Amedisys, Inc. (NASDAQ:AMED) today reported its financial results
for the three month period and year ended December 31, 2016.
Three Month Periods Ended December 31, 2016
and 2015
- Net service revenue increased $27.9 million to
$366.3 million compared to $338.4 million in 2015.
- Net income attributable to Amedisys, Inc. of $8.9 million
compared to $12.9 million in 2015.
- Net income attributable to Amedisys, Inc. per diluted share of
$0.26 per diluted share compared to $0.38 in 2015.
Adjusted Quarterly Results*
- Adjusted net service revenue increased $27.8 million to
$365.1 million compared to $337.3 million in 2015.
- Adjusted EBITDA of $30.5 million compared to
$27.6 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. of
$15.0 million compared to $13.4 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $0.44 compared to $0.40 in 2015.
Years Ended December 31, 2016 and 2015
- Net service revenue increased $156.9 million to
$1,437.4 million compared to $1,280.5 million in
2015.
- Net income attributable to Amedisys, Inc. of $37.3 million
compared to $3.0 million net loss in 2015.
- Net income attributable to Amedisys, Inc. per diluted share of
$1.10 compared to $0.09 net loss per diluted share in 2015.
Adjusted Year End Results*
- Adjusted net service revenue increased $157.8 million to
$1,437.3 million compared to $1,279.5 million in
2015.
- Adjusted EBITDA of $109.9 million compared to
$112.0 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. of
$52.2 million compared to $48.9 million in 2015.
- Adjusted net income attributable to Amedisys, Inc. per diluted
share of $1.55 compared to $1.48 in 2015.
* See Reconciliation of Non-GAAP Financial
Measures to GAAP Measures in the table below.
Paul B. Kusserow, President and Chief Executive
Officer stated, “I am extremely pleased with the results that our
team delivered during 2016 and the fourth quarter, ahead of
consensus estimates on EBITDA and earnings per share. Having
completed our Homecare Homebase software implementation and
rounding out our management team, we are already delivering a
portion of the efficiencies that we promised to our stakeholders in
early 2016. While the last few years have introduced quite a bit of
change to the organization, our team has performed well across the
board. Entering 2017, our primary goal for improvement is to return
to consistent mid-single digit organic growth in home health. As a
result of our efforts in the last few years, we have a solid and
stable platform to build on, including a strong balance sheet that
allows us to be opportunistic as we look to consolidate a
fragmented industry.”
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, 2016, 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
Amedisys will host a conference call on
Wednesday, March 1, 2017, at 11:00 ET to discuss its fourth
quarter and year end results. To participate on the conference
call, please call a few minutes before 11:00 a.m. ET to either
(877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of
the conference call will be available through April 1, 2017 by
dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and
entering conference ID #13654607.
A live webcast of the call will be accessible
through our website on our Investor Relations section at the
following web address: http://investors.amedisys.com.
Non-GAAP Financial Measures
This press release includes reconciliations of
the most comparable financial measures calculated and presented in
accordance with accounting principles generally accepted in the
U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP
financial measures as defined under SEC rules are as follows:
(1) Adjusted EBITDA, defined as net income (loss) attributable
to Amedisys, Inc. before provision for income taxes, net interest
expense and depreciation and amortization, excluding certain items;
(2) adjusted net service revenue, defined as net service
revenue excluding certain items; (3) adjusted net income
attributable to Amedisys, Inc., defined as net income (loss)
attributable to Amedisys, Inc. excluding certain items; and
(4) adjusted net income attributable to Amedisys, Inc. per
diluted share, defined as net income (loss) attributable to
Amedisys, Inc. common stockholders per diluted share excluding
certain items. Management believes that these non-GAAP financial
measures, when reviewed in conjunction with GAAP financial
measures, are useful gauges of our current performance and are also
included in internal management reporting. These non-GAAP financial
measures should be considered in addition to, and not more
meaningful than or as an alternative to the GAAP financial measures
presented in this earnings release and the company’s financial
statements. Non-GAAP measures as presented herein may not be
comparable to similarly titled measures reported by other companies
since not all companies calculate these non-GAAP measures
consistently.
