ANNOUNCES EXECUTIVE
RETIREMENT
Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice
company, today reported its financial results for the three and
six-month periods ended June 30, 2016.
Three-Month Periods Ended June 30, 2016 and 2015
- Net service revenue increased $46.6 million to $360.7 million
compared to $314.1 million in 2015.
- Net income attributable to Amedisys, Inc. of $10.7 million
compared to $10.6 million in 2015.
- Net income attributable to Amedisys, Inc. per diluted share
remained at $0.32 per diluted share when compared to 2015.
Adjusted Results*
- Adjusted net service revenue of $361.7 million compared to
$314.1 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. of $14.1
million compared to $14.5 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $0.42 compared to $0.43 in 2015.
- Adjusted EBITDA (defined as net income (loss) attributable to
Amedisys, Inc. before provision for income taxes, net interest
expense and depreciation and amortization excluding certain items)
of $29.8 million compared to $31.7 million in 2015.
Six-Month Periods Ended June 30, 2016 and 2015
- Net service revenue increased $93.8 million to $709.5 million
compared to $615.7 million in 2015.
- Net income attributable to Amedisys, Inc. of $16.9 million
compared to $24.4 million net loss in 2015.
- Net income attributable to Amedisys, Inc. per diluted share
increased $1.24 to $0.50 compared to $0.74 net loss per diluted
share in 2015.
Adjusted Results*
- Adjusted net service revenue of $710.5 million compared to
$615.7 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. of $25.0
million compared to $24.3 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $0.74 compared to $0.73 in 2015.
- Adjusted EBITDA of $53.8 million compared to $58.0 million in
2015.
* See pages 11 and 12 for the reconciliations of non-GAAP
financial measures to GAAP measures.
Executive Retirement
On August 2, 2016, Ronald A. LaBorde, the Vice Chairman and
Chief Financial Officer of the Company, announced his intention to
retire from the Company and the Board of Directors as of January 2,
2017.
Paul B. Kusserow, President and Chief Executive Officer stated,
“I am proud of the strong results our team delivered in the second
quarter, even as we incurred deeper than anticipated software
implementation disruption costs. We delivered strong growth across
the board in all segments, drove improving clinical quality metrics
and saw reduced employee turnover. We are continuing to progress
successfully through our technology transformation and remain
confident in our ability to deliver on the efficiencies that we
have promised to our shareholders.”
Kusserow continued, “Lastly, while five months away, I would
like to thank Ronnie LaBorde for his contribution to Amedisys which
been invaluable, particularly during the turnaround in 2014. I
appreciate his contribution as a trusted colleague and friend. He
will leave the company in a strong and stable position with a great
future trajectory. You couldn’t ask for a better legacy.”
We urge caution in considering the current trends disclosed in
this press release. The home health and hospice industry is highly
competitive and subject to intensive regulations, and trends are
subject to numerous factors, risks, and uncertainties, some of
which are referenced in the cautionary language below and others
that are described more fully in our reports filed with the
Securities and Exchange Commission (“SEC”) including our Annual
Report on Form 10-K for the fiscal year ended December 31, 2015,
and subsequent Quarterly Reports on Form 10-Q, and current reports
on Form 8-K which can be found on the SEC’s internet website,
http://www.sec.gov, and our internet website,
http://www.amedisys.com. We disclaim any obligations to update
disclosed information on trends.
Earnings Call and Webcast Information
To participate on the conference call, please call a few minutes
before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free)
or (412) 902-1028 (Toll). A replay of the conference call will
be available through September 3, 2016 by dialing (877) 660-6853
(Toll- Free) or (201) 612-7415 (Toll) and entering conference ID
#13641920.
A live webcast of the call will be accessible through our
website on our Investor Relations section at the following web
address: http://investors.amedisys.com.
Amedisys, Inc. (the “Company”) is headquartered in Baton Rouge,
Louisiana and our common stock trades on the NASDAQ
Global Select Market under the symbol “AMED”.
