DaVita Inc. 1st Quarter 2019 Results

DENVER, May 7, 2019

First quarter 2019 financial highlights:

• Consolidated revenues of $2,743 million.
• Operating income of $341 million.

		Three months ended March 31,
		2019				2018
Net income attributable to DaVita Inc.: ARIVA.DE Börsen-Geflüster Werbung Weiter aufwärts? Kurzfristig positionieren in DaVita HS52RB Ask: 1,47 Hebel: 6,92 mit moderatem Hebel Zum Produkt HSBC Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: HS52RB,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse DaVita 123,80 € +3,47%		(dollars in millions, except per share data)
	Net income from continuing operations	$	120			$	191
	Per share	$	0.72			$	1.05
	Adjusted net income from continuing operations(1)	$	152			$	191
	Per share adjusted(1)	$	0.91			$	1.05
	Net income	$	149			$	179
	Per share	$	0.90			$	0.98
		Three months ended March 31,
		2019				2018
Operating income:		(dollars in millions)
	Operating income	$	341			$	411
	Adjusted operating income(1)	$	382			$	411

Certain items impacting the quarter:

Leases: We adopted Topic 842, Leases on January 1, 2019 through a modified retrospective approach for leases existing at the adoption date with a cumulative effect adjustment. As a result of the adoption of the new standard we recorded operating lease right-of-use assets and liabilities on our consolidated balance sheet. As of March 31, 2019, our operating lease right-of-use assets were $2.737 billion and our operating lease liabilities were $2.993 billion as stated on our consolidated balance sheet.

Non-GAAP adjustments to operating income:

Goodwill impairment charge: During the quarter ended March 31, 2019, we recognized a non-cash goodwill impairment charge of $41 million in our Germany kidney care business. This included a $9 million increase to the goodwill impairment charge due to the deferred tax assets that the impairment itself generated. The effect was a $41 million goodwill impairment charge to operating income, a $9 million credit to tax expense, and a net $32 million impact on net income.

Financial and operating metrics:

Volume:  Total U.S. dialysis treatments for the first quarter of 2019 were 7,297,460, or 95,267 treatments per day, representing a per day increase of 2.9% over the first quarter of 2018. Normalized non-acquired treatment growth in the first quarter of 2019 as compared to the first quarter of 2018 was 2.4%.

Effective income tax rate:  Our effective income tax rate on income from continuing operations was 26.3% for the three months ended March 31, 2019. This effective income tax rate is impacted by the amount of third party owners' income attributable to non-tax paying entities. The effective income tax rate on income from continuing operations attributable to DaVita Inc. was 32.0% for the three months ended March 31, 2019.

Our effective income tax rate on income from continuing operations attributable to DaVita Inc. for the three months ended March 31, 2019 was also impacted by the goodwill impairment charge mentioned previously. Excluding this item from the three months ended March 31, 2019, our effective income tax rate on adjusted income from continuing operations attributable to DaVita Inc. would have been 30.1%.

Center activity:  As of March 31, 2019, we provided dialysis services to a total of approximately 228,900 patients at 2,932 outpatient dialysis centers, of which 2,689 centers were located in the United States and 243 centers were located in nine countries outside of the United States. During the first quarter of 2019, we opened a total of 27 new dialysis centers, acquired two dialysis centers and closed three dialysis centers in the United States. In addition, our international dialysis operations acquired two dialysis centers outside of the United States during the first quarter of 2019.

Outlook:

The following forward-looking measures and the underlying assumptions involve significant risks and uncertainties, including those described below, and actual results may vary significantly from these current forward-looking measures. We do not provide guidance for consolidated operating income or effective tax rate on income from continuing operations on a GAAP basis nor a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These non-GAAP financial measures do not include certain items, including goodwill impairment charges and foreign currency fluctuations, any of which may be significant. The guidance for effective income tax rate on adjusted income from continuing operations attributable to DaVita Inc. also excludes the amount of third party owners' income and related taxes attributable to non-tax paying entities.

	2019 Guidance
	Low				High
	(dollars in millions)
Adjusted consolidated operating income	$	1,540			$	1,640
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