Amedisys, Inc. (NASDAQ: AMED) today reported its financial results
for the three-month period ended March 31, 2019.
Three Month Periods Ended March 31, 2019 and 2018
- Net service revenue increased $68.0 million to
$467.3 million compared to $399.3 million in 2018.
- Net income attributable to Amedisys, Inc. of $31.3 million
compared to $27.2 million in 2018.
- Net income attributable to Amedisys, Inc. per diluted share of
$0.95 per diluted share compared to $0.79 in 2018.
Adjusted Quarterly Results*
- Adjusted EBITDA of $54.9 million compared to
$41.7 million in 2018.
- Adjusted net service revenue of $467.8 million compared to
$399.3 million in 2018.
- Adjusted net income attributable to Amedisys, Inc. of
$36.4 million compared to $27.3 million in 2018.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $1.11 compared to $0.79 in 2018.
* See pages 10 and 11 for the definition and
reconciliations of non-GAAP financial measures to GAAP
measures.
Paul B. Kusserow, President and Chief Executive Officer stated,
“I am very proud of our first quarter results as we continue our
momentum into 2019. Most importantly and core to what we do, our
clinical quality metrics continue to be at, or near, the top of the
industry in both home health and hospice. Providing our
clinically distinct care to as many patients wherever they call
home is and will always be our mission. Finally, thanks to our
team of over 21,000 employees for continuing to do all that you do
to drive such impressive results and provide such incredible
care.”
2019 Guidance
- Net service revenue is anticipated to be in the range of
$1.94 billion to $1.98 billion.
- Adjusted EBITDA is anticipated to be in the range of
$205 million to $210 million.
- Adjusted diluted earnings per share is anticipated to be in the
range of $3.98 to $4.09 based on an estimated 33.1 million
shares outstanding.
This guidance excludes the effects of any future acquisitions,
if any are made.
We urge caution in considering the current trends and 2019
guidance 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, 2018, 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.
Earnings Call and Webcast Information
Amedisys will host a conference call on Wednesday, May 1,
2019, at 11:00 a.m. ET to discuss its first quarter results. To
participate on the conference call, please call 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
June 1, 2019 by dialing (877) 660-6853 (Toll-Free) or (201)
612-7415 (Toll) and entering conference ID #13689585
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.
Non-GAAP Financial Measures
This press release includes reconciliations of the most
comparable financial measures calculated and presented in
accordance with accounting principles generally accepted in the
U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP
financial measures as defined under SEC rules are as follows:
(1) adjusted EBITDA, defined as net income attributable to
Amedisys, Inc. before provision for income taxes, net interest
expense and depreciation and amortization, excluding certain items;
(2) adjusted net service revenue, defined as net service
revenue excluding certain items; (3) adjusted net income
attributable to Amedisys, Inc., defined as net income attributable
to Amedisys, Inc. excluding certain items; and (4) adjusted
net income attributable to Amedisys, Inc. per diluted share,
defined as net income attributable to Amedisys, Inc. common
stockholders per diluted share excluding certain items. Management
believes that these non-GAAP financial measures, when reviewed in
conjunction with GAAP financial measures, are useful gauges of our
current performance and are also included in internal management
reporting. These non-GAAP financial measures should be considered
in addition to, and not more meaningful than or as an alternative
to the GAAP financial measures presented in this earnings release
and the company’s financial statements. Non-GAAP measures as
presented herein may not be comparable to similarly titled measures
reported by other companies since not all companies calculate these
non-GAAP measures consistently.
Additional information
Amedisys, Inc. (the “Company”) is a leading healthcare at home
Company delivering personalized home health, hospice and personal
care. Amedisys is focused on delivering the care that is best for
our patients, whether that is home-based personal care; recovery
and rehabilitation after an operation or injury; care focused on
empowering them to manage a chronic disease; or hospice care at the
end of life. More than 3,000 hospitals and 65,000 physicians
nationwide have chosen Amedisys as a partner in post-acute care.
