Issues 2013 Guidance
Amedisys to Host Conference Call Today at 10:00 A.M. ET
BATON ROUGE, La.--(BUSINESS WIRE)--
Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice
company, today reported its financial results for the fourth quarter and
year ended December 31, 2012 and issued 2013 guidance.
Three-Month Periods Ended December 31, 2012 and
2011
• After adding back $153.4 million and $11.3 million ($113.9 million and
$7.1 million, net of income tax ) or $3.75 and $0.24 per diluted share
for certain items* in 2012 and 2011, the following would have been our
adjusted results**:
• Net service revenue of $362.9 million compared to $370.3 million in
2011, a decrease of $7.4 million or 2.0%.
• Net income from continuing operations attributable to Amedisys, Inc.,
of $7.2 million compared to $14.5 million in 2011, a decrease of 50.5%.
• Net income from continuing operations attributable to Amedisys, Inc.
per diluted share of $0.23 compared to $0.49 per diluted share in 2011,
a decrease of 53.1%.
• Earnings before interest, taxes, depreciation and amortization
attributable to continuing operations (“EBITDA”) of $23.3 million
compared to $35.9 million in 2011, a decrease of 35.1%.
Twelve-Month Periods Ended December 31, 2012 and
2011
• After adding back $159.5 million and $588.7 million ($115.1 million
and $441.7 million, net of income tax) or $3.83 and $15.36 per diluted
share for certain items* in 2012 and 2011, the following would have been
our adjusted results**:
• Net service revenue of $1,487.9 million compared to $1,463.6 million
in 2011, an increase of $24.3 million or 1.7%.
• Net income from continuing operations attributable to Amedisys, Inc.,
of $32.8 million compared to $66.8 million in 2011, a decrease of 50.9%.
• Net income from continuing operations attributable to Amedisys, Inc.
per diluted share of $1.08 compared to $2.29 per diluted share in 2011,
a decrease of 52.8%.
• EBITDA of $103.2 million compared to $157.1 million in 2011, a
decrease of 34.3%.
William F. Borne, Chief Executive Officer stated, “I’m pleased to report
that after appropriate adjustments, we generated $1.00 in earnings per
diluted share for the year, falling within the guidance we provided at
both the beginning of the year and on our last earnings call. To better
reflect core operations and as a basis to present adjusted results going
forward, we have further adjusted earnings for legal costs associated
with governmental investigations which were incurred in each quarter of
the year and tax credits earned in the third quarter. On this basis, we
earned $1.08 in earnings per diluted share for the year, compared to
$2.29 per diluted share in 2011. In 2012, we faced another year of
significant reimbursement cuts, slow industry growth, and limited
acquisition opportunities. Yet, in addition to achieving guidance, we
had a number of accomplishments including stabilizing our Medicare home
health admissions, increasing our managed care business, lowering
operating costs in the face of declining volumes, continuing development
of our next generation operating system, and improving our capital
structure.
“Moving into 2013, in addition to a focus on growth, operational
efficiency, and clinical excellence, we are making significant
investments in technology and evolving our model of care. This
differentiating strategy recognizes the changes taking place within the
health care industry. We believe these investments will yield positive
long-term results for our patients, our partners, employees and
shareholders.”
2013 Guidance
• Net service revenue is anticipated to be in the range of $1.425
billion to $1.45 billion.
• Diluted earnings per share is expected to be in the range of $0.60 to
$0.70 based on an estimated 31.5 million shares outstanding.
This guidance includes an estimate of legal costs associated with our
on-going government investigations and anticipates that the 2% Medicare
sequestration goes into effect April 1, 2013 on any admissions starting
on or after that date.
We urge caution in considering the current trends and 2013 guidance
disclosed in this press release. The home health and hospice industry is
highly competitive and subject to intensive regulations, and trends and
guidance 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, 2012, 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.
* See footnote 2 on page 10 for explanation of these certain items.
** See page 9 for the reconciliations of non-GAAP financial measures.
Earnings Call and Webcast Information
To participate in the conference call, please call a few minutes before
10:00 a.m. ET on Tuesday, March 12, 2013, to either (877) 490-9717 (Toll
free) or (704) 385-4855 (Toll), use conference ID #15174665. A replay of
the conference call will be available through March 19, 2013. The replay
dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll),
use conference ID #15174665.
The call will also be available through our website and for seven days
thereafter at the following web address: http://investors.amedisys.com.
