Company Update June 2015

Company Update
June 2015
FORWARD-LOOKING STATEMENTS
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
Certain statements and information in this presentation may be deemed to be “forward-looking statements” within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our 2015
Adjusted EBITDA and Adjusted EPS guidance, objectives, plans and strategies, and all statements (other than statements of historical facts) that
address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future, including EVHC’s
ability to successfully complete any pending acquisitions, annualized revenue contribution from recent acquisitions and annual estimated patient
encounters from recent acquisitions. Any forward-looking statements herein are made as of the date of this presentation, and we undertake no
duty to update or revise any such statements. Forward-looking statements are not guarantees of future performance and are subject to risks and
uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking
statements are described in our filings with the Securities and Exchange Commission from time to time, including in the section entitled “Risk
Factors” in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q . Among the factors that could cause future results to differ
materially from those provided in this presentation are: decreases in our revenue and profit margin under our fee-for-service contracts due to
changes in volume, payor mix and third party reimbursement rates, including from political discord in the federal budgeting process; the loss of
existing contracts; failure to accurately assess costs under new contracts; difficulties in our ability to recruit and retain qualified physicians and
other healthcare professionals, and enforce our non-compete agreements with our physicians; failure to implement some or all of our business
strategies, including our efforts to grow our Evolution Health business and cross-sell our services; lawsuits for which we are not fully reserved; the
adequacy of our insurance coverage and insurance reserves; our ability to successfully integrate strategic acquisitions; the high level of
competition in the markets we serve; the cost of capital expenditures to maintain and upgrade our vehicle fleet and medical equipment; the loss of
one or more members of our senior management team; our ability to maintain or implement complex information systems; disruptions in disaster
recovery systems , management continuity planning, or information systems; our ability to adequately protect our intellectual property and other
proprietary rights or to defend against intellectual property infringement claims; challenges by tax authorities on our treatment of certain physicians
as independent contractors; the impact of labor union representation; the impact of fluctuations in results due to our national contract with FEMA;
potential penalties or changes to our operations, including our ability to collect accounts receivable, if we fail to comply with extensive and complex
government regulation of our industry; the impact of changes in the healthcare industry, including changes due to healthcare reform; our ability to
timely enroll our providers in the Medicare program; our ability to restructure our operations to comply with future changes in government
regulation; the outcome of government investigations of certain of our business practices; our ability to comply with the terms of our settlement
agreements with the government; our ability to generate cash flow to service our substantial debt obligations; and other factors discussed in our
filings with the Securities and Exchange Commission.
2
NON-GAAP FINANCIAL MEASURES
NON-GAAP FINANCIAL MEASURES
In this presentation, we refer to Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS, which are not financial measures calculated and
presented in accordance with generally accepted accounting principles in the United States of America (GAAP). Adjusted EBITDA is defined as
net income (loss) before equity in earnings of unconsolidated subsidiary, income tax benefit (expense), loss on early debt extinguishment, other
income (expense), net, realized gains (losses) on investments, interest expense, net, equity-based compensation expense, transaction costs
related to acquisition activities, related party management fees, restructuring charges, severance and related costs, adjustment to net loss
(income) attributable to non-controlling interest due to deferred taxes, and depreciation and amortization expense. Adjusted EBITDA Margin
represents Adjusted EBITDA divided by net revenue. Adjusted EPS is defined as diluted earnings per share adjusted for expenses related to
EVHC’s secondary offerings, amortization expense, equity-based compensation expense, restructuring charges and loss on early debt
extinguishment, net of an estimated tax benefit. Adjusted EBITDA for the quarter ended March 31, 2014, has been presented to conform to the
current-period presentation by including transaction costs related to acquisition activity in the definition of Adjusted EBITDA.
These non-GAAP financial measures are commonly used by management and investors as performance measures and liquidity indicators.
However, the items excluded from these non-GAAP financial measures are significant components in understanding and assessing the
Company’s financial performance, and as a result, these measures should not be considered in isolation or as an alternative to GAAP measures
such as net income, cash flows provided by or used in operating, investing or financing activities or other financial statement data presented in the
Company’s consolidated financial statements as an indicator of financial performance or liquidity. Since these non-GAAP financial measures are
not measures determined in accordance with GAAP and are susceptible to varying calculations, these measures, as presented, may not be
comparable to other similarly titled measures of other companies. Reconciliations of Adjusted EBITDA to net income for the periods presented are
included in “Supplemental Materials” presented herein. Reconciliations for the forward-looking full-year 2015 Adjusted EBITDA and Adjusted EPS
projections presented in this presentation are not being provided due to the number of variables in the projected full-year 2015 Adjusted EBITDA
and Adjusted EPS ranges and thus EVHC does not currently have sufficient data to accurately estimate the individual adjustments for such
reconciliations. All comparisons included in this presentation are for the first quarter of 2015 to the comparable 2014 period, unless otherwise
noted.
3
INVESTMENT HIGHLIGHTS
Leading Player in Large and Growing Outsourced Healthcare Services Markets
Positioned at the Nexus of Rapidly Evolving Healthcare Landscape
Differentiated, Integrated Service Model Across the Patient Continuum
History of Strong Revenue and EBITDA Growth with Stable Cash Flows
Consistent Revenue and EBITDA Growth From Diversified Sources
Beneficiary of Healthcare Reform
Experienced Management Team with History of Success
4
KEY HIGHLIGHTS
Net Revenue ($ in billions)
Highlights
Envision
$3.3
$4.2
$3.7

