Delaware
|
1-12040
|
13-4230695
|
(State of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
18831 Von Karman, Suite 400
Irvine, CA
|
92612
|
(Address of principal executive offices)
|
(Zip Code)
|
99.1
|
Press Release dated February 28, 2012.
|
SUN HEALTHCARE GROUP, INC.
|
/s/ Jeffrey M. Kreger
|
Name: Jeffrey M. Kreger
|
Title: Senior Vice President and Corporate Controller
|
●
|
consolidated revenues were $472.9 million for the quarter and $1.93 billion for the year, down 1.6 percent and up 1.8 percent, respectively, as compared to the same periods in 2010;
|
●
|
consolidated adjusted EBITDAR was $48.2 million for the quarter and $243.4 million for the year, representing adjusted EBITDAR margins of 10.2 percent and 12.6 percent, respectively;
|
●
|
normalized earnings per share from continuing operations was break-even for the quarter and $1.04 for the full year; and
|
●
|
free cash flow was $21.9 million for the fourth quarter and $38.9 million for the year.
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
KEY INCOME STATEMENT FIGURES
|
||||||||
CONSOLIDATED
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
Revenue
|
$ | 472,919 | $ | 480,771 | ||||
Center rent expense
|
37,199 | 28,085 | ||||||
Depreciation and amortization
|
8,450 | 10,182 | ||||||
Interest expense, net
|
4,762 | 8,611 | ||||||
Pre-tax loss
|
(2,194 | ) | (49,266 | ) | ||||
Income tax benefit
|
(2,185 | ) | (17,026 | ) | ||||
Loss from continuing operations
|
(9 | ) | (32,240 | ) | ||||
Loss from discontinued operations
|
(410 | ) | (136 | ) | ||||
Net loss
|
$ | (419 | ) | $ | (32,376 | ) | ||
Diluted loss per share
|
$ | (0.02 | ) | $ | (1.26 | ) | ||
Adjusted EBITDAR
|
$ | 48,217 | $ | 27,680 | ||||
Margin - Adjusted EBITDAR
|
10.2 | % | 5.8 | % | ||||
Adjusted EBITDAR normalized
|
$ | 48,217 | $ | 65,543 | ||||
Margin - Adjusted EBITDAR normalized
|
10.2 | % | 13.6 | % | ||||
Adjusted EBITDA
|
$ | 11,018 | $ | (405 | ) | |||
Margin - Adjusted EBITDA
|
2.3 | % | -0.1 | % | ||||
Adjusted EBITDA normalized
|
$ | 11,018 | $ | 37,458 | ||||
Margin - Adjusted EBITDA normalized
|
2.3 | % | 7.8 | % | ||||
Pre-tax loss continuing operations - normalized
|
$ | (2,194 | ) | $ | 18,665 | |||
Income tax (benefit)/expense - normalized
|
$ | (2,185 | ) | $ | 7,779 | |||
(Loss)/Income from continuing operations - normalized
|
$ | (9 | ) | $ | 10,886 | |||
Diluted earnings per share from continuing operations - normalized
|
$ | - | $ | 0.42 | ||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
KEY INCOME STATEMENT FIGURES
|
||||||||
CONSOLIDATED
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Year Ended
|
Year Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
Revenue
|
$ | 1,930,340 | $ | 1,896,505 | ||||
Center rent expense
|
148,308 | 84,390 | ||||||
Depreciation and amortization
|
32,086 | 47,631 | ||||||
Interest expense, net
|
19,451 | 42,717 | ||||||
Pre-tax (loss) income
|
(277,105 | ) | 184 | |||||
Income tax expense
|
12,457 | 2,964 | ||||||
Loss from continuing operations
|
(289,562 | ) | (2,780 | ) | ||||
Loss from discontinued operations
|
(2,204 | ) | (1,870 | ) | ||||
Net loss
|
$ | (291,766 | ) | $ | (4,650 | ) | ||
Diluted loss per share
|
$ | (11.19 | ) | $ | (0.24 | ) | ||
Adjusted EBITDAR
|
$ | 243,369 | $ | 204,990 | ||||
Margin - Adjusted EBITDAR
|
12.6 | % | 10.8 | % | ||||
Adjusted EBITDAR normalized
|
$ | 243,369 | $ | 249,849 | ||||
Margin - Adjusted EBITDAR normalized
|
12.6 | % | 13.2 | % | ||||
Adjusted EBITDA
|
$ | 95,061 | $ | 120,600 | ||||
Margin - Adjusted EBITDA
|
4.9 | % | 6.4 | % | ||||
Adjusted EBITDA normalized
|
$ | 95,061 | $ | 165,459 | ||||
Margin - Adjusted EBITDA normalized
|
4.9 | % | 8.7 | % | ||||
Pre-tax income continuing operations - normalized
|
$ | 42,412 | $ | 75,111 | ||||
Income tax expense - normalized
|
$ | 15,205 | $ | 30,637 | ||||
Income from continuing operations - normalized
|
$ | 27,207 | $ | 44,474 | ||||
Diluted earnings per share from continuing operations - normalized
|
$ | 1.04 | $ | 2.31 | ||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(in thousands, except per share data)
|
||||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 57,908 | $ | 81,163 | ||||
Restricted cash
|
15,706 | 15,329 | ||||||
Accounts receivable, net
|
202,229 | 214,518 | ||||||
Prepaid expenses and other assets
|
29,075 | 20,381 | ||||||
Deferred tax assets
|
63,170 | 69,800 | ||||||
Total current assets
|
368,088 | 401,191 | ||||||
Property and equipment, net
|
148,298 | 139,860 | ||||||
Intangible assets, net
|
35,294 | 39,815 | ||||||
Goodwill
|
34,496 | 350,199 | ||||||
Restricted cash, non-current
|
353 | 350 | ||||||
Deferred tax assets
|
123,974 | 126,540 | ||||||
Other assets
|
45,163 | 23,803 | ||||||
|
||||||||
Total assets
|
$ | 755,666 | $ | 1,081,758 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 55,888 | $ | 49,993 | ||||
Accrued compensation and benefits
|
61,101 | 61,518 | ||||||
Accrued self-insurance obligations, current portion
|
57,810 | 52,093 | ||||||
Other accrued liabilities
|
43,139 | 53,945 | ||||||
Current portion of long-term debt and capital lease obligations
|
1,017 | 11,050 | ||||||
Total current liabilities
