ADEPTUS HEALTH INC LEWISVILLE, Texas, July 21, 2016 /PRNewswire/ -- Adeptus Health Inc. (NYSE: ADPT) ("ADPT" or the "Company"), the largest operator of freestanding emergency rooms in the U.S., announced its results for the second quarter ended June 30, 2016. All comparisons included in this release are for the same period in the prior year, unless otherwise noted. See "Non-GAAP Financial Measures Description and Reconciliation" for further information related to systemwide revenue, Adjusted EBITDA and Adjusted earnings per share.
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Second Quarter 2016 Highlights:
-- Net operating revenue was $100.2 million versus $89.6 million in prior
year, an increase of 12%;
-- Systemwide net patient services revenue was $142.4 million versus $104.5
million in prior year, an increase of 36%;
-- Adjusted EBITDA was $22.5 million versus $22.9 million in prior year, a
decrease of 2%;
-- Net income attributable to Adeptus Health Inc. was $86.9 million versus
$10.6 million in prior year;
-- GAAP earnings per share was $5.80 and Adjusted earnings per share was
$0.48;
-- A gain of $185.3 million was recognized as a result of the joint venture
with Texas Health Resources, one of the country's largest non-profit
health systems;
-- Cash flow used in operating activities was $8.6 million versus $13.0
million provided by operating activities in prior year, and;
-- Systemwide same store volumes increased 4.3% and systemwide same store
revenue decreased 2.8% versus prior year.
2016 Guidance Reaffirmed
We continue to expect systemwide net patient services revenue, which includes revenue from our unconsolidated joint ventures, of $640.0 million to $670.0 million for the full year 2016. We expect Adjusted EBITDA of $110.0 million to $115.0 million and Adjusted earnings per share of $2.55 to $2.65 for the full year 2016.
Results of Operations for the Second Quarter 2016
Thomas S. Hall, Chairman and CEO, stated, "Second quarter results were in-line with the preview we provided in late May, despite unexpected softer volumes in June. The volume weakness was primarily in markets where our facilities are not operated as hospital outpatient departments (HOPDs). We continue to execute on our HOPD strategy which is delivering positive same store results in the Dallas/Fort Worth market. We anticipate similar increases in patient volume with the upcoming HOPD conversions in Denver, Colorado Springs and Houston as the hospitals in those markets open later this year."
Hall continued, "In May, we announced a landmark joint venture with Texas Health Resources ("THR"), one of the country's largest non-profit health systems, and all of our facilities in the Dallas/Fort Worth market will be rebranded as Texas Health before year end. As a direct result of the joint venture, we recognized a $185.3 million gain on our contribution based upon a third party valuation which further validates our business model."
For the second quarter of 2016, ADPT generated total net operating revenue of $100.2 million, an increase of 12%. From inception of each joint venture, net operating revenue excludes revenue from unconsolidated facilities. Net operating revenue excludes revenue from the 16 Colorado freestanding facilities, the Arizona hospital and its seven freestanding facilities, and the Dallas/Fort Worth hospital and its 30 freestanding facilities, which are accounted for as equity method investments. The increase was primarily attributable to increases in management fees and contract services revenue, the impact of patient volumes from both existing and new consolidated freestanding facilities and annual gross charge increases, offset by the deconsolidation of our Colorado and Dallas/Fort Worth locations due to the UCHealth and THR joint ventures. Through June 30, 2016, ADPT has opened 12 new freestanding emergency facilities in 2016.
ADPT generated net income of $148.2 million for the quarter, of which $86.9 million was attributable to Adeptus Health Inc., compared to net income of $27.7 million from the prior year, of which $10.6 million was attributable to Adeptus Health Inc. The increase in net income was due to an increase of $10.6 million in net operating revenue, a $2.1 million decrease in interest expense, and a $185.3 million gain recognized on the contribution and change of control of previously owned facilities to the joint venture with THR. This increase was partially offset by a $1.2 million decrease in equity in earnings of unconsolidated joint ventures, an increase of salaries, wages, and benefits and other costs related to our growth initiatives and the impact of deferred taxes associated with the gain recognized on the contribution and change of control of previously owned facilities to the joint venture with THR.