Strong Growth: Q1 2015 revenue up 23%; Adjusted EBITDA up 16%

Organic growth, including increased level of contract starts, driven by customer
demand for differentiated services

Improved capital structure with sufficient liquidity to pursue strategic acquisitions

Completed acquisitions of Scottsdale Emergency Associates, VISTA Staffing and
Emergency Medical Associates in Q1 15
EmCare
2012
2013
2014
Adjusted EBITDA ($ in millions)

Continued strong growth; Q1 2015 revenue up 28.0%

Organic growth continues to be predominantly driven by net new contracts

Robust contract pipeline with strong visibility
AMR
$455.4
(a)
$556.2

Q1 2015 revenue up 13.5%

Continued execution on cost and productivity initiatives driving margin improvements

Entered a definitive agreement to acquire ambulance operations in northeastern U.S.
with expected annual revenues of $25M
$9.7
Evolution Health
$445.7
$404.5
2012
5
2013
2014
Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods
have been adjusted accordingly for comparability purposes. See reconciliation
in supplemental materials.
(a) $9.7M of insurance reserve adjustments for two significantly higher than
expected malpractice cases from 2009 and 2011

Q1 2015 launched joint venture with Ascension Health

2014 completed agreements with Memorial Hermann Health System, Universal
Health Services and Aetna for transitional services and a risk-based contract with
Healthspring in Dallas area
PROVEN TRACK RECORD OF EVOLVING THE
BUSINESS TO MEET CUSTOMER AND MARKET NEEDS
2005 – 2010
2005 Adj. EBITDA: $46M
2010 – 2014
2015 – Future
2014 Adj. EBITDA: $363M
35%
30%
70%
65%
2005 Adj. EBITDA: $106M
2014 Adj. EBITDA: $193M
2005 EBITDA: $152M
2014 EBITDA: $556M
 Leading player focused on episodic care
 Track record of strong organic growth
 Outsized returns delivered to shareholders
through public markets
 Accelerated EmCare growth via service line
expansion and integration of services
 Expanded service solutions to improve quality
and lower costs
 Re-aligned AMR to drive new revenue
opportunities and improved margins
 Extended clinical capabilities outside the
hospital through Evolution Health
 Positioned for population health management
in the evolving healthcare landscape
History of Successfully Evolving the Business Model Within a Dynamic Healthcare Environment
6
Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes.
See reconciliation in supplemental materials.
POSITIONED AT THE NEXUS OF THE EVOLVING LANDSCAPE
Envision Customers
Changing Market Dynamics
Communities
 Healthcare reform driving new models of
delivery and reimbursement
Healthcare
Facilities
Payors
 Population health driving changes in
managing care across the patient continuum
Key Customer Challenges Addressed by Envision
 Value-based Integrated care models improve
Service, quality and patient outcomes
outcomes, reduce cost
Operational expertise / innovation
Recruitment and retention
 Movement toward market centricity (space
and scale)
Care coordination at lower costs
Accountability and value based care
Envision is Well-Positioned to Meet the Changing Market Environment and Deliver a
Differentiated Solution for Improving Quality and Lowering the Cost of Care
7
MULTIPLE LEVERS TO DRIVE STRONG AND
CONSISTENT GROWTH
Organic Growth
Same Store
Acquisitions and New Services
Net New
Contracts
 Consistent underlying
market volume trends
 Integrated services / crossselling
 Stable pricing and
reimbursement dynamics
 Proven track record
improving quality and
operating efficiency
 Long-term customer
relationships
 In 2014, 63% of EmCare
new contracts were with
new facilities; 37% were
new services with existing
facilities
Existing
Services
 Highly fragmented
markets with only a few
national providers
 Geographic platform
extensions to enhance
organic growth
New Services
 Continued development of
additional services that
enhance the patient
continuum
 Either de novo or through
acquisitions
 Expansion of existing
markets with synergy
opportunities
 AMR experiencing highest
contract win rate in years
Majority of Historical Revenue Growth
