Encompass Health Corporation · NYSE:EHC
Encompass Health — HealthSouth — Investor Presentation (May 2011)
92 slides from Encompass Health's investor presentation, May 16, 2011
Slide 1: Investor Reference Book
Exhibit 99.1 Post Q1 2011 Earnings Release - Last updated May 16, 2011 INVESTOR REFERENCE BOOK
Slide 2: Forward-Looking Statements
Exhibit 99.1 The information contained in this presentation includes certain estimates, projections and other forward-looking information that reflect our current views with respect to future events and financial performance. These estimates, projections and other forward-looking information are bas
Slide 3: Table of Contents
Exhibit 99.1 Table of Contents
Slide 4: Our Company
Inpatient Rehabilitation Hospitals (“IRF”) Outpatient Rehabilitation Satellite Clinics Long-Term Acute Care Hospitals (“LTCH”) Hospital-Based Home Health Agencies Employees Revenue in 2010 Inpatient Discharges in 2010 Outpatient Visits in 2010 Number of States Exchange (Symbol) Largest Provider of I
Slide 5: Our Hospitals
Exhibit 99.1 Our Hospitals Major Services • Rehabilitation Physicians: manage and treat medical needs of patients • Rehabilitation Nurses: oversee treatment programs of patients • Physical Therapists: address physical function, mobility, safety • Occupational Therapists: promote independence and re-
Slide 6: Our Patients
Exhibit 99.1 Our Patients Most Common Conditions (Q1 2011) 1. Stroke 17.3% 2. Neurological 16.4% 3. Debility 11.4% 4. Fracture of the lower extremity 11.2% 5. Knee/Hip replacement 8.3% 6. Other orthopedic conditions 9.4% 7. Brain injury 7.3% 8. Cardiac conditions 4.4% 9. Spinal cord injury 3.3% 10.
Slide 7: Our Quality
Exhibit 99.1 Our Quality FIM Gain Change in Functional Independence Measurement (based on an 18 point assessment) from admission to discharge (1) Average = Expected, Risk-adjusted for UDS database • Inpatient rehabilitation hospitals evaluate all patients at admission and upon discharge to determine
Slide 8: Our Cost-Effectiveness
HealthSouth differentiates itself by providing superior quality care at a lower cost. Exhibit 99.1 (1) The 1,146 total and the 95 for HLS do not include HealthSouth Rehabilitation Hospital of Fredericksburg, VA. Also, HealthSouth Sugar Land Rehabilitation Hospital, purchased in September 2010, was i
Slide 9: CMS Fiscal Year 2012 IRF Rate Setting File Analysis
Exhibit 99.1 CMS Fiscal Year 2012 IRF Rate Setting File Analysis Notes: (1) All data provided was filtered and compiled from the Centers for Medicare and Medicaid Services (CMS) Fiscal Year 2012 IRF rate setting Final Rule file found at http://www.cms.gov/InpatientRehabFacPPS/07_DataFiles.asp#TopOfP
Slide 10: Our Payors (Q1 2011)
Payment Methodology Payor Source 71.2% 20.0% 2.3 % 4.8% Exhibit 99.1 Our Payors (Q1 2011) Prospective Payment System (“PPS”) • Payments based on Case Mix Groups (“CMGs”) – Diagnosis of patient’s illness • Fixed payment per CMG adjusted for: – Acuity/severity – Regional wage differential • Per diems
Slide 11: Industry Structure
Exhibit 99.1 Industry Structure
Slide 12: Overall Healthcare Spending
$759.1 $137.0 $674.9 $122.6 $68.3 $328.0 $29.8 $133.2 $77.2 $156.2 National Healthcare Spending: $2,486.3 billion Exhibit 99.1 Sources : Centers for Medicare & Medicaid Services, Office of the Actuary, National Health Statistics Group, MedPAC. Data for the year ended December 31, 2009. Overall Healt
Slide 13: Medicare 2010 Spending