Adjusted EBITDA was $22.5 million for the quarter compared to $22.9 million in prior year. This decrease was attributable to a $1.2 million decrease in equity in earnings of unconsolidated joint ventures and an increase of salaries, wages, and benefits and other costs related to our growth initiatives, offset by increases in management and contract services revenue. See "Non-GAAP Financial Measures Description and Reconciliation" and "Reconciliation of Adjusted EBITDA to Net Income" below for further information related to Adjusted EBITDA and its reconciliation to net income.
GAAP earnings per share was $5.80 per share and Adjusted earnings per share was $0.48 per share for the quarter. Adjusted earnings per share is calculated using a weighted average of both Class A and Class B common shares outstanding, which was an aggregate of 21,076,911 common shares at June 30, 2016. See "Non-GAAP Financial Measures Description and Reconciliation" and "Earnings Per Share Reconciliation" below for further information related to Adjusted earnings per share and its reconciliation to net income.
Systemwide Financial Results
For the second quarter of 2016, ADPT generated systemwide net patient services revenue of $142.4 million, an increase of 36%. Additionally, systemwide same store volumes increased 4.3% versus prior year and systemwide same store revenue decreased 2.8%. Systemwide same store volume growth was driven by the Dallas/Fort Worth facilities. The decline in systemwide same store revenues reflected softer volumes in non-HOPD markets in June. The increase in systemwide net patient services revenue was primarily attributable to the impact of increased patient volumes from the expansion of the number of freestanding facilities from 68 to 93, annual gross charge increases, and continued growth of our hospitals and their hospital outpatient departments in Arizona and Texas.
As of June 30, 2016, our 16 Colorado freestanding facilities associated with our joint venture with UCHealth, our Arizona hospital and its seven freestanding facilities associated with our joint venture with Dignity Health and our Dallas Fort Worth hospital and its 30 freestanding facilities associated with our joint venture with THR were accounted for using the equity method. For consolidated subsidiaries, the Company's financial statements reflect 100% of the revenues and expenses for these subsidiaries, after elimination of intercompany transactions and accounts. For our unconsolidated joint ventures, consolidated statements of operations reflect those earnings in two line items:
-- Equity in earnings of unconsolidated joint ventures, which represents
our share of the net income or loss of each equity method joint venture
based on our ownership percentage; and
-- Management and contract services revenues, which represent the Company's
combined income from management and contract services that are earned
from managing the day-to-day operations and providing contract staffing
of the facility.
As a result of this accounting treatment in our reported results, management supplementally focuses on non-GAAP systemwide metrics to analyze the results of operations. These systemwide metrics include systemwide net patient services revenue. Systemwide metrics treat our unconsolidated facilities as if they were consolidated. While the revenues earned at the unconsolidated facilities are not recorded in our consolidated financial statements, management believes systemwide net patient services revenue growth is important to understand the Company's financial performance because it is used to interpret the sources of our growth and provide a growth metric incorporating the revenues earned by all affiliated facilities, regardless of the accounting treatment. As we execute on our strategy of partnering with health systems, management expects the number of our facilities accounted for under the equity method to increase relative to the total number of affiliated facilities.
Liquidity
At the end of the second quarter, the Company had cash of $3.7 million and $23.8 million available under its revolving credit facility. Net cash flow used in operations was $8.6 million for the second quarter compared to $13.0 million net cash flow provided by operations in the prior year. At June 30, 2016, the Company had total long-term debt and capital lease obligations of $137.6 million and debt net of cash of $133.8 million.
Market Outlook
The Company remains on track to open 27 new facilities in 2016, including both owned and joint venture facilities. These include 24 new freestanding facility openings and three new hospitals - two in Colorado and one in Houston, Texas.
"Through the expansion of our network of hospitals, freestanding emergency rooms and partnerships with leading health systems, we are continuing to transform the delivery of emergency care in the U.S.," added Hall. "Partnerships remain a cornerstone of our growth strategy. We have a healthy pipeline of partnership opportunities and look forward to announcing additional partnerships as the year progresses."
