Increases 2015 Financial Guidance
Announces Acquisition of Bay Area
Anesthesia, LLC in Tampa
AmSurg Corp. (NASDAQ: AMSG) today announced financial results
for the second quarter ended June 30, 2015. The Company’s results
for the quarter included:
- Net revenues of $642.0 million, an
increase of 131% from the second quarter of 2014;
- Net earnings from continuing operations
attributable to AmSurg common shareholders of $31.4 million.
Adjusted net earnings of $49.9 million increased 131% from the
second quarter of 2014;
- Net earnings per diluted share from
continuing operations attributable to AmSurg common shareholders of
$0.65 and adjusted net earnings per diluted share of $0.97, up 45%
on 59% higher diluted shares outstanding; and
- Adjusted EBITDA of $128.0 million, a
148% increase from the second quarter of 2014.
See page 6 for a reconciliation of all GAAP and non-GAAP
financial results.
“AmSurg produced strong growth for the second quarter, which
significantly exceeded our expectations,” said Christopher A.
Holden, President and Chief Executive Officer of AmSurg. “Our
performance was driven by successful execution of our organic
growth and acquisition strategies in both our Ambulatory and
Physicians Services businesses. The combination of AmSurg and
Sheridan continues to be catalytic for both operating
divisions.
“For the second quarter of 2015, Ambulatory Services produced
same-center revenue growth of 5.1%, driven by improved
reimbursement, case mix and increased volumes. Physician Services
produced same-contract revenue growth of 14.3%. Volumes continued
to strengthen over prior-year trends, contributing 3.8% to this
revenue growth and led primarily by neonatology and radiology
encounters. Revenue per encounter increased 10.5% for the quarter,
reflecting the continued growth in Florida exchange revenues,
increased acuity, annual increases in contracted rates and higher
reimbursement trends at several prior-year platform acquisitions.
Our organic growth drove improved margins for the quarter and
supports the increase in our financial guidance for the full
year.
“During the second quarter, we purchased two ambulatory surgery
centers (ASCs) and an anesthesia practice. Subsequent to the
quarter end, we acquired a multi-specialty ASC and the previously
announced acquisition of Coastal Anesthesiology Consultants. In
addition, we are pleased to announce the acquisition of Bay Area
Anesthesia, LLC, which delivers both inpatient and outpatient
anesthesia services at seven healthcare facilities in the Tampa
market, including three locations affiliated with BayCare Health
System and two ASCs that are owned jointly by AmSurg and BayCare
Health System. With these transactions, we have exceeded our 2015
capital expenditure target of $200 million for acquisitions. We
remain well positioned to act on additional acquisition
opportunities across both operating divisions in 2015, and as
indicated by our recent transactions, we have a robust pipeline of
potential opportunities.”
Ambulatory Services
Net revenues for Ambulatory Services grew 12% to $311.0 million
for the second quarter of 2015 from $278.2 million for the second
quarter of 2014. Same-center revenue rose 5.1% for second quarter
of 2015 compared with the second quarter of 2014, comprised of a
1.3% increase in procedures and a 3.8% increase in net revenue per
procedure. Adjusted EBITDA was $60.3 million for the second quarter
of 2015, a 17% increase from $51.6 million for the second quarter
of 2014, while adjusted EBITDA margin increased 80 basis points to
19.4% from 18.6%.
Ambulatory Services acquired two ASCs during the second quarter
and ended the quarter with 250 centers. Ambulatory Services had six
centers under letter of intent at the end of the second quarter,
one of which has already been acquired in the third quarter. There
were also two centers under development at the end of the second
quarter, one of which is expected to open in late 2015.
Physician Services
For the second quarter of 2015, net revenues for Physician
Services were $331.0 million. Adjusted EBITDA was $67.7 million for
the quarter, and adjusted EBITDA margin was 20.4%.
Comparable-quarter revenue growth for Physician Services was
24.3%, of which 10.9% was from same-contract revenues, 1.6% from
net new contract revenues and 11.8% from acquisition revenues.
Same-contract growth in net revenues totaled 14.3% for the second
quarter of 2015, comprised of a 3.8% increase in patient encounters
and a 10.5% increase in net revenue per patient encounter.
Physician Services completed the acquisition of one
anesthesiology practice during the second quarter and has acquired
two additional anesthesiology practices since the end of the
quarter.