We are headquartered in Baton Rouge, Louisiana. 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, changes in or
developments with respect to any litigation or investigations relating
to the Company, including the SEC investigation and the U.S. Department
of Justice Civil Investigative Demand and 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: EBITDA, defined as net income (loss) from
continuing operations attributable to Amedisys, Inc. before provision
for income taxes, net interest expense and depreciation and
amortization, adjusted EBITDA, defined as EBITDA plus certain items,
adjusted net service revenue, defined as net service revenue plus
certain items, adjusted net income from continuing operations
attributable to Amedisys, Inc., defined as net income (loss) from
continuing operations attributable to Amedisys, Inc. plus the certain
items and adjusted net income from continuing operations attributable to
Amedisys, Inc. per diluted share, defined as net income (loss) from
continuing operations attributable to Amedisys, Inc. common stockholders
per diluted share plus the earnings per share effect of 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 SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL
INFORMATION
(Amounts in thousands, except share, per share data and
statistical information)
(Unaudited)
|
Balance Sheet Information
|
|
| |
| |
| | As of December 31, |
| | 2012 | | 2011 |
| ASSETS | | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| |
$
|
14,545
| | |
$
|
48,004
| |
|
Patient accounts receivable, net of allowance for doubtful accounts
of $20,994 and $17,438 | | |
169,172
| | | |
148,061
| |
|
Prepaid expenses
| | |
10,631
| | | |
11,321
| |
|
Other current assets
| |
|
11,440
|
| |
|
24,630
|
|
| | | |
|
|
Total current assets
| | |
205,788
| | | |
232,016
| |
|
Property and equipment, net of accumulated depreciation of $113,154,
and $94,266 | | |
156,709
| | | |
148,536
| |
|
Goodwill
| | |
209,594
| | | |
334,695
| |
|
Intangible assets, net of accumulated amortization of $23,457 and
$20,611 | | |
47,050
| | | |
50,067
| |
|
Deferred tax asset
| | |
92,804
| | | |
68,649
| |
|
Other assets, net
| |
|
18,650
|
| |
|
24,322
|
|
| | | |
|
|
Total assets
| |
$
|
730,595
|
| |
$
|
858,285
|
|
| | | |
|
| LIABILITIES AND EQUITY | | | | |
|
Current Liabilities:
| | | | |
|
Accounts payable
| |
$
|
29,175
| | |
$
|
25,475
| |
|
Payroll and employee benefits
| | |
79,341
| | | |
82,130
| |
|
Accrued expenses
| | |
54,855
| | | |
68,493
| |
|
Current portion of long-term obligations
| | |
35,807
| | | |
33,888
| |
|
Current portion of deferred income taxes
| |
|
5,609
|
| |
|
11,748
|
|
| | | |
|
|
Total current liabilities
| | |
204,787
| | | |
221,734
| |
|
Long-term obligations, less current portion
| | |
66,904
| | | |
111,551
| |
|
Other long-term obligations
| |
|
4,671
|
| |
|
4,852
|
|
| | | |
|
|
Total liabilities
| |
|
276,362
|
| |
|
338,137
|
|
| | | |
|
|
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;
31,876,508 and 30,328,549 shares issued; and 31,086,619 and
29,639,735 shares outstanding
| | |
32
| | | |
30
| |
|
Additional paid-in capital
| | |
450,792
| | | |
432,390
| |
|
Treasury stock at cost, 789,889 and 688,814 shares of common stock
| | |
(17,116
|
)
| | |
(15,770
|
)
|
|
Accumulated other comprehensive income
| | |
15
| | | |
13
| |
|
Retained earnings
| |
|
18,617
|
| |
|
102,205
|
|
| | | |
|
|
Total Amedisys, Inc. stockholders’ equity
| | |
452,340
| | | |
518,868
| |
|
Noncontrolling interests
| |
|
1,893
|
| |
|
1,280
|
|
| | | |
|
|
Total equity
| |
|
454,233
|
| |
|
520,148
|
|
| | | |
|
|
Total liabilities and equity
| |
$
|
730,595
|
| |
$
|
858,285
|
|
| | | | | | | |
|
|
| |
| |
| |
| |
Statement of Operations Information
| | | | | | | | |
| | | | | | | |
|
| | For the Three-Month Periods Ended
December 31, | | For the Years Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
|
Net service revenue
| |
$
|
362,949
| | |
$
|
370,279
| | |
$
|
1,487,905
| | |
$
|
1,468,305
| |
|
Cost of service, excluding depreciation and amortization
| | |
206,243
| | | |
201,783
| | | |
841,146
| | | |
780,606
| |
|
General and administrative expenses:
