Ardent Health Partners Inc

NYSE:ARDTUnited States

Nov 6, 2024

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• -- Earnings Flash (ARDT) ARDENT HEALTH Posts Q3 Revenue $1.45B, from 5:25PM ET on Wednesday Nov 06, 2024 by MT Newswires

  5:25PM ET on Wednesday Nov 06, 2024 by MT Newswires
  Companies Mentioned: ARDT
  05:25 PM EST, 11/06/2024 (MT Newswires) -- ...

• *DJ Ardent Health Partners 3Q EPS 19c >ARDT, from 5:24PM ET on Wednesday Nov 06, 2024 by Dow Jones

  5:24PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: ARDT
  Income tax expense 11,062 7,261 36,997 24,591 Interest expense, net 14,629 19,041 52,050 55,854 Depreciation and amortization 36,771 35,488 108,434 104,860 Noncontrolling interest earnings (19,683) (17,870) (62,678) (60,139) Loss on extinguishment and modification of debt 1,490 -- 3,388 -- Other non-operating losses (gains) (1) 47 -- (208) (522) Cybersecurity Incident recoveries, net (2) (4,976) -- (4,976) -- Restructuring, exit and acquisition-related costs (3) 3,796 1,511 11,694 11,473 Epic expenses (4) 485 437 1,500 1,415 Equity-based compensation 8,135 181 8,873 723 Loss (income) from disposed operations 3 3 1,989 (65) ------- ------- ------- ------- Adjusted EBITDA $ 97,764 $ 84,760 $315,880 $256,386 ======= ======= ======= ======= (1) Other non-operating losses (gains) include gains and losses realized on certain non-recurring events or events that are non-operational in nature, including gains realized on certain asset divestitures. (2) Cybersecurity Incident recoveries, net represents insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. (3) Restructuring, exit and acquisition-related costs represent (i) enterprise restructuring costs, including severance costs related to work force reductions of $3.2 million and $1.3 million for the three months ended September 30, 2024 and 2023, respectively, and $10.1 million and $10.6 million for the nine months ended September 30, 2024 and 2023, respectively; (ii) penalties and costs incurred for terminating pre-existing contracts at acquired facilities of $0.2 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $0.6 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively; and (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and completed acquisitions of $0.4 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $1.0 million and $0.3 million for the nine months ended September 30, 2024 and 2023, respectively. (4) Epic expenses consist of various costs incurred in connection with the implementation of Epic, our health information technology system. These costs included professional fees of $0.5 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively. Epic expenses do not include the ongoing costs of the Epic system. Ardent Health Partners, Inc. Supplemental Non-GAAP Disclosures (Unaudited; Dollars in thousands) Three Months Nine Months Ended Ended September 30, September 30, ---------------- ------------------ 2024 2024 ----------- ----------- Net income $ 46,005 $ 158,817 Adjusted EBITDAR Addbacks: ------------------------------------ Income tax expense 11,062 36,997 Interest expense, net 14,629 52,050 Depreciation and amortization 36,771 108,434 Noncontrolling interest earnings (19,683) (62,678) Loss on extinguishment and modification of debt 1,490 3,388 Other non-operating losses (gains) (1) 47 (208) Cybersecurity Incident recoveries, net (2) (4,976) (4,976) Restructuring, exit and acquisition-related costs (3) 3,796 11,694 Epic expenses (4) 485 1,500 Equity-based compensation 8,135 8,873 Loss from disposed operations 3 1,989 Rent expense payable to REITs (5) 40,056 119,826 ----------- ----------- Adjusted EBITDAR $ 137,820 $ 435,706 =========== =========== (1) Other non-operating losses (gains) include gains and losses realized on certain non-recurring events or events that are non-operational in nature, including gains realized on certain asset divestitures. (2) Cybersecurity Incident recoveries, net represents insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. (3) Restructuring, exit and acquisition-related costs represent (i) enterprise restructuring costs, including severance costs related to work force reductions of $3.2 million and $10.1 million for the three and nine months ended September 30, 2024, respectively; (ii) penalties and costs incurred for terminating pre-existing contracts at acquired facilities of $0.2 million and $0.6 million for the three and nine months ended September 30, 2024, respectively; and (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and completed acquisitions of $0.4 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. (4) Epic expenses consist of various costs incurred in connection with the implementation of Epic, our health information technology system. These costs included professional fees of $0.5 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. Epic expenses do not include the ongoing costs of the Epic system. (5) Rent expense payable to REITs consists of rent expense of $37.2 million and $111.4 million related to the Ventas Master Lease and lease agreements associated with MOB Transactions with Ventas for the three and nine months ended September 30, 2024, respectively, and rent expense of $2.8 million and $8.4 million related to a lease arrangement with MPT for the lease of Hackensack Meridian Mountainside Medical Center for the three and nine months ended September 30, 2024, respectively. Ardent Health Partners, Inc. Supplemental Non-GAAP Disclosures (Unaudited; Dollars in millions) For the Full Year Ending December 31, 2024 ---------------------------------- Low High ----------------- --------------- Net income $ 241 $ 263 Adjusted EBITDA Addbacks: ---------------------------------------- Income tax expense 39 45 Interest expense, net 66 65 Depreciation and amortization 145 144 Noncontrolling interest earnings (85) (87) Loss on extinguishment and modification of debt 3 3 Cybersecurity Incident recoveries, net (1) (20) (25) Restructuring, exit and acquisition-related costs 13 12 Epic expenses 4 3 Equity-based compensation 17 17 Loss from disposed operations 2 -- --- -------- ------- Adjusted EBITDA $ 425 $ 440 === ======== ======= (1) Cybersecurity Incident recoveries, net represents insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs.
  

