Amedisys, Inc. (NASDAQ: AMED) today reported its financial results
for the three and six-month periods ended June 30, 2019.
Three Month Periods Ended June 30, 2019 and 2018
- Net service revenue increased $81.4 million to
$493.0 million compared to $411.6 million in 2018.
- Net income attributable to Amedisys, Inc. of $33.7 million
compared to $33.3 million in 2018.
- Net income attributable to Amedisys, Inc. per diluted share of
$1.02 compared to $0.98 in 2018.
Adjusted Quarterly Results*
- Adjusted EBITDA of $61.4 million compared to
$49.7 million in 2018.
- Adjusted net service revenue of $498.5 million compared to
$413.3 million in 2018.
- Adjusted net income attributable to Amedisys, Inc. of
$39.9 million compared to $34.1 million in 2018.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $1.21 compared to $1.00 in 2018.
Six Month Periods Ended June 30, 2019 and 2018
- Net service revenue increased $149.4 million to
$960.3 million compared to $810.9 million in 2018.
- Net income attributable to Amedisys, Inc. of $65.0 million
compared to $60.5 million in 2018.
- Net income attributable to Amedisys, Inc. per diluted share of
$1.98 compared to $1.76 in 2018.
Adjusted Year to Date Results*
- Adjusted EBITDA of $116.2 million compared to
$91.4 million in 2018.
- Adjusted net service revenue of $966.3 million compared to
$812.6 million in 2018.
- Adjusted net income attributable to Amedisys, Inc. of
$76.3 million compared to $61.4 million in 2018.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $2.32 compared to $1.79 in 2018.
* See pages 12 and 13 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 second quarter results as we continue to
best internal and external expectations. Most importantly and core
to what we do, our growth allows us to bring clinical excellence to
even more patients across home health, hospice and personal
care. Providing our clinically distinct services to as many
patients wherever they call home is why we get out of bed every
morning and I am thankful 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.”
Updated 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 $213
million to $216 million.
- Adjusted diluted earnings per share is anticipated to be in the
range of $4.05 to $4.12 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 Thursday, August 1,
2019, at 11:00 a.m. ET to discuss its second 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
September 1, 2019 by dialing (877) 660-6853 (Toll-Free) or
(201) 612-7415 (Toll) and entering conference ID #13691942.
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 realize the anticipated
benefits of the acquisition of Compassionate Care Hospice (“CCH”),
our ability to comply with requirements stipulated in the CCH
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.
Contact: |
|
Investor
Contact: |
|
Media
Contact: |
|
|
Amedisys,
Inc.Nick MuscatoVice President,
Strategic Finance(855)
259-2046IR@amedisys.com |
|
Amedisys,
Inc.Kendra KimmonsVice President,
Marketing & Communications(225)
299-3720kendra.kimmons@amedisys.com |
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
|
|
For the Three-Month Periods Ended June
30 |
|
|
For the Six-Month Periods Ended June
