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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, 2021
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-20210930_g1.jpg
DAVITA INC.
Delaware 51-0354549
(State of incorporation) (I.R.S. Employer Identification No.)
2000 16th Street
Denver,CO80202
Telephone number (720631-2100
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 filerAccelerated 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 22, 2021, the number of shares of the Registrant’s common stock outstanding was approximately 101.9 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,
 2021202020212020
Dialysis patient service revenues$2,837,940 $2,781,650 $8,370,484 $8,253,128 
Other revenues100,379 142,416 304,346 392,154 
Total revenues2,938,319 2,924,066 8,674,830 8,645,282 
Operating expenses:  
Patient care costs2,008,589 1,971,719 5,912,196 5,931,732 
General and administrative293,095 363,280 872,612 943,065 
Depreciation and amortization170,462 156,894 505,852 468,949 
Equity investment income, net(8,704)(5,496)(23,785)(27,681)
Loss on changes in ownership interest, net   16,252 
Total operating expenses2,463,442 2,486,397 7,266,875 7,332,317 
Operating income474,877 437,669 1,407,955 1,312,965 
Debt expense(72,829)(73,658)(213,167)(243,642)
Debt prepayment, refinancing and redemption charges (86,074) (89,022)
Other (loss) income, net(7,590)5,395 8,766 10,590 
Income from continuing operations before income taxes394,458 283,332 1,203,554 990,891 
Income tax expense74,704 65,792 241,224 240,564 
Net income from continuing operations319,754 217,540 962,330 750,327 
Net income from discontinued operations, net of tax   9,980 
Net income319,754 217,540 962,330 760,307 
Less: Net income attributable to noncontrolling interests(60,000)(58,866)(171,353)(160,438)
Net income attributable to DaVita Inc.$259,754 $158,674 $790,977 $599,869 
Earnings per share attributable to DaVita Inc.:  
Basic net income from continuing operations$2.48 $1.31 $7.41 $4.81 
Basic net income$2.48 $1.31 $7.41 $4.89 
Diluted net income from continuing operations$2.36 $1.28 $7.08 $4.72 
Diluted net income$2.36 $1.28 $7.08 $4.80 
Weighted average shares for earnings per share:
Basic shares104,793 120,905 106,685 122,582 
Diluted shares109,838 123,954 111,666 124,927 
Amounts attributable to DaVita Inc.:
Net income from continuing operations$259,754 $158,674 $790,977 $589,889 
Net income from discontinued operations   9,980 
Net income attributable to DaVita Inc.$259,754 $158,674 $790,977 $599,869 
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,
 2021202020212020
Net income$319,754 $217,540 $962,330 $760,307 
Other comprehensive (loss) income, net of tax:  
Unrealized (losses) gains on interest rate cap agreements:  
Unrealized (losses) gains(357)(1,628)2,466 (16,470)
Reclassifications of net realized losses into net income1,034 1,034 3,100 4,280 
Unrealized (losses) gains on foreign currency translation:(54,528)13,171 (59,162)(62,842)
Other comprehensive (loss) income(53,851)12,577 (53,596)(75,032)
Total comprehensive income265,903 230,117 908,734 685,275 
Less: Comprehensive income attributable to noncontrolling interests(60,000)(58,866)(171,353)(160,438)
Comprehensive income attributable to DaVita Inc.$205,903 $171,251 $737,381 $524,837 
 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, 2021December 31, 2020
ASSETS  
Cash and cash equivalents$1,045,742 $324,958 
Restricted cash and equivalents92,867 176,832 
Short-term investments26,690 20,101 
Accounts receivable2,027,599 1,824,282 
Inventories114,096 111,625 
Other receivables410,796 544,376 
Prepaid and other current assets69,060 76,387 
Income tax receivable52,688 70,163 
Total current assets3,839,538 3,148,724 
Property and equipment, net of accumulated depreciation of $4,838,262 and $4,480,429, respectively
3,463,212 3,521,824 
Operating lease right-of-use assets2,860,172 2,863,089 
Intangible assets, net of accumulated amortization of $66,455 and $70,141, respectively
152,121 166,585 
Equity method and other investments243,163 257,491 
Long-term investments33,598 32,193 
Other long-term assets101,469 79,501 
Goodwill6,940,667 6,919,109 
 $17,633,940 $16,988,516 
LIABILITIES AND EQUITY  
Accounts payable$387,712 $434,253 
Other liabilities723,080 810,529 
Accrued compensation and benefits683,045 685,555 
Current portion of operating lease liabilities388,089 369,497 
Current portion of long-term debt166,818 168,541 
Income tax payable14,309 7,768 
Total current liabilities2,363,053 2,476,143 
Long-term operating lease liabilities2,716,707 2,738,670 
Long-term debt8,770,883 7,917,263 
Other long-term liabilities163,051 150,060 
Deferred income taxes868,078 809,600 
Total liabilities14,881,772 14,091,736 
Commitments and contingencies
Noncontrolling interests subject to put provisions1,423,917 1,330,028 
Equity:  
Preferred stock ($0.001 par value, 5,000 shares authorized; none issued)
  
