Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice
company, today reported its financial results for the three and
nine-month periods ended September 30, 2016.
Three-Month Periods Ended September 30, 2016 and 2015
- Net service revenue increased $35.2 million to $361.6 million
compared to $326.4 million in 2015.
- Net income attributable to Amedisys, Inc. of $11.4 million
compared to $8.4 million in 2015.
- Net income attributable to Amedisys, Inc. per diluted share of
$0.34 per diluted share compared to $0.25 in 2015.
Adjusted Results*
- Adjusted net service revenue of $361.6 million compared to
$326.4 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. of $12.1
million compared to $11.5 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $0.36 compared to $0.34 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 $25.6 million compared to $26.4 million in 2015.
Nine-Month Periods Ended September 30, 2016 and 2015
- Net service revenue increased $129.0 million to $1,071.2
million compared to $942.2 million in 2015.
- Net income attributable to Amedisys, Inc. of $28.3 million
compared to $15.9 million net loss in 2015.
- Net income attributable to Amedisys, Inc. per diluted share
increased $1.32 to $0.84 compared to $0.48 net loss per diluted
share in 2015.
Adjusted Results*
- Adjusted net service revenue of $1,072.1 million compared to
$942.2 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. of $37.2
million compared to $35.8 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $1.10 compared to $1.09 in 2015.
- Adjusted EBITDA of $79.4 million compared to $84.4 million in
2015.
* See pages 10 and 11 for the reconciliations of non-GAAP
financial measures to GAAP measures.
Paul B. Kusserow, President and Chief Executive Officer stated,
“I am extremely proud of our organization for their dedication to
delivering high-quality, low-cost care to our patients while the
company continues to undergo a significant transition. Our
employees delivered solid results across all three business
segments. As outlined in our earnings preannouncement last
week, we did encounter some challenges in home health volumes as
well as increased health insurance and bad debt expenses.
However, as of October 31, our last group of care centers is live
on HomeCare HomeBase, an effort that involved training over 11,000
employees over the course of only 15 months. We are focused
on continued growth and delivering on the operational efficiencies
we have promised our shareholders. At the same time, we are
actively pursuing opportunities to reinvest in our business and
deploy capital toward accretive acquisitions. We are
extremely excited about the opportunities in front of us as we
continue to execute on our strategy.”
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 December 3, 2016 by dialing (877) 660-6853
(Toll-Free) or (201) 612-7415 (Toll) and entering conference ID
#13648537.
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 |
|
|
|
September 30, 2016 |
|
|
December 31, 2015 |
|
(Unaudited) |
|
|
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
8,915 |
|
|
$ |
27,502 |
|
Patient accounts receivable, net of