30 |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net service revenue |
|
$ |
492,984 |
|
|
$ |
411,603 |
|
|
$ |
960,324 |
|
|
$ |
810,865 |
|
Cost of service, excluding
depreciation and amortization |
|
|
290,752 |
|
|
|
242,564 |
|
|
|
566,026 |
|
|
|
480,873 |
|
General and administrative
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
98,356 |
|
|
|
77,215 |
|
|
|
193,186 |
|
|
|
152,846 |
|
Non-cash compensation |
|
|
5,538 |
|
|
|
3,767 |
|
|
|
12,153 |
|
|
|
7,811 |
|
Other |
|
|
48,408 |
|
|
|
42,104 |
|
|
|
91,810 |
|
|
|
83,784 |
|
Depreciation and
amortization |
|
|
5,179 |
|
|
|
3,125 |
|
|
|
8,074 |
|
|
|
6,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
448,233 |
|
|
|
368,775 |
|
|
|
871,249 |
|
|
|
732,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
44,751 |
|
|
|
42,828 |
|
|
|
89,075 |
|
|
|
78,833 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
20 |
|
|
|
114 |
|
|
|
44 |
|
|
|
234 |
|
Interest expense |
|
|
(4,332 |
) |
|
|
(2,140 |
) |
|
|
(7,681 |
) |
|
|
(3,843 |
) |
Equity in earnings from equity method investments |
|
|
3,716 |
|
|
|
2,976 |
|
|
|
4,932 |
|
|
|
4,836 |
|
Miscellaneous, net |
|
|
193 |
|
|
|
359 |
|
|
|
429 |
|
|
|
960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other (expense) income, net |
|
|
(403 |
) |
|
|
1,309 |
|
|
|
(2,276 |
) |
|
|
2,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
44,348 |
|
|
|
44,137 |
|
|
|
86,799 |
|
|
|
81,020 |
|
Income tax expense |
|
|
(10,308 |
) |
|
|
(10,596 |
) |
|
|
(21,186 |
) |
|
|
(20,159 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
34,040 |
|
|
|
33,541 |
|
|
|
65,613 |
|
|
|
60,861 |
|
Net income attributable to
noncontrolling interests |
|
|
(298 |
) |
|
|
(192 |
) |
|
|
(567 |
) |
|
|
(353 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Amedisys, Inc. |
|
$ |
33,742 |
|
|
$ |
33,349 |
|
|
$ |
65,046 |
|
|
$ |
60,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Amedisys, Inc. common stockholders |
|
$ |
1.05 |
|
|
$ |
1.00 |
|
|
$ |
2.03 |
|
|
$ |
1.80 |
|
Weighted average shares outstanding |
|
|
32,075 |
|
|
|
33,439 |
|
|
|
32,038 |
|
|
|
33,705 |
|
Diluted earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Amedisys, Inc. common stockholders |
|
$ |
1.02 |
|
|
$ |
0.98 |
|
|
$ |
1.98 |
|
|
$ |
1.76 |
|
Weighted average shares outstanding |
|
|
32,933 |
|
|
|
34,179 |
|
|
|
32,913 |
|
|
|
34,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
|
|
June 30, 2019 (unaudited) |
|
|
December 31, 2018 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,902 |
|
|
$ |
20,229 |
|
Patient accounts receivable |
|
|
239,674 |
|
|
|
188,972 |
|
Prepaid expenses |
|
|
8,957 |
|
|
|
7,568 |
|
Other current assets |
|
|
13,252 |
|
|
|
7,349 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
275,785 |
|
|
|
224,118 |
|
Property and equipment, net of
accumulated depreciation of $98,936 and $95,472 |
|
|
29,762 |
|
|
|
29,449 |
|
Operating lease right of use
assets |
|
|
85,026 |
|
|
|
— |
|
Goodwill |
|
|
664,822 |
|
|
|
329,480 |
|
Intangible assets, net of
accumulated amortization of $35,402 and $33,050 |
|
|
61,966 |
|
|
|
44,132 |
|
Deferred income taxes |
|
|
30,213 |
|
|
|
35,794 |
|
Other assets |
|
|
