- The company reported an 11.4% increase in adjusted EBITDA for 2008 to $732 million, overcoming a $54 million loss in Medicaid funding. Excluding this loss, adjusted EBITDA growth would have been 19.6%.
- In Q4 2008, revenues increased 4.9% driven by a 6.6% rise in commercial managed care revenues, despite a 3.0% decline in commercial managed care admissions. Operating expenses rose only 0.8% while the bad debt ratio improved to 7.5% from pricing increases and a decline in uninsured volumes.
- The company reported an 11.4% increase in adjusted EBITDA for 2008 to $732 million, overcoming a $54 million loss in Medicaid funding. Excluding this loss, adjusted EBITDA growth would have been 19.6%.
- In Q4 2008, revenues increased 4.9% driven by a 6.6% rise in commercial managed care revenues, despite a 3.0% decline in commercial managed care admissions. Operating expenses rose only 0.8%.
- The bad debt ratio improved to 7.5% in Q4 2008 from a 7.6% ratio in Q3 2008, as uninsured admissions and outpatient visits declined nearly 6% and 11%, respectively.
- The document is the transcript of Tenet Healthcare Corporation's Q3 2007 earnings call on November 6, 2007.
- In the call, Tenet executives discuss positive trends in key performance indicators such as declining same-hospital admissions, increased adjusted EBITDA, and pricing gains.
- Executives also provide updates on cost control initiatives, physician recruitment efforts, and progress in turning around underperforming hospitals.
Trevor Fetter, President and CEO of Tenet Healthcare, discusses Tenet's strategy for progress and growth. He outlines that Tenet's culture and values are driving measurable improvements in operations, performance, and innovation. Key points include that same hospital adjusted EBITDA and margins have been expanding, volume trends are favorable, pricing growth has been strong, and they have effectively contained cost growth. Fetter also discusses strategic initiatives proving effective in quality, targeted growth, physician relationships, and capital investment. He believes Tenet has reached an "inflection point" in its turnaround over the past 12-18 months.
Energias do Brasil reported its third quarter 2007 earnings results in a conference call. The company's CEO, CFO, and investor relations officer presented operating and financial performance for the quarter. Energias do Brasil saw growth in energy distributed and volume sold, while facing challenges from rising costs and expenses. Overall, the company reported higher revenues but lower EBITDA compared to the previous year.
This document provides a financial summary and outlook for the company. It summarizes progress made in the last two quarters towards goals of profitable growth and a path to $1 billion in EBITDA by 2009. Key drivers include growth in patient volume and pricing, cost controls, and initiatives to increase cash flow and liquidity. Risks that could impact goals include uneven volume growth, changes in payer mix, and slower volume growth. The outlook provides estimates for revenue, expenses, EBITDA, cash flow and other financial metrics for 2008 and 2009.
This document provides an overview of Tenet Healthcare's California region, including submarket details and performance metrics. Key points include:
- Jeff Flocken is the Senior Vice President overseeing Tenet's California region.
- The region consists of various submarkets like the Bay Area, Central Valley, Central Coast, Los Angeles County, Orange County, and the Coachella Valley.
- Metrics shown include bad debt performance from 2007 to 2008 quarter 1, RN turnover rates which have decreased, and quality metrics comparing Tenet hospitals to national averages.
- Challenges and recommendations discussed are growing outpatient volumes, Medicare Advantage plan growth, improving medical staffing plans, and focusing on quality and
- Tenet Healthcare Corporation reported a 1.0% increase in same-hospital admissions for Q1 2008 compared to Q1 2007. Adjusted EBITDA was $239 million for Q1 2008.
- Key strategies of physician relations programs, cost containment initiatives, and pricing enhancements are proving effective in driving volume and EBITDA growth. Volume growth has been positive for two consecutive quarters.
- The outlook for 2008 was revised with pricing strength expected to offset slower outpatient volume growth. Adjusted EBITDA is forecast to remain between $775-850 million.
Avery Dennison reported its third quarter 2008 results. Revenue increased 3% to $1.72 billion due to currency effects, but organic revenue declined 2% due to slowing economic conditions. Operating income declined 6% to $96 million due to margin pressure from rising raw material costs outpacing price increases. For 2008, the company lowered its earnings guidance to $2.65-2.85 per share due to further weakening expected in Q4 from inventory reductions and economic uncertainty. It expects record free cash flow of $375 million despite the challenges.
- The company reported an 11.4% increase in adjusted EBITDA for 2008 to $732 million, overcoming a $54 million loss in Medicaid funding. Excluding this loss, adjusted EBITDA growth would have been 19.6%.
- In Q4 2008, revenues increased 4.9% driven by a 6.6% rise in commercial managed care revenues, despite a 3.0% decline in commercial managed care admissions. Operating expenses rose only 0.8%.
- The bad debt ratio improved to 7.5% in Q4 2008 from a 7.6% ratio in Q3 2008, as uninsured admissions and outpatient visits declined nearly 6% and 11%, respectively.
- The document is the transcript of Tenet Healthcare Corporation's Q3 2007 earnings call on November 6, 2007.
- In the call, Tenet executives discuss positive trends in key performance indicators such as declining same-hospital admissions, increased adjusted EBITDA, and pricing gains.
- Executives also provide updates on cost control initiatives, physician recruitment efforts, and progress in turning around underperforming hospitals.
Trevor Fetter, President and CEO of Tenet Healthcare, discusses Tenet's strategy for progress and growth. He outlines that Tenet's culture and values are driving measurable improvements in operations, performance, and innovation. Key points include that same hospital adjusted EBITDA and margins have been expanding, volume trends are favorable, pricing growth has been strong, and they have effectively contained cost growth. Fetter also discusses strategic initiatives proving effective in quality, targeted growth, physician relationships, and capital investment. He believes Tenet has reached an "inflection point" in its turnaround over the past 12-18 months.
Energias do Brasil reported its third quarter 2007 earnings results in a conference call. The company's CEO, CFO, and investor relations officer presented operating and financial performance for the quarter. Energias do Brasil saw growth in energy distributed and volume sold, while facing challenges from rising costs and expenses. Overall, the company reported higher revenues but lower EBITDA compared to the previous year.
This document provides a financial summary and outlook for the company. It summarizes progress made in the last two quarters towards goals of profitable growth and a path to $1 billion in EBITDA by 2009. Key drivers include growth in patient volume and pricing, cost controls, and initiatives to increase cash flow and liquidity. Risks that could impact goals include uneven volume growth, changes in payer mix, and slower volume growth. The outlook provides estimates for revenue, expenses, EBITDA, cash flow and other financial metrics for 2008 and 2009.