Additional information
Our company website address is www.amedisys.com. We use our
website as a channel of distribution for important company
information. Important information, including press releases,
analyst presentations and financial information regarding our
company, is routinely posted on and accessible on the Investor
Relations subpage of our website, which is accessible by clicking
on the tab labeled “Investors” on our website home page. We also
use our website to expedite public access to time-critical
information regarding our company in advance of or in lieu of
distributing a press release or a filing with the SEC disclosing
the same information. Therefore, investors should look to the
Investor Relations subpage of our website for important and
time-critical information. Visitors to our website can also
register to receive automatic e-mail and other notifications
alerting them when new information is made available on the
Investor Relations subpage of our website.
Forward-Looking Statements
When included in this press release, words like “believes,”
“belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,”
“estimates,” “may,” “might,” “would,” “should” and similar
expressions are intended to identify forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve a variety of risks and
uncertainties that could cause actual results to differ materially
from those described therein. These risks and uncertainties
include, but are not limited to the following: changes in Medicare
and other medical payment levels, our ability to open care centers,
acquire additional care centers and integrate and operate these
care centers effectively, changes in or our failure to comply with
existing Federal and State laws or regulations or the
inability to comply with new government regulations on a timely
basis, competition in the home health industry, changes in the case
mix of patients and payment methodologies, changes in estimates and
judgments associated with critical accounting policies, our ability
to maintain or establish new patient referral sources, our ability
to attract and retain qualified personnel, changes in payments and
covered services due to the economic downturn and deficit spending
by Federal and State governments, future cost containment
initiatives undertaken by third-party payors, our access to
financing due to the volatility and disruption of the capital and
credit markets, our ability to meet debt service requirements and
comply with covenants in debt agreements, business disruptions due
to natural disasters or acts of terrorism, our ability to integrate
and manage our information systems, our ability to comply with
requirements stipulated in our corporate integrity agreement and
changes in law or developments with respect to any litigation
relating to the Company, including various other matters, many of
which are beyond our control.
Because forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely on any forward-looking statement as
a prediction of future events. We expressly disclaim any obligation
or undertaking and we do not intend to release publicly any updates
or changes in our expectations concerning the forward- looking
statements or any changes in events, conditions or circumstances
upon which any forward-looking statement may be based, except as
required by law.
Non-GAAP Financial
Measures
This press release includes the following non-GAAP financial
measures as defined under SEC rules: (1) EBITDA, defined as net
income (loss) attributable to Amedisys, Inc. before provision for
income taxes, net interest expense and depreciation and
amortization; (2) adjusted EBITDA, defined as EBITDA excluding
certain items; (3) adjusted net service revenue, defined as net
service revenue excluding certain items; (4) adjusted net income
attributable to Amedisys, Inc., defined as net income (loss)
attributable to Amedisys, Inc. excluding certain items; and (5)
adjusted net income attributable to Amedisys, Inc. per diluted
share, defined as net income (loss) attributable to Amedisys, Inc.
common stockholders per diluted share excluding certain items. In
accordance with SEC rules, we have provided herein a reconciliation
of these non-GAAP financial measures to the most
directly comparable measures under GAAP. Management believes
that these are useful gauges of our performance and are common
measures used in our industry to assess relative financial
performance among companies.
