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Community Health Systems Inc (CYH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

Community Health Systems Inc

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CIK: 1108109 Ticker: CYH
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Exhibit Number

99.1

 

Investor Contact:   

Kevin Hammons

Executive Vice President

and Chief Financial Officer

(615) 465-7000

         

COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES FOURTH QUARTER

AND YEAR ENDED DECEMBER 31, 2019 RESULTS AND 2020 GUIDANCE

 

 

FRANKLIN, Tenn. (February 19, 2020) – Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months and year ended December 31, 2019.

The following highlights the financial and operating results for the three months ended December 31, 2019.

 

  •  

Net operating revenues totaled $3.286 billion.

 

  •  

Net loss attributable to Community Health Systems, Inc. common stockholders was $(373) million, or $(3.27) per share (diluted), compared with net loss of $(328) million, or $(2.91) per share (diluted), for the same period in 2018. Excluding the adjusting items as presented in the table in footnote (e) on page 15, net income attributable to Community Health Systems, Inc. common stockholders was $0.40 per share (diluted), compared to net loss of $(0.42) per share (diluted) for the same period in 2018.

 

  •  

Adjusted EBITDA was $447 million.

 

  •  

Net cash provided by operating activities was $194 million, compared with net cash used in operating activities of $165 million for the same period in 2018, which prior-year period included $266 million paid for the Health Management Associates, Inc. (“HMA”) legal settlement during the quarter.

 

  •  

On a same-store basis, admissions increased 0.1 percent and adjusted admissions increased 1.8 percent, compared with the same period in 2018.

Net operating revenues for the three months ended December 31, 2019, totaled $3.286 billion, a 4.8 percent decrease, compared with $3.453 billion for the same period in 2018.

Net loss attributable to Community Health Systems, Inc. common stockholders was $(373) million, or $(3.27) per share (diluted), for the three months ended December 31, 2019, compared with $(328) million, or $(2.91) per share (diluted), for the same period in 2018. Excluding the adjusting items as presented in the table in footnote (e) on page 15, net income attributable to Community Health Systems, Inc. common stockholders was $0.40 per share (diluted), for the three months ended December 31, 2019, compared to net loss of $(0.42) per share (diluted) for the same period in 2018. Weighted-average shares outstanding (diluted) were 114 million for the three months ended December 31, 2019, and 113 million for the three months ended December 31, 2018.

Adjusted EBITDA for the three months ended December 31, 2019, was $447 million compared with $419 million for the same period in 2018, representing a 6.7 percent increase.

The consolidated operating results for the three months ended December 31, 2019, reflect a 9.9 percent decrease in admissions and an 8.6 percent decrease in adjusted admissions, compared with the same period in 2018. On a same-store basis, admissions increased 0.1 percent and adjusted admissions increased 1.8 percent for the three months ended December 31, 2019, compared with the same period in 2018. On a same-store basis, net operating revenues increased 3.7 percent for the three months ended December 31, 2019, compared with the same period in 2018.

 

