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, 2013.
Three-Month Periods Ended December 31, 2013 and
2012
• After adding back for the 2013 period, $9.6 million ($5.9 million, net
of income tax) or $0.19 per diluted share for certain items* and after
adding back for the 2012 period $151.0 million ($112.5 million, net of
income tax) or $3.71 per diluted share for the goodwill and other
intangibles impairment charge and certain other items*, our adjusted
results from continuing operations were as follows:
• Net service revenue of $303.5 million compared to $351.6 million in
2012, a decrease of $48.1 million or 13.7%.
• Net loss from continuing operations attributable to Amedisys, Inc. of
$2.2 million compared to net income from continuing operations of $6.3
million in 2012, a decrease of 135.5%. (Net loss from continuing
operations attributable to Amedisys, Inc. of $8.2 million compared to
$106.2 million in 2012 on a GAAP basis.)
• Net loss from continuing operations attributable to Amedisys, Inc. per
diluted share of $0.07 compared to net income from continuing operations
attributable to Amedisys, Inc. of $0.21 per diluted share in 2012, a
decrease of 133.3%. (Net loss from continuing operations attributable to
Amedisys, Inc. per diluted share $0.26 compared to $3.50 per diluted
share in 2012 on a GAAP basis.)
• Earnings before interest, taxes, depreciation and amortization
attributable to continuing operations (“EBITDA”) of $6.8 million
compared to $21.6 million in 2012, a decrease of 68.7%.
Twelve-Month Periods Ended December 31, 2013 and
2012
• After adding back for the 2013 period $158.2 million ($98.3 million,
net of income tax) or $3.14 per diluted share for the U.S. Department of
Justice settlement, proceeds from our D&O insurance and certain other
items* and after adding back for the 2012 period $148.6 million ($110.1
million, net of income tax) or $3.67 per diluted share for the goodwill
and other intangibles impairment charge and certain other items*, our
adjusted results from continuing operations were as follows:
• Net service revenue of $1,249.3 million compared to $1,440.8 million
in 2012, a decrease of $191.5 million or 13.3%.
• Net income from continuing operations attributable to Amedisys, Inc.,
of $5.2 million compared to $29.8 million in 2012, a decrease of 82.5%.
(Net loss from continuing operations attributable to Amedisys, Inc. of
$93.1 million compared to $80.3 million in 2012 on a GAAP basis.)
• Net income from continuing operations attributable to Amedisys, Inc.
per diluted share of $0.16 compared to $0.99 per diluted share in 2012,
a decrease of 83.8%. (Net loss from continuing operations attributable
to Amedisys, Inc. per diluted share $2.98 compared to $2.68 per diluted
share in 2012 on a GAAP basis.)
• EBITDA of $48.9 million compared to $97.3 million in 2012, a decrease
of 49.7%.
Ronald A. LaBorde, Interim Chief Executive Officer stated, “While
volumes were flat sequentially, our results for the quarter were below
the guidance previously shared by the Company. An unexpected increase in
employee healthcare costs contributed to the lower results.”
* See pages 10 & 11 for explanation of these certain items and the
reconciliations of non-GAAP financial measures.
We urge caution in considering the current trends disclosed in this
press release. The home health and hospice industry is highly
competitive and subject to intensive regulations, and trends are subject
to numerous factors, risks, and uncertainties, some of which are
referenced in the cautionary language below and others that are
described more fully in our reports filed with the Securities and
Exchange Commission (“SEC”) including our Annual Report on Form 10-K for
the fiscal year ended December 31, 2013, and subsequent Quarterly
Reports on Form 10-Q, and current reports on Form 8-K which can be found
on the SEC’s internet website, http://www.sec.gov,
and our internet website, http://www.amedisys.com.
We disclaim any obligations to update disclosed information on trends.
Earnings Call and Webcast Information
To participate in the conference call, please call a few minutes before
10:00 a.m. ET on Wednesday, March 12, 2014, to either (877) 512-9171
(Toll free) or (815) 573-0979 (Toll), use conference ID #40243209. A
replay of the conference call will be available through March 19, 2014.
The replay dial in number is (855) 859-2056 (Toll free) or
(404) 537-3406 (Toll), use conference ID #40243209.
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, our ability to agree on
the terms of a settlement to resolve both the U.S. Department of Justice
investigation and the Stark Law Self-Referral matter or fund required
settlement payments in the manner currently contemplated and changes in
law or developments with respect to any litigation or investigations
relating the Company, including the SEC investigation, the OIG
Self-Disclosure issues 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 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 excluding the accrual for the U.S. Department
of Justice settlement, proceeds from our D&O insurance and certain other
items*, adjusted net (loss) income from continuing operations
attributable to Amedisys, Inc., defined as net loss from continuing
operations attributable to Amedisys, Inc. excluding the accrual for the
U.S. Department of Justice settlement, proceeds from our D&O insurance
and certain other items*, and adjusted net (loss) income from continuing
operations attributable to Amedisys, Inc. per diluted share, defined as
net loss from continuing operations attributable to Amedisys, Inc.
common stockholders per diluted share excluding the accrual for the U.S.