| | | | | | | | |
|
Salaries and benefits
| | |
84,325
| | | |
85,361
| | | |
339,528
| | | |
332,536
| |
|
Non-cash compensation
| | |
1,152
| | | |
27
| | | |
7,217
| | | |
8,292
| |
|
Other
| | |
48,573
| | | |
48,591
| | | |
188,514
| | | |
184,819
| |
|
Provision for doubtful accounts
| | |
5,441
| | | |
3,780
| | | |
21,676
| | | |
13,514
| |
|
Depreciation and amortization
| | |
10,004
| | | |
10,169
| | | |
39,926
| | | |
38,558
| |
|
Goodwill and other intangibles impairment charge
| |
|
162,103
|
| |
|
5,841
|
| |
|
162,103
|
| |
|
579,955
|
|
| | | | | | | |
|
|
Operating expenses
| |
|
517,841
|
| |
|
355,552
|
| |
|
1,600,110
|
| |
|
1,938,280
|
|
| | | | | | | |
|
|
Operating income (loss)
| | |
(154,892
|
)
| | |
14,727
| | | |
(112,205
|
)
| | |
(469,975
|
)
|
|
Other (expense) income:
| | | | | | | | |
|
Interest income
| | |
13
| | | |
6
| | | |
65
| | | |
231
| |
|
Interest expense
| | |
(6,111
|
)
| | |
(2,129
|
)
| | |
(12,169
|
)
| | |
(8,822
|
)
|
|
Equity in earnings from equity investments
| | |
604
| | | |
380
| | | |
1,695
| | | |
1,494
| |
|
Miscellaneous, net
| |
|
3,636
|
| |
|
6
|
| |
|
3,917
|
| |
|
(837
|
)
|
| | | | | | | |
|
|
Total other expense, net
| |
|
(1,858
|
)
| |
|
(1,737
|
)
| |
|
(6,492
|
)
| |
|
(7,934
|
)
|
| | | | | | | |
|
|
(Loss) income before income taxes
| | |
(156,750
|
)
| | |
12,990
| | | |
(118,697
|
)
| | |
(477,909
|
)
|
|
Income tax (expense) benefit
| |
|
34,808
|
| |
|
(5,555
|
)
| |
|
21,397
|
| |
|
103,076
|
|
| | | | | | | |
|
|
(Loss) income from continuing operations
| | |
(121,942
|
)
| | |
7,435
| | | |
(97,300
|
)
| | |
(374,833
|
)
|
|
Discontinued operations, net of tax
| |
|
(65
|
)
| |
|
(3,115
|
)
| |
|
(1,283
|
)
| |
|
(7,509
|
)
|
| | | | | | | |
|
|
Net (loss) income
| | |
(122,007
|
)
| | |
4,320
| | | |
(98,583
|
)
| | |
(382,342
|
)
|
|
Net loss (income) attributable to noncontrolling interests
| |
|
15,195
|
| |
|
(6
|
)
| |
|
14,995
|
| |
|
(122
|
)
|
| | | | | | | |
|
|
Net (loss) income attributable to Amedisys, Inc. | |
$
|
(106,812
|
)
| |
$
|
4,314
|
| |
$
|
(83,588
|
)
| |
$
|
(382,464
|
)
|
| | | | | | | |
|
|
Basic earnings per common share:
| | | | | | | | |
|
(Loss) income from continuing operations attributable to Amedisys,
Inc. common stockholders
| |
$
|
(3.52
|
)
| |
$
|
0.26
| | |
$
|
(2.75
|
)
| |
$
|
(13.07
|
)
|
|
Discontinued operations, net of tax
| |
|
—
|
| |
|
(0.11
|
)
| |
|
(0.04
|
)
| |
|
(0.26
|
)
|
| | | | | | | |
|
|
Net (loss) income attributable to Amedisys, Inc. common stockholders
| |
$
|
(3.52
|
)
| |
$
|
0.15
|
| |
$
|
(2.79
|
)
| |
$
|
(13.33
|
)
|
| | | | | | | |
|
|
Weighted average shares outstanding
| |
|
30,358
|
| |
|
29,011
|
| |
|
29,896
|
| |
|
28,693
|
|
| | | | | | | |
|
|
Diluted earnings per common share:
| | | | | | | | |
|
(Loss) income from continuing operations attributable to Amedisys,
Inc. common stockholders
| |
$
|
(3.52
|
)
| |
$
|
0.25
| | |
$
|
(2.75
|
)
| |
$
|
(13.07
|
)
|
|
Discontinued operations, net of tax
| |
|
—
|
| |
|
(0.10
|
)
| |
|
(0.04
|
)
| |
|
(0.26
|
)
|
| | | | | | | |
|
|
Net (loss) income attributable to Amedisys, Inc. common stockholders
| |
$
|
(3.52
|
)
| |
$
|
0.15
|
| |
$
|
(2.79
|
)
| |
$
|
(13.33
|
)
|
| | | | | | | |
|
|
Weighted average shares outstanding
| |
|
30,358
|
| |
|
29,415
|
| |
|
29,896
|
| |
|
28,693
|
|
| | | | | | | |
|
|
Amounts attributable to Amedisys, Inc. common stockholders:
| | | | | | | | |
|
(Loss) income from continuing operations
| |
$
|
(106,747
|
)
| |
$
|
7,429
| | |
$
|
(82,305
|
)
| |
$
|
(374,955
|
)
|
|
Discontinued operations, net of tax
| |
|
(65
|
)
| |
|
(3,115
|
)
| |
|
(1,283
|
)
| |
|
(7,509
|
)
|
| | | | | | | |
|
|
Net (loss) income
| |
$
|
(106,812
|
)
| |
$
|
4,314
|
| |
$
|
(83,588
|
)
| |
$
|
(382,464
|
)
|
| | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| |
Cash Flow Information | | | | | | | | |
| | | | | | | |
|
| | For the Three-Month Periods Ended
December 31, | | For the Years Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
|
Net cash provided by operating activities
| |
$
|
12,590
| | |
$
|
36,917
| | |
$
|
69,494
| | |
$
|
141,210
| |
|
Net cash used in investing activities
| | |
(19,744