Common stock ($0.001 par value, 450,000 shares authorized; 110,886 and 103,136 shares issued
 and outstanding at September 30, 2021, respectively, and 109,933 shares issued and outstanding
 at December 31, 2020)
111 110 
Additional paid-in capital525,009 597,073 
Retained earnings1,643,514 852,537 
Treasury stock (7,750 and zero shares, respectively)
(899,447) 
Accumulated other comprehensive loss(119,750)(66,154)
Total DaVita Inc. shareholders' equity1,149,437 1,383,566 
Noncontrolling interests not subject to put provisions178,814 183,186 
Total equity1,328,251 1,566,752 
 $17,633,940 $16,988,516 
See notes to condensed consolidated financial statements.
3


DAVITA INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
(dollars in thousands)
Nine months ended September 30,
 20212020
Cash flows from operating activities:  
Net income$962,330 $760,307 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization505,852 468,949 
Debt prepayment, refinancing and redemption charges 86,957 
Stock-based compensation expense75,898 67,217 
Deferred income taxes56,724 191,783 
Equity investment (income) loss, net(1,687)3,026 
Loss on sales of business interests, net 16,252 
Other non-cash charges, net13,418 (7,980)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Accounts receivable(205,792)(12,405)
Inventories(2,490)(8,445)
Other receivables and prepaid and other current assets144,967 (62,025)
Other long-term assets(19,663)(1,853)
Accounts payable(47,412)445 
Accrued compensation and benefits(7,176)(12,124)
Other current liabilities(87,842)123,833 
Income taxes22,609 (100,160)
Other long-term liabilities(8,748)(19,547)
Net cash provided by operating activities1,400,988 1,494,230 
Cash flows from investing activities: 
Additions of property and equipment(451,909)(449,896)
Acquisitions(45,143)(112,597)
Proceeds from asset and business sales46,578 83,339 
Purchase of debt investments held-to-maturity(13,274)(147,829)
Purchase of other debt and equity investments(2,609)(3,388)
Proceeds from debt investments held-to-maturity13,274 148,341 
Proceeds from sale of other debt and equity investments11,976 3,434 
Purchase of intangible assets(745) 
Purchase of equity method investments(7,925)(9,613)
Distributions from equity method investments1,592 902 
Net cash used in investing activities(448,185)(487,307)
Cash flows from financing activities:
Borrowings1,613,036 3,826,484 
Payments on long-term debt(812,659)(3,927,411)
Deferred financing costs(9,091)(105,705)
Purchase of treasury stock(882,411)(1,025,878)
Distributions to noncontrolling interests(177,146)(179,098)
Net payments related to stock purchases and awards(59,849)3,838 
Contributions from noncontrolling interests28,295 32,854 
Proceeds from sales of additional noncontrolling interest2,880  
Purchases of noncontrolling interests(11,658)(6,782)
Net cash used in financing activities(308,603)(1,381,698)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(7,381)(16,606)
Net increase (decrease) in cash, cash equivalents and restricted cash636,819 (391,381)
Less: Net increase in cash, cash equivalents and restricted cash from discontinued operations  
Net increase (decrease) in cash, cash equivalents and restricted cash from continuing operations636,819 (391,381)
Cash, cash equivalents and restricted cash of continuing operations at beginning of the year501,790 1,208,718 
Cash, cash equivalents and restricted cash of continuing operations at end of the period$1,138,609 $817,337 
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, 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 income(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 income(53,596)(53,596)
Stock award plans953 1(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.

