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 second quarter
ended June 30, 2013.
Three-Month Periods Ended June 30, 2013 and 2012
-
After adding back $5.1 million and $1.4 million ($3.1 million and $0.8
million, net of income tax) or $0.10 and $0.03 per diluted share for
exit activity costs, the gain on sale of care centers and legal fees
associated with investigations, the following would have been our
adjusted results:
-
Net service revenue of $313.1 million compared to $363.1 million
in 2012, a decrease of 13.7%.
-
Net income from continuing operations attributable to Amedisys,
Inc., of $5.4 million compared to $8.7 million in 2012, a decrease
of 38.0%.
-
Net income from continuing operations attributable to Amedisys,
Inc. per diluted share of $0.17 compared to $0.29 per diluted
share in 2012, a decrease of 41.4%.
-
Earnings before interest, taxes, depreciation and amortization
attributable to continuing operations (“EBITDA”) of $19.1 million
compared to $26.6 million in 2012, a decrease of 28.3%.
Six-Month Periods Ended June 30, 2013 and 2012
-
After adding back $7.1 million and $5.1 million ($4.3 million and $3.0
million, net of income tax) or $0.14 and $0.10 per diluted share for
exit activity costs, the gain on sale of care centers and legal fees
associated with investigations, the following would have been our
adjusted results:
-
Net service revenue of $639.2 million compared to $719.0 million
in 2012, a decrease of 11.1%.
-
Net income from continuing operations attributable to Amedisys,
Inc., of $9.8 million compared to $17.7 million in 2012, a
decrease of 44.7%.
-
Net income from continuing operations attributable to Amedisys,
Inc. per diluted share of $0.31 compared to $0.59 per diluted
share in 2012, a decrease of 47.5%.
-
EBITDA of $37.0 million compared to $53.9 million in 2012, a
decrease of 31.4%.
William F. Borne, Chief Executive Officer stated, “We are pleased to
report adjusted earnings for the second quarter of $0.17 per share, an
improvement of $0.03 sequentially. Despite a $0.09 negative impact from
sequestration and continued lower volumes, reductions in operating
expenses led to the improved results. We continue to make progress on
numerous strategic initiatives focused on growth, increasing efficiency
and continued improvement in patient outcomes.”
2013 Guidance
-
Net service revenue is anticipated to be in the range of $1.240
billion to $1.280 billion.
-
Diluted earnings per share is expected to be in the range of $0.45 to
$0.55 based on an estimated 31.5 million shares outstanding.
This guidance excludes any one-time costs associated with our announced
market exit activity or corporate expense initiatives. Our guidance
includes an estimate of legal costs associated with our on-going
government investigations.
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 page 8 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 Wednesday, July 31, 2013, to either (877) 512-9171
(Toll free) or (815) 573-0979 (Toll), use conference ID #22419959. A
replay of the conference call will be available through August 7, 2013.
The replay dial in number is (855) 859-2056 (Toll free) or
(404) 537-3406 (Toll), use conference ID #22419959.
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, our ability to divest care
centers currently held for sale, 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 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 exit activity costs, the gain on sale of
care centers and legal fees associated with investigations, adjusted net
income from continuing operations attributable to Amedisys, Inc.,
defined as net income from continuing operations attributable to
Amedisys, Inc. plus exit activity costs, the gain on sale of care
centers and legal fees associated with investigations, and adjusted net
income from continuing operations attributable to Amedisys, Inc. per
diluted share, defined as net income from continuing operations
attributable to Amedisys, Inc. common stockholders per diluted share
plus the earnings per share effect of exit activity costs, the gain on
sale of care centers and legal fees associated with investigations. 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.
