| Metric (Unit: Million USD) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Dialysis              | **2,658**  **[0000927066-23-000009_dva-123122ex991.htm:12]**  | **2,612**  **[0000927066-23-000104_dva-20230331.htm:20]**  | **2,731**  **[0000927066-23-000178_dva-20230630.htm:32]**  | **2,785**  **[0000927066-23-000209_dva-20230930.htm:27]**  | **2,809**  **[0000927066-24-000005_dva-123123ex991.htm:12]**  | **2,756**  **[0000927066-24-000090_dva-20240331.htm:20]** **[0000927066-24-000090_dva-20240331.htm:31]**  | **2,841.010**  **[0000927066-24-000128_dva-20240630.htm:27]**  | **2,906**  **[0000927066-24-000179_dva-20240930.htm:25]**  |
| Other - Ancillary Services | **286**  **[0000927066-23-000009_dva-123122ex991.htm:12]**  | **284**  **[0000927066-23-000102_dva-33123ex991.htm:11]**  | **292**  **[0000927066-23-000178_dva-20230630.htm:32]**  | **363**  **[0000927066-23-000207_dva-93023ex991.htm:12]**  | **361**  **[0000927066-24-000005_dva-123123ex991.htm:12]**  | **342**  **[0000927066-24-000089_dva-33124ex991.htm:12]** **[0000927066-24-000090_dva-20240331.htm:31]**  | **362.460**  **[0000927066-24-000128_dva-20240630.htm:27]**  | **376.328**  **[0000927066-24-000179_dva-20240930.htm:25]**  |
| Eliminations               | **(27)**  **[0000927066-23-000009_dva-123122ex991.htm:12]**  | N/A | **(22)**  **[0000927066-23-000178_dva-20230630.htm:32]**  | **(27)**  **[0000927066-23-000207_dva-93023ex991.htm:12]**  | **(24)**  **[0000927066-24-000005_dva-123123ex991.htm:12]**  | **(27)**  **[0000927066-24-000090_dva-20240331.htm:31]**  | N/A | **(18.738)**  **[0000927066-24-000179_dva-20240930.htm:25]**  |
| Total Consolidated Revenue | **2,917**  **[0000927066-23-000009_dva-123122ex991.htm:12]**  | **2,873**  **[0000927066-23-000102_dva-33123ex991.htm:11]**  | **3,000**  **[0000927066-23-000178_dva-20230630.htm:32]**  | **3,121**  **[0000927066-23-000207_dva-93023ex991.htm:12]**  | **3,146**  **[0000927066-24-000005_dva-123123ex991.htm:12]**  | **3,071**  **[0000927066-24-000090_dva-20240331.htm:31]**  | **3,186.722**  **[0000927066-24-000128_dva-20240630.htm:27]**  | **3,263.590**  **[0000927066-24-000179_dva-20240930.htm:25]**  |

d62dec4171033ccdb8531bf6143bb98846558b380e9fff215e07230caf28a6ed

Number of centers operated at end of period in U.S. (centers)

Number of centers operated at end of period in International (centers)

Dialysis treatments in the U.S. (treatments)

Average dialysis treatments per day in the U.S. (treatments per day)

Normalized non-acquired dialysis treatment growth in the U.S. (percentage)

Days sales outstanding for U.S. dialysis business (days)

Number of patients in risk-based integrated care arrangements (patients)

Number of patients in other integrated care arrangements (patients)

ffd4a1bfbd41a6e48c7cc9cace595c25c5eeb3e4736cb040bd7a10104ab4c5ee

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

6137087e997795da91af1b7af89dd400f84111e40258ad36d3f10fddc532e662

e4a88cb933ebf74ff06886252e2c1770ffd8e2e8c89b925121074791e4eb2271

13955107216e9af5d37ac0440b204f1988e616e149d99f029d86a32cc47aef3e

**Patient Care Costs per Treatment**

**Dialysis Treatments**

**Average Treatments per Day**

**Normalized Non-Acquired Treatment Growth**

b25976286019732169c71dbe3546a4520f1d50177aa953fefab69bf95783ce4b

DaVita Inc. is a leading provider of dialysis and related lab services in the United States, primarily serving patients with chronic kidney failure, also known as end stage renal disease (ESRD) or end stage kidney disease (ESKD) **[0000927066-24-000013_dva-20231231.htm:153]** **[0000927066-24-000013_dva-20231231.htm:4]**. The company operates 2,675 outpatient dialysis centers in the U.S., serving approximately 200,800 patients as of December 31, 2023, making it a major revenue driver **[0000927066-24-000013_dva-20231231.htm:4]** **[0000927066-24-000013_dva-20231231.htm:110]**. In addition to its U.S. operations, DaVita offers integrated kidney care services, international dialysis operations, and various ancillary services, including clinical research and transplant software **[0000927066-24-000013_dva-20231231.htm:106]** **[0000927066-24-000013_dva-20231231.htm:16]** **[0000927066-24-000013_dva-20231231.htm:17]**.

1. **U.S. Dialysis Business** - Provides dialysis and related lab services to patients with chronic kidney failure, operating 2,675 outpatient centers and serving approximately 200,800 patients in the U.S. **[0000927066-24-000013_dva-20231231.htm:153]** **[0000927066-24-000013_dva-20231231.htm:4]**.
2. **Integrated Kidney Care (IKC)** - Offers advanced integrated care management services to health plans and government programs for patients with ESKD and chronic kidney disease (CKD), showing significant growth **[0000927066-24-000013_dva-20231231.htm:106]** **[0000927066-24-000013_dva-20231231.htm:16]**.
3. **International Operations** - Manages 367 outpatient dialysis centers across 11 countries, serving about 49,400 patients **[0000927066-24-000013_dva-20231231.htm:4]** **[0000927066-24-000013_dva-20231231.htm:17]**.
4. **Ancillary Services** - Includes clinical research through DaVita Clinical Research, a transplant software business called MedSleuth, and a venture group focused on innovative kidney disease solutions **[0000927066-24-000013_dva-20231231.htm:17]**.

