filings.toolsItem 6. Selected Financial Data.
9K characters. Original on sec.gov · Markdown
Item 6. Selected Financial Data.
The following financial and operating data should be read in conjunction with Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements filed as part of this report. The following table presents selected consolidated financial and operating data for the periods indicated:
| Year ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| (dollars and shares in thousands, except per share data) | |||||||||||||||||||||||||||||
| Income statement data: | |||||||||||||||||||||||||||||
| Total revenues(1) | $ | 11,550,604 | $ | 11,388,479 | $ | 11,404,851 | $ | 10,876,634 | $ | 10,707,467 | |||||||||||||||||||
| Operating expenses and charges(2) | 9,855,968 | 9,745,162 | 9,879,027 | 9,063,879 | 8,677,757 | ||||||||||||||||||||||||
| Operating income | 1,694,636 | 1,643,317 | 1,525,824 | 1,812,755 | 2,029,710 | ||||||||||||||||||||||||
| Debt expense | (304,111) | (443,824) | (487,435) | (430,634) | (414,116) | ||||||||||||||||||||||||
| Debt prepayment, refinancing and redemption charges | (89,022) | (33,402) | — | — | — | ||||||||||||||||||||||||
| Other income, net | 16,759 | 29,348 | 10,089 | 17,665 | 7,511 | ||||||||||||||||||||||||
| Income from continuing operations before income taxes | 1,318,262 | 1,195,439 | 1,048,478 | 1,399,786 | 1,623,105 | ||||||||||||||||||||||||
| Income tax expense(3) | 313,932 | 279,628 | 258,400 | 323,859 | 431,761 | ||||||||||||||||||||||||
| Net income from continuing operations | 1,004,330 | 915,811 | 790,078 | 1,075,927 | 1,191,344 | ||||||||||||||||||||||||
| Net (loss) income from discontinued operations, net of tax(4) | (9,653) | 105,483 | (457,038) | (245,372) | (158,262) | ||||||||||||||||||||||||
| Net income | 994,677 | 1,021,294 | 333,040 | 830,555 | 1,033,082 | ||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests | (221,035) | (210,313) | (173,646) | (166,937) | (153,208) | ||||||||||||||||||||||||
| Net income attributable to DaVita Inc. | $ | 773,642 | $ | 810,981 | $ | 159,394 | $ | 663,618 | $ | 879,874 | |||||||||||||||||||
| Earnings per share attributable to DaVita Inc.: | |||||||||||||||||||||||||||||
| Basic income from continuing operations(5) | $ | 6.54 | $ | 4.61 | $ | 3.66 | $ | 4.78 | $ | 5.12 | |||||||||||||||||||
| Diluted income from continuing operations(5) | $ | 6.39 | $ | 4.60 | $ | 3.62 | $ | 4.71 | $ | 5.04 | |||||||||||||||||||
| Weighted average shares for earnings per share**(5)****:** | |||||||||||||||||||||||||||||
| Basic shares | 119,797 | 153,181 | 170,786 | 188,626 | 201,641 | ||||||||||||||||||||||||
| Diluted shares | 122,623 | 153,812 | 172,365 | 191,349 | 204,905 | ||||||||||||||||||||||||
| Balance sheet data (as of period end): | |||||||||||||||||||||||||||||
| Working capital | $ | 672,581 | $ | 1,318,072 | $ | 3,532,998 | $ | 5,703,181 | $ | 1,283,784 | |||||||||||||||||||
| Total assets | $ | 16,988,516 | $ | 17,311,394 | $ | 19,110,252 | $ | 18,974,536 | $ | 18,755,776 | |||||||||||||||||||
| Long-term debt | $ | 7,917,263 | $ | 7,977,526 | $ | 8,172,847 | $ | 9,158,018 | $ | 8,944,676 | |||||||||||||||||||
| Total DaVita Inc. shareholders' equity(5) | $ | 1,383,566 | $ | 2,133,409 | $ | 3,703,442 | $ | 4,690,029 | $ | 4,648,047 |
(1)On January 1, 2018, we adopted Revenue from Contracts with Customers (Topic 606) using the cumulative effect method for those contracts that were not substantially completed as of January 1, 2018. See Notes 1 and 2 of the consolidated financial statements for further discussion of our adoption of Topic 606.
(2)The following table summarizes losses (gains) on changes in ownership interest, net, accruals for legal matters, impairment charges, restructuring charges and gain on settlement included in operating expenses and charges:
| Year ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||||
| Certain operating expenses and charges: | |||||||||||||||||||||||||||||
| Loss (gain) on changes in ownership interests, net | $ | 16,252 | $ | (51,888) | $ | (6,273) | $ | (374,374) | |||||||||||||||||||||
| Accruals for legal matters | $ | 35,000 | $ | 15,770 | |||||||||||||||||||||||||
| Impairment charges | $ | 124,892 | $ | 27,969 | $ | 336,223 | $ | 43,408 | |||||||||||||||||||||
| Restructuring charges | $ | 11,366 | $ | 2,700 | |||||||||||||||||||||||||
| Gain on settlement | $ | (529,504) |
(3)Tax expense for 2017 included a net tax benefit of $251,510 related to U.S. tax legislation passed in December 2017.
(4)On June 19, 2019, we completed the sale of our DMG business to Collaborative Care Holdings, LLC (Optum), a subsidiary of UnitedHealth Group Inc. Accordingly, DMG's results of operations are reported as net income (loss) from discontinued operations, net of
tax for all periods presented and its assets and liabilities were classified as held for sale for the periods reported prior to close of the transaction.
(5)The following table summarizes our common stock activity:
| Year ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| (dollars and shares in thousands) | |||||||||||||||||||||||||||||
| Share repurchases: | |||||||||||||||||||||||||||||
| Shares | 16,477 | 41,020 | 16,844 | 12,967 | 16,649 | ||||||||||||||||||||||||
| Amounts paid | $ | 1,446,767 | $ | 2,402,475 | $ | 1,153,511 | $ | 810,949 | $ | 1,072,377 | |||||||||||||||||||
| Shares issued: | |||||||||||||||||||||||||||||
| Stock purchase plan | 222 | 315 | 398 | 360 | 438 | ||||||||||||||||||||||||
| Stock award plans | 345 | 161 | 371 | 514 | 1,011 |
Previous: Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. · Next: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.