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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 |
|
|
|
| June 30, 2013 |
| December 31, 2012 |
| ASSETS | | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| |
$
|
30,118
| | |
$
|
14,545
| |
|
Patient accounts receivable, net of allowance for doubtful accounts
of $17,610 and $20,994 | | |
124,766
| | | |
169,172
| |
|
Prepaid expenses
| | |
13,369
| | | |
10,631
| |
|
Other current assets
| | |
12,006
| | | |
11,440
| |
|
Assets held for sale
| |
|
1,550
|
| |
|
—
|
|
| | | |
|
|
Total current assets
| | |
181,809
| | | |
205,788
| |
|
Property and equipment, net of accumulated depreciation of $120,012,
and $113,154 | | |
156,887
| | | |
156,709
| |
|
Goodwill
| | |
209,260
| | | |
209,594
| |
|
Intangible assets, net of accumulated amortization of $24,560 and
$23,457 | | |
43,109
| | | |
47,050
| |
|
Deferred tax asset
| | |
85,256
| | | |
92,804
| |
|
Other assets, net
| |
|
23,932
|
| |
|
18,650
|
|
| | | |
|
|
Total assets
| |
$
|
700,253
|
| |
$
|
730,595
|
|
| | | |
|
| LIABILITIES AND EQUITY | | | | |
|
Current Liabilities:
| | | | |
|
Accounts payable
| |
$
|
21,658
| | |
$
|
29,175
| |
|
Payroll and employee benefits
| | |
76,205
| | | |
79,341
| |
|
Accrued expenses
| | |
54,175
| | | |
54,855
| |
|
Current portion of long-term obligations
| | |
35,807
| | | |
35,807
| |
|
Current portion of deferred income taxes
| |
|
3,169
|
| |
|
5,609
|
|
| | | |
|
|
Total current liabilities
| | |
191,014
| | | |
204,787
| |
|
Long-term obligations, less current portion
| | |
39,000
| | | |
66,904
| |
|
Other long-term obligations
| |
|
5,209
|
| |
|
4,671
|
|
| | | |
|
|
Total liabilities
| |
|
235,223
|
| |
|
276,362
|
|
| | | |
|
|
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;
32,973,576 and 31,876,508 share issued; and 32,106,174 and
31,086,619 share outstanding
| | |
33
| | | |
32
| |
|
Additional paid-in capital
| | |
458,475
| | | |
450,792
| |
|
Treasury stock at cost, 867,402 and 789,889 shares of common stock
| | |
(18,056
|
)
| | |
(17,116
|
)
|
|
Accumulated other comprehensive income
| | |
15
| | | |
15
| |
|
Retained earnings
| |
|
23,136
|
| |
|
18,617
|
|
| | | |
|
|
Total Amedisys, Inc. stockholders’ equity
| | |
463,603
| | | |
452,340
| |
|
Noncontrolling interests
| |
|
1,427
|
| |
|
1,893
|
|
| | | |
|
|
Total equity
| |
|
465,030
|
| |
|
454,233
|
|
| | | |
|
|
Total liabilities and equity
| |
$
|
700,253
|
| |
$
|
730,595
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Information |
|
|
|
| For the Three-Month Periods Ended
June 30, |
| For the Six-Month Periods Ended
June 30, |
| | 2013 |
| 2012 | | 2013 |
| 2012 |
|
Net service revenue
| |
$
|
313,148
| | |
$
|
363,068
| | |
$
|
639,201
| | |
$
|
719,056
| |
|
Cost of service, excluding depreciation and amortization