allowance for doubtful accounts of $16,710 and $16,526 |
|
162,500 |
|
|
|
125,010 |
|
Prepaid expenses |
|
9,948 |
|
|
|
8,110 |
|
Other current assets |
|
12,070 |
|
|
|
14,641 |
|
Total current assets |
|
193,433 |
|
|
|
175,263 |
|
Property and equipment,
net of accumulated depreciation of $144,055 and $141,793 |
|
42,960 |
|
|
|
42,695 |
|
Goodwill |
|
284,552 |
|
|
|
261,663 |
|
Intangible assets, net of
accumulated amortization of $27,180 and $25,386 |
|
47,249 |
|
|
|
44,047 |
|
Deferred income taxes |
|
113,797 |
|
|
|
125,245 |
|
Other assets, net |
|
39,741 |
|
|
|
32,802 |
|
Total assets |
$ |
721,732 |
|
|
$ |
681,715 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
33,088 |
|
|
$ |
25,682 |
|
Payroll and employee benefits |
|
78,754 |
|
|
|
72,546 |
|
Accrued expenses |
|
65,112 |
|
|
|
71,965 |
|
Current portion of long-term
obligations |
|
5,220 |
|
|
|
5,000 |
|
Total current liabilities |
|
182,174 |
|
|
|
175,193 |
|
Long-term obligations,
less current portion |
|
88,874 |
|
|
|
91,630 |
|
Other long-term
obligations |
|
4,306 |
|
|
|
4,456 |
|
Total liabilities |
|
275,354 |
|
|
|
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; 35,195,655 and 34,786,966 shares
issued; and 33,551,441 and 33,607,282 shares outstanding |
|
35 |
|
|
|
35 |
|
Additional paid-in capital |
|
531,112 |
|
|
|
504,290 |
|
Treasury stock at cost, 1,644,214
and 1,179,684 shares of common stock |
|
(46,253 |
) |
|
|
(26,966 |
) |
Accumulated other comprehensive
income |
|
15 |
|
|
|
15 |
|
Retained earnings |
|
(39,462 |
) |
|
|
(67,806 |
) |
Total Amedisys, Inc. stockholders’
equity |
|
445,447 |
|
|
|
409,568 |
|
Noncontrolling interests |
|
931 |
|
|
|
868 |
|
Total equity |
|
446,378 |
|
|
|
410,436 |
|
Total liabilities and equity |
$ |
721,732 |
|
|
$ |
681,715 |
|
|
|
|
|
|
|
|
|
Statement of Operations Information
(Unaudited) |
|
|
|
|
For the Three-Month Periods Ended September
30, |
|
For the Nine-Month Periods
Ended September 30, |
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Net service revenue |
$ |
361,595 |
|
|
$ |
326,450 |
|
|
$ |
1,071,158 |
|
|
$ |
942,174 |
|
Cost of service, excluding
depreciation and amortization |
|
212,124 |
|
|
|
186,772 |
|
|
|
620,466 |
|
|
|
533,432 |
|
General and administrative
expenses: |
|
|
|
|
Salaries and benefits |
|
77,019 |
|
|
|
69,993 |
|
|
|
231,079 |
|
|
|
209,797 |
|
Non-cash compensation |
|
4,750 |
|
|
|
3,060 |
|
|
|
12,556 |
|
|
|
7,637 |
|
Other |
|
42,658 |
|
|
|
39,551 |
|
|
|
134,951 |
|
|
|
114,734 |
|
Provision for doubtful
accounts |
|
5,471 |
|
|
|
3,638 |
|
|
|
13,664 |
|
|
|
9,370 |
|
Depreciation and
amortization |
|
5,214 |
|
|
|
4,646 |
|
|
|
14,662 |
|
|
|
15,798 |
|
Asset impairment
charge |
|
— |
|
|
|
2,075 |
|
|
|
— |
|
|
|
77,268 |
|
Operating expenses |
|
347,236 |
|
|
|
309,735 |
|
|
|
1,027,378 |
|
|
|
968,036 |
|
Operating income
(loss) |
|
14,359 |
|
|
|
16,715 |
|
|
|
43,780 |
|
|
|
(25,862 |
) |
Other income
(expense): |
|
|
|
|
Interest income |
|
14 |
|
|
|
7 |
|
|
|
45 |
|
|
|
33 |
|
Interest expense |
|
(1,136 |
) |
|
|
(4,936 |
) |
|
|
(3,551 |
) |
|
|
(9,778 |
) |
Equity in earnings from equity