Department of Justice settlement, proceeds from our D&O insurance and
certain other 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, |
| | | | 2013 |
|
| 2012 |
| ASSETS | | | | | | | |
|
Current assets:
| | | | | | | |
|
Cash and cash equivalents
| | | |
$
|
17,303
| | | |
$
|
14,545
| |
|
Patient accounts receivable, net of allowance for doubtful accounts
of $14,231 and $20,994 | | | | |
111,133
| | | | |
169,172
| |
|
Prepaid expenses
| | | | |
10,669
| | | | |
10,631
| |
|
Deferred income taxes
| | | | |
55,329
| | | | |
—
| |
|
Other current assets
| | | | |
10,785
| | | | |
11,440
| |
|
Assets held for sale
| | | |
|
60
|
| | |
|
—
|
|
|
| | | | | | | | |
|
Total current assets
| | | | |
205,279
| | | | |
205,788
| |
| | | | | | |
|
|
Property and equipment, net of accumulated depreciation of $129,891,
and $113,154 | | | | |
159,025
| | | | |
156,709
| |
|
Goodwill
| | | | |
208,915
| | | | |
209,594
| |
|
Intangible assets, net of accumulated amortization of $25,133 and
$23,457 | | | | |
36,690
| | | | |
47,050
| |
|
Deferred income taxes
| | | | |
90,214
| | | | |
92,804
| |
|
Other assets, net
| | | |
|
26,283
|
| | |
|
18,650
|
|
| | | | | | | |
|
|
Total assets
| | | |
$
|
726,406
|
| | |
$
|
730,595
|
|
| | | | | | | |
|
| LIABILITIES AND EQUITY | | | | | | | |
|
Current Liabilities:
| | | | | | | |
|
Accounts payable
| | | |
$
|
20,139
| | | |
$
|
29,175
| |
|
Accrued charge related to U.S. Department of Justice settlement
| | | | |
150,000
| | | | |
—
| |
|
Payroll and employee benefits
| | | | |
70,801
| | | | |
79,341
| |
|
Accrued expenses
| | | | |
57,572
| | | | |
54,855
| |
|
Current portion of long-term obligations
| | | | |
13,904
| | | | |
35,807
| |
|
Current portion of deferred income taxes
| | | |
|
—
|
| | |
|
5,609
|
|
| | | | | | | |
|
|
Total current liabilities
| | | | |
312,416
| | | | |
204,787
| |
|
Long-term obligations, less current portion
| | | | |
33,000
| | | | |
66,904
| |
|
Other long-term obligations
| | | |
|
8,511
|
| | |
|
4,671
|
|
| | | | | | | |
|
|
Total liabilities
| | | |
|
353,927
|
| | |
|
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;
33,413,970 and 31,876,508 shares issued; and 32,538,971 and
31,086,619 shares outstanding
| | | | |
33
| | | | |
32
| |
|
Additional paid-in capital
| | | | |
467,890
| | | | |
450,792
| |
|
Treasury stock at cost, 874,999 and 789,889 shares of common stock
| | | | |
(18,176
|
)
| | | |
(17,116
|
)
|
|
Accumulated other comprehensive income
| | | | |
15
| | | | |
15
| |
|
Retained earnings
| | | |
|
(77,561
|
)
| | |
|
18,617
|
|
| | | | | | | |
|
|
Total Amedisys, Inc. stockholders’ equity
| | | | |
372,201
| | | | |
452,340
| |
|
Noncontrolling interests
| | | |
|
278
|
| | |
|
1,893
|
|
| | | | | | | |
|
|
Total equity
| | | |
|
372,479
|
| | |
|
454,233
|
|
| | | | | | | |
|
|
Total liabilities and equity
| | | |
$
|
726,406
|
| | |
$
|
730,595
|
|
| | | | | | | | | | |
|
|
|
Statement of Operations Information |
|
|
|
|
|
| For the Three-Month Periods Ended
December 31, |
|
| For the Years Ended December 31, |
| | | | 2013 |
|
| 2012 | | | 2013 |
|
| 2012 |
|
Net service revenue
| | | |
$
|
303,497
| | | |
$
|
351,586
| | | |
$
|
1,249,344
| | | |
$
|
1,440,836
| |
|
Cost of service, excluding depreciation and amortization
| | | | |
179,336
| | | | |
198,899
| | | | |
717,996
| | | | |
810,704
| |
|
General and administrative expenses:
| | | | | | | | | | | | | |
|
Salaries and benefits
| | | | |
73,806
| | | | |
81,337
| | | | |
302,564
| | | | |
327,111
| |
|
Non-cash compensation
| | | | |
1,586
| | | | |
1,152
| | | | |
6,519
| | | | |
7,217
| |
|
Other
| | | | |
41,457
| | | | |
46,921
| | | | |
164,991
| | | | |
182,345
| |
|
Provision for doubtful accounts
| | | | |
3,445
| | | | |
5,291
| | | | |
15,882
| | | | |
21,011
| |
|
Depreciation and amortization
| | | | |
8,565
| | | | |
9,845
| | | | |
36,871
| | | | |
39,200
| |
| U.S. Department of Justice settlement
| | | | |
—
| | | | |
—
| | | | |
150,000
| | | | |
—
| |
|
Goodwill and other intangibles impairment charge
| | | |
|
5,664
|
| | |
|
162,103
|
| | |
|
9,492
|
| | |
|
162,103
|
|
| | | | | | | | | | | | |
|
|
Operating expenses
| | | |
|
313,859
|
| | |
|
505,548
|
| | |
|
1,404,315
|
| | |
|
1,549,691
|
|
| | | | | | | | | | | | |
|
|
Operating loss
| | | | |
(10,362
|
