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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number: 1-14106
dva-20220930_g1.jpg
DAVITA INC.
Delaware 51-0354549
(State of incorporation) (I.R.S. Employer Identification No.)
2000 16th Street
Denver,CO80202
Telephone number (720) 631-2100
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading symbol(s):Name of each exchange on which registered:
Common Stock, $0.001 par value DVANYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
    
Non-accelerated filer☐ Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ☐    No  ☒
As of October 27, 2022, the number of shares of the registrant’s common stock outstanding was approximately 90.1 million shares.


DAVITA INC.
INDEX

   Page No.
  PART I. FINANCIAL INFORMATION 
    
Item 1.  
  
  
  
  
  
  
Item 2. 
Item 3. 
Item 4. 
    
  PART II. OTHER INFORMATION 
Item 1. 
Item 1A. 
Item 2. 
Item 6. 
  
Note: Items 3, 4 and 5 of Part II are omitted because they are not applicable. 
i


DAVITA INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share data)


Three months ended September 30,Nine months ended September 30,
 2022202120222021
Dialysis patient service revenues$2,846,494 $2,837,940 $8,372,874 $8,370,484 
Other revenues102,200 100,379 320,132 304,346 
Total revenues2,948,694 2,938,319 8,693,006 8,674,830 
Operating expenses:    
Patient care costs2,085,555 2,008,589 6,120,872 5,912,196 
General and administrative365,447 293,095 975,486 872,612 
Depreciation and amortization194,414 170,462 538,534 505,852 
Equity investment income, net(8,509)(8,704)(24,696)(23,785)
Total operating expenses2,636,907 2,463,442 7,610,196 7,266,875 
Operating income311,787 474,877 1,082,810 1,407,955 
Debt expense(99,680)(72,829)(256,057)(213,167)
Other (loss) income, net(4,898)(7,590)(7,968)8,766 
Income before income taxes207,209 394,458 818,785 1,203,554 
Income tax expense42,515 74,704 163,757 241,224 
Net income164,694 319,754 655,028 962,330 
Less: Net income attributable to noncontrolling interests(59,328)(60,000)(162,731)(171,353)
Net income attributable to DaVita Inc.$105,366 $259,754 $492,297 $790,977 
Earnings per share attributable to DaVita Inc.:  
Basic net income$1.16 $2.48 $5.24 $7.41 
Diluted net income$1.13 $2.36 $5.07 $7.08 
Weighted average shares for earnings per share:
Basic shares91,160 104,793 93,959 106,685 
Diluted shares93,263 109,838 97,153 111,666 
See notes to condensed consolidated financial statements.
1

DAVITA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(dollars in thousands)
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Net income$164,694 $319,754 $655,028 $962,330 
Other comprehensive (loss) income, net of tax:  
Unrealized gains (losses) on interest rate cap agreements:  
Unrealized gains (losses)41,312 (357)95,660 2,466 
Reclassifications of net realized losses into net income1,033 1,034 3,100 3,100 
Unrealized losses on foreign currency translation:(66,100)(54,528)(95,064)(59,162)
Other comprehensive (loss) income(23,755)(53,851)3,696 (53,596)
Total comprehensive income140,939 265,903 658,724 908,734 
Less: Comprehensive income attributable to
 noncontrolling interests		(59,328)(60,000)(162,731)(171,353)
Comprehensive income attributable to DaVita Inc.$81,611 $205,903 $495,993 $737,381 
 See notes to condensed consolidated financial statements.