58,288 |
|
|
|
54,145 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,205,862 |
|
|
$ |
717,118 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
35,690 |
|
|
$ |
28,531 |
|
Payroll and employee benefits |
|
|
111,660 |
|
|
|
92,858 |
|
Accrued expenses |
|
|
131,860 |
|
|
|
99,475 |
|
Current portion of long-term obligations |
|
|
7,610 |
|
|
|
1,612 |
|
Current portion of operating lease liabilities |
|
|
26,187 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
313,007 |
|
|
|
222,476 |
|
Long-term obligations, less
current portion |
|
|
266,468 |
|
|
|
5,775 |
|
Operating lease liabilities, less
current portion |
|
|
57,392 |
|
|
|
— |
|
Other long-term obligations |
|
|
6,053 |
|
|
|
6,234 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
642,920 |
|
|
|
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;
36,445,591 and 36,252,280 shares issued; and 32,130,184 and
31,973,505 shares outstanding |
|
|
36 |
|
|
|
36 |
|
Additional paid-in capital |
|
|
623,309 |
|
|
|
603,666 |
|
Treasury stock, at cost 4,315,407 and 4,278,775 shares of common
stock |
|
|
(246,175 |
) |
|
|
(241,685 |
) |
Accumulated other comprehensive income |
|
|
15 |
|
|
|
15 |
|
Retained earnings |
|
|
184,596 |
|
|
|
119,550 |
|
|
|
|
|
|
|
|
|
|
Total Amedisys, Inc. stockholders’ equity |
|
|
561,781 |
|
|
|
481,582 |
|
Noncontrolling interests |
|
|
1,161 |
|
|
|
1,051 |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
562,942 |
|
|
|
482,633 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
1,205,862 |
|
|
$ |
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
June 30 |
|
|
For the Six-Month Periods Ended
June 30 |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
34,040 |
|
|
$ |
33,541 |
|
|
$ |
65,613 |
|
|
$ |
60,861 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,179 |
|
|
|
3,125 |
|
|
|
8,074 |
|
|
|
6,718 |
|
Non-cash compensation |
|
|
5,538 |
|
|
|
3,767 |
|
|
|
12,153 |
|
|
|
7,811 |
|
401(k) employer match |
|
|
2,307 |
|
|
|
2,327 |
|
|
|
4,686 |
|
|
|
4,894 |
|
Amortization and impairment of operating lease right of use
assets |
|
|
9,150 |
|
|
|
— |
|
|
|
17,495 |
|
|
|
— |
|
Loss (gain) on disposal of property and equipment |
|
|
2 |
|
|
|
87 |
|
|
|
(2 |
) |
|
|
650 |
|
Deferred income taxes |
|
|
2,606 |
|
|
|
6,200 |
|
|
|
5,875 |
|
|
|
9,145 |
|
Equity in earnings from equity method investments |
|
|
(3,716 |
) |
|
|
(2,976 |
) |
|
|
(4,932 |
) |
|
|
(4,836 |
) |
Amortization of deferred debt issuance costs/debt discount |
|
|
220 |
|
|
|
177 |
|
|
|
433 |
|
|
|
355 |
|
Write off of deferred debt issuance costs |
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
38 |
|
Return on equity investment |
|
|
117 |
|
|
|
1,579 |
|
|
|
842 |
|
|
|
2,204 |
|
Changes in operating assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Patient accounts receivable |
|
|
(1,832 |
) |
|
|
(4,656 |
) |
|
|
(24,165 |
) |
|
|
3,604 |
|
Other current assets |
|
|
2,292 |
|
|
|
(4,698 |
) |
|
|
(8,343 |
) |
|
|
(11,680 |
) |
Other assets |
|
|
282 |
|
|
|
642 |
|
|
|
(56 |
) |
|
|
688 |
|
Accounts payable |
|
|
1,665 |
|
|
|
5,146 |
|
|
|
(9,475 |
) |
|
|
3,623 |
|
Accrued expenses |
|
|
10,424 |
|
|
|
6,355 |
|
|
|
29,262 |
|
|
|
4,548 |
|