Additional information
Amedisys, Inc. (the “Company”) is a leading
healthcare at home Company delivering personalized home health,
hospice and personal care. Amedisys is focused on delivering the
care that is best for our patients, whether that is home-based
personal care; recovery and rehabilitation after an operation or
injury; care focused on empowering them to manage a chronic
disease; or hospice care at the end of life. More than 2,200
hospitals and 61,900 physicians nationwide have chosen Amedisys as
a partner in post-acute care. Founded in 1982, headquartered in
Baton Rouge, LA with an executive office in Nashville, TN, Amedisys
is a publicly held company. With approximately 16,000 employees, in
420 care centers in 34 states, Amedisys is dedicated to delivering
the highest quality of care to the doorsteps of more than 385,000
patients in need every year. For more information about the
Company, please visit: www.amedisys.com.
We use our website as a channel of distribution
for important company information. Important information, including
press releases, financial presentations and financial information
regarding our company, is routinely posted on and accessible on the
Investor Relations subpage of our website, which is accessible by
clicking on the tab labeled “Investors” on our website home page.
Visitors to our website can also register to receive automatic
e-mail and other notifications alerting them when new information
is made available on the Investor Relations subpage of our
website.
Forward-Looking Statements
When included in this press release, words like
“believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,”
“projects,” “estimates,” “may,” “might,” “would,” “should” and
similar expressions are intended to identify forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements involve a variety of
risks and uncertainties that could cause actual results to differ
materially from those described therein. These risks and
uncertainties include, but are not limited to the following:
changes in 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 healthcare
industry, our ability to integrate our personal care segment into
our business efficiently, 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 our ability to meet debt service requirements and comply
with covenants in debt agreements, business disruptions due to
natural disasters or acts of terrorism, our ability to integrate,
manage and keep our information systems secure, our ability to
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.
AMEDISYS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEET |
(Amounts in thousands, except share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
December 31, 2016 |
|
December 31, 2015 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
30,197 |
|
|
$ |
27,502 |
|
Patient
accounts receivable, net of allowance for doubtful accounts of
$17,716 and $16,526 |
|
166,056 |
|
|
|
125,010 |
|
Prepaid
expenses |
|
7,397 |
|
|
|
8,110 |
|
Other
current assets |
|
11,260 |
|
|
|
14,641 |
|
|
|
|
|
|
|
|
|
Total
current assets |
|
214,910 |
|
|
|
175,263 |
|
|
|
|
|
|
|
|
|
Property and equipment,
net of accumulated depreciation of $138,650 and $141,793 |
|
36,999 |
|
|
|
42,695 |
|
Goodwill |
|
288,957 |
|
|
|
261,663 |
|
Intangible assets, net
of accumulated amortization of $27,864 and $25,386 |
|
46,755 |
|
|
|
44,047 |
|
Deferred income
taxes |
|
107,940 |
|
|
|
125,245 |
|
Other assets, net |
|
38,468 |