Liquidity
AmSurg had cash and cash equivalents of $126.3 million at the
end of the second quarter and availability of $300 million under
its revolving credit facility. Net cash flows from operations, less
distributions to noncontrolling interests, were $98.7 million for
the second quarter. The Company’s ratio of total debt at the end of
the second quarter of 2015 to trailing 12 months EBITDA as
calculated under the Company’s credit agreement was 4.7.
Guidance
AmSurg today has raised its financial and operating guidance for
2015 and established its financial guidance for the third quarter
of the year. The Company’s guidance for adjusted net earnings per
diluted share from continuing operations attributable to common
shareholders (“Adjusted EPS”) excludes transaction and severance
costs related to acquisitions, acquisition-related amortization
expense, gains and losses on deconsolidations, share-based
compensation expense and changes in contingent purchase price
consideration. The Company’s guidance is as follows:
- Revenues in a range of $2.50 billion to
$2.52 billion, up from a range of $2.46 billion to $2.49
billion;
- Same-center revenue increase of 3% to
4% for Ambulatory Services, compared with the prior range of 2% to
3%; same-contract revenue growth of 8% to 10% in Physician
Services, up from a range of 6% to 8%;
- Adjusted EBITDA of $474 million to $480
million, up from a range of $454 million to $460 million;
- Adjusted EPS in a range of $3.52 to
$3.59, up from a range of $3.31 to $3.39; and
- For the third quarter of 2015, adjusted
EPS in a range of $0.92 to $0.95.
The information contained in the preceding paragraphs, including
information regarding the Company’s financial results for future
periods, is forward-looking information. Forward-looking
information involves known and unknown risks and uncertainties as
described below. There can be no assurance that AmSurg will attain
the financial targets set forth in this press release. The
Company’s actual results and performance could differ materially
from those expressed or implied by the forward-looking information
contained in this press release.
Non-GAAP adjusted earnings per share guidance for the second
quarter and full year of 2015 exclude acquisition-related
transaction costs, acquisition-related amortization expense, gains
and losses on future deconsolidation transactions and share-based
compensation expense, net of the tax impact thereon, the exact
amount of which are not currently determinable but may be
significant and may vary significantly from period to period (see
page 6 for a reconciliation of all GAAP and non-GAAP financial
results).
Conference Call
AmSurg Corp. will hold a conference call to discuss this release
Tuesday, August 4, 2015, at 5:00 p.m. Eastern time. Investors will
have the opportunity to listen to the conference call over the
Internet by going to www.amsurg.com and clicking “Investors” at
least 15 minutes early to register, download, and install any
necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available at these sites shortly after
the call and continue for 30 days.
Safe Harbor
This press release contains forward-looking statements. These
statements, which have been included in reliance on the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995, involve risks and uncertainties. Investors are hereby
cautioned that these statements may be affected by important
factors, including, but not limited to, the following risks: we may
face challenges managing our Physician Services Division as a new
business and may not realize anticipated benefits; we may become
subject to investigations by federal and state entities and
unpredictable impacts of the Health Reform Law; we may not be able
to successfully maintain effective internal controls over financial
reporting; we may not be able to implement our business strategy,
manage the growth in our business, and integrate acquired
businesses; our substantial indebtedness and restrictions in our
debt instruments could adversely affect our business or our ability
to implement our growth strategy, or limit our ability to react to
changes in the economy or our industry; we may not generate
sufficient cash to service our indebtedness; regulatory changes may
obligate us to buy out interests of physicians who are minority
owners of our surgery centers; we may not be able to successfully
maintain our information systems and processes, implement new
systems and processes, and maintain the security of those systems
and processes; we may be subject to litigation and investigations
and liability claims for damages and other expenses not covered by
insurance; we may be required to write-off a portion of our