|
218,955 | 228,599 | ||||||
Accrued self-insurance obligations, net of current portion
|
157,267 | 133,405 | ||||||
Long-term debt and capital lease obligations, net of current portion
|
88,768 | 144,930 | ||||||
Unfavorable lease obligations, net
|
7,110 | 9,815 | ||||||
Other long-term liabilities
|
58,110 | 52,566 | ||||||
Total liabilities
|
530,210 | 569,315 | ||||||
Stockholders' equity:
|
||||||||
Preferred stock of $.01 par value, authorized 3,333 shares,
zero shares were issued and outstanding as of December 31, 2011
and December 31, 2010
|
- | - | ||||||
Common stock of $.01 par value, authorized 41,667 shares,
25,146 and 24,974 shares issued and outstanding as of
December 31, 2011 and December 31, 2010, respectively
|
251 | 250 | ||||||
Additional paid-in capital
|
726,861 | 720,854 | ||||||
Accumulated deficit
|
(500,427 | ) | (208,661 | ) | ||||
Accumulated other comprehensive loss, net
|
(1,229 | ) | - | |||||
225,456 | 512,443 | |||||||
Total liabilities and stockholders' equity
|
$ | 755,666 | $ | 1,081,758 |
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED INCOME STATEMENTS
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 472,919 | $ | 480,771 | ||||
Costs and expenses:
|
||||||||
Operating salaries and benefits
|
267,860 | 272,182 | ||||||
Self-insurance for workers' compensation and
general and professional liability insurance
|
15,249 | 27,035 | ||||||
Operating administrative costs
|
12,058 | 13,011 | ||||||
Other operating costs
|
102,043 | 97,893 | ||||||
Center rent expense
|
37,199 | 28,085 | ||||||
General and administrative expenses
|
17,175 | 16,273 | ||||||
Depreciation and amortization
|
8,450 | 10,182 | ||||||
Provision for losses on accounts receivable
|
10,317 | 4,580 | ||||||
Interest, net of interest income of $80 and $92, respectively
|
4,762 | 8,611 | ||||||
Loss on extinguishment of debt, net
|
- | 29,221 | ||||||
Transaction costs
|
- | 22,117 | ||||||
Loss on sale of assets, net
|
- | 847 | ||||||
Total costs and expenses
|
475,113 | 530,037 | ||||||
Loss before income taxes and discontinued operations
|
(2,194 | ) | (49,266 | ) | ||||
Income tax benefit
|
(2,185 | ) | (17,026 | ) | ||||
Loss from continuing operations
|
(9 | ) | (32,240 | ) | ||||
Discontinued operations:
|
||||||||
Loss from discontinued operations, net of related taxes
|
(410 | ) | (136 | ) | ||||
Loss from discontinued operations, net
|
(410 | ) | (136 | ) | ||||
Net loss
|
$ | (419 | ) | $ | (32,376 | ) | ||
Basic loss per common and common equivalent share:
|
||||||||
Loss from continuing operations
|
$ | - | $ | (1.25 | ) | |||
Loss from discontinued operations, net
|
(0.02 | ) | (0.01 | ) | ||||
Net loss
|
$ | (0.02 | ) | $ | (1.26 | ) | ||
Diluted loss per common and common equivalent share:
|
||||||||
Loss from continuing operations
|
$ | - | $ | (1.25 | ) | |||
Loss from discontinued operations, net
|
(0.02 | ) | (0.01 | ) | ||||
Net loss
|
$ | (0.02 | ) | $ | (1.26 | ) | ||
Weighted average number of common and
common equivalent shares outstanding:
|
||||||||
Basic
|
26,216 | 25,791 | ||||||
Diluted
|
26,216 | 25,791 |
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED INCOME STATEMENTS
|
||||||||
(in thousands, except per share data)
|
||||||||
For the
|
For the
|
|||||||
Year Ended
|
Year Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 1,930,340 | $ | 1,896,505 | ||||
Costs and expenses:
|
||||||||
Operating salaries and benefits
|
1,086,109 | 1,071,786 | ||||||
Self-insurance for workers' compensation and
general and professional liability insurance
|
61,027 | 70,468 | ||||||
Operating administrative costs
|
51,971 | 51,943 | ||||||
Other operating costs
|
400,256 | 386,972 | ||||||
Center rent expense
|
148,308 | 84,390 | ||||||
General and administrative expenses
|
62,331 | 60,842 | ||||||
Depreciation and amortization
|
32,086 | 47,631 | ||||||
Provision for losses on accounts receivable
|
25,277 | 20,391 | ||||||
Interest, net of interest income of $324 and $314, respectively
|
19,451 | 42,717 | ||||||
Loss on extinguishment of debt, net
|
- | 29,221 | ||||||
Transaction costs
|
- | 29,113 | ||||||
Loss on sale of assets, net
|
810 | 847 | ||||||
Restructuring costs
|
2,728 | - | ||||||
Loss on asset impairment
|
317,091 | - | ||||||
Total costs and expenses
|
2,207,445 | 1,896,321 | ||||||
(Loss) income before income taxes and discontinued operations
|
(277,105 | ) | 184 | |||||
Income tax expense
|
12,457 | 2,964 | ||||||
Loss from continuing operations
|
(289,562 | ) | (2,780 | ) | ||||
Discontinued operations:
|
||||||||
Loss from discontinued operations, net of related taxes
|
(1,523 | ) | (1,870 | ) | ||||
Loss on disposal of discontinued operations, net of related taxes
|
(681 | ) | - | |||||
Loss from discontinued operations, net
|
(2,204 | ) | (1,870 | ) | ||||
Net loss
|
$ | (291,766 | ) | $ | (4,650 | ) | ||
Basic loss per common and common equivalent share:
|
||||||||
Loss from continuing operations
|
$ | (11.10 | ) | $ | (0.14 | ) | ||
Loss from discontinued operations, net
|
(0.09 | ) | (0.10 | ) | ||||
Net loss
|
$ | (11.19 | ) | $ | (0.24 | ) | ||
Diluted loss per common and common equivalent share:
|
||||||||