Founded in 1982, headquartered in Baton Rouge, LA with an executive
office in Nashville, TN, Amedisys is a publicly held company. With
more than 21,000 employees, in 471 care centers within 38 states
and the District of Columbia, Amedisys is dedicated to delivering
the highest quality of care to the doorsteps of more than 376,000
patients and clients in need every year. For more information about
the Company, please visit: www.amedisys.com.
We use our website as a channel of distribution for important
company information. Important information, including press
releases, investor 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.
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 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, 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, competition in the healthcare 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 consistently provide
high-quality care, our ability to attract and retain qualified
personnel, changes in payments and covered services by federal and
state governments, future cost containment initiatives undertaken
by third-party payors, our access to financing, 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, manage and keep our
information systems secure, our ability to comply with requirements
stipulated in our corporate integrity agreement, our ability to
realize the anticipated benefits of the acquisition of
Compassionate Care Hospice, 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.
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Contact: |
Investor
Contact: |
Media
Contact: |
|
|
Amedisys,
Inc. |
Amedisys,
Inc. |
|
|
Nick
Muscato |
Kendra
Kimmons |
|
|
Vice President,
Strategic Finance |
Vice President,
Marketing & Communications |
|
|
(855)
259-2046 |
(225)
299-3720 |
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|
IR@amedisys.com |
kendra.kimmons@amedisys.com |
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AMEDISYS,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Amounts in thousands,
except per share data) (Unaudited) |
|
|
|
|
For the Three-Month
Periods Ended March 31 |
|
|
2019 |
|
|
|
2018 |
|
Net service revenue |
$ |
467,340 |
|
|
$ |
399,262 |
|
Cost of service, excluding
depreciation and amortization |
|
275,274 |
|
|
|
238,309 |
|
General and administrative
expenses: |
|
|
Salaries and
benefits |
|
94,830 |
|
|
|
75,631 |
|
Non-cash
compensation |
|
6,615 |
|
|
|
4,044 |
|
Other |
|
43,402 |
|
|
|
41,680 |
|
Depreciation and
amortization |
|
2,895 |
|
|
|
3,593 |
|
Operating expenses |
|
423,016 |
|
|
|
363,257 |
|
Operating income |
|
44,324 |
|
|
|
36,005 |
|
Other income
(expense): |
|
|
Interest
income |
|
24 |
|
|
|
120 |
|
Interest
expense |
|
(3,349 |
) |
|
|
(1,703 |
) |
Equity in
earnings from equity method investments |
|
1,216 |
|
|
|
1,860 |
|
Miscellaneous, net |
|
236 |
|
|
|
601 |
|
Total other
(expense) income, net |
|
(1,873 |
) |
|
|
878 |
|
Income before income
taxes |
|
42,451 |
|
|
|
36,883 |
|
Income tax expense |
|
(10,878 |
) |
|
|
(9,563 |
) |
Net income |
|
31,573 |
|
|
|
27,320 |
|
Net income attributable to
noncontrolling interests |
|
(269 |
) |
|
|
(161 |
) |
Net income attributable to
Amedisys, Inc. |