This document provides an overview of Tenet Healthcare's California region, including submarket details and performance metrics. Key points include:
- Jeff Flocken is the Senior Vice President overseeing Tenet's California region.
- The region consists of various submarkets like the Bay Area, Central Valley, Central Coast, Los Angeles County, Orange County, and the Coachella Valley.
- Metrics shown include bad debt performance from 2007 to 2008 quarter 1, RN turnover rates which have decreased, and quality metrics comparing Tenet hospitals to national averages.
- Challenges and recommendations discussed are growing outpatient volumes, Medicare Advantage plan growth, improving medical staffing plans, and focusing on quality and
- Tenet Healthcare Corporation reported a 1.0% increase in same-hospital admissions for Q1 2008 compared to Q1 2007. Adjusted EBITDA was $239 million for Q1 2008.
- Key strategies of physician relations programs, cost containment initiatives, and pricing enhancements are proving effective in driving volume and EBITDA growth. Volume growth has been positive for two consecutive quarters.
- The outlook for 2008 was revised with pricing strength expected to offset slower outpatient volume growth. Adjusted EBITDA is forecast to remain between $775-850 million.
Avery Dennison reported its third quarter 2008 results. Revenue increased 3% to $1.72 billion due to currency effects, but organic revenue declined 2% due to slowing economic conditions. Operating income declined 6% to $96 million due to margin pressure from rising raw material costs outpacing price increases. For 2008, the company lowered its earnings guidance to $2.65-2.85 per share due to further weakening expected in Q4 from inventory reductions and economic uncertainty. It expects record free cash flow of $375 million despite the challenges.
This document discusses the development and deployment of the Regional Cancer Program Formulary Software (RECAP-FS). It was created to automate the process of updating, editing, exporting, archiving, and printing chemotherapy regimen information in an efficient manner. An interim survey and web statistics showed positive results from its use. The document analyzes how characteristics of the innovation, number of users, communication structure, culture, and promotion efforts impacted adoption rates. It assesses the importance of "agents of change" in spreading the software beyond tipping point. Lessons learned from creating RECAP-FS are shared.
1) Net revenues for BRMALLS grew 36% to R$243.6 million in 1Q12, with NOI reaching R$217.8 million and a NOI margin of 90.5%. Adjusted EBITDA and AFFO increased 44.5% and 59.9% respectively.
2) Same-store rents and sales continued to increase strongly, with renewals leasing spread above 20% for the eighth consecutive quarter. BRMALLS also invested R$88.3 million in acquisitions.
3) BRMALLS ended 1Q12 with R$619.1 million in cash and a diversified long-term debt profile. Development projects will
Avery Dennison reported its second quarter 2008 results. Revenue increased 20% year-over-year to $1.8 billion due to acquisitions, though organic revenue declined 1%. Net income increased 7% to $92.4 million. However, the company reduced its full year 2008 guidance due to significantly higher expected raw material costs and weaker global economic conditions. It now expects earnings per share of $3.35-$3.55, down from a prior estimate, but above $3.75-$3.95 excluding restructuring charges. The company will focus on price increases and productivity to offset inflation in the face of challenging market conditions.
The data presented in this study come from the information held in DUNTRADE® PROGRAM and
are elaborated by CRIBIS D&B.
In particular, payment assessment is based on the analysis of those companies for which a D&B
Paydex value is available, where D&B Paydex is a statistical indicator that assesses the historical
performance of payments to suppliers, and provides a reliable profile of a company in terms of
whether or not it is a good payer.
CPFL Energia is the largest private electricity company in Brazil. It distributes, generates, and commercializes energy through subsidiaries. After its IPO in 2004, it became the first Brazilian private company to trade on the São Paulo Stock Exchange and NYSE, requiring high corporate governance standards. It has over 11,000 MW of installed generation capacity and serves over 6.5 million customers.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
The document summarizes the key capabilities and benefits of IBM Power Systems and the integrated IBM i operating system. It notes that IBM Power Systems and IBM i provide integrated middleware for efficient business processing. They are virtualized to manage multiple applications and processes on a single server, which helps lower costs. IBM Power Systems and IBM i are also optimized for exceptional business resilience with trusted security.
“One Library Per Village” is a revolutionary notion, and when people don’t have free access to books and internet , then communities are like radios without batteries. You cut people off from essential sources of information — mythical, practical, linguistic, political — and you break them.
This document contains a 31 page mathematics examination paper for SPM 2013. It includes 19 multiple choice questions related to mathematical formulas, shapes and space, algebra, trigonometry, and coordinate geometry. The questions require calculations, applying formulas, analyzing diagrams, and expressing algebraic expressions in simplest form.
The document summarizes the Friend of a Friend (FOAF) project. It describes FOAF as a way to represent personal homepages as linked data using standards-based methods. FOAF allows for decentralized and unpredictable sharing of information about people and their connections on the semantic web in a way that provides meaning and relationships between concepts that computers can understand.
This document summarizes the key discussions and outcomes from a three-day conference on clusters.
1) Presentations focused on open innovation, smart specialization strategies, emerging clusters, internationalization opportunities, and tools to help clusters become more sustainable and competitive.
2) There was a call to strengthen collaboration between clusters, policymakers, and SMEs to drive regional economic growth and job creation.
3) A new Cluster Manager of the Year award was given and a Women in Clusters network was launched to promote gender diversity in the cluster ecosystem.
International experience in REC mechanismmrAnuj Kaushik
This document summarizes renewable energy certificate (REC) mechanisms in several countries including India, Japan, the UK, and Australia. It notes that these countries have among the most robust REC systems globally. It provides details on the REC trading prices, volumes, validity periods, renewable portfolio standard obligations, penalties for non-compliance, and other aspects of the REC systems in each country. It concludes by highlighting some lessons for India to improve enforcement of its renewable portfolio standards and increase incentives for compliance through its REC program, such as by incorporating differential penalties, increasing the validity and trading windows for RECs, and ensuring long-term price stability.
This document summarizes a presentation on increasing physical activity in Scotland. It discusses:
1) The health impacts of physical inactivity, including 2500 premature deaths per year in Scotland.
2) Efforts to develop a national physical activity pathway and increase screening of physical activity levels across healthcare settings.
3) Initiatives to engage healthcare staff and patients in physical activity, including a physical activity pledge for Allied Health Professionals and a "Go for Gold" staff challenge program.