2566a5cdde13321e9c9330284b4d9438a25b5fdabb8a29c4a229502d7f6a2cac

| Metric                                               | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Patient Care Costs per Treatment**                 | 257.60  **[0000927066-23-000009_dva-123122ex991.htm:1]**  | 257.34  **[0000927066-23-000104_dva-20230331.htm:30]**  | 252.57  **[0000927066-23-000178_dva-20230630.htm:34]**  | 250.08  **[0000927066-23-000207_dva-93023ex991.htm:1]**  | 263.19  **[0000927066-24-000005_dva-123123ex991.htm:1]**  | 255.13  **[0000927066-24-000090_dva-20240331.htm:33]**  | 255.25  **[0000927066-24-000128_dva-20240630.htm:38]**  | 257.46  **[0000927066-24-000179_dva-20240930.htm:36]**  |
| **Dialysis Treatments**                              | 7,239,660  **[0000927066-23-000009_dva-123122ex991.htm:1]**  | 7,117,427  **[0000927066-23-000102_dva-33123ex991.htm:0]**  | 7,231,242  **[0000927066-23-000175_dva-63023ex991.htm:1]**  | 7,306,948  **[0000927066-23-000207_dva-93023ex991.htm:1]**  | 7,254,559  **[0000927066-24-000005_dva-123123ex991.htm:1]**  | 7,151,512  **[0000927066-24-000089_dva-33124ex991.htm:0]**  | 7,265,444  **[0000927066-24-000126_dva-63024ex991.htm:0]**  | 7,350,784  **[0000927066-24-000177_dva-93024ex991.htm:1]**  |
| **Average Treatments per Day**                       | 91,641  **[0000927066-23-000009_dva-123122ex991.htm:1]**  | 92,434  **[0000927066-23-000102_dva-33123ex991.htm:0]**  | 92,708  **[0000927066-23-000175_dva-63023ex991.htm:1]**  | 92,493  **[0000927066-23-000207_dva-93023ex991.htm:1]**  | 92,533  **[0000927066-24-000005_dva-123123ex991.htm:1]**  | 92,159  **[0000927066-24-000089_dva-33124ex991.htm:0]** **[0000927066-24-000090_dva-20240331.htm:32]**  | 93,147  **[0000927066-24-000126_dva-63024ex991.htm:0]**  | 93,048  **[0000927066-24-000179_dva-20240930.htm:35]**  |
| **Normalized Non-Acquired Treatment Growth**         | -2.1  **[0000927066-23-000009_dva-123122ex991.htm:1]**  | 0.0  **[0000927066-23-000102_dva-33123ex991.htm:0]**  | -0.2  **[0000927066-23-000175_dva-63023ex991.htm:1]** **[0000927066-23-000178_dva-20230630.htm:32]**  | 0.5  **[0000927066-23-000207_dva-93023ex991.htm:1]** **[0000927066-23-000209_dva-20230930.htm:35]**  | 0.7  **[0000927066-24-000005_dva-123123ex991.htm:1]**  | 0.4  **[0000927066-24-000090_dva-20240331.htm:32]**  | 0.4  **[0000927066-24-000128_dva-20240630.htm:37]**  | -0.2  **[0000927066-24-000179_dva-20240930.htm:35]**  |

24ff2d77c2a6c09f19a526cf4fea923e9bc828add578a3650b65a02d4ebc8487

1. Given that missed treatments were elevated and census growth was below expectations due to elevated mortality, what specific strategies are you implementing to drive volume growth in the back half of the year without relying solely on additional treatment days?
2. You mentioned that your improved RPT growth expectations are partly due to modestly higher rate increases from health plan negotiations that still don't fully offset high inflation; how sustainable are these RPT improvements, and what risks do you foresee in maintaining or enhancing these rates amid ongoing inflationary pressures?
3. With the inclusion of approximately $60 million in center closure costs in your adjusted operating income and the change in your non-GAAP reporting, can you elaborate on the factors leading to these closures and how they might impact your operational efficiency and cost structure moving forward?
4. You're considering increasing debt to maintain leverage within your target range of 3x to 3.5x, potentially for growth investments or share repurchases; how are you balancing the risks associated with additional debt in the current economic climate, and what criteria are you using to prioritize capital allocation?
5. Regarding the CMS's proposed inclusion of oral-only drugs in the ESRD bundle, which you support despite it potentially under-reflecting true cost inflation, how do you anticipate this change will affect your cost structure and margins, and what measures are you taking to mitigate potential financial impacts?

92cd99d945811deca566b0aa5f33d0469d902a7da9ead83335fd510c5bfbfc3c

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

9ff78db7f1ca3522ce3cb8df5594972b75ddb2179fe3a9e029aa26cdc15fd118

- **Fresenius Medical Care (FMC)**: Manufactures a full line of dialysis supplies and equipment in addition to owning and operating outpatient dialysis centers worldwide, potentially giving them cost advantages over DaVita due to their ability to manufacture their own products  **[0000927066-24-000013_dva-20231231.htm:37]** **[0000927066-24-000013_dva-20231231.htm:77]** .
- **Large and medium-sized dialysis providers**: Compete directly with DaVita for acquisition targets, individual patients, and physician relationships in both the U.S. and international markets  **[0000927066-24-000013_dva-20231231.htm:37]** **[0000927066-24-000013_dva-20231231.htm:77]** .
- **New dialysis providers, individual nephrologists, and former medical directors or physicians**: Have opened their own dialysis units or facilities, adding to the competitive landscape  **[0000927066-24-000013_dva-20231231.htm:37]** .
- **Non-traditional dialysis providers**: Entering the integrated kidney care market, competing with DaVita in areas from CKD care to dialysis to transplant facilitation  **[0000927066-24-000013_dva-20231231.htm:38]** **[0000927066-24-000013_dva-20231231.htm:79]** .