method investments |
|
3,244 |
|
|
|
1,924 |
|
|
|
3,602 |
|
|
|
8,701 |
|
Miscellaneous, net |
|
1,713 |
|
|
|
1,330 |
|
|
|
3,106 |
|
|
|
3,962 |
|
Total other income (expense),
net |
|
3,835 |
|
|
|
(1,675 |
) |
|
|
3,202 |
|
|
|
2,918 |
|
Income (loss) before
income taxes |
|
18,194 |
|
|
|
15,040 |
|
|
|
46,982 |
|
|
|
(22,944 |
) |
Income tax (expense)
benefit |
|
(6,693 |
) |
|
|
(6,465 |
) |
|
|
(18,323 |
) |
|
|
7,560 |
|
Net income (loss) |
|
11,501 |
|
|
|
8,575 |
|
|
|
28,659 |
|
|
|
(15,384 |
) |
Net income attributable to
noncontrolling interests. |
|
(66 |
) |
|
|
(135 |
) |
|
|
(315 |
) |
|
|
(548 |
) |
Net income (loss)
attributable to Amedisys, Inc. |
$ |
11,435 |
|
|
$ |
8,440 |
|
|
$ |
28,344 |
|
|
$ |
(15,932 |
) |
Basic earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to
Amedisys, Inc. common stockholders |
$ |
0.34 |
|
|
$ |
0.25 |
|
|
$ |
0.86 |
|
|
$ |
(0.48 |
) |
Weighted average shares
outstanding |
|
33,309 |
|
|
|
33,128 |
|
|
|
33,142 |
|
|
|
32,957 |
|
Diluted earnings per
common share: |
|
|
|
|
Net income (loss) attributable to
Amedisys, Inc. common stockholders |
$ |
0.34 |
|
|
$ |
0.25 |
|
|
$ |
0.84 |
|
|
$ |
(0.48 |
) |
Weighted average shares
outstanding |
|
33,823 |
|
|
|
33,631 |
|
|
|
33,699 |
|
|
|
32,957 |
|
Cash Flow and Days Revenue Outstanding, Net Information
(Unaudited) |
|
|
|
|
For the Three-Month Periods
Ended September 30, |
|
For the Nine-Month Periods
Ended September 30, |
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
Net cash provided by
operating activities |
$ |
6,803 |
|
|
$ |
30,704 |
|
|
$ |
33,698 |
|
|
$ |
87,741 |
|
Net cash used in investing
activities |
|
(7,649 |
) |
|
|
(8,037 |
) |
|
|
(45,400 |
) |
|
|
(19,859 |
) |
Net cash (used in)
provided by financing activities |
|
(207 |
) |
|
|
1,183 |
|
|
|
(6,885 |
) |
|
|
(18,863 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
(1,053 |
) |
|
|
23,850 |
|
|
|
(18,587 |
) |
|
|
49,019 |
|
Cash and cash equivalents
at beginning of period |
|
9,968 |
|
|
|
33,201 |
|
|
|
27,502 |
|
|
|
8,032 |
|
Cash and cash equivalents
at end of period |
$ |
8,915 |
|
|
$ |
57,051 |
|
|
$ |
8,915 |
|
|
$ |
57,051 |
|
Days revenue outstanding,
net (1) |
|
40.0 |
|
|
|
33.1 |
|
|
|
40.0 |
|
|
|
33.1 |
|
(1) Our calculation of days revenue outstanding, net at
September 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
September 30, 2016 and 2015, respectively.
Supplemental Information - Home Health
|
|
|
|
For the Three-Month Periods Ended September 30,
|
|
2016 |
|
2015 |
Financial
Information (in millions): |
|
|
|
|
|
Medicare |
$ |
203.9 |
|
|
$ |
190.2 |
|
Non-Medicare |
|
65.0 |
|
|
|
63.2 |
|
Net service revenue |
|
268.9 |
|
|
|
253.4 |
|
Cost of service |
|
162.4 |
|
|
|
150.0 |
|
Gross margin |
|
106.5 |
|
|
|
103.4 |
|
Other operating
expenses |
|
77.4 |
|
|
|
70.0 |
|
Operating income |
$ |
29.1 |
|
|
$ |
33.4 |
|
Key Statistical
Data: |
|
|
|
|
|
|
|
Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
1 |
% |
|
|
3 |
% |
Admissions |
|
1 |
% |
|
|
4 |
% |
Recertifications |
|
(3 |
%) |
|
|
0 |
% |
Total (2): |
|
|
Admissions |
|
47,625 |
|
|
|
44,434 |
|
Recertifications |
