Business Context and Reporting Period
Company: DaVita Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: August 3, 2004
Reporting Period: Quarter and six months ended June 30, 2004
This filing serves as a disclosure of results of operations and financial condition, referencing a press release issued on August 2, 2004, which contains the detailed financial data for the specified periods.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the attached press release (Exhibit 99.1) rather than the body of this 8-K report.
The company utilizes the following non-GAAP financial measures to supplement GAAP results:
- Free cash flow.
- Operating cash flows and free cash flows excluding Medicare lab recoveries related to prior period services and excluding the tax benefit from stock option exercises.
- Operating income excluding depreciation, amortization, and minority interest (used to calculate debt leverage ratio).
Material Changes
The filing text does not provide specific data regarding material changes versus the prior comparable period. Investors must refer to the attached press release (Exhibit 99.1) for year-over-year comparisons and specific operational changes.
Guidance, Outlook, and Risks
Forward-Looking Statements: The referenced press release contains forward-looking statements regarding performance for 2004. The company explicitly states it undertakes no obligation to update these statements based on new information or future events.
Risk Factors: Detailed discussions of factors affecting operating results are located in the "Management's Discussion and Analysis" and "Risk Factors" sections of the Annual Report on Form 10-K for the fiscal year ended December 31, 2003, and the upcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2004.
Unusual Items: The company notes the historical exclusion of certain non-recurring expenses and Medicare lab recoveries for prior years' services in its non-GAAP reporting to ensure consistency and comparability.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated August 2, 2004) for specific revenue, earnings, and cash flow figures.
- Examine the reconciliation tables in the press release to understand the differences between GAAP and non-GAAP measures.
- Consult the Form 10-K (fiscal year 2003) and the upcoming Form 10-Q (Q2 2004) for detailed risk factors and management commentary.
- Verify the impact of Medicare lab recoveries and stock option tax benefits on reported cash flows.