Conference Call
A live audio webcast to present the second quarter 2016 results will take place today at 11:00 am (Eastern Time), hosted by Thomas S. Hall, Chairman and CEO, Timothy Fielding, CFO, and Graham Cherrington, President and COO.
The audio webcast will be available by accessing: https://www.webcaster4.com/Webcast/Page/1069/15975
Following the call, an archived recording of the replay will also be available on the Adeptus Health Investor Relations page for 30 days: http://ir.adeptushealth.com/events-and-presentations/events/default.aspx
About Adeptus Health Inc.
Adeptus Health (NYSE:ADPT) is a leading patient-centered healthcare organization expanding access to the highest quality emergency medical care through its network of freestanding emergency rooms and partnerships with premier healthcare providers. Adeptus Health owns and operates First Choice Emergency Room, the nation's largest and oldest network of freestanding emergency rooms and owns and/or operates hospitals and freestanding facilities in partnership with Texas Health Resources in Texas, UCHealth in Colorado, Dignity Health in Arizona, Ochsner Health System in Louisiana and Mount Carmel Health System in Ohio. All Adeptus Health freestanding facilities are fully equipped emergency rooms with a complete radiology suite of diagnostic technology, on-site laboratory, and staffed with board-certified physicians and emergency trained registered nurses. For the last three years, Adeptus Health has exceeded the 95th percentile in patient satisfaction according to patient feedback collected nationwide by Press Ganey Associates Inc. Adeptus Health also was named a 2016 Best Workplaces in Healthcare by Great Place to Work® and Fortune Magazine. For more information please visit adhc.com.
Media Jackie Zupsic
Contact:
Hill & Knowlton Strategies
Jackie.Zupsic@hkstrategies.com
Tel: (212) 885 - 0590
Investor Kevin Ellich
Relations
Contact: Vice President, Investor
Relations
Kevin.Ellich@adhc.com
Tel: (972) 899-7062
Forward-Looking Statements
Certain statements and information herein may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our guidance, objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. Any forward-looking statements herein are made as of the date of this press release, and ADPT undertakes no duty to update or revise any such statements except as required by the federal securities laws. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in ADPT's filings with the U.S. Securities and Exchange Commission ("SEC") from time to time and which are accessible on the SEC's website at www.sec.gov, including in the section entitled "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2015. Among the factors that could cause future results to differ materially from those provided in this press release are: our ability to implement our growth strategy; our ability to maintain sufficient levels of cash flow to meet growth expectations; our ability to protect our brand; federal and state laws and regulations relating to our facilities, which could lead to the incurrence of significant penalties by us or require us to make significant changes to our operations; our ability to locate available facility sites on terms acceptable to us; competition from hospitals, clinics and other emergency care providers; our dependence on payments from third-party payors; our ability to source and procure new products and equipment to meet patient preferences; our reliance on Medical Properties Trust ("MPT") and the MPT Master Funding and Development Agreements; disruptions in the global financial markets leading to difficulty in borrowing sufficient amounts of capital to finance the carrying costs of inventory to pay for capital expenditures and operating costs; our ability or the ability of our healthcare system partners to negotiate favorable contracts or renew existing contracts with third-party payors on favorable terms; significant changes in our payor mix or case mix resulting from fluctuations in the types of cases treated at our facilities; significant changes in the rules, regulations and systems governing Medicare and Medicaid reimbursements; material changes in IRS revenue rulings, case law or the interpretation of such rulings; shortages of, or quality control issues with, emergency care-related products, equipment and medical supplies that could result in a disruption of our operations; the intense competition we face for patients, physician use of our facilities, strategic relationships and commercial payor contracts; the fact that we are subject to significant malpractice and related legal claims; the growth of patient receivables or the deterioration in the ability to collect on those accounts; the impact on us of PPACA, which represents a significant change to the healthcare industry; and ensuring our continued compliance with HIPAA, which could require us to expend significant resources and capital; and the factors discussed in the section entitled "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2015.
Non-GAAP Financial Measures Description and Reconciliation
This press release includes presentations of Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization, further adjusted to eliminate the impact of certain additional items, including, facility preopening expenses, stock compensation expense and other non-recurring costs, losses or gains.