5% 27% 22% 11% 12% 4% 6% 13% Medicare Part B Medicare Part C Medicare Parts A&B Medicare Part D Medicare Part A Exhibit 99.1 Medicare 2010 Spending = $509.1 Billion (1) (1) Percentages are based upon total Medicare spending of $521 billion, before $11.9 billion of recoveries for 2010 (CBO Medicare A
Slide 14: Continuum of Healthcare Services
Preventive Routine health care that includes screenings, check-ups, and patient counseling to prevent illnesses, disease, or other health problems. Acute Medical treatment of diseases for which a patient is treated for a brief but severe episode of illness. Ambulatory Medical care delivered on an ou
Slide 15: Medicare Trustee's Report
Exhibit 99.1 Note: These numbers are program spending only and do not include beneficiary copayments. Source : Centers for Medicare and Medicaid Services, Office of the Actuary (MedPAC June 2010 Data Book - Page 130), 2009 and 2010 Medicare Trustee s Report Skilled nursing facilities 18.1% Home heal
Slide 16: Readmission Rates
Exhibit 99.1 Readmission Rates Note: Use of home health care and hospice is based on care that starts within three days of discharge. Other PAC care starts within one day of discharge. Home health use includes episodes that overlap an inpatient stay. Source : Medicare Payment Advisory Commission, “A
Slide 17: Future Regulatory Risk
Future Regulatory Risk Inpatient Rehabilitation Facility Skilled Nursing Facility Long-Term Acute Care Hospital Home Health Hospice 1. Re-basing payment system No Yes; RUGS IV and MDS 3.0 parity adjustment proposed for FY 2012 No Yes; would be required as part of PPACA starting in 2014 Yes: Required
Slide 18: Historical Perspective
Exhibit 99.1 Historical Perspective
Slide 19: Historical Perspective: 2007
2007 Adjusted EBITDA (1) = $318.3 Exhibit 99.1 Historical Perspective • Used proceeds plus tax refund to repay $1.4 billion of debt • Reduced G&A to match residual business size • Piloted TeamWorks sales and marketing • 75% rule frozen at 60% (MMSEA) • Completed all settlement payments (1) Reconcili
Slide 20: Historical Perspective: 2008
$318.3 2008 Adjusted EBITDA (1) = $341.2 Exhibit 99.1 Historical Perspective • Established 2008-2010 business model • 4% discharge growth; 5-8% Adjusted EBITDA growth;15-20% adjusted EPS growth • Balanced delevering and growth/development strategies • Completed TeamWorks sales and marketing roll-out
Slide 21: Historical Perspective: 2009
$318.3 $341.2 2009 Adjusted EBITDA (1) = $383.0 Exhibit 99.1 Historical Perspective • Continued focus on delevering (~ $151 million repaid) • Focused on organic growth; TeamWorks sustainability module rolled out • Issued 5 million shares for securities litigation settlement (Q3) • Received first Med
Slide 22: Historical Perspective: 2010
$318.3 $341.2 $383.0 2010 Adjusted EBITDA (1) = $427.4 Exhibit 99.1 Historical Perspective • Healthcare reform passed; reduced future market basket updates • Weak acute care referral volumes • Adjusted annual volume growth target to 2.5-3.5% • Development efforts pay off • 2 de novos, 2 IRF acquisit
Slide 23: Historical Perspective: Q1 2011
$318.3 $341.2 $383.0 Q1 2011 Adjusted EBITDA (1) = $123.4 $427.4 Exhibit 99.1 Historical Perspective • Acute care volumes still low • Annual volume growth target to 2.5-3.5% • Completed public offering of $122 million by reopening 2018 and 2022 senior notes. • Raised the de novo growth target to ~4-
Slide 24: Our Track Record
Exhibit 99.1 Our Track Record ($ in millions) (1) Reconciliation to GAAP provided on slides 40, and 85 - 90. (2) 2010 and Trailing 4Qtrs both include a tax benefit of ~$825 million for the reversal of the valuation allowance.