2

DAVITA INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars and shares in thousands, except per share data)
September 30, 2022December 31, 2021
ASSETS  
Cash and cash equivalents$367,510 $461,900 
Restricted cash and equivalents94,704 93,060 
Short-term investments74,305 22,310 
Accounts receivable2,089,017 1,957,583 
Inventories106,845 107,428 
Other receivables392,851 427,321 
Prepaid and other current assets65,807 72,517 
Income tax receivable11,403 25,604 
Total current assets3,202,442 3,167,723 
Property and equipment, net of accumulated depreciation of $5,114,579 and $4,763,135, respectively
3,240,310 3,479,972 
Operating lease right-of-use assets2,721,888 2,824,787 
Intangible assets, net of accumulated amortization of $46,907 and $60,730, respectively
179,715 177,693 
Equity method and other investments243,554 238,881 
Long-term investments43,535 49,514 
Other long-term assets307,713 136,677 
Goodwill7,022,642 7,046,241 
 $16,961,799 $17,121,488 
LIABILITIES AND EQUITY  
Accounts payable$417,139 $402,049 
Other liabilities796,200 709,345 
Accrued compensation and benefits702,877 659,960 
Current portion of operating lease liabilities396,880 394,357 
Current portion of long-term debt214,254 179,030 
Income tax payable10,059 53,792 
Total current liabilities2,537,409 2,398,533 
Long-term operating lease liabilities2,558,355 2,672,713 
Long-term debt8,867,187 8,729,150 
Other long-term liabilities106,895 119,158 
Deferred income taxes819,073 830,954 
Total liabilities14,888,919 14,750,508 
Commitments and contingencies
Noncontrolling interests subject to put provisions1,370,753 1,434,832 
Equity:  
Preferred stock ($0.001 par value, 5,000 shares authorized; none issued)
— — 
Common stock ($0.001 par value, 450,000 shares authorized; 98,199 and 90,104 shares
 issued and outstanding at September 30, 2022, respectively, and 97,289 shares issued and
 outstanding at December 31, 2021)
98 97 
Additional paid-in capital609,345 540,321 
Retained earnings846,634 354,337 
Treasury stock (8,095 and zero shares, respectively)
(787,854)— 
Accumulated other comprehensive loss(135,551)(139,247)
Total DaVita Inc. shareholders' equity532,672 755,508 
Noncontrolling interests not subject to put provisions169,455 180,640 
Total equity702,127 936,148 
 $16,961,799 $17,121,488 
See notes to condensed consolidated financial statements.
3

DAVITA INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
(dollars in thousands)
Nine months ended September 30,
 20222021
Cash flows from operating activities:  
Net income$655,028 $962,330 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization538,534 505,852 
Stock-based compensation expense77,904 75,898 
Deferred income taxes(35,637)56,724 
Equity investment income, net(417)(1,687)
Other non-cash charges, net16,035 13,418 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable(135,632)(205,792)
Inventories347 (2,490)
Other receivables and prepaid and other current assets43,392 144,967 
Other long-term assets(49,326)(19,663)
Accounts payable38,870 (47,412)
Accrued compensation and benefits35,491 (7,176)
Other current liabilities87,248 (87,842)
Income taxes(37,770)22,609 
Other long-term liabilities(13,219)(8,748)
Net cash provided by operating activities1,220,848 1,400,988 
Cash flows from investing activities: 
Additions of property and equipment(409,391)(451,909)
Acquisitions(43,811)(45,143)
Proceeds from asset and business sales116,088 46,578 
Purchase of debt investments held-to-maturity(94,602)(13,274)
Purchase of other debt and equity investments(3,322)(2,609)
Proceeds from debt investments held-to-maturity40,660 13,274 
Proceeds from sale of other debt and equity investments3,763 11,976 
Other(782)(745)
Purchase of equity method investments(28,176)(7,925)
Distributions from equity method investments2,490 1,592 
Net cash used in investing activities(417,083)(448,185)
Cash flows from financing activities:
Borrowings1,705,913 1,613,036 
Payments on long-term debt(1,557,358)(812,659)
Deferred financing and debt redemption costs— (9,091)
Purchase of treasury stock(802,228)(882,411)
Distributions to noncontrolling interests(188,592)(177,146)
Net payments related to stock purchases and awards(42,248)(59,849)
Contributions from noncontrolling interests11,382 28,295 
Proceeds from sales of additional noncontrolling interests3,673 2,880 
Purchases of noncontrolling interests(20,770)(11,658)
Net cash used in financing activities(890,228)(308,603)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,283)(7,381)
Net (decrease) increase in cash, cash equivalents and restricted cash(92,746)636,819 
Cash, cash equivalents and restricted cash at beginning of the year554,960 501,790 
Cash, cash equivalents and restricted cash at end of the period$462,214 $1,138,609 
See notes to condensed consolidated financial statements.
4