Loss from continuing operations
|
$ | (11.10 | ) | $ | (0.14 | ) | ||
Loss from discontinued operations, net
|
(0.09 | ) | (0.10 | ) | ||||
Net Loss
|
$ | (11.19 | ) | $ | (0.24 | ) | ||
Weighted average number of common and
common equivalent shares outstanding:
|
||||||||
Basic
|
26,083 | 19,280 | ||||||
Diluted
|
26,083 | 19,280 |
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (419 | ) | $ | (32,376 | ) | ||
Adjustments to reconcile net loss to net cash provided by
|
||||||||
operating activities, including discontinued operations:
|
||||||||
Loss on extinguishment of debt
|
- | 14,126 | ||||||
Depreciation and amortization
|
8,452 | 10,279 | ||||||
Amortization of favorable and unfavorable lease intangibles
|
(557 | ) | (493 | ) | ||||
Provision for losses on accounts receivable
|
10,317 | 4,747 | ||||||
Loss on sale of assets, including discontinued operations, net
|
- | 847 | ||||||
Stock-based compensation expense
|
3,200 | 1,552 | ||||||
Deferred taxes
|
(1,717 | ) | (16,566 | ) | ||||
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts receivable
|
(4,174 | ) | (6,445 | ) | ||||
Restricted cash
|
675 | 331 | ||||||
Prepaid expenses and other assets
|
2,405 | (2,341 | ) | |||||
Accounts payable
|
7,473 | 1,786 | ||||||
Accrued compensation and benefits
|
11,744 | 574 | ||||||
Accrued self-insurance obligations
|
3,671 | 12,849 | ||||||
Income taxes payable
|
- | (1,605 | ) | |||||
Other accrued liabilities
|
(6,918 | ) | (8,643 | ) | ||||
Other long-term liabilities
|
(421 | ) | (872 | ) | ||||
Net cash provided by (used for) operating activities
|
33,731 | (22,250 | ) | |||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(11,800 | ) | (12,040 | ) | ||||
Acquisitions, net of cash acquired
|
(1,000 | ) | (13,894 | ) | ||||
Net cash used for investing activities
|
(12,800 | ) | (25,934 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings of long-term debt
|
- | 415,000 | ||||||
Principal repayments of long-term debt and capital lease obligations
|
(52,797 | ) | (322,041 | ) | ||||
Distribution to non-controlling interest
|
- | (36 | ) | |||||
Distribution to Sabra Health Care REIT, Inc.
|
- | (66,862 | ) | |||||
Dividends to stockholders
|
- | (9,996 | ) | |||||
Proceeds from issuance of common stock
|
- | (608 | ) | |||||
Deferred financing costs
|
(1,405 | ) | (24,460 | ) | ||||
Net cash used for financing activities
|
(54,202 | ) | (9,003 | ) | ||||
Net decrease in cash and cash equivalents
|
(33,271 | ) | (57,187 | ) | ||||
Cash and cash equivalents at beginning of period
|
91,179 | 138,350 | ||||||
Cash and cash equivalents at end of period
|
$ | 57,908 | $ | 81,163 | ||||
Reconciliation of net cash provided by operating activities to free cash flow:
|
||||||||
Net cash provided by (used for) operating activities
|
$ | 33,731 | $ | (22,250 | ) | |||
Capital expenditures
|
(11,800 | ) | (12,040 | ) | ||||
Cash used for professional fees on restructuring
|
- | 24,232 | ||||||
Cash used for early redemption fees
|
- | 15,095 | ||||||
Cash used for broker fees on acquisitions
|
- | 446 | ||||||
Free cash flow
|
$ | 21,931 | $ | 5,483 | ||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Twelve Months Ended
|
Twelve Months Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (291,766 | ) | $ | (4,650 | ) | ||
Adjustments to reconcile net loss to net cash provided by
|
||||||||
operating activities, including discontinued operations:
|
||||||||
Loss on extinguishment of debt
|
- | 14,126 | ||||||
Depreciation and amortization
|
32,331 | 48,023 | ||||||
Amortization of favorable and unfavorable lease intangibles
|
(2,023 | ) | (1,945 | ) | ||||
Provision for losses on accounts receivable
|
25,796 | 21,175 | ||||||
Loss on sale of assets, including discontinued operations, net
|
1,926 | 847 | ||||||
Loss on asset impairment
|
317,091 | - | ||||||
Stock-based compensation expense
|
8,360 | 6,300 | ||||||
Deferred taxes
|
8,154 | (1,590 | ) | |||||
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts receivable
|
(15,561 | ) | (18,945 | ) | ||||
Restricted cash
|
(1,201 | ) | 3,176 | |||||
Prepaid expenses and other assets
|
(178 | ) | 5,671 | |||||
Accounts payable
|
5,567 | (1,842 | ) | |||||
Accrued compensation and benefits
|
(552 | ) | 2,519 | |||||
Accrued self-insurance obligations
|
3,377 | 17,890 | ||||||
Other accrued liabilities
|
(5,760 | ) | (9,919 | ) | ||||
Other long-term liabilities
|
(2,517 | ) | (928 | ) | ||||
Net cash provided by operating activities
|
83,044 | 79,908 | ||||||
Cash flows from investing activities:
|
||||||||
Capital expenditures
|
(44,146 | ) | (53,528 | ) | ||||
Proceeds from sale of assets
|
1,809 | - | ||||||
Acquisitions, net of cash acquired
|
(1,356 | ) | (13,894 | ) | ||||
Net cash used for investing activities
|
(43,693 | ) | (67,422 | ) | ||||
Cash flows from financing activities:
|
||||||||
Borrowings of long-term debt
|
- | 435,500 | ||||||
Principal repayments of long-term debt and capital lease obligations
|
(61,201 | ) | (590,939 | ) | ||||
Payment to non-controlling interest
|
- | (2,025 | ) | |||||
Distribution to non-controlling interest
|
- | (105 | ) | |||||
Distribution to Sabra Health Care REIT, Inc.