Slide 25: Our Track Record: Leverage and Interest Expense
Exhibit 99.1 Our Track Record Leverage Ratio (1) (billions) (1) Reconciliation to GAAP provided on slides 39, 40, and 85 - 90. Interest Expense $229 $131
Slide 26: Revenues & Expenses
Exhibit 99.1 Revenues & Expenses (1) Employees per occupied bed, or “EPOB,” is calculated by dividing the number of full-time equivalents, including an estimate of full- time equivalents from the utilization of contract labor, by the number of occupied beds during each period. The number of occupied
Slide 27: Adjusted EBITDA
Exhibit 99.1 Adjusted EBITDA (1) (1) Reconciliation to GAAP provided on slides 40, 85 - 87, and 90.
Slide 28: Share Count and Warrants Notes
Exhibit 99.1 (1) Does not include 2.0 million warrants issued in connection with a January 2004 loan repaid to Credit Suisse First Boston. In connection with this transaction, we issued warrants to the lender to purchase two million shares of our common stock. Each warrant has a term of ten years fr
Slide 29: Business Outlook 2011 to 2013
Exhibit 99.1 Business Outlook 2011 to 2013
Slide 30: Business Outlook: 2011 to 2013
Business Model • Adjusted EBITDA CAGR: 5-8% (1) • Adjusted Free Cash Flow CAGR: 12-17% (1) Delevering (2) Achieved 3.5x debt to EBITDA Longer-Term Goal: ~ 3.0x debt to EBITDA Growth Organic growth (includes capacity expansions) De novos (~4-6/year) IRF acquisitions (~ 2-3/year) Opportunistic, discip
Slide 31: Business Outlook: Revenue Assumptions
Volume • 2.5% to 3.5% annual growth (excludes acquisitions) • Includes bed expansions, de novos and unit consolidations Medicare Managed Care Exhibit 99.1 Business Outlook: Revenue Assumptions Revenue Other (1) We believe based on the 2011 Medicare rule for IRFs, HealthSouth should realize an increa
Slide 32: Business Outlook: Expense Assumptions
Salaries & Benefits (1) Hospital Expenses • Other operating and supplies tracking with inflation Salaries & Benefits Hospital Expenses Exhibit 99.1 Business Outlook: Expense Assumptions Expense 4.5% of revenue (excludes stock-based compensation) (1) Salaries, Wages and Benefits: 85% Salaries and Wag
Slide 33: Guidance
Exhibit 99.1 Guidance
Slide 34: 2011 Guidance - Adjusted EBITDA
Adjusted EBITDA (1) $440 million to $450 million Based on strong results for Q1 2011, HealthSouth expects its 2011 full-year results to be at the high end of, or greater than, this guidance range. Exhibit 99.1 2011 Guidance - Adjusted EBITDA (as of May 16, 2011) (1) Reconciliation to GAAP provided o
Slide 35: GAAP Considerations and Future Cash Taxes
GAAP Considerations: • As of 3/31/11, the Company had a remaining valuation allowance of approximately $106 million, primarily related to state NOLs. • Q1 2011 tax provision reflects a tax benefit of $0.27 per diluted share related to the Company’s settlement with the IRS for tax years 2007 and 2008
Slide 36: Adjusted Free Cash Flow Assumptions
HealthSouth’s GAAP income statement will be affected by a number of items that will not affect cash flow from operating activities or adjusted free cash flow: Normalized GAAP tax rate resulting from the valuation allowance reversal in Q4 2010. Loss on early extinguishment of debt Business Model: Mul
Slide 37: 2011 Guidance - EPS
Diluted Earnings per Share from Continuing Operations Attributable to HealthSouth (2) $1.28 to $1.33 (5) Based on strong results for Q1 2011, HealthSouth expects its 2011 full-year results to be at the high end of, or greater than, this guidance range. Exhibit 99.1 2011 Guidance - EPS (as of May 16,
Slide 38: Free Cash Flow
Exhibit 99.1 Free Cash Flow
Slide 39: Adjusted Free Cash Flow
Exhibit 99.1 Adjusted Free Cash Flow (1) Maintenance capital expenditures are expected to be $20 million higher in 2011 than in 2010. (2) Final swap payment of $10.9 million was made in March 2011.