$ |
31,304 |
|
|
$ |
27,159 |
|
|
|
|
|
|
|
|
|
Basic earnings per common
share: |
|
|
|
|
|
|
|
Net income
attributable to Amedisys, Inc. common stockholders |
$ |
0.98 |
|
|
$ |
0.80 |
|
Weighted
average shares outstanding |
|
32,001 |
|
|
|
33,971 |
|
Diluted earnings per
common share: |
|
|
Net income
attributable to Amedisys, Inc. common stockholders |
$ |
0.95 |
|
|
$ |
0.79 |
|
Weighted
average shares outstanding |
|
32,893 |
|
|
|
34,592 |
|
|
|
|
AMEDISYS,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (Amounts in thousands, except share
data) |
|
|
|
|
|
|
|
|
|
March 31, 2019
(unaudited) |
|
December 31, 2018 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
10,554 |
|
|
$ |
20,229 |
|
Patient
accounts receivable |
|
236,437 |
|
|
|
188,972 |
|
Prepaid
expenses |
|
10,792 |
|
|
|
7,568 |
|
Other
current assets |
|
13,948 |
|
|
|
7,349 |
|
Total
current assets |
|
271,731 |
|
|
|
224,118 |
|
Property and equipment,
net of accumulated depreciation of $96,892 and $95,472 |
|
29,716 |
|
|
|
29,449 |
|
Operating lease right of
use assets |
|
83,064 |
|
|
|
— |
|
Goodwill |
|
649,514 |
|
|
|
329,480 |
|
Intangible assets, net of
accumulated amortization of $33,166 and $33,050 |
|
62,801 |
|
|
|
44,132 |
|
Deferred income
taxes |
|
32,525 |
|
|
|
35,794 |
|
Other assets |
|
54,888 |
|
|
|
54,145 |
|
Total
assets |
$ |
1,184,239 |
|
|
$ |
717,118 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
$ |
32,797 |
|
|
$ |
28,531 |
|
Payroll and
employee benefits |
|
111,312 |
|
|
|
92,858 |
|
Accrued
expenses |
|
121,716 |
|
|
|
99,475 |
|
Current
portion of long-term obligations |
|
6,038 |
|
|
|
1,612 |
|
Current
portion of operating lease liabilities |
|
25,514 |
|
|
|
— |
|
Total
current liabilities |
|
297,377 |
|
|
|
222,476 |
|
Long-term obligations,
less current portion |
|
303,733 |
|
|
|
5,775 |
|
Operating lease
liabilities, less current portion |
|
55,840 |
|
|
|
— |
|
Other long-term
obligations |
|
6,089 |
|
|
|
6,234 |
|
Total
liabilities |
|
663,039 |
|
|
|
234,485 |
|
|
|
|
|
|
|
|
|
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; 36,337,743
and 36,252,280 shares issued; and 32,037,667 and 31,973,505 shares
outstanding |
|
36 |
|
|
|
36 |
|
Additional
paid-in capital |
|
613,714 |
|
|
|
603,666 |
|
Treasury
stock, at cost 4,300,076 and 4,278,775 shares of common
stock |
|
(244,373 |
) |
|
|
(241,685 |
) |
Accumulated
other comprehensive income |
|
15 |
|
|
|
15 |
|
Retained
earnings |
|
150,854 |
|
|
|
119,550 |
|
Total
Amedisys, Inc. stockholders’ equity |
|
520,246 |
|
|
|
481,582 |
|
Noncontrolling interests |
|
954 |
|
|
|
1,051 |
|
Total
equity |
|
521,200 |
|
|
|
482,633 |
|
Total
liabilities and equity |
$ |
1,184,239 |
|
|
$ |
717,118 |
|
|
|
|
|
|
|
|
|
|
|
|
AMEDISYS,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING
(Amounts in thousands, except statistical
information) (Unaudited) |
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended
March 31 |
|
|
2019 |
|
|
|
2018 |
|
Cash Flows from
Operating Activities: |
|
|
|
|
|
|
|
Net income |
$ |
31,573 |
|
|
$ |
27,320 |
|
Adjustments to reconcile
net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation
and amortization |
|
2,895 |
|
|
|
3,593 |