AMEDISYS, INC. AND
SUBSIDIARIESSELECT CONSOLIDATED FINANCIAL
STATEMENT DATA AND SUPPLEMENTAL INFORMATION (Amounts in thousands,
except share, per share data and statistical
information)
Balance Sheet Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2016 |
|
|
December 31, 2015 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
9,968 |
|
$ |
27,502 |
|
Patient accounts receivable, net of
allowance for doubtful accounts of $15,950 and $16,526 |
|
152,213 |
|
|
125,010 |
|
Prepaid expenses |
|
7,931 |
|
|
8,110 |
|
Other current assets |
|
9,407 |
|
|
14,641 |
|
Total current assets |
|
179,519 |
|
|
175,263 |
|
Property and equipment, net of
accumulated depreciation of $139,433 and $141,793 |
|
44,617 |
|
|
42,695 |
|
Goodwill |
|
280,349 |
|
|
261,663 |
|
Intangible assets, net of
accumulated amortization of $26,525 and $25,386 |
|
47,728 |
|
|
44,047 |
|
Deferred income taxes |
|
121,014 |
|
|
125,245 |
|
Other assets, net |
|
37,875 |
|
|
32,802 |
|
Total assets |
$ |
711,102 |
|
$ |
681,715 |
|
LIABILITIES AND EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
35,070 |
|
$ |
25,682 |
|
Payroll and employee benefits |
|
86,075 |
|
|
72,546 |
|
Accrued expenses |
|
63,641 |
|
|
71,965 |
|
Current portion of long-term
obligations |
|
5,000 |
|
|
5,000 |
|
Total current liabilities |
|
189,786 |
|
|
175,193 |
|
Long-term obligations,
less current portion |
|
89,500 |
|
|
91,630 |
|
Other long-term
obligations |
|
3,991 |
|
|
4,456 |
|
Total liabilities |
|
283,277 |
|
|
271,279 |
|
Equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par value,
5,000,000 shares authorized; none issued or outstanding |
|
— |
|
|
— |
|
Common stock, $0.001 par value,
60,000,000 shares authorized; 35,136,248 and 34,786,966 shares
issued; and 33,499,944 and 33,607,282 shares outstanding |
|
35 |
|
|
35 |
|
Additional paid-in capital |
|
523,583 |
|
|
504,290 |
|
Treasury stock at cost, 1,636,304
and 1,179,684 shares of common stock |
|
(45,829 |
) |
|
(26,966 |
) |
Accumulated other comprehensive
income |
|
15 |
|
|
15 |
|
Retained earnings |
|
(50,897 |
) |
|
(67,806 |
) |
Total Amedisys, Inc. stockholders’
equity |
|
426,907 |
|
|
409,568 |
|
Noncontrolling interests |
|
918 |
|
|
868 |
|
Total equity |
|
427,825 |
|
|
410,436 |
|
Total liabilities and equity |
$ |
711,102 |
|
$ |
681,715 |
|
|
|
|
|
|
|
|
Statement of Operations
Information (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month
Periods Ended
June 30, |
|
|
For the
Six-Month Periods Ended June
30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net service
revenue |
$ |
360,746 |
|
$ |
314,152 |
|
$ |
709,563 |
|
$ |
615,724 |
|
Cost of
service, excluding depreciation and amortization |
|
206,505 |
|
|
175,699 |
|
|
408,342 |
|
|
346,660 |
|
General and
administrative expenses: |
|
|
|
|
Salaries and
benefits |
|
77,343 |
|
|
71,249 |
|
|
154,060 |
|
|
139,804 |
|
Non-cash
compensation |
|
3,736 |
|
|
2,193 |
|
|
7,806 |
|
|
4,577 |
|
Other |
|
45,576 |
|
|
42,113 |
|
|
92,293 |
|
|
75,183 |
|
Provision for
doubtful accounts |
|
4,253 |