Other long-term obligations |
|
|
(37 |
) |
|
|
(1 |
) |
|
|
(181 |
) |
|
|
2,347 |
|
Operating lease liabilities |
|
|
(8,061 |
) |
|
|
— |
|
|
|
(16,200 |
) |
|
|
— |
|
Operating lease right of use assets |
|
|
(910 |
) |
|
|
— |
|
|
|
(1,754 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
|
59,266 |
|
|
|
50,653 |
|
|
|
79,325 |
|
|
|
90,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of deferred
compensation plan assets |
|
|
5 |
|
|
|
9 |
|
|
|
213 |
|
|
|
471 |
|
Proceeds from the sale of
property and equipment |
|
|
81 |
|
|
|
6 |
|
|
|
146 |
|
|
|
11 |
|
Investments in equity method
investees |
|
|
(90 |
) |
|
|
— |
|
|
|
(210 |
) |
|
|
— |
|
Purchases of property and
equipment |
|
|
(1,495 |
) |
|
|
(149 |
) |
|
|
(2,693 |
) |
|
|
(1,611 |
) |
Acquisitions of businesses, net
of cash acquired |
|
|
(17,547 |
) |
|
|
(1,824 |
) |
|
|
(345,414 |
) |
|
|
(4,074 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities |
|
|
(19,046 |
) |
|
|
(1,958 |
) |
|
|
(347,958 |
) |
|
|
(5,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of stock
upon exercise of stock options |
|
|
987 |
|
|
|
2,484 |
|
|
|
1,343 |
|
|
|
2,609 |
|
Proceeds from issuance of stock
to employee stock purchase plan |
|
|
752 |
|
|
|
560 |
|
|
|
1,534 |
|
|
|
1,157 |
|
Shares withheld upon stock
vesting |
|
|
(1,802 |
) |
|
|
(1,527 |
) |
|
|
(4,490 |
) |
|
|
(2,832 |
) |
Noncontrolling interest
distribution |
|
|
(91 |
) |
|
|
(322 |
) |
|
|
(457 |
) |
|
|
(350 |
) |
Proceeds from borrowings under
term loan |
|
|
— |
|
|
|
— |
|
|
|
175,000 |
|
|
|
— |
|
Proceeds from borrowings under
revolving line of credit |
|
|
23,000 |
|
|
|
127,500 |
|
|
|
184,500 |
|
|
|
127,500 |
|
Repayments of borrowings under
revolving line of credit |
|
|
(58,000 |
) |
|
|
— |
|
|
|
(92,000 |
) |
|
|
— |
|
Principal payments of long-term
obligations |
|
|
(1,718 |
) |
|
|
(87,656 |
) |
|
|
(2,277 |
) |
|
|
(90,475 |
) |
Debt issuance costs |
|
|
— |
|
|
|
(2,433 |
) |
|
|
(847 |
) |
|
|
(2,433 |
) |
Purchase of company stock |
|
|
— |
|
|
|
(181,402 |
) |
|
|
— |
|
|
|
(181,402 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by
financing activities |
|
|
(36,872 |
) |
|
|
(142,796 |
) |
|
|
262,306 |
|
|
|
(146,226 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
and cash equivalents |
|
|
3,348 |
|
|
|
(94,101 |
) |
|
|
(6,327 |
) |
|
|
(60,459 |
) |
Cash and cash equivalents at
beginning of period |
|
|
10,554 |
|
|
|
120,005 |
|
|
|
20,229 |
|
|
|
86,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end
of period |
|
$ |
13,902 |
|
|
$ |
25,904 |
|
|
$ |
13,902 |
|
|
$ |
25,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures
of Cash Flow Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,462 |
|
|
$ |
1,015 |
|
|
$ |
4,187 |
|
|
$ |
2,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for income taxes, net
of refunds received |
|
$ |
7,445 |
|
|
$ |
3,336 |
|
|
$ |
7,849 |
|
|
$ |
6,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days revenue outstanding (1) |
|
|
41.1 |
|
|
|
41.1 |
|
|
|
41.1 |
|
|
|
41.1 |
|
(1) Our calculation of days revenue outstanding at June 30,
2019 and 2018 is derived by dividing our ending patient accounts