|
Non-cash
compensation |
|
6,615 |
|
|
|
4,044 |
|
401(k)
employer match |
|
2,379 |
|
|
|
2,567 |
|
Amortization
and impairment of operating lease right of use assets |
|
8,345 |
|
|
|
— |
|
(Gain) loss
on disposal of property and equipment |
|
(4 |
) |
|
|
563 |
|
Deferred
income taxes |
|
3,269 |
|
|
|
2,945 |
|
Equity in
earnings from equity method investments |
|
(1,216 |
) |
|
|
(1,860 |
) |
Amortization
of deferred debt issuance costs/debt discount |
|
213 |
|
|
|
178 |
|
Return on
equity investment |
|
725 |
|
|
|
625 |
|
Changes in operating
assets and liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
Patient
accounts receivable |
|
(22,333 |
) |
|
|
8,260 |
|
Other
current assets |
|
(10,635 |
) |
|
|
(6,982 |
) |
Other
assets |
|
(338 |
) |
|
|
46 |
|
Accounts
payable |
|
(11,140 |
) |
|
|
(1,523 |
) |
Accrued
expenses |
|
18,838 |
|
|
|
(1,807 |
) |
Other
long-term obligations |
|
(144 |
) |
|
|
2,348 |
|
Operating
lease liabilities |
|
(8,139 |
) |
|
|
— |
|
Operating
lease right of use assets |
|
(844 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
20,059 |
|
|
|
40,317 |
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
Proceeds from sale of
deferred compensation plan assets |
|
208 |
|
|
|
462 |
|
Proceeds from the sale of
property and equipment |
|
65 |
|
|
|
5 |
|
Investments in equity
method investees |
|
(120 |
) |
|
|
— |
|
Purchases of property and
equipment |
|
(1,198 |
) |
|
|
(1,462 |
) |
Acquisitions of
businesses, net of cash acquired |
|
(327,867 |
) |
|
|
(2,250 |
) |
|
|
|
|
|
|
|
|
Net cash used in investing
activities |
|
(328,912 |
) |
|
|
(3,245 |
) |
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
|
|
|
Proceeds from issuance of
stock upon exercise of stock options |
|
356 |
|
|
|
125 |
|
Proceeds from issuance of
stock to employee stock purchase plan |
|
782 |
|
|
|
597 |
|
Shares withheld upon stock
vesting |
|
(2,688 |
) |
|
|
(1,305 |
) |
Noncontrolling interest
distribution |
|
(366 |
) |
|
|
(28 |
) |
Proceeds from borrowings
under term loan |
|
175,000 |
|
|
|
— |
|
Proceeds from borrowings
under revolving line of credit |
|
161,500 |
|
|
|
— |
|
Repayments of borrowings
under revolving line of credit |
|
(34,000 |
) |
|
|
— |
|
Principal payments of
long-term obligations |
|
(559 |
) |
|
|
(2,819 |
) |
Debt issuance costs |
|
(847 |
) |
|
|
— |
|
Net cash provided by (used
in) financing activities |
|
299,178 |
|
|
|
(3,430 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
(9,675 |
) |
|
|
33,642 |
|
Cash and cash equivalents
at beginning of period |
|
20,229 |
|
|
|
86,363 |
|
Cash and cash equivalents
at end of period |
$ |
10,554 |
|
|
$ |
120,005 |
|
|
|
|
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
Cash paid for
interest |
$ |
725 |
|
|
$ |
1,065 |
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes, net of refunds received |
$ |
404 |
|
|
$ |
2,813 |
|
|
|
|
|
|
|
|
|
Days revenue outstanding
(1) |
|
41.2 |
|
|
|
41.4 |
|
(1) Our calculation of days revenue outstanding at
March 31, 2019 and 2018 is derived by dividing our ending
patient accounts receivable by our average daily patient revenue
for the three month periods ended March 31, 2019 and 2018,
respectively.