Changing organizational culture requires starting an epidemic of mindfulness among employees to become aware of patterns in their daily behaviors. Leaders should model the desired changes and help reflection and new norms spread throughout the organization. Rather than focusing on problems, leaders should emphasize strengths and appreciate positive aspects to encourage brain activation that supports change.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
1) The Syrian National Coalition declared the Syrian presidential election illegal and not representative of the Syrian people, calling for increased support for the opposition to force a political solution.
2) A leader said that Riad Hijab, the former Syrian prime minister, is the most likely candidate to replace Ahmed Jarba as the head of the Syrian opposition coalition.
3) Explosions damaged water pipes in Aleppo province, threatening the city with a humanitarian crisis as its main water supply was disrupted.
Dokumen tersebut membahas strategi Wings untuk menguasai pasar global dengan melihat karakteristik dan kebutuhan target pasar, mendaftarkan merek di negara tujuan, memilih distributor eksklusif, dan mempromosikan merek sesuai budaya lokal menggunakan ATL dan BTL. Dokumen juga menyinggung tantangan seperti pemalsuan merek dan larangan impor serta keberhasilan Wings membangun merek di luar negeri.
The document discusses the growth of India's service sector, with a focus on the IT/ITES sector. It notes that the service sector now represents over half of India's GDP and is the fastest growing sector. The IT/ITES sector in particular has transformed India's image globally and is a major contributor to the economy. The document traces the history from pre-liberalization policies in the 1950s-1980s that focused on internal markets and public sector dominance to the economic reforms beginning in 1991 that opened the economy and boosted growth. The IT/ITES sector benefited greatly from these reforms and liberalization, growing to become a star performer and global leader, though it faced challenges from the 2008 global economic crisis. Overall the sector remains
- The company reported an 11.4% increase in adjusted EBITDA for 2008 to $732 million, driven by a 4.9% increase in same-hospital revenues and 0.8% increase in controllable operating expenses. Adjusted EBITDA would have increased 19.6% excluding the loss of $54 million in Medicaid funding.
- Q4 adjusted EBITDA increased 27.6% year-over-year to $239 million with a 0.8% rise in same-hospital expenses and improved pricing despite volume declines. Bad debt ratios improved slightly to 7.5% from collection improvements.
- Physician recruitment grew the active medical staff by 17% over the past year and new physicians
This document discusses the development and deployment of the Regional Cancer Program Formulary Software (RECAP-FS). It was created to automate the process of updating, editing, exporting, archiving, and printing chemotherapy regimen information in an efficient manner. An interim survey and web statistics showed positive results from its use. The document analyzes how characteristics of the innovation, number of users, communication structure, culture, and promotion efforts impacted adoption rates. It assesses the importance of "agents of change" in spreading the software beyond tipping point. Lessons learned from creating RECAP-FS are shared.
1) Net revenues for BRMALLS grew 36% to R$243.6 million in 1Q12, with NOI reaching R$217.8 million and a NOI margin of 90.5%. Adjusted EBITDA and AFFO increased 44.5% and 59.9% respectively.
2) Same-store rents and sales continued to increase strongly, with renewals leasing spread above 20% for the eighth consecutive quarter. BRMALLS also invested R$88.3 million in acquisitions.
3) BRMALLS ended 1Q12 with R$619.1 million in cash and a diversified long-term debt profile. Development projects will
Avery Dennison reported its second quarter 2008 results. Revenue increased 20% year-over-year to $1.8 billion due to acquisitions, though organic revenue declined 1%. Net income increased 7% to $92.4 million. However, the company reduced its full year 2008 guidance due to significantly higher expected raw material costs and weaker global economic conditions. It now expects earnings per share of $3.35-$3.55, down from a prior estimate, but above $3.75-$3.95 excluding restructuring charges. The company will focus on price increases and productivity to offset inflation in the face of challenging market conditions.
The data presented in this study come from the information held in DUNTRADE® PROGRAM and
are elaborated by CRIBIS D&B.
In particular, payment assessment is based on the analysis of those companies for which a D&B
Paydex value is available, where D&B Paydex is a statistical indicator that assesses the historical
performance of payments to suppliers, and provides a reliable profile of a company in terms of
whether or not it is a good payer.
CPFL Energia is the largest private electricity company in Brazil. It distributes, generates, and commercializes energy through subsidiaries. After its IPO in 2004, it became the first Brazilian private company to trade on the São Paulo Stock Exchange and NYSE, requiring high corporate governance standards. It has over 11,000 MW of installed generation capacity and serves over 6.5 million customers.
- The document is the transcript from a Q2 2008 earnings call for a healthcare company.
- Key highlights included 2.2% same-hospital admission growth and improving trends in volumes, pricing, and expenses.
- Management discussed strategies around physician relationships and service lines that are helping to increase commercial and total admissions.
The document summarizes the key capabilities and benefits of IBM Power Systems and the integrated IBM i operating system. It notes that IBM Power Systems and IBM i provide integrated middleware for efficient business processing. They are virtualized to manage multiple applications and processes on a single server, which helps lower costs. IBM Power Systems and IBM i are also optimized for exceptional business resilience with trusted security.
“One Library Per Village” is a revolutionary notion, and when people don’t have free access to books and internet , then communities are like radios without batteries. You cut people off from essential sources of information — mythical, practical, linguistic, political — and you break them.
This document contains a 31 page mathematics examination paper for SPM 2013. It includes 19 multiple choice questions related to mathematical formulas, shapes and space, algebra, trigonometry, and coordinate geometry. The questions require calculations, applying formulas, analyzing diagrams, and expressing algebraic expressions in simplest form.
The document summarizes the Friend of a Friend (FOAF) project. It describes FOAF as a way to represent personal homepages as linked data using standards-based methods. FOAF allows for decentralized and unpredictable sharing of information about people and their connections on the semantic web in a way that provides meaning and relationships between concepts that computers can understand.
This document summarizes the key discussions and outcomes from a three-day conference on clusters.
1) Presentations focused on open innovation, smart specialization strategies, emerging clusters, internationalization opportunities, and tools to help clusters become more sustainable and competitive.
2) There was a call to strengthen collaboration between clusters, policymakers, and SMEs to drive regional economic growth and job creation.
3) A new Cluster Manager of the Year award was given and a Women in Clusters network was launched to promote gender diversity in the cluster ecosystem.