intangible assets; payments from third-party payors, including
government healthcare programs, may decrease or not increase as our
costs increase; there may be adverse developments affecting the
medical practices of our physician partners; we may not be able to
maintain favorable relations with our physician partners; we may
not be able to grow our ambulatory services revenue by increasing
procedure volume while maintaining operating margins and
profitability at our existing surgery centers; we may not be able
to compete for physician partners, managed care contracts, patients
and strategic relationships; adverse weather and other factors
beyond our control may affect our business; we may be adversely
impacted by changes in patient volume and patient mix; several
client relationships generate a significant portion of our
physician services revenues; our physician services contracts may
be cancelled or not renewed or we may not be able to enter into
additional contracts under terms acceptable to us; reimbursement
rates, revenue and profit margin under our fee-for-service
physician services payor contracts may decrease; we may not be able
to timely or accurately bill for services; we may not be able to
enroll our physician services providers in the Medicare and
Medicaid programs on a timely basis; our strategic partnerships
with healthcare providers may not be successful; we may not be able
to successfully recruit and retain physicians, nurses and other
clinical providers; we may not be able to accurately assess the
costs we will incur under new contracts; our margins may be
negatively impacted by cross-selling to existing clients or selling
bundled services to new clients; we may not be able to enforce
non-compete agreements with our physicians and other clinical
employees in some jurisdictions; there may be unfavorable changes
in regulatory, economic and other conditions in the states where we
operate; legislative or regulatory action may make our captive
insurance company arrangement less feasible or otherwise reduce our
profitability; our reserves with respect to our losses covered
under our insurance programs may not be sufficient; and the other
risk factors are described in AmSurg’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2014, as updated by other
filings with the Securities and Exchange Commission. Consequently,
actual results, performance or developments may differ materially
from the forward-looking statements included above. AmSurg
disclaims any intent or obligation to update these forward-looking
statements.
About AmSurg
AmSurg’s Ambulatory Services Division acquires, develops and
operates ambulatory surgery centers in partnership with physicians
throughout the U.S. AmSurg’s Physician Services Division, Sheridan,
provides outsourced physician services in multiple specialties to
hospitals, ASCs and other healthcare facilities throughout the
U.S., primarily in the areas of anesthesiology, children’s
services, emergency medicine and radiology. Through these
businesses as of June 30, 2015, AmSurg owned and operated 250 ASCs
in 34 states and provided physician services to more than 350
healthcare facilities in 27 states. AmSurg has partnerships with,
or employs, over 5,000 physicians in 38 states and the District of
Columbia.
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data
(In thousands, except earnings per
share)
Three Months Ended
June 30,
Six Months Ended
June 30,
Statement of
Earnings Data:
2015 2014 2015
2014 Revenues $ 707,733 $ 278,227 $ 1,345,930 $ 537,788
Provision for uncollectibles (65,783 ) —
(133,535 ) — Net revenue 641,950 278,227
1,212,395 537,788 Operating expenses: Salaries and benefits 320,396
84,053 622,575 166,202 Supply cost 45,790 40,873 88,374 78,678
Other operating expenses 105,002 55,812 195,572 109,981 Transaction
costs 1,982 3,579 3,453 3,579 Depreciation and amortization
23,612 8,436 46,430
16,695 Total operating expenses 496,782 192,753 956,404
375,135 Gain (loss) on deconsolidation (3,035 ) 1,366 (3,258 )
3,411 Equity in earnings of unconsolidated affiliates 3,989
539 6,640 1,303
Operating income 146,122 87,379 259,373 167,367 Interest expense,
net 30,182 6,892 60,429
13,852 Earnings from continuing operations before
income taxes 115,940 80,487 198,944 153,515 Income tax expense
25,193 12,798 39,442
25,780 Net earnings from continuing operations 90,747
67,689 159,502 127,735 Net earnings from discontinued operations
— 483 — 551
Net earnings 90,747 68,172 159,502 128,286
Less net earnings attributable to
noncontrolling interests
57,072 49,211 104,789
92,130 Net earnings attributable to AmSurg Corp.
shareholders 33,675 18,961 54,713 36,156 Preferred stock dividends
(2,264 ) — (4,528 ) —
Net earnings attributable to AmSurg Corp.