|
|
|
|
|
|
|
|
AMEDISYS,
INC. AND SUBSIDIARIES SEGMENT INFORMATION
(Amounts in millions, except statistical
information) (Unaudited) |
|
|
|
|
|
|
|
|
Segment Information - Home
Health |
|
|
|
|
|
|
|
|
For the Three- Month
Periods Ended March 31, |
|
|
2019 |
|
|
|
2018 |
|
Financial
Information (in millions): |
|
|
|
|
|
|
|
Medicare |
$ |
213.4 |
|
|
$ |
205.0 |
|
Non-Medicare |
|
96.7 |
|
|
|
79.1 |
|
Net service
revenue |
|
310.1 |
|
|
|
284.1 |
|
Cost of service |
|
185.7 |
|
|
|
174.4 |
|
Gross margin |
|
124.4 |
|
|
|
109.7 |
|
Other operating
expenses |
|
72.4 |
|
|
|
68.8 |
|
Operating income |
$ |
52.0 |
|
|
$ |
40.9 |
|
|
|
|
|
|
|
|
|
Same Store Growth
(1): |
|
|
|
|
|
|
|
Medicare revenue |
|
4 |
% |
|
|
5 |
% |
Non-Medicare revenue |
|
22 |
% |
|
|
14 |
% |
Total admissions |
|
6 |
% |
|
|
4 |
% |
Total volume (2) |
|
6 |
% |
|
|
7 |
% |
Total Episodic admissions
(3) |
|
4 |
% |
|
|
3 |
% |
Total Episodic volume
(4) |
|
3 |
% |
|
|
6 |
% |
Key Statistical
Data - Total (5): |
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
|
|
|
Admissions |
|
50,320 |
|
|
|
49,455 |
|
Recertifications |
|
27,112 |
|
|
|
27,236 |
|
Total volume |
|
77,432 |
|
|
|
76,691 |
|
Completed episodes |
|
73,978 |
|
|
|
72,836 |
|
Visits |
|
1,331,409 |
|
|
|
1,314,126 |
|
Average revenue per
completed episode (6) |
$ |
2,902 |
|
|
$ |
2,792 |
|
Visits per completed
episode (7) |
|
17.4 |
|
|
|
17.2 |
|
Non-Medicare: |
|
|
|
|
|
|
|
Admissions |
|
33,649 |
|
|
|
29,889 |
|
Recertifications |
|
14,683 |
|
|
|
12,432 |
|
Total volume |
|
48,332 |
|
|
|
42,321 |
|
Visits |
|
753,679 |
|
|
|
660,933 |
|
Total
(5): |
|
|
|
|
|
|
|
Visiting Clinician Cost
per Visit |
$ |
81.05 |
|
|
$ |
80.34 |
|
Clinical Manager Cost per
Visit |
|
8.01 |
|
|
|
7.99 |
|
Total Cost per Visit |
$ |
89.06 |
|
|
$ |
88.33 |
|
Visits |
|
2,085,088 |
|
|
|
1,975,059 |
|
(1) Same store information represents the percent change
in our Medicare, Non-Medicare, Total and Episodic revenue,
admissions or volume for the period as a percent of the Medicare,
Non-Medicare, Total and Episodic revenue, admissions or volume of
the prior period. (2) Total volume includes all admissions
and recertifications. (3) Total Episodic admissions includes
admissions for Medicare and Non-Medicare payors that bill on a
60-day episode of care basis. (4) Total Episodic volume
includes admissions and recertifications for Medicare and
Non-Medicare payors that bill on a 60-day episode of care basis.
(5) Total includes acquisitions and denovos. (6)
Average Medicare revenue per completed episode is the average
Medicare revenue earned for each Medicare completed episode of
care. (7) 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.