Driven by Organic Activity
Acquisition Activity Has Significantly
Expanded Service Offerings
Proven Track Record of Delivering Strong Growth Through a Combination of New Contracts,
Same-Contract Revenue Growth and Disciplined Value-Enhancing Acquisitions
8
LEADING OUTSOURCED PROVIDER WITH
NATIONAL SCALE AND STRONG LOCAL PRESENCE
 $4.4 billion in 2014 net revenue  17.7 million weighted patient
encounters and transports
 34,000 employees and affiliated  Presence in 2,100 communities
clinicians
Benefits of Scale and Scope
Revenue Diversification
Service Integration
and Cross-Selling
Recruitment and Retention
National Contracting
Market Centricity Driving
Care Coordination
AMR Operations – (38 States)
EmCare Operations – (41 States)
Evolution Health – (8 States)
Top Market Centricity Opportunities
Leading Market Position Provides Significant Competitive Advantages
9
EMCARE: LEADING OUTSOURCED PROVIDER OF
INTEGRATED FACILITY-BASED PHYSICIAN SERVICES
Emergency
Department
$20bn
EmCare Market Size and Positioning1
Market
Dynamics
Radiology
/
Surgery
Anesthesia
Hospitalist
$19bn
9%
$19bn
$13bn
EmCare provided
multiple services to
24% of its hospital
partners in 2014, up
from 11% in 2009
1%
EmCare Competitive Advantages
 Integrated services offering
 Demonstrated track record of improving metrics
 High quality service drives patient and physician
satisfaction
 Contracting capabilities / creative partnering models
 Comprehensive evidenced-based clinical protocols
 Differentiated processes to recruit and retain clinicians
 Infrastructure leverage with scalable technology
Leading Integrated Physician and Clinician Resource Management Across Multiple Service Lines
10
1. Management estimates of 2014 market size and EmCare outsourced market share.
EMCARE: ROBUST GROWTH PLATFORM WITH
SIGNIFICANT MOMENTUM
EmCare Revenue Growth Breakdown1
Acquisitions
Net New Contracts
Same Store Contracts
EmCare Key Growth Drivers
Integrated Services and Cross-Selling
Organic
28.0 %
Expansion of Multiple Service Lines
23.2 %
20.5 %
7.7 %
13.3 %
Creative Healthcare System Partnership Models
3.2 %
14.9 %
1.9 %
Share Gains from Local and Regional Groups
12.9 %
8.0 %
10.1 %
13.7 %
Continued Healthcare Facility Outsourcing
5.0 %
4.4 %
4.6 %
2014
Q1 2015
1.8 %
2012
2013
Organic Growth
13.0%
15.5%
17.3%
Robust Contract Pipeline with Strong Visibility
14.7%
Long-Term History of Highly Visible, Recurring Revenue with Recent Acceleration in Growth
11
1. EmCare net new contract growth in 2012 of 9.9% includes acquisition growth contribution of 1.9%. Same store contracts growth shown above is calculated using total
contracts as the denominator. When calculating net revenue growth contribution from same-store contracts using only contracts in existence for the entirety of both
year-over-year periods in the denominator, 2012 same store contract growth was 6.3%, 2013 was 2.4%, 2014 was 5.5% and 1Q 2015 was 5.0%.
AMR: LEADING OUTSOURCED PROVIDER OF
COMMUNITY-BASED MEDICAL TRANSPORTATION SERVICES
AMR Market Size and Positioning1
Ambulance
Managed Transportation
Fixed-Wing Air Transport2
$18bn
$2bn
$3bn
≤ 4%
7%
AMR Competitive Advantages
 Substantial scale advantages in ambulance services
(more than 2x nearest competitor)
 Strong brand recognition and national contracting
capabilities
 “AMR Medicine” drives best of class clinical
outcomes and improved patient experience
 Managed transportation service offering
 Technology investments
Clear Leader in Ambulance Market with Growing Positions in Complementary Service Lines
12
1. Management estimates of 2014 market size and AMR outsourced market position.
2. Envision outsourced market share represents fixed-wing market only (total market size represents all air medical transportation services).
AMR: BUSINESS REALIGNMENT ACCELERATED
GROWTH, LED TO MARGIN IMPROVEMENTS
Positioned for Accelerated Revenue Growth
Strengthened AMR Management Team
Cost and Productivity Initiatives
 Implemented Platform for Sustainable Growth (“PSG”) in
2012; key initiatives to date include:
Proven Superior Clinical Outcomes (AMR Medicine)