5


DAVITA INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(dollars and shares in thousands)
Three months ended September 30, 2020
 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, 2020$1,241,937 126,037 $126 $719,102 $1,872,933 (4,052)$(303,139)$(135,107)$2,153,915 $179,902 
Comprehensive income:
Net income40,854 158,674 158,674 18,012 
Other comprehensive income12,577 12,577 
Stock award plan28 (934)(934)
Stock-settled stock-based
 compensation expense
24,913 24,913 
Changes in noncontrolling
 interest from:
Distributions(38,154)(22,391)
Contributions10,348 1,924 
Acquisitions and divestitures1,136 
Fair value remeasurements48,949 (48,949)(48,949)
Purchase of treasury stock(8,232)(725,439)(725,439)
Balance at September 30, 2020$1,303,934 126,065 $126 $694,132 $2,031,607 (12,284)$(1,028,578)$(122,530)$1,574,757 $178,583 

Nine months ended September 30, 2020
 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, 2019$1,180,376 125,843 $126 $749,043 $1,431,738  $ $(47,498)$2,133,409 $185,833 
Comprehensive income:
Net income107,737 599,869 599,869 52,701 
Other comprehensive loss(75,032)(75,032)
Stock award plan222 (9,145)(9,145)
Stock-settled stock-based
 compensation expense
66,591 66,591 
Changes in noncontrolling
 interest from:
Distributions(115,289)(63,809)
Contributions24,443 8,411 
Acquisitions and divestitures(3,214)(247)
Partial purchases(6,673)4,197 4,197 (4,306)
Fair value remeasurements116,554 (116,554)(116,554)
Purchase of treasury stock(12,284)(1,028,578)(1,028,578)
Balance at September 30, 2020$1,303,934 126,065 $126 $694,132 $2,031,607 (12,284)$(1,028,578)$(122,530)$1,574,757 $178,583 

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, impairments of goodwill, accounting for income taxes, certain fair value estimates 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, 2020 (2020 10-K). Prior period classifications have been conformed 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 table summarizes the Company's segment revenues by primary payor source:
Three months ended September 30, 2021Three months ended September 30, 2020
U.S. dialysisOther - Ancillary servicesConsolidatedU.S. dialysisOther - Ancillary servicesConsolidated
Dialysis patient service revenues:
Medicare and Medicare Advantage(1)
$1,543,819 $$1,543,819 $1,541,707 $$1,541,707 
Medicaid and Managed Medicaid203,169 203,169 193,254 193,254 
Other government(1)
82,624 113,260 195,884 83,602 98,044 181,646 
Commercial862,218 54,857 917,075 858,247 43,845 902,092 
Other revenues:
Medicare and Medicare Advantage77,277 77,277 111,248 111,248 
Medicaid and Managed Medicaid377 377 412 412 
Commercial7,164 7,164 7,799 7,799 
Other(2)
6,216 9,442 15,658 17,409 9,895 27,304 
Eliminations of intersegment revenues(22,104) (22,104)(37,317)(4,079)(41,396)
Total$2,675,942 $262,377 $2,938,319 $2,656,902 $267,164 $2,924,066 
(1)During the first quarter of 2021, the Company realigned the classification of revenue previously disclosed in the “Other government” category to the “Medicare and Medicare Advantage” category for certain government-reimbursed plans which have structure and payment characteristics similar to traditional Medicare Advantage plans. The classification of revenue for these plans for the three months ended September 30, 2020 has also been recast to conform to the current period presentation.
(2)Other consists of management service fees earned in the respective Company line of business as well as other revenue from the Company's ancillary services.
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, 2021Nine months ended September 30, 2020
U.S. dialysisOther - Ancillary servicesConsolidatedU.S. dialysisOther - Ancillary servicesConsolidated
Dialysis patient service revenues:
Medicare and Medicare Advantage(1)
$4,586,278 $$4,586,278 $4,619,852 $$4,619,852 
Medicaid and Managed Medicaid585,053 585,053 547,045 547,045 
Other government(1)
245,125 338,553 583,678 253,654 283,431