|
|
2,756 |
|
|
8,193 |
|
|
5,732 |
|
Depreciation
and amortization |
|
4,975 |
|
|
4,615 |
|
|
9,448 |
|
|
11,152 |
|
Asset
impairment charge |
|
— |
|
|
— |
|
|
— |
|
|
75,193 |
|
Operating
expenses |
|
342,388 |
|
|
298,625 |
|
|
680,142 |
|
|
658,301 |
|
Operating
income (loss) |
|
18,358 |
|
|
15,527 |
|
|
29,421 |
|
|
(42,577 |
) |
Other
(expense) income: |
|
|
|
|
Interest income |
|
9 |
|
|
4 |
|
|
31 |
|
|
26 |
|
Interest expense |
|
(1,303 |
) |
|
(2,416 |
) |
|
(2,415 |
) |
|
(4,842 |
) |
Equity in earnings from
equity method investments |
|
363 |
|
|
4,826 |
|
|
358 |
|
|
6,777 |
|
Miscellaneous, net |
|
658 |
|
|
498 |
|
|
1,393 |
|
|
2,632 |
|
Total other (expense)
income, net |
|
(273 |
) |
|
2,912 |
|
|
(633 |
) |
|
4,593 |
|
Income (loss)
before income taxes |
|
18,085 |
|
|
18,439 |
|
|
28,788 |
|
|
(37,984 |
) |
Income tax
(expense) benefit |
|
(7,242 |
) |
|
(7,566 |
) |
|
(11,630 |
) |
|
14,025 |
|
Net income
(loss) |
|
10,843 |
|
|
10,873 |
|
|
17,158 |
|
|
(23,959 |
) |
Net income
attributable to noncontrolling interests |
|
(147 |
) |
|
(236 |
) |
|
(249 |
) |
|
(413 |
) |
Net income
(loss) attributable to Amedisys, Inc. |
$ |
10,696 |
|
$ |
10,637 |
|
$ |
16,909 |
|
$ |
(24,372 |
) |
Basic earnings
per common share: |
|
|
|
|
Net income (loss) attributable to
Amedisys, Inc. common stockholders |
|
$ |
0.32 |
|
$ |
0.32 |
|
$ |
0.51 |
|
$ |
(0.74 |
) |
Weighted average shares outstanding
|
|
|
33,197 |
|
|
33,004 |
|
|
33,059 |
|
|
32,871 |
|
Diluted
earnings per common share: |
|
|
|
|
Net income (loss) attributable to
Amedisys, Inc. common stockholders |
|
$ |
0.32 |
|
$ |
0.32 |
|
$ |
0.50 |
|
$ |
(0.74 |
) |
Weighted average shares
outstanding |
|
|
33,708 |
|
|
33,459 |
|
|
33,641 |
|
|
32,871 |
|
|
|
|
|
|
|
Cash
Flow and Days Revenue Outstanding, Net Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month
Periods Ended June 30, |
|
|
For the
Six-Month Periods Ended June
30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net cash provided by
operating activities |
$ |
14,651 |
|
$ |
42,554 |
|
$ |
26,895 |
|
$ |
57,037 |
|
Net cash used in investing
activities |
|
(3,597 |
) |
|
(9,754 |
) |
|
(37,751 |
) |
|
(11,822 |
) |
Net cash used in financing
activities |
|
(8,910 |
) |
|
(2,731 |
) |
|
(6,678 |
) |
|
(20,046 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
2,144 |
|
|
30,069 |
|
|
(17,534 |
) |
|
25,169 |
|
Cash and cash equivalents
at beginning of period |
|
7,824 |
|
|
3,132 |
|
|
27,502 |
|
|
8,032 |
|
Cash and cash equivalents
at end of period |
$ |
9,968 |
|
$ |
33,201 |
|
$ |
9,968 |
|
$ |
33,201 |
|
Days revenue outstanding,
net (1) |
|
37.2 |
|
|
31.0 |
|
|
37.2 |
|
|
31.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our calculation of days revenue outstanding, net at June 30,
2016 and 2015 is derived by dividing our ending patient accounts
receivable (i.e., net of estimated revenue adjustments and
allowance for doubtful accounts) by our average daily net patient
revenue for the three-month period ended June 30, 2016 and 2015,
respectively.