Slide 40: Net Cash Provided by Operating Activities
Exhibit 99.1 Net Cash Provided by Operating Activities
Slide 41: Adjusted Free Cash Flow (2010 vs. 2009)
Exhibit 99.1 Adjusted Free Cash Flow (1) (2010 vs. 2009) (1) Reconciliation to GAAP provided on slides 39, 40, 86, 87, and 90. (1)
Slide 42: Free Cash Flow Reinvestment
Business Model: Adjusted free cash flow CAGR: 12-17% Exhibit 99.1 Free Cash Flow Reinvestment • $500 million of 10.75% notes callable June 2011 • Growth in core business • Bed expansions • De novo hospitals • Hospital acquisitions • Acute care IRF unit acquisition/consolidation • Purchase properties
Slide 43: Refinancing and Delevering
Exhibit 99.1 Refinancing and Delevering
Slide 44: Debt Schedule as of March 31, 2011
Exhibit 99.1 Debt Schedule as of March 31, 2011 (1) (1) In May, the Company amended its credit agreement and added a $100 million term loan maturing in 2016, and extended the maturity of its revolver to 2016. Both will initially bear an interest rate of LIBOR plus 250. (2) Based on 4-quarter trailin
Slide 45: Debt, Liquidity, and Swaps
S&P Moodys Corporate Rating B+ Positive B1 Positive Revolver Rating BB Ba1 Senior Notes Rating B+ B2 Exhibit 99.1 (1) Based on 2008 and trailing 4 quarter Adjusted EBITDA of $341.2 million and $444.4 million, respectively; reconciliation to GAAP provided on slides 40, 85 - 88, and 90. Debt, Liquidit
Slide 46: Increasing Initial Call of the 10.75% Senior Notes
Exhibit 99.1 (2) Does not include $387.4 million of convertible perpetual preferred stock and capital leases and other note payables. Increasing Initial Call of the 10.75% Senior Notes Call schedule: June 15, 2011 (price 105.375); June 15, 2012 (price 103.583); June 15, 2013 (price 101.792); June 15
Slide 47: Use of Revolver
Refinancing capacity within the revolver is limited by liquidity considerations. Exhibit 99.1 Use of Revolver • Liquidity should be sufficient to address: – Initial outlays for the accelerated de novo plan – Short-term disruptions to the financial system – Short-term disruptions to our business – Un
Slide 48: Credit Agreement Key Covenants
Terms Acquisitions Limited by compliance with leverage and interest coverage covenants initially established at 5.0x and 2.5x respectively Restricted payments: 10.75% repurchase Unlimited up to 4.5x leverage ratio (revolver draws available for repurchase) Share repurchase (2) $200 million (shared wi
Slide 49: Growth
Exhibit 99.1 Growth
Slide 50: Organic Growth: A Strategic Framework
Demographics + population growth and changes (weighted by age) = Rehab CAGR Growth goals for the market and/or hospital Sales and Marketing Strategies Defining “upstream” opportunities Identifying CMS-13 discharges “Converting” CMS-13 patients to rehab Market Dynamics Existing IRF beds Managed care
Slide 51: Organic Growth: Compounded Annual Growth Rate
Exhibit 99.1 Organic Growth: Compounded Annual Growth Rate (CAGR) (1) (1) Numbers in map are for illustrative purposes only and do not represent actual results. (2) “Weighted for Rehab Services” - methodology weights growth in rehab age groups higher. % CAGR Rehab by Zip Code Weighted for Rehab Serv
Slide 52: Market Selection Process
Active Development List Corporate Priority Assessment Strategic Approach • Build • Buy • JV Regional President Assessment Existing IRF Assessment Target Opportunity List (160 opportunities identified) National Market Assessment ( 3,141 counties in 48 states studied) Exhibit 99.1 Market Selection Pro