Rationalization of underperforming contracts

Organizational and infrastructure realignment

Support function efficiencies
Increasing New Contract Win Rates
AMR Adjusted EBITDA Margin Improvement Since 2010
300bps
Expanding Complementary Service Offerings
12.4%
9.4%
Strong Financial Position vs. Competitors
Emerging Product Lines Across Patient Continuum
2010
Achieved Q1 2015 Revenue Growth of 13.5% over Q1 2014
2014
Future AMR Margin Improvements Primarily
Driven by Technology Investments
Well-Positioned for Accelerated Revenue Growth and Continued Margin Improvements
Note: Adjusted EBITDA as defined in Non-GAAP Financial Measures. See reconciliation in supplemental materials.
13
EVOLUTION HEALTH: INNOVATIVE SOLUTIONS PROVIDER
FOR HEALTHCARE’S MOST CHALLENGING PATIENT POPULATIONS
Physician-Led Care Management - Solutions for High Risk Populations
 Specializes in physician-led, population management
services in the post-acute, home, mobile environment
 Focus on high risk, high cost and vulnerable populations with
advanced illness and multiple chronic conditions
 Over 2,200 dedicated caregivers, and rapidly growing
 Leverages EmCare and AMR competencies and workforce
 Novel and clinically sophisticated Medical Command Center
providing healthcare logistics, care coordination,
telemedicine, telemonitoring and remote care
High ROI Service Offerings
Comprehensive Population Assessment
HRA, Mobile Diagnostics
Transitional Care
In-Home Care, Facility Care, Virtual Support
Longitudinal High Risk Management
Home Based Primary Care, Co-Management
 Strong value proposition delivering on improving clinical
outcomes and member/patient experience while reducing the
cost to risk-bearing entities
Advanced Illness Management
 Key customer segments: health plans, health systems and atrisk providers
24/7 Unplanned Care
Palliative Care, Hospice, Comfort Care
In-Home, Virtual and Mobile Clinic
Medical Command Center Services
Telemedicine, Telemonitoring, Telehealth
14
EVOLUTION HEALTH: INTEGRATION DRIVEN
GROWTH WITH DEMONSTRATED MARKET TRACTION
Robust Clinical Care Model
Strategic Deployment for Market Centricity
Integrated and Cross Selling with EmCare & AMR
Modular and Customizable Service Offerings
Innovative Partnership and JV Models
Risk Arrangements, Gain Sharing, Bundled Payments,
Capitation
Turnkey Outsourcing for Population Health Management
10% of Patients Account for More
Than 60% of Health Costs
Diverse and rapidly growing customer base
Strategic Innovation with Strong Market Traction and Recent Acceleration in Growth
15
DIRECT BENEFICIARY OF HEALTHCARE REFORM
Healthcare Reform Key Considerations
Recent Developments
 28 states expanded Medicaid
