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SEC Edgar

LIFEPOINT HOSPITALS, INC.

SIC 8062 · Services-General Medical & Surgical Hospitals, NEC

LIFEPOINT HOSPITALS, INC.

CIK:0001301611|SEC Filings

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Income [Abstract]
Revenues	$ 1,557.0	$ 1,576.0	$ 4,729.6	$ 4,801.0
Salaries and benefits	761.1	748.5	2,263.8	2,307.4
Supplies	254.7	262.4	776.7	793.8
Other operating expenses, net	379.5	389.1	1,151.9	1,136.0
Depreciation and amortization	80.9	87.2	243.9	264.0
Interest expense, net	36.8	37.3	110.8	112.3
Other non-operating losses (gains), net	40.1	(3.7)	109.6	(34.1)
Costs, Expenses, Non-operating (Income) Expense, and Interest and Debt Expense, Total	1,553.1	1,520.8	4,656.7	4,579.4
Income before income taxes	3.9	55.2	72.9	221.6
(Benefit) provision for income taxes	(19.4)	25.3	0.1	81.7
Net income	23.3	29.9	72.8	139.9
Less: Net income attributable to noncontrolling interests and redeemable noncontrolling interests	(1.0)	(2.4)	(6.9)	(10.0)
Net income attributable to LifePoint Health, Inc.	$ 22.3	$ 27.5	$ 65.9	$ 129.9
Weighted average shares outstanding - basic	38.7	39.9	38.9	40.1
Effect of dilutive stock options and other stock-based awards	1.2	1.0	0.7	1.0
Weighted average shares outstanding - diluted	39.9	40.9	39.6	41.1
Earnings per share attributable to LifePoint Health, Inc. stockholders:
Basic	$ 0.57	$ 0.69	$ 1.70	$ 3.24
Diluted	$ 0.56	$ 0.67	$ 1.66	$ 3.16

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

Cash flows from operating activities:

$ 23.3

$ 29.9

$ 72.8

$ 139.9

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

Stock-based compensation

28.0

7.0

42.7

18.9

Depreciation and amortization

80.9

87.2

243.9

264.0

Other non-cash amortization

2.7

2.8

8.0

9.2

Other non-operating losses (gains), net

40.1

(3.7)

109.6

(34.1)

Deferred income taxes

32.3

5.4

10.2

4.4

Reserve for self-insurance claims, net of payments

3.8

(0.2)

2.2

(37.0)

Increase (decrease) in cash from operating assets and liabilities, net of effects from acquisitions and divestitures:

Accounts receivable

(0.5)

(9.2)

6.8

2.3

Inventories, prepaid expenses and other current assets

(0.2)

(14.6)

14.1

5.8

Accounts payable, accrued salaries and other current liabilities

12.9

4.8

(69.1)

(30.4)

Income taxes payable/receivable

(50.9)

(19.6)

(37.3)

(41.8)

(9.5)

1.3

(5.6)

(7.8)

Net cash provided by operating activities

162.9

91.1

398.3

293.4

Cash flows from investing activities:

Purchases of property and equipment

(105.6)

(108.5)

(243.2)

(266.2)

Proceeds from sale of businesses

8.9

95.1

10.4

110.0

(3.7)

0.2

(7.7)

(2.2)

Net cash used in investing activities

(100.4)

(13.2)

(240.5)

(158.4)

Cash flows from financing activities:

Proceeds from borrowings

25.0

125.0

165.0

Payments of borrowings

(44.3)

(29.3)

(138.1)

(178.1)

Repurchases of common stock

(35.0)

(42.9)

(61.4)

Redemptions of noncontrolling interests and redeemable noncontrolling interests, net of sales

(0.1)

(0.4)

(34.8)

(0.6)

Distributions to noncontrolling interests and redeemable noncontrolling interests

(1.9)

(2.4)

(18.2)

(7.2)

Proceeds from exercise of stock options

0.2

0.4

1.9

15.7

(0.1)

(1.4)

(2.6)

1.2

Net cash used in financing activities

(46.2)

(43.1)

(109.7)

(65.4)

Change in cash and cash equivalents

16.3

34.8

48.1

69.6

Cash and cash equivalents at beginning of period

143.8

130.9

112.0

^[1]

96.1

Cash and cash equivalents at end of period

160.1

165.7

160.1

165.7

Supplemental disclosure of cash flow information:

Interest payments

8.0

5.9

80.2

74.7

Capitalized interest

3.9

2.2

10.8

5.2

Income tax payments, net of refunds

$ (0.8)

$ 39.5

$ 27.2

$ 119.1

[1]	Derived from audited consolidated financial statements.

Condensed Consolidated Balance Sheets - USD ($)
$ in Millions

Sep. 30, 2018

Dec. 31, 2017

^[1]

Current assets:

Cash and cash equivalents

$ 160.1

$ 112.0

Accounts receivable

803.7

822.4

154.6

153.1

Prepaid expenses

80.4

67.2

Other current assets

121.7

110.5

Total current assets

1,320.5

1,265.2

Property and equipment:

180.3

182.4

Buildings and improvements

2,539.0

2,564.7

2,353.2

2,340.4

Construction in progress (estimated costs to complete after September 30, 2018 is $299.8)

397.5

353.8

Property and equipment, gross

5,470.0

5,441.3

Accumulated depreciation

(2,462.6)

(2,351.0)

Property and equipment, net

3,007.4

3,090.3

Intangible assets, net

78.1

76.3

Other long-term assets

137.2

116.8

1,733.7

1,737.8

6,276.9

6,286.4

Current liabilities:

Accounts payable

204.9

210.3

Accrued salaries

217.8

216.3

Other current liabilities

265.5

296.0

Current maturities of long-term debt

27.2

22.3

Total current liabilities

715.4

744.9

Long-term debt, net

2,859.8

2,877.4

Deferred income taxes

42.5

32.3

Long-term portion of reserves for self-insurance claims

142.1

140.9

Other long-term liabilities

84.8

80.1

Total liabilities

3,844.6

3,875.6

Redeemable noncontrolling interests

95.8

125.0

LifePoint Health, Inc. stockholders' equity:

Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued

Common stock, $0.01 par value; 90,000,000 shares authorized; 68,266,833 and 67,990,507 shares issued at September 30, 2018 and December 31, 2017, respectively

0.7

0.7

Capital in excess of par value

1,649.7

1,620.8

Accumulated other comprehensive loss

(3.6)

(3.6)

Retained earnings

1,945.2

1,879.3

Common stock in treasury, at cost, 29,525,767 and 28,632,630 shares at September 30, 2018 and December 31, 2017, respectively

(1,297.6)

(1,254.7)

Total LifePoint Health, Inc. stockholders' equity

2,294.4

2,242.5

Noncontrolling interests

42.1

43.3

2,336.5

2,285.8

Total liabilities and equity

$ 6,276.9

$ 6,286.4

[1]	Derived from audited consolidated financial statements.