
 
4,197

 
 
 
 
 
 
 
 
 
4,197

 
(4,306
)
Fair value remeasurements
67,605

 
 
 
 
 
(67,605
)
 
 
 
 
 
 
 
 
 
(67,605
)
 
 
Purchase of treasury stock
 
 
 
 
 
 
 
 
 
 
(4,052
)
 
(303,139
)
 
 
 
(303,139
)
 
 
Balance at June 30, 2020
$
1,241,937

 
126,037

 
$
126

 
$
719,102

 
$
1,872,933

 
(4,052
)
 
$
(303,139
)
 
$
(135,107
)
 
$
2,153,915

 
$
179,902



5



 
Three months ended June 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 March 31, 2019
$
1,143,044

 
166,396

 
$
166

 
$
990,380

 
$
2,932,359

 

 
$

 
$
(47,551
)
 
$
3,875,354

 
$
211,319

Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
37,911

 
 
 
 
 
 
 
273,551

 
 
 
 
 
 
 
273,551

 
15,695

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13,940

 
13,940

 
 
Stock unit shares issued
 
 
137

 
1

 
(3,142
)
 
 
 
 
 
 
 
 
 
(3,141
)
 
 
Stock-settled stock-based
compensation expense
 
 
 
 
 
 
16,908

 
 
 
 
 
 
 
 
 
16,908

 
 
Changes in noncontrolling
interest from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions
(32,670
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(18,814
)
Contributions
9,353

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,981

Acquisitions and
divestitures
111

 
 
 
 
 


 
 
 
 
 
 
 
 
 

 
(1,991
)
Partial purchases
(281
)
 
 
 
 
 
13,140