Attached files
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| 8-K - CURRENT REPORT - TEAM HEALTH HOLDINGS INC. | d369771d8k.htm |
Exhibit No. 99.1
Team Health Holdings, Inc.
Consolidated Statements of Comprehensive Earnings
| Year Ended December 31, | ||||||||||||
| 2009 | 2010 | 2011 | ||||||||||
| (In thousands, except per share data) | ||||||||||||
| Net revenue before provision for uncollectibles |
$ | 2,483,275 | $ | 2,671,374 | $ | 3,141,678 | ||||||
| Provision for uncollectibles |
1,059,834 | 1,152,110 | 1,396,350 | |||||||||
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| Net revenue |
1,423,441 | 1,519,264 | 1,745,328 | |||||||||
| Cost of services rendered (exclusive of depreciation and amortization shown separately below) |
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| Professional service expenses |
1,102,091 | 1,170,208 | 1,348,255 | |||||||||
| Professional liability costs |
32,178 | 46,356 | 65,982 | |||||||||
| General and administrative expenses (includes contingent purchase compensation expense of $5,001, $13,311 and $13,575 in 2009, 2010 and 2011, respectively) |
138,307 | 149,122 | 169,147 | |||||||||
| Other expenses (income) |
35,676 | (1,017 | ) | 242 | ||||||||
| Impairment of intangibles |
— | 50,293 | — | |||||||||
| Depreciation |
10,376 | 11,503 | 12,208 | |||||||||
| Amortization |
7,284 | 14,416 | 17,756 | |||||||||
| Interest expense, net |
36,679 | 20,552 | 12,782 | |||||||||
| Loss on extinguishment and refinancing of debt |
— | 17,122 | 6,022 | |||||||||
| Transaction costs |
2,120 | 843 | 4,149 | |||||||||
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| Earnings before income taxes |
58,730 | 39,866 | 108,785 | |||||||||
| Provision for income taxes |
23,682 | 33,065 | 43,264 | |||||||||
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| Net earnings |
$ | 35,048 | $ | 6,801 | $ | 65,521 | ||||||
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| Net earnings per share |
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| Basic (2009 Unaudited Pro forma) |
$ | .71 | $ | .11 | $ | 1.01 | ||||||
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| Diluted (2009 Unaudited Pro forma) |
$ | .70 | $ | .11 | $ | 0.98 | ||||||
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| Weighted average shares outstanding |
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| Basic (2009 Unaudited Pro forma) |
49,427 | 64,177 | 65,041 | |||||||||
| Diluted (2009 Unaudited Pro forma) |
49,747 | 64,641 | 66,580 | |||||||||
| Other comprehensive income, net of tax: |
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| Net change in fair value of investments, net of tax of $226, $(101) and $988 for 2009, 2010 and 2011, respectively |
420 | (183 | ) | 1,835 | ||||||||
| Net change in fair value of swaps, net of tax of $317, $1,485 and $359 for 2009, 2010 and 2011, respectively |
497 | 2,325 | 562 | |||||||||
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| Total comprehensive earnings |
$ | 35,965 | $ | 8,943 | $ | 67,918 | ||||||
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