Supplemental Information - Home Health |
|
|
|
For the
Three-Month Periods Ended June 30, |
|
Financial
Information (in millions): |
|
2016 |
|
|
2015 |
|
Medicare |
$ |
208.4 |
|
$ |
188.3 |
|
Non-Medicare |
|
67.1 |
|
|
59.5 |
|
Net service revenue |
|
275.5 |
|
|
247.8 |
|
Cost of service |
|
160.3 |
|
|
142.3 |
|
Gross margin |
|
115.2 |
|
|
105.5 |
|
Other operating
expenses |
|
77.4 |
|
|
67.1 |
|
Operating income |
$ |
37.8 |
|
$ |
38.4 |
|
Key Statistical
Data: |
|
|
|
|
|
|
Medicare: |
|
|
|
|
|
|
Same Store Volume
(1): |
|
|
|
|
|
|
Revenue |
|
4 |
% |
|
(1 |
%) |
Admissions |
|
4 |
% |
|
0 |
% |
Recertifications |
|
2 |
% |
|
(6 |
%) |
Total (2): |
|
|
Admissions |
|
48,982 |
|
|
44,188 |
|
Recertifications |
|
26,020 |
|
|
24,607 |
|
Completed episodes |
|
74,027 |
|
|
67,702 |
|
Visits |
|
1,315,417 |
|
|
1,203,648 |
|
Average revenue per
completed episode (3) |
$ |
2,850 |
|
$ |
2,828 |
|
Visits per completed
episode (4) |
|
17.7 |
|
|
17.5 |
|
Non-Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
13 |
% |
|
16 |
% |
Admissions |
|
2 |
% |
|
15 |
% |
Recertifications |
|
12 |
% |
|
8 |
% |
Total (2): |
|
|
Admissions |
|
24,237 |
|
|
23,792 |
|
Recertifications |
|
9,640 |
|
|
8,637 |
|
Visits |
|
515,062 |
|
|
482,689 |
|
Total
(2): |
|
|
Cost per Visit |
$ |
87.56 |
|
$ |
84.43 |
|
Visits |
|
1,830,479 |
|
|
1,686,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six-Month Periods
Ended June 30, |
|
Financial
Information (in millions): |
|
2016 |
|
|
2015 |
|
Medicare |
$ |
415.2 |
|
$ |
375.5 |
|
Non-Medicare |
|
133.0 |
|
|
113.7 |
|
Net service revenue |
|
548.2 |
|
|
489.2 |
|
Cost of service |
|
321.1 |
|
|
281.0 |
|
Gross margin |
|
227.1 |
|
|
208.2 |
|
Other operating
expenses |
|
153.1 |
|
|
134.0 |
|
Operating income |
$ |
74.0 |
|
$ |
74.2 |
|
Key Statistical
Data: |
|
|
Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
4 |
% |
|
2 |
% |
Admissions |
|
4 |
% |
|
1 |
% |
Recertifications |
|
3 |
% |
|
(3 |
%) |
Total (2): |
|
|
Admissions |
|
99,400 |
|
|
89,539 |
|
Recertifications |
|
52,043 |
|
|
48,966 |
|
Completed episodes |
|
146,059 |
|
|
133,013 |
|
Visits |
|
2,626,788 |
|
|
2,371,898 |
|
Average revenue per
completed episode (3) |
$ |
2,831 |
|
$ |
2,811 |
|
Visits per completed
episode (4) |
|
17.6 |
|
|
17.4 |
|
Non-Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
17 |
% |
|
18 |
% |
Admissions |
|
6 |
% |
|
16 |
% |
Recertifications |
|
17 |
% |
|
12 |
% |
Total (2): |
|
|
Admissions |
|
49,804 |
|
|
46,941 |
|
Recertifications |
|
19,466 |
|
|
16,625 |
|
Visits |
|
1,043,031 |
|
|
920,154 |
|
Total
(2): |
|
|
Cost per Visit |
$ |
87.51 |
|
$ |
85.36 |
|
Visits |
|
3,669,819 |
|
|
3,292,052 |
|
|
|
|
|
|
|
|
(1) Same store Medicare and Non-Medicare revenue, admissions or
recertifications growth (decline) is the percent increase
(decrease) in our Medicare and Non-Medicare revenue, admissions or
recertifications for the period as a percent of the Medicare and
Non-Medicare revenue, admissions or recertifications of the prior
period.(2) Total includes acquisitions.(3) Average Medicare revenue
per completed episode is the average Medicare revenue earned for
each Medicare completed episode of care which includes the impact
of sequestration.(4) Medicare visits per completed episode are the
home health Medicare visits on completed episodes divided by the
home health Medicare episodes completed during the period.