|
25,522 |
|
|
|
25,420 |
|
Completed episodes |
|
71,948 |
|
|
|
67,288 |
|
Visits |
|
1,266,780 |
|
|
|
1,208,853 |
|
Average revenue per
completed episode (3) |
$ |
2,841 |
|
|
$ |
2,821 |
|
Visits per completed
episode (4) |
|
17.5 |
|
|
|
17.5 |
|
Non-Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
4 |
% |
|
|
22 |
% |
Admissions |
|
(1 |
%) |
|
|
21 |
% |
Recertifications |
|
1 |
% |
|
|
15 |
% |
Total (2): |
|
|
Admissions |
|
24,335 |
|
|
|
24,792 |
|
Recertifications |
|
9,479 |
|
|
|
9,447 |
|
Visits |
|
506,729 |
|
|
|
504,441 |
|
Total
(2): |
|
|
Cost per Visit |
$ |
91.58 |
|
|
$ |
87.54 |
|
Visits |
|
1,773,509 |
|
|
|
1,713,294 |
|
|
For the Nine-Month Periods Ended September 30,
|
|
2016 |
|
2015 |
|
|
|
|
|
|
Financial
Information (in millions): |
|
|
Medicare |
$ |
619.2 |
|
|
$ |
565.8 |
|
Non-Medicare |
|
198.0 |
|
|
|
176.8 |
|
Net service revenue |
|
817.2 |
|
|
|
742.6 |
|
Cost of service |
|
483.6 |
|
|
|
431.0 |
|
Gross margin |
|
333.6 |
|
|
|
311.6 |
|
Other operating
expenses |
|
230.5 |
|
|
|
204.0 |
|
Operating income |
$ |
103.1 |
|
|
$ |
107.6 |
|
Key Statistical
Data: |
|
|
|
|
|
|
|
Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
3 |
% |
|
|
2 |
% |
Admissions |
|
3 |
% |
|
|
2 |
% |
Recertifications |
|
1 |
% |
|
|
(2 |
%) |
Total (2): |
|
|
Admissions |
|
147,025 |
|
|
|
133,973 |
|
Recertifications |
|
77,565 |
|
|
|
74,386 |
|
Completed episodes |
|
218,007 |
|
|
|
200,301 |
|
Visits |
|
3,893,568 |
|
|
|
3,580,751 |
|
Average revenue per
completed episode (3) |
$ |
2,835 |
|
|
$ |
2,816 |
|
Visits per completed
episode (4) |
|
17.5 |
|
|
|
17.4 |
|
Non-Medicare: |
|
|
Same Store Volume
(1): |
|
|
Revenue |
|
12 |
% |
|
|
19 |
% |
Admissions. |
|
4 |
% |
|
|
17 |
% |
Recertifications |
|
11 |
% |
|
|
13 |
% |
Total (2): |
|
|
Admissions |
|
74,139 |
|
|
|
71,733 |
|
Recertifications |
|
28,945 |
|
|
|
26,072 |
|
Visits |
|
1,549,760 |
|
|
|
1,424,595 |
|
Total
(2): |
|
|
Cost per Visit |
$ |
88.83 |
|
|
$ |
86.10 |
|
Visits |
|
5,443,328 |
|
|
|
5,005,346 |
|
(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 September 30,
|
|
2016 |
|
2015 |
Financial
Information (in millions): |
|
|
|
|
|
|
|
Medicare |
$ |
77.0 |
|
|
$ |
68.6 |
|
Non-Medicare. |
|
5.0 |
|
|
|
4.4 |
|
Net service revenue |
|
82.0 |
|
|
|
73.0 |
|
Cost of service |
|
41.9 |
|
|
|
36.8 |
|
Gross margin |
|
40.1 |
|
|
|
36.2 |
|
Other operating
expenses |
|
19.3 |
|
|
|
16.9 |
|
Operating income |
$ |
20.8 |
|
|
$ |
19.3 |
|
Key Statistical
Data: |
|
|
|
|
|
|
|
Same Store Volume
(1): |
|
|
Medicare revenue |
|
12 |
% |
|
|
17 |
% |
Non-Medicare revenue |
|
14 |
% |
|
|
14 |
% |
Hospice admissions |
|
16 |
% |
|
|
26 |
% |
Average daily census |
|
14 |
% |
|
|
17 |
% |
Total (2): |
|
|
Hospice admissions |
|
5,751 |
|
|
|
4,962 |
|
Average daily census |
|
6,087 |
|
|
|
5,346 |
|
Revenue per day, net |
$ |
146.49 |
|
|
$ |
148.47 |
|
Cost of service per
day |
$ |
74.77 |
|
|
$ |
74.82 |
|
Average length of
stay |
|
92 |
|
|
|
92 |
|
|
For the Nine-Month Periods Ended September 30,
|
|
2016 |
|
2015 |
Financial
Information (in millions): |
|
|
|
|
|
|
|
Medicare |
$ |
217.0 |