common shareholders
$ 31,411 $ 18,961 $ 50,185 $ 36,156
Amounts attributable to AmSurg Corp. common shareholders:
Earnings from continuing operations, net of income tax $ 31,411 $
18,771 $ 50,185 $ 36,163 Earnings (loss) from discontinued
operations, net of income tax — 190
— (7 ) Net earnings attributable to AmSurg
Corp. common shareholders $ 31,411 $ 18,961 $ 50,185
$ 36,156
Basic earnings per share attributable to
AmSurg Corp. common shareholders:
Net earnings from continuing operations $ 0.66 $ 0.59 $ 1.05 $ 1.14
Net earnings from discontinued operations —
0.01 — — Net earnings $ 0.66
$ 0.60 $ 1.05 $ 1.14
Diluted earnings per share attributable to
AmSurg Corp. common shareholders:
Net earnings from continuing operations $ 0.65 $ 0.58 $ 1.05 $ 1.12
Net earnings from discontinued operations —
0.01 — — Net earnings $ 0.65
$ 0.59 $ 1.05 $ 1.12 Weighted average
number of shares and share equivalents outstanding: Basic 47,678
31,825 47,625 31,770 Diluted 48,099 32,233 48,002 32,177
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In thousands, except earnings per
share)
Three Months Ended
June 30,
Six Months Ended
June 30,
2015 2014 2015
2014 Reconciliation of net earnings to Adjusted net
earnings (1): Net earnings attributable to AmSurg
Corp. shareholders $ 33,675 $ 18,961 $ 54,713 $ 36,156 (Earnings)
loss from discontinued operations — (312 ) — 16 Amortization of
purchased intangibles 12,490 — 24,912 — Share-based compensation
3,883 2,506 7,592 4,964 Net change in fair value of contingent
consideration 6,410 — 6,410 — (Gain) loss on deconsolidation 3,035
(1,366 ) 3,258 (3,411 ) Transaction costs 1,982
3,579 3,453 3,579 Total
pre-tax adjustments 27,800 4,407 45,625 5,148 Tax effect
11,593 1,769 18,723 1,394
Total adjustments, net 16,207 2,638
26,902 3,754 Adjusted net
earnings $ 49,882 $ 21,599 $ 81,615 $ 39,910
Basic shares outstanding 47,678 31,825 47,625 31,770
Effect of dilutive securities, options and non-vested shares
3,550 408 3,518 407
Diluted shares outstanding, if converted 51,228
32,233 51,143 32,177
Adjusted earnings per share $ 0.97 $ 0.67
$ 1.60 $ 1.24
Reconciliation of net
earnings to Adjusted EBITDA (2): Net earnings
attributable to AmSurg Corp. shareholders $ 33,675 $ 18,961 $
54,713 $ 36,156 (Earnings) loss from discontinued operations — (190
) — 7 Interest expense, net 30,182 6,892 60,429 13,852 Income tax
expense 25,193 12,798 39,442 25,780 Depreciation and amortization
23,612 8,436 46,430
16,695
EBITDA 112,662 46,897 201,014 92,490
Adjustments: Net change in fair value of contingent consideration
6,410 — 6,410 — Share-based compensation 3,883 2,506 7,592 4,964
Transaction costs 1,982 3,579 3,453 3,579 (Gain) loss on
deconsolidation 3,035 (1,366 ) 3,258
(3,411 )
Total adjustments 15,310
4,719 20,713 5,132
Adjusted EBITDA $ 127,972 $ 51,616 $ 221,727
$ 97,622
Segment Information:
Ambulatory Services Adjusted EBITDA $ 60,304 $ 51,616 $ 107,612 $
97,622 Physician Services Adjusted EBITDA 67,668
— 114,115 —
Adjusted
EBITDA $ 127,972 $ 51,616 $ 221,727 $
97,622
Net Revenue by Segment: Ambulatory
Services $ 310,991 $ 278,227 $ 594,901 $ 537,788 Physician Services
330,959 — 617,494
—
Total net revenue $ 641,950 $ 278,227
$ 1,212,395 $ 537,788
See footnotes on page 10
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(Dollars in thousands)
Operating Data-
Ambulatory Services:
Three Months Ended
June 30,
Six Months EndedJune 30,
2015
2014
2015
2014 Procedures performed during the period at consolidated
centers 441,302 416,320 845,821 801,017 Centers in operation at end
of period (consolidated) 239 231 239 231 Centers in operation at
end of period (unconsolidated) 11 7 11 7 Average number of
continuing centers in operation (consolidated) 238 233 237 233 New
centers added during the period 2 1 4 2 Centers discontinued during
the period — — — 1 Centers under development at end of period 2 1 2
1 Centers under letter of intent at end of period 6 6 6 6 Average
revenue per consolidated center $ 1,308 $ 1,199 $ 2,515
$ 2,309
Same center revenues increase (decrease) 5.1 %
0.9
%
4.4
%
(0.7 )%
Operating Data-
Physician Services:
Three MonthsEndedJune 30,
2015
Six MonthsEndedJune 30,
2015
