BATON ROUGE, La., Nov. 05, 2015 (GLOBE NEWSWIRE) — Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice company, today reported its financial results for the three and nine-month periods ended September 30, 2015.
Three-Month Periods Ended September 30, 2015 and 2014
- After adding back for the 2015 period, $5.1 million ($3.1 million, net of income tax ) or $0.09 per diluted share and after adding back for the 2014 period $1.0 million ($0.6 million, net of income tax) or $0.02 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
- Net service revenue of $326.4 million compared to $300.3 million in 2014.
- Net income from continuing operations attributable to Amedisys, Inc. of $11.5 million compared to net income from continuing operations of $9.1 million in 2014. (Net income from continuing operations attributable to Amedisys, Inc. of $8.4 million compared to net income from continuing operations attributable to Amedisys, Inc. of $8.4 million in 2014 on a GAAP basis.)
- Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.34 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.28 per diluted share in 2014. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.25 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.26 per diluted share in 2014 on a GAAP basis.)
- Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $26.4 million compared to $23.8 million in 2014.
Nine-Month Periods Ended September 30, 2015 and 2014
- After adding back for the 2015 period, $85.6 million ($51.8 million, net of income tax ) or $1.57 per diluted share and for the 2014 period $17.9 million ($11.0 million, net of income tax) or $0.34 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
- Net service revenue of $942.2 million compared to $904.0 million in 2014.
- Net income from continuing operations attributable to Amedisys, Inc. of $35.8 million compared to net income from continuing operations of $14.9 million in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. of $15.9 million compared to net income from continuing operations attributable to Amedisys, Inc. of $3.9 million in 2014 on a GAAP basis.)
- Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.09 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.46 per diluted share in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.48 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.12 per diluted share in 2014 on a GAAP basis.)
- EBITDA of $84.4 million compared to $51.4 million in 2014.
Paul B. Kusserow, President and Chief Executive Officer stated, “We are encouraged by the company’s continued strong performance in the third quarter. Both segments achieved significant revenue growth and we have continued to make investments that will position us well to capitalize on future opportunities supporting our long-term strategic vision. I would like to thank our dedicated employees for their unwavering commitment to the patients we serve.”
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, 2014, 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 pages 10 & 11 for explanation of these certain items and the reconciliations of non-GAAP financial measures.
Earnings Call and Webcast Information
To participate on the conference call, please call a few minutes before 12:00 p.m. ET, Thursday, November 5, 2015 to either (877) 524-8416 (Toll free) or (412) 902-1028 (Toll). A replay of the conference call will be available through December 2, 2015 by dialing (877) 660-6853 (Toll free) or (201) 612-7415 (Toll) and entering conference ID #13622135.
A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.
Amedisys, Inc. (the “Company”) is headquartered in Baton Rouge, Louisiana and 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, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.
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 excluding certain other items, adjusted net income from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other 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 excluding 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