Expansion of Medicaid and Creation of Federal
and State Exchanges
 11.4 million people have signed up for private health
insurance through federal/state exchanges
 The shift from self-pay to Medicaid has been evident:
 EmCare – self pay decrease ~ 440bps
 AMR – self pay decrease of ~ 340bps
Coverage Provided to ~25MM
Previously Uninsured Individuals1
Newly Insured Population More Likely to Utilize
Healthcare System2
 Larger shift in expansion states
 Additional states considering expansion of Medicaid
How It Impacts Envision
 ~28% of EmCare’s uninsured visits and ~65% of
AMR’s uninsured patients are in Medicaid
expansion states
Shortage of Primary Care Physicians
 ED volume has increased in 2014/Q1 15 in both
Medicaid expansion and non-expansion states
Envision Anticipates Both Increased Net Reimbursement and Utilization due to Healthcare Reform
16
1. Current CBO estimates for 2020
2. Centers for Disease Control.
RECENT EVENTS
 Envision’s 2015 Guidance:
 Adjusted EBITDA of $653M-$665M and Adjusted EPS of $1.42 - $1.50
 17 to 20 percent implied Adjusted EBITDA growth includes lost Medicaid parity revenue at ~80%
Adjusted EBITDA margin, to be fully offset by recent acquisitions at EmCare’s traditional margins
 EmCare acquisition of Emergency Medical Associates, Scottsdale Emergency Associates
and VISTA Staffing Solutions completed in Q1 2015
 Expected combined annual net revenues of approximately $435 million and 1.7 million annual
patient encounters
 Envision’s net leverage ratio 3.8x TTM Adjusted EBITDA at March 31, 2015
 AMR entered a definitive agreement to acquire ambulance operations located in
northeastern U.S. with expected annual revenue of approximately $25M
 Evolution Health joint venture with Ascension Health to complete phase-one roll out in
five markets by Spring 2015. Additional phases adding up to 18 more markets to be
completed over the next two years
 Initial participation in Bundled Payment for Care Improvement (BPCI) initiative effective
July 1, 2015
17
Note: Adjusted EBITDA and Adjusted EPS are defined in Non-GAAP Financial Measures.
Historical Financial Review
STRONG HISTORICAL REVENUE AND EBITDA GROWTH
Net Revenue
Adjusted EBITDA
’05-’14 CAGR:
3.4%
$ 600
$4,398
$ 575
’05-’14 CAGR:
6.9%
$556
$ 550
$1,369
$322
$127
$ 159
$115
$ 25
$46
$ 50
$84
$ 75
$119
$106
$ 125
$ 100
$96
$152
$ 150
$98
$2,843
$2,359
$1,915
$ 175
$132
$215
$183
$ 200
2007
2008
$363
$247
$219
$ 275
$130
$287
$ 300
$126
$ 325
$ 225
$1,667
$144
$345
$ 350
$152
$ 375
$192
$1,385
$1,381
$1,402
$1,219
$405
$ 400
$ 250
$1,478
$1,226
2006
$1,008
2005
$888
$745
$1,189
$1,934
$645
$1,154
$1,799
$1,344
$2,107
$1,441
$2,410
$446
$ 450
$ 425
$2,859
$2,570
$ 475
$294
$3,108
’05-’14 CAGR:
25.8%
$261
$3,300
$ 500
$1,555
$3,728
$193
$ 525
’05-’14 CAGR:
17.9%
$0
2007
2008
2009
EmCare
2010
2011
AMR
2012
2013
2014
2005
2006
2009
EmCare
2010
2011
AMR
Long History of Consistent, Strong Revenue and Adjusted EBITDA Growth
19
Note: $ in millions. Adjusted EBITDA as defined in Non-GAAP Financial Measures. Prior periods have been adjusted accordingly for comparability purposes. See
reconciliation in supplemental materials. 2008 – 2014 net revenue CAGR is 10.6% and 2008 – 2014 Adjusted EBITDA CAGR is 14.5%.
2012
2013
2014
CONTINUED REVENUE AND EBITDA GROWTH IN 2015
Q1 2015 Financial Results
Net Revenue
Adjusted EBITDA
$420
$1,245
$96
$33
$101
$35
$101
$35
$39
$111
$52
$129
$370
$1,014
Q2 2012
Q2 2012
Q1 2014
Q1 2015
EmCare
% Growth
EmCare
AMR
Envision
AMR
28.0%
13.5%
22.7%
$77
$72
$825
$644
$72
$64
$72
 6.3% higher same-store volume,
including 7.5% higher ED volume
 Net new contract wins
 Acquisitions
 Margin impacted by:
$96
$33
$64
 Envision Q1 2015:
 Revenue up 22.7%
 Adjusted EBITDA up 16.3%
 EmCare
 Revenue growth driven by:
Q2 2013
EmCare
Q2 2013
Q1 2014
Q1 2015
 AMR
 Revenue growth driven by:
 7.8% higher same-market volume
 Margin expansion related to:
AMR
% Margin
EmCare
11.1%
AMR
10.6%
Envision 10.9%
 Lower anesthesia collection rate
 Medicaid parity discontinued
9.3%
12.3%
10.4%
 Improved deployment
 Lower fuel costs
Continued Strong Performance in 2015
20
Note: $ in millions. Adjusted EBITDA as defined in Non-GAAP Financial Measures.
Low
Capital
Expenditures
Working
Capital
 Low asset intensity
 Outsourced service provider
 DSO unchanged from 2013 due to new
contract starts & AMR temporary
transition delays to third party; EmCare
DSO reduction of 4 days in 2014
Contract
Retention Rate
 Proven ability to improve customer
metrics
Net CapEx as a %
of Revenue
Strong Client
Retention
 87% of revenue generated under
exclusive contracts
Days Sales
Outstanding
Recurring
Revenue
Top 10 Customers
Tenure
STRONG AND STABLE CASH FLOWS
1 – 2 Years
33 Years
15 Years
3 – 5 Years
EmCare
AMR
99%
99%
99%
84%
86%
88%
99%
98%
99%
99%
2011
Note: DSO calculated based on last quarter of indicated period.
88%
90%
88%
87%
86%
84%
2008
2012
EmCare
2013
AMR
1.6%
1.7%
1.7%
2011
2012
2013
2014
62
66
75
75
2011
2012
2013
2014
2.1%
Recurring Revenue, Attractive Operating Margins and Relatively Low Capital Expenditure
and Working Capital Requirements Result in Strong and Predictable Cash Flows
21
99%
2014
HISTORICAL ABILITY TO REDUCE LEVERAGE
Total Net Leverage-to-LTM Adjusted EBITDA Multiples
Capitalization
As of March 31, 2015
6.9 x
Cash
6.5 x
$93
6.4 x
Total Debt:
5.4 x
2022 Notes *
750
ABL Facility
235
Term Loan Facility
3.8 x
3.8 x
3.5 x
3.1 x
3.2 x
Other