This press release also includes presentation of Adjusted earnings per share, which is defined as earnings per share related to the Company's overall operation, including controlling and non-controlling interests, as adjusted to exclude certain additional items, including, facility preopening expenses, stock compensation expense and other non-recurring costs, losses or gains and an adjustment for taxes in order to establish a normalized tax rate of 35% for comparability purposes, divided by the aggregate number of shares of Class A and Class B common stock outstanding as of the end of the period.
In addition, this press release presents systemwide metrics to analyze the results of operations. These systemwide metrics include systemwide net patient services revenue. Systemwide metrics treat our unconsolidated facilities as if they were consolidated.
These non-GAAP financial measures, Adjusted EBITDA, Adjusted earnings per share and systemwide metrics, are commonly used by management and investors as performance measures. The Company's non-GAAP financial measures are not considered measures of financial performance under U.S. generally accepted accounting principles (GAAP), and the items excluded therefrom are significant components in understanding and assessing our financial performance. These non-GAAP financial measures should not be considered in isolation or as an alternative to GAAP measures such as net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in our consolidated financial statements as an indicator of financial performance. Reconciliations of non-GAAP financial measures are provided in this press release. Since these non-GAAP financial measures are not measures determined in accordance with GAAP and are susceptible to varying calculations, these measures, as presented, may not be comparable to other similarly titled measures of other companies.
Adeptus Health Inc.
Condensed Consolidated Statements of Income and Other Information
(unaudited; in thousands, except shares, per share data and other information)
Three months ended Six months ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Patient service revenue $101,595 $104,363 $234,883 $200,265
Provision for bad debt (16,673) (17,514) (43,726) (32,459)
------- ------- ------- -------
Net patient service revenue 84,922 86,849 191,157 167,806
Management and contract
services revenue 15,245 2,738 21,779 3,234
------ ----- ------ -----
Total net operating revenue 100,167 89,587 212,936 171,040
Equity in earnings of
unconsolidated joint
ventures 2,435 3,621 4,936 2,927
Operating expenses:
Salaries, wages and
benefits 62,130 51,124 128,945 100,004
General and administrative 13,015 11,370 29,279 21,834
Other operating expenses 12,093 12,541 27,106 23,846
Depreciation and
amortization 3,412 4,523 7,783 9,279
----- ----- ----- -----
Total operating expenses 90,650 79,558 193,113 154,963
------ ------ ------- -------
Income from operations 11,952 13,650 24,759 19,004
------ ------ ------ ------
Other income (expense):
Gain on contribution to
joint venture 185,336 24,250 185,336 24,250
Interest expense (1,822) (3,898) (3,648) (7,172)
------ ------ ------ ------
Total other income 183,514 20,352 181,688 17,078
------- ------ ------- ------
Income before provision for
income taxes 195,466 34,002 206,447 36,082
Provision for income taxes 47,270 6,328 50,388 6,806
------ ----- ------ -----
Net income 148,196 27,674 156,059 29,276
Less: Net income
attributable to the non-
controlling interest 61,248 17,040 64,579 18,048
------ ------ ------ ------
Net income attributable to
Adeptus Health Inc. $86,948 $10,634 $91,480 $11,228
======= ======= ======= =======
Net income per share of Class A common stock:
Basic $5.80 $0.97 $6.23 $1.08
Diluted $5.80 $0.97 $6.23 $1.08
Weighted average shares of Class A common stock:
Basic 15,001,701 10,953,138 14,687,700 10,432,882
Diluted 15,001,701 10,953,138 14,687,700 10,432,882
Other information
Consolidated facilities 40 54 40 54
Equity method facilities 55 15 55 15
Total systemwide
facilities, including
hospitals 95 69 95 69
Adeptus Health Inc.