Contribution to Net Revenue Growth: Same contract 10.9 % 8.1
% New contract 1.6 2.0 Acquired contract and other 11.8
9.3 Total net revenue growth 24.3 % 19.4 %
Same contract revenue growth 14.3 % 10.5 %
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In thousands)
June 30,
2015
December 31,
2014
Balance Sheet
Data:
Assets Current assets: Cash and cash equivalents $ 126,289 $
208,079 Restricted cash and marketable securities 11,581 10,219
Accounts receivable, net of allowance of $125,123 and $113,357,
respectively 259,872 233,053 Supplies inventory 20,985 19,974
Prepaid and other current assets 83,857
115,362 Total current assets 502,584 586,687 Property and
equipment, net 188,755 180,448 Investments in unconsolidated
affiliates 83,679 75,475 Goodwill 3,586,021 3,381,149 Intangible
assets, net 1,282,377 1,273,879 Other assets 24,616
25,886 Total assets $ 5,668,032 $ 5,523,524
Liabilities and Equity Current liabilities: Current portion
of long-term debt $ 19,778 $ 18,826 Accounts payable 28,514 29,585
Accrued salaries and benefits 141,719 140,044 Accrued interest
29,804 29,644 Other accrued liabilities 97,149
67,986 Total current liabilities 316,964 286,085 Long-term debt
2,229,683 2,232,186 Deferred income taxes 623,667 633,480 Other
long-term liabilities 91,954 89,443 Commitments and contingencies
Noncontrolling interests – redeemable 185,177 184,099 Equity:
Preferred stock, no par value, 5,000
shares authorized, 1,725 shares issued and outstanding
166,632 166,632 Common stock, no par value, 120,000 shares
authorized, 48,443 and 48,113 shares issued and outstanding,
respectively 893,319 885,393 Retained earnings 677,707
627,522 Total AmSurg Corp. equity 1,737,658 1,679,547
Noncontrolling interests – non-redeemable 482,929
418,684 Total equity 2,220,587
2,098,231 Total liabilities and equity $ 5,668,032 $
5,523,524
AMSURG CORP.
Unaudited Selected Consolidated
Financial and Operating Data, continued
(In thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Statement of Cash
Flow Data:
2015 2014 2015
2014 Cash flows from operating activities: Net
earnings $ 90,747 $ 68,172 $ 159,502 $ 128,286
Adjustments to reconcile net earnings to
net cash flows provided by operating activities:
Depreciation and amortization 23,612 8,436 46,430 16,695
Amortization of deferred loan costs 2,081 498 4,155 996 Provision
for uncollectibles 70,515 5,542 144,514 10,736 Net loss on sale of
long-lived assets — 7 — 611 Loss (gain) on deconsolidation 3,035
(1,366 ) 3,258 (3,411 ) Share-based compensation 3,883 2,506 7,592
4,964 Excess tax benefit from share-based compensation (216 ) (363
) (3,533 ) (2,090 ) Deferred income taxes (635 ) 5,939 2,699 17,872
Equity in earnings of unconsolidated affiliates (3,989 ) (539 )
(6,640 ) (1,303 ) Net change in fair value of contingent
consideration 6,410 — 6,410 — Increases (decreases) in cash and
cash equivalents, net of acquisitions and dispositions: Accounts
receivable (82,842 ) (9,870 ) (157,056 ) (16,715 ) Supplies
inventory (80 ) 238 (110 ) (7 ) Prepaid and other current assets
16,485 1,328 30,327 (2,310 ) Accounts payable 1,830 1,181 (696 )
(2,397 ) Accrued expenses and other liabilities 20,534 1,375 12,648
769 Other, net 1,198 678 1,895
885 Net cash flows provided by operating
activities 152,568 83,762 251,395 153,581
Cash flows from
investing activities: Acquisitions and related expenses (69,454
) (19,399 ) (196,032 ) (24,437 ) Acquisition of property and
equipment (17,882 ) (9,037 ) (32,665 ) (16,075 ) Proceeds from sale
of interests in surgery centers — 981 — 2,092 Purchases of
marketable securities (1,245 ) — (1,245 ) — Maturities of
marketable securities 2,988 — 2,988 — Other (1,767 )
(963 ) (1,987 ) (1,381 ) Net cash flows used in
investing activities (87,360 ) (28,418 ) (228,941 ) (39,801 )
Cash flows from financing activities: Proceeds from
long-term borrowings 5,568 42,301 7,795 74,246 Repayment on
long-term borrowings (5,075 ) (51,473 ) (10,288 ) (102,326 )
Distributions to noncontrolling interests (53,831 ) (48,816 )
(101,033 ) (92,010 ) Cash dividends for preferred shares (2,264 ) —
(4,528 ) — Proceeds from issuance of common stock upon exercise of
stock options 334 1,158 2,080 1,646 Repurchase of common stock — —