| September 30, 2015 | December 31, 2014 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 57,051 | $ | 8,032 | ||
| Patient accounts receivable, net of allowance for doubtful accounts of $14,753 and $14,317 | 121,744 | 99,325 | ||||
| Prepaid expenses | 10,402 | 8,493 | ||||
| Deferred income taxes | 1,953 | — | ||||
| Other current assets | 5,641 | 19,708 | ||||
| Assets held for sale | 19,650 | — | ||||
| Total current assets | 216,441 | 135,558 | ||||
| Property and equipment, net of accumulated depreciation of $140,363 and $146,438 | 41,485 | 137,455 | ||||
| Goodwill | 211,109 | 205,587 | ||||
| Intangible assets, net of accumulated amortization of $25,379 and $25,374 | 33,150 | 33,193 | ||||
| Deferred income taxes | 129,992 | 124,788 | ||||
| Other assets, net | 34,259 | 33,161 | ||||
| Total assets | $ | 666,436 | $ | 669,742 | ||
| LIABILITIES AND EQUITY | ||||||
| Current Liabilities: | ||||||
| Accounts payable | $ | 24,226 | $ | 16,056 | ||
| Payroll and employee benefits | 74,050 | 75,553 | ||||
| Accrued expenses | 69,188 | 56,329 | ||||
| Current portion of long-term obligations | 3,750 | 12,000 | ||||
| Current portion of deferred income taxes | — | 2,385 | ||||
| Total current liabilities | 171,214 | 162,323 | ||||
| Long-term obligations, less current portion | 96,250 | 104,372 | ||||
| Other long-term obligations | 4,998 | 5,285 | ||||
| Total liabilities | 272,462 | 271,980 | ||||
| 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; 34,726,207 and 34,569,526 shares issued; and 33,672,216 and 33,594,572 shares outstanding | 35 | 35 | ||||
| Additional paid-in capital | 495,827 | 481,762 | ||||
| Treasury stock at cost, 1,053,991 and 974,954 shares of common stock | (22,029 | ) | (19,860 | ) | ||
| Accumulated other comprehensive income | 15 | 15 | ||||
| Retained earnings | (80,717 | ) | (64,785 | ) | ||
| Total Amedisys, Inc. stockholders’ equity | 393,131 | 397,167 | ||||
| Noncontrolling interests | 843 | 595 | ||||
| Total equity | 393,974 | 397,762 | ||||
| Total liabilities and equity | $ | 666,436 | $ | 669,742 | ||
Statement of Operations Information
| For the Three-Month Periods Ended September 30, |
For the Nine-Month Periods Ended September 30, |
|||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Net service revenue | $ | 326,450 | $ | 300,281 | $ | 942,174 | $ | 904,026 | ||||
| Cost of service, excluding depreciation and amortization | 186,772 | 170,159 | 533,432 | 519,686 | ||||||||
| General and administrative expenses: | ||||||||||||
| Salaries and benefits | 69,993 | 69,461 | 209,797 | 224,032 | ||||||||
| Non-cash compensation | 3,060 | 1,697 | 7,637 | 3,197 | ||||||||
| Other | 39,551 | 32,018 | 114,734 | 110,240 | ||||||||
| Provision for doubtful accounts | 3,638 | 4,183 | 9,370 | 13,318 | ||||||||
| Depreciation and amortization | 4,646 | 6,515 | 15,798 | 22,109 | ||||||||
| Asset impairment charge | 2,075 | — | 77,268 | 2,208 | ||||||||
| Operating expenses | 309,735 | 284,033 | 968,036 | 894,790 | ||||||||
| Operating income (loss) | 16,715 | 16,248 | (25,862 | ) | 9,236 | |||||||
| Other (expense) income: | ||||||||||||
| Interest income | 7 | 24 | 33 | 46 | ||||||||
| Interest expense | (4,936 | ) | (2,990 | ) | (9,778 | ) | (5,603 | ) | ||||
| Equity in earnings from equity investments | 1,924 | 563 | 8,701 | 2,234 | ||||||||
| Miscellaneous, net | 1,330 | 110 | 3,962 | 544 | ||||||||
| Total other (expense) income, net | (1,675 | ) | (2,293 | ) | 2,918 | (2,779 | ) | |||||
| Income (loss) before income taxes | 15,040 | 13,955 | (22,944 | ) | 6,457 | |||||||
| Income tax (expense) benefit | (6,465 | ) | (5,358 | ) | 7,560 | (2,483 | ) | |||||
| Income (loss) from continuing operations | 8,575 | 8,597 | (15,384 | ) | 3,974 | |||||||
| Discontinued operations, net of tax | — | — | — | (216 | ) | |||||||