| | |
176,077
| | | |
202,586
| | | |
360,233
| | | |
401,637
| |
|
General and administrative expenses:
| | | | | | | | |
|
Salaries and benefits
| | |
74,601
| | | |
82,983
| | | |
154,043
| | | |
166,270
| |
|
Non-cash compensation
| | |
1,224
| | | |
2,298
| | | |
3,280
| | | |
4,780
| |
|
Other
| | |
41,121
| | | |
45,632
| | | |
82,739
| | | |
88,240
| |
|
Provision for doubtful accounts
| | |
4,658
| | | |
4,534
| | | |
8,502
| | | |
10,217
| |
|
Depreciation and amortization
| |
|
11,674
|
| |
|
9,678
|
| |
|
21,621
|
| |
|
19,515
|
|
| | | | | | | |
|
|
Operating expenses
| |
|
309,355
|
| |
|
347,711
|
| |
|
630,418
|
| |
|
690,659
|
|
| | | | | | | |
|
|
Operating income
| | |
3,793
| | | |
15,357
| | | |
8,783
| | | |
28,397
| |
|
Other (expense) income:
| | | | | | | | |
|
Interest income
| | |
11
| | | |
28
| | | |
22
| | | |
42
| |
|
Interest expense
| | |
(730
|
)
| | |
(2,002
|
)
| | |
(1,836
|
)
| | |
(4,076
|
)
|
|
Equity in earnings from equity investments
| | |
337
| | | |
396
| | | |
700
| | | |
701
| |
|
Gain on sale of care centers
| | |
357
| | | |
—
| | | |
357
| | | |
—
| |
|
Miscellaneous, net
| |
|
136
|
| |
|
(126
|
)
| |
|
196
|
| |
|
309
|
|
| | | | | | | |
|
|
Total other expense, net
| |
|
111
|
| |
|
(1,704
|
)
| |
|
(561
|
)
| |
|
(3,024
|
)
|
| | | | | | | |
|
|
Income before income taxes
| | |
3,904
| | | |
13,653
| | | |
8,222
| | | |
25,373
| |
|
Income tax expense
| |
|
(1,566
|
)
| |
|
(5,666
|
)
| |
|
(3,260
|
)
| |
|
(10,530
|
)
|
| | | | | | | |
|
|
Income from continuing operations
| | |
2,338
| | | |
7,987
| | | |
4,962
| | | |
14,843
| |
|
Discontinued operations, net of tax
| |
|
(490
|
)
| |
|
(21
|
)
| |
|
(982
|
)
| |
|
(1,414
|
)
|
| | | | | | | |
|
|
Net income
| | |
1,848
| | | |
7,966
| | | |
3,980
| | | |
13,429
| |
|
Net (income) loss attributable to noncontrolling interests
| |
|
(7
|
)
| |
|
(84
|
)
| |
|
539
|
| |
|
(127
|
)
|
| | | | | | | |
|
|
Net income attributable to Amedisys, Inc. | |
$
|
1,841
|
| |
$
|
7,882
|
| |
$
|
4,519
|
| |
$
|
13,302
|
|
| | | | | | | |
|
|
Basic earnings per common share:
| | | | | | | | |
|
Income from continuing operations attributable to Amedisys, Inc.
common stockholders
| |
$
|
0.07
| | |
$
|
0.26
| | |
$
|
0.18
| | |
$
|
0.50
| |
|
Discontinued operations, net of tax
| |
|
(0.01
|
)
| |
|
—
|
| |
|
(0.03
|
)
| |
|
(0.05
|
)
|
| | | | | | | |
|
|
Net income attributable to Amedisys, Inc. common stockholders
| |
$
|
0.06
|
| |
$
|
0.26
|
| |
$
|
0.15
|
| |
$
|
0.45
|
|
| | | | | | | |
|
|
Weighted average shares outstanding
| |
|
31,160
|
| |
|
29,780
|
| |
|
30,900
|
| |
|
29,584
|
|
| | | | | | | |
|
|
Diluted earnings per common share:
| | | | | | | | |
|
Income from continuing operations attributable to Amedisys, Inc.