Slide 53: De Novo Evaluation Process
CON Approval Site Selection Cost Assessment Pro forma Financials Execution NO GO GO Market Selection GO NO GO Exhibit 99.1 • Design • Construction De Novo Evaluation Process
Slide 54: Illustrative De Novo Timeline
Exhibit 99.1 Illustrative De Novo Timeline Day 1 CON Process Construction With CON Design Planning & Zoning Month 20 Groundbreaking Month 32 Opening Construction Design Planning & Zoning Month 11 Groundbreaking Month 20 Opening Day 1 Without CON
Slide 55: Illustrative De Novo Pro forma (40 bed)
Capital Cost $ Range (millions) Low High Construction, design, permitting, etc. $11.0 $14.5 Land 1.5 3.5 Equipment 2.5 3.0 $15.0 $21.0 Pre-opening Expenses (thousands) Low High Operating $200 $300 Salaries, wages and benefits 150 200 $350 $500 Exhibit 99.1 Illustrative De Novo Pro forma (40 bed)
Slide 56: De Novo Hospital EBITDA Ramp
Exhibit 99.1 (1) Hospital EBITDA = earnings before interest, taxes, depreciation and amortization directly attributable to the related hospital. Sustained positive EBITDA Occupancy Sustained positive EBITDA Sustained, positive EBITDA
Slide 57: IRF Acquisition Performance
Date Acquired Acquired Census Q1 2011 Census Vineland Q3 2008 26 36 Desert Canyon Q2 2010 16 36 Sugar Land Q3 2010 26 34 Ft. Smith Q3 2010 15 36 Exhibit 99.1 IRF Acquisition Performance Value added by HealthSouth • TeamWorks approach to sales/marketing • Labor management tools and “best practices” •
Slide 58: Portfolio Growth: Cash Payback Period
Cash Payback Period Acquisitions De novos (1) Target: 4-6 de novos and acquisitions/yr All projects have minimum IRR of 15%. Longer payback on de novos versus acquisitions is attributable to: 12-15 month construction period Initial ramp-up of operations on de novos Exhibit 99.1 Portfolio Growth Year
Slide 59: Future Growth: Complementary Post-Acute Care Services
Discharge Hospice Inpatient Rehabilitation Facility (1) Skilled Nursing Facility Home Health (1) (Lowest Acuity) Exhibit 99.1 Acute Care Hospital (Highest Acuity) Future Growth: Complementary Post-Acute Care Services Source: MedPac and CMS (1) For information on HealthSouth’s hospital portfolio, see
Slide 60: Growth: Summary
Exhibit 99.1 • Growth strategies will complement delevering priority. - “Highest and best use” of FCF will determine where to invest. • The company continues to have excellent organic growth opportunities. - Locations in above-average “Rehab CAGR” markets - Non-discretionary nature of many condition
Slide 61: Operational Initiatives
Exhibit 99.1 Operational Initiatives
Slide 62: Key Operational Initiatives: Summary
Exhibit 99.1 Key Operational Initiatives: Summary • Strong track record of providing high-quality, cost-effective care – Functional gains exceed industry norms – Consistent market share gains – Disciplined expense management • Targeted operational strategies to achieve excellence in: – Clinical care
Slide 63: Operational Strategy
Exhibit 99.1 Operational Strategy Excellence in … • Initiate Care Management TeamWorks project • Identify trends and establish “best practices” for the prevention of acute care transfers • Provide a robust rehabilitation specific clinical education program for nurses and therapists • Develop and rol
Slide 64: TeamWorks: Care Management
