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Community Health Systems Inc (CYH) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Community Health Systems Inc

HISTORY TOOLS
CIK: 1108109 Ticker: CYH
LOGO    Exhibit 99.1

 

Investor Contact:   

Kevin Hammons

President and

Chief Financial Officer

(615) 465-7000

COMMUNITY HEALTH SYSTEMS, INC. ANNOUNCES FOURTH QUARTER

AND YEAR ENDED DECEMBER 31, 2022 RESULTS AND 2023 GUIDANCE

FRANKLIN, Tenn. (February 15, 2023) – Community Health Systems, Inc. (NYSE: CYH) (the “Company”) today announced financial and operating results for the three months and year ended December 31, 2022.

The following highlights the financial and operating results for the three months ended December 31, 2022.

 

  •  

Net operating revenues totaled $3.142 billion.

 

  •  

Net income attributable to Community Health Systems, Inc. stockholders was $414 million, or $3.18 per share (diluted), compared to $178 million, or $1.34 per share (diluted), for the same period in 2021. Excluding the adjusting items as presented in the table in footnote (e) on page 16, net income attributable to Community Health Systems, Inc. stockholders was $1.50 per share (diluted), compared to $1.15 per share (diluted) for the same period in 2021.

 

  •  

Adjusted EBITDA was $404 million, including $2 million of pandemic relief funds.

 

  •  

Net cash provided by operating activities was $9 million for the three months ended December 31, 2022, which included payment of approximately $73 million of 2020 social security taxes deferred pursuant to the CARES Act, compared to net cash used in operating activities of $531 million, which included repayments of Medicare accelerated payments in the amount of $814 million, for the same period in 2021.

 

  •  

Approximately $378 million principal amount of notes outstanding were extinguished during the three months ended December 31, 2022.

 

  •  

On a same-store basis, admissions increased 4.4 percent and adjusted admissions increased 8.2 percent, compared to the same period in 2021.

Commenting on the results, Tim L. Hingtgen, chief executive officer of Community Health Systems, Inc., said, “We were pleased with our progress during the final quarter of the year, including solid volume growth in admissions, adjusted admissions and surgeries. We also significantly reduced contract labor from its peak in early 2022, while improving overall employee recruitment and retention levels. I am grateful to our healthcare system leaders, clinicians, caregivers and support teams for their unwavering commitment to advance patient care and achieve operational improvements in 2022. Looking forward, we are optimistic about our opportunities in 2023.”

Three Months Ended December 31, 2022

Net operating revenues for the three months ended December 31, 2022, totaled $3.142 billion, a 2.8 percent decrease compared to $3.233 billion for the same period in 2021. On a same-store basis, net operating revenues decreased 1.3 percent for the three months ended December 31, 2022, compared to the same period in 2021. Net operating revenues for the three months ended December 31, 2022, reflect a 1.9 percent increase in admissions and a 5.2 percent increase in adjusted admissions, compared to the same period in 2021. On a same-store basis, admissions increased 4.4 percent and adjusted admissions increased 8.2 percent for the three months ended December 31, 2022, compared to the same period in 2021.