receivable by our average daily patient revenue for the three month
periods ended June 30, 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
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
219.1 |
|
|
$ |
206.3 |
|
Non-Medicare |
|
|
99.5 |
|
|
|
85.2 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
318.6 |
|
|
|
291.5 |
|
Cost of service |
|
|
187.8 |
|
|
|
176.5 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
130.8 |
|
|
|
115.0 |
|
Other operating expenses |
|
|
75.1 |
|
|
|
69.2 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
55.7 |
|
|
$ |
45.8 |
|
|
|
|
|
|
|
|
|
|
Same Store Growth
(1): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
|
6 |
% |
|
|
6 |
% |
Non-Medicare revenue |
|
|
17 |
% |
|
|
18 |
% |
Total admissions |
|
|
7 |
% |
|
|
6 |
% |
Total volume (2) |
|
|
6 |
% |
|
|
8 |
% |
Total Episodic admissions
(3) |
|
|
6 |
% |
|
|
5 |
% |
Total Episodic volume (4) |
|
|
4 |
% |
|
|
6 |
% |
Key Statistical Data -
Total (5): |
|
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
|
|
|
|
Admissions |
|
|
48,870 |
|
|
|
47,058 |
|
Recertifications |
|
|
27,777 |
|
|
|
28,431 |
|
|
|
|
|
|
|
|
|
|
Total volume |
|
|
76,647 |
|
|
|
75,489 |
|
Completed episodes |
|
|
76,302 |
|
|
|
74,776 |
|
Visits |
|
|
1,322,393 |
|
|
|
1,318,074 |
|
Average revenue per completed
episode (6) |
|
$ |
2,953 |
|
|
$ |
2,874 |
|
Visits per completed episode
(7) |
|
|
17.6 |
|
|
|
17.8 |
|
Non-Medicare: |
|
|
|
|
|
|
|
|
Admissions |
|
|
32,893 |
|
|
|
29,271 |
|
Recertifications |
|
|
15,584 |
|
|
|
13,891 |
|
|
|
|
|
|
|
|
|
|
Total volume |
|
|
48,477 |
|
|
|
43,162 |
|
Visits |
|
|
774,093 |
|
|
|
690,548 |
|
Total (5): |
|
|
|
|
|
|
|
|
Visiting Clinician Cost per
Visit |
|
$ |
81.97 |
|
|
$ |
80.07 |
|
Clinical Manager Cost per
Visit |
|
|
7.65 |
|
|
|
7.76 |
|
|
|
|
|
|
|
|
|
|
Total Cost per Visit |
|
$ |
89.62 |
|
|
$ |
87.83 |
|
Visits |
|
|
2,096,486 |
|
|
|
2,008,622 |
|
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
432.5 |
|
|
$ |
411.3 |
|
Non-Medicare |
|
|
196.2 |
|
|
|
164.3 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
628.7 |
|
|
|
575.6 |
|
Cost of service |
|
|
373.5 |
|
|
|
350.9 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
255.2 |
|
|
|
224.7 |
|
Other operating expenses |
|
|
147.5 |
|
|
|
138.0 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
107.7 |
|
|
$ |
86.7 |
|
|
|
|
|
|
|
|
|
|
Same Store Growth
(1): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
|
5 |
% |
|
|
5 |
% |
Non-Medicare revenue |
|
|
20 |
% |
|
|
16 |
% |
Total admissions |
|
|
7 |
% |
|
|
5 |
% |
Total volume (2) |
|
|
6 |
% |
|
|
7 |
% |
Total Episodic admissions
(3) |
|
|
5 |
% |
|
|
4 |
% |
Total Episodic volume (4) |
|
|
4 |
% |
|
|
6 |
% |
Key Statistical Data -
Total (5): |
|
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
|
|
|
|
Admissions |
|
|
99,190 |
|
|
|
96,513 |
|
Recertifications |
|
|
54,889 |
|
|
|
55,667 |
|
|
|
|
|
|
|
|
|
|
Total volume |
|
|
154,079 |
|
|
|
152,180 |
|
Completed episodes |
|
|
150,280 |
|
|
|
147,612 |
|
Visits |
|
|
2,653,802 |
|
|
|
2,632,200 |
|
Average revenue per completed
episode (6) |
|
$ |
2,928 |
|
|
$ |
2,833 |
|
Visits per completed episode
(7) |
|
|
17.5 |
|
|
|
17.5 |
|