|
|
|
Segment Information -
Hospice |
|
|
|
For the Three- Month
Periods Ended March 31, |
|
2019 |
|
2018 |
Financial Information (in millions): |
|
|
|
|
|
Medicare |
$ |
130.7 |
|
|
$ |
91.8 |
|
Non-Medicare |
|
6.3 |
|
|
|
5.5 |
|
Net service
revenue |
|
137.0 |
|
|
|
97.3 |
|
Cost of
service |
|
74.1 |
|
|
|
50.1 |
|
Gross
margin |
|
62.9 |
|
|
|
47.2 |
|
Other
operating expenses |
|
29.4 |
|
|
|
20.2 |
|
Operating
income |
$ |
33.5 |
|
|
$ |
27.0 |
|
|
|
|
|
|
|
|
|
Same
Store Growth (1): |
|
|
|
|
|
|
|
Medicare
revenue |
|
9 |
% |
|
|
12 |
% |
Hospice
admissions |
|
5 |
% |
|
|
5 |
% |
Average
daily census |
|
8 |
% |
|
|
12 |
% |
Key
Statistical Data - Total (2): |
|
|
Hospice
admissions |
|
9,711 |
|
|
|
6,933 |
|
Average
daily census |
|
9,982 |
|
|
|
7,214 |
|
Revenue per
day, net |
$ |
152.56 |
|
|
$ |
149.80 |
|
Cost of
service per day |
$ |
82.43 |
|
|
$ |
77.17 |
|
Average
discharge length of stay |
|
98 |
|
|
|
97 |
|
(1) Same store information
represents the percent change in our Medicare revenue, Hospice
admissions or average daily census for the period as a percent of
the Medicare revenue, Hospice admissions or average daily census of
the prior period. (2) Total includes
acquisitions and denovos.
|
|
|
Segment Information - Personal
Care |
|
|
|
For the Three- Month Periods Ended
March 31, |
|
2019 |
|
2018 |
Financial Information (in millions): |
|
|
|
|
Medicare |
$ |
— |
|
$ |
— |
Non-Medicare |
|
20.2 |
|
|
17.9 |
Net service
revenue |
|
20.2 |
|
|
17.9 |
Cost of
service |
|
15.5 |
|
|
13.8 |
Gross
margin |
|
4.7 |
|
|
4.1 |
Other
operating expenses |
|
3.2 |
|
|
3.3 |
Operating
income |
$ |
1.5 |
|
$ |
0.8 |
|
|
|
|
|
|
Key
Statistical Data (1): |
|
|
|
|
|
Billable
hours |
|
833,617 |
|
|
749,953 |
Clients
served |
|
12,801 |
|
|
12,536 |
Shifts |
|
376,182 |
|
|
348,166 |
Revenue per
hour |
$ |
24.19 |
|
$ |
23.85 |
Revenue per
shift |
$ |
53.60 |
|
$ |
51.36 |
Hours per
shift |
|
2.2 |
|
|
2.2 |
(1) Total includes
acquisitions.
|
|
|
Segment Information -
Corporate |
|
|
|
For the Three- Month Periods
Ended March 31, |
|
2019 |
|
2018 |
Financial
Information (in millions): |
|
|
|
|
|
Other
operating expenses |
$ |
41.3 |
|
$ |
30.2 |
Depreciation
and amortization |
|
1.4 |
|
|
2.5 |
Total
operating expenses |
$ |
42.7 |
|
$ |
32.7 |
|
|
|
|
|
|
AMEDISYS,
INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES TO GAAP MEASURES (Amounts in
thousands) (Unaudited) |
|
|
|
Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization (“Adjusted
EBITDA”): |
|
For the Three- Month
Period Ended March 31, |
|
2019 |
|
|
2018 |
Net income attributable
to Amedisys, Inc. |
$ |
31,304 |
|
|
$ |
27,159 |
|
Add: |
|
|
Income tax
expense |
|
10,878 |
|
|
|
9,563 |
|
Interest
expense, net |
|
3,325 |
|
|
|
1,583 |
|
Depreciation
and amortization |
|
2,895 |
|
|
|
3,593 |
|
Certain
items (1) |
|
6,914 |
|
|
|
188 |
|
Interest
component of certain items (1) |
|
(441 |
) |
|
|
(383 |
) |
Adjusted
EBITDA (2) (6) |
$ |
54,875 |
|
|
$ |
41,703 |
|
|
|
|
|
|
|
|
|
Adjusted Net Service Revenue
Reconciliation: |
|
|
|
For the Three- Month
Period Ended March 31, |