Reconciliation of Adjusted EBITDA to Net Income
(unaudited; in thousands)
Three months ended Six months ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Net income $148,196 $27,674 $156,059 $29,276
Depreciation
and
amortization(1) 5,206 4,929 10,015 9,685
Interest
expense 1,822 3,898 3,648 7,172
Provision for
income taxes 47,270 6,328 50,388 6,806
Gain on
contribution
to joint
venture (185,336) (24,250) (185,336) (24,250)
Preopening
expenses 3,294 1,991 5,234 4,089
Stock
compensation
expense 1,221 608 2,309 1,157
Public
offering
expenses 530 993 530 993
Duplicative
billing
effort - - 208 -
Other 292 769 1,179 1,275
--- --- ----- -----
Total
adjustments (125,701) (4,734) (111,825) 6,927
-------- ------ -------- -----
Adjusted
EBITDA $22,495 $22,940 $44,234 $36,203
======= ======= ======= =======
(1) Includes the Company's
proportionate share of
depreciation and amortization
related to its joint ventures
Adjusted Earnings Per Share Reconciliation
(unaudited; in thousands, except shares, per share data and other information)
Three months ended Six months ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Weighted average common shares outstanding
Class A common
shares 14,373,699 10,953,138 14,687,700 10,432,882
Class B common
shares 6,703,212 9,812,956 6,292,694 10,294,067
--------- --------- --------- ----------
Total Class A and B
common shares 21,076,911 20,766,094 20,980,394 20,726,949
Net income
attributable to
Adeptus Health
Inc. $86,948 $10,634 $91,480 $11,228
Net income
attributable to
non-controlling
interest 61,248 17,040 64,579 18,048
------ ------ ------ ------
Total net income 148,196 27,674 156,059 29,276
Adjustments:
Gain on
contribution to
joint venture (185,336) (24,250) (185,336) (24,250)
Preopening expenses 3,294 1,991 5,234 4,089
Stock compensation
expense 1,221 608 2,309 1,157
Public offering
costs 530 993 530 993
Duplicative billing
effort - - 208 -
Other 292 769 1,179 1,275
--- --- ----- -----
Total adjustments (179,999) (19,889) (175,876) (16,736)
Tax impact of
adjustments (1) 63,000 6,961 61,557 5,858
Tax adjustment
resulting from
applying effective
tax rate (2) (21,143) (5,573) (21,868) (5,823)
------- ------ ------- ------
Adjusted net income 10,054 9,173 19,872 12,575
------ ----- ------ ------
Adjusted net income
per share $0.48 $0.44 $0.95 $0.61
===== ===== ===== =====
(1) Reflects the removal of the tax benefit associated with the adjustments
(2) Represents adjusting to a normalized effective tax rate of 35%
Adeptus Health Inc.
Systemwide Net Patient Services Revenue
(unaudited; in thousands)
Three months ended Six months ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Net Patient Services Revenue:
Consolidated facilities $84,922 $86,849 $191,157 $167,806
Unconsolidated joint ventures 57,455 17,659 91,580 20,662
------ ------ ------ ------
Systemwide net patient services revenue $142,377 $104,508 $282,737 $188,468
======== ======== ======== ========
Adeptus Health Inc.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2016 2015
---- ----
ASSETS (unaudited) (audited)
Current assets
Cash $3,718 $16,037
Accounts
receivable, respectively
less
allowance
for
doubtful
accounts
of
$28,901
and
$28,818, 74,327 65,954
Other
receivables
and
current
assets 57,352 31,532
Medical
supplies
inventory 2,900 5,167
----- -----
Total
current
assets 138,297 118,690
Property
and
equipment,
net 34,486 70,187
Investment
in
unconsolidated
joint
ventures 272,967 43,104
Deposits 939 1,163
Deferred
tax asset 255,886 206,265
Intangibles,
net 17,345 18,235
Goodwill 51,390 61,009
Other long
term
assets 2,046 2,950
----- -----
Total
assets $773,356 $521,603
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts
payable
and
accrued
expenses $24,608 $27,521
Accrued
compensation 17,043 23,197
Current
maturities
of long-
term debt 7,278 7,585
Current
maturities
of
capital
lease
obligations 40 102
Deferred
rent 691 858
--- ---
Total
current
