AMSURG CORP (AMSG) [Rocket]

In millions, except per share items	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Physician Services	1,336.8	512.0
Ambulatory Services	1,230.1	1,109.9	1,057.2	899.2
Total revenues [+]	2,566.9	1,621.9	1,057.2	899.2	772.1	692.6	650.3	588.7
Services					772.1	692.6	650.3	588.7
Healthcare	2,833.0	1,739.0	1,057.2	899.2
Revenue growth [+]	58.3%	53.4%	17.6%	16.5%	11.5%	6.5%	10.5%	13.7%
Physician Services	161.1%
Ambulatory Services	10.8%	5.0%	17.6%
Cost of goods sold [+]	1,896.4	1,143.8	697.2	597.3	508.4	444.7	330.2	292.0
Labor costs	1,314.4	694.6	327.6	284.5	238.7	209.1	196.0	170.5
Sales commissions and fees	1,314.4	694.6	327.6	284.5	238.7			170.5
Other cost of sales	397.8	284.9	216.5	185.9	168.3	145.8	134.3	121.6
Supplies costs	184.2	164.3	153.1	126.9	101.4	89.9
Other direct costs	397.8	284.9	216.5	185.9	168.3	145.8	134.3	121.6
Gross profit	670.5	478.1	360.0	301.9	263.6	247.8	320.1	296.6
Gross margin	26.1%	29.5%	34.1%	33.6%	34.1%	35.8%	49.2%	50.4%
Selling, general and administrative	97.5	60.3	32.4	29.3	25.6	24.7	22.4	20.2
Equity in earnings	16.2	7.0	3.2	1.6	0.6
Other operating expenses	-187.0	-74.2	-40.0	-30.8	-26.3	-24.7	56.7	49.1
EBITDA [+]	760.0	492.0	367.6	303.5	264.2	247.8	241.1	227.4
EBITDA growth	54.5%	33.8%	21.1%	14.9%	6.6%	2.8%	6.0%	13.8%
EBITDA margin	29.6%	30.3%	34.8%	33.8%	34.2%	35.8%	37.1%	38.6%
Depreciation	27.0	27.8	30.2	27.9	24.2	23.5	21.9	20.2
EBITA	733.0	464.2	337.4	275.6	240.1	224.4	219.2	207.2
EBITA margin	28.6%	28.6%	31.9%	30.7%	31.1%	32.4%	33.7%	35.2%
Amortization of intangibles	70.5	32.5	2.2	1.4	1.5	1.2	0.5
EBIT [+]	662.5	431.7	335.2	274.2	238.6	223.2	218.7	207.2
EBIT growth	53.5%	28.8%	22.2%	14.9%	6.9%	2.0%	5.5%	14.4%
EBIT margin	25.8%	26.6%	31.7%	30.5%	30.9%	32.2%	33.6%	35.2%
Non-recurring items [+]	45.0	37.3	2.5	0.7
Unusual expense	36.7	3.4	2.2
Interest expense	121.6	83.3	29.5	17.0	15.3	13.5	7.8	9.7
Interest expense	121.6	83.3	29.5	17.0	15.3	13.5	7.8	9.7
Other income (expense), net [+]		-16.9
Gain (loss) on debt retirement		16.9
Pre-tax income	495.9	294.2	303.1	256.6	223.3	209.7	210.9	197.5
Income taxes	113.8	48.1	48.7	40.9	35.0	33.0	34.3	32.5
Tax rate	22.9%	16.4%	16.0%	15.9%	15.7%	15.7%	16.3%	16.4%
Minority interest	218.2	191.1	188.8	161.1	140.1	130.7	129.2	118.9
Earnings from continuing ops	154.9	50.5	65.7	54.6	48.2	46.0	47.4	48.0
Earnings from discontinued ops	-1.0	-1.3	7.1	7.9	1.8	3.8	4.8	-0.9
Net income	153.9	49.2	72.7	62.6	50.0	49.8	52.1	47.0
Net margin	6.0%	3.0%	6.9%	7.0%	6.5%	7.2%	8.0%	8.0%

Basic EPS [+]	$3.22	$1.28	$2.09	$1.77	$1.58	$1.52	$1.55	$1.52
Growth	150.9%	-38.7%	18.0%	12.2%	4.0%	-1.8%	1.8%	-100.0%
Diluted EPS [+]	$3.00	$1.27	$2.05	$1.73	$1.54	$1.50	$1.54	$1.50
Growth	135.5%	-38.0%	18.9%	11.9%	2.9%	-2.3%	2.3%	-100.0%

Shares outstanding (basic) [+]	48.1	39.3	31.3	30.8	30.5	30.3	30.6	31.5
Growth	22.3%	25.4%	1.8%	1.1%	0.7%	-1.0%	-2.9%	1108869.5%
Shares outstanding (diluted) [+]	51.6	39.6	32.0	31.6	31.2	30.7	30.9	32.0
Growth	30.3%	24.0%	1.1%	1.3%	1.7%	-0.6%	-3.4%	1125062.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.