5a5967451c7e3fe4e796c53043e2b23ae863ff71c2ce66c6c2eee87e3e721e03

f69d05bda656782c55192fb75bf7901911a97c9e29e15ba4a424423ac542ec7c

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted Operating Income**: $1.91 billion to $2.01 billion  **[DVA_3396690_2]** **[DVA_3396690_5]** .
  2. **Adjusted EPS**: $9.25 to $10.05  **[DVA_3396690_5]** .
  3. **Revenue Per Treatment (RPT) Growth**: 3.5% to 4%  **[DVA_3396690_2]** **[DVA_3396690_5]** .
  4. **Treatment Volume Growth**: 0.5% to 1%  **[DVA_3396690_4]** .
  5. **Center Closure Costs**: $60 million for 2024, $20 million to $30 million for 2025  **[DVA_3396690_4]** **[DVA_3396690_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted Operating Income**: $1.875 billion to $1.975 billion  **[DVA_3382253_3]** .
  2. **EPS**: $9 to $9.80  **[DVA_3382253_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Adjusted Operating Income**: $1.825 billion to $1.975 billion  **[DVA_3373151_5]** .
  2. **Adjusted EPS Growth**: 9%  **[DVA_3373151_4]** .
  3. **U.S. Dialysis Segment**:
     - Treatment Volume Growth: 1% to 2%  **[DVA_3373151_6]** .
     - Revenue per Treatment Growth: 2.5% to 3%  **[DVA_3373151_6]** .
     - Adjusted Patient Care Cost per Treatment: 2.5% to 3%  **[DVA_3373151_6]** .
  4. **Depreciation and Amortization**: Decline by $10 million to $15 million  **[DVA_3373151_6]** .
  5. **Interest Expense**: $100 million to $110 million per quarter (H1), $130 million to $140 million per quarter (H2)  **[DVA_3373151_6]** .
  6. **Adjusted Effective Income Tax Rate**: 24% to 26%  **[DVA_3373151_6]** .
  7. **Free Cash Flow**: $900 million to $1.15 billion  **[DVA_3373151_6]** .
  8. **Leverage Ratio**: 3 to 3.5x  **[DVA_3373151_6]** .
  9. **Integrated Kidney Care (IKC)**:
     - Adjusted operating income loss: $50 million  **[DVA_3373151_6]** .
     - Revenue growth: >25%  **[DVA_3373151_3]** .
     - Per member per month cost decline: 15%  **[DVA_3373151_3]** .
  10. **Medicare Advantage Mix**: 54% to 55%  **[DVA_3373151_12]** .

The documents do not contain information about DaVita's guidance from the Q3 2024 earnings call. Therefore, I cannot provide guidance details for that period.

30ea1f6df86560214b0ec6e7f88bab876f4ecce20d494a2dd151ec2aba2aecc9

| Name                  | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|-----------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Javier J. Rodriguez   | Chief Executive Officer                       | June 2019           | Javier J. Rodriguez has been serving as the CEO of DaVita Inc. since June 2019. He joined the company in 1998 and has held various roles, including CEO of DaVita Kidney Care from March 2014 to June 2019  **[0000927066-24-000078_dva-20240426.htm:9]** **[0000927066-23-000088_dva-20230425.htm:11]** .                              |
| Joel Ackerman         | Chief Financial Officer and Treasurer         | February 2017       | Joel Ackerman has been serving as the CFO and Treasurer of DaVita Inc. since February 2017. He was appointed as Treasurer in April 2019. Before joining DaVita, he was the CEO of Champions Oncology, Inc.  **[0000927066-24-000078_dva-20240426.htm:34]** **[0000927066-23-000088_dva-20230425.htm:41]** **[0000927066-23-000083_dva-20230413.htm:41]** .                           |
| Michael D. Staffieri  | Chief Operating Officer Emeritus              | September 15, 2024  | Michael D. Staffieri became the COO of DaVita Kidney Care in March 2014. He transitioned to the role of COO Emeritus as of September 15, 2024  **[0001206774-24-000897_dva4379221-8k.htm:1]** **[0000927066-23-000088_dva-20230425.htm:41]** **[0000927066-24-000078_dva-20240426.htm:34]** .                                                                                       |
| Christopher Berry     | Chief Accounting Officer                      | September 2023      | Christopher Berry joined DaVita as Group Vice President, Accounting in August 2023 and became the Chief Accounting Officer in September 2023. Before joining DaVita, he was the SVP and CAO at Sonder Holdings Inc.  **[0000927066-24-000078_dva-20240426.htm:35]** .                       |
| Kathleen A. Waters    | Chief Legal and Public Affairs Officer        | February 2021       | Kathleen A. Waters became the CLO of DaVita in May 2016 and expanded her role to Chief Legal and Public Affairs Officer in February 2021, overseeing legal and regulatory functions and federal government affairs  **[0000927066-24-000078_dva-20240426.htm:35]** **[0000927066-23-000088_dva-20230425.htm:42]** **[0000927066-23-000083_dva-20230413.htm:42]** .                   |
| James O. Hearty       | Chief Compliance Officer                      | March 2018          | James O. Hearty became the CCO of DaVita in March 2018. Before this role, he was the SVP and CCO for Kidney Care from September 2015 to March 2018. He was previously a prosecutor and trial attorney with the U.S. Department of Justice  **[0000927066-24-000078_dva-20240426.htm:35]** **[0000927066-23-000088_dva-20230425.htm:42]** .|
| David P. Maughan      | Chief Operating Officer, DaVita Kidney Care   | September 15, 2024  | David P. Maughan was appointed as the COO of DaVita Kidney Care effective September 15, 2024. He served as a Senior Vice President at DaVita from November 2019 to September 2024  **[0001206774-24-000897_dva4379221-8k.htm:1]** .                                                           |

a5c746b8036173b62022ca1c70180f7f6e10db5ddb7aeb6fe0e39078dec5f303

| Program Details          | Program 1          | Program 2          |
|--------------------------|--------------------|--------------------|
| Approval Date            | December 17, 2021  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:19]**  | September 5, 2024  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:19]**  |
| End Date/Duration        | No expiration  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:20]**  | No expiration  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:20]**  |
| Total additional amount  | $2,000,000  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:19]**   | $2,000,000  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:19]**   |
| Remaining authorization amount | $198 million  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:20]**  | $2,000 million  **[0000927066-24-000179_dva-20240930.htm:59]** **[0000927066-24-000179_dva-20240930.htm:20]**  |
| Details                  | N/A                | N/A                |