liabilities 49,660 59,263
Long-term
debt,
less
current
maturities 126,772 113,563
Payable to
related
parties
pursuant
to tax
receivable
agreement 237,914 191,302
Capital
lease
obligation,
less
current
maturities 177 3,954
Deferred
rent 2,453 3,837
----- -----
Total
liabilities 416,976 371,919
------- -------
Commitments and contingencies
Shareholders' equity
Preferred
stock, and
par value outstanding
$0.01 per at June
share; 30, 2016
10,000,000
shares
authorized
and zero
shares
issued - -
Class A
common 14,257,187 respectively
stock, shares
par value issued
$0.01 per and
share; outstanding
50,000,000 at June
shares 30, 2016
authorized, and
16,350,866 December
and 164 143
Class B
common 6,510,738 respectively
stock, shares
par value issued
$0.01 per and
share; outstanding
20,000,000 at June
shares 30, 2016
authorized, and
4,724,430 December
and 47 65
Additional
paid in
capital 172,370 85,457
Retained
earnings 95,084 6,323
Non-
controlling
interest 88,715 57,696
------ ------
Total
equity 356,380 149,684
------- -------
Total
liabilities
and
shareholders'
equity $773,356 $521,603
======== ========
Adeptus Health Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited; in thousands)
Three months ended Six months ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
Cash flows from operating
activities:
Net income $148,196 $27,674 $156,059 $29,276
Adjustments to reconcile net
income to net cash (used in)
provided by operating
activities:
Loss from the disposal or
impairment of assets - 68 2 68
Depreciation and amortization 3,412 4,523 7,783 9,279
Deferred tax expense 46,589 4,122 48,363 4,377
Amortization of deferred loan
costs 194 249 387 468
Provision for bad debts 16,673 17,514 43,726 32,459
Gain on contribution to
unconsolidated joint ventures (185,336) (24,250) (185,336) (24,250)
Equity in earnings of
unconsolidated joint ventures (2,435) (3,621) (4,936) (2,927)
Stock-based compensation 1,221 608 2,309 1,157
Changes in operating assets and
liabilities:
Restricted cash - 64 - (3,009)
Accounts receivable (13,603) (14,475) (52,099) (41,375)
Other receivables and current
assets (18,888) (2,060) (25,996) (951)
Medical supplies inventory (20) (34) (526) (160)
Other long-term assets 78 (127) 261 (110)
Accounts payable and accrued
expenses (3,105) 2,864 (1,834) (4,140)
Accrued compensation (2,025) (1,007) (5,085) (464)
Deferred rent 473 924 929 1,377
--- --- --- -----
Net cash (used in) provided by
operating activities (8,576) 13,036 (15,993) 1,075
------ ------ ------- -----
Cash flows from investing
activities:
Deposits 71 310 224 985
Investments in unconsolidated
joint ventures (927) - (927) -
Proceeds from the sale of
property and equipment - 10 - 1,527
Capital expenditures (1,674) (1,650) (3,718) (3,270)
------ ------ ------ ------
Net cash used in investing
activities (2,530) (1,330) (4,421) (758)
------ ------ ------ ----
Cash flows from financing
activities:
Proceeds from public offerings,
net of underwriters fees and
expenses 107,389 94,470 107,389 94,470
Purchase of limited liability
units from LLC Unit holders (107,389) (94,470) (107,389) (94,470)
Proceeds from long-term
borrowings 21,000 30,000 35,000 54,000
Payment of deferred loan costs - (415) - (495)
Payments on borrowings (7,013) (6,049) (23,303) (6,691)
Payments of capital lease
obligations (11) (20) (35) (39)
Restricted stock forfeited on
vesting to satisfy withholding
requirements (260) - (847) -
Tax distribution to unit holders (2,548) (2,965) (2,720) (2,965)
------ ------ ------ ------
Net cash provided by financing
activities 11,168 20,551 8,095 43,810
------ ------ ----- ------
Net increase (decrease) in cash
and cash equivalents 62 32,257 (12,319) 44,127
Cash, beginning of period 3,656 13,872 16,037 2,002
----- ------ ------ -----
Cash, end of period $3,718 $46,129 $3,718 $46,129
====== ======= ====== =======
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SOURCE Adeptus Health Inc.