|
- | (66,862 | ) | |||||
Dividends to stockholders
|
- | (9,996 | ) | |||||
Proceeds from issuance of common stock
|
- | 225,393 | ||||||
Deferred financing costs
|
(1,405 | ) | (26,772 | ) | ||||
Net cash used for financing activities
|
(62,606 | ) | (35,806 | ) | ||||
Net decrease in cash and cash equivalents
|
(23,255 | ) | (23,320 | ) | ||||
Cash and cash equivalents at beginning of period
|
81,163 | 104,483 | ||||||
Cash and cash equivalents at end of period
|
$ | 57,908 | $ | 81,163 | ||||
Reconciliation of net cash provided by operating activities to free cash flow:
|
||||||||
Net cash provided by operating activities
|
$ | 83,044 | $ | 79,908 | ||||
Capital expenditures
|
(44,146 | ) | (53,528 | ) | ||||
Cash used for professional fees on restructuring
|
- | 26,436 | ||||||
Cash used for early redemption fees
|
- | 15,095 | ||||||
Cash used for broker fees on acquisitions
|
- | 446 | ||||||
Free cash flow
|
$ | 38,898 | $ | 68,357 | ||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Three Months Ended
|
Three Months Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 472,919 | $ | 480,771 | ||||
Net loss
|
$ | (419 | ) | $ | (32,376 | ) | ||
Loss from continuing operations
|
(9 | ) | (32,240 | ) | ||||
Income tax benefit
|
(2,185 | ) | (17,026 | ) | ||||
Interest, net
|
4,762 | 8,611 | ||||||
Depreciation and amortization
|
8,450 | 10,182 | ||||||
EBITDA
|
$ | 11,018 | $ | (30,473 | ) | |||
Loss on extinguishment of debt, net
|
- | 29,221 | ||||||
Loss on sale of assets, net
|
- | 847 | ||||||
Adjusted EBITDA
|
$ | 11,018 | $ | (405 | ) | |||
Center rent expense
|
37,199 | 28,085 | ||||||
Adjusted EBITDAR
|
$ | 48,217 | $ | 27,680 |
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||
(in thousands)
|
||||||||
For the
|
For the
|
|||||||
Year Ended
|
Year Ended
|
|||||||
December 31, 2011
|
December 31, 2010
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenues
|
$ | 1,930,340 | $ | 1,896,505 | ||||
Net loss
|
$ | (291,766 | ) | $ | (4,650 | ) | ||
Loss from continuing operations
|
(289,562 | ) | (2,780 | ) | ||||
Income tax expense
|
12,457 | 2,964 | ||||||
Interest, net
|
19,451 | 42,717 | ||||||
Depreciation and amortization
|
32,086 | 47,631 | ||||||
EBITDA
|
$ | (225,568 | ) | $ | 90,532 | |||
Loss on extinguishment of debt, net
|
- | 29,221 | ||||||
Loss on sale of assets, net
|
810 | 847 | ||||||
Restructuring costs
|
2,728 | - | ||||||
Loss on asset impairment
|
317,091 | - | ||||||
Adjusted EBITDA
|
$ | 95,061 | $ | 120,600 | ||||
Center rent expense
|
148,308 | 84,390 | ||||||
Adjusted EBITDAR
|
$ | 243,369 | $ | 204,990 | ||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Three Months Ended December 31, 2011
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services
|
Rehabilitation
Therapy
Services
|
Medical
Staffing
Services
|
Other &
Corp Seg
|
Elimination
of Affiliated
Revenue
|
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 421,394 | $ | 30,221 | $ | 21,301 | $ | 3 | $ | - | $ | 472,919 | ||||||||||||
Affiliated revenue
|
- | 33,433 | 692 | - | (34,125 | ) | - | |||||||||||||||||
Total revenue
|
$ | 421,394 | $ | 63,654 | $ | 21,993 | $ | 3 | $ | (34,125 | ) | $ | 472,919 | |||||||||||
Income (loss) from continuing operations
|
$ | 14,905 | $ | 4,722 | $ | 1,150 | $ | (20,786 | ) | $ | - | $ | (9 | ) | ||||||||||
Income tax expense
|
- | - | - | (2,185 | ) | - | (2,185 | ) | ||||||||||||||||
Interest, net
|
(8 | ) | - | - | 4,770 | - | 4,762 | |||||||||||||||||
Depreciation and amortization
|
7,054 | 251 | 186 | 959 | - | 8,450 | ||||||||||||||||||
EBITDA
|
$ | 21,951 | $ | 4,973 | $ | 1,336 | $ | (17,242 | ) | $ | - | $ | 11,018 | |||||||||||
Loss on extinguishment of debt, net
|
- | - | - | - | - | - | ||||||||||||||||||
Loss on sale of assets, net
|
- | - | - | - | - | - | ||||||||||||||||||
Adjusted EBITDA
|
$ | 21,951 | $ | 4,973 | $ | 1,336 | $ | (17,242 | ) | $ | - | $ | 11,018 | |||||||||||
Center rent expense
|
36,897 | 137 | 165 | - | - | 37,199 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 58,848 | $ | 5,110 | $ | 1,501 | $ | (17,242 | ) | $ | - | $ | 48,217 | |||||||||||
Normalized Adjusted EBITDA
|
$ | 21,951 | $ | 4,973 | $ | 1,336 | $ | (17,242 | ) | $ | - | $ | 11,018 | |||||||||||
Normalized Adjusted EBITDAR
|
$ | 58,848 | $ | 5,110 | $ | 1,501 | $ | (17,242 | ) | $ | - | $ | 48,217 | |||||||||||
Adjusted EBITDA margin
|
5.2 | % | 7.8 | % | 6.1 | % | 2.3 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
14.0 | % | 8.0 | % | 6.8 | % | 10.2 | % | ||||||||||||||||
Normalized Adjusted EBITDA margin
|
5.2 | % | 7.8 | % | 6.1 | % | 2.3 | % | ||||||||||||||||
