Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - UNITED SURGICAL PARTNERS INTERNATIONAL INC | d309309d8k.htm |
| EX-99.2 - EXCERPT OF A PRESENTATION MADE BY THE COMPANY - UNITED SURGICAL PARTNERS INTERNATIONAL INC | d309309dex992.htm |
Exhibit 99.1
March 2012
Financial Disclosures Excerpted from Confidential Information Memorandum
The Evaluation Material may include certain forward looking statements and projections provided by United Surgical Partners International, Inc. (“Borrower”). Any such statements and projections reflect various estimates and assumptions by Borrower concerning anticipated results. No representations or warranties are made by Borrower or any of its affiliates as to the accuracy of any such statements or projections. Whether or not any such forward looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of Borrower. Accordingly, actual results may vary from the projected results and such variations may be material. Statements contained herein describing documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such documents and agreements.
U.S. historical income statement
| ($) |
Year ended December 31, 2011 |
Year ended December 31 2010 |
Year ended December 31 2009 |
Year ended December 31 2008 |
Year ended December 31 2007 |
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| Revenues: |
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| Net patient service revenues |
$ | 418,154,971 | $ | 402,048,714 | $ | 418,802,249 | $ | 432,317,982 | $ | 449,561,783 | ||||||||||
| Management and administrative services revenue |
72,112,755 | 64,838,013 | 58,326,234 | 53,026,905 | 48,054,136 | |||||||||||||||
| Other income |
8,910,444 | 7,062,277 | 11,249,952 | 7,721,319 | 5,146,685 | |||||||||||||||
| Total revenues |
499,178,170 | 473,949,003 | 488,378,435 | 493,066,206 | 502,762,604 | |||||||||||||||
| Equity in earnings (loss) of unconsolidated affiliates |
83,136,885 | 69,915,851 | 61,771,247 | 47,042,162 | 33,772,625 | |||||||||||||||
| Operating expenses: |
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| Salaries, benefits and other employee costs |
125,142,719 | 118,837,808 | 122,371,443 | 128,633,763 | 128,674,918 | |||||||||||||||
| Medical services and supplies |
76,721,035 | 75,340,487 | 78,332,677 | 83,387,603 | 81,339,924 | |||||||||||||||
| Other operating expenses |
79,706,534 | 84,025,665 | 74,244,274 | 84,707,960 | 84,835,781 | |||||||||||||||
| General and administrative expenses |
38,028,033 | 33,762,272 | 34,816,767 | 36,430,954 | 62,661,424 | |||||||||||||||
| Provision for doubtful accounts |
9,409,385 | 8,417,412 | 8,614,025 | 6,999,784 | 10,320,248 | |||||||||||||||
| Losses on deconsolidations, disposals and impairments |
(1,528,777 | ) | 6,378,004 | 29,162,304 | 1,827,135 | (404,550 | ) | |||||||||||||
| Depreciation and amortization |
21,177,017 | 22,492,896 | 24,432,353 | 25,479,745 | 27,029,729 | |||||||||||||||
| Total operating expenses |
348,655,946 | 349,254,544 | 371,973,844 | 367,466,944 | 394,457,474 | |||||||||||||||
| Operating income (loss) |
233,659,109 | 194,610,310 | 178,175,837 | 172,641,424 | 142,077,754 | |||||||||||||||
| Interest income |
516,385 | 741,687 | 1,729,113 | 3,236,495 | 4,141,832 | |||||||||||||||
| Interest expense |
(63,537,769 | ) | (66,886,013 | ) | (67,769,507 | ) | (79,701,252 | ) | (70,957,914 | ) | ||||||||||
| Gain (loss) on early retirement of debt |
0 | 0 | 585,950 | 0 | (2,435,411 | ) | ||||||||||||||
| Other |
(72,703 | ) | 707,932 | (213,560 | ) | 32,279 | 6,659 | |||||||||||||
| Total other expense, net |
(63,094,087 | ) | (65,436,395 | ) | (65,668,005 | ) | (76,432,478 | ) | (69,244,833 | ) | ||||||||||
| Income (loss) from continuing operations before income taxes |
170,565,022 | 129,173,915 | 112,507,833 | 96,208,945 | 72,832,921 | |||||||||||||||
| Income tax (expense) benefit |
(53,120,123 | ) | (29,257,460 | ) | 5,455,267 | (17,215,096 | ) | (14,270,165 | ) | |||||||||||
| Net income (loss) from continuing operations |
117,444,899 | 99,916,455 | 117,963,100 | 78,993,849 | 58,562,756 | |||||||||||||||