|
)
| | |
(12,047
|
)
| | |
(59,993
|
)
| | |
(180,710
|
)
|
|
Net cash used in financing activities
| |
|
(17,407
|
)
| |
|
(6,328
|
)
| |
|
(42,960
|
)
| |
|
(32,791
|
)
|
| | | | | | | |
|
|
Net (decrease) increase in cash and cash equivalents
| | |
(24,561
|
)
| | |
18,542
| | | |
(33,459
|
)
| | |
(72,291
|
)
|
|
Cash and cash equivalents at beginning of period
| |
|
39,106
|
| |
|
29,462
|
| |
|
48,004
|
| |
|
120,295
|
|
| | | | | | | |
|
|
Cash and cash equivalents at end of period
| |
$
|
14,545
|
| |
$
|
48,004
|
| |
$
|
14,545
|
| |
$
|
48,004
|
|
| | | | | | | | | | | | | | | |
|
|
|
Supplemental Information - Home Health |
|
| |
| |
| |
| |
| |
| | For the Three-Month Periods Ended | | For the
Year Ended
December 31,
2012 |
| | March 31,
2012 | | June 30,
2012 | | September 30,
2012 | | December 31,
2012 | |
| Financial Information (in millions): | | | | | | | | | | |
| Medicare | |
$
|
242.4
| | |
$
|
241.0
| | |
$
|
236.0
| | |
$
|
233.2
| | |
$
|
952.6
| |
|
Non-Medicare | |
|
59.0
|
| |
|
63.8
|
| |
|
65.1
|
| |
|
57.5
|
| |
|
245.4
|
|
| | | | | | | | | |
|
|
Net service revenue
| | |
301.4
| | | |
304.8
| | | |
301.1
| | | |
290.7
| | | |
1,198.0
| |
|
Cost of service
| |
|
172.0
|
| |
|
174.3
|
| |
|
175.9
|
| |
|
168.9
|
| |
|
691.1
|
|
| | | | | | | | | |
|
|
Gross margin
| | |
129.4
| | | |
130.5
| | | |
125.2
| | | |
121.8
| | | |
506.9
| |
|
Provision for doubtful accounts
| | |
5.0
| | | |
4.1
| | | |
4.8
| | | |
3.9
| | | |
17.8
| |
|
Depreciation and amortization
| | |
3.5
| | | |
3.6
| | | |
3.7
| | | |
3.1
| | | |
13.9
| |
|
Other operating expenses
| |
|
89.3
|
| |
|
86.5
|
| |
|
87.3
|
| |
|
87.7
|
| |
|
350.8
|
|
| | | | | | | | | |
|
|
Operating income before impairment (1)
| |
$
|
31.6
|
| |
$
|
36.3
|
| |
$
|
29.4
|
| |
$
|
27.1
|
| |
$
|
124.4
|
|
| | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | |
| Medicare: | | | | | | | | | | |
| Same Store Volume (2) | | | | | | | | | | |
|
Revenue
| | |
(8
|
)%
| | |
(9
|
)%
| | |
(6
|
)%
| | |
(7
|
)%
| | |
(7
|
)%
|
|
Admissions
| | |
(2
|
)%
| | |
2
|
%
| | |
0
|
%
| | |
1
|
%
| | |
0
|
%
|
|
Recertifications
| | |
(5
|
)%
| | |
(7
|
)%
| | |
(6
|
)%
| | |
(12
|
)%
| | |
(8
|
)%
|
|
Admissions
| | |
51,153
| | | |
50,490
| | | |
49,395
| | | |
49,552
| | | |
200,590
| |
|
Recertifications
| | |
35,794
| | | |
35,299
| | | |
35,217
| | | |
32,732
| | | |
139,042
| |
|
Completed Episodes
| | |
82,204
| | | |
83,403
| | | |
81,745
| | | |
82,223
| | | |
329,575
| |
|
Visits
| | |
1,625,473
| | | |
1,620,174
| | | |
1,571,071
| | | |
1,490,536
| | | |
6,307,254
| |
|
Average revenue per completed episode (3)
| | $ |
2,882
| | | $ |
2,891
| | | $ |
2,869
| | | $ |
2,853
| | | $ |
2,874
| |
|
Visits per completed episode (4)
| | |
18.6
| | | |
19.1
| | | |
18.8
| | | |
18.4
| | | |
18.7
| |
| Non-Medicare: | | | | | | | | | | |
|
Admissions:
| | | | | | | | | | |
|
Episodic
| | |
8,721
| | | |
8,578
| | | |
8,592
| | | |
4,366
| | | |
30,257
| |
|
Non-episodic
| |
|
14,471
|
| |
|
15,248
|
| |
|
15,570
|
| |
|
17,470
|
| |
|
62,759
|
|
| | | | | | | | | |
|
|
Total
| | |
23,192
| | | |
23,826
| | | |
24,162
| | | |
21,836
| | | |
93,016
| |
|
Recertifications:
| | | | | | | | | | |
|
Episodic
| | |
5,005
| | | |
5,211
| | | |
5,317
| | | |
2,434
| | | |
17,967
| |
|
Non-episodic
| |
|
4,726
|
| |
|
5,560
|
| |
|
6,238
|
| |
|
7,909
|
| |
|
24,433
|
|
| | | | | | | | | |
|
|
Total
| | |
9,731
| | | |
10,771
| | | |
11,555
| | | |
10,343
| | | |
42,400
| |
|
Visits:
| | | | | | | | | | |
|
Episodic
| | |
254,679
| | | |
253,395
| | | |
251,670
| | | |
151,303
| | | |
911,047
| |
|
Non-episodic
| |
|
249,719
|
| |
|
288,663
|
| |
|
298,524
|
| |
|
326,493
|
| |
|
1,163,399
|
|
| | | | | | | | | |
|
|
Total
| | |
504,398
| | | |
542,058
| | | |
550,194
| | | |
477,796
| | | |
2,074,446
| |
| Total: | | | | | | | | | | |
|
Cost per Visit
| | $ |
80.76
| | | $ |
80.61
| | | $ |
82.90
| | | $ |
85.83
| | | $ |
82.45
| |
|
Visits
| | |
2,129,871
| | | |
2,162,232
| | | |
2,121,265
| | | |
1,968,332
| | | |
8,381,700
| |
| | | | | | | | | | | | | | | | | | | |
|
|
|
Supplemental Information - Home Health (continued) |
|
| |
| |
| |
| |
| |