International experience in REC mechanismmrAnuj Kaushik
This document summarizes renewable energy certificate (REC) mechanisms in several countries including India, Japan, the UK, and Australia. It notes that these countries have among the most robust REC systems globally. It provides details on the REC trading prices, volumes, validity periods, renewable portfolio standard obligations, penalties for non-compliance, and other aspects of the REC systems in each country. It concludes by highlighting some lessons for India to improve enforcement of its renewable portfolio standards and increase incentives for compliance through its REC program, such as by incorporating differential penalties, increasing the validity and trading windows for RECs, and ensuring long-term price stability.
This document summarizes a presentation on increasing physical activity in Scotland. It discusses:
1) The health impacts of physical inactivity, including 2500 premature deaths per year in Scotland.
2) Efforts to develop a national physical activity pathway and increase screening of physical activity levels across healthcare settings.
3) Initiatives to engage healthcare staff and patients in physical activity, including a physical activity pledge for Allied Health Professionals and a "Go for Gold" staff challenge program.
Changing organizational culture requires starting an epidemic of mindfulness among employees to become aware of patterns in their daily behaviors. Leaders should model the desired changes and help reflection and new norms spread throughout the organization. Rather than focusing on problems, leaders should emphasize strengths and appreciate positive aspects to encourage brain activation that supports change.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
1) The Syrian National Coalition declared the Syrian presidential election illegal and not representative of the Syrian people, calling for increased support for the opposition to force a political solution.
2) A leader said that Riad Hijab, the former Syrian prime minister, is the most likely candidate to replace Ahmed Jarba as the head of the Syrian opposition coalition.
3) Explosions damaged water pipes in Aleppo province, threatening the city with a humanitarian crisis as its main water supply was disrupted.
Dokumen tersebut membahas strategi Wings untuk menguasai pasar global dengan melihat karakteristik dan kebutuhan target pasar, mendaftarkan merek di negara tujuan, memilih distributor eksklusif, dan mempromosikan merek sesuai budaya lokal menggunakan ATL dan BTL. Dokumen juga menyinggung tantangan seperti pemalsuan merek dan larangan impor serta keberhasilan Wings membangun merek di luar negeri.
The document discusses the growth of India's service sector, with a focus on the IT/ITES sector. It notes that the service sector now represents over half of India's GDP and is the fastest growing sector. The IT/ITES sector in particular has transformed India's image globally and is a major contributor to the economy. The document traces the history from pre-liberalization policies in the 1950s-1980s that focused on internal markets and public sector dominance to the economic reforms beginning in 1991 that opened the economy and boosted growth. The IT/ITES sector benefited greatly from these reforms and liberalization, growing to become a star performer and global leader, though it faced challenges from the 2008 global economic crisis. Overall the sector remains
- The company reported an 11.4% increase in adjusted EBITDA for 2008 to $732 million, driven by a 4.9% increase in same-hospital revenues and 0.8% increase in controllable operating expenses. Adjusted EBITDA would have increased 19.6% excluding the loss of $54 million in Medicaid funding.
- Q4 adjusted EBITDA increased 27.6% year-over-year to $239 million with a 0.8% rise in same-hospital expenses and improved pricing despite volume declines. Bad debt ratios improved slightly to 7.5% from collection improvements.
- Physician recruitment grew the active medical staff by 17% over the past year and new physicians
The document provides an overview of an investor meeting held by Tenet Healthcare Corporation on November 10-11, 2008. It summarizes Tenet's strategic focus on quality improvement, targeted growth initiatives, physician relations programs, capital investments, balance sheet efficiency, and key financial and operating metrics. Volume trends, pricing increases, cost containment efforts, and cash generation are noted as areas where Tenet's strategies have proven effective.
Citi´s 1st Annual Brazil Equity Conference*CPFL RI
CPFL Energia is Brazil's largest player in the distribution and commercialization of energy, operating in concentrated markets in southern and southeastern Brazil. It has a 100% hydroelectric generation portfolio and has expanded through acquisitions of distribution companies, power plants, and stakes in other companies. CPFL aims to continue growing organically and through strategic acquisitions to consolidate its position with scale gains and operating efficiencies.
This document summarizes the strong financial results of a real estate company in the 4th quarter of 2008:
- Net operating income grew 39.4% year-over-year to R$94.5 million, with a 91% margin. Same property NOI increased 27%.
- Adjusted EBITDA grew 76.6% to R$85.1 million, with an 83% margin. AFFO grew 212.2% to R$65.5 million.
- The company signed 259 new and renewal leasing agreements totaling 35,200 square meters. Renewals saw rent increases of 14.6-14.9%.
- The company maintained a strong financial
The company reported excellent third quarter 2008 results, with 52% growth in net operating income and 45.7% growth in adjusted EBITDA. Same-store sales and rents grew double digits. The company signed 278 new leasing agreements totaling 34,000 square meters during the quarter. The company remains in a strong financial position with over R$757 million in cash and a long-term debt profile averaging over 14 years. The company acquired two new malls during the quarter and continues to work on development projects.
The document reports on the company's strong 4Q08 results. Same-property NOI grew 27.0% year-over-year. Adjusted EBITDA increased 76.6% and AFFO grew 212.2%. Tenants performed well with same store sales growth of 8.8% and rent growth of 13.4%. The company signed 259 new leasing agreements. It maintained a strong financial position with over R$758.5 million in cash and long-term debt. Four expansion projects are scheduled to open in 2009, adding leased space and NOI.
Banco ABC - 3rd Quarter 2008 Results PresentationBanco ABC Brasil
This 3 sentence summary provides the key highlights from the 3Q08 Earnings Presentation:
The presentation discusses Banco ABC Brasil's 3Q08 financial results, noting that net income grew 11.5% over 2Q08 to R$48.4 million, the efficiency ratio was 35.8%, and the credit portfolio reached R$6,879.1 million, growing 5.9% over 2Q08. Return on equity was a strong 16.9% for the quarter.
1) The document discusses a presentation given at Citi's 23rd Annual Transportation Conference in November 2008.
2) It provides an overview of CSX's current financial performance and outlook, noting that while volume has declined, pricing momentum and productivity initiatives have helped sustain earnings growth.
3) It acknowledges economic headwinds but expresses confidence that CSX's diverse business portfolio and focus on operational excellence will allow it to continue generating strong free cash flow through the downturn.
1) The document discusses CSX Corporation's presentation at the Citi 23rd Annual Transportation Conference in November 2008.
2) It notes that while CSX's financial momentum remains strong, the overall economic environment is weakening, particularly in housing, automotive, and industrial sectors.
3) However, CSX believes the fundamentals of its business strategy ("Rail Renaissance") remain intact and it can maintain its focus on shareholder value through balanced capital deployment and priorities like productivity, growth, and price increases above inflation long-term.
