EV is incorrect. It appears that the calculation is not picking up any debt. It appears the calculation is picking up cash since EV appears to be $30million less than market cap. Net debt for HPR is $594 million. The amount of debt is not a new number and has been stable over the past year, while cash has declined causing net debt to rise toward $600 million. The incorrect EV impacts other derived figures like EV/EBITDA.
Source on net debt is most recent company investor presentation on company website dated 2/26/19.
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