)
| | | |
(153,962
|
)
| | | |
(154,971
|
)
| | | |
(108,855
|
)
|
|
Other (expense) income:
| | | | | | | | | | | | | |
|
Interest income
| | | | |
14
| | | | |
13
| | | | |
54
| | | | |
65
| |
|
Interest expense
| | | | |
(1,934
|
)
| | | |
(6,095
|
)
| | | |
(4,412
|
)
| | | |
(12,116
|
)
|
|
Equity in earnings from equity investments
| | | | |
466
| | | | |
604
| | | | |
1,520
| | | | |
1,695
| |
|
Miscellaneous, net
| | | |
|
(1,740
|
)
| | |
|
3,635
|
| | |
|
4,334
|
| | |
|
3,934
|
|
| | | | | | | | | | | | |
|
|
Total other (expense) income, net
| | | |
|
(3,194
|
)
| | |
|
(1,843
|
)
| | |
|
1,496
|
| | |
|
(6,422
|
)
|
| | | | | | | | | | | | |
|
|
Loss before income taxes
| | | | |
(13,556
|
)
| | | |
(155,805
|
)
| | | |
(153,475
|
)
| | | |
(115,277
|
)
|
|
Income tax benefit
| | | |
|
5,038
|
| | |
|
34,400
|
| | |
|
58,773
|
| | |
|
20,020
|
|
| | | | | | | | | | | | |
|
|
Loss from continuing operations
| | | | |
(8,518
|
)
| | | |
(121,405
|
)
| | | |
(94,702
|
)
| | | |
(95,257
|
)
|
|
Discontinued operations, net of tax
| | | |
|
(1,459
|
)
| | |
|
(602
|
)
| | |
|
(3,073
|
)
| | |
|
(3,326
|
)
|
| | | | | | | | | | | | |
|
|
Net loss
| | | | |
(9,977
|
)
| | | |
(122,007
|
)
| | | |
(97,775
|
)
| | | |
(98,583
|
)
|
|
Net loss attributable to noncontrolling interests
| | | |
|
349
|
| | |
|
15,195
|
| | |
|
1,597
|
| | |
|
14,995
|
|
| | | | | | | | | | | | |
|
|
Net loss attributable to Amedisys, Inc. | | | |
$
|
(9,628
|
)
| | |
$
|
(106,812
|
)
| | |
$
|
(96,178
|
)
| | |
$
|
(83,588
|
)
|
| | | | | | | | | | | | |
|
|
Basic and diluted earnings per common share:
| | | | | | | | | | | | | |
|
Loss from continuing operations attributable to Amedisys, Inc.
common stockholders
| | | |
$
|
(0.26
|
)
| | |
$
|
(3.50
|
)
| | |
$
|
(2.98
|
)
| | |
$
|
(2.68
|
)
|
|
Discontinued operations, net of tax
| | | |
|
(0.04
|
)
| | |
|
(0.02
|
)
| | |
|
(0.10
|
)
| | |
|
(0.11
|
)
|
| | | | | | | | | | | | |
|
|
Loss attributable to Amedisys, Inc. common stockholders
| | | |
$
|
(0.30
|
)
| | |
$
|
(3.52
|
)
| | |
$
|
(3.08
|
)
| | |
$
|
(2.79
|
)
|
| | | | | | | | | | | | |
|
|
Weighted average shares outstanding
| | | |
|
31,685
|
| | |
|
30,358
|
| | |
|
31,247
|
| | |
|
29,896
|
|
| | | | | | | | | | | | |
|
|
Amounts attributable to Amedisys, Inc. common stockholders:
| | | | | | | | | | | | | |
|
Loss from continuing operations
| | | |
$
|
(8,169
|
)
| | |
$
|
(106,210
|
)
| | |
$
|
(93,105
|
)
| | |
$
|
(80,262
|
)
|
|
Discontinued operations, net of tax
| | | |
|
(1,459
|
)
| | |
|
(602
|
)
| | |
|
(3,073
|
)
| | |
|
(3,326
|
)
|
| | | | | | | | | | | | |
|
|
Net loss
| | | |
$
|
(9,628
|
)
| | |
$
|
(106,812
|
)
| | |
$
|
(96,178
|
)
| | |
$
|
(83,588
|
)
|
| | | | | | | | | | | | | | | | | | | | |
|
Cash Flow and Days Revenue Outstanding, Net Information |
|
|
|
|
|
| For the Three-Month Periods Ended
December 31, |
|
| For the Years Ended December 31, |
| | | | 2013 |
|
| 2012 | | | 2013 |
|
| 2012 |
|
Net cash provided by operating activities
| | | |
$
|
8,401
| | | |
$
|
15,628
| | | |
$
|
102,263
| | | |
$
|
69,494
| |
|
Net cash used in investing activities
| | | | |
(11,002
|
)
| | | |
(19,744
|
)
| | | |
(46,458
|
)
| | | |
(59,993
|
)
|
|
Net cash used in financing activities
| | | |
|
(23,722
|
)
| | |
|
(20,445
|
)
| | |
|
(53,047
|
)
| | |
|
(42,960
|
)
|
| | | | | | | | | | | | |
|
|
Net (decrease) increase in cash and cash equivalents
| | | | |
(26,323
|
)
| | | |
(24,561
|
)
| | | |
2,758
| | | | |
(33,459
|
)
|
|
Cash and cash equivalents at beginning of period
| | | |
|
43,626
|
| | |
|
39,106
|
| | |
|
14,545
|
| | |
|
48,004
|
|
| | | | | | | | | | | | |
|
|
Cash and cash equivalents at end of period
| | | |
$
|
17,303
|
| | |
$
|
14,545
|
| | |
$
|
17,303
|
| | |
$
|
14,545
|
|
| | | | | | | | | | | | |
|
|
Days revenue outstanding, net (1)
| | | | | | | | | | |
32.1
| | | | |
41.5
| |
| | | | | | | | | | | | | | | | |
|
(1) Our calculation of days revenue outstanding, net at
December 31, 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
December 31, 2013 and 2012, respectively.
|
|
|
|
|
Supplemental Information - Home Health |
|
|
|
|
|
| For the Three-Month Periods Ended |
|
| For the Year
Ended December
31, 2013 |
| | | | March 31, 2013 |
|
| June 30, 2013 |
|
| September 30,
2013 |
|
| December 31.