788d2000ec7b4e832a57f826f09c7b5e48b007978a177fbb6717e725dc07526f

**Annual guidance for FY 2024:**
- **Adjusted Operating Income (OI)**: $1.91 billion to $2.01 billion  **[DVA_3404428_2]** **[DVA_3404428_3]** **[DVA_3404428_12]**  (no change from prior guidance  **[DVA_3396690_2]** **[DVA_3396690_5]** )
- **Adjusted Earnings Per Share (EPS)**: $9.25 to $10.05  **[DVA_3404428_2]** **[DVA_3404428_3]** **[DVA_3404428_12]**  (no change from prior guidance  **[DVA_3396690_5]** )
- **Free Cash Flow**: $950 million to $1.2 billion  **[DVA_3404428_2]** **[DVA_3404428_3]** **[DVA_3404428_12]**  (no prior guidance)
- **Treatment Volume Growth**: 0.5% to 1%  **[DVA_3404428_2]** **[DVA_3404428_3]** **[DVA_3404428_12]**  (no change from prior guidance  **[DVA_3396690_4]** )
- **Revenue Per Treatment (RPT) Growth**: 3.5% to 4%  **[DVA_3404428_2]** **[DVA_3404428_3]** **[DVA_3404428_12]**  (no change from prior guidance  **[DVA_3396690_2]** **[DVA_3396690_5]** )

c2f990df37a3ba933a623fc08f07d0d1b409d7b96539f261ab6fa31100377835

U.S. Dialysis

Ancillary Services

- International

Other U.S. Revenues

Other International Revenues

Total International Revenues

Total Revenue

6d8813b823cf44484592581dd7fc2d20d2e0bd1c962bc8f137c2af80234a7346

| Name       | Start Date | End Date | Reason for Change |
|------------|------------|----------|-------------------|
| KPMG LLP   | 2000  **[0000927066-24-000013_dva-20231231.htm:147]**    | Present  | Current auditor   |

41c71e395d06d745ab471c70f40f0f60004f132141e43b5df3dab255700d271c

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $3,264M  **[0000927066-24-000179_dva-20240930.htm:1]** , +5% YoY (vs. $3,121M  **[0000927066-23-000209_dva-20230930.htm:1]** )  
- U.S. Dialysis: $2,906M  **[0000927066-24-000179_dva-20240930.htm:34]** **[0000927066-24-000179_dva-20240930.htm:25]** **[0000927066-24-000179_dva-20240930.htm:6]** , +4% YoY (vs. $2,785M  **[0000927066-23-000209_dva-20230930.htm:27]** )  
- Operating Income: $535M  **[0000927066-24-000179_dva-20240930.htm:1]** , +8% YoY (vs. $496M  **[0000927066-23-000209_dva-20230930.htm:1]** )  
- Net Income: $295M  **[0000927066-24-000179_dva-20240930.htm:1]** , **+137% YoY** (vs. $124M  **[0000927066-23-000209_dva-20230930.htm:1]** )  
- Interest Expense: $135M  **[0000927066-24-000179_dva-20240930.htm:1]** , +39% YoY (vs. $97M  **[0000927066-23-000209_dva-20230930.htm:1]** )  
- EPS (Basic): $2.57  **[0000927066-24-000179_dva-20240930.htm:1]** , -5% YoY (vs. $2.71  **[0000927066-23-000209_dva-20230930.htm:1]** )  

19e1f2c0e2192156b6ac0e34c579cbd1d3b6940663a15e065d404379d0d00b85

de143c52e5c0f62a71e7f04dd4f19081c95828bbec23d4dec4da0b611a181bdf

| Year | Amount Due (in millions) | Debt Type | Interest Rate | % of Total Debt |
|------|--------------------------|-----------|---------------|-----------------|
| 2024 | 163.4 **[0000927066-24-000179_dva-20240930.htm:11]** | Acquisition obligations and other notes payable **[0000927066-24-000179_dva-20240930.htm:10]** | 6.55% **[0000927066-24-000179_dva-20240930.htm:10]** | 1.8% = (163.4 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2025 | 177.4 **[0000927066-24-000179_dva-20240930.htm:11]** | Acquisition obligations and other notes payable **[0000927066-24-000179_dva-20240930.htm:10]** | Base + 1.75% **[0000927066-24-000179_dva-20240930.htm:11]** | 1.9% = (177.4 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2026 | 187.9 **[0000927066-24-000179_dva-20240930.htm:11]** | Extended Term Loan B-1 **[0000927066-24-000179_dva-20240930.htm:10]** | SOFR + 2.00% **[0000927066-24-000179_dva-20240930.htm:11]** | 2.0% = (187.9 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2027 | 204.8 **[0000927066-24-000179_dva-20240930.htm:11]** | Acquisition obligations and other notes payable **[0000927066-24-000179_dva-20240930.htm:10]** | N/A | 2.2% = (204.8 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2028 | 1,924.1 **[0000927066-24-000179_dva-20240930.htm:11]** | Term Loan A-1, Revolving line of credit **[0000927066-24-000179_dva-20240930.htm:10]** | Base + 1.75% **[0000927066-24-000179_dva-20240930.htm:11]** | 20.8% = (1,924.1 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2029 | 41.2 **[0000927066-24-000179_dva-20240930.htm:11]** | Acquisition obligations and other notes payable **[0000927066-24-000179_dva-20240930.htm:10]** | N/A | 0.4% = (41.2 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2030 | 2,750 **[0000927066-24-000179_dva-20240930.htm:11]** | 4.625% Senior Notes **[0000927066-24-000179_dva-20240930.htm:10]** | 4.625% **[0000927066-24-000179_dva-20240930.htm:11]** | 29.7% = (2,750 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2031 | 3,140 **[0000927066-24-000179_dva-20240930.htm:11]** | 3.75% Senior Notes, Extended Term Loan B-1 **[0000927066-24-000179_dva-20240930.htm:10]** | 3.75% **[0000927066-24-000179_dva-20240930.htm:11]** | 33.9% = (3,140 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |
| 2032 | 1,000 **[0000927066-24-000179_dva-20240930.htm:11]** | 6.875% Senior Notes **[0000927066-24-000179_dva-20240930.htm:10]** | 6.875% **[0000927066-24-000179_dva-20240930.htm:11]** | 10.8% = (1,000 / 9,260.331) * 100 **[0000927066-24-000179_dva-20240930.htm:2]** **[0000927066-24-000179_dva-20240930.htm:11]** |