common stockholders
| |
$
|
0.07
| | |
$
|
0.26
| | |
$
|
0.17
| | |
$
|
0.49
| |
|
Discontinued operations, net of tax
| |
|
(0.01
|
)
| |
|
—
|
| |
|
(0.03
|
)
| |
|
(0.05
|
)
|
| | | | | | | |
|
|
Net income attributable to Amedisys, Inc. common stockholders
| |
$
|
0.06
|
| |
$
|
0.26
|
| |
$
|
0.14
|
| |
$
|
0.44
|
|
| | | | | | | |
|
|
Weighted average shares outstanding
| |
|
31,489
|
| |
|
30,026
|
| |
|
31,298
|
| |
|
29,903
|
|
| | | | | | | |
|
|
Amounts attributable to Amedisys, Inc. common stockholders:
| | | | | | | | |
|
Income from continuing operations
| |
$
|
2,331
| | |
$
|
7,903
| | |
$
|
5,501
| | |
$
|
14,716
| |
|
Discontinued operations, net of tax
| |
|
(490
|
)
| |
|
(21
|
)
| |
|
(982
|
)
| |
|
(1,414
|
)
|
| | | | | | | |
|
|
Net income
| |
$
|
1,841
|
| |
$
|
7,882
|
| |
$
|
4,519
|
| |
$
|
13,302
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow and Days Revenue Outstanding, Net Information |
|
|
|
| For the Three-Month Periods ended
June 30, |
| For the Six-Month Periods ended
June 30, |
| | 2013 |
| 2012 | | 2013 |
| 2012 |
|
Net cash provided by operating activities
| |
$
|
33,561
| | |
$
|
21,178
| | |
$
|
65,977
| | |
$
|
32,105
| |
|
Net cash used in investing activities
| | |
(7,390
|
)
| | |
(17,878
|
)
| | |
(24,215
|
)
| | |
(27,931
|
)
|
|
Net cash used in financing activities
| |
|
(3,074
|
)
| |
|
(7,432
|
)
| |
|
(26,189
|
)
| |
|
(15,020
|
)
|
| | | | | | | |
|
|
Net increase (decrease) in cash and cash equivalents
| | |
23,097
| | | |
(4,132
|
)
| | |
15,573
| | | |
(10,846
|
)
|
|
Cash and cash equivalents at beginning of period
| |
|
7,021
|
| |
|
41,290
|
| |
|
14,545
|
| |
|
48,004
|
|
| | | | | | | |
|
|
Cash and cash equivalents at end of period
| |
$
|
30,118
|
| |
$
|
37,158
|
| |
$
|
30,118
|
| |
$
|
37,158
|
|
| | | | | | | |
|
|
Days revenue outstanding, net (1)
| | |
33.9
| | | |
38.0
| | | |
33.9
| | | |
38.0
| |
|
|
(1) Our calculation of days revenue outstanding, net at June 30,
2013 and 2012 is derived by dividing our ending patient accounts
receivable (i.e., net of estimated revenue adjustments and
allowance for doubtful accounts) by our average daily net patient
revenue for the three month-period ended June 30, 2013 and 2012,
respectively.