2013 | | |
| Financial Information (in millions): | | | | | | | | | | | | | | | | |
| Medicare | | | |
$
|
212.6
| | | |
$
|
204.6
| | | |
$
|
193.5
| | | |
$
|
193.1
| | | |
$
|
803.8
| |
|
Non-Medicare | | | |
|
49.4
|
| | |
|
45.9
|
| | |
|
43.3
|
| | |
|
45.3
|
| | |
|
183.9
|
|
| | | | | | | | | | | | | | | |
|
|
Net service revenue
| | | | |
262.0
| | | | |
250.5
| | | | |
236.8
| | | | |
238.4
| | | | |
987.7
| |
|
Cost of service
| | | |
|
150.4
|
| | |
|
143.3
|
| | |
|
140.8
|
| | |
|
144.4
|
| | |
|
578.9
|
|
| | | | | | | | | | | | | | | |
|
|
Gross margin
| | | | |
111.6
| | | | |
107.2
| | | | |
96.0
| | | | |
94.0
| | | | |
408.8
| |
|
Other operating expenses
| | | |
|
84.8
|
| | |
|
81.6
|
| | |
|
79.5
|
| | |
|
79.4
|
| | |
|
325.3
|
|
| | | | | | | | | | | | | | | |
|
|
Operating income before impairment (1)
| | | |
$
|
26.8
|
| | |
$
|
25.6
|
| | |
$
|
16.5
|
| | |
$
|
14.6
|
| | |
$
|
83.5
|
|
| | | | | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | | | | | |
| Medicare: | | | | | | | | | | | | | | | | |
| Same Store Volume (2) | | | | | | | | | | | | | | | | |
|
Revenue
| | | | |
(8
|
)%
| | | |
(10
|
)%
| | | |
(12
|
)%
| | | |
(11
|
)%
| | | |
(10
|
)%
|
|
Admissions
| | | | |
2
|
%
| | | |
0
|
%
| | | |
(1
|
)%
| | | |
(1
|
)%
| | | |
0
|
%
|
|
Recertifications
| | | | |
(17
|
)%
| | | |
(18
|
)%
| | | |
(21
|
)%
| | | |
(16
|
)%
| | | |
(18
|
)%
|
| Total (3): | | | | | | | | | | | | | | | | |
|
Admissions
| | | | |
50,007
| | | | |
47,734
| | | | |
45,420
| | | | |
45,405
| | | | |
188,566
| |
|
Recertifications
| | | | |
28,687
| | | | |
27,493
| | | | |
26,119
| | | | |
25,609
| | | | |
107,908
| |
|
Completed Episodes
| | | | |
75,884
| | | | |
75,461
| | | | |
70,401
| | | | |
69,034
| | | | |
290,780
| |
|
Visits
| | | | |
1,370,884
| | | | |
1,323,138
| | | | |
1,253,329
| | | | |
1,230,625
| | | | |
5,177,976
| |
|
Average revenue per completed episode (4)
| | | |
$
|
2,778
| | | |
$
|
2,831
| | | |
$
|
2,822
| | | |
$
|
2,840
| | | |
$
|
2,817
| |
|
Visits per completed episode (5)
| | | | |
17.5
| | | | |
17.7
| | | | |
17.3
| | | | |
17.5
| | | | |
17.5
| |
| | | | | | | | | | | | | | | |
|
| Non-Medicare (3): | | | | | | | | | | | | | | | | |
|
Admissions
| | | | |
21,586
| | | | |
18,235
| | | | |
17,832
| | | | |
18,898
| | | | |
76,551
| |
|
Recertifications
| | | | |
8,200
| | | | |
7,532
| | | | |
7,262
| | | | |
7,310
| | | | |
30,304
| |
|
Visits
| | | | |
422,357
| | | | |
380,502
| | | | |
358,819
| | | | |
370,103
| | | | |
1,531,781
| |
| | | | | | | | | | | | | | | |
|
| Total (3): | | | | | | | | | | | | | | | | |
|
Cost per Visit
| | | |
$
|
83.89
| | | |
$
|
84.09
| | | |
$
|
87.31
| | | |
$
|
90.21
| | | |
$
|
86.27
| |
|
Visits
| | | | |
1,793,241
| | | | |
1,703,640
| | | | |
1,612,148
| | | | |
1,600,728
| | | | |
6,709,757
| |
| | | | | | | | | | | | | | | |
|
|
|
|
|
|
| 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 | | | |
$
|
233.1
| | | |
$
|
231.3
| | | |
$
|
226.9
| | | |
$
|
224.0
| | | |
$
|
915.3
| |
|
Non-Medicare | | | |
|
56.8
|
| | |
|
61.5
|
| | |
|
62.9
|
| | |
|
55.6
|
| | |
|
236.8
|
|
| | | | | | | | | | | | | | | |
|
|
Net service revenue
| | | | |
289.9
| | | | |
292.8
| | | | |
289.8
| | | | |
279.6
| | | | |
1,152.1
| |
|
Cost of service
| | | |
|
164.5
|
| | |
|
166.6
|
| | |
|
168.5
|
| | |
|
161.8
|
| | |
|
661.4
|
|
| | | | | | | | | | | | | | | |
|
|
Gross margin
| | | | |
125.4
| | | | |
126.2
| | | | |
121.3
| | | | |
117.8
| | | | |
490.7
| |
|
Other operating expenses
| | | |
|
92.7
|
| | |
|
89.4
|
| | |
|
90.0
|
| | |
|
89.8
|
| | |
|
361.9
|
|
| | | | | | | | | | | | | | | |
|
|
Operating income before impairment (1)
| | | |
$
|
32.7
|
| | |
$
|
36.8
|
| | |
$
|
31.3
|
| | |
$
|
28.0
|
| | |
$
|
128.8
|