Normalized Adjusted EBITDAR margin
|
14.0 | % | 8.0 | % | 6.8 | % | 10.2 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Year Ended December 31, 2011
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services
|
Rehabilitation
Therapy
Services
|
Medical
Staffing
Services
|
Other &
Corp Seg
|
Elimination
of Affiliated
Revenue
|
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 1,723,825 | $ | 119,866 | $ | 86,610 | $ | 39 | $ | - | $ | 1,930,340 | ||||||||||||
Affiliated revenue
|
- | 132,143 | 2,771 | - | (134,914 | ) | - | |||||||||||||||||
Total revenue
|
$ | 1,723,825 | $ | 252,009 | $ | 89,381 | $ | 39 | $ | (134,914 | ) | $ | 1,930,340 | |||||||||||
Income (loss) from continuing operations
|
$ | (207,417 | ) | $ | 13,217 | $ | 5,232 | $ | (100,594 | ) | $ | - | $ | (289,562 | ) | |||||||||
Income tax expense
|
- | - | - | 12,457 | - | 12,457 | ||||||||||||||||||
Interest, net
|
(76 | ) | - | 1 | 19,526 | - | 19,451 | |||||||||||||||||
Depreciation and amortization
|
26,779 | 941 | 746 | 3,620 | - | 32,086 | ||||||||||||||||||
EBITDA
|
$ | (180,714 | ) | $ | 14,158 | $ | 5,979 | $ | (64,991 | ) | $ | - | $ | (225,568 | ) | |||||||||
Loss on extinguishment of debt, net
|
- | - | - | - | - | - | ||||||||||||||||||
Loss on sale of assets, net
|
810 | - | - | - | - | 810 | ||||||||||||||||||
Restructuring costs
|
302 | - | - | 2,426 | - | 2,728 | ||||||||||||||||||
Loss on asset impairment
|
317,091 | - | - | - | - | 317,091 | ||||||||||||||||||
Adjusted EBITDA
|
$ | 137,489 | $ | 14,158 | $ | 5,979 | $ | (62,565 | ) | $ | - | $ | 95,061 | |||||||||||
Center rent expense
|
147,099 | 531 | 678 | - | - | 148,308 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 284,588 | $ | 14,689 | $ | 6,657 | $ | (62,565 | ) | $ | - | $ | 243,369 | |||||||||||
Normalized Adjusted EBITDA
|
$ | 137,489 | $ | 14,158 | $ | 5,979 | $ | (62,565 | ) | $ | - | $ | 95,061 | |||||||||||
Normalized Adjusted EBITDAR
|
$ | 284,588 | $ | 14,689 | $ | 6,657 | $ | (62,565 | ) | $ | - | $ | 243,369 | |||||||||||
Adjusted EBITDA margin
|
8.0 | % | 5.6 | % | 6.7 | % | 4.9 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
16.5 | % | 5.8 | % | 7.4 | % | 12.6 | % | ||||||||||||||||
Normalized Adjusted EBITDA margin
|
8.0 | % | 5.6 | % | 6.7 | % | 4.9 | % | ||||||||||||||||
Normalized Adjusted EBITDAR margin
|
16.5 | % | 5.8 | % | 7.4 | % | 12.6 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Year to Date Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Three Months Ended December 31, 2010
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services
|
Rehabilitation
Therapy
Services
|
Medical
Staffing
Services
|
Other &
Corp Seg
|
Elimination
of Affiliated
Revenue
|
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 428,817 | $ | 29,889 | $ | 22,053 | $ | 12 | $ | - | $ | 480,771 | ||||||||||||
Affiliated revenue
|
- | 22,892 | 672 | - | (23,564 | ) | - | |||||||||||||||||
Total revenue
|
$ | 428,817 | $ | 52,781 | $ | 22,725 | $ | 12 | $ | (23,564 | ) | $ | 480,771 | |||||||||||
Income (loss) from continuing operations
|
$ | 36,237 | $ | 2,315 | $ | 1,116 | $ | (71,908 | ) | $ | - | $ | (32,240 | ) | ||||||||||
Income tax expense
|
- | - | - | (17,026 | ) | - | (17,026 | ) | ||||||||||||||||
Interest, net
|
1,319 | - | - | 7,292 | - | 8,611 | ||||||||||||||||||
Depreciation and amortization
|
8,919 | 194 | 189 | 880 | - | 10,182 | ||||||||||||||||||
EBITDA
|
$ | 46,475 | $ | 2,509 | $ | 1,305 | $ | (80,762 | ) | $ | - | $ | (30,473 | ) | ||||||||||
Loss on extinguishment of debt, net
|
- | - | - | 29,221 | - | 29,221 | ||||||||||||||||||
Loss on sale of assets, net
|
847 | - | - | - | - | 847 | ||||||||||||||||||
Adjusted EBITDA
|
$ | 47,322 | $ | 2,509 | $ | 1,305 | $ | (51,541 | ) | $ | - | $ | (405 | ) | ||||||||||
Center rent expense
|
27,724 | 133 | 228 | - | - | 28,085 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 75,046 | $ | 2,642 | $ | 1,533 | $ | (51,541 | ) | $ | - | $ | 27,680 | |||||||||||
Normalized Adjusted EBITDA
|
$ | 47,769 | $ | 2,509 | $ | 1,305 | $ | (14,124 | ) | $ | - | $ | 37,459 | |||||||||||
Normalized Adjusted EBITDAR
|
$ | 75,493 | $ | 2,642 | $ | 1,533 | $ | (14,124 | ) | $ | - | $ | 65,544 | |||||||||||
Adjusted EBITDA margin
|
11.0 | % | 4.8 | % | 5.7 | % | -0.1 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
17.5 | % | 5.0 | % | 6.7 | % | 5.8 | % | ||||||||||||||||
Normalized Adjusted EBITDA margin
|
11.1 | % | 4.8 | % | 5.7 | % | 7.8 | % | ||||||||||||||||
Normalized Adjusted EBITDAR margin
|
17.6 | % | 5.0 | % | 6.7 | % | 13.6 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Quarter Comparison."