| | For the Three-Month Periods Ended | | For the
Year Ended
December 31,
2011 |
| | March 31,
2011 | | June 30,
2011 | | September 30,
2011 | | December 31,
2011 | |
| Financial Information (in millions): | | | | | | | | | | |
| Medicare | |
$
|
268.1
| | |
$
|
267.2
| | |
$
|
252.9
| | |
$
|
249.5
| | |
$
|
1,037.7
| |
|
Non-Medicare | |
|
52.7
|
| |
|
54.4
|
| |
|
53.1
|
| |
|
52.6
|
| |
|
212.8
|
|
| | | | | | | | | |
|
|
Net service revenue
| | |
320.8
| | | |
321.6
| | | |
306.0
| | | |
302.1
| | | |
1,250.5
| |
|
Cost of service
| |
|
167.1
|
| |
|
164.2
|
| |
|
167.2
|
| |
|
165.5
|
| |
|
664.0
|
|
| | | | | | | | | |
|
|
Gross margin
| | |
153.7
| | | |
157.4
| | | |
138.8
| | | |
136.6
| | | |
586.5
| |
|
Provision for doubtful accounts
| | |
3.2
| | | |
2.1
| | | |
3.9
| | | |
3.1
| | | |
12.3
| |
|
Depreciation and amortization
| | |
3.1
| | | |
3.8
| | | |
3.6
| | | |
3.5
| | | |
14.0
| |
|
Other operating expenses
| |
|
85.2
|
| |
|
83.0
|
| |
|
85.1
|
| |
|
86.9
|
| |
|
340.2
|
|
| | | | | | | | | |
|
|
Operating income before impairment (1)
| |
$
|
62.2
|
| |
$
|
68.5
|
| |
$
|
46.2
|
| |
$
|
43.1
|
| |
$
|
220.0
|
|
| | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | |
| Medicare: | | | | | | | | | | |
| Same Store Volume (2) | | | | | | | | | | |
|
Revenue
| | |
(16
|
)%
| | |
(16
|
)%
| | |
(15
|
)%
| | |
(15
|
)%
| | |
(15
|
)%
|
|
Admissions
| | |
(1
|
)%
| | |
(5
|
)%
| | |
(6
|
)%
| | |
(7
|
)%
| | |
(5
|
)%
|
|
Recertifications
| | |
(13
|
)%
| | |
(6
|
)%
| | |
(3
|
)%
| | |
(5
|
)%
| | |
(7
|
)%
|
|
Admissions
| | |
53,401
| | | |
50,385
| | | |
49,835
| | | |
48,982
| | | |
202,603
| |
|
Recertifications
| | |
38,183
| | | |
38,575
| | | |
37,949
| | | |
37,411
| | | |
152,118
| |
|
Completed Episodes
| | |
86,373
| | | |
87,528
| | | |
84,454
| | | |
84,481
| | | |
342,836
| |
|
Visits
| | |
1,675,730
| | | |
1,659,890
| | | |
1,644,181
| | | |
1,586,743
| | | |
6,566,544
| |
|
Average revenue per completed episode (3)
| | $ |
3,055
| | | $ |
3,049
| | | $ |
2,994
| | | $ |
3,010
| | | $ |
3,027
| |
|
Visits per completed episode (4)
| | |
18.5
| | | |
18.9
| | | |
18.6
| | | |
18.9
| | | |
18.7
| |
| Non-Medicare: | | | | | | | | | | |
|
Admissions:
| | | | | | | | | | |
|
Episodic
| | |
8,006
| | | |
7,510
| | | |
7,377
| | | |
7,903
| | | |
30,796
| |
|
Non-episodic
| |
|
10,546
|
| |
|
10,456
|
| |
|
10,930
|
| |
|
11,152
|
| |
|
43,084
|
|
| | | | | | | | | |
|
|
Total
| | |
18,552
| | | |
17,966
| | | |
18,307
| | | |
19,055
| | | |
73,880
| |
|
Recertifications:
| | | | | | | | | | |
|
Episodic
| | |
5,078
| | | |
5,217
| | | |
5,378
| | | |
5,154
| | | |
20,827
| |
|
Non-episodic
| |
|
4,241
|
| |
|
4,380
|
| |
|
4,277
|
| |
|
4,535
|
| |
|
17,433
|
|
| | | | | | | | | |
|
|
Total
| | |
9,319
| | | |
9,597
| | | |
9,655
| | | |
9,689
| | | |
38,260
| |
|
Visits:
| | | | | | | | | | |
|
Episodic
| | |
233,065
| | | |
244,558
| | | |
236,855
| | | |
235,412
| | | |
949,890
| |
|
Non-episodic
| |
|
197,808
|
| |
|
201,081
|
| |
|
203,667
|
| |
|
201,809
|
| |
|
804,365
|
|
| | | | | | | | | |
|
|
Total
| | |
430,873
| | | |
445,639
| | | |
440,522
| | | |
437,221
| | | |
1,754,255
| |
| Total: | | | | | | | | | | |
|
Cost per Visit
| | $ |
79.31
| | | $ |
77.98
| | | $ |
80.24
| | | $ |
81.75
| | | $ |
79.80
| |
|
Visits
| | |
2,106,603
| | | |
2,105,529
| | | |
2,084,703
| | | |
2,023,964
| | | |
8,320,799
| |
|
|
(1) Operating loss of $134.5 million and $37.2 million on a GAAP
basis for the quarter and year ended December 31, 2012,
respectively. Operating loss of $527.8 million, operating income
of $37.3 million and operating loss of $359.9 million on a GAAP
basis for the quarter ended September 30, 2011, the quarter ended
December 31, 2011 and the year ended December 31, 2011,
respectively.
|
(2) Medicare revenue, admissions or recertifications growth is the
percent increase (decrease) in our Medicare revenue, admissions or
recertifications for the period as a percent of the Medicare
revenue, admissions or recertifications of the prior period.
|
(3) Average Medicare revenue per completed episode is the average
Medicare revenue earned for each Medicare completed episode of
care.