First Quarter 2009 Results
- Hera reported positive growth in Q1 2009, with revenues increasing 28.1% due to higher electricity sales volumes and tariff increases.
- EBITDA grew 8% to €166.6 million, supported by synergies, organic growth from tariff progression and market expansion, and contributions from new plants.
- The waste business expanded volumes 8.3% but EBITDA fell 5.4% as special waste volumes declined 9.8% with the economic slowdown and recycled product prices fell.
1) The document is a presentation by FirstEnergy Corporation at the Morgan Stanley Global Electricity & Energy Conference on March 15, 2007.
2) FirstEnergy's strategic focus is on realizing the full potential of its asset base, achieving environmental improvements efficiently, controlling commodity costs and risks, and pursuing continuous business improvements.
3) FirstEnergy is mining its existing generation assets for low-risk capacity additions totaling over 700 MW through 2008, and is effectively managing commodity positions and environmental compliance expenditures of $1.8 billion through 2010.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
- The company reported a 13.3% growth in consolidated gross revenue in 2008 compared to the previous year, reaching R$2.9 billion, with significant growth in the vaccine and hospital segments.
- Operating expenses decreased 5% in 2008 compared to the previous year, reaching 7.6% of net revenue.
- The company reduced average accounts receivable terms for the fourth quarter in a row, decreasing working capital by R$50 million for the year.
Presentation: Health Reform in Massachusettsmasscare
The document summarizes the Massachusetts Model of Health Reform, including its origins, structure, impacts, challenges, and lessons for national reform. Key points:
- The 2006 reform law expanded insurance coverage through an individual mandate, employer requirements, and subsidizing coverage up to 300% of poverty.
- It reduced the uninsured rate from 10% to around 4-5% but increased costs for employers and individuals. Financial challenges grew for safety-net hospitals.
- While more have coverage, costs continue rising faster than income. If not addressed, the system may not be sustainable long-term. National reform efforts aim to achieve Massachusetts' coverage gains while better controlling health care spending.
- Profarma saw a 12.3% growth in consolidated gross revenue compared to the same period last year, reaching R$784 million, with strong growth in hospitals and vaccines.
- Operating expenses decreased 12.5% compared to the previous quarter, reaching their best level since 2004 at 7% of net revenue.
- Cash cycle was reduced by about six days, generating R$40 million in working capital reduction.
The document summarizes Profarma's financial and operational highlights for 3Q08. Key points include:
- 12.3% growth in gross revenue compared to 3Q07, reaching R$784 million, driven by strong hospital and vaccine sales.
- Reduced cash cycle by 6 days, generating R$40 million in working capital savings.
- Lower operating expenses of 7.0% of net revenue, the best since 2004, through a 12.5% reduction versus prior quarter.
- Market share reached 12.1%, up from 11.8% in 3Q07, demonstrating continued growth since the 2006 IPO.
In 3 sentences:
BRMalls reported excellent operating and financial results for 2Q08, with NOI growth of 102.2% and same-property NOI growth of 20.9%. Strong performance from their malls included same-store sales growth of 10.8% and rent growth of 9.5%. BRMalls also demonstrated a solid financial position with a long-term debt profile and R$911 million in cash.
In 3 sentences:
BRMalls reported excellent operating and financial results for 2Q08, with NOI growth of 102.2% and same-property NOI growth of 20.9%. Strong performance from their malls included same-store sales growth of 10.8% and rent growth of 9.5%. BRMalls also demonstrated a solid financial position with a long-term debt profile and R$911 million in cash.
Similar to tenet healthcare QuarterEndedDecember312008PowerPointPresentation (20)
SAIC's employees are dedicated to delivering innovative solutions to support clients worldwide, particularly those on the front lines of homeland security and the war in Iraq. The document discusses several ways SAIC supports homeland security, including through emergency preparedness and response training, securing borders and transportation, and responding to nuclear, biological, and chemical threats. SAIC has extensive experience supporting government agencies and was chosen to integrate the new Department of Homeland Security's data network.
This document provides a 3-page annual report for SAIC, a technology and engineering company, for their 35th anniversary in 2004. It summarizes SAIC's history and accomplishments over 35 years, including helping analyze nuclear weapons, undertaking projects in nuclear energy and healthcare, and solving difficult problems for customers in many fields. It discusses SAIC's continued commitment to employee ownership and customer focus. The message to stockholders outlines SAIC's strategies under new CEO Ken Dahlberg to better serve customers, recommit to traditional values, and drive continued growth, including reorganizing into fewer customer-focused units and setting a goal to double the company's value in 5 years.
SAIC delivered strong financial and technical performance in fiscal year 2005. Revenues increased 23% to $7.2 billion and operating income rose 24%. SAIC won many new contracts and saw record contract awards and backlog. Going forward, SAIC aims to capture larger systems integration contracts while maintaining an entrepreneurial culture and pursuing new opportunities in areas like digital oilfield technology. SAIC also seeks to strengthen workforce diversity and development.
The document is SAIC's annual report for fiscal year 2006. It summarizes SAIC's financial performance for the year, highlighting increased revenues of $7.8 billion, net income of $927 million, and diluted earnings per share of $5.15. It also outlines SAIC's strategic business areas of homeland security, intelligence solutions, defense transformation, logistics and transportation, systems engineering and integration, and research and development. The report discusses SAIC's response to hurricanes Katrina and Rita and its commitment to customers, employees, and shareholders.
SAIC provides technical solutions and operational support to government agencies and commercial customers in key areas such as homeland security, intelligence, defense, logistics, and IT. In fiscal year 2007, SAIC achieved revenue growth of 7% and operating income growth of 19% while making strategic acquisitions to expand capabilities. SAIC is committed to executing strategies to accelerate organic growth, expand operating margins, and make additional strategic acquisitions.
1) SAIC achieved strong financial results in FY2008, with revenues of $8.94 billion, up 11% from FY2007, and operating income of $666 million, up 16% from the previous year.
2) SAIC completed strategic acquisitions to expand in energy, infrastructure, and environment areas and appointed a new COO, Larry Prior, to lead organizational transition efforts.
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The document provides an overview of Terex Corporation and its business segments for an investor conference. It summarizes that Terex has a diversified portfolio across industries and geographies that provides balance through economic cycles. It also outlines opportunities to improve margins through pricing actions, supply management initiatives, and productivity improvements. The goal is to achieve $12 billion in sales and a 12% operating margin by 2010.
