AmSurg Corp. (NASDAQ:AMSG.P) Q1 2016 Earnings Conference Call - Final Transcript

May 03, 2016 • 05:00 pm ET

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AmSurg Corp. (NASDAQ:AMSG.P) Q1 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day everyone, and welcome to AMSURG Corp's First Quarter Conference Call. Today's call is being recorded, and a replay will be available starting today through May 13, 2016. The number for the replay is 719-457-0820 and the code is 7975488.

At this time, for opening remarks, I would like to turn the call over to Mr. Chris Holden, President and Chief Executive Officer. Please go ahead, sir.

Executive
Christopher A. Holden

Thank you, Becky. And welcome, everyone, to the first quarter 2016 investor call for AMSURG Corp. I also would like to welcome everyone joining via the webcast. Joining me today on the call are, Claire Gulmi, our Executive Vice President and Chief Financial Officer; Bob Coward, President of our Sheridan Physician Services Division and also our Chief Development Officer; and Phillip Clendenin, President of our Ambulatory Services Division.

Before we begin, I'm going to turn it over to Claire to review the Safe Harbor disclosure statement.

Executive
Claire M. Gulmi

Thank you, Chris. Certain statements in the conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management expectations and are based upon currently available information. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of AMSURG to differ materially from those that are expressed and or implied by the forward-looking statements.

To the extent, any non-GAAP financial measure is discussed in today's call, you will also find a reconciliation of that measure to the most directly comparable financial measure calculated according to GAAP in today's news release, which is posted on the Company's website. These factors are discussed in more detail in the Company's reports that are filed with the SEC, including without limitation AMSURG's Annual Report on Form 10-K for the year ended December 31, 2015. Copies of these filings are available from AMSURG upon request.

I'll now turn it over to Chris for opening comments.

Executive
Christopher A. Holden

Thank you, Claire. I'm pleased to report that our positive momentum from 2015 has carried over into the first quarter of 2016, and it's driving 27% growth in our net revenues, now totaling $725 million with strong same-center and same-contract revenue growth for the Ambulatory Surgery and Physician Services Divisions, we are modifying our guidance to reflect that strength in Q1, and Claire will have more on that shortly.

Let's now move to the performance highlights for the quarter. Overall, our adjusted EPS increased by 32% at $0.82 a share, $0.02 above the top end of our previous guidance. Adjusted EBITDA totaled $120 million, up 28% over prior year prior quarter. For that same period, adjusted net earnings increased 47% to $47 million. And we completed two additional Physician Services transaction and one additional ASC transaction this year, one of those in the first quarter.

Our focus since then, -- the fourth quarter of last year and into the first quarter of this year has really been in large part on the integration of the large acquisitions