|
(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 | | For the
Year Ended
December 31,
2012 |
| | March 31,
2012 | | June 30,
2012 | | September 30,
2012 | | December 31,
2012 | |
| Financial Information (in millions): | | | | | | | | | | |
| Medicare | |
$
|
65.3
| | |
$
|
69.8
| | |
$
|
70.6
| | |
$
|
68.1
| | |
$
|
273.8
| |
|
Non-Medicare | |
|
4.1
|
| |
|
3.9
|
| |
|
3.9
|
| |
|
4.2
|
| |
|
16.1
|
|
| | | | | | | | | |
|
|
Net service revenue
| | |
69.4
| | | |
73.7
| | | |
74.5
| | | |
72.3
| | | |
289.9
| |
|
Cost of service
| |
|
36.5
|
| |
|
38.0
|
| |
|
38.2
|
| |
|
37.3
|
| |
|
150.0
|
|
| | | | | | | | | |
|
|
Gross margin
| | |
32.9
| | | |
35.7
| | | |
36.3
| | | |
35.0
| | | |
139.9
| |
|
Provision for doubtful accounts
| | |
0.8
| | | |
0.6
| | | |
1.0
| | | |
1.5
| | | |
3.9
| |
|
Depreciation and amortization
| | |
0.3
| | | |
0.3
| | | |
0.5
| | | |
0.4
| | | |
1.5
| |
|
Other operating expenses
| |
|
16.6
|
| |
|
18.0
|
| |
|
19.2
|
| |
|
18.6
|
| |
|
72.4
|
|
| | | | | | | | | |
|
|
Operating income before impairment (1)
| |
$
|
15.2
|
| |
$
|
16.8
|
| |
$
|
15.6
|
| |
$
|
14.5
|
| |
$
|
62.1
|
|
| | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | |
|
Same store Medicare revenue growth (2)
| | |
17
|
%
| | |
22
|
%
| | |
13
|
%
| | |
3
|
%
| | |
13
|
%
|
|
Hospice admits
| | |
4,902
| | | |
4,891
| | | |
4,706
| | | |
4,662
| | | |
19,161
| |
|
Average daily census
| | |
5,190
| | | |
5,497
| | | |
5,615
| | | |
5,405
| | | |
5,427
| |
|
Revenue per day
| |
$
|
147.07
| | |
$
|
147.36
| | |
$
|
144.17
| | |
$
|
145.31
| | |
$
|
145.94
| |
|
Cost of service per day
| |
$
|
77.10
| | |
$
|
75.78
| | |
$
|
74.03
| | |
$
|
74.92
| | |
$
|
75.43
| |
|
Average length of stay
| | |
91
| | | |
95
| | | |
102
| | | |
105
| | | |
99
| |
| | | | | | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| |
| |
| | | | | | | | | |
|
| | For the Three-Month Periods Ended | | For the
Year Ended
December 31,
2011 |
| | March 31,
2011 | | June 30,
2011 | | September 30,
2011 | | December 31,
2011 | |
| Financial Information (in millions): | | | | | | | | | | |
| Medicare | |
$
|
36.1
| | |
$
|
43.7
| | |
$
|
60.4
| | |
$
|
64.3
| | |
$
|
204.5
| |
|
Non-Medicare | |
|
2.4
|
| |
|
3.1
|
| |
|
3.9
|
| |
|
3.9
|
| |
|
13.3
|
|
| | | | | | | | | |
|
|
Net service revenue
| | |
38.5
| | | |
46.8
| | | |
64.3
| | | |
68.2
| | | |
217.8
| |
|
Cost of service
| |
|
20.2
|
| |
|
25.2
|
| |
|
34.9
|
| |
|
36.3
|
| |
|
116.6
|
|
| | | | | | | | | |
|
|
Gross margin
| | |
18.3
| | | |
21.6
| | | |
29.4
| | | |
31.9
| | | |
101.2
| |
|
Provision for doubtful accounts
| | |
(0.1
|
)
| | |
0.2
| | | |
0.4
| | | |
0.7
| | | |
1.2
| |
|
Depreciation and amortization
| | |
0.1
| | | |
0.2
| | | |
0.2
| | | |
0.2
| | | |
0.7
| |
|
Other operating expenses
| |
|
9.4
|
| |
|
10.8
|
| |
|
14.5
|
| |
|
15.3
|
| |
|
50.0
|
|
| | | | | | | | | |
|
|
Operating income
| |
$
|
8.9
|
| |
$
|
10.4
|
| |
$
|
14.3
|
| |
$
|
15.7
|
| |
$
|
49.3
|
|
| | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | |
|
Same store Medicare revenue growth (2)
| | |
20
|
%
| | |
21
|
%
| | |
17
|
%
| | |
17
|
%
| | |
19
|
%
|
|
Hospice admits
| | |
3,163
| | | |
3,702
| | | |
4,589
| | | |
4,435
| | | |
15,889
| |
|
Average daily census
| | |
3,126
| | | |
3,746
| | | |
4,879
| | | |
5,010
| | | |
4,197
| |
|
Revenue per day
| |
$
|
136.87
| | |
$
|
137.34
| | |
$
|
143.17
| | |
$
|
147.91
| | |
$
|
142.14
| |
|
Cost of service per day
| |
$
|
71.89
| | |
$
|
73.99
| | |
$
|
77.32
| | |
$
|
78.20
| | |
$
|
75.85
| |
|
Average length of stay
| | |
88
| | | |
86
| | | |
86
| | | |
93
| | | |
88
| |
| | | | | | | | | |
|
(1) Operating income of $14.0 million and $61.6 million on a GAAP
basis for the quarter and year ended December 31, 2012,
respectively.
|
(2) Same store Medicare revenue growth is the percent increase in
our Medicare revenue for the period as a percent of the Medicare
revenue of the period.
|
|
|
|
|
Supplemental Information – Corporate |
|
| |
| |
| |
| |
| |
| | For the Three-Month Periods Ended | | For the
Year Ended
December 31,
2012 |
| | March 31,
2012 | | June 30,
2012 | | September 30,
2012 | | December 31,
2012 | |
| Financial Information (in millions): | | | | | | | | | | |
|
Depreciation and amortization
| | |
6.3
| | | |
6.0
| | | |
5.8
| | | |
6.4
| | | |
24.5
| |
|
Other operating expenses
| |
|
28.0
|
| |
|
31.6
|
| |
|
24.6
|
| |
|
27.9
|
| |
|
112.1
|
|
| | | | | | | | | |
|
|
Operating income
| |
$
|
(34.3
|
)
| |
$
|
(37.6
|
)
| |
$
|
(30.4
|
)
| |
$
|
(34.3
|
)
| |
$
|
(136.6
|
)
|
| | | | | | | | | |
|
|
| |
| |
| |
| |
| |
| | For the Three-Month Periods Ended | | For the
Year Ended
December 31,
2011 |
| | March 31,
2011 | | June 30,
2011 | | September 30,
2011 | | December 31,
2011 | |
| Financial Information (in millions): | | | | | | | | | | |
|
Depreciation and amortization
| | |
6.0
| | | |
5.6
| | | |
5.9
| | | |
6.4
| | | |
23.9
| |
|
Other operating expenses
| |
|
35.1
|
| |
|
33.2
|
| |
|
35.4
|
| |
|
31.8
|
| |
|
135.5
|
|
| | | | | | | | | |
|
|
Operating income
| |
$
|
(41.1
|
)
| |
$
|
(38.8
|
)
| |
$
|
(41.3
|
)
| |
$
|
(38.2
|
)
| |
$
|
(159.4
|
)
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
AMEDISYS, INC. AND SUBSIDIARIES SELECT CONSOLIDATED KEY STATISTICAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL
STATEMENTS (Amounts in thousands, except key statistical data) (Unaudited) |
|
| |
| |
| |
| |
| | For the Three-Month Periods Ended
December 31, | | For the Year Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
| Key Statistical Data: | | | | | | | | |
| General | | | | | | | | |
|
Number of home health care centers
| |
435
| |
439
| |
435
| |
439
|
|
Number of hospice care centers
| |
97
| |
87
| |
97
| |
87
|
|
Number of care centers acquired (1)
| |
—
| |
1
| |
11
| |
23
|
|
Number of care centers opened as start-up locations (1)
| |
4
| |
2
| |
7
| |
12
|
|
Days revenue outstanding, net (2)
| |
41.5
| |
35.3
| |
41.5
| |
35.3
|
| | | | | | | |
|
(1) Includes both home health and hospice care centers.