• Ardent Health Reports Third Quarter 2024 Results, from 5:24PM ET on Wednesday Nov 06, 2024 by Dow Jones

  5:24PM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: ARDT
  Income tax expense 11,062 7,261 36,997 24,591 Interest expense, net 14,629 19,041 52,050 55,854 Depreciation and amortization 36,771 35,488 108,434 104,860 Noncontrolling interest earnings (19,683) (17,870) (62,678) (60,139) Loss on extinguishment and modification of debt 1,490 -- 3,388 -- Other non-operating losses (gains) (1) 47 -- (208) (522) Cybersecurity Incident recoveries, net (2) (4,976) -- (4,976) -- Restructuring, exit and acquisition-related costs (3) 3,796 1,511 11,694 11,473 Epic expenses (4) 485 437 1,500 1,415 Equity-based compensation 8,135 181 8,873 723 Loss (income) from disposed operations 3 3 1,989 (65) ------- ------- ------- ------- Adjusted EBITDA $ 97,764 $ 84,760 $315,880 $256,386 ======= ======= ======= ======= (1) Other non-operating losses (gains) include gains and losses realized on certain non-recurring events or events that are non-operational in nature, including gains realized on certain asset divestitures. (2) Cybersecurity Incident recoveries, net represents insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. (3) Restructuring, exit and acquisition-related costs represent (i) enterprise restructuring costs, including severance costs related to work force reductions of $3.2 million and $1.3 million for the three months ended September 30, 2024 and 2023, respectively, and $10.1 million and $10.6 million for the nine months ended September 30, 2024 and 2023, respectively; (ii) penalties and costs incurred for terminating pre-existing contracts at acquired facilities of $0.2 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $0.6 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively; and (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and completed acquisitions of $0.4 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, and $1.0 million and $0.3 million for the nine months ended September 30, 2024 and 2023, respectively. (4) Epic expenses consist of various costs incurred in connection with the implementation of Epic, our health information technology system. These costs included professional fees of $0.5 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and $1.5 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively. Epic expenses do not include the ongoing costs of the Epic system. Ardent Health Partners, Inc. Supplemental Non-GAAP Disclosures (Unaudited; Dollars in thousands) Three Months Nine Months Ended Ended September 30, September 30, ---------------- ------------------ 2024 2024 ----------- ----------- Net income $ 46,005 $ 158,817 Adjusted EBITDAR Addbacks: ------------------------------------ Income tax expense 11,062 36,997 Interest expense, net 14,629 52,050 Depreciation and amortization 36,771 108,434 Noncontrolling interest earnings (19,683) (62,678) Loss on extinguishment and modification of debt 1,490 3,388 Other non-operating losses (gains) (1) 47 (208) Cybersecurity Incident recoveries, net (2) (4,976) (4,976) Restructuring, exit and acquisition-related costs (3) 3,796 11,694 Epic expenses (4) 485 1,500 Equity-based compensation 8,135 8,873 Loss from disposed operations 3 1,989 Rent