|
|
$ |
187.6 |
|
Non-Medicare |
|
13.8 |
|
|
|
12.0 |
|
Net service revenue |
|
230.8 |
|
|
|
199.6 |
|
Cost of service |
|
120.1 |
|
|
|
102.4 |
|
Gross margin |
|
110.7 |
|
|
|
97.2 |
|
Other operating
expenses |
|
55.6 |
|
|
|
48.2 |
|
Operating income |
$ |
55.1 |
|
|
$ |
49.0 |
|
Key Statistical
Data: |
|
|
|
|
|
|
|
Same Store Volume
(1): |
|
|
Medicare revenue |
|
16 |
% |
|
|
10 |
% |
Non-Medicare revenue |
|
15 |
% |
|
|
11 |
% |
Hospice admissions |
|
18 |
% |
|
|
14 |
% |
Average daily census |
|
17 |
% |
|
|
8 |
% |
Total (2): |
|
|
Hospice admissions |
|
16,757 |
|
|
|
14,239 |
|
Average daily census |
|
5,776 |
|
|
|
4,947 |
|
Revenue per day, net |
$ |
145.86 |
|
|
$ |
147.79 |
|
Cost of service per
day |
$ |
75.89 |
|
|
$ |
75.87 |
|
Average length of
stay |
|
94 |
|
|
|
90 |
|
(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 September 30,
|
|
2016 |
|
2015 |
Financial
Information (in millions): |
|
|
|
|
|
|
|
Other operating
expenses |
$ |
32.7 |
|
|
$ |
30.8 |
|
Depreciation and
amortization |
|
3.3 |
|
|
|
3.1 |
|
Total before impairment
(1) |
$ |
36.0 |
|
|
$ |
33.9 |
|
|
|
|
|
|
|
|
For the Nine-Month Periods Ended September 30, |
|
2016 |
|
2015 |
Financial
Information (in millions): |
|
|
|
|
|
Other operating
expenses |
$ |
106.4 |
|
|
$ |
94.3 |
|
Depreciation and
amortization |
|
9.3 |
|
|
|
10.8 |
|
Total before impairment
(1) |
$ |
115.7 |
|
|
$ |
105.1 |
|
(1) Total of $36.0 million on a GAAP basis for the three-month
period ended September 30, 2015 (including $2.1 million asset
impairment charge). Total of $182.4 million on a GAAP basis for the
nine-month period ended September 30, 2015 (including
$77.3 million asset impairment charge).
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION 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 Periods
Ended September 30, |
For the Nine-Month Periods
Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net income (loss)
attributable to Amedisys, Inc. |
$ |
11,435 |
|
|
$ |
8,440 |
|
|
$ |
28,344 |
|
|
$ |
(15,932 |
) |
Add: |
|
|
|
|
Income tax expense (benefit) |
|
6,693 |
|
|
|
6,465 |
|
|
|
18,323 |
|
|
|
(7,560 |
) |
Interest expense, net |
|
1,122 |
|
|
|
4,929 |
|
|
|
3,506 |
|
|
|
9,745 |
|
Depreciation and amortization |
|
5,214 |
|
|
|
4,646 |
|
|
|
14,662 |
|
|
|
15,798 |
|
EBITDA (1) (7) |
|
24,464 |
|
|
|
24,480 |
|
|
|
64,835 |
|
|
|
2,051 |
|
Add: |
|
|
|
|
Certain items (2) |
|
1,158 |
|
|
|
5,100 |
|
|
|
14,560 |
|
|
|
85,567 |
|
Debt refinance costs (2) |
|
— |
|
|
|
(3,212 |
) |
|
|
— |
|
|
|
(3,212 |
) |
Adjusted EBITDA (3)
(7) |
$ |
25,622 |
|
|
$ |
26,368 |
|
|
$ |
79,395 |
|
|
$ |
84,406 |
|
Adjusted Net Service Revenue
Reconciliation:
|
For the Three-Month Periods
Ended September 30, |
|
For the Nine-Month Periods
Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net service revenue |
$ |
361,595 |
|
|
$ |
326,450 |
|
|
$ |
1,071,158 |
|
|
$ |
942,174 |
|
Add: |
|
|
|
|
Certain items (2) |
|
— |
|
|
|
— |
|
|
|
948 |
|
|
|
— |
|
Adjusted net service
revenue (4) (7) |
$ |
361,595 |
|
|
$ |
326,450 |
|
|
$ |
1,072,106 |
|
|
$ |
942,174 |
|
Adjusted Net Income Attributable to Amedisys, Inc.