DAVITA INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(dollars and shares in thousands)
Three months ended September 30, 2022
 Non-
controlling
interests
subject to
put provisions		DaVita Inc. Shareholders’ EquityNon-
controlling
interests not
subject to
put provisions
 Common stockAdditional
paid-in
capital		Retained
earnings		Treasury stockAccumulated
other
comprehensive
loss
 SharesAmountSharesAmountTotal
Balance at June 30, 2022$1,385,821 98,179 $98 $578,272 $741,268 (5,973)$(603,058)$(111,796)$604,784 $170,390 
Comprehensive income:
Net income39,205 105,366 105,366 20,123 
Other comprehensive loss(23,755)(23,755)
Stock award plan20 (986)(986)
Stock-settled stock-based
 compensation expense		27,619 27,619 
Changes in noncontrolling
 interest from:
Distributions(48,275)(22,002)
Contributions1,996 270 
Acquisitions and divestitures867 
Partial purchases(215)(3,339)(3,339)(193)
Fair value remeasurements(7,779)7,779 7,779 
Other
Purchase of treasury stock(2,122)(184,796)(184,796)
Balance at September 30, 2022$1,370,753 98,199 $98 $609,345 $846,634 (8,095)$(787,854)$(135,551)$532,672 $169,455 
Nine months ended September 30, 2022
 Non-
controlling
interests
subject to
put provisions		DaVita Inc. Shareholders’ EquityNon-
controlling
interests not
subject to
put provisions
 Common stockAdditional
paid-in
capital		Retained
earnings		Treasury stockAccumulated
other
comprehensive
loss
 SharesAmountSharesAmountTotal
Balance at December 31, 2021$1,434,832 97,289 $97 $540,321 $354,337 — $— $(139,247)$755,508 $180,640 
Comprehensive income:
Net income113,157 492,297 492,297 49,574 
Other comprehensive income3,696 3,696 
Stock award plan910 1 (55,359)(55,358)
Stock-settled stock-based
 compensation expense		77,835 77,835 
Changes in noncontrolling
 interest from:
Distributions(125,534)(63,058)
Contributions9,300 2,082 
Acquisitions and divestitures2,392 939 939 867 
Partial purchases(11,633)(6,609)(6,609)(193)
Fair value remeasurements(52,218)52,218 52,218 
Other457 (457)
Purchase of treasury stock(8,095)(787,854)(787,854)
Balance at September 30, 2022$1,370,753 98,199 $98 $609,345 $846,634 (8,095)$(787,854)$(135,551)$532,672 $169,455 
See notes to condensed consolidated financial statements.

5

DAVITA INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(dollars and shares in thousands)
Three months ended September 30, 2021
 Non-
controlling
interests
subject to
put provisions		DaVita Inc. Shareholders’ EquityNon-
controlling
interests not
subject to
put provisions
 Common stockAdditional
paid-in
capital		Retained
earnings		Treasury stockAccumulated
other
comprehensive
loss		 
 SharesAmountSharesAmountTotal
Balance at June 30, 2021$1,426,211 110,644 $111 $523,038 $1,383,760 (5,019)$(563,230)$(65,899)$1,277,780 $185,046 
Comprehensive income:
Net income41,182 259,754 259,754 18,818 
Other comprehensive loss(53,851)(53,851)
Stock award plans242 (23,584)(23,584)
Stock-settled stock-based
 compensation expense		24,055 24,055 
Changes in noncontrolling
 interest from:
Distributions(49,766)(28,018)
Contributions9,041 3,329 
Acquisitions and divestitures5,903 (351)(351)1 
Partial purchases(6,803)(6,803)(362)
Fair value remeasurements(8,654)8,654 8,654 
Purchase of treasury stock(2,731)(336,217)(336,217)
Balance at September 30, 2021$1,423,917 110,886 $111 $525,009 $1,643,514 (7,750)$(899,447)$(119,750)$1,149,437 $178,814 
Nine months ended September 30, 2021
 Non-
controlling
interests
subject to
put provisions		DaVita Inc. Shareholders’ EquityNon-
controlling
interests not
subject to
put provisions
 Common stockAdditional
paid-in
capital		Retained
earnings		Treasury stockAccumulated
other
comprehensive
loss
 SharesAmountSharesAmountTotal
Balance at December 31, 2020$1,330,028 109,933 $110 $597,073 $852,537 — $— $(66,154)$1,383,566 $183,186 
Comprehensive income:
Net income121,774 790,977 790,977 49,579 
Other comprehensive loss(53,596)(53,596)
Stock award plans9531(74,761)(74,760)
Stock-settled stock-based
 compensation expense		74,568 74,568 
Changes in noncontrolling interest
 from:
Distributions(114,008)(63,138)
Contributions19,830 8,465 
Acquisitions and divestitures5,903 (351)(351)1,250 
Partial purchases(552)(10,578)(10,578)(528)
Fair value remeasurements60,942 (60,942)(60,942)
Purchase of treasury stock(7,750)(899,447)(899,447)
Balance at September 30, 2021$1,423,917 110,886 $111 $525,009 $1,643,514 (7,750)$(899,447)$(119,750)$1,149,437 $178,814 