| Net income (loss) | 8,575 | 8,597 | (15,384 | ) | 3,758 | |||||||
| Net income attributable to noncontrolling interests | (135 | ) | (158 | ) | (548 | ) | (117 | ) | ||||
| Net income (loss) attributable to Amedisys, Inc. | $ | 8,440 | $ | 8,439 | $ | (15,932 | ) | $ | 3,641 | |||
| Basic earnings per common share: | ||||||||||||
| Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders | $ | 0.25 | $ | 0.26 | $ | (0.48 | ) | $ | 0.12 | |||
| Discontinued operations, net of tax | — | — | — | (0.01 | ) | |||||||
| Net income (loss) attributable to Amedisys, Inc. common stockholders | $ | 0.25 | $ | 0.26 | $ | (0.48 | ) | $ | 0.11 | |||
| Weighted average shares outstanding | 33,128 | 32,468 | 32,957 | 32,194 | ||||||||
| Diluted earnings per common share: | ||||||||||||
| Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders | $ | 0.25 | $ | 0.26 | $ | (0.48 | ) | $ | 0.12 | |||
| Discontinued operations, net of tax | — | — | — | (0.01 | ) | |||||||
| Net income (loss) attributable to Amedisys, Inc. common stockholders | $ | 0.25 | $ | 0.26 | $ | (0.48 | ) | $ | 0.11 | |||
| Weighted average shares outstanding | 33,631 | 32,934 | 32,957 | 32,690 | ||||||||
| Amounts attributable to Amedisys, Inc. common stockholders: | ||||||||||||
| Income (loss) from continuing operations | $ | 8,440 | $ | 8,439 | $ | (15,932 | ) | $ | 3,857 | |||
| Discontinued operations, net of tax | — | — | — | (216 | ) | |||||||
| Net income (loss) | $ | 8,440 | $ | 8,439 | $ | (15,932 | ) | $ | 3,641 | |||
Cash Flow and Days Revenue Outstanding, Net Information
| For the Three-Month Periods Ended September 30, |
For the Nine-Month Periods Ended September 30, |
|||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Net cash provided by (used in) operating activities | $ | 30,704 | $ | 25,342 | $ | 87,741 | $ | (70,129 | ) | |||
| Net cash (used in) provided by investing activities | (8,037 | ) | 230 | (19,859 | ) | (9,162 | ) | |||||
| Net cash provided (used in) by financing activities | 1,183 | (31,255 | ) | (18,863 | ) | 67,530 | ||||||
| Net increase (decrease) in cash and cash equivalents | 23,850 | (5,683 | ) | 49,019 | (11,761 | ) | ||||||
| Cash and cash equivalents at beginning of period | 33,201 | 11,225 | 8,032 | 17,303 | ||||||||
| Cash and cash equivalents at end of period | $ | 57,051 | $ | 5,542 | $ | 57,051 | $ | 5,542 | ||||
| Days revenue outstanding, net (1) | 33.1 | 30.5 | 33.1 | 30.5 | ||||||||
(1) Our calculation of days revenue outstanding, net at September 30, 2015 and 2014 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 September 30, 2015 and 2014, respectively.
Supplemental Information – Home Health
| For the Three-Month Periods Ended September 30, | ||||||
| 2015 | 2014 | |||||
| Financial Information (in millions): | ||||||
| Medicare | $ | 190.2 | $ | 185.4 | ||
| Non-Medicare | 63.2 | 51.8 | ||||
| Net service revenue | 253.4 | 237.2 | ||||
| Cost of service | 150.0 | 137.4 | ||||
| Gross margin | 103.4 | 99.8 | ||||
| Other operating expenses | 70.0 | 69.3 | ||||
| Operating income | $ | 33.4 | $ | 30.5 | ||
| Key Statistical Data: | ||||||
| Medicare: | ||||||
| Same Store Volume (2): | ||||||
| Revenue | 3 | % | 5 | % | ||
| Admissions | 4 | % | 2 | % | ||
| Recertifications | 0 | % | 5 | % | ||
| Total (3): | ||||||
| Admissions | 44,434 | 42,770 | ||||
| Recertifications | 25,420 | 25,407 | ||||
| Completed episodes | 67,288 | 67,316 | ||||
| Visits | 1,208,853 | 1,190,962 | ||||
| Average revenue per completed episode including sequestration (4) | $ | 2,821 | $ | 2,777 | ||
| Visits per completed episode (5) | 17.5 | 17.3 | ||||
| Non-Medicare: | ||||||
| Same Store Volume (2): | ||||||
| Revenue | 22 | % | 31 | % | ||
| Admissions | 21 | % | 26 | % | ||
| Recertifications | 15 | % | 24 | % | ||
| Total (3): | ||||||
| Admissions | 24,792 | 20,585 | ||||
| Recertifications | 9,447 | 8,238 | ||||
| Visits | 504,441 | 416,038 | ||||