71627a7ea5236266135f34ac1b6eee7b93b87695c36ec18b2c708322d22f4aa2

- **DaVita is effectively managing costs, resulting in a 1% year-over-year decrease in cost per treatment** due to lower contract costs and productivity gains, despite wage pressure. This cost management is enhancing margins.  **[DVA_3382253_6]**
- **Revenue per treatment is strong, reaching the high end of guidance at approximately 3% year-over-year growth**, with expectations for this strength to continue throughout the year, potentially exceeding revenue growth expectations.  **[DVA_3382253_10]** **[DVA_3382253_7]**
- **Management is confident in achieving 1% to 2% treatment volume growth for the year**, driven by strong new-to-dialysis admissions and reduced impact from clinic closures in upcoming quarters, supporting overall revenue growth.  **[DVA_3382253_8]** **[DVA_3382253_4]**

03d0d5ae53d6d4c7c68ee66fca1abd5e42bbfff048c26ced28db1f8cb76d6b83

- **DaVita expects treatment volume growth of 1% to 2% in 2024**, driven by consistent new patient admissions and reduced mortality, signaling a return to pre-pandemic growth levels.  **[DVA_3373151_11]**
- **Revenue per treatment is anticipated to grow by 2.5% to 3% in 2024**, primarily due to rate increases and improvements in revenue cycle management, benefiting profitability.  **[DVA_3373151_12]**
- **Integrated Kidney Care (IKC) is achieving significant progress**, with **30% year-over-year growth** in total medical expense of patients in IKC programs and an expectation to reach breakeven by 2026, indicating a promising new revenue stream.  **[DVA_3373151_3]**

4c8c229fcd238ea29d392573e8dadf1dc477960ed208ec170b138ad5595dcc0d

- **Higher than expected mortality rates** are negatively impacting DaVita's patient volume growth by **50 to 100 basis points** compared to pre-COVID levels, with mortality **up this year relative to six months ago**.  **[DVA_3396690_11]**
- The closure of approximately **200 clinics** has led to a decline in clinic share by about **1.25%**, resulting in a volume loss estimated at **40 to 60 basis points**. This may have allowed **mid-sized and smaller dialysis operators to gain market share** by building more clinics.  **[DVA_3396690_11]** **[DVA_3396690_14]**
- DaVita's Integrated Kidney Care (IKC) business is underperforming, with a **year-to-date loss of approximately $60 million**, exceeding the full-year loss target of **$50 million**. The company expects continued losses in Q3, relying on revenue recognition in Q4 to meet targets, indicating uncertainty in the IKC business's profitability.  **[DVA_3396690_10]**

86225c80d22efb193e12aefb9084c102c07ef43e29dcc40b3921b66c84c96751

- **DaVita achieved significant cost savings from closing approximately 200 centers, resulting in $100 million to $150 million of fixed expense reduction, outweighing the $50 million loss in volume.**  **[DVA_3396690_14]**
- **The company is considering share repurchases as a top priority for capital allocation, utilizing excess debt capacity while maintaining their leverage target within 3x to 3.5x.**  **[DVA_3396690_15]**
- **Despite higher mortality rates impacting volume growth, new dialysis admits remain strong, indicating that volume should return to normal over time.**  **[DVA_3396690_11]**

8836b4575ff19524ea1f9f8d3521bac4cbc5801bc6c4797772d7342a61789910

1. **Revenue per Treatment**  
   **Q:** Will higher RPT sustain throughout the year?  
   **A:** Management noted that the Q1 revenue per treatment (RPT) was strong, but they do not expect the higher rate to persist throughout the year. The better-than-expected performance was due to the pattern coming in differently than modeled. They are not raising guidance assuming the beat persists throughout the year.  **[DVA_3382253_11]** **[DVA_3382253_12]** 

2. **Operating Income Outlook**  
   **Q:** Can operating leverage sustain above 3%-7% OI guidance?  
   **A:** While acknowledging recent strong operating income (OI) growth, management is not changing their long-term OI growth guidance of **3%-7%**. They remain optimistic about opportunities to improve margins through revenue initiatives, progress in Integrated Kidney Care (IKC), and capacity utilization improvements.  **[DVA_3382253_16]** 

3. **Patient Volume Growth**  
   **Q:** Confidence in achieving 1%-2% treatment growth?  
   **A:** Management remains confident in achieving **1%-2%** treatment growth for the year, despite Q1 growth being below that range. Factors affecting Q1 included clinic closures and seasonality in new dialysis admits and mortality. They expect growth to come later in the year.  **[DVA_3382253_4]** 

4. **Wage Inflation**  
   **Q:** What is the wage inflation assumption for the year?  
   **A:** The company is assuming wage inflation of around **5%** for the year, which is tracking consistently with expectations.  **[DVA_3382253_15]** 

5. **Integrated Kidney Care Performance**  
   **Q:** Are IKC losses on track with projections?  
   **A:** Management stated that the IKC business is largely on track with the projected loss of about **$50 million** for 2024. They noted significant seasonality in the business and that Q1 results were as expected.  **[DVA_3382253_18]** 