Design a HealthSouth Care Management Playbook to be implemented across all hospitals Referral Management Pre-authorization / Pre- certification Patient Assessment Care Delivery & Documentation Interdisciplinary Team Process Denials & Approvals Outcomes Analysis Effective & Efficient Care Management
Slide 65: TeamWorks: Care Management Project Overview
Pilot Process Finalize Training Modules Implement – July 2009 Core team assembled Current State Assessment Future State Vision Design Process Exhibit 99.1 October - November 2010 Test the application of the newly designed Playbook, tools, processes and forms. Gather feedback and improve the process
Slide 66: CPR: Comfort, Professionalism, Respect
CPR is an in-house course designed to train all employees to realize that even minor encounters between staff and patients can have a memorable impact on the patient’s entire experience. Exhibit 99.1 CPR: Comfort, Professionalism, Respect • All employees will be trained in the CPR campaign. • Hospit
Slide 67: BEACON
BEACON HEALTHSOUTH MANAGEMENT REPORTING
Slide 68: BEACON: Hospital-Specific
Exhibit 99.1 BEACON: Hospital-Specific (1) (1) Numbers in screen shot have been modified for presentation and do not represent actual results.
Slide 69: BEACON: Regional Roll-up
Exhibit 99.1 BEACON: Regional Roll-up (1) (1) Numbers in screen shot have been modified for presentation and do not represent actual results.
Slide 70: Clinical Information Systems in Healthcare
CIS adoption is not solely responsible for these results, AND … adoption of CIS in healthcare is very slow! Exhibit 99.1 Clinical Information Systems in Healthcare • Clinical information systems (CIS) are a key component of successful quality, safety and patient satisfaction initiatives in healthcar
Slide 71: 2005-2009 EMR Adoption Model
Stage 2 Clinical Data Repository, Controlled Medical Vocabulary, may have Document Imaging; Health Info Exchange capable Stage 3 Digital Radiology Stage 4 Computerized Physician Order Enter, Clinical Decision Support (clinical protocols) Stage 5 Closed loop medication administration, 5 rights with b
Slide 72: EMR Adoption Model
Exhibit 99.1 EMR Adoption Model • Most U.S. hospitals are at Stage 3 (Foundation Stage) or below. • Stages 0, 1 and 2 are slowing. • Stage 3 is growing the fastest. – 10% in 2005 - 50.9% in 2009 • Advanced Stages 3 through 7: – Require only one service or unit to be implemented – Reduce medical erro
Slide 73: HealthSouth Clinical Information Technology
Exhibit 99.1 HealthSouth Clinical Information Technology Current State
Slide 74: Vendor Selection Process
2005 Request for Proposal 2007 Project on hold 2009 Cerner final selection July 2009 Core team assembled Exhibit 99.1 Vendor Selection Process 13 vendors responded; 3 finalists Due to business unit divestitures Why Cerner? • Inpatient rehabilitation-specific application • Integrated solution meeting
Slide 75: Electronic Medical Record Components
SSS SSS SSS SSS Focused online documentation (physician, nursing, therapy) Real-time patient condition awareness (medical and functional) from any team member support device Clinical data repository (reporting and outcomes) Electronic Medical Record Medication administration system with point of car
Slide 76: Next Steps: Project Timeline
Next Steps Continue Pilot Plan Implementation Exhibit 99.1 Project Timeline Project On Hold (Divestitures) Clinical Visioning Cerner Selected Feb 2009 Vendor Evaluations Project Restart & Vendor Re-evaluations Pilot Contract Negotiation Jun 2009 Pilot “Go-Live” Jun 2010 Pilot Project Kickoff Aug 200