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The document provides an overview of Terex Corporation from its Basics Industrials Conference presentation on May 8, 2008. It discusses Terex's purpose, mission, and vision. It highlights Terex's strong and diversified revenue base, with income from operations increasing 36% in 2007 and 28% in Q1 2008. It outlines Terex's goals for 2010 of $12 billion in sales and 12% operating margin. The document also provides an overview of each of Terex's business segments.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing significantly in recent years. They are the 3rd largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
The annual shareholder meeting presentation covered the following key points in 3 sentences:
Terex aims to achieve $12 billion in sales and 12% operating margin by 2010 through executing on supply chain management, pricing discipline, and lean initiatives to improve margins. The company has a diverse portfolio of products and geographic presence to balance performance across economic cycles. Opportunities for margin improvement include coordinating supply efforts, optimizing manufacturing footprint, and pricing actions to offset rising costs.
1) The annual shareholder meeting presentation discusses Terex Corporation's financial goals for 2010, including achieving $12 billion in sales with a 12% operating margin and 15% working capital to sales ratio.
2) It provides an overview of Terex's business segments and their market positions, with approximately 75% of sales generated in markets where Terex has a leading position.
3) The presentation highlights Terex's sales and backlog figures by business segment for the last twelve months through March 2008, with aerial work platforms sales up 9% and cranes sales up 26% compared to the prior year.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers of the aerial work platform industry and Terex AWP's strategy to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain through partnerships with customers and suppliers.
Terex Corporation provides forward-looking statements and non-GAAP measures in their presentation. Their purpose is to improve people's lives around the world through their construction equipment. Their mission is to delight customers with high-quality products and services that exceed expectations. Their vision is to be the most customer-responsive, profitable, and desirable place for employees to work in the industry. Terex has a strong and diversified revenue base globally, with income and sales growing substantially in recent years. They are the third largest construction equipment manufacturer in the world, with over 75% of sales where they have a strong market presence.
This document contains the presentation from Tim Ford, President of Terex Aerial Work Platforms, at the JPMorgan Basics & Industrials Conference on June 4, 2008. Ford discusses the strong sales growth and global expansion of Terex AWP over the past decade. He outlines the secular growth drivers for the aerial work platform industry and Terex AWP's strategies to further strengthen and globalize its business, maximize revenue and profit from its large installed base, and extend its product offerings beyond aerials. Ford also highlights opportunities to apply lean principles more broadly across the value chain and customer relationships.
Terex is a leading manufacturer of construction and mining equipment with strong market positions. It aims to grow sales to $12 billion by 2010 through executing on initiatives to improve supply chain management, pricing discipline, and productivity. Terex has a diversified business across products and geographies to balance performance through different economic cycles.
Terex is a leading manufacturer of construction and mining equipment with sales of $9.1 billion in 2007. It aims to grow sales to $12 billion by 2010 through organic growth and acquisitions while improving operating margins to 12% and reducing working capital to sales ratio to 15%. Terex has a diversified business across products and geographies that provides balance throughout the economic cycle.
Terex is the 3rd largest manufacturer of construction equipment in the world based on last twelve months of available Construction Equipment Sales. Terex has a strong and diversified revenue base with almost 70% of 2007 sales generated outside of the USA. Approximately 75% of 2007 sales were generated in markets where Terex has a larger market presence than competitors and/or a significant market share.
Sales and backlog for Terex's business segments through March 31, 2008:
- Aerial Work Platform sales increased 9% with backlog up 4% from the previous period.
- Crane segment sales rose 26% and backlog grew 70% over the same period.
- Material Processing & Mining sales were flat while backlog declined slightly.
Overall, Terex is experiencing growth across most segments though some backlogs decreased slightly from the prior period.
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CRYPTOCURRENCY: REVOLUTIONIZING THE FINANCIAL LANDSCAPE AND SHAPING THE FUTURE
Cryptocurrency: Revolutionizing the Financial Landscape and Shaping the Future
Cryptocurrency, a digital or virtual form of currency that uses cryptography for security, has revolutionized the financial landscape. Originating with Bitcoin's inception in 2009 by the pseudonymous Satoshi Nakamoto, cryptocurrencies have grown from niche curiosities to mainstream financial instruments, reshaping how we think about money, transactions, and the global economy.
#### The Genesis of Cryptocurrency
The birth of Bitcoin marked the beginning of the cryptocurrency era. Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin operates on a decentralized network using blockchain technology. This technology ensures transparency, security, and immutability of transactions, fundamentally challenging the centralized financial systems that have dominated for centuries.
Bitcoin was conceived as a peer-to-peer electronic cash system, aimed at providing an alternative to the traditional banking system plagued by inefficiencies, high fees, and lack of transparency. The underlying blockchain technology, a distributed ledger maintained by a network of nodes, ensures that every transaction is recorded and cannot be altered, thus providing a secure and transparent financial system.
#### The Proliferation of Altcoins
Following Bitcoin's success, thousands of alternative cryptocurrencies, or altcoins, have emerged. Each of these altcoins aims to improve upon Bitcoin or serve specific purposes within the digital economy. Notable examples include Ethereum, which introduced smart contracts – self-executing contracts with the terms of the agreement
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
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2. Forward-looking statements
Certain statements contained in this presentation constitute forward-looking statements. Such forward-looking statements are based on
management's current expectations and involve known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors
include, among others, the following: general economic and business conditions, both nationally and regionally; industry capacity;
demographic changes; changes in, or the failure to comply with, laws and governmental regulations; the ability to enter into managed
care provider arrangements on acceptable terms; changes in Medicare and Medicaid payments or reimbursement, including those
resulting from a shift from traditional reimbursement to managed care plans; liability and other claims asserted against the Company;
competition, including the Company’s failure to attract patients to its hospitals; the loss of any significant customers; technological and
pharmaceutical improvements that increase the cost of providing, or reduce the demand for, health care; a shortage of raw materials, a
breakdown in the distribution process or other factors that may increase the Company’s cost of supplies; changes in business strategy
or development plans; the ability to attract and retain qualified personnel, including physicians, nurses and other health care
professionals, including the impact on the Company’s labor expenses resulting from a shortage of nurses or other health care
professionals; the significant indebtedness of the Company; the availability of suitable acquisition opportunities and the length of time it
takes to accomplish acquisitions; the Company's ability to integrate new businesses with its existing operations; and the availability and
terms of capital to fund the expansion of the Company's business, including the acquisition of additional facilities. Certain additional
risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s
annual report on Form 10-K and quarterly reports on Form 10-Q. Do not rely on any forward-looking statement, as we cannot predict or
control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any
forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
Non-GAAP Information
This document includes certain financial measures including such as adjusted EBITDA which are not calculated in accordance with
Generally Accepted Accounting Principles (GAAP). Management recommends that you focus on the GAAP numbers as the best
indicator of financial performance. These alternative measures are provided only as a supplement to aid in analysis of the Company.