6. **Center Consolidations**  
   **Q:** What is the expected number of center closures this year?  
   **A:** Management expects around **30** net center closures for the full year, reflecting a continued focus on consolidations to improve capacity utilization.  **[DVA_3382253_15]** **[DVA_3382253_16]** 

7. **International Acquisition Strategy**  
   **Q:** Any updates on international acquisition plans?  
   **A:** The recent international acquisition was opportunistic, leveraging economies of scale by utilizing existing operations in those countries. Management maintains a disciplined approach and sees no urgency to accelerate international activity unless it aligns with their criteria.  **[DVA_3382253_14]** **[DVA_3382253_20]** **[DVA_3382253_21]** 

8. **Share Repurchase Plans**  
   **Q:** Will share repurchases reach the $1-$1.5 billion range for 2024?  
   **A:** Management still aspires to reach the share repurchase goal of **$1–$1.5 billion** for 2024, acknowledging a timing component but aiming to achieve it within the year.  **[DVA_3382253_19]** 

9. **Mortality Trends**  
   **Q:** How is elevated mortality tracking post-COVID?  
   **A:** Elevated mortality has come down significantly since its peak but remains above pre-COVID levels. It varies quarter to quarter, and it's still early to know exact figures for Q1.  **[DVA_3382253_5]** 

10. **Cost per Treatment**  
    **Q:** What drove the decrease in cost per treatment?  
    **A:** The **1%** year-over-year and **3%** sequential decrease in cost per treatment was driven by lower contract costs and productivity improvements, offsetting wage pressures. Higher seasonality in Q4 also impacted the sequential comparison.  **[DVA_3382253_6]** 

11. **MIRCERA Adoption**  
    **Q:** What is the percentage of patients on MIRCERA?  
    **A:** The vast majority, if not all, patients are now on MIRCERA, indicating full adoption and realization of associated cost savings.  **[DVA_3382253_21]** 

12. **Online Hemodiafiltration**  
    **Q:** Thoughts on adopting online hemodiafiltration?  
    **A:** Management is cautious about adopting online hemodiafiltration in the U.S. While some studies suggest potential benefits, variability in international usage and uncertain reimbursement guidance make it premature to assess its impact.  **[DVA_3382253_21]** 

5ce6d8a8f0361994926bc0fb57c3d9961f56703d3a72b8095949e8d9437f8ad4

- **Mortality remains elevated relative to pre-COVID levels**, potentially impacting treatment volumes and company growth.  **[DVA_3382253_3]** **[DVA_3382253_5]**
- The company experienced **negative free cash flow of $327 million** in Q1 due to delayed claim submissions from a **Change Healthcare outage**, leading to increased **leverage ratio of 3.3x** at the end of Q1.  **[DVA_3382253_3]** **[DVA_3382253_1]**
- DaVita had to **draw $765 million on its revolver** and **suspended share repurchases** in March, indicating potential liquidity concerns.  **[DVA_3382253_3]** **[DVA_3382253_1]** **[DVA_3382253_19]**

2bb60cf430143624c1c694d850c78b9f8537363278ea1555ce536b9211a0fc0e

1. **Elevated Mortality Impact**  
   **Q:** Why is mortality elevated and affecting volume growth?  
   **A:** Mortality is higher than expected, contributing to a **50–100 basis point** gap in volume growth. It's up this year compared to six months ago, and although we have hypotheses like an elevated flu season, we lack a quantifiable explanation. We believe this is temporary and not structural, expecting volumes to normalize over time.  **[DVA_3396690_11]** **[DVA_3396690_12]** **[DVA_3396690_17]** 

2. **Guidance Raise Breakdown**  
   **Q:** How did you raise guidance by $95 million?  
   **A:** We increased revenue per treatment guidance from **3% to 4%**, adding approximately **$85 million**. Improved labor costs contributed **$30 million**, while lower volume resulted in a **$20 million** headwind. This bridges to the **$95 million** increase before accounting for the **$60 million** in closure costs.  **[DVA_3396690_7]** 

3. **Revenue Per Treatment Growth**  
   **Q:** Is the increase in RPT sustainable into 2025?  
   **A:** While the improvements are sustainable, we expect contributions to RPT growth to decline over time. Benefits from collections and contracting will annualize in 2025, but it's unlikely to see another **3.5%–4%** growth next year.  **[DVA_3396690_13]** **[DVA_3396690_22]** 

4. **Clinic Closures and Volume**  
   **Q:** How are clinic closures affecting volume growth?  
   **A:** Clinic closures have reduced volume growth by **40–60 basis points**, as we closed roughly **200 clinics** to optimize capacity. Mid-sized and smaller operators have gained share, but we believe the trade-off improves our fixed expenses by **$100–$150 million**, offsetting the estimated **$50 million** loss of volume.  **[DVA_3396690_11]** **[DVA_3396690_14]** 

5. **Leverage and Capital Allocation**  
   **Q:** Do you plan to lever up for share repurchases?  
   **A:** We're maintaining a leverage range of **3x to 3.5x**. As EBITDA grows, we'll need more debt capacity to stay within this range. Excess capacity may be used for capital-efficient growth or share repurchases, following our capital allocation philosophy.  **[DVA_3396690_15]** 

6. **Mortality Normalization Outlook**  
   **Q:** When will elevated mortality normalize?  
   **A:** Predicting normalization is difficult, but we don't believe it's structural and expect a return to normal levels. We're working to understand the causes and consulting nephrologists, but no systemic trends have been identified.  **[DVA_3396690_17]** 

7. **Integrated Kidney Care Losses**  
   **Q:** Will IKC meet the expected $50 million loss for the year?  
   **A:** Despite a year-to-date loss of **$60 million**, we still expect to meet the **$50 million** target due to revenue recognition in the back half of the year. The loss is expected to reduce significantly in Q4.  **[DVA_3396690_10]** 

8. **Commercial Mix and Exchanges**  
   **Q:** How have exchanges impacted commercial mix?  
   **A:** Commercial mix remains around **11%**, with exchanges contributing an increase of about **200 basis points** to revenue compared to pre-COVID levels.  **[DVA_3396690_8]** **[DVA_3396690_9]** **[DVA_3396690_15]** 