Supplemental Information - Hospice |
|
|
|
For the Three-Month
Periods Ended June 30, |
|
|
|
2016 |
|
|
2015 |
|
Medicare |
$ |
71.3 |
|
$ |
62.5 |
|
Non-Medicare |
|
4.5 |
|
|
3.8 |
|
Net service revenue |
|
75.8 |
|
|
66.3 |
|
Cost of service |
|
39.4 |
|
|
33.4 |
|
Gross margin |
|
36.4 |
|
|
32.9 |
|
Other operating
expenses |
|
18.4 |
|
|
16.0 |
|
Operating income |
$ |
18.0 |
|
$ |
16.9 |
|
Key Statistical Data: |
|
|
|
|
|
|
Same Store Volume
(1): |
|
|
|
|
|
|
Medicare revenue |
|
14 |
% |
|
10 |
% |
Non-Medicare revenue |
|
15 |
% |
|
5 |
% |
Hospice admissions |
|
18 |
% |
|
11 |
% |
Average daily census |
|
16 |
% |
|
7 |
% |
Total (2): |
|
|
Hospice admissions |
|
5,576 |
|
|
4,713 |
|
Average daily census |
|
5,730 |
|
|
4,944 |
|
Revenue per day, net |
$ |
145.40 |
|
$ |
147.53 |
|
Cost of service per
day |
$ |
75.69 |
|
$ |
74.07 |
|
Average length of
stay |
|
94 |
|
|
86 |
|
|
|
|
|
|
|
|
|
|
For the Six-Month Periods
Ended June 30, |
|
|
|
2016 |
|
|
2015 |
|
Financial
Information (in millions): |
|
|
|
|
|
|
Medicare |
$ |
140.0 |
|
$ |
118.9 |
|
Non-Medicare |
|
8.8 |
|
|
7.6 |
|
Net service revenue |
|
148.8 |
|
|
126.5 |
|
Cost of service |
|
78.2 |
|
|
65.7 |
|
Gross margin |
|
70.6 |
|
|
60.8 |
|
Other operating
expenses |
|
36.3 |
|
|
31.2 |
|
Operating income |
$ |
34.3 |
|
$ |
29.6 |
|
Key Statistical Data: |
|
|
|
|
|
|
Same Store Volume
(1): |
|
|
|
|
|
|
Medicare revenue |
|
18 |
% |
|
6 |
% |
Non-Medicare revenue |
|
15 |
% |
|
9 |
% |
Hospice admissions |
|
19 |
% |
|
9 |
% |
Average daily census |
|
19 |
% |
|
4 |
% |
Total (2): |
|
|
Hospice admissions |
|
11,006 |
|
|
9,277 |
|
Average daily census |
|
5,618 |
|
|
4,744 |
|
Revenue per day, net |
$ |
145.52 |
|
$ |
147.39 |
|
Cost of service per
day |
$ |
76.51 |
|
$ |
76.47 |
|
Average length of
stay |
|
95 |
|
|
88 |
|
|
|
|
|
|
|
|
(1) Same store Medicare and Non-Medicare revenue, Hospice
admissions or average daily census growth (decline) is the percent
increase (decrease) in our Medicare and Non-Medicare revenue,
Hospice admissions or average daily census for the period as a
percent of the Medicare and Non-Medicare revenue, Hospice
admissions or average daily census of the prior period.(2) Total
includes acquisitions.