(3,684 ) (2,857 ) Excess tax benefit from share-based compensation
216 363 3,533 2,090 Other (23 ) (1,082 ) 1,881
(498 ) Net cash flows used in financing activities
(55,075 ) (57,549 ) (104,244 ) (119,709
) Net increase (decrease) in cash and cash equivalents 10,133
(2,205 ) (81,790 ) (5,929 ) Cash and cash equivalents, beginning of
period 116,156 47,116 208,079
50,840 Cash and cash equivalents, end of
period $ 126,289 $ 44,911 $ 126,289 $ 44,911
AMSURG CORP.
Footnotes to Reconciliations of
Non-GAAP Measures to GAAP Measures
(1) We believe the calculation of adjusted net earnings per
diluted share attributable to AmSurg Corp. common shareholders
provides a better measure of our ongoing performance and provides
better comparability to prior periods because it excludes the gains
or loss from deconsolidations, which are non-cash in nature,
transaction costs, including associated debt extinguishment costs
and deferred financing write-off, and acquisition-related
amortization expense (the majority of which relate to the Sheridan
Transaction and which are of a nature and significance not
generally associated with our historical individual center
acquisition activity), changes in contingent purchase price
consideration and share-based compensation expense. Adjusted net
earnings from continuing operations per diluted share attributable
to AmSurg Corp. common shareholders should not be considered as a
measure of financial performance under accounting principles
generally accepted in the United States, and the items excluded
from it is a significant component in understanding and assessing
financial performance. Because adjusted net earnings from
continuing operations per diluted share attributable to AmSurg
Corp. common shareholders is not a measurement determined in
accordance with accounting principles generally accepted in the
United States and is thus susceptible to varying calculations, it
may not be comparable as presented to other similarly titled
measures of other companies. For purposes of calculating adjusted
earnings per share, we utilize the if-converted method to determine
the number of diluted shares outstanding. In periods where
utilizing the if-converted method is anti-dilutive, the mandatory
convertible preferred stock will not be included in the calculation
of diluted shares outstanding. (2) We define Adjusted EBITDA
of AmSurg as earnings before interest expense, net, income taxes,
depreciation, amortization, share-based compensation, transaction
costs, changes in contingent purchase price consideration, gain or
loss on deconsolidations and discontinued operations. Adjusted
EBITDA should not be considered a measure of financial performance
under generally accepted accounting principles. Items excluded from
Adjusted EBITDA are significant components in understanding and
assessing financial performance. Adjusted EBITDA is an analytical
indicator used by management and the health care industry to
evaluate company performance, allocate resources and measure
leverage and debt service capacity. Adjusted EBITDA should not be
considered in isolation or as an alternative to net income, cash
flows from operations, investing or financing activities, or other
financial statement data presented in the consolidated financial
statements as indicators of financial performance or liquidity.
Because Adjusted EBITDA is not a measurement determined in
accordance with generally accepted accounting principles and is
thus susceptible to varying calculations, Adjusted EBITDA as
presented may not be comparable to other similarly titled measures
of other companies. Net earnings from continuing operations
attributable to AmSurg Corp. common shareholders is the financial
measure calculated and presented in accordance with generally
accepted accounting principles that is most comparable to Adjusted
EBITDA as defined.
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version on businesswire.com: http://www.businesswire.com/news/home/20150804006790/en/
AmSurg Corp.Claire M. Gulmi, 615-665-1283Executive Vice
President andChief Financial Officer
Amsurg Corp. (NASDAQ:AMSG)
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