Non-Medicare: |
|
|
|
|
|
|
|
|
Admissions |
|
|
66,542 |
|
|
|
59,160 |
|
Recertifications. |
|
|
30,267 |
|
|
|
26,323 |
|
|
|
|
|
|
|
|
|
|
Total volume |
|
|
96,809 |
|
|
|
85,483 |
|
Visits |
|
|
1,527,772 |
|
|
|
1,351,481 |
|
Total (5): |
|
|
|
|
|
|
|
|
Visiting Clinician Cost per
Visit |
|
$ |
81.51 |
|
|
$ |
80.20 |
|
Clinical Manager Cost per
Visit |
|
|
7.83 |
|
|
|
7.88 |
|
|
|
|
|
|
|
|
|
|
Total Cost per Visit |
|
$ |
89.34 |
|
|
$ |
88.08 |
|
Visits |
|
|
4,181,574 |
|
|
|
3,983,681 |
|
(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
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
145.8 |
|
|
$ |
96.9 |
|
Non-Medicare |
|
|
7.4 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
153.2 |
|
|
|
101.4 |
|
Cost of service |
|
|
87.3 |
|
|
|
51.7 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
65.9 |
|
|
|
49.7 |
|
Other operating expenses |
|
|
35.3 |
|
|
|
20.6 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
30.6 |
|
|
$ |
29.1 |
|
|
|
|
|
|
|
|
|
|
Same Store Growth
(1): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
|
1 |
% |
|
|
13 |
% |
Hospice admissions |
|
|
7 |
% |
|
|
7 |
% |
Average daily census |
|
|
5 |
% |
|
|
12 |
% |
Key Statistical Data -
Total (2): |
|
|
|
|
|
|
|
|
Hospice admissions |
|
|
10,430 |
|
|
|
6,746 |
|
Average daily census |
|
|
11,427 |
|
|
|
7,554 |
|
Revenue per day, net |
|
$ |
147.27 |
|
|
$ |
147.58 |
|
Cost of service per day |
|
$ |
83.96 |
|
|
$ |
75.20 |
|
Average discharge length of
stay |
|
|
98 |
|
|
|
97 |
|
|
|
For the Six- Month Periods Ended
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
276.5 |
|
|
$ |
188.7 |
|
Non-Medicare |
|
|
13.7 |
|
|
|
10.0 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
290.2 |
|
|
|
198.7 |
|
Cost of service |
|
|
161.4 |
|
|
|
101.8 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
128.8 |
|
|
|
96.9 |
|
Other operating expenses |
|
|
64.7 |
|
|
|
40.8 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
64.1 |
|
|
$ |
56.1 |
|
|
|
|
|
|
|
|
|
|
Same Store Growth
(1): |
|
|
|
|
|
|
|
|
Medicare revenue |
|
|
5 |
% |
|
|
12 |
% |
Hospice admissions |
|
|
6 |
% |
|
|
6 |
% |
Average daily census |
|
|
7 |
% |
|
|
12 |
% |
Key Statistical Data -
Total (2): |
|
|
|
|
|
|
|
|
Hospice admissions |
|
|
20,141 |
|
|
|
13,679 |
|
Average daily census |
|
|
10,709 |
|
|
|
7,385 |
|
Revenue per day, net |
|
$ |
149.72 |
|
|
$ |
148.66 |
|
Cost of service per day |
|
$ |
83.25 |
|
|
$ |
76.15 |
|
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
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
|
21.2 |
|
|
|
18.7 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
21.2 |
|
|
|
18.7 |
|
Cost of service |
|
|
15.6 |
|
|
|
14.4 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
5.6 |
|
|
|
4.3 |
|
Other operating expenses |
|
|
3.2 |
|
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
2.4 |
|
|
$ |
1.0 |
|
|
|
|
|
|
|
|
|
|
Key Statistical Data -
Total (1): |
|
|
|
|
|
|
|
|
Billable hours |
|
|
848,245 |
|
|
|
797,228 |
|
Clients served |
|
|
12,962 |
|
|
|
12,683 |
|
Shifts |
|
|
382,287 |
|
|
|
356,874 |
|
Revenue per hour |
|
$ |
25.01 |
|
|
$ |
23.48 |
|
Revenue per shift |
|
$ |
55.49 |
|
|
$ |
52.45 |
|
Hours per shift |