Reconciliation between non-GAAP measures and related GAAP measures can be found in our Q4’08 quarterly earnings release
issued on February 24, 2009.
2 2
4. Favorable operating trends
1.2% admissions growth (2008 versus 2007, same-hospital)
0.1% decline in outpatient visits (2008 versus 2007, same-hospital)
4th consecutive quarter of paying admissions growth (Q1’08-Q4’08, same-hospital)
Volumes
0.1% growth in paying admissions (Q4’08 versus Q4’07, same-hospital)
3rd consecutive quarter of paying outpatient visit growth (same-hospital)
0.9% increase in paying outpatient visits (Q4’08 versus Q4’07, same-hospital)
6.6% increase in commercial managed care revenues (same-hospital)
Commercial
Managed Commercial managed care admissions declined 3.0% (Q4’08 versus Q4’07, same-hospital)
Care
Commercial outpatient visits declined 0.2% (Q4’08 versus Q4’07, same-hospital)
11.4% increase in adjusted EBITDA (2008 versus 2007)
Adjusted
27.6% increase in Q4 adjusted EBITDA, increased $43 million (Q4’08 versus Q407)
EBITDA
9.1% adjusted EBITDA margin (Q4’08)
Cash consumption reduced by 55% (2008 versus 2007)
Free Cash
$239mm cash use in 2008, versus $535mm in 2007
Flow
4
5. Two-year volume trends remain positive
. . . even with Q4’08 softening
(same-hospital)
4.0%
Paying O/P Visits (1)
Paying Admits (1)
2.0% Total Admits
Annual Growth
0.0%
Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408
O/P Visits
-2.0%
-4.0%
-6.0%
-8.0%
(1) Paying volumes are defined as total volumes less charity and uninsured volumes.
5
6. Progress in critical areas
Significant contribution to volume growth
PRP
Outpatient Volumes have stabilized
Volumes
Volume growth directed to most
TGI attractive service lines
Quality investments enhanced hospitals’
value propositions
C2Q COE designations from commercial payers
P4P
6
8. Non-Financial Performance Metrics
All-time high on CMS measures
Clinical Quality Internal metrics evidence continued advances
Evidence-based medicine protocols
Infection rates
Compliance with admissions standards
Employee Total employee turnover improved by 20%
Satisfaction Virtually no voluntary hospital CEO turnover
8
9. Physician and patient satisfaction scores
continue to strengthen
2.9% increase in physician satisfaction (2008 versus 2007)
Physician satisfaction increased from 72% to 81% (Oct ’05 versus Q4’08)
1.1% increase in patient satisfaction (2008 versus 2007)
9
10. Current macroeconomic challenges
Unemployment
Some of 2008’s commercially insured patients may
become part of 2009’s uninsured
Migrate from best-paying to worst-paying status
Declining household income and wealth
Risk of collection rate deterioration
Declining utilization of healthcare services
Rising credit costs and declining credit availability
10
11. Solid metrics despite economic environment
(same-hospital, Q4’08 versus Q4’07)
0.1% increase in paying admissions
0.9% increase in paying outpatient visits
2.5% increase in managed care admissions
3.0% decline in commercial managed care admissions
2.3% increase in commercial admissions in TGI service lines
Pricing increase remain solid
0.8% increase in controllable operating expenses
110 basis point increase in bad debt expense
170 basis point increase in adjusted EBITDA margin
11
12. 2009 Outlook
Unusually complex array of uncertainties
Volume growth
Payer and patient mix
Bad debt expense
Adjusted EBITDA outlook: $735 – $800 million
Flat to up 9.3% versus 2008
Capex economies available to support interim
free cash flow objectives
12
16. 17.0% net growth in active physicians
PRP
since Jan 1, 2007
%
or 9.0
1,122
th of
t Grow
Ne
846 or 7.3%
Growth of
Net
Class of 2008
Active physicians
(946)
Class of 2007
2,068 (2)
(898)
1,744(1)
13,571
12,449
Active
11,603
Active (12/31/08)
Active (12/31/07)
(1/1/07)
2007 2008
(1) Includes 166 physicians with existing privileges at other Tenet hospitals, primarily in El Paso
(2) Includes 103 physicians with existing privileges at other Tenet hospitals, primarily in El Paso
16
17. Physician Relationship Program:
PRP Volume Growth from the “Class of 2007”
Class of 2007’s referral volume during 2008:
45,000 admissions, or 26 admissions per each of the Class of 2007’s
1,744 physicians(1)
275,000 outpatient visits, or 158 per “Class of 2007” physician
Class of 2008 referral volume is ramping faster than the
Class of 2007 at a comparable point in the Tenet relationship
Strong referral volume from the Class of 2008 provides compelling
evidence of our enhanced capabilities in PRP targeting for physician
recruitment and redirection.
(1) Includes 166 physicians with existing privileges at another Tenet hospital, primarily in El Paso.
17
19. 2008 Adjusted EBITDA
$732mm – up $75mm, or 11.4%, over 2007’s $657mm
Overcame loss of $54mm in Medicaid funding in Georgia, Florida, and
North Carolina
Normalized for loss of this Medicaid funding, operating improvement was:
$129mm increase in adjusted EBITDA, excluding $54mm loss of
Medicaid funding
19.6% normalized growth, 2008 compared to 2007
19
20. Q4’08 Highlights
4.9% increase in net operating revenues (same-hospital)
Revenues 6.6% increase in commercial managed care revenues (same-hospital)
Commercial managed care admissions declined 3.0% (same-hospital)
Commercial outpatient visits declined 0.2% (same-hospital)
0.8% increase in controllable costs per adjusted patient day (same-hospital)
Operating 0.8% increase in SW&B expense per adjusted patient day (same-hospital)
Efficiency 50% decline in malpractice expense
21% decline in malpractice expense (2008 versus 2007)
7.5% bad debt ratio, improved from 7.6% in Q3’08
5.9% decline in uninsured admissions (same-hospital, Q4’08 versus Q4’07)
Bad Debt 10.8% decline in uninsured outpatient visits (same-hospital, Q4’08 versus Q4’07)
37% of dollars collected at front-end of patient contact,
up from 29% in Q4’07
Collection rates (total) declined to 33 percent from
combined uninsured and balance-after
Q3’08 collection rate of 33%
Q4’07 collection rate of 35%
$507mm cash at 12/31/08
Cash
20
21. Note Exchange Offer (1)
$1.6 billion in near-term maturities
$1.0B on 12/01/11 - $915mm, or 91%, elected to participate (1)
$0.6B on 6/01/12 - $484mm, or 81%, elected to participate (1)
New maturities:
$700mm maturing 5/01/15
$700mm maturing 5/01/18
$170mm to $190mm(2) anticipated gain on retirement of existing notes
Corresponding discount on the new notes will be amortized as interest expense over the term of the
notes
2009 interest payments and interest expense:
$22mm expected increase in 2009 cash interest payments;
$36mm expected increase in 2009 cash interest expense (interest expense excluding discount
amortization)
$50mm-$60mm expected increase in 2009 reported interest expense
Annualized interest payments and interest expense:
$43mm cash interest payments
$60mm-$70mm total interest expense
(1) Based on bonds tendered as of early tender date (2/18/09).