Slide 77: Operational Metrics
Exhibit 99.1 Operational Metrics
Slide 78: Volume Growth Compared to Competitors
10.7% 9.4% 5.6% 2.6% 4.6% 5.5% 5.8% 5.8% 5.3% 2.5% 2.2% 1.1% Exhibit 99.1 (1) Data provided by UDSMR, a data gathering and analysis organization for the rehabilitation industry; represents ~ 65-70% of industry, including HealthSouth sites. (2) Includes consolidated HealthSouth inpatient rehabilitati
Slide 79: Operational Metrics: Expense Efficiencies
3.62 3.53 3.50 3.40 EPOB Exhibit 99.1 Operational Metrics: Expense Efficiencies (% of Net Operating Revenues) 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 (3 Months) (3 Months) (3 Months) • Salaries, Wages & Benefits reflects continued improvement from productivity gains. • Hospital-r
Slide 80: Full-Time Equivalents and EPOB Notes
Exhibit 99.1 (2) Excludes approximately 400 full-time equivalents, who are considered part of corporate overhead with their salaries and benefits included in general and administrative expenses in the Company’s consolidated statements of operations. Full-time equivalents included in the above table
Slide 81: Payment Sources
Exhibit 99.1 Payment Sources (1 ) Managed Medicare revenues represent ~ 7%, 7%, 8%, and 8% of total revenues for Q1 2011, Q1 2010, 2010, and 2009, respectively, and are included in “Managed care and other discount plans.”
Slide 82: Value Proposition
Exhibit 99.1 Value Proposition
Slide 83: The HealthSouth Value Proposition
Poised for Growth Financial Strength/Strong Cash Flow Generation Industry Leading Position Attractive Healthcare Sector Exhibit 99.1 (1) Reconciliation to GAAP provided on slides 39, 40, and 85 - 90. The HealthSouth Value Proposition
Slide 84: Reconciliations to GAAP
Exhibit 99.1 Reconciliations to GAAP
Slide 85: Reconciliation of Net Income to Adjusted EBITDA
Exhibit 99.1 Reconciliation of Net Income to Adjusted EBITDA (1)(3) (1) (2) (3) - Notes on page 90.
Slide 86: Reconciliation of Net Income to Adjusted EBITDA
Exhibit 99.1 Reconciliation of Net Income to Adjusted EBITDA (1)(3) (1) (2) (3) - Notes on page 90.
Slide 87: Reconciliation of Net Income to Adjusted EBITDA
Exhibit 99.1 Reconciliation of Net Income to Adjusted EBITDA (1) (3) (1) (2) (3) - Notes on page 90.
Slide 88: Reconciliation of Net Income to Adjusted EBITDA
Exhibit 99.1 Reconciliation of Net Income to Adjusted EBITDA (1) (3) (1) (2) (3) - Notes on page 90.
Slide 89: Reconciliation of Net Income to Adjusted EBITDA
Exhibit 99.1 Reconciliation of Net Income to Adjusted EBITDA (1) (3) (1 ) (2) (3) - Notes on page 90.
Slide 90: Reconciliation Notes for Slides 85-89
Exhibit 99.1 Reconciliation Notes for Slides 85-89 1. Adjusted EBITDA is a non-GAAP financial measure. The Company’s leverage ratio (total consolidated debt to Adjusted EBITDA for the trailing four quarters) is, likewise, a non- GAAP financial measure. Management and some members of the investment c
Slide 91: Reconciliation of Net Income to Adjusted Income from Continuing Operations
Exhibit 99.1 Reconciliation of Net Income to Adjusted Income from Continuing Operations and Adjusted EBITDA (1) (3) (4) (1) (2) (3) (4) - Notes on page 92.
Slide 92: Reconciliation Notes
Exhibit 99.1 Reconciliation Notes for Slide 91 1. Adjusted income from continuing operations and Adjusted EBITDA are non-GAAP financial measure. The Company’s leverage ratio (total consolidated debt to Adjusted EBITDA for the trailing four quarters) is, likewise, a non-GAAP financial measure. Manage