|
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|
|
|
|
|
|
Supplemental Information - Home Health |
|
|
|
| For the Three-Month Periods Ended June 30, |
| | 2013 |
| 2012 |
| Financial Information (in millions): | | | | |
| Medicare | |
$
|
202.9
| | |
$
|
229.4
| |
|
Non-Medicare | |
|
45.7
|
| |
|
61.2
|
|
| | | |
|
|
Net service revenue
| | |
248.6
| | | |
290.6
| |
|
Cost of service
| |
|
142.0
|
| |
|
165.3
|
|
| | | |
|
|
Gross margin
| | |
106.6
| | | |
125.3
| |
|
Other operating expenses
| |
|
81.2
|
| |
|
88.8
|
|
| | | |
|
|
Operating income
| |
$
|
25.4
|
| |
$
|
36.5
|
|
| | | |
|
| Key Statistical Data: | | | | |
| Medicare: | | | | |
| Same Store Volume (1) | | | | |
|
Revenue
| | |
(10
|
%)
| | |
(8
|
%)
|
|
Admissions
| | |
0
|
%
| | |
2
|
%
|
|
Recertifications
| | |
(18
|
%)
| | |
(7
|
%)
|
| Total: | | | | |
|
Admissions
| | |
47,381
| | | |
48,023
| |
|
Recertifications
| | |
27,331
| | | |
33,965
| |
|
Completed Episodes
| | |
74,963
| | | |
79,781
| |
|
Visits
| | |
1,312,222
| | | |
1,546,329
| |
|
Average revenue per completed episode (2)
| |
$
|
2,828
| | |
$
|
2,879
| |
|
Visits per completed episode (3)
| | |
17.6
| | | |
19.1
| |
| Non-Medicare: | | | | |
|
Admissions
| | |
18,161
| | | |
23,047
| |
|
Recertifications
| | |
7,516
| | | |
10,465
| |
|
Visits
| | |
378,928
| | | |
523,111
| |
| Total: | | | | |
|
Cost per Visit
| |
$
|
83.98
| | |
$
|
79.86
| |
|
Visits
| | |
1,691,150
| | | |
2,069,440
| |
|
|
|
|
|
|
|
|
| | For the Six-Month Periods Ended June 30, |
| | 2013 | | 2012 |
| Financial Information (in millions): | | | | |
| Medicare | |
$
|
413.9
| | |
$
|
460.7
| |
|
Non-Medicare | |
|
94.9
|
| |
|
117.7
|
|
| | | |
|
|
Net service revenue
| | |
508.8
| | | |
578.4
| |
|
Cost of service
| |
|
291.3
|
| |
|
328.5
|
|
| | | |
|
|
Gross margin
| | |
217.5
| | | |
249.9
| |
|
Other operating expenses
| |
|
165.4
|
| |
|
181.0
|
|
| | | |
|
|
Operating income
| |
$
|
52.1
|
| |
$
|
68.9
|
|
| | | |
|
| Key Statistical Data: | | | | |
| Medicare: | | | | |
| Same Store Volume (1) | | | | |
|
Revenue
| | |
(9
|
%)
| | |
(8
|
%)
|
|
Admissions
| | |
1
|
%
| | |
0
|
%
|
|
Recertifications
| | |
(17
|
%)
| | |
(6
|
%)
|
| Total: | | | | |
|
Admissions
| | |
97,047
| | | |
96,767
| |
|
Recertifications
| | |
55,836
| | | |
68,328
| |
|
Completed Episodes
| | |
150,362
| | | |
158,352
| |
|
Visits
| | |
2,671,801
| | | |
3,099,753
| |
|
Average revenue per completed episode (2)
| |
$
|
2,801
| | |
$
|
2,876
| |
|
Visits per completed episode (3)
| | |
17.5
| | | |
18.9
| |
| Non-Medicare: | | | | |
|
Admissions
| | |
39,699
| | | |
45,333
| |
|
Recertifications
| | |
15,707
| | | |
19,942
| |
|
Visits
| | |
800,086
| | | |
1,008,690
| |
| Total: | | | | |
|
Cost per Visit
| |
$
|
83.90
| | |
$
|
79.95
| |
|
Visits
| | |
3,471,887
| | | |
4,108,443
| |
|
|
(1) Medicare revenue, admissions or recertifications volume 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.
|
|
|
(2) Average Medicare revenue per completed episode is the average
Medicare revenue earned for each Medicare completed episode of
care which excludes the impact of sequestration.
|
|
|
(3) Medicare visits per completed episode are the home health
Medicare visits on completed episodes divided by the home health
Medicare episodes completed during the period.