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA and ADJUSTED EBITDAR
|
||||||||||||||||||||||||
($ in thousands)
|
||||||||||||||||||||||||
For the Year Ended December 31, 2010
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Inpatient
Services
|
Rehabilitation
Therapy
Services
|
Medical
Staffing
Services
|
Other &
Corp Seg
|
Elimination
of Affiliated
Revenue
|
Consolidated
|
|||||||||||||||||||
Nonaffiliated revenue
|
$ | 1,687,087 | $ | 119,613 | $ | 89,765 | $ | 40 | $ | - | $ | 1,896,505 | ||||||||||||
Affiliated revenue
|
- | 86,476 | 2,036 | - | (88,512 | ) | - | |||||||||||||||||
Total revenue
|
$ | 1,687,087 | $ | 206,089 | $ | 91,801 | $ | 40 | $ | (88,512 | ) | $ | 1,896,505 | |||||||||||
Income (loss) from continuing operations
|
$ | 149,836 | $ | 14,073 | $ | 5,595 | $ | (172,284 | ) | $ | - | $ | (2,780 | ) | ||||||||||
Income tax expense
|
- | - | - | 2,964 | - | 2,964 | ||||||||||||||||||
Interest, net
|
9,146 | - | (1 | ) | 33,572 | - | 42,717 | |||||||||||||||||
Depreciation and amortization
|
42,956 | 678 | 732 | 3,265 | - | 47,631 | ||||||||||||||||||
EBITDA
|
$ | 201,938 | $ | 14,751 | $ | 6,326 | $ | (132,483 | ) | $ | - | $ | 90,532 | |||||||||||
Loss on extinguishment of debt, net
|
- | - | - | 29,221 | - | 29,221 | ||||||||||||||||||
Loss on sale of assets, net
|
847 | - | - | - | - | 847 | ||||||||||||||||||
Restructuring costs
|
- | - | - | - | - | - | ||||||||||||||||||
Loss on asset impairment
|
- | - | - | - | - | - | ||||||||||||||||||
Adjusted EBITDA
|
$ | 202,785 | $ | 14,751 | $ | 6,326 | $ | (103,262 | ) | $ | - | $ | 120,600 | |||||||||||
Center rent expense
|
83,050 | 496 | 844 | - | - | 84,390 | ||||||||||||||||||
Adjusted EBITDAR
|
$ | 285,835 | $ | 15,247 | $ | 7,170 | $ | (103,262 | ) | $ | - | $ | 204,990 | |||||||||||
Normalized Adjusted EBITDA
|
$ | 203,231 | $ | 14,751 | $ | 6,326 | $ | (58,849 | ) | $ | - | $ | 165,459 | |||||||||||
Normalized Adjusted EBITDAR
|
$ | 286,281 | $ | 15,247 | $ | 7,170 | $ | (58,849 | ) | $ | - | $ | 249,849 | |||||||||||
Adjusted EBITDA margin
|
12.0 | % | 7.2 | % | 6.9 | % | 6.4 | % | ||||||||||||||||
Adjusted EBITDAR margin
|
16.9 | % | 7.4 | % | 7.8 | % | 10.8 | % | ||||||||||||||||
Normalized Adjusted EBITDA margin
|
12.0 | % | 7.2 | % | 6.9 | % | 8.7 | % | ||||||||||||||||
Normalized Adjusted EBITDAR margin
|
17.0 | % | 7.4 | % | 7.8 | % | 13.2 | % | ||||||||||||||||
See definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to
|
||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||
See normalizing adjustments in the table "Normalizing Adjustments - Year to Date Comparison."
|
Sun Healthcare Group, Inc. and Subsidiaries
|
||||||||||||||||||||||||||||||||
Selected Operating Statistics
|
||||||||||||||||||||||||||||||||
Continuing Operations
|
||||||||||||||||||||||||||||||||
For the
|
For the
|
|||||||||||||||||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||||||
Consolidated Company
|
||||||||||||||||||||||||||||||||
Revenues - Non-affiliated (in thousands)
|
||||||||||||||||||||||||||||||||
Skilled Nursing and similar facilities
|
$ | 405,952 | $ | 416,346 | $ | 1,663,294 | $ | 1,639,321 | ||||||||||||||||||||||||
Hospice
|
14,979 | 11,901 | 58,626 | 45,533 | ||||||||||||||||||||||||||||
Other - Inpatient Services
|
463 | 570 | 1,905 | 2,233 | ||||||||||||||||||||||||||||
Inpatient Services
|
421,394 | 428,817 | 1,723,825 | 1,687,087 | ||||||||||||||||||||||||||||
Rehabilitation Therapy Services
|
30,221 | 29,889 | 119,866 | 119,613 | ||||||||||||||||||||||||||||
Medical Staffing Services
|
21,301 | 22,053 | 86,610 | 89,765 | ||||||||||||||||||||||||||||
Other - non-core businesses
|
3 | 12 | 39 | 40 | ||||||||||||||||||||||||||||
Total
|
$ | 472,919 | $ | 480,771 | $ | 1,930,340 | $ | 1,896,505 | ||||||||||||||||||||||||
Revenue Mix - Non-affiliated (in thousands)
|
||||||||||||||||||||||||||||||||
Medicare
|
$ | 139,534 | 30 | % | $ | 144,920 | 30 | % | $ | 612,185 | 32 | % | $ | 564,766 | 30 | % | ||||||||||||||||
Medicaid
|
196,490 | 42 | % | 194,236 | 40 | % | 759,471 | 39 | % | 763,458 | 40 | % | ||||||||||||||||||||
Private and Other
|
108,028 | 22 | % | 112,758 | 24 | % | 440,367 | 23 | % | 451,921 | 24 | % | ||||||||||||||||||||
Managed Care / Insurance
|
23,754 | 5 | % | 23,521 | 5 | % | 97,516 | 5 | % | 95,997 | 5 | % | ||||||||||||||||||||
Veterans
|
5,113 | 1 | % | 5,336 | 1 | % | 20,801 | 1 | % | 20,363 | 1 | % | ||||||||||||||||||||
Total
|
$ | 472,919 | 100 | % | $ | 480,771 | 100 | % | $ | 1,930,340 | 100 | % | $ | 1,896,505 | 100 | % | ||||||||||||||||
Inpatient Services Stats
|
||||||||||||||||||||||||||||||||
Number of centers:
|
199 | 199 | 199 | 199 | ||||||||||||||||||||||||||||
Number of available beds:
|
22,045 | 22,106 | 22,045 | 22,106 | ||||||||||||||||||||||||||||
Occupancy %:
|
86.4 | % | 86.7 | % | 86.5 | % | 87.0 | % | ||||||||||||||||||||||||
Payor Mix % based on patient days:
|
||||||||||||||||||||||||||||||||
Medicare - SNF Beds
|
14.5 | % | 14.2 | % | 15.3 | % | 15.0 | % | ||||||||||||||||||||||||
Managed care / Ins. - SNF Beds
|
3.9 | % | 3.7 | % | 4.0 | % | 3.9 | % | ||||||||||||||||||||||||
Total SNF skilled mix
|
18.4 | % | 17.9 | % | 19.3 | % | 18.9 | % | ||||||||||||||||||||||||