See notes to condensed consolidated financial statements.
6

DAVITA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(dollars and shares in thousands, except per share data)

Unless otherwise indicated in this Quarterly Report on Form 10-Q, "the Company", "we", "us", "our" and similar terms refer to DaVita Inc. and its consolidated subsidiaries.
1.     Condensed consolidated interim financial statements
The unaudited condensed consolidated interim financial statements included in this report are prepared by the Company. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations are reflected in these condensed consolidated interim financial statements. All significant intercompany accounts and transactions have been eliminated. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities, contingencies and noncontrolling interests subject to put provisions. The most significant estimates and assumptions underlying these financial statements and accompanying notes generally involve revenue recognition and accounts receivable, certain fair value estimates, accounting for income taxes and loss contingencies. The results of operations reflected in these interim financial statements may not necessarily be indicative of annual operating results. These condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (2021 10-K). Prior period classifications conform to the current period presentation. The Company has evaluated subsequent events through the date these condensed consolidated interim financial statements were issued and has included all necessary adjustments and disclosures. 
2.     Revenue recognition
The following tables summarize the Company's segment revenues by primary payor source:
Three months ended September 30, 2022Three months ended September 30, 2021
U.S. dialysisOther — Ancillary servicesConsolidatedU.S. dialysisOther — Ancillary servicesConsolidated
Dialysis patient service revenues:
Medicare and Medicare Advantage$1,535,680 $$1,535,680 $1,543,819 $$1,543,819 
Medicaid and Managed Medicaid193,853 193,853 203,169 203,169 
Other government86,852 116,084 202,936 82,624 113,260 195,884 
Commercial880,812 56,170 936,982 862,218 54,857 917,075 
Other revenues:
Medicare and Medicare Advantage78,345 78,345 77,277 77,277 
Medicaid and Managed Medicaid412 412 377 377 
Commercial6,484 6,484 7,164 7,164 
Other(1)
6,056 10,903 16,959 6,216 9,442 15,658 
Eliminations of intersegment revenues(22,957)(22,957)(22,104)(22,104)
Total$2,680,296 $268,398 $2,948,694 $2,675,942 $262,377 $2,938,319 
(1)Other primarily consists of management service fees earned in the respective Company line of business as well as other non-patient service revenue from the Company's U.S. ancillary services and international operations.
7

DAVITA INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(continued)
(unaudited)
(dollars and shares in thousands, except per share data)

Nine months ended September 30, 2022Nine months ended September 30, 2021
U.S. dialysisOther - Ancillary servicesConsolidatedU.S. dialysisOther - Ancillary servicesConsolidated
Dialysis patient service revenues:
Medicare and Medicare Advantage$4,529,300 $$4,529,300 $4,586,278 $$4,586,278 
Medicaid and Managed Medicaid570,380 570,380 585,053 585,053 
Other government253,731 349,633 603,364 245,125 338,553 583,678 
Commercial2,570,054 164,302 2,734,356 2,528,499 157,172 2,685,671 
Other revenues:
Medicare and Medicare Advantage255,204 255,204 243,085 243,085 
Medicaid and Managed Medicaid1,181 1,181 981 981 
Commercial16,029 16,029 14,387 14,387 
Other(1)
18,124 29,584 47,708 19,308 31,107 50,415 
Eliminations of intersegment revenues(64,516)(64,516)(70,424)(4,294)(74,718)
Total$7,877,073 $