|
| | | | | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | | | | | |
| Medicare: | | | | | | | | | | | | | | | | |
| Same Store Volume (2) | | | | | | | | | | | | | | | | |
|
Revenue
| | | | |
(8
|
)%
| | | |
(9
|
)%
| | | |
(5
|
)%
| | | |
(7
|
)%
| | | |
(7
|
)%
|
|
Admissions
| | | | |
(2
|
)%
| | | |
2
|
%
| | | |
1
|
%
| | | |
1
|
%
| | | |
0
|
%
|
|
Recertifications
| | | | |
(5
|
)%
| | | |
(7
|
)%
| | | |
(6
|
)%
| | | |
(12
|
)%
| | | |
(8
|
)%
|
| Total (3): | | | | | | | | | | | | | | | | |
|
Admissions
| | | | |
49,044
| | | | |
48,351
| | | | |
47,347
| | | | |
47,633
| | | | |
192,375
| |
|
Recertifications
| | | | |
34,611
| | | | |
34,204
| | | | |
34,048
| | | | |
31,652
| | | | |
134,515
| |
|
Completed Episodes
| | | | |
79,115
| | | | |
80,320
| | | | |
78,691
| | | | |
79,220
| | | | |
317,346
| |
|
Visits
| | | | |
1,566,514
| | | | |
1,560,587
| | | | |
1,513,255
| | | | |
1,435,814
| | | | |
6,076,170
| |
|
Average revenue per completed episode (4)
| | | |
$
|
2,876
| | | |
$
|
2,883
| | | |
$
|
2,863
| | | |
$
|
2,845
| | | |
$
|
2,867
| |
|
Visits per completed episode (5)
| | | | |
18.7
| | | | |
19.1
| | | | |
18.9
| | | | |
18.4
| | | | |
18.8
| |
| | | | | | | | | | | | | | | |
|
| Non-Medicare (3): | | | | | | | | | | | | | | | | |
|
Admissions
| | | | |
22,357
| | | | |
23,103
| | | | |
23,416
| | | | |
21,141
| | | | |
90,017
| |
|
Recertifications
| | | | |
9,509
| | | | |
10,493
| | | | |
11,253
| | | | |
10,013
| | | | |
41,268
| |
|
Visits
| | | | |
488,223
| | | | |
525,325
| | | | |
534,242
| | | | |
463,894
| | | | |
2,011,684
| |
| | | | | | | | | | | | | | | |
|
| Total (3): | | | | | | | | | | | | | | | | |
|
Cost per Visit
| | | |
$
|
80.04
| | | |
$
|
79.88
| | | |
$
|
82.31
| | | |
$
|
85.17
| | | |
$
|
81.78
| |
|
Visits
| | | | |
2,054,737
| | | | |
2,085,912
| | | | |
2,047,497
| | | | |
1,899,708
| | | | |
8,087,854
| |
| | | | | | | | | | | | | | | |
|
(1) Operating income of $9.9 million and $75.0 million on a GAAP
basis for the quarter and year ended December 31, 2013,
respectively. Operating loss of $133.5 million and $32.8 million
for the quarter and the year ended December 31, 2012, 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) Based on continuing operations for all periods presented.
|
(4) Average Medicare revenue per completed episode is the average
Medicare revenue earned for each Medicare completed episode of
care excluding the impact of sequestration.
|
(5) 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, 2013 |
| | | | March 31,
2013 |
|
| June 30, 2013 |
|
| September 30,
2013 |
|
| December 31,
2013 | | |
| Financial Information (in millions): | | | | | | | | | | | | | | | | |
| Medicare | | | |
$
|
62.8
| | | | |
61.6
| | | |
$
|
60.6
| | | |
$
|
61.4
| | | |
$
|
246.4
| |
|
Non-Medicare | | | |
|
3.8
|
| | |
|
3.8
|
| | |
|
3.9
|
| | |
|
3.7
|
| | |
|
15.2
|
|
| | | | | | | | | | | | | | | |
|
|
Net service revenue
| | | | |
66.6
| | | | |
65.4
| | | | |
64.5
| | | | |
65.1
| | | | |
261.6
| |
|
Cost of service
| | | |
|
35.2
|
| | |
|
34.5
|
| | |
|
34.5
|
| | |
|
34.9
|
| | |
|
139.1
|
|
| | | | | | | | | | | | | | | |
|
|
Gross margin
| | | | |
31.4
| | | | |
30.9
| | | | |
30.0
| | | | |
30.2
| | | | |
122.5
| |
|
Other operating expenses
| | | |
|
19.7
|
| | |
|
18.1
|
| | |
|
17.8
|
| | |
|
16.9
|
| | |
|
72.5
|
|
| | | | | | | | | | | | | | | |
|
|
Operating income before impairment (1)
| | | |
$
|
11.7
|
| | |
|
12.8
|
| | |
$
|
12.2
|
| | |
$
|
13.3
|
| | |
$
|
50.0
|
|
| | | | | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | | | | | |
|
Same store Medicare revenue growth (2)
| | | | |
(5
|
)%
| | | |
(12
|
)%
| | | |
(13
|
)%
| | | |
(8
|
)%
| | | |
(9
|
)%
|
|
Hospice admits
| | | | |
4,957
| | | | |
4,655