Medicare
|
13.3 | % | 13.0 | % | 14.0 | % | 13.7 | % | ||||||||||||||||||||||||
Medicaid
|
63.5 | % | 63.0 | % | 62.5 | % | 62.3 | % | ||||||||||||||||||||||||
Private and Other
|
18.4 | % | 19.3 | % | 18.6 | % | 19.2 | % | ||||||||||||||||||||||||
Managed Care / Insurance
|
3.6 | % | 3.4 | % | 3.7 | % | 3.6 | % | ||||||||||||||||||||||||
Veterans
|
1.2 | % | 1.3 | % | 1.2 | % | 1.2 | % | ||||||||||||||||||||||||
Revenue Mix % of revenues:
|
||||||||||||||||||||||||||||||||
Medicare - SNF Beds
|
31.0 | % | 32.4 | % | 33.8 | % | 32.1 | % | ||||||||||||||||||||||||
Managed care / Ins. - SNF Beds
|
6.0 | % | 5.8 | % | 6.0 | % | 6.0 | % | ||||||||||||||||||||||||
Total SNF skilled mix
|
37.0 | % | 38.2 | % | 39.8 | % | 38.1 | % | ||||||||||||||||||||||||
Medicare
|
32.0 | % | 32.7 | % | 34.4 | % | 32.4 | % | ||||||||||||||||||||||||
Medicaid
|
46.6 | % | 45.3 | % | 44.1 | % | 45.2 | % | ||||||||||||||||||||||||
Private and Other
|
14.7 | % | 15.4 | % | 14.7 | % | 15.6 | % | ||||||||||||||||||||||||
Managed Care / Insurance
|
5.5 | % | 5.4 | % | 5.6 | % | 5.6 | % | ||||||||||||||||||||||||
Veterans
|
1.2 | % | 1.2 | % | 1.2 | % | 1.2 | % | ||||||||||||||||||||||||
Revenues PPD:
|
||||||||||||||||||||||||||||||||
Medicare (Part A)
|
$ | 464.54 | $ | 515.32 | $ | 506.53 | $ | 476.57 | ||||||||||||||||||||||||
Medicare Blended Rate (Part A & B)
|
$ | 513.83 | $ | 558.27 | $ | 547.95 | $ | 516.88 | ||||||||||||||||||||||||
Medicaid
|
$ | 176.60 | $ | 174.10 | $ | 174.46 | $ | 173.21 | ||||||||||||||||||||||||
Medicaid, net of provider taxes
|
$ | 160.39 | $ | 159.55 | $ | 159.21 | $ | 159.36 | ||||||||||||||||||||||||
Private and Other
|
$ | 183.39 | $ | 184.17 | $ | 186.57 | $ | 184.73 | ||||||||||||||||||||||||
Managed Care / Insurance
|
$ | 376.02 | $ | 390.28 | $ | 375.62 | $ | 373.92 | ||||||||||||||||||||||||
Veterans
|
$ | 249.73 | $ | 239.33 | $ | 249.86 | $ | 240.60 | ||||||||||||||||||||||||
Rehab contracts
|
||||||||||||||||||||||||||||||||
Affiliated
|
178 | 162 | 178 | 162 | ||||||||||||||||||||||||||||
Non-affiliated
|
339 | 346 | 339 | 346 | ||||||||||||||||||||||||||||
Average Qtrly Revenue per Contract
(in thousands)
|
$ | 123 | $ | 104 | $ | 122 | $ | 101 | ||||||||||||||||||||||||
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||
NORMALIZING ADJUSTMENTS - QUARTER COMPARISON
|
||||||||||||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||||||||||
AS REPORTED - 4th QUARTER 2011
|
||||||||||||||||||||||||||||
Revenue
|
Adjusted
EBITDAR
|
Adjusted
EBITDA
|
Pre-tax
|
Loss from
Continuing
Operations
|
Disc Ops
|
Net
Income
|
||||||||||||||||||||||
As Reported 4th QUARTER 2011
|
$ | 472,919 | $ | 48,217 | $ | 11,018 | $ | (2,194 | ) | $ | (9 | ) | $ | (410 | ) | $ | (419 | ) | ||||||||||
Percent of Revenue
|
10.2 | % | 2.3 | % | -0.5 | % | 0.0 | % | -0.1 | % | -0.1 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
None
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Normalized As Reported-4th QUARTER 2011
|
$ | 472,919 | $ | 48,217 | $ | 11,018 | $ | (2,194 | ) | $ | (9 | ) | $ | (410 | ) | $ | (419 | ) | ||||||||||
Percent of Revenue
|
10.2 | % | 2.3 | % | -0.5 | % | 0.0 | % | -0.1 | % | -0.1 | % | ||||||||||||||||
As Reported
|
$ | - | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||||||||||||||
Diluted EPS: As Normalized
|
$ | - | $ | (0.02 | ) | $ | (0.02 | ) | ||||||||||||||||||||
AS REPORTED - 4th QUARTER 2010
|
||||||||||||||||||||||||||||
Revenue
|
Adjusted
EBITDAR
|
Adjusted
EBITDA
|
Pre-tax
|
Income/
(Loss) from
Continuing
Operations
|
Disc Ops
|
Net
Income
|
||||||||||||||||||||||
As Reported-4th QUARTER 2010
|
$ | 480,771 | $ | 27,680 | $ | (405 | ) | $ | (49,266 | ) | $ | (32,240 | ) | $ | (136 | ) | $ | (32,376 | ) | |||||||||
Percent of Revenue
|
5.8 | % | -0.1 | % | -10.2 | % | -6.7 | % | 0.0 | % | -6.7 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
Loss on sale of property
|
- | - | - | 847 | 500 | - | 500 | |||||||||||||||||||||
Loss on extinguishment of debt
|
- | - | - | 29,221 | 17,240 | - | 17,240 | |||||||||||||||||||||
Transaction costs related to acquisition
|
- | 446 | 446 | 446 | 263 | - | 263 | |||||||||||||||||||||
Prior periods' self-insurance costs and other
general liability matters
|
- | 15,300 | 15,300 | 15,300 | 9,027 | - | 9,027 | |||||||||||||||||||||
REIT separation transaction costs
|
- | 22,117 | 22,117 | 22,117 | 16,096 | - | 16,096 | |||||||||||||||||||||
Normalized As Reported-4th QUARTER 2010
|
$ | 480,771 | $ | 65,543 | $ | 37,458 | $ | 18,665 | $ | 10,886 | $ | (136 | ) | $ | 10,750 | |||||||||||||
Percent of Revenue
|
13.6 | % | 7.8 | % | 3.9 | % | 2.3 | % | 0.0 | % | 2.2 | % | ||||||||||||||||
As Reported
|
$ | (1.25 | ) | $ | (0.01 | ) | $ | (1.26 | ) | |||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 0.42 | $ | - | $ | 0.42 | ||||||||||||||||||||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||||||
Normalizing adjustments are transactions or adjustments not related to ongoing operations and consist of loss on sale of property, loss on debt extinguishment, transaction costs on acquisition, prior periods' self-insurance costs, and REIT separation transaction costs.