|
Supplemental Information - Corporate |
|
|
|
For the
Three-Month Periods Ended June 30, |
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
Other operating
expenses |
$ |
34.7 |
|
$ |
36.8 |
|
|
|
Depreciation and
amortization |
|
3.1 |
|
|
3.0 |
|
|
|
Total |
$ |
37.8 |
|
$ |
39.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Six-Month Periods Ended June 30, |
|
|
2016 |
|
2015 |
Financial Information (in
millions): |
|
|
|
|
Other operating expenses |
$ |
73.7 |
$ |
63.6 |
Depreciation and amortization |
|
6.0 |
|
7.6 |
Total before impairment (1) |
$ |
79.7 |
$ |
71.2 |
|
|
|
|
|
1) Total of $146.4 million on a GAAP basis for the six-month
period ended June 30, 2015 (including $75.2 million asset
impairment charge).
AMEDISYS, INC. AND
SUBSIDIARIESRECONCILIATION
OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands)(Unaudited)
Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”) and Adjusted
EBITDA:
|
|
For the Three-Month PeriodsEnded June
30, |
|
|
For the Six-Month
PeriodsEnded June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net income (loss)
attributable to Amedisys, Inc. |
$ |
10,696 |
|
$ |
10,637 |
|
$ |
16,909 |
|
$ |
(24,372 |
) |
Add: |
|
|
|
|
Income tax expense (benefit) |
|
7,242 |
|
|
7,566 |
|
|
11,630 |
|
|
(14,025 |
) |
Interest expense, net |
|
1,294 |
|
|
2,412 |
|
|
2,384 |
|
|
4,816 |
|
Depreciation and amortization |
|
4,975 |
|
|
4,615 |
|
|
9,448 |
|
|
11,152 |
|
EBITDA (1)(7) |
|
24,207 |
|
|
25,230 |
|
|
40,371 |
|
|
(22,429 |
) |
Add: |
|
|
|
|
Certain items (2) |
|
5,636 |
|
|
6,427 |
|
|
13,402 |
|
|
80,467 |
|
Adjusted EBITDA
(3)(7) |
$ |
29,843 |
|
$ |
31,657 |
|
$ |
53,773 |
|
$ |
58,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Service
Revenue Reconciliation:
|
|
For the Three-Month PeriodsEnded June
30, |
|
|
For the Six-Month PeriodsEnded June
30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net service revenue |
$ |
360,746 |
|
$ |
314,152 |
|
$ |
709,563 |
|
$ |
615,724 |
|
Add: |
|
|
|
|
Certain items (2) |
|
948 |
|
|
— |
|
|
948 |
|
|
— |
|
Adjusted net service
revenue (4)(7) |
$ |
361,694 |
|
$ |
314,152 |
|
$ |
710,511 |
|
$ |
615,724 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
Attributable to Amedisys, Inc. Reconciliation:
|
|
For the Three-Month PeriodsEnded June
30, |
|
|
For the Six-Month PeriodsEnded June
30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net income (loss)
attributable to Amedisys, Inc. |
$ |
10,696 |
|
$ |
10,637 |
|
$ |
16,909 |
|
$ |
(24,372 |
) |
Add: |
|
|
|
|
|
|
Certain items (2) |
|
3,410 |
|
|
3,888 |
|
|
8,108 |
|
|
48,682 |
|
Adjusted net income
attributable to Amedisys, Inc. (5)(7) |
$ |
14,106 |
|
$ |
14,525 |
|
$ |
25,017 |
|
$ |
24,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
Attributable to Amedisys, Inc. per Diluted Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month
PeriodsEnded June 30, |
|
|
For the Six-Month
PeriodsEnded June 30, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net income (loss)
attributable to Amedisys, Inc. common stockholders per diluted
share |
$ |
0.32 |
|
$ |
0.32 |
|
$ |
0.50 |
|
$ |
(0.74 |
) |
Add: |
|
|
|
|
Certain items
(2) |
|
0.10 |
|
|
0.12 |
|
|
0.24 |
|
|
1.48 |
|
Adjusted
net income attributable to Amedisys, Inc. common stockholders per
diluted share (6)(7) |
$ |
0.42 |
|
$ |
0.43 |
|
$ |
0.74 |
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) EBITDA is defined as net income (loss) attributable to
Amedisys, Inc. before provision for income taxes, net interest
expense, and depreciation and amortization.