expense payable to REITs (5) 40,056 119,826 ----------- ----------- Adjusted EBITDAR $ 137,820 $ 435,706 =========== =========== (1) Other non-operating losses (gains) include gains and losses realized on certain non-recurring events or events that are non-operational in nature, including gains realized on certain asset divestitures. (2) Cybersecurity Incident recoveries, net represents insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs. (3) Restructuring, exit and acquisition-related costs represent (i) enterprise restructuring costs, including severance costs related to work force reductions of $3.2 million and $10.1 million for the three and nine months ended September 30, 2024, respectively; (ii) penalties and costs incurred for terminating pre-existing contracts at acquired facilities of $0.2 million and $0.6 million for the three and nine months ended September 30, 2024, respectively; and (iii) third-party professional fees and expenses, salaries and benefits, and other internal expenses incurred in connection with potential and completed acquisitions of $0.4 million and $1.0 million for the three and nine months ended September 30, 2024, respectively. (4) Epic expenses consist of various costs incurred in connection with the implementation of Epic, our health information technology system. These costs included professional fees of $0.5 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. Epic expenses do not include the ongoing costs of the Epic system. (5) Rent expense payable to REITs consists of rent expense of $37.2 million and $111.4 million related to the Ventas Master Lease and lease agreements associated with MOB Transactions with Ventas for the three and nine months ended September 30, 2024, respectively, and rent expense of $2.8 million and $8.4 million related to a lease arrangement with MPT for the lease of Hackensack Meridian Mountainside Medical Center for the three and nine months ended September 30, 2024, respectively. Ardent Health Partners, Inc. Supplemental Non-GAAP Disclosures (Unaudited; Dollars in millions) For the Full Year Ending December 31, 2024 ---------------------------------- Low High ----------------- --------------- Net income $ 241 $ 263 Adjusted EBITDA Addbacks: ---------------------------------------- Income tax expense 39 45 Interest expense, net 66 65 Depreciation and amortization 145 144 Noncontrolling interest earnings (85) (87) Loss on extinguishment and modification of debt 3 3 Cybersecurity Incident recoveries, net (1) (20) (25) Restructuring, exit and acquisition-related costs 13 12 Epic expenses 4 3 Equity-based compensation 17 17 Loss from disposed operations 2 -- --- -------- ------- Adjusted EBITDA $ 425 $ 440 === ======== ======= (1) Cybersecurity Incident recoveries, net represents insurance recovery proceeds associated with the Cybersecurity Incident, net of incremental information technology and litigation costs.
  

• DJ Ardent Health Partners Cut to Neutral From Buy by B of A Securities, from 8:16AM ET on Wednesday Nov 06, 2024 by Dow Jones

  8:16AM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: ARDT
  
  Ratings actions from Benzinga: https://www.benzinga.com/quote/ARDT/analyst-ratings
  
  (END) Dow Jones Newswires
  
  November 06, 2024 08:16 ET (13:16 GMT)