|
(2) Our calculation of days revenue outstanding, net at December
31, 2012 and 2011 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 December 31, 2012
and 2011, respectively.
|
|
|
|
|
Earnings From Continuing Operations Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA |
|
| |
| |
| |
| |
| | For the Three-Month Periods Ended
December 31, | | For the Year Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
|
Net (loss) income from continuing operations attributable to
Amedisys, Inc. | |
$
|
(106,747
|
)
| |
$
|
7,429
| | |
$
|
(82,305
|
)
| |
$
|
(374,955
|
)
|
|
Add:
| | | | | | | | |
|
Provision for income taxes
| | |
(34,808
|
)
| | |
5,555
| | | |
(21,397
|
)
| | |
(103,076
|
)
|
|
Interest expense, net
| | |
6,098
| | | |
2,123
| | | |
12,104
| | | |
8,591
| |
|
Depreciation and amortization
| |
|
10,004
|
| |
|
10,169
|
| |
|
39,926
|
| |
|
38,558
|
|
| | | | | | | |
|
|
EBITDA (1)
| |
$
|
(125,453
|
)
| |
$
|
25,276
|
| |
$
|
(51,672
|
)
| |
$
|
(430,882
|
)
|
| | | | | | | |
|
|
Add:
| | | | | | | | |
|
Certain items (2)
| | |
153,417
| | | |
11,314
| | | |
159,507
| | | |
588,734
| |
|
Debt fees (2)
| | |
(4,681
|
)
| | |
—
| | | |
(4,681
|
)
| | |
—
| |
|
Intangible write-off (2)
| |
|
—
|
| |
|
(737
|
)
| |
|
—
|
| |
|
(737
|
)
|
| | | | | | | |
|
|
Adjusted EBITDA (3)
| |
$
|
23,283
|
| |
$
|
35,853
|
| |
$
|
103,154
|
| |
$
|
157,115
|
|
| | | | | | | | | | | | | | | |
|
|
|
Adjusted Net Service Revenue Reconciliation |
|
| |
| |
| |
| |
| | For the Three-month Periods Ended
December 31, | | For the Year Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
|
Net service revenue
| |
$
|
362,949
| |
$
|
370,279
| |
$
|
1,487,905
| |
$
|
1,468,305
| |
|
Add:
| | | | | | | | |
|
Certain items (2)
| |
|
—
| |
|
—
| |
|
—
| |
|
(4,733
|
)
|
| | | | | | | |
|
|
Adjusted net service revenue (4)
| |
$
|
362,949
| |
$
|
370,279
| |
$
|
1,487,905
| |
$
|
1,463,572
|
|
| | | | | | | | | | | | |
|
|
|
Adjusted Net Income From Continuing Operations Attributable
to Amedisys, Inc. Reconciliation: |
|
| |
| |
| |
| |
| | For the Three-Month Periods Ended
December 31, | | For the Year Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
|
Net income (loss) from continuing operations attributable to
Amedisys, Inc. | |
$
|
(106,747
|
)
| |
$
|
7,429
| |
$
|
(82,305
|
)
| |
$
|
(374,955
|
)
|
|
Add:
| | | | | | | | |
|
Certain items (2)
| |
|
113,944
|
| |
|
7,097
| |
|
115,065
|
| |
|
441,739
|
|
| | | | | | | |
|
|
Adjusted net income from continuing operations attributable to
Amedisys, Inc. (5)
| |
$
|
7,197
|
| |
$
|
14,526
| |
$
|
32,760
|
| |
$
|
66,784
|
|
| | | | | | | | | | | | | | |
|
|
|
Adjusted Net Income From Continuing Operations Attributable
to Amedisys, Inc. per Diluted Share: |
|
| |
| |
| |
| |
| | For the Three-Month Periods Ended
December 31, | | For the Year Ended December 31, |
| | 2012 | | 2011 | | 2012 | | 2011 |
|
Net income (loss) from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share
| |
$
|
(3.52
|
)
| |
$
|
0.25
| |
$
|
(2.75
|
)
| |
$
|
(13.07
|
)
|
|
Add:
| | | | | | | | |
|
Certain items(2)
| |
|
3.75
|
| |
|
0.24
| |
|
3.83
|
| |
|
15.36
|
|
| | | | | | | |
|
|
Adjusted net income from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share (6)
| |
$
|
0.23
|
| |
$
|
0.49
| |
$
|
1.08
|
| |
$
|
2.29
|
|
| | | | | | | | | | | | | | |
|
(1) EBITDA is defined as net income (loss) from continuing
operations attributable to Amedisys, Inc. before provision for
income taxes, net interest expense, and depreciation and
amortization. EBITDA 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. This calculation of EBITDA may not be
comparable to a similarly titled measure reported by other
companies, since not all companies calculate this non-GAAP
financial measure in the same manner.
