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March 28, 2015 6:22 PM ET

Healthcare Providers and Services

Company Overview of Surgical Care Affiliates, Inc.

Company Overview

Surgical Care Affiliates, Inc., together with its subsidiaries, owns and operates a network of multi-specialty ambulatory surgery centers (ASCs) and surgical hospitals in the United States. It’s ASCs and surgical hospitals primarily provide the facilities, equipment, and medical support staff for physicians to perform non-emergency surgical and other procedures in various specialties, including orthopedics, ophthalmology, gastroenterology, pain management, otolaryngology, urology, and gynecology, as well as other general surgery procedures. As of December 31, 2014, the company had an interest in and/or operated 179 ambulatory surgery centers, 6 surgical hospitals, and 1 sleep center in 34 st...

520 Lake Cook Road

Suite 250

Deerfield, IL 60015

United States

5,000 Employees

Phone:

847-236-0921

Key Executives for Surgical Care Affiliates, Inc.

Chief Executive Officer, President and Director
Age: 40
Total Annual Compensation: $1.1M
Chief Operating Officer and Executive Vice President
Age: 44
Total Annual Compensation: $469.9K
Chief Development Officer and Executive Vice President
Age: 58
Total Annual Compensation: $493.4K
Compensation as of Fiscal Year 2014.

Surgical Care Affiliates, Inc. Key Developments

Surgical Care Affiliates, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Surgical Care Affiliates, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total net operating revenues of $247.2 million against $213.8 million a year ago. This increase was driven by revenues earned from acquisitions, higher acuity case mix and increased rates paid under certain payer contracts, partially offset by the deconsolidation of one facility during the fourth quarter. Operating income was $68.9 million against $37.9 million a year ago. Income from continuing operations before income tax expense was $66.3 million against $8.5 million a year ago. Income from continuing operations was $62.8 million against $6.0 million a year ago. Net income attributable to was $17.9 million against net loss of $27.4 million a year ago. Net income per basic share was $0.46 against net loss attributable to company per basic share of $0.77 million a year ago. Net cash provided by operating activities was $54.4 million against $34.8 million a year ago. Capital expenditures were $11.9 million against $10.6 million a year ago. Adjusted EBITDA-NCI was $48 million against $38.1 million a year ago. Adjusted net income was $27.5 million or $0.72 per basic share against $17.6 million or $0.49 per basic share a year ago. Operating cash flow less distributions to non-controlling interests was $22.8 million during the fourth quarter of 2014, an increase of 105.4% from $11.1 million in the same period of the prior year. For the full year, the company reported total net operating revenues of $864.7 million against $785.7 million a year ago. This increase was driven by revenues earned from acquisitions, higher acuity case mix and increased rates paid under certain payor contracts, partially offset by the deconsolidation of two facilities and the disposition of two facilities since December 31, 2013. Operating income was $200.9 million against $158.9 million a year ago. Income from continuing operations before income tax expense was $175.9 million against $76.2 million a year ago. Income from continuing operations was $166.5 million against $63.9 million a year ago. Net income attributable to was $32 million against net loss of $51.3 million a year ago. Net income per basic share was $0.83 against net loss attributable to company per basic share of $1.62 million a year ago. Net cash provided by operating activities was $210.6 million against $165.6 million a year ago. Capital expenditures were $37.3 million against $36.8 million a year ago. Adjusted EBITDA-NCI was $156.7 million against $142.8 million a year ago. Adjusted net income was $81.5 million or $2.12 per basic share against $48 million or $1.52 per basic share a year ago. The company announced asset impairment of $0.3 million for the fourth quarter ended December 31, 2014. For 2015, the company reiterates the guidance it initially established in January 2015. The company continues to expect 2015 adjusted EBITDA less NCI growth to be in the range of 8% to 11%.

Surgical Care Affiliates, Inc. Proposes to Launch an Offering of Approximately $250 Million Aggregate Principal Amount of its Senior Unsecured Notes Due 2023

Surgical Care Affiliates, Inc. announced its intention to launch on March 10, 2015, an offering of approximately $250 million aggregate principal amount of its senior unsecured notes due 2023 (the Notes), subject to market and customary conditions. The Notes will be general unsecured senior obligations of SCA and will be guaranteed by SCA's existing and subsequently acquired wholly-owned subsidiaries that guarantee certain of SCA's indebtedness, subject to certain exceptions. SCA intends to use the net proceeds from this offering, together with funds under a proposed new senior secured credit facility of up to $700 million in aggregate principal amount, to repay all of the outstanding indebtedness under SCA's existing credit facility, to pay the transaction costs associated with the refinancing transactions and for general corporate purposes, including acquisitions and other development activities. The Notes and the related guarantees will be offered in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

SCAI Eyes Acquisitions

Surgical Care Affiliates, Inc. (NasdaqGS:SCAI) is looking for acquisition opportunities. SCAI announced its intention to launch an offering of approximately $250million aggregate principal amount of its senior unsecured notes due 2023. SCAI intends to use the net proceeds from this offering, together with funds under a proposed new senior secured credit facility of up to $700 million in aggregate principal amount, to repay all of the outstanding indebtedness under SCA's existing credit facility, to pay the transaction costs associated with the refinancing transactions and for general corporate purposes, including acquisitions and other development activities.

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