-MORE-

The following information was filed by Community Health Systems Inc (CYH) on Wednesday, February 15, 2023 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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Community Health Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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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 Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Income (Parenthetical)
Consolidated Statements Of Stockholders' Deficit
Accounting For Stock-Based Compensation
Accounting For Stock-Based Compensation (Tables)
Accounting For Stock-Based Compensation - Additional Information (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)
Acquisitions, Divestitures And Closures
Acquisitions, Divestitures And Closures (Tables)
Acquisitions, Divestitures And Closures - Acquisitions - Additional Information (Details)
Acquisitions, Divestitures And Closures - Closures - Additional Information (Details)
Acquisitions, Divestitures And Closures - Divestitures - Additional Information (Details)
Acquisitions, Divestitures And Closures - Other - Additional Information (Details)
Acquisitions, Divestitures And Closures - Schedule Of Balance Sheet Items Classified As Held For Sale (Details)
Acquisitions, Divestitures And Closures - Schedule Of Divestitures (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies (Tables)
Basis Of Presentation And Significant Accounting Policies - Additional Information (Details)
Basis Of Presentation And Significant Accounting Policies - Schedule Of Net Operating Revenues (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Schedule Of Reconciliation Of The Beginning And Ending Liability Balances In Connection With Probable Contingencies (Details)
Comprehensive Loss
Comprehensive Loss (Tables)
Comprehensive Loss - Schedule Of Amounts Reclassified Out Of Aocl (Details)
Comprehensive Loss - Schedule Of Changes In Accumulated Other Comprehensive Income (Loss) ("Aocl") By Component (Details)
Condensed Financial Information Of Parent
Condensed Financial Information Of Parent (Tables)
Condensed Financial Information Of Parent - Condensed Balance Sheets (Details)
Condensed Financial Information Of Parent - Condensed Statement Of Cash Flows (Details)
Condensed Financial Information Of Parent - Condensed Statement Of Income (Details)
Condensed Financial Information Of Parent - Condensed Statements Of Comprehensive Income (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Antidilutive Securities (Details)
Earnings Per Share - Schedule Of Components Of Denominator For Computation Of Basic And Diluted Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (Details)
Equity Investments
Equity Investments - Additional Information (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
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 - Net Gains And Losses Recognized For Investments In Equity Securities (Details)
Fair Value - Schedule Of Fair Value, Assets Measured On Recurring Basis (Details)
Fair Value - Supplemental Information Regarding Available-For-Sale Debt Securities (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Schedule Of Estimated Fair Value Of Financial Instruments, By Balance Sheet Grouping (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill - Additional Information (Details)
Goodwill And Other Intangible Assets - Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Components Of Deferred Income Taxes (Details)
Income Taxes - Schedule Of Provision For (Benefit From) Income Taxes (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)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Commitments Relating To Noncancellable Lease Obligations (Details)
Leases - Components Of Lease Cost And Rent Expense (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow And Other Information Related To Leases (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - 4.750% Senior Secured Notes, Due 2031 - Additional Information (Details)
Long-Term Debt - 5.250% Senior Secured Notes, Due 2030 - Additional Information (Details)
Long-Term Debt - 5.625% Senior Secured Notes, Due 2027 - Additional Information (Details)
Long-Term Debt - 6% Senior Secured Notes, Due 2029 - Additional Information - (Details)
Long-Term Debt - 6.125% Junior-Priority Secured Notes, Due 2030 - Additional Information (Details)
Long-Term Debt - 6.25% Senior Secured Notes, Due 2023 - Additional Information (Details)
Long-Term Debt - 6.625% Senior Notes, Due 2025 - Additional Information (Details)
Long-Term Debt - 6.875% Senior Notes, Due 2028 - Additional Information (Details)
Long-Term Debt - 6.875% Senior Secured Notes, Due 2029 - Additional Information (Details)
Long-Term Debt - 8% Senior Secured Notes, Due 2026 - Additional Information (Details)
Long-Term Debt - 8% Senior Secured Notes, Due 2027 - Additional Information (Details)
Long-Term Debt - Abl Facility - Additional Information (Details)
Long-Term Debt - Other Debt - Additional Information (Details)
Long-Term Debt - Schedule Of Debt (Details)
Long-Term Debt - Schedule Of Debt (Parenthetical) (Details)
Long-Term Debt - Schedule Of Early Redemption Prices 6.125% Junior-Priority Secured Notes Due 2030 (Details)
Long-Term Debt - Schedule Of Early Redemption Prices 6.875% Junior-Priority Secured Notes Due 2029 (Details)
Long-Term Debt - Schedule Of Early Redemption Prices On 4.750% Senior Notes Due 2031 (Details)
Long-Term Debt - Schedule Of Early Redemption Prices On 5.250% Senior Notes Due 2030 (Details)
Long-Term Debt - Schedule Of Early Redemption Prices On 5.625% Senior Secured Notes Due 2027 (Details)
Long-Term Debt - Schedule Of Early Redemption Prices On 6.0% Senior Notes Due 2029 (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 Maturities Of Long-Term Debt (Details)
Long-Term Debt - Summary Of Extinguished Portion Of Certain Series Of Outstanding Notes (Details)
Long-Term Debt - Summary Of Extinguished Portion Of Certain Series Of Outstanding Notes (Parenthetical) (Details)
Stockholders' Deficit
Stockholders' Deficit (Tables)
Stockholders' Deficit - Additional Information (Details)
Stockholders' Deficit - Schedule Of Impact Of Noncontrolling Interest To Stockholders' Deficit (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Ticker: CYH
CIK: 1108109
Form Type: 10-K Annual Report
Accession Number: 0001564590-23-002038
Submitted to the SEC: Fri Feb 17 2023 6:01:27 AM EST
Accepted by the SEC: Fri Feb 17 2023
Period: Saturday, December 31, 2022
Industry: General Medical And Surgical Hospitals

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