9. **Future of Commercial Contracting**  
   **Q:** Will commercial contracting remain a tailwind?  
   **A:** We don't foresee dramatic changes from 2024. While inflation considerations remain, dynamics with payers are consistent. We're focused on providing value with great clinical solutions at the best cost. Margin strength is likely to remain in 2025.  **[DVA_3396690_16]** **[DVA_3396690_18]** **[DVA_3396690_19]** 

10. **Collection Improvements Runway**  
    **Q:** How much runway is left in collection improvements?  
    **A:** There's more to come in 2025 due to annualizing current improvements, but contributions to RPT growth will decline over time. The benefits have exceeded expectations since we started this effort.  **[DVA_3396690_13]** 

11. **Geographic Variations in Census**  
    **Q:** Is lower census growth isolated to specific areas?  
    **A:** No, we're seeing lower census growth pretty much across the board.  **[DVA_3396690_20]** 

12. **International Business Margins**  
    **Q:** How will international business margins evolve?  
    **A:** Margins may tick up but are unlikely to reach U.S. levels. Dynamics vary by country, affecting revenue and margins unpredictably due to factors like single-payer systems.  **[DVA_3396690_24]** 

9c50fb341c5303ad68d1ce439e12d010a166aeaa8ad71749e5e78276acdb095f

- **DaVita's capacity utilization remained low at about 58% at the end of 2023, significantly below the pre-COVID level of approximately 65%, with only a marginal increase expected in 2024.**  **[DVA_3373151_21]**
- **Interest expenses are projected to rise in the second half of 2024 to between \$130 million and \$140 million per quarter, up from \$100 million to \$110 million per quarter in the first half, due to the expiration of 2% interest rate caps.**  **[DVA_3373151_6]**
- **Despite growth efforts, DaVita expects an adjusted operating income loss of approximately \$50 million in its Integrated Kidney Care (IKC) business for 2024, delaying profitability in this segment until around 2026.**  **[DVA_3373151_6]** **[DVA_3373151_9]**

728567f309048a6cd75e79e02c3eab670d4d47a05af39207c40f9d6ff5f0fafe

1. **Volume Growth & Mortality**  
   **Q:** What are volume growth expectations amid elevated mortality?  
   **A:** The company expects **2024 volume growth of 50 to 100 basis points**  **[DVA_3404428_5]** , and for **2025**, a base growth of **75 basis points**, adjusted down by **25 basis points**, resulting in a **50 basis points starting point**.  **[DVA_3404428_13]**  Elevated mortality remains the main factor impacting future growth, despite healthy admissions and stable patient mix.  **[DVA_3404428_9]** **[DVA_3404428_13]** 

2. **Revenue per Treatment Outlook**  
   **Q:** Will elevated RPT growth continue into next year?  
   **A:** The company anticipates **Revenue per Treatment (RPT)** growth will be **lower than the 3.5% to 4%** seen this year but still higher than historical ranges.  **[DVA_3404428_15]** **[DVA_3404428_18]**  While RPT is expected to be above normal next year, it will not match the elevated levels of 2024.  **[DVA_3404428_15]** **[DVA_3404428_18]** 

3. **Phosphate Binders Financial Impact**  
   **Q:** What is the impact of phosphate binders inclusion next year?  
   **A:** The financial impact of including phosphate binders into the bundle next year is uncertain due to unknown government reimbursement rates, product mix, pricing differences between branded and generic drugs, and potential volume changes.  **[DVA_3404428_6]**  The company cannot provide a useful range yet but expects more information next quarter.  **[DVA_3404428_6]** 

4. **Baxter PD Supply Issues**  
   **Q:** How will Baxter's PD supply issues affect patients?  
   **A:** Due to Baxter's peritoneal dialysis supply issues, the company expects a decline in home dialysis mix in the next quarter but plans to normalize by the first quarter.  **[DVA_3404428_14]**  They anticipate keeping the vast majority of PD patients, with minimal loss to other providers.  **[DVA_3404428_14]** 

5. **Interest Expense Impact**  
   **Q:** Will interest expense rise further into 2025?  
   **A:** Interest expense of **$135 million per quarter** is expected to remain stable, potentially decreasing slightly next year due to lower interest rate caps.  **[DVA_3404428_19]**  The company does not anticipate incurring more debt in the near term.  **[DVA_3404428_19]** **[DVA_3404428_20]** 

6. **Increased G&A Expenses**  
   **Q:** Why did G&A expenses increase this quarter?  
   **A:** The **7% sequential and 10% year-over-year** increase in G&A expenses was driven by investments in IT, wage increases, and reimbursement operations to support the rise in revenue per treatment.  **[DVA_3404428_22]** 

7. **2025 Headwinds and Tailwinds**  
   **Q:** How will headwinds and tailwinds affect 2025 earnings?  
   **A:** The company expects headwinds and tailwinds to largely offset each other at the operating income line in 2025.  **[DVA_3404428_6]**  Factors include elevated mortality, clinic closures, PD supply issues, and reimbursement changes, which could balance out.  **[DVA_3404428_13]** **[DVA_3404428_24]** 

8. **IKC Performance Expectations**  
   **Q:** How is IKC performing and what's expected?  
   **A:** The Integrated Kidney Care (IKC) is on track for the year, reaffirming a **negative $50 million** impact for 2024.  **[DVA_3404428_10]**  The company suggests evaluating IKC on an annual basis due to quarterly volatility.  **[DVA_3404428_10]** 

9. **Commercial Mix Trends**  
   **Q:** What are the trends in commercial mix?  
   **A:** There were no material changes in commercial mix this quarter.  **[DVA_3404428_20]**  The company is underrepresented in Qualified Health Plans (QHPs), with a **3% mix** compared to the market's **7–8%**.  **[DVA_3404428_21]**  They are growing at the same rate as the market in QHPs.  **[DVA_3404428_21]** 

