DaVita(US:DVA)2025-05-12 20:08Financial Performance - DaVita Inc. reported consolidated revenues of $3.224 billion for the first quarter of 2025, with a net income of $163 million, down from $259 million in the previous quarter[5][3]. - The diluted earnings per share for the quarter was $2.00, compared to $3.09 in the fourth quarter of 2024 and $2.65 in the first quarter of 2024[3][5]. - Operating income for the quarter was $439 million, representing a margin of 13.6%, down from 17.2% in the previous quarter[4][5]. - Total revenues for Q1 2025 were $3,223,529 thousand, compared to $3,070,555 thousand in Q1 2024, reflecting an increase of 5.0%[21]. - Net income attributable to DaVita Inc. decreased to $162,917 thousand in Q1 2025 from $239,649 thousand in Q1 2024, a decline of 32.0%[21]. - Basic earnings per share attributable to DaVita Inc. fell to $2.05 in Q1 2025, down from $2.73 in Q1 2024, a decrease of 25.0%[21]. - Operating income for Q1 2025 was $438,937 thousand, compared to $483,845 thousand in Q1 2024, a decrease of 9.3%[21]. - The company reported a net decrease in cash of $(355,252) thousand in Q1 2025, compared to a decrease of $(33,853) thousand in Q1 2024[26]. - For the twelve months ended March 31, 2025, DaVita Inc. reported a net income attributable to the company of $860 million, compared to $936 million for the previous quarter and $816 million for the same period last year[36]. Treatment and Patient Care - Total U.S. dialysis treatments for the first quarter were 7,040,519, averaging 91,793 treatments per day, with a normalized non-acquired treatment growth of (0.6)% year-over-year[6]. - Revenue per treatment increased to $400.14, up $4.27 from the previous quarter and $15.60 from the same quarter last year[7]. - Patient care costs per treatment rose to $271.77, an increase of $7.17 from the previous quarter and $16.64 year-over-year[7][8]. - As of March 31, 2025, DaVita provided dialysis services to approximately 282,000 patients across 3,173 outpatient dialysis centers[13]. - U.S. dialysis patient service revenues were $2,817 million in Q1 2025, compared to $2,881 million in Q4 2024 and $2,750 million in Q1 2024[30]. - The number of treatments in Q1 2025 was 7,040,519, a decrease of 3.3% from 7,278,605 in Q4 2024 and a slight increase from 7,151,512 in Q1 2024[30]. Cash Flow and Expenses - Net cash provided by operating activities was $180,009 thousand in Q1 2025, compared to a net cash used of $(134,836) thousand in Q1 2024[26]. - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $524,573 thousand, compared to $430,781 thousand at the end of Q1 2024, an increase of 21.8%[26]. - Total operating expenses increased to $2,784,592 thousand in Q1 2025 from $2,586,710 thousand in Q1 2024, an increase of 7.6%[21]. - Operating cash flow for Q1 2025 was $180 million, significantly lower than $548 million in Q4 2024 and a turnaround from $(135) million in Q1 2024[32]. - Free cash flow for Q1 2025 was $(45) million, compared to $281 million in Q4 2024 and $(327) million in Q1 2024[32]. Debt and Leverage - Total debt increased to $9,799 million in Q1 2025 from $9,511 million in Q4 2024, with a leverage ratio of 3.27x[32]. - The total debt as of March 31, 2025, was $9,799 million, up from $9,511 million at December 31, 2024, and $9,179 million at March 31, 2024[36]. - The leverage ratio as of March 31, 2025, was 3.27x, compared to 3.03x in the previous quarter and 3.29x a year ago, remaining below the maximum permitted leverage ratio of 5.00x[36]. Share Repurchase and Guidance - DaVita repurchased 3.7 million shares for $550 million during the first quarter, at an average price of $148.94 per share[10]. - The company has a guidance for adjusted operating income between $2.010 billion and $2.160 billion for 2025, with adjusted diluted net income per share projected between $10.20 and $11.30[16]. - The company reported interest expenses of $437 million for the twelve months ended March 31, 2025, compared to $407 million in the previous quarter and $353 million in the same period last year[36]. Tax and Non-GAAP Measures - The effective income tax rate on income attributable to DaVita Inc. was 24.9% for the first quarter of 2025[12]. - The effective income tax rate on income attributable to DaVita Inc. increased to 24.9% for the three months ended March 31, 2025, compared to 19.9% in the previous quarter[55]. - The company’s management believes that the presentation of non-GAAP measures, such as adjusted operating income and adjusted net income, enhances understanding of the company's performance over time and relative to competitors[43].