DVA
#Yes, <UNK>, it's a little early for us at this point.
As you know, there's a lot of variability between the advance and the final notice.
We've got some very high-level assumptions that have been put out, but the county level specifics are very important for us.
So it is way too early to tell, and when we get more information, we will let you all know.
Thanks <UNK>.
It's in our earnings release.
Hang on.
Fully diluted at the end of the quarter ---+ average for the quarter was 196,743,187.
We will get back to you.
Well, it's not locked and loaded.
The probabilistic gives and takes are embedded in the number that we gave you.
Well, it could be a little better, it could be a little worse.
It's the name of the game.
We try to be as constructive and productive as we can and give you as much as we can, and that's what's embedded in our guidance.
On the non-Medicaid, I doubt that it would come back.
I would say no to that, although you never say no to anything nowadays because everything is being questioned.
And so is that the bulk part of your question, or is there something else in that.
Yes.
I don't know if I quite think about it the same way, so let me stumble around here for a second and see if it can be useful.
As we accumulate cash, if we are not thinking that we've got the right business opportunities to invest in, there is a point at which we get somewhat uncomfortable and usually a bunch of you do also with the amount.
And then we do stare at the price of the stock that we are not in the camp that some people are in where they just say buybacks are ---+ buyback decisions should be made totally independent of what the stock price is.
We're not in that camp, nor do we think that we are excellent prognosticators of which way the stock moves as you can tell by the decisions we've made over time, whether it is stock buybacks or option exercises or whatever.
So we are appropriately humble in thinking about that, and there's always upside and downside.
So clearly putting all that stuff together and the fact that it didn't feel at all appropriate to use your money to pay down debt, we thought it was right to put the cash to work by buying back stock, put it to work for you rather than having it sit for a longer and longer period of time on our balance sheet.
And, of course, we didn't want to reduce our standards for making additional business investments.
It is also the case that we think that while 2017 is going to be a very tough year compared to perhaps any year in memory, that things are going to be better as we move forward out of 2017.
That's not to say there isn't risk, but that's where we lean.
So is any of that helpful to you in trying to resolve what you feel is sort of a contradiction.
Well, it doesn't take much to get better.
Taking a couple hundred million dollars in hits between government actions and big payer hits, we've never had that happen in, I think, 17 years.
And so just by not being another 17, it already is a very nice step-up.
In addition, the fact is when we do eliminate some higher than usual rates, that is another element of downside that is gone.
In addition, we do have some policy upsides.
In addition, we are hoping that DMG and international start to be incremental contributors.
So I think those are some of the reasons beyond just the continued positive operating performance of our core US Kidney Care platform leads us to think we got a very good chance of doing better.
<UNK>, while I've got you on the phone, both <UNK> and I have answers.
This is <UNK>.
I don't think I was clear in my answer, I might have even misspoken.
The Medicaid is likely not to come back, and then non-Medicaid it's too early to tell.
I think I might have confused my labels there, so my apologies.
There hasn't been any that I know of.
The other parts of the business are very different from a regulatory and decision-making point of view, so that's the current status.
The real answer is that with open enrollment done, the substantial part of the equation played out.
And so it's not right now about the design issues, but rather that we missed the open window.
Yes, unfortunately, there are no major developments to report on this.
It has been a long transaction, and we are anticipating a Q2 close, and that is all unfortunately we have to say.
To be honest with you, the date has been a moving target.
I can't remember the last one that we gave you because the buyer and the FTC and the process has been one that has kept going.
So we've probably given you more dates, and the last one was, I believe Q1, but I can't recall.
Yes, I don't have anything insightful.
The labor markets are getting tight.
It's a competitive landscape, and just workers are demanding higher wages.
Of course, it's our job to create a special place to work where people are more fulfilled.
And, so, therefore, on average, wages becomes while, of course, everybody needs to make a competitive wage, but people are less willing to consider moving to another place just for the wages.
And so that's what we're dealing with.
I don't have anything else to add to that.
Well, if they achieve corporate tax reform, the kind of tax reform that they are talking about, we'll have a really nice party with you guys because we are one of the highest taxpayers in America and always have been.
And the good news is that the new Congress is really serious about doing that.
We're in DC now, and that subject has probably come up in four of the meetings that I've been in in the last 24 hours.
Having said that, that is a tall mountain to climb, and so you have got tremendous resolve with Paul Ryan and others.
At the same time, you've got formidable challenges in pulling it off.
So we just love the fact that it is a real possibility, and then what would we do with it.
Well, I think we will wait until we are about to get it before we spend too much time on that.
But I think we will put it through the same decision-making filters that we've put our current cash flow through.
And then I think your broader question about is there any other legislation.
The other piece of legislation which has a good shot is our patient demonstration legislation wherein we would pick up the right to put thousands and thousands and thousands of our patients into a globally capitated environment where we can provide integrated care, which would significantly improve clinical outcomes and over time save taxpayers money.
So that's a very, very big deal.
We were with a number of the bill sponsors here in the last 24 hours who remain very enthused.
And so that is percolating and has very attractive potential.
Yes, <UNK>, on de novo certification, we see somewhere in the range of 90 to 110 for 2017.
So pretty consistent to the range we had for ---+ did I say 2016.
So for 2017, we have that range.
It is consistent to the range we had for 2016.
As it relates to the small players, we have seen a slight pickup in the marketplace, but the reality is that there is just not a lot out there.
And so it's on a very low base, and so you shouldn't see a big spike or meaningful movement in the acquisition number.
We haven't heard any.
That doesn't mean the conversations aren't happening, but we have not heard of any.
It is included in the guidance, and the number ---+ I will check in a sec here.
It is not material is what I'm being told, but I will get the number in a sec.
Thank you, <UNK>.
<UNK>, just to wrap up, it is approximately $10 million.
Thank you.
Okay.
Well, thanks, everybody, for your continued interest in our enterprise.
We will do our best to serve your capital well between now and our next call.
Thanks.