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information - Hospice |
|
|
|
| For the Three-Month Periods Ended June 30, |
| | 2013 |
| 2012 |
| Financial Information (in millions): | | | | |
| Medicare | |
$
|
60.8
| | |
$
|
68.7
| |
|
Non-Medicare | |
|
3.7
|
| |
|
3.8
|
|
| | | |
|
|
Net service revenue
| | |
64.5
| | | |
72.5
| |
|
Cost of service
| |
|
34.1
|
| |
|
37.3
|
|
| | | |
|
|
Gross margin
| | |
30.4
| | | |
35.2
| |
|
Other operating expenses
| |
|
17.7
|
| |
|
18.7
|
|
| | | |
|
|
Operating income
| |
$
|
12.7
|
| |
$
|
16.5
|
|
| | | |
|
| Key Statistical Data: | | | | |
|
Same store Medicare revenue growth (1)
| | |
(12
|
%)
| | |
22
|
%
|
|
Hospice Admits
| | |
4,600
| | | |
4,797
| |
|
Average daily census
| | |
4,939
| | | |
5,402
| |
|
Revenue per day
| |
$
|
143.63
| | |
$
|
147.39
| |
|
Cost of service per day
| |
$
|
75.40
| | |
$
|
75.79
| |
|
Average length of stay
| | |
99
| | | |
95
| |
|
|
|
|
|
|
|
|
| | For the Six-Month Periods Ended June 30, |
| | 2013 | | 2012 |
| Financial Information (in millions): | | | | |
| Medicare | |
$
|
122.9
| | |
$
|
132.9
| |
|
Non-Medicare | |
|
7.5
|
| |
|
7.7
|
|
| | | |
|
|
Net service revenue
| | |
130.4
| | | |
140.6
| |
|
Cost of service
| |
|
68.9
|
| |
|
73.1
|
|
| | | |
|
|
Gross margin
| | |
61.5
| | | |
67.5
| |
|
Other operating expenses
| |
|
37.4
|
| |
|
36.0
|
|
| | | |
|
|
Operating income
| |
$
|
24.1
|
| |
$
|
31.5
|
|
| | | |
|
| Key Statistical Data: | | | | |
|
Same store Medicare revenue growth (1)
| | |
(8
|
%)
| | |
20
|
%
|
|
Hospice Admits
| | |
9,528
| | | |
9,589
| |
|
Average daily census
| | |
4,973
| | | |
5,248
| |
|
Revenue per day
| |
$
|
144.84
| | |
$
|
147.29
| |
|
Cost of service per day
| |
$
|
76.30
| | |
$
|
76.45
| |
|
Average length of stay
| | |
101
| | | |
93
| |
|
|
(1) 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 prior period.
|
|
|
|
|
|
|
|
|
|
|
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS
(Amounts
in thousands)
(Unaudited) |
|
|
Earnings From Continuing Operations Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA |
|
|
|
| For the Three-Month Periods Ended
June 30, |
| For the Six-Month Periods Ended
June 30, |
| | 2013 |
| 2012 | | 2013 |
| 2012 |
|
Net income from continuing operations attributable to Amedisys, Inc. | |
$
|
2,331
| | |
$
|
7,903
| |
$
|
5,501
| | |
$
|
14,716
|
|
Add:
| | | | | | | | |
|
Provision for income taxes
| | |
1,566
| | | |
5,666
| | |
3,260
| | | |
10,530
|
|
Interest expense, net
| | |
719
| | | |
1,974
| | |
1,814
| | | |
4,034
|
|
Depreciation and amortization
| |
|
11,674
|
| |
|
9,678
| |
|
21,621
|
| |
|
19,515
|
| | | | | | | |
|
|
EBITDA (1)
| |
$
|
16,290
|
| |
$
|
25,221
| |
$
|
32,196
|
| |
$
|
48,795
|
| | | | | | | |
|
|
Add:
| | | | | | | | |
|
Exit activity costs (2)
| | |
3,855
| | | |
—
| | |
3,855
| | | |
—
|
|
Gain on sale of care centers
| | |
(357
|
)
| | |
—
| | |
(357
|
)
| | |
—
|
|
Intangible write-off
| | |
(2,286
|
)
| | |
—
| | |
(2,286
|
)
| | |
—
|
|
Legal fees (investigations)
| |
|
1,584
|
| |
|
1,406
| |
|
3,587
|
| |
|
5,113
|
| | | | | | | |
|
|
Adjusted EBITDA (3)
| |
$
|
19,086
|
| |
$
|
26,627
| |
$
|
36,995
|
| |
$
|
53,908
|
|
|
|
|
|
|
Adjusted Net Income From Continuing Operations Attributable
to Amedisys, Inc.: |
|
|
| | For the Three-Month Periods Ended