| | | | |
4,352
| | | | |
4,371
| | | | |
18,335
| |
|
Average daily census
| | | | |
5,071
| | | | |
5,006
| | | | |
4,917
| | | | |
4,866
| | | | |
4,964
| |
|
Revenue per day
| | | |
$
|
145.98
| | | | |
143.61
| | | |
$
|
142.52
| | | |
$
|
145.60
| | | |
$
|
144.43
| |
|
Cost of service per day
| | | |
$
|
77.04
| | | | |
75.34
| | | |
$
|
75.79
| | | |
$
|
77.63
| | | |
$
|
76.45
| |
|
Average length of stay
| | | | |
103
| | | | |
99
| | | | |
98
| | | | |
98
| | | | |
100
| |
| | | |
|
| | | | 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 | | | |
$
|
65.1
| | | |
$
|
69.6
| | | |
$
|
70.2
| | | |
$
|
67.8
| | | |
$
|
272.7
| |
|
Non-Medicare | | | |
|
4.1
|
| | |
|
3.9
|
| | |
|
3.9
|
| | |
|
4.1
|
| | |
|
16.0
|
|
| | | | | | | | | | | | | | | |
|
|
Net service revenue
| | | | |
69.2
| | | | |
73.5
| | | | |
74.1
| | | | |
71.9
| | | | |
288.7
| |
|
Cost of service
| | | |
|
36.3
|
| | |
|
37.8
|
| | |
|
38.1
|
| | |
|
37.1
|
| | |
|
149.3
|
|
| | | | | | | | | | | | | | | |
|
|
Gross margin
| | | | |
32.9
| | | | |
35.7
| | | | |
36.0
| | | | |
34.8
| | | | |
139.4
| |
|
Other operating expenses
| | | |
|
17.6
|
| | |
|
18.9
|
| | |
|
20.2
|
| | |
|
20.5
|
| | |
|
77.2
|
|
| | | | | | | | | | | | | | | |
|
|
Operating income before impairment (1)
| | | |
$
|
15.3
|
| | |
$
|
16.8
|
| | |
$
|
15.8
|
| | |
$
|
14.3
|
| | |
$
|
62.2
|
|
| | | | | | | | | | | | | | | |
|
| Key Statistical Data: | | | | | | | | | | | | | | | | |
|
Same store Medicare revenue growth (2)
| | | | |
17
|
%
| | | |
22
|
%
| | | |
13
|
%
| | | |
3
|
%
| | | |
13
|
%
|
|
Hospice admits
| | | | |
4,854
| | | | |
4,849
| | | | |
4,667
| | | | |
4,629
| | | | |
18,999
| |
|
Average daily census
| | | | |
5,171
| | | | |
5,478
| | | | |
5,592
| | | | |
5,381
| | | | |
5,406
| |
|
Revenue per day
| | | |
$
|
147.05
| | | |
$
|
147.31
| | | |
$
|
144.10
| | | |
$
|
145.24
| | | |
$
|
145.89
| |
|
Cost of service per day
| | | |
$
|
77.00
| | | |
$
|
75.68
| | | |
$
|
73.97
| | | |
$
|
74.85
| | | |
$
|
75.34
| |
|
Average length of stay
| | | | |
92
| | | | |
95
| | | | |
102
| | | | |
106
| | | | |
99
| |
| | | | | | | | | | | | | | | |
|
(1) Operating income of $12.2 million and $49.0 million on a GAAP
basis for the quarter and year ended December 31, 2013,
respectively. Operating income of $13.8 million and $61.7 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, 2013 |
| | | | March 31, 2013 |
|
| June 30, 2013 |
|
| September 30, 2013 |
|
| December 31, 2013 | | |
| Financial Information (in millions): | | | | | | | | | | |
|
Depreciation and amortization
| | | |
$
|
6.7
| | | |
$
|
6.2
| | | |
$
|
6.0
| | | |
$
|
5.6
| | | |
$
|
24.5
| |
| U.S. Department of Justice settlement
| | | | |
—
| | | | |
—
| | | | |
150.0
| | | | |
—
| | | | |
150.0
| |
|
Other operating expenses
| | | |
|
26.4
|
| | |
|
25.8
|
| | |
|
25.4
|
| | |
|
26.9
|
| | |
|
104.5
|
|
| | | | | | | | | | | | | | | |
|
|
Operating loss
| | | |
$
|
(33.1
|
)
| | |
$
|
(32.0
|
)
| | |
$
|
(181.4
|
)
| | |
$
|
(32.5
|
)
| | |
$
|
(279.0
|
)
|
| | | | | | | | | | | | | | | |
|
| | | | | | |
|
| | | | 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
| | | |
$
|
6.2
| | | |
$
|
6.0
| | | |
$
|
5.8
| | | |
$
|
6.5
| | | |
$
|
24.5
| |
|
Other operating expenses
| | | |
|
28.1
|
| | |
|
31.6
|
| | |
|
25.8
|
| | |
|
27.8
|
| | |
|
113.3
|
|
| | | | | | | | | | | | | | | |
|
|
Operating loss
| | | |
$
|
(34.3
|
)
| | |
$
|
(37.6
|
)
| | |
$
|
(31.6
|
)
| | |
$
|
(34.3
|
)
| | |
$
|
(137.8
|
)
|
| | | | | | | | | | | | | | | |
|
|
|
| AMEDISYS, INC. AND SUBSIDIARIES |
| RECONCILIATION OF NON-GAPP FINANCIAL MEASURES 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 December 31, | | | For the Years
Ended December 31, |
| | | | 2013 |
|
| 2012 | | | 2013 |