Reconciliation:
|
For the Three-Month Periods
Ended September 30, |
|
For the Nine-Month Periods
Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net income (loss)
attributable to Amedisys, Inc. |
$ |
11,435 |
|
|
$ |
8,440 |
|
|
$ |
28,344 |
|
|
$ |
(15,932 |
) |
Add: |
|
|
|
|
Certain items (2) |
|
700 |
|
|
|
3,086 |
|
|
|
8,809 |
|
|
|
51,768 |
|
Adjusted net income
attributable to Amedisys, Inc. (5) (7) |
$ |
12,135 |
|
|
$ |
11,526 |
|
|
$ |
37,153 |
|
|
$ |
35,836 |
|
Adjusted Net Income Attributable to Amedisys, Inc. per
Diluted Share:
|
For the Three-Month Periods
Ended September 30, |
|
For the Nine-Month Periods
Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Net income (loss)
attributable to Amedisys, Inc. common stockholders per diluted
share. |
$ |
0.34 |
|
|
$ |
0.25 |
|
|
$ |
0.84 |
|
|
$ |
(0.48 |
) |
Add: |
|
|
|
|
Certain items (2) |
|
0.02 |
|
|
|
0.09 |
|
|
|
0.26 |
|
|
|
1.57 |
|
Adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share (6) (7) |
$ |
0.36 |
|
|
$ |
0.34 |
|
|
$ |
1.10 |
|
|
$ |
1.09 |
|
(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 nine-month periods
ended September 30, 2016 and 2015:
|
For the Three-Month Period Ended September
30, 2016 |
|
For the Nine-Month Period Ended September
30, 2016 |
|
(Income)
Expense |
|
(Income)
Expense |
HCHB implementation |
$ |
1,993 |
|
|
$ |
7,025 |
|
Acquisition costs |
|
467 |
|
|
|
2,509 |
|
Legal fees -
non-routine |
|
374 |
|
|
|
2,350 |
|
Legal settlements |
|
(1,242 |
) |
|
|
(2,048 |
) |
Restructuring
activity |
|
1,965 |
|
|
|
5,669 |
|
Third party audit
reserve |
|
— |
|
|
|
948 |
|
Disaster relief |
|
338 |
|
|
|
338 |
|
Miscellaneous, other
(income) expense, net |
|
(2,737 |
) |
|
|
(2,231 |
) |
Total |
$ |
1,158 |
|
|
$ |
14,560 |
|
Net of tax |
|
700 |
|
|
|
8,809 |
|
Diluted EPS |
|
0.02 |
|
|
|
0.26 |
|
|
For the Three-Month Period Ended
September 30, 2015 |
For the Nine-Month Period Ended
September 30, 2015 |
|
(Income) Expense |
(Income) Expense |
Wage and Hour
litigation |
$ |
— |
|
|
$ |
8,000 |
|
HCHB implementation |
|
2,048 |
|
|
|
2,048 |
|
Legal fees -
non-routine |
|
286 |
|
|
|
286 |
|
Legal settlements |
|
(1,014 |
) |
|
|
(2,139 |
) |
Inventory and Data
Security Reporting |
|
— |
|
|
|
2,121 |
|
Asset impairment |
|
2,075 |
|
|
|
77,268 |
|
Restructuring
activity. |
|
56 |
|
|
|
2,735 |
|
Debt refinance costs |
|
3,212 |
|
|
|
3,212 |
|
Miscellaneous, other
(income) expense, net |
|
(1,563 |
) |
|
|
(7,964 |
) |
Total |
$ |
5,100 |
|
|
$ |
85,567 |
|
Net of tax |
$ |
3,086 |
|
|
$ |
51,768 |
|
Diluted EPS |
$ |
0.09 |
|
|
$ |
1.57 |
|
(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 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
Amedisys (NASDAQ:AMED)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amedisys (NASDAQ:AMED)
Historical Stock Chart
From Sep 2023 to Sep 2024