|
2019 |
|
2018 |
Net service revenue |
$ |
467,340 |
|
|
$ |
399,262 |
Add: |
|
|
Certain
items (1) |
|
478 |
|
|
|
— |
Adjusted net
service revenue (3) (6) |
$ |
467,818 |
|
|
$ |
399,262 |
|
|
|
|
|
|
|
Adjusted Net Income Attributable to
Amedisys, Inc Reconciliation: |
|
|
|
For the Three- Month
Period Ended March 31, |
|
2019 |
|
2018 |
Net income attributable
to Amedisys, Inc. |
$ |
31,304 |
|
$ |
27,159 |
Add: |
|
|
Certain
items (1) |
|
5,141 |
|
|
139 |
Adjusted net
income attributable to Amedisys, Inc. (4) (6) |
$ |
36,445 |
|
$ |
27,298 |
|
|
|
|
|
|
Adjusted Net Income
Attributable to Amedisys, Inc. per Diluted Share: |
|
For the Three- Month
Period Ended March 31, |
|
2019 |
|
2018 |
Net income attributable
to Amedisys, Inc. common stockholders per diluted share |
$ |
0.95 |
|
$ |
0.79 |
Add: |
|
|
Certain
items (1) |
|
0.16 |
|
|
— |
Adjusted net
income attributable to Amedisys, Inc. common stockholders per
diluted share (5) (6) |
$ |
1.11 |
|
$ |
0.79 |
|
|
|
|
|
|
(1) The following details the certain items for the three
month periods ended March 31, 2019 and 2018:
Certain Items: |
|
|
|
|
|
|
|
|
For the Three-Month Period
Ended March 31, 2019 |
|
For the Three-Month Period
Ended March 31, 2018 |
|
(Income) Expense |
|
(Income) Expense |
Certain Items Impacting Net Service Revenue: |
|
|
|
|
|
|
|
Contingency
accrual |
$ |
1,018 |
|
|
$ |
— |
|
Planned
closures (7) |
|
(540 |
) |
|
|
— |
|
Certain Items Impacting Cost of Service: |
|
|
Planned
closures (7) |
|
844 |
|
|
|
— |
|
Certain Items Impacting Operating Expenses: |
|
|
Planned
closures (7) |
|
88 |
|
|
|
— |
|
Acquisition
costs |
|
5,758 |
|
|
|
435 |
|
Legal fees -
non-routine |
|
(132 |
) |
|
|
562 |
|
Certain Items Impacting Total Other Income
(Expense): |
|
|
Miscellaneous, other (income) expense, net |
|
(122 |
) |
|
|
(809 |
) |
|
|
|
Total |
$ |
6,914 |
|
|
$ |
188 |
|
|
|
|
Net of
tax |
$ |
5,141 |
|
|
$ |
139 |
|
|
|
|
Diluted
EPS |
$ |
0.16 |
|
|
$ |
— |
|
|
|
|
(2) Adjusted EBITDA is defined as net income attributable
to Amedisys, Inc. before provision for income taxes, net interest
expense and depreciation and amortization, excluding certain items
as described in footnote 1. (3) Adjusted net service revenue
is defined as net service revenue plus certain items as described
in footnote 1. (4) Adjusted net income attributable to
Amedisys, Inc. is defined as net income attributable to Amedisys,
Inc. calculated in accordance with GAAP excluding certain items as
described in footnote 1. (5) Adjusted net income attributable
to Amedisys, Inc. common stockholders per diluted share is defined
as diluted income per share calculated in accordance with GAAP
excluding the earnings per share effect of certain items as
described in footnote 1. (6) 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
or other measure calculated in accordance with GAAP. 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. (7)
Planned closures consist of in-patient units acquired from
Compassionate Care Hospice whose operations ceased in April
2019.
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