|
|
|
32,802 |
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
734,029 |
|
|
$ |
681,715 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
$ |
30,358 |
|
|
$ |
25,682 |
|
Payroll
and employee benefits |
|
82,480 |
|
|
|
72,546 |
|
Accrued
expenses |
|
63,290 |
|
|
|
71,965 |
|
Current
portion of long-term obligations |
|
5,220 |
|
|
|
5,000 |
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
181,348 |
|
|
|
175,193 |
|
Long-term obligations,
less current portion |
|
87,809 |
|
|
|
91,630 |
|
Other long-term
obligations |
|
3,730 |
|
|
|
4,456 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
272,887 |
|
|
|
271,279 |
|
|
|
|
|
|
|
|
|
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; 35,253,577
and 34,786,966 shares issued; and 33,597,215 and 33,607,282 shares
outstanding |
|
35 |
|
|
|
35 |
|
Additional paid-in capital |
|
537,472 |
|
|
|
504,290 |
|
Treasury
stock at cost, 1,656,362 and 1,179,684 shares of common stock |
|
(46,774 |
) |
|
|
(26,966 |
) |
Accumulated other comprehensive income |
|
15 |
|
|
|
15 |
|
Retained
earnings |
|
(30,545 |
) |
|
|
(67,806 |
) |
|
|
|
|
|
|
|
|
Total
Amedisys, Inc. stockholders’ equity |
|
460,203 |
|
|
|
409,568 |
|
Noncontrolling interests |
|
939 |
|
|
|
868 |
|
|
|
|
|
|
|
|
|
Total
equity |
|
461,142 |
|
|
|
410,436 |
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
$ |
734,029 |
|
|
$ |
681,715 |
|
|
|
|
|
|
|
|
|
AMEDISYS, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(Amounts in thousands, except per share
data) |
(Unaudited) |
|
|
For the Three Month Period
Ended December 31, |
|
For the Year Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
2016 |
|
2015 |
Net service
revenue |
$ |
366,296 |
|
|
$ |
338,367 |
|
|
$ |
1,437,454 |
|
|
$ |
1,280,541 |
|
Cost of service,
excluding depreciation and amortization |
|
212,589 |
|
|
|
192,483 |
|
|
|
833,055 |
|
|
|
725,915 |
|
General and
administrative expenses: |
|
|
|
|
Salaries
and benefits |
|
75,902 |
|
|
|
69,628 |
|
|
|
306,981 |
|
|
|
279,425 |
|
Non-cash
compensation |
|
3,845 |
|
|
|
4,187 |
|
|
|
16,401 |
|
|
|
11,824 |
|
Other |
|
45,097 |
|
|
|
46,452 |
|
|
|
180,048 |
|
|
|
161,186 |
|
Provision for doubtful
accounts |
|
5,855 |
|
|
|
4,683 |
|
|
|
19,519 |
|
|
|
14,053 |
|
Depreciation and
amortization |
|
5,016 |
|
|
|
4,238 |
|
|
|
19,678 |
|
|
|
20,036 |
|
Asset impairment
charge |
|
4,432 |
|
|
|
— |
|
|
|
4,432 |
|
|
|
77,268 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
352,736 |
|
|
|
321,671 |
|
|
|
1,380,114 |
|
|
|
1,289,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
13,560 |
|
|
|
16,696 |
|
|
|
57,340 |
|
|
|
(9,166 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
30 |
|
|
|
38 |
|
|
|
75 |
|
|
|
71 |
|
Interest
expense |
|
(1,613 |
) |
|
|
(1,005 |
) |
|
|
(5,164 |
) |
|
|
(10,783 |
) |
Equity in
earnings from equity method investments |
|
1,986 |
|
|
|
1,122 |
|
|
|
5,588 |
|
|
|
9,823 |
|
Miscellaneous, net |
|
621 |
|
|
|
5,785 |
|
|
|
3,727 |
|
|
|
9,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
other income |
|
1,024 |
|
|
|
5,940 |
|
|
|
4,226 |
|
|
|
8,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes |
|
14,584 |
|
|
|
22,636 |
|
|
|
61,566 |
|
|
|
(308 |
) |
Income tax expense |
|
(5,612 |
) |
|
|
(9,564 |
) |
|
|
(23,935 |
) |
|
|
(2,004 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
8,972 |
|
|
|
13,072 |
|
|
|
37,631 |
|
|
|
(2,312 |
) |
Net income attributable
to noncontrolling interests |
|
(55 |
) |
|
|