|
|
|
|
|
(2) The following details the certain items for the three-months
and years ended December 31, 2012 and 2011 (amounts in thousands,
except per share data):
|
|
| |
| |
| |
| |
| |
| |
| | For the Three-Month Periods Ended
December 31, 2012 | | For the Twelve-Month Periods Ended
December 31, 2012 |
| | (Income)
Expense | | Net | | Diluted EPS | | (Income)
Expense | | Net | | Diluted EPS |
|
Goodwill and other intangibles impairment charge
| |
$
|
162,103
| | | |
125,130
| | | |
4.12
| | | |
162,103
| | | |
125,130
| | | |
4.17
| |
|
Non-controlling interests portion of impairment charges
| | |
(14,874
|
)
| | |
(14,874
|
)
| | |
(0.49
|
)
| | |
(14,874
|
)
| | |
(14,874
|
)
| | |
(0.50
|
)
|
|
Severance
| | |
2,244
| | | |
1,337
| | | |
0.04
| | | |
2,244
| | | |
1,318
| | | |
0.04
| |
|
Lease terminations
| | |
463
| | | |
276
| | | |
0.01
| | | |
463
| | | |
272
| | | |
0.01
| |
|
Debt costs
| | |
4,681
| | | |
2,790
| | | |
0.09
| | | |
4,681
| | | |
2,750
| | | |
0.09
| |
|
Lawsuit settlement
| | |
(3,604
|
)
| | |
(2,148
|
)
| | |
(0.06
|
)
| | |
(3,604
|
)
| | |
(2,117
|
)
| | |
(0.06
|
)
|
|
Legal fees
| | |
2,404
| | | |
1,433
| | | |
0.04
| | | |
8,494
| | | |
4,990
| | | |
0.16
| |
|
State tax credits
| |
|
—
|
| |
|
—
|
| |
|
—
|
| |
|
—
|
| |
|
(2,404
|
)
| |
|
(0.08
|
)
|
| | | | | | | | | | | |
|
|
Total
| |
$
|
153,417
|
| |
$
|
113,944
|
| |
$
|
3.75
|
| |
$
|
159,507
|
| |
$
|
115,065
|
| |
$
|
3.83
|
|
| | | | | | | | | | | |
|
| |
| |
| |
| |
| |
| |
|
| | For the Three-Month Periods Ended
December 31, 2011 | | For the Twelve-Month Periods Ended
December 31, 2011 |
| | (Income)
Expense | | Net | | Diluted EPS | | Income
(Expense) | | Net | | Diluted EPS |
|
CMS Bonus
| |
$
|
—
| | |
$
|
—
| | |
$
|
—
| | |
$
|
(4,733
|
)
| |
$
|
(2,864
|
)
| |
$
|
(0.10
|
)
|
|
Goodwill and other intangibles impairment charge
| | |
5,841
| | | |
3,897
| | | |
0.13
| | | |
579,955
| | | |
438,464
| | | |
15.25
| |
|
Valuation allowance adjustment
| | |
—
| | | |
—
| | | |
—
| | | |
—
| | | |
(1,924
|
)
| | |
(0.07
|
)
|
|
Severance
| | |
1,559
| | | |
898
| | | |
0.04
| | | |
3,268
| | | |
1,949
| | | |
0.07
| |
Exit activities related to continuing operations
| | |
2,502
| | | |
1,489
| | | |
0.05
| | | |
3,370
| | | |
2,014
| | | |
0.07
| |
|
Legal fees
| | |
1,412
| | | |
813
| | | |
0.02
| | | |
7,125
| | | |
4,250
| | | |
0.15
| |
|
Certain costs
| |
|
—
|
| |
|
—
|
| |
|
—
|
| |
|
(251
|
)
| |
|
(150
|
)
| |
|
(0.01
|
)
|
| | | | | | | | | | | |
|
|
Total
| |
$
|
11,314
|
| |
$
|
7,097
|
| |
$
|
0.24
|
| |
$
|
588,734
|
| |
$
|
441,739
|
| |
$
|
15.36
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
(3) Adjusted EBITDA is defined as net income (loss) from
continuing operations attributable to Amedisys, Inc. before
provision for income taxes, net interest expense, depreciation and
amortization plus certain items as described in footnote 2.
Adjusted EBITDA 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. This calculation of adjusted EBITDA may not be
comparable to a similarly titled measure reported by other
companies, since not all companies calculate this non-GAAP
financial measure in the same manner.
|
(4) Adjusted net service revenue is defined as net service revenue
plus certain items as described in footnote 2. Adjusted net
service revenue 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. This calculation of adjusted net service revenue may
not be comparable to a similarly titled measure reported by other
companies, since not all companies calculate this non-GAAP measure
in the same manner.
|
(5) Adjusted net income from continuing operations attributable to
Amedisys, Inc. is defined as net income (loss) from continuing
operations attributable to Amedisys, Inc. plus certain items as
described in footnote 2. Adjusted net income from continuing
operations attributable to Amedisys, Inc. 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. This calculation
of adjusted net income from continuing operations attributable to
Amedisys, Inc. may not be comparable to a similarly titled measure
reported by other companies, since not all companies calculate
this non-GAAP measure in the same manner.
|
(6) Adjusted net income from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share is defined as
diluted earnings (loss) from continuing operations per share plus
the earnings per share effect of certain items as described in
footnote 2. Adjusted net income from continuing operations
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 or operating
performance. This calculation of adjusted net income from
continuing operations attributable to Amedisys, Inc. common
stockholders per diluted share may not be comparable to a
similarly titled measure reported by other companies, since not
all companies calculate this non-GAAP financial measure in the
same manner.
|
|
|
Amedisys, Inc.
Investor Relations:
Kevin
LeBlanc, 225-292-2031
Director of Investor Relations
[email protected]
or
Media
Relations:
Jacqueline Chen Valencia, 225-299-3688
Senior
Vice President - Marketing & Communications
[email protected]
Source: Amedisys, Inc.