|
||||||||||||||||||||||||||||
Since normalizing adjustments are not measurements determined in accordance with U.S. generally accepted accounting principles and are thus susceptible to varying calculations and interpretations, the information presented herein may not be comparable to other similarly described information of other companies.
|
SUN HEALTHCARE GROUP, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||
NORMALIZING ADJUSTMENTS - YEAR TO DATE COMPARISON
|
||||||||||||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||||||||||
AS REPORTED - TWELVE MONTHS 2011
|
||||||||||||||||||||||||||||
Revenue
|
Adjusted
EBITDAR
|
Adjusted
EBITDA
|
Pre-tax
|
Income/
(Loss) from
Continuing
Operations
|
Disc Ops
|
Net
Income
|
||||||||||||||||||||||
As Reported-Twelve Months 2011
|
$ | 1,930,340 | $ | 243,369 | $ | 95,061 | $ | (277,105 | ) | $ | (289,562 | ) | $ | (2,204 | ) | $ | (291,766 | ) | ||||||||||
Percent of Revenue
|
12.6 | % | 4.9 | % | -14.4 | % | -15.0 | % | -0.1 | % | -15.1 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
Restructuring costs
|
- | - | - | 2,426 | 1,480 | - | 1,480 | |||||||||||||||||||||
Impairment of assets
|
- | - | - | 317,091 | 315,289 | - | 315,289 | |||||||||||||||||||||
Normalized As Reported-Twelve Months 2011
|
$ | 1,930,340 | $ | 243,369 | $ | 95,061 | $ | 42,412 | $ | 27,207 | $ | (2,204 | ) | $ | 25,003 | |||||||||||||
Percent of Revenue
|
12.6 | % | 4.9 | % | 2.2 | % | 1.4 | % | -0.1 | % | 1.3 | % | ||||||||||||||||
As Reported
|
$ | (11.10 | ) | $ | (0.09 | ) | $ | (11.19 | ) | |||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 1.04 | $ | (0.08 | ) | $ | 0.96 | |||||||||||||||||||||
AS REPORTED - TWELVE MONTHS 2010
|
||||||||||||||||||||||||||||
Revenue
|
Adjusted EBITDAR
|
Adjusted
EBITDA
|
Pre-tax
|
Income/
(Loss) from Continuing Operations
|
Disc Ops
|
Net
Income
|
||||||||||||||||||||||
As Reported-Twelve Months 2010
|
$ | 1,896,505 | $ | 204,990 | $ | 120,600 | $ | 184 | $ | (2,780 | ) | $ | (1,870 | ) | $ | (4,650 | ) | |||||||||||
Percent of Revenue
|
10.8 | % | 6.4 | % | 0.0 | % | -0.1 | % | -0.1 | % | -0.2 | % | ||||||||||||||||
Normalizing Adjustments:
|
||||||||||||||||||||||||||||
Loss on sale of property
|
- | - | - | 847 | 500 | - | 500 | |||||||||||||||||||||
Loss on extinguishment of debt
|
- | - | - | 29,221 | 17,240 | - | 17,240 | |||||||||||||||||||||
Transaction costs related to acquisition
|
- | 446 | 446 | 446 | 263 | - | 263 | |||||||||||||||||||||
Prior periods' self-insurance costs and other
general liability matters
|
- | 15,300 | 15,300 | 15,300 | 9,027 | - | 9,027 | |||||||||||||||||||||
REIT separation transaction costs
|
- | 29,113 | 29,113 | 29,113 | 20,224 | - | 20,224 | |||||||||||||||||||||
Normalized As Reported-Twelve Months 2010
|
$ | 1,896,505 | $ | 249,849 | $ | 165,459 | $ | 75,111 | $ | 44,474 | $ | (1,870 | ) | $ | 42,604 | |||||||||||||
Percent of Revenue
|
13.2 | % | 8.7 | % | 4.0 | % | 2.3 | % | -0.1 | % | 2.2 | % | ||||||||||||||||
As Reported
|
$ | (0.14 | ) | $ | (0.10 | ) | $ | (0.24 | ) | |||||||||||||||||||
Diluted EPS: As Normalized
|
$ | 2.31 | $ | (0.10 | ) | $ | 2.21 | |||||||||||||||||||||
See definitions of Adjusted EBITDA and Adjusted EBITDAR in the table "Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR."
|
||||||||||||||||||||||||||||
Normalizing adjustments are transactions or adjustments not related to ongoing operations and consist of impairment of assets, restructuring costs, loss on sale of property, loss on debt extinguishment, transaction costs on acquisition, prior periods' self-insurance costs, and REIT separation transaction costs.
|
||||||||||||||||||||||||||||
Since normalizing adjustments are not measurements determined in accordance with U.S. generally accepted accounting principles and are thus susceptible to varying calculations and interpretations, the information presented herein may not be comparable to other similarly described information of other companies.
|