| Total (3): | ||||||
| Cost per Visit | $ | 87.54 | $ | 85.47 | ||
| Visits | 1,713,294 | 1,607,000 | ||||
| For the Nine-Month Periods Ended September 30, | ||||||
| 2015 | 2014 | |||||
| Financial Information (in millions): | ||||||
| Medicare | $ | 565.8 | $ | 565.5 | ||
| Non-Medicare | 176.8 | 151.9 | ||||
| Net service revenue | 742.6 | 717.4 | ||||
| Cost of service | 431.0 | 420.7 | ||||
| Gross margin | 311.6 | 296.7 | ||||
| Other operating expenses | 204.0 | 225.2 | ||||
| Operating income before impairment (1) | $ | 107.6 | $ | 71.5 | ||
| Key Statistical Data: | ||||||
| Medicare: | ||||||
| Same Store Volume (2): | ||||||
| Revenue | 2 | % | 0 | % | ||
| Admissions | 2 | % | 0 | % | ||
| Recertifications | (2 | %) | 0 | % | ||
| Total (3): | ||||||
| Admissions | 133,973 | 134,317 | ||||
| Recertifications | 74,386 | 77,468 | ||||
| Completed episodes | 200,301 | 205,939 | ||||
| Visits | 3,580,751 | 3,620,779 | ||||
| Average revenue per completed episode including sequestration (4) | $ | 2,816 | $ | 2,763 | ||
| Visits per completed episode (5) | 17.4 | 17.2 | ||||
| Non-Medicare: | ||||||
| Same Store Volume (2): | ||||||
| Revenue | 19 | % | 17 | % | ||
| Admissions | 17 | % | 15 | % | ||
| Recertifications | 13 | % | 10 | % | ||
| Total (3): | ||||||
| Admissions | 71,733 | 62,596 | ||||
| Recertifications | 26,072 | 23,746 | ||||
| Visits | 1,424,595 | 1,218,659 | ||||
| Total (3): | ||||||
| Cost per Visit | $ | 86.10 | $ | 86.92 | ||
| Visits | 5,005,346 | 4,839,438 | ||||
(1) Operating income of $70.3 million on a GAAP basis for the nine-month period ended September 30, 2014.
(2) Same store Medicare and Non-Medicare revenue, admissions or recertifications volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent of the Medicare and Non-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 including sequestration is the average Medicare revenue earned for each Medicare completed episode of care which includes 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 September 30, | ||||||
| 2015 | 2014 | |||||
| Financial Information (in millions): | ||||||
| Medicare | $ | 68.6 | $ | 59.0 | ||
| Non-Medicare | 4.4 | 4.1 | ||||
| Net service revenue | 73.0 | 63.1 | ||||
| Cost of service | 36.8 | 32.8 | ||||
| Gross margin | 36.2 | 30.3 | ||||
| Other operating expenses | 16.9 | 14.7 | ||||
| Operating income | $ | 19.3 | $ | 15.6 | ||
| Key Statistical Data: | ||||||
| Same Store Volume (2): | ||||||
| Medicare revenue | 17 | % | 3 | % | ||
| Non-Medicare revenue | 14 | % | 15 | % | ||
| Hospice admits | 26 | % | (3 | %) | ||
| Average daily census | 17 | % | (3 | %) | ||
| Total (3): | ||||||
| Hospice admits | 4,962 | 4,002 | ||||
| Average daily census | 5,346 | 4,608 | ||||
| Revenue per day | $ | 148.47 | $ | 148.74 | ||
| Cost of service per day | $ | 74.82 | $ | 77.38 | ||
| Average length of stay | 92 | 100 | ||||
| For the Nine-Month Periods Ended September 30, | ||||||
| 2015 | 2014 | |||||
| Financial Information (in millions): | ||||||
| Medicare | $ | 187.6 | $ | 175.1 | ||
| Non-Medicare | 12.0 | 11.5 | ||||
| Net service revenue | 199.6 | 186.6 | ||||
| Cost of service | 102.4 | 99.0 | ||||
| Gross margin | 97.2 | 87.6 | ||||
| Other operating expenses | 48.2 | 47.4 | ||||
| Operating income before impairment (1) | $ | 49.0 | $ | 40.2 | ||
| Key Statistical Data: | ||||||
| Same Store Volume (2): | ||||||
| Medicare revenue | 10 | % | (2 | %) | ||
| Non-Medicare revenue | 11 | % | 6 | % | ||
| Hospice admits | 14 | % | (4 | %) | ||
| Average daily census | 8 | % | (4 | %) | ||
| Total (3): | ||||||
| Hospice admits | 14,239 | 12,947 | ||||
| Average daily census | 4,947 | 4,668 | ||||
| Revenue per day | $ | 147.79 | $ | 146.42 | ||
| Cost of service per day | $ | 75.87 | $ | 77.70 | ||
| Average length of stay | 90 | 100 | ||||
(1) Operating income of $39.2 million on a GAAP basis for the nine-month period ended September 30, 2014.