|
| 2012 |
|
Net loss attributable to Amedisys, Inc. | | | |
$
|
(9,628
|
)
| | |
$
|
(106,812
|
)
| | |
$
|
(96,178
|
)
| | |
$
|
(83,588
|
)
|
|
Less:
| | | | | | | | | | | | | |
|
Discontinued operations, net of tax
| | | |
|
(1,459
|
)
| | |
|
(602
|
)
| | |
|
(3,073
|
)
| | |
|
(3,326
|
)
|
| | | | | | | | | | | | |
|
|
Net loss from continuing operations attributable to Amedisys, Inc. | | | | |
(8,169
|
)
| | | |
(106,210
|
)
| | | |
(93,105
|
)
| | | |
(80,262
|
)
|
|
Add:
| | | | | | | | | | | | | |
|
Provision for income taxes
| | | | |
(5,038
|
)
| | | |
(34,400
|
)
| | | |
(58,773
|
)
| | | |
(20,020
|
)
|
|
Interest expense, net
| | | | |
1,920
| | | | |
6,082
| | | | |
4,358
| | | | |
12,051
| |
|
Depreciation and amortization
| | | |
|
8,565
|
| | |
|
9,845
|
| | |
|
36,871
|
| | |
|
39,200
|
|
| | | | | | | | | | | | |
|
|
EBITDA (1)
| | | | |
(2,722
|
)
| | | |
(124,683
|
)
| | | |
(110,649
|
)
| | | |
(49,031
|
)
|
|
Add:
| | | | | | | | | | | | | |
|
Certain items (2)
| | | | |
9,626
| | | | |
151,013
| | | | |
158,177
| | | | |
148,609
| |
|
Debt fees (2)
| | | | |
(118
|
)
| | | |
(4,681
|
)
| | | |
(118
|
)
| | | |
(4,681
|
)
|
|
Tax adjustments (2)
| | | |
|
—
|
| | |
|
—
|
| | |
|
1,534
|
| | |
|
2,404
|
|
| | | | | | | | | | | | |
|
|
Adjusted EBITDA (GUIDANCE BASIS) (3)
| | | | |
6,786
| | | | |
21,649
| | | | |
48,944
| | | | |
97,301
| |
|
Add:
| | | | | | | | | | | | | |
|
Legal fees
| | | |
|
862
|
| | |
|
2,404
|
| | |
|
5,431
|
| | |
|
8,494
|
|
| | | | | | | | | | | | |
|
|
Adjusted EBITDA (3)
| | | |
$
|
7,648
|
| | |
$
|
24,053
|
| | |
$
|
54,375
|
| | |
$
|
105,795
|
|
| | | | | | | | | | | | |
|
|
|
| Adjusted Net (Loss) Income From Continuing Operations
Attributable to Amedisys, Inc. Reconciliation: |
| | | | | | |
|
| | | | For the Three-Month Periods
Ended December 31, | | | For the Years
Ended December 31, |
| | | | 2013 | | | 2012 | | | 2013 | | | 2012 |
|
Net loss attributable to Amedisys, Inc. | | | |
$
|
(9,628
|
)
| | |
$
|
(106,812
|
)
| | |
$
|
(96,178
|
)
| | |
$
|
(83,588
|
)
|
|
Less:
| | | | | | | | | | | | | |
|
Discontinued Operations, net of tax
| | | |
|
(1,459
|
)
| | |
|
(602
|
)
| | |
|
(3,073
|
)
| | |
|
(3,326
|
)
|
| | | | | | | | | | | | |
|
|
Net loss from continuing operations attributable to Amedisys, Inc. | | | | |
(8,169
|
)
| | | |
(106,210
|
)
| | | |
(93,105
|
)
| | | |
(80,262
|
)
|
|
Add:
| | | | | | | | | | | | | |
|
Certain items (2)
| | | |
|
5,930
|
| | |
|
112,511
|
| | |
|
98,326
|
| | |
|
110,075
|
|
| | | | | | | | | | | | |
|
|
Adjusted net (loss) income from continuing operations attributable
to Amedisys, Inc. (GUIDANCE BASIS) (4)
| | | | |
(2,239
|
)
| | | |
6,301
| | | | |
5,221
| | | | |
29,813
| |
|
Add:
| | | | | | | | | | | | | |
|
Legal fees
| | | |
|
531
|
| | |
|
1,433
|
| | |
|
3,345
|
| | |
|
4,990
|
|
| | | | | | | | | | | | |
|
|
Adjusted net (loss) income from continuing operations attributable
to Amedisys, Inc. (4)
| | | |
$
|
(1,708
|
)
| | |
$
|
7,734
|
| | |
$
|
8,566
|
| | |
$
|
34,803
|
|
| | | | | | | | | | | | | | | | | | | | |
|
|
|
| Adjusted Net (Loss) Income From Continuing Operations
Attributable to Amedisys, Inc. per Diluted Share: |
|
|
|
| |
|
| |
| | | | For the Three-Month Periods
Ended December 31, | | | For the Years
Ended December 31, |
| | | | 2013 |
|
| 2012 | | | 2013 |
|
| 2012 |
|
Net loss attributable to Amedisys, Inc. common stockholders per
diluted share
| | | |
$
|
(0.30
|
)
| | |
$
|
(3.52
|
)
| | |
$
|
(3.08
|
)
| | |
$
|
(2.79
|
)
|
|
Less:
| | | | | | | | | | | | | |
|
Discontinued operations, net of tax
| | | |
|
(0.04
|
)
| | |
|
(0.02
|
)
| | |
|
(0.10
|
)
| | |
|
(0.11
|
)
|
| | | | | | | | | | | | |
|
|
Net loss from continuing operations attributable to Amedisys, Inc.