June 30, | | For the Six-Month Periods Ended
June 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
|
Net income from continuing operations attributable to Amedisys, Inc. | |
$
|
2,331
| | |
$
|
7,903
| |
$
|
5,501
| | |
$
|
14,716
|
|
Add:
| | | | | | | | |
|
Exit activity costs (2)
| | |
2,332
| | | |
—
| | |
2,332
| | | |
—
|
|
Gain on sale of care centers
| | |
(216
|
)
| | |
—
| | |
(216
|
)
| | |
—
|
|
Legal fees (investigations)
| |
|
959
|
| |
|
823
| |
|
2,170
|
| |
|
2,991
|
| | | | | | | |
|
|
Adjusted net income from continuing operations attributable to
Amedisys, Inc. (4)
| |
$
|
5,406
|
| |
$
|
8,726
| |
$
|
9,787
|
| |
$
|
17,707
|
|
|
|
|
|
|
Adjusted Net Income From Continuing Operations Attributable
to Amedisys, Inc. per Diluted Share: |
|
|
| | For the Three-Month Periods Ended
June 30, | | For the Six-Month Periods Ended
June 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
|
Net income from continuing operations attributable to Amedisys, Inc.
common stockholders per diluted share
| |
$
|
0.07
| | |
$
|
0.26
| |
$
|
0.17
| | |
$
|
0.49
|
|
Add:
| | | | | | | | |
|
Exit activity costs (2)
| | |
0.08
| | | |
—
| | |
0.08
| | | |
—
|
|
Gain on sale of care centers
| | |
(0.01
|
)
| | |
—
| | |
(0.01
|
)
| | |
—
|
|
Legal fees (investigations)
| |
|
0.03
|
| |
|
0.03
| |
|
0.07
|
| |
|
0.10
|
| | | | | | | |
|
|
Adjusted net income from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share (5)
| |
$
|
0.17
|
| |
$
|
0.29
| |
$
|
0.31
|
| |
$
|
0.59
|
|
|
(1) EBITDA is defined as net income 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) Exit activity costs of $3.8 million ($2.3 million net of tax
or $0.08 per diluted share) include charges of $2.3 million in
depreciation and amortization expense related to the write-off of
intangible assets, $0.8 million in other general and
administrative expenses related to lease termination costs and
$0.7 million in salaries and benefits related to severance costs
during the three-month period ended June 30, 2013.
|
|
|
(3) Adjusted EBITDA is defined as net income from continuing
operations attributable to Amedisys, Inc. before provision for
income taxes, net interest expense, depreciation and amortization
plus exit activity costs, the gain on sale of care centers and
legal fees associated with investigations. 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 income from continuing operations attributable to
Amedisys, Inc. is defined as net income from continuing operations
attributable to Amedisys, Inc. plus exit activity costs, the gain
on sale of care centers, and legal fees associated with
investigations. 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.
|
|
|
(5) Adjusted net income from continuing operations attributable to
Amedisys, Inc. common stockholders per diluted share is defined as
diluted earnings from continuing operations per share plus the
earnings per share effect of exit activity costs, the gain on sale
of care centers and legal fees associated with investigations.
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 Contact:
Tom Dolan,
225-292-3391
Senior Vice President, Finance and Treasurer
[email protected]
or
Media
Contact:
Jacqueline Chen Valencia, 225-299-3688
Senior
Vice President – Marketing & Communications
[email protected]
Source: Amedisys, Inc.