|
|
2.2 |
|
|
|
2.2 |
|
|
|
For the Six-Month Periods Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Medicare |
|
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
|
41.4 |
|
|
|
36.6 |
|
|
|
|
|
|
|
|
|
|
Net service revenue |
|
|
41.4 |
|
|
|
36.6 |
|
Cost of service |
|
|
31.1 |
|
|
|
28.2 |
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
10.3 |
|
|
|
8.4 |
|
Other operating expenses |
|
|
6.4 |
|
|
|
6.6 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
3.9 |
|
|
$ |
1.8 |
|
|
|
|
|
|
|
|
|
|
Key Statistical Data -
Total (1): |
|
|
|
|
|
|
|
|
Billable hours |
|
|
1,681,862 |
|
|
|
1,547,181 |
|
Clients served |
|
|
14,687 |
|
|
|
14,350 |
|
Shifts |
|
|
758,469 |
|
|
|
705,040 |
|
Revenue per hour |
|
$ |
24.60 |
|
|
$ |
23.66 |
|
Revenue per shift |
|
$ |
54.56 |
|
|
$ |
51.91 |
|
Hours per shift |
|
|
2.2 |
|
|
|
2.2 |
|
(1) Total includes acquisitions.
Segment Information - Corporate
|
|
For the Three- Month Periods Ended
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Other operating expenses |
|
$ |
40.2 |
|
|
$ |
31.1 |
|
Depreciation and
amortization |
|
|
3.7 |
|
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
43.9 |
|
|
$ |
33.1 |
|
|
|
|
|
|
|
|
|
|
|
|
For the Six- Month Periods Ended
June 30, |
|
|
|
2019 |
|
|
2018 |
|
Financial Information (in millions): |
|
|
|
|
|
|
|
|
Other operating expenses |
|
$ |
81.5 |
|
|
$ |
61.3 |
|
Depreciation and
amortization |
|
|
5.1 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
86.6 |
|
|
$ |
65.8 |
|
|
|
|
|
|
|
|
|
|
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 June 30, |
|
|
For the Six-Month Period Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net income attributable to Amedisys, Inc. |
|
$ |
33,742 |
|
|
$ |
33,349 |
|
|
$ |
65,046 |
|
|
$ |
60,508 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
10,308 |
|
|
|
10,596 |
|
|
|
21,186 |
|
|
|
20,159 |
|
Interest expense, net |
|
|
4,312 |
|
|
|
2,026 |
|
|
|
7,637 |
|
|
|
3,609 |
|
Depreciation and amortization |
|
|
5,179 |
|
|
|
3,125 |
|
|
|
8,074 |
|
|
|
6,718 |
|
Certain items (1) |
|
|
8,257 |
|
|
|
1,035 |
|
|
|
15,171 |
|
|
|
1,224 |
|
Interest component of certain items (1) |
|
|
(446 |
) |
|
|
(446 |
) |
|
|
(887 |
) |
|
|
(829 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (2) (6) |
|
$ |
61,352 |
|
|
$ |
49,685 |
|
|
$ |
116,227 |
|
|
$ |
91,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Service Revenue
Reconciliation:
|
|
For the Three-Month
Period Ended June 30, |
|
|
For the Six-Month
Period Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net service revenue |
|
$ |
492,984 |
|
|
$ |
411,603 |
|
|
$ |
960,324 |
|
|
$ |
810,865 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain items (1) |
|
|
5,515 |
|
|
|
1,687 |
|
|
|
5,993 |
|
|
|
1,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net service revenue (3)
(6) |
|
$ |
498,499 |
|
|
$ |
413,290 |
|
|
$ |
966,317 |
|
|
$ |
812,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Amedisys, Inc
Reconciliation:
|
|
For the Three-Month
Period Ended June 30, |
|
|
For the Six-Month
Period Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net income attributable to Amedisys, Inc. |
|
$ |
33,742 |
|
|
$ |