1,283
2
Total Debt
2,270
Total Equity
1,833
Total Capitalization
$4,103
0.4 x
2005
Key
Events:
IPO
2010
Q2 2011
2011
Q3 2012
CD&R
Acquisition
2012
Recap
Q3 2013 Q3 2014
IPO
Note
Offering
2014
Q1 2015
Acquisition
Funding
*In Q1 2015, Envision borrowed $285M under its
ABL Facility to fund recent acquisitions.
During the quarter, Envision made a partial
repayment of $50M.
Strong Cash Flow Supports De-Levering
22
Note: $ in millions. Cash balance includes cash and all near cash items.
INVESTMENT HIGHLIGHTS
Leading Player in Large and Growing Outsourced Healthcare Services Markets
Positioned at the Nexus of Rapidly Evolving Healthcare Landscape
Differentiated, Integrated Service Model Across the Patient Continuum
History of Strong Revenue and EBITDA Growth with Stable Cash Flows
Consistent Revenue and EBITDA Growth From Diversified Sources
Beneficiary of Healthcare Reform
Experienced Management Team with History of Success
23
Supplemental Materials
ADJUSTED EBITDA RECONCILIATION
($ in millions)
Net income
(+) Depreciation and amortization
expense
(+) Restructuring charges
(+) Equity-based compensation
expense
(+) Transaction costs
(+) Severance and related costs
(+) Related party management fees 1
(+) Adjustment to net income (loss)
attributable to noncontrolling interest
due to deferred taxes
(+) Interest expense
(+) Realized (gain) loss on
investments
(+) Other expense (income), net
(+) Loss on early debt extinguishment
(+) Income tax expense (benefit)
(+) Equity in earnings of
unconsolidated subsidiary
Reported Adjusted EBITDA
Prior Period Insurance Case Reserve
Pro Forma Adjusted EBITDA
25
2005
2006
2007
2008
2011
2012
2013
Q1
2014
2014
Q1
2015
$14.0
$39.1
$59.8
$84.8 $115.2 $131.7 $33.7
$41.2
$6.0
$24.8
$125.5
$33.4
58.0
66.0
70.5
69.0
64.4
65.3
99.8
123.8
140.6
36.4
146.2
39.9
1.8
6.4
2.2
-
-
-
6.5
14.1
5.7
0.8
7.0
2.8
1.4
1.7
2.5
4.0
6.7
19.2
4.2
4.2
1.1
5.1
1.4
-
-
-
-
-
-
-
-
-
0.8
5.0
3.1
-
-
-
-
-
-
-
-
-
-
-
1.7
1.0
1.0
1.0
1.0
1.0
3.4
5.0
-
-
-
-
-
-
-
15.3
-
2009
2010
23.1
-
-
-
-
-
-
-2.3
-
49.0
45.6
46.9
42.1
41.0
22.9
112.6
182.6
186.7
30.0
110.5
26.7
0.2
0.5
-0.2
-2.7
-2.1
-2.5
-
-0.4
-0.5
-0.6
-0.4
-
-1.0
-2.3
-2.1
-2.1
-1.8
-1.0
32.0
-1.4
12.8
0.8
4.0
0.3
2.0
0.4
-
0.2
-
19.1
10.1
8.3
68.4
0.0
66.4
-
10.3
25
36.1
52.5
65.7
79.1
28.6
27.5
-1.0
16.7
89.5
22.5
-0.1
-0.4
-0.8
-0.3
-0.3
-0.3
-0.4
-0.4
-0.3
0.0
-0.3
-0.1
$152.3 $182.5 $215.2 $247.1 $287.0 $322.1 $345.4 $404.5 $445.7 $110.8 $556.2 $128.9
9.7
$152.3 $182.5 $215.2 $247.1 $287.0 $322.1 $345.4 $404.5 $455.4 $110.8 $556.2 $128.9
1. 2005 related party management fees represent both Laidlaw and Onex management fees and 2013 includes $20M to terminate the CD&R consulting
agreement