(2) The following details the certain items for the three and
six-month periods ended June 30, 2016 and 2015:
|
|
For the Three-Month
PeriodEnded June 30, 2016 |
|
|
For the Six-Month
PeriodEnded June 30, 2016 |
|
|
|
(Income)
Expense |
|
|
(Income)
Expense |
|
HCHB implementation |
$ |
2,593 |
|
$ |
5,033 |
|
Acquisition costs |
|
337 |
|
|
2,042 |
|
Legal fees -
non-routine |
|
459 |
|
|
1,976 |
|
Legal settlements |
|
(265 |
) |
|
(806 |
) |
Restructuring
activity |
|
1,494 |
|
|
3,703 |
|
Third party audit
reserve |
|
948 |
|
|
948 |
|
Miscellaneous, other
(income) expense, net |
|
70 |
|
|
506 |
|
Total |
$ |
5,636 |
|
$ |
13,402 |
|
Net of tax |
|
3,410 |
|
|
8,108 |
|
Diluted EPS |
|
0.10 |
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
For the Three-Month
PeriodEnded June 30, 2015 |
|
|
For the Six-Month
PeriodEnded June 30, 2015 |
|
|
|
(Income)
Expense |
|
|
(Income)
Expense |
|
Wage and Hour
litigation |
$ |
8,000 |
|
$ |
8,000 |
|
Legal settlements |
|
(307 |
) |
|
(1,125 |
) |
Inventory and Data
Security Reporting |
|
— |
|
|
2,121 |
|
Asset impairment |
|
— |
|
|
75,193 |
|
Restructuring
activity |
|
2,679 |
|
|
2,679 |
|
Miscellaneous, other
(income) expense, net |
|
(3,945 |
) |
|
(6,401 |
) |
Total |
$ |
6,427 |
|
$ |
80,467 |
|
Net of tax |
$ |
3,888 |
|
$ |
48,682 |
|
Diluted EPS |
$ |
0.12 |
|
$ |
1.48 |
|
|
|
|
|
|
|
|
(3) Adjusted EBITDA is defined as EBITDA, as defined in footnote
1, excluding certain items as described in footnote 2. (4) Adjusted
net service revenue is defined as net service revenue plus certain
items as described in footnote 2.(5) Adjusted net income
attributable to Amedisys, Inc. is defined as net income (loss)
attributable to Amedisys, Inc. excluding certain other items as
described in footnote 2.(6) Adjusted net income attributable to
Amedisys, Inc. common stockholders per diluted share is defined as
diluted income (loss) per share excluding the earnings per
share effect of certain items as described in footnote 2.(7)
EBITDA, adjusted EBITDA, adjusted net service revenue, adjusted net
income attributable to Amedisys, Inc. and adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share should not be considered as an alternative to, or more
meaningful than, income before income taxes, cash flow from
operating activities, or other traditional indicators of operating
performance. These calculations may not be comparable to a
similarly titled measure reported by other companies, since
not all companies calculate these non-GAAP financial measures in
the same manner.
Contact:
Investor Contact:
Amedisys, Inc.
David Castille
Managing Director, Treasury/Finance
(225) 299-3391
david.castille@amedisys.com
Media Contact:
Amedisys, Inc.
Kendra Kimmons
Managing Director, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com
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