33,349 |
|
|
$ |
65,046 |
|
|
$ |
60,508 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain items (1) |
|
|
6,110 |
|
|
|
766 |
|
|
|
11,226 |
|
|
|
906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable
to Amedisys, Inc. (4) (6) |
|
$ |
39,852 |
|
|
$ |
34,115 |
|
|
$ |
76,272 |
|
|
$ |
61,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Amedisys, Inc. per
Diluted Share:
|
|
For the Three- Month Period
Ended June 30, |
|
|
For the Six- Month Period
Ended June 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Net income attributable to Amedisys, Inc. common stockholders per
diluted share |
|
$ |
1.02 |
|
|
$ |
0.98 |
|
|
$ |
1.98 |
|
|
$ |
1.76 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain items (1) |
|
|
0.19 |
|
|
|
0.02 |
|
|
|
0.34 |
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable
to Amedisys, Inc. common stockholders per diluted share (5)
(6). |
|
$ |
1.21 |
|
|
$ |
1.00 |
|
|
$ |
2.32 |
|
|
$ |
1.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The following details the certain items for the three and
six-month periods ended June 30, 2019 and 2018:
Certain Items:
|
|
For the Three-Month Period Ended
June 30, 2019 |
|
|
For the Six-Month Period Ended June 30,
2019 |
|
|
|
(Income) Expense |
|
|
(Income) Expense |
|
Certain Items Impacting Net Service Revenue: |
|
|
|
|
|
|
|
|
Contingency accrual |
|
$ |
5,523 |
|
|
$ |
6,541 |
|
Planned closures (7) |
|
|
(8 |
) |
|
|
(548 |
) |
Certain Items Impacting
Cost of Service: |
|
|
|
|
|
|
|
|
Planned closures (7) |
|
|
313 |
|
|
|
1,157 |
|
Certain Items Impacting
Operating Expenses: |
|
|
|
|
|
|
|
|
Planned closures (7) |
|
|
69 |
|
|
|
157 |
|
Acquisition costs |
|
|
4,494 |
|
|
|
10,252 |
|
Legal fees - non-routine |
|
|
108 |
|
|
|
(24 |
) |
Certain Items Impacting
Total Other Income (Expense): |
|
|
|
|
|
|
|
|
Miscellaneous, other (income)
expense, net |
|
|
(2,242 |
) |
|
|
(2,364 |
) |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
8,257 |
|
|
$ |
15,171 |
|
|
|
|
|
|
|
|
|
|
Net of tax |
|
$ |
6,110 |
|
|
$ |
11,226 |
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.19 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended
June 30, 2018 |
|
|
For the Six-Month Period Ended June 30,
2018 |
|
|
|
(Income) Expense |
|
|
(Income) Expense |
|
Certain Items Impacting
Net Service Revenue: |
|
|
|
|
|
|
|
|
Florida self-audit
(pre-acquisition) |
|
$ |
1,687 |
|
|
$ |
1,687 |
|
Certain Items Impacting
Operating Expenses: |
|
|
|
|
|
|
|
|
Acquisition costs |
|
|
440 |
|
|
|
875 |
|
Legal fees - non-routine |
|
|
543 |
|
|
|
1,105 |
|
Certain Items Impacting
Total Other Income (Expense): |
|
|
|
|
|
|
|
|
Miscellaneous, other (income)
expense, net |
|
|
(1,635 |
) |
|
|
(2,443 |
) |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,035 |
|
|
$ |
1,224 |
|
|
|
|
|
|
|
|
|
|
Net of tax |
|
$ |
766 |
|
|
$ |
906 |
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.02 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
(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 excluding 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 measures 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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