IASIS Healthcare LLC

CIK:0001294632|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Acute care revenue before provision for bad debts	$ 603,422	$ 583,595	$ 1,805,679	$ 1,763,190
Less: Provision for bad debts	(99,199)	(94,293)	(298,012)	(284,989)
Acute care revenue	504,223	489,302	1,507,667	1,478,201
Premium, service and other revenue	356,130	324,681	1,035,613	959,917
Total revenue	860,353	813,983	2,543,280	2,438,118
Costs and expenses
Salaries and benefits (includes stock-based compensation of $785, $1,877, $3,126 and $5,221, respectively)	260,028	244,923	771,109	742,050
Supplies	88,794	83,895	265,173	252,859
Medical claims	287,972	303,330	839,361	838,067
Rentals and leases	22,357	21,281	66,393	64,581
Other operating expenses	143,284	136,120	422,624	414,007
Medicare and Medicaid EHR incentives	(7)	(1,267)	(812)	(1,757)
Interest expense, net	33,194	32,828	94,854	99,471
Depreciation and amortization	29,078	26,482	81,575	79,732
Management fees	1,250	1,250	3,750	3,750
Total costs and expenses	865,950	848,842	2,544,027	2,492,760
Loss from continuing operations before gain on disposal of assets and income taxes	(5,597)	(34,859)	(747)	(54,642)
Gain on disposal of assets, net	398	248	1,331	973
Earnings (loss) from continuing operations before income taxes	(5,199)	(34,611)	584	(53,669)
Income tax expense (benefit)	925	(7,584)	3,197	(12,961)
Net loss from continuing operations	(6,124)	(27,027)	(2,613)	(40,708)
Earnings (loss) from discontinued operations, net of income taxes	(39)	465	(887)	(3,421)
Net loss	(6,163)	(26,562)	(3,500)	(44,129)
Net earnings attributable to non-controlling interests	(2,758)	(2,037)	(10,384)	(7,440)
Net loss attributable to IASIS Healthcare LLC	$ (8,921)	$ (28,599)	$ (13,884)	$ (51,569)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net loss	$ (3,500)	$ (44,129)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	81,575	79,732
Amortization of loan costs	7,098	5,947
Amortization of deferred gain on sale-leaseback transaction	(1,872)	(1,872)
Change in physician minimum revenue guarantees	2,575	2,609
Stock-based compensation	3,126	5,221
Deferred income taxes	1,642	(16,694)
Gain on disposal of assets, net	(1,331)	(973)
Loss from discontinued operations, net	887	3,421
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions:
Accounts receivable, net	(31,615)	(26,718)
Inventories, prepaid expenses and other current assets	(30,582)	35,954
Accounts payable, other accrued expenses and other accrued liabilities	36,065	28,957
Net cash provided by (used in) operating activities - continuing operations	64,068	71,455
Net cash provided by (used in) operating activities - discontinued operations	(913)	2,368
Net cash provided by operating activities	63,155	73,823
Cash flows from investing activities
Purchases of property and equipment	(69,453)	(94,678)
Cash paid for acquisitions, net	(18,101)	(2,311)
Cash paid related to divestiture		(5,869)
Proceeds from sale of assets	88	643
Change in other assets, net	(460)	(425)
Net cash used in investing activities - continuing operations	(87,926)	(102,640)
Net cash provided by investing activities - discontinued operations	61
Net cash used in investing activities	(87,865)	(102,640)
Cash flows from financing activities
Payment of long-term debt, capital leases and other long-term obligations	(118,478)	(16,938)
Payment of debt financing costs	(3,991)	(5,179)
Distributions to non-controlling interests	(6,990)	(8,005)
Cash paid for the repurchase of non-controlling interests	(169)	(1,411)
Other	(467)
Net cash provided by (used in) financing activities	(130,095)	(31,533)
Change in cash and cash equivalents	(154,805)	(60,350)
Cash and cash equivalents at beginning of period	345,685	378,513
Cash and cash equivalents at end of period	190,880	318,163
Supplemental disclosure of cash flow information:
Cash paid for interest	109,344	110,394
Cash paid for (received from) income taxes, net	$ 1,823	(9,261)
Supplemental disclosure of non-cash information:
Financing obligation related to integrated clinical and revenue cycle systems conversion		$ 23,409

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015
ASSETS
Cash and cash equivalents	$ 190,880	$ 345,685	$ 318,163	$ 378,513
Accounts receivable, net	373,816	342,368
Inventories	68,823	65,042
Prepaid expenses and other current assets	168,301	143,048
Total current assets	801,820	896,143
Property and equipment, net	936,815	939,784
Goodwill	781,121	767,659
Other intangible assets, net	14,074	16,601
Other assets, net	48,890	49,283
Total assets	2,582,720	2,669,470
LIABILITIES AND EQUITY
Accounts payable	136,088	143,415
Salaries and benefits payable	71,032	47,464
Accrued interest payable	10,241	27,831
Medical claims payable	193,068	167,024
Other accrued expenses and current liabilities	144,227	138,996
Current portion of long-term debt, capital leases and other long-term obligations, net	16,567	18,086
Total current liabilities	571,223	542,816
Long-term debt, capital leases and other long-term obligations, net	1,718,681	1,830,840
Deferred income taxes	92,822	91,633
Other long-term liabilities	95,597	90,295
Non-controlling interests with redemption rights	120,777	120,809
Member's deficit	(37,457)	(23,247)
Non-controlling interests	21,077	16,324
Total deficit	(16,380)	(6,923)
Total liabilities and equity	$ 2,582,720	$ 2,669,470