| Discontinued operations, net of taxes: |
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| Income from discontinued operations |
9,657 | (220,726 | ) | 1,452,848 | (554,363 | ) | (506,399 | ) | ||||||||||||
| Net gain/(loss) on disposal of discontinued operations |
(528,763 | ) | (6,781,759 | ) | 0 | (624,295 | ) | (2,425,847 | ) | |||||||||||
| Total earnings from discontinued operations |
(519,106 | ) | (7,002,485 | ) | 1,452,848 | (1,178,658 | ) | (2,932,246 | ) | |||||||||||
| Net income (loss) |
116,925,794 | 92,913,970 | 119,415,948 | 77,815,191 | 55,630,510 | |||||||||||||||
| Less: Net income attributable to noncontrolling interest |
(69,782,950 | ) | (60,266,392 | ) | (63,669,885 | ) | (55,088,313 | ) | (63,685,256 | ) | ||||||||||
| Net income attributable to the Company |
47,142,843 | 32,647,578 | 55,746,063 | 22,726,878 | (8,054,745 | ) | ||||||||||||||
| EBITDA |
253,307,350 | 223,481,209 | 231,770,495 | 199,948,304 | 168,702,933 | |||||||||||||||
| EBITDA less noncontrolling interest add backs per 10K |
183,524,399 | 163,214,817 | 168,100,610 | 144,859,991 | 105,017,677 | |||||||||||||||
| Deal costs LBO |
25,400,000 | |||||||||||||||||||
| Deal costs HMP/other |
3,300,000 | |||||||||||||||||||
| Deal costs Titan |
2,661,000 | |||||||||||||||||||
| Denovo start ups |
4,000,000 | |||||||||||||||||||
| Settlement |
6,000,000 | |||||||||||||||||||
| Investment impairment |
3,700,000 | |||||||||||||||||||
| WCAS management fee |
2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||
| Equity Compensation |
1,237,000 | 2,168,000 | 1,951,000 | 2,297,000 | 5,100,000 | |||||||||||||||
| EBITDA less noncontrolling interest (adjusted) |
193,422,399 | 180,382,817 | 172,051,610 | 149,156,991 | 137,517,677 | |||||||||||||||
U.S. historical balance sheet
| USD (000s) |
Year ended December 31, 2011 |
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| Assets |
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| Cash and cash equivalents |
40,884 | |||
| Accounts receivable, net |
40,919 | |||
| Receivable from UK |
32,785 | |||
| Other receivables |
9,642 | |||
| Inventories |
6,671 | |||
| Deferred tax asset, net |
14,949 | |||
| Prepaids and other current assets |
18,531 | |||
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| Total current assets |
164,381 | |||
| Property and equipment, net |
111,173 | |||
| Investment in affiliates |
444,734 | |||
| Goodwill |
1,096,510 | |||
| Intangible assets, net |
326,902 | |||
| Other assets |
21,629 | |||
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|
|
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| Total assets |
2,165,329 | |||
| Liabilities and equity |
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| Accounts payable |
13,104 | |||
| Accrued salaries and benefits |
23,846 | |||
| Due to affiliates |
139,628 | |||
| Accrued interest |
6,669 | |||
| Current portion of long-term debt |
13,608 | |||
| Other accrued expenses |
44,713 | |||
| Deferred tax liability, net |
— | |||
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|
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| Total current liabilities |
241,568 | |||
| Long-term debt, less current portion |
999,980 | |||
| Other long-term liabilities |
26,235 | |||
| Deferred tax liability, net |
152,188 | |||
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| Total liabilities |
1,419,971 | |||
| Noncontrolling interests–redeemable |
105,846 | |||
| Redeemable preferred stock |
— | |||
| Equity |
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| Preferred stock |
— | |||
| Common stock & paid-in capital |
— | |||
| Deferred compensation |
— | |||
| Receivable from sales of common stock |
— | |||
| Treasury stock, at cost |
— | |||
| Accumulated other comprehensive income |
— | |||
| Retained earnings |
— | |||
| Total Company stockholders’ equity |
604,841 | |||
| Noncontrolling interests—non-redeemable |
34,671 | |||
| Total equity |
639,512 | |||
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| Total liabilities and equity |
2,165,329 | |||
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