Quorum Health Corporation (NYSE:QHC) Q2 2017 Earnings Conference Call - Preliminary Transcript

Aug 10, 2017 • 11:00 am ET


Quorum Health Corporation (NYSE:QHC) Q2 2017 Earnings Conference Call - Preliminary Transcript


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Good Morning. My name is Mike and I'll be your confernece operator today. At this time I would like to welcome everyone to the Quorum Health's Second Quarter 2017 Earnings call. [Operator Instructions] Thank you. I will now turn the call over to Mr. Michael Culotta, Executive Vice President and Chief Financial Officer. You may begin your conference.

Michael Culotta

Thank you, Mike. Good morning and welcome to Quorum Health's second quarter conference call. Before we begin the call, I would like to read the following disclosure statement. This conference call may contain certain forward-looking statements including all statements that do not relate solely to historical or current facts.

These forward-looking statements are subject to a number of known and unknown risks, which are described in headings such as Risk Factors in our Form 10-K filing and other reports filed with or furnished to the Securities and Exchange Commission. As a consequence, actual results may differ significantly from those expressed in any forward-looking statements in today's discussion.

We do not intend to update any of these forward-looking statements. We issued a press release yesterday afternoon with our unaudited financial statements and definitions and calculations of adjusted EBITDA and adjusted EBITDA adjusted for divestitures and potential divestitures including reconciliations to US GAAP measurements.

We have included a slide presentation on our website to supplement today's discussions. Our results consolidate the results of 34 owned or leased hospitals and the results of Quorum Health Resources. Our same facility information excludes the Sandhills facility in Hamlet, North Carolina, sold on December 1, 2016, the Barrow facility in Winder, Georgia, sold on December 31, 2016 and the Cherokee facility in Centre, Alabama, sold on March 31, 2017.

The Trinity facility in Augusta, Georgia, was sold on June 30, 2017, and is included in same facility information since the results were for the full quarter. In addition, we also filed our second quarter Form 10-Q last night. All of our discussions are supplemented by the press release, the earnings presentation slides on our website, and our Form 10-Q.

All calculations we will be discussing exclude impairment of long-lived assets and goodwill, expenses incurred related to the spin-off from Community Health Systems, certain legal, professional and settlement costs, net gain or loss on sale of hospitals and severance costs for headcount reductions.

Please refer to the slide presentation for a further description and calculation of adjusted EBITDA adjusted for divestitures and potential divestitures.

With that, I would like to turn the call over to Mr. Tom Miller, President and Chief Executive Officer. Tom?

Thomas Miller

Thanks, Mike, and good morning. I also want to welcome you to Quorum Health's second quarter 2017 conference call. With me today is Marty Smith, Executive Vice President of Operations, Matt Hayes, Senior Vice President of Operations, Dr. Shaheed Koury, our Senior Vice President and Chief Medical Officer and Mike Culotta, our Executive Vice President and Chief Financial Officer.

Mike and I have some comments covering our second quarter results and our continued focus on improvements.