common stockholders per diluted share
| | | | |
(0.26
|
)
| | | |
(3.50
|
)
| | | |
(2.98
|
)
| | | |
(2.68
|
)
|
|
Add:
| | | | | | | | | | | | | |
|
Certain items (2)
| | | |
|
0.19
|
| | |
|
3.71
|
| | |
|
3.14
|
| | |
|
3.67
|
|
| | | | | | | | | | | | |
|
|
Adjusted net (loss) income from continuing operations attributable
to Amedisys, Inc. common stockholders per diluted share (GUIDANCE
BASIS) (5)
| | | | |
(0.07
|
)
| | | |
0.21
| | | | |
0.16
| | | | |
0.99
| |
|
Add:
| | | | | | | | | | | | | |
|
Legal fees
| | | |
|
0.02
|
| | |
|
0.04
|
| | |
|
0.11
|
| | |
|
0.16
|
|
| | | | | | | | | | | | |
|
|
Adjusted net (loss) income from continuing operations attributable
to Amedisys, Inc. common stockholders per diluted share (5)
| | | |
$
|
(0.05
|
)
| | |
$
|
0.25
|
| | |
$
|
0.27
|
| | |
$
|
1.15
|
|
| | | | | | | | | | | | |
|
(1) EBITDA is defined as net 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 U.S. Department of Justice
settlement, proceeds from our D&O insurance and certain other
items for the three-months and years ended December 31, 2013 and
2012:
|
|
|
|
|
|
| For the Three-Month Period Ended December 31, 2013 |
|
| For the Year Ended December 31, 2013 |
| | | | (Income)
Expense |
|
| Net |
|
| Diluted EPS | | | (Income)
Expense |
|
| Net |
|
| Diluted EPS |
| U.S. Department of Justice settlement
| | | |
$
|
—
| | | | |
—
| | | | |
—
| | | |
$
|
150,000
| | | | |
93,878
| | | | |
3.00
| |
|
Goodwill and other intangibles impairment charge
| | | | |
5,664
| | | | |
3,489
| | | | |
0.11
| | | | |
9,492
| | | | |
5,847
| | | | |
0.18
| |
|
D&O proceeds
| | | | |
—
| | | | |
—
| | | | |
—
| | | | |
(5,530
|
)
| | | |
(3,406
|
)
| | | |
(0.11
|
)
|
|
Exit activity costs
| | | | |
2,313
| | | | |
1,425
| | | | |
0.05
| | | | |
3,882
| | | | |
2,391
| | | | |
0.08
| |
|
Gain on sale of care centers
| | | | |
—
| | | | |
—
| | | | |
—
| | | | |
(779
|
)
| | | |
(480
|
)
| | | |
(0.01
|
)
|
|
Debt costs
| | | | |
966
| | | | |
595
| | | | |
0.02
| | | | |
966
| | | | |
595
| | | | |
0.02
| |
|
Tax adjustment
| | | | |
—
| | | | |
—
| | | | |
—
| | | | |
(1,534
|
)
| | | |
(1,534
|
)
| | | |
(0.05
|
)
|
| OIG self-disclosure
| | | | |
—
| | | | |
—
| | | | |
—
| | | | |
997
| | | | |
614
| | | | |
0.02
| |
|
Sale of airplane
| | | |
|
683
|
| | |
|
421
|
| | |
|
0.01
|
| | |
|
683
|
| | |
|
421
|
| | |
|
0.01
|
|
| | | | | | | | | | | | | | | | | | |
|
|
Total
| | | |
$
|
9,626
|
| | |
$
|
5,930
|
| | |
$
|
0.19
| | | |
$
|
158,177
|
| | |
$
|
98,326
|
| | |
$
|
3.14
|
|
| | | | | | | | | | | | | | | | | | |
|
| | | | | | |
|
| | | | For the Three-Month Period Ended December 31, 2012 | | | For the Year 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
|
)
|
|
Exit activities related to continuing operations
| | | | |
2,707
| | | | |
1,613
| | | | |
0.05
| | | | |
2,707
| | | | |
1,590
| | | | |
0.05
| |
|
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
|
)
|
|
Tax adjustment
| | | |
|
—
|
| | |
|
—
|
| | |
|
—
|
| | |
|
(2,404
|
)
| | |
|
(2,404
|
)
| | |
|
(0.08
|
)
|
| | | | | | | | | | | | | | | | | | |
|
|
Total
| | | |
$
|
151,013
|
| | |
$
|
112,511
|
| | |
$
|
3.71
|
| | |
$
|
148,609
|
| | |
$
|
110,075
|
| | |
$
|
3.67
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(3) Adjusted EBITDA is defined as net loss from continuing
operations attributable to Amedisys, Inc. before provision for
income taxes, net interest expense, depreciation and amortization
excluding the U.S. Department of Justice settlement, proceeds from
our D&O insurance and certain other items*. 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 (loss) income from continuing operations
attributable to Amedisys, Inc. is defined as net loss from
continuing operations attributable to Amedisys, Inc. excluding the
accrual for the U.S. Department of Justice settlement, proceeds
from our D&O insurance and certain other items*. Adjusted net
(loss) 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 (loss) 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 (loss) income from continuing operations
attributable to Amedisys, Inc. common stockholders per diluted
share is defined as diluted loss from continuing operations per
share excluding the earnings per share effect of the accrual for
the U.S. Department of Justice settlement, proceeds from our D&O
insurance and certain other items*. Adjusted net (loss) 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 (loss) 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:
David Castille, 225-299-3391
Director,
Treasury/Finance
[email protected]
or
Media
Contact:
Kendra Kimmons, 225-299-3720
Managing Director,
Marketing & Communications
[email protected]
Source: Amedisys, Inc.