(2) Actual gain will be based on market prices.
21
22. 2009 Outlook – Adjusted EBITDA
2009 2008
Outlook Actual
Admissions - growth (1) (%) 0.0 – 1.0 1.2
Outpatient visits – growth (1) (%) 0.0 – 1.0 (0.1)
Net operating revenues – growth (%) 4.0 – 6.0 6.1
Net operating revenues ($Bil) 9.0 – 9.2 8.7
Controllable operating expenses PAPD – Growth (%) 2.0 – 3.0 2.7
Controllable operating expenses ($Bil) 7.5 – 7.6 7.3
Bad debt ratio (%) 8.3 – 9.3 7.3
Bad debt expense ($mm) 750 – 850 632
Adjusted EBITDA (2) ($mm) 735 – 800 732
Depreciation and Amortization ($mm) 400 – 420 373
Interest Expense, Net ($mm) 450 – 470 402
Loss from continuing operations before income taxes(2) ($mm) (135) –(70) (43)
Net loss from cont. ops. (2009 normalized at 37.1% tax rate)(2) ($mm) (85) – (44) (39)
E.P.S. (2009 normalized at 37.1% tax rate, continuing operations)(2) ($) (0.18) – (0.09) (0.08)
(1) Same-hospital annual growth versus prior year
(2) Excludes impairments, restructuring charges, litigation costs, net gains (losses) on sales of investments,
and net gain related to debt exchange
22
23. 2009 Adjusted EBITDA Walk-Forward
(Continuing operations)
($mm) Adjusted
Revenue Cost
Line
EBITDA
#
1 2008 8,663 (7,931) 732
2 Volume – assuming constant mix (a) 61 (37) 24
3 – impact from adverse mix shift (37) (6) (43)
4 Pricing – Base Line Increase (b) 303 (28) 275
5 - Managed Care (c) 43 - 43
6 Costs – Base Line Inflation (d) - (298) (298)
7 - Cost Reduction Initiatives (e) - 150 150
8 Bad Debt – impact of rate differential only (f) - (110) (110)
9 Other (g) 57 (30) 27
10 Total – Upper End of Adjusted EBITDA Range 9,090 (8,290) 800
11 Allowance for Risk (h) (65)
12 Total – Lower End of Adjusted EBITDA Range 735
(a) Assumes admissions growth of 0.8% and outpatient visit growth of 0.5%, using 2008 average pricing. Margin assumption on incremental revenues 40%.
(b) Base line pricing increases of 3.5%. This assumption is before discrete initiatives valued in this analysis.
(c) Rate parity price increases in existing contracts and anticipated future increases plus $7mm from P4P payments.
(d) Inflation rate of 4.0% reflects normal merit increases, union contract adjustments, supply cost increases and other items before discrete initiatives valued
in this analysis.
(e) Full year impact of cost initiatives initiated in late 2008; malpractice reductions; plus original $29mm in 2008’s estimates as previously disclosed
(f) Assumes 2009 bad debt ratio of approximately 8.5%, a 90 basis point increase over our Q4’07 bad debt ratio of 7.6%. Bad debt ratio was 7.3% in 2008.
(g) Includes impact of Sierra Providence East Medical Center (El Paso) and Coastal Carolina Hospital.
(h) Various risks including volume growth, volume mix, and bad debt create at least $65 million in uncertainties for 2009 performance.
This schedule is not intended to provide a series of spot estimates or line item guidance.
Other combinations of line item performance could produce the same or higher or lower results.
23
24. Cash Initiatives and Divestitures
($mm)
$129 . . . Cash generated in 2007
$307 . . . Cash generated in 2008:
$144 Broadlane investment sale
$ 60 Redding insurance settlements (not included in earlier expectations)
$ 50 Hospital sales (San Dimas, Garden Grove, Encino & Tarzana )
$ 53 Other
$245 . . . . . . . . USC sale (excluding working capital)
$63 - $98 . . . . . Other in 2009
$615 - $650 . . . Sub-total estimate for 2008 - 2009 time period (1)
$140 - $180 . . . Estimate for MOBs in 2009 - 2010
(not included in 2009 year-end Cash and Cash Equivalents estimate of $450 to $550 on slide 25)
$755 – $830 . . . Revised total estimate (1) (Initial estimate was $750 - $950)
(1) Above estimates exclude $62 - $85 California wage and hour settlements, but these settlements are
included in the year-end 2009 Outlook for cash.
24
25. 2009 Cash Walk Forward ($mm)
High
Low
2009 EBITDA 735 800
Add Back: Stock Compensation Charges 20 25
Changes in Cash from Operating Assets and Liabilities (115) (70)
Interest Payments (400) (440)
Adjusted Net Cash Provided by Operating Activities – Cont. Ops. 240 315
Capital Expenditures – Cont. Ops. (400) (450)
Adjusted Free Cash Flow – Cont. Ops. (160) (135)
Income Tax Refunds 15 25
Payments against Reserves for Restructuring Charges, Litigation Costs
(190) (170)
and Settlements
Net Cash Provided (Used In) Operating Activities from Disc. Ops. (10) 10
Investing Activities, Reserve Fund, Divestitures and Other 308 343
Net Financing Activities (20) (30)
Net Increase (Decrease) in Cash and Cash Equivalents (57) 43
Cash and Cash Equivalents December 31, 2008 507
Cash and Cash Equivalents December 31, 2009 450 550
25