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The following information was filed by Community Health Systems Inc (CYH) on Wednesday, February 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Community Health Systems Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Comprehensive Loss (Parenthetical)
Consolidated Statements Of Loss
Consolidated Statements Of Loss (Parenthetical)
Consolidated Statements Of Stockholders' (Deficit) Equity
Accounting For Stock-Based Compensation
Accounting For Stock-Based Compensation (Narrative) (Details)
Accounting For Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details)
Accounting For Stock-Based Compensation (Schedule Of Share-Based Compensation, Restricted Stock Units, Activity) (Details)
Accounting For Stock-Based Compensation (Schedule Of Share-Based Compensation, Restricted Stock, Activity) (Details)
Accounting For Stock-Based Compensation (Schedule Of Share-Based Compensation, Stock Options, Activity) (Details)
Accounting For Stock-Based Compensation (Schedule Of Share-Based Payment Awards, Stock Options, Valuation Assumptions) (Details)
Accounting For Stock-Based Compensation (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Acquisitions Narrative) (Details)
Acquisitions And Divestitures (Divestitures Narrative) (Details)
Acquisitions And Divestitures (Policy)
Acquisitions And Divestitures (Schedule Of Balance Sheet Items Classified As Held For Sale) (Details)
Acquisitions And Divestitures (Schedule Of Divestitures) (Details)
Acquisitions And Divestitures (Schedule Of Net Operating Revenues And Loss And Assets And Liabilities Classified As Discontinued Operations) (Details)
Acquisitions And Divestitures (Schedule Of Operating Results Included In Consolidated Statement Of Income) (Details)
Acquisitions And Divestitures (Tables)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details)
Basis Of Presentation And Significant Accounting Policies (Policy)
Basis Of Presentation And Significant Accounting Policies (Schedule Of Net Operating Revenue) (Details)
Basis Of Presentation And Significant Accounting Policies (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Policy)
Commitments And Contingencies (Professional Liability Claims Narrative) (Details)
Commitments And Contingencies (Tables)
Contingencies (Contingencies Narrative) (Details)
Contingencies (Schedule Of Reconciliation Of The Beginning And Ending Liability Balances In Connection With Probable Contingencies) (Details)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Schedule Of Antidilutive Securities) (Details)
Earnings Per Share (Schedule Of Components Of Denominator For Computation Of Basic And Diluted Loss Per Share) (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Details)
Equity Investments
Equity Investments (Narrative) (Details)
Fair Value
Fair Value (Contractual Maturities Of Debt Securities) (Details)
Fair Value (Gross Realized Gains And Losses And Investment Income On Available-For-Sale Debt Securities) (Details)
Fair Value (Narrative) (Details)
Fair Value (Net Gains And Losses Recognized For Investments In Equity Securities) (Details)
Fair Value (Policy)
Fair Value (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details)
Fair Value (Supplemental Information Regarding Available-For-Sale Debt Securities) (Details)
Fair Value (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Narrative) (Details)
Fair Value Of Financial Instruments (Policy)
Fair Value Of Financial Instruments (Schedule Of Effective Portion Of The Pre-Tax Loss (Gain) Reclassified From Aocl Into Interest Expense On The Consolidated Statements Of Income) (Details)
Fair Value Of Financial Instruments (Schedule Of Estimated Fair Value Of Financial Instruments, By Balance Sheet Grouping) (Details)
Fair Value Of Financial Instruments (Schedule Of Pre-Tax Gain (Loss) Recognized As A Component Of Other Comprehensive Income) (Details)
Fair Value Of Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments In The Consolidated Balance Sheet) (Details)
Fair Value Of Financial Instruments (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Goodwill Narrative) (Details)
Goodwill And Other Intangible Assets (Intangible Assets Narrative) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Operating Loss Carryforwards Narrative) (Details)
Income Taxes (Schedule Of Components Of Deferred Income Taxes) (Details)
Income Taxes (Schedule Of Provision For (Benefit) From Income Taxes For Income From Continuing Operations) (Details)
Income Taxes (Schedule Of Reconciliation Between The Statutory Federal Income Tax Rate And The Effective Tax Rate) (Details)
Income Taxes (Schedule Of Reconciliation Of The Total Amount Of Unrecognized Tax Benefit) (Details)
Income Taxes (Tables)
Income Taxes (Valuation Allowance Narrative) (Details)
Leases
Leases (Commitments Relating To Noncancellable Lease Obligations) (Details)
Leases (Components Of Lease Cost And Rent Expense) (Details)
Leases (Narrative) (Details)
Leases (Supplemental Balance Sheet Information Related To Leases) (Details)
Leases (Supplemental Cash Flow And Other Information Related To Leases) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (5.125% Senior Notes, Due 2021 Narrative) (Details)
Long-Term Debt (6.25% Senior Secured Notes, Due 2023 Narrative) (Details)
Long-Term Debt (6.875% Senior Notes, Due 2022 Narrative) (Details)
Long-Term Debt (6.875% Senior Secured Notes, Due 2028 Narrative) (Details)
Long-Term Debt (7.125% Senior Notes, Due 2020) (Narrative) (Details)
Long-Term Debt (8% Senior Secured Notes, Due 2026 Narrative) (Details)
Long-Term Debt (8% Senior Secured Notes, Due 2027 Narrative) (Details)
Long-Term Debt (8.0% Senior Notes, Due 2019) (Narrative) (Details)
Long-Term Debt (8.625% Senior Secured Notes, Due 2024 Narrative) (Details)
Long-Term Debt (Credit Facility Narrative) (Details)
Long-Term Debt (Junior-Priority Secured Notes At 8.125% Due 2024 Narrative) (Details)
Long-Term Debt (Junior-Priority Secured Notes At 9.875% Due 2023 Narrative) (Details)
Long-Term Debt (Loss (Gain) From Early Extinguishment Of Debt Narrative) (Details)
Long-Term Debt (Other Debt Narrative) (Details)
Long-Term Debt (Schedule Of Debt) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 5.125% Senior Secured Notes Due 2021) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 6.25% Senior Secured Notes Due 2023) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 6.785% Senior Notes Due 2022) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 6.875% Senior Notes Due 2028) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 8% Senior Secured Notes Due 2026) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 8% Senior Secured Notes Due 2027) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 8.625% Senior Secured Notes Due 2024) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On 8.875% Junior-Priority Secured Notes Due 2024) (Details)
Long-Term Debt (Schedule Of Early Redemption Prices On Junior-Priority Secured Notes Due 2023) (Details)
Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Other Comprehensive Income
Other Comprehensive Income (Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Loss) (Details)
Other Comprehensive Income (Schedule Of Changes In Accumulated Other Comprehensive Income (Loss) By Component) (Details)
Other Comprehensive Income (Tables)
Quarterly Financial Data
Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details)
Quarterly Financial Data (Tables)
Schedule Ii - Qualifying And Valuation Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Stockholders' Deficit
Stockholders' Deficit (Narrative) (Details)
Stockholders' Deficit (Schedule Of Impact Of Noncontrolling Interest To Stockholders' Deficit) (Details)
Stockholders' Deficit (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)
Supplemental Condensed Consolidating Financial Information
Supplemental Condensed Consolidating Financial Information (Narrative) (Details)
Supplemental Condensed Consolidating Financial Information (Policy)
Supplemental Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Balance Sheet) (Details)
Supplemental Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details)
Supplemental Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Comprehensive (Loss) Income) (Details)
Supplemental Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Loss) (Details)
Supplemental Condensed Consolidating Financial Information (Tables)
Ticker: CYH
CIK: 1108109
Form Type: 10-K Annual Report
Accession Number: 0001193125-20-043702
Submitted to the SEC: Thu Feb 20 2020 5:25:27 PM EST
Accepted by the SEC: Thu Feb 20 2020
Period: Tuesday, December 31, 2019
Industry: General Medical And Surgical Hospitals

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