(2) Same store Medicare and Non-Medicare revenue, Hospice admits or average daily census volume is the percent increase in our Medicare and Non-Medicare revenue, Hospice admits or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admits or average daily census of the prior period.
(3) Based on continuing operations for all periods presented.
Supplemental Information – Corporate
| For the Three-Month Periods Ended September 30, | ||||||
| 2015 | 2014 | |||||
| Financial Information (in millions): | ||||||
| Other operating expenses | $ | 30.8 | $ | 26.0 | ||
| Depreciation and amortization | 3.1 | 3.9 | ||||
| Total before impairment (1) | $ | 33.9 | $ | 29.9 | ||
| For the Nine-Month Periods Ended September 30, | ||||||
| 2015 | 2014 | |||||
| Financial Information (in millions): | ||||||
| Other operating expenses | $ | 94.3 | $ | 86.8 | ||
| Depreciation and amortization | 10.8 | 13.5 | ||||
| Total before impairment (1) | $ | 105.1 | $ | 100.3 | ||
(1) Total of $36.0 million on a GAAP basis for the three-month period ended September 30, 2015 (including $2.1 million asset impairment charge). Total of $182.4 million on a GAAP basis for the nine-month period ended September 30, 2015 (including $77.3 million asset impairment charge).
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP 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 September 30, |
For the Nine-Month Periods Ended September 30, |
|||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Net income (loss) attributable to Amedisys, Inc. | $ | 8,440 | $ | 8,439 | $ | (15,932 | ) | $ | 3,641 | |||
| Less: | ||||||||||||
| Discontinued operations, net of tax | — | — | — | (216 | ) | |||||||
| Net income (loss) from continuing operations attributable to Amedisys, Inc. | 8,440 | 8,439 | (15,932 | ) | 3,857 | |||||||
| Add: | ||||||||||||
| Income tax expense (benefit) | 6,465 | 5,358 | (7,560 | ) | 2,483 | |||||||
| Interest expense, net | 4,929 | 2,966 | 9,745 | 5,557 | ||||||||
| Depreciation and amortization | 4,646 | 6,515 | 15,798 | 22,109 | ||||||||
| EBITDA (1) | 24,480 | 23,278 | 2,051 | 34,006 | ||||||||
| Add: | ||||||||||||
| Certain items (2) | 5,100 | 1,003 | 85,567 | 17,887 | ||||||||
| Write off of deferred debt issuance costs/call premium payment (2) | (3,212 | ) | (488 | ) | (3,212 | ) | (488 | ) | ||||
| Adjusted EBITDA (3) | $ | 26,368 | $ | 23,793 | $ | 84,406 | $ | 51,405 | ||||
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:
| For the Three-Month Periods Ended September 30, |
For the Nine-Month Periods Ended September 30, |
|||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Net income (loss) attributable to Amedisys, Inc. | $ | 8,440 | $ | 8,439 | $ | (15,932 | ) | $ | 3,641 | |||
| Less: | ||||||||||||
| Discontinued operations, net of tax | — | — | — | (216 | ) | |||||||
| Net income (loss) from continuing operations attributable to Amedisys, Inc. | 8,440 | 8,439 | (15,932 | ) | 3,857 | |||||||
| Add: | ||||||||||||
| Certain items (2) | 3,086 | 618 | 51,768 | 11,018 | ||||||||
| Adjusted net income from continuing operations attributable to Amedisys, Inc. (4) | $ | 11,526 | $ | 9,057 | $ | 35,836 | $ | 14,875 | ||||
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:
| For the Three-Month Periods Ended September 30, |
For the Nine-Month Periods Ended September 30, |
|||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
| Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share | $ | 0.25 | $ | 0.26 | $ | (0.48 | ) | $ | 0.11 | |||
| Less: | ||||||||||||
| Discontinued operations, net of tax | — | — | — | (0.01 | ) | |||||||
| Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share | 0.25 | 0.26 | (0.48 | ) | 0.12 | |||||||
| Add: | ||||||||||||
| Certain items (2) | 0.09 | 0.02 | 1.57 | 0.34 | ||||||||
| Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5) | $ | 0.34 | $ | 0.28 | $ | 1.09 | $ | 0.46 | ||||
(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 other items for the three and nine-month periods ended September 30, 2015 and 2014:
| For the Three-Month Period Ended September 30, 2015 |
For the Nine-Month Period Ended September 30, 2015 |
|||||||||||||||||
| (Income) Expense |
Net |
Diluted EPS |
(Income) Expense |
Net |
Diluted EPS |
|||||||||||||
| Life insurance proceeds | $ — | $ — | $ — | $ | (1,044 | ) | $ | (632 | ) | $ | (0.02 | ) | ||||||
| Partial claim recovery | — | — | — | (1,125 | ) | (681 | ) | (0.02 | ) | |||||||||
| Legal settlement | (1,014 | ) | (613 | ) | (0.02 | ) | (1,014 | ) | (613 | ) | (0.02 | ) | ||||||
| Inventory and Data Security Reporting | — | — | — | 2,121 | 1,283 | 0.04 | ||||||||||||
| Wage and Hour litigation | — | — | — | 8,000 | 4,840 | 0.15 | ||||||||||||
| Unrealized gain on investment | (1,379 | ) | (835 | ) | (0.03 | ) | (6,736 | ) | (4,076 | ) | (0.12 | ) | ||||||
| Asset impairment charge | 2,075 | 1,255 | 0.04 | 77,268 | 46,747 | 1.42 | ||||||||||||
| Legal fees – Department of Justice matter | 286 | 173 | — | 286 | 173 | — | ||||||||||||
| HCHB implementation | 2,048 | 1,239 | 0.04 | 2,048 | 1,239 | 0.04 | ||||||||||||
| Write off of deferred debt issuance costs/call premium payment | 3,212 | 1,944 | 0.06 | 3,212 | 1,944 | 0.06 | ||||||||||||
| Gain on sale of care centers | (184 | ) | (111 | ) | — | (184 | ) | (111 | ) | — | ||||||||
| Exit and restructuring activity costs | 56 | 34 | — | 2,735 | 1,655 | 0.05 | ||||||||||||
| Total | $ | 5,100 | $ | 3,086 | $ | 0.09 | $ | 85,567 | $ | 51,768 | $ | 1.57 | ||||||
| For the Three-Month Period Ended September 30, 2014 |
For the Nine-Month Period Ended September 30, 2014 |
|||||||||||||||||
| (Income) Expense |
Net |
Diluted EPS |
(Income) Expense |
Net |
Diluted EPS |
|||||||||||||
| Asset impairment charge | $ — | $ — | $ — | $ | 2,208 | $ | 1,360 | $ | 0.04 | |||||||||
| Exit and restructuring activity costs | — | — | — | 9,954 | 6,132 | 0.19 | ||||||||||||
| Relator fees | — | — | — | 3,938 | 2,426 | 0.07 | ||||||||||||
| OIG Self-Disclosure | — | — | — | 1,450 | 893 | 0.03 | ||||||||||||
| Software write-off | — | — | — | 1,465 | 902 | 0.03 | ||||||||||||
| Gain on sale of care centers | — | — | — | (2,131 | ) | (1,313 | ) | (0.04 | ) | |||||||||
| Write off of deferred debt issuance costs | 488 | 301 | 0.01 | 488 | 301 | 0.01 | ||||||||||||
| Loss on disposal of in-patient facility | 515 | 317 | 0.01 | 515 | 317 | 0.01 | ||||||||||||
| Total | $ | 1,003 | $ | 618 | $ | 0.02 | $ | 17,887 | $ | 11,018 | $ | 0.34 | ||||||
(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 excluding certain other 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 income from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other 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.
(5) Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) from continuing operations per share excluding the earnings per share effect of certain other 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.
CONTACT: Investor Contact: Amedisys, Inc. David Castille Managing Director, Treasury/Finance (225) 299-3391 [email protected] Media Contact: Amedisys, Inc. Kendra Kimmons Managing Director, Marketing & Communications (225) 299-3720 [email protected]