10. **Hurricane Impacts on EBITDA**  
    **Q:** How did hurricanes impact EBITDA this quarter?  
    **A:** Hurricanes had an impact of about **$10 million to $20 million** on EBITDA, mainly due to increased mistreatment rates.  **[DVA_3404428_8]**  The storms added an additional **10 basis points** to mistreatment rates in Q3.  **[DVA_3404428_5]** **[DVA_3404428_8]** 

2932b3ac5b032ae15af319eaeb0b0f209f522027578df5ed62d6e0aac0d55b4d

1. **2024 IKC Loss Guidance**  
   **Q:** Why is IKC still losing $50M in 2024?  
   **A:** Despite projecting **25% revenue growth** and a **15% reduction in PMPM costs** for Integrated Kidney Care (IKC), DaVita expects a **$50 million loss** in 2024 due to non-recurring positive developments in 2023 and changes in revenue recognition timing from shifting to accrual accounting.  **[DVA_3373151_8]** **[DVA_3373151_9]** 

2. **GLP-1 Impact on Business**  
   **Q:** Will GLP-1 drugs affect dialysis volume projections?  
   **A:** Management believes it's **highly improbable** that outcomes from the FLOW study on GLP-1 drugs will significantly alter their dialysis volume projections, expecting a **net neutral impact** over the next decade.  **[DVA_3373151_14]** 

3. **Volume Growth Outlook**  
   **Q:** How will you achieve 1–2% volume growth in 2024?  
   **A:** DaVita anticipates volume growth through a return to **pre-COVID levels** of new dialysis admissions and a decline in mortality rates. This is expected to offset prior census declines, leading to **1% to 2%** volume growth in 2024.  **[DVA_3373151_11]** 

4. **Revenue per Treatment and Commercial Rates**  
   **Q:** What is the outlook for revenue per treatment and commercial rates?  
   **A:** Approximately **two-thirds** of the revenue per treatment increase will come from rate hikes reflecting inflationary pressures. The **commercial mix** is expected to remain **flattish at 10.9%**, while the **Medicare Advantage mix** is projected to rise to **54–55%** by the end of 2024.  **[DVA_3373151_12]** **[DVA_3373151_13]** **[DVA_3373151_19]** 

5. **Labor Cost Assumptions**  
   **Q:** What are your labor cost expectations for 2024?  
   **A:** DaVita projects **5% wage growth**, including the California minimum wage impact of **$25–30 million**. Overall patient care costs are expected to grow **2.5% to 3% per treatment**, mitigated by cost savings from initiatives like the Mircera shift and fixed cost leverage.  **[DVA_3373151_15]** 

6. **Center Closures Impact**  
   **Q:** What's the financial impact of closing centers?  
   **A:** DaVita plans to close or merge **approximately 50 centers** and open **about 20 new centers** in 2024. Savings will come from eliminating fixed expenses like rent and consolidating management, improving overall efficiency.  **[DVA_3373151_18]** 

7. **Medicare Advantage Trends**  
   **Q:** How do higher MA trends affect your accruals?  
   **A:** It's too early to determine the impact of higher Medicare Advantage trends on accruals. However, DaVita's ESRD population differs significantly from the broader MA population, and any potential impacts are included in the guidance range.  **[DVA_3373151_16]** 

8. **Marietta Ruling Impact**  
   **Q:** Has the Marietta ruling affected commercial mix and pricing?  
   **A:** The Marietta ruling has not led to significant changes, with the **commercial mix remaining stable**. DaVita continues to monitor the situation and advocate for patient choice in insurance coverage.  **[DVA_3373151_17]** 

9. **AB 290 Update**  
   **Q:** What is the financial impact of AB 290?  
   **A:** The potential financial impact of AB 290 is now estimated to be **$0–25 million**, lower than previously guided due to fewer patients on the AKF. A final ruling is pending, and appeals are likely.  **[DVA_3373151_21]** 

10. **Free Cash Flow Conversion**  
    **Q:** Will free cash flow conversion remain strong in 2024?  
    **A:** Free cash flow conversion is expected to remain well above net income in 2024, driven by structurally lower CapEx compared to depreciation and continued share-based compensation, despite not repeating the significant DSO improvements of 2023.  **[DVA_3373151_20]** 

11. **Capacity Utilization**  
    **Q:** What is your center capacity utilization now and in 2024?  
    **A:** DaVita exited 2023 with **58% capacity utilization** and expects to increase this by about **1 percentage point** during 2024. Historically, pre-COVID levels were around **65%**.  **[DVA_3373151_22]** 

529e3434bb1d3de3ecc87a720bbd4fcdabf271a835246740d399178de8923905

- **Future gains from improved collections and cost savings are limited**, as the majority of benefits from these initiatives have already been realized, and no significant improvements are expected in the near future.  **[DVA_3364937_20]** **[DVA_3364937_10]**
- **General and administrative expenses are expected to increase in the fourth quarter**, due to seasonality and higher costs, which may impact profitability.  **[DVA_3364937_19]**
- **Missed treatments are slightly higher than before**, which could negatively affect revenue growth as the company works to address this issue.  **[DVA_3364937_14]**

f39d0b24351fa33d3d447027789118beac6bc941e8abb25c5c74ab35588aaf85

- **New patient starts are back to expected levels**, indicating recovery and expected positive volume growth in 2024 and beyond.  **[DVA_3364937_13]** **[DVA_3364937_14]**
- **Revenue per treatment increased** due to improved collections and negotiated rate increases, reflecting operational efficiency and pricing power.  **[DVA_3364937_20]**
- **DaVita plans to resume share repurchases**, with increased liquidity from an upsized **$1.5 billion** revolving credit facility, demonstrating confidence in the business and commitment to return capital to shareholders.  **[DVA_3364937_10]** **[DVA_3364937_11]**

d7182fe00779569b4cbfd4a8eabc2e5a4dbfdd8c0afe75ef298832fa56b7b356

DaVita Inc (DVA)

Financials