(161 |
) |
|
|
(370 |
) |
|
|
(709 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Amedisys, Inc. |
$ |
8,917 |
|
|
$ |
12,911 |
|
|
$ |
37,261 |
|
|
$ |
(3,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Amedisys, Inc. common stockholders
|
$ |
0.27 |
|
|
$ |
0.39 |
|
|
$ |
1.12 |
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
33,365 |
|
|
|
33,202 |
|
|
|
33,198 |
|
|
|
33,018 |
|
|
Diluted
earnings per common share: |
Net
income (loss) attributable to Amedisys, Inc. common
stockholders |
$ |
0.26 |
|
|
$ |
0.38 |
|
|
$ |
1.10 |
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
33,866 |
|
|
|
33,743 |
|
|
|
33,741 |
|
|
|
33,018 |
|
AMEDISYS, INC. AND SUBSIDIARIES |
SELECT CONSOLIDATED FINANCIAL STATEMENT
INFORMATION AND SEGMENT INFORMATION |
(Amounts in thousands, except statistical
information) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Month Period |
|
|
|
Ended December 31, |
|
For the Year Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
$ |
28,561 |
|
|
$ |
20,044 |
|
|
$ |
62,259 |
|
|
$ |
107,785 |
|
Net cash
used in investing activities |
|
(6,649 |
) |
|
|
(47,562 |
) |
|
|
(52,049 |
) |
|
|
(67,421 |
) |
Net cash
used in financing activities |
|
(630 |
) |
|
|
(2,031 |
) |
|
|
(7,515 |
) |
|
|
(20,894 |
) |
|
|
|
|
|
|
|
|
Net
increase (decrease) in cash and cash equivalents |
|
21,282 |
|
|
|
(29,549 |
) |
|
|
2,695 |
|
|
|
19,470 |
|
Cash and
cash equivalents at beginning of period |
|
8,915 |
|
|
|
57,051 |
|
|
|
27,502 |
|
|
|
8,032 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at end of period |
$ |
30,197 |
|
|
$ |
27,502 |
|
|
$ |
30,197 |
|
|
$ |
27,502 |
|
|
|
|
|
|
|
|
|
Days
revenue outstanding, net (1) |
|
40.2 |
|
|
|
31.9 |
|
|
|
40.2 |
|
|
|
31.9 |
|
|
|
|
|
|
|
|
|
(1) Our calculation of days revenue outstanding, net at
December 31, 2016 and 2015 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, 2016 and 2015, respectively. |
Segment Information - Home
Health |
|
|
|
|
|
|
|
For the Three Month Period Ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Medicare |
|
$ |
203.2 |
|
|
$ |
195.7 |
|
Non-Medicare |
|
|
65.1 |
|
|
|
66.9 |
|
Net
service revenue |
|
|
268.3 |
|
|
|
262.6 |
|
Cost of
service |
|
|
160.1 |
|
|
|
153.2 |
|
|
|
|
|
|
Gross
margin |
|
|
108.2 |
|
|
|
109.4 |
|
Other
operating expenses |
|
|
72.7 |
|
|
|
76.6 |
|
|
|
|
|
|
Operating income |
|
$ |
35.5 |
|
|
$ |
32.8 |
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
Same
Store (1): |
|
|
|
|
Revenue |
|
|
(1 |
%) |
|
|
5 |
% |
Admissions |
|
|
2 |
% |
|
|
3 |
% |
Recertifications |
|
|
(2 |
%) |
|
|
3 |
% |
Total
(2): |
|
|
|
|
Admissions |
|
|
47,637 |
|
|
|
44,253 |
|
Recertifications |
|
|
25,628 |
|
|
|
25,376 |
|
Completed episodes |
|
|
71,855 |
|
|
|
68,926 |
|
Visits |
|
|
1,230,434 |
|
|
|
1,216,983 |
|
Average
revenue per completed episode (3) |
|
$ |
2,851 |
|
|
$ |
2,855 |
|
Visits
per completed episode (4) |
|
|
17.2 |
|
|
|
17.7 |
|
|
|
|
|
|
Non-Medicare: |
|
|
|
|
Same
Store (1): |
|
|
|
|
Revenue |
|
|
(2 |
%) |
|
|
25 |
% |
Admissions |
|
|
(3 |
%) |
|
|
15 |
% |
Recertifications |
|
|
(1 |
%) |
|
|
16 |
% |
Total
(2): |
|
|
|
|
Admissions |
|
|
24,309 |
|
|
|
25,201 |
|
Recertifications |
|
|
9,673 |
|
|
|
9,798 |
|
Visits |
|
|
501,215 |
|
|
|
529,948 |
|
|
|
|
|
|
Total (2): |
|
|
|
|
Visiting
Clinician Cost per Visit |
|
$ |
83.46 |
|
|
$ |
79.24 |
|
Clinical
Manager Cost per Visit |
|
$ |
9.01 |
|
|
$ |
8.47 |
|
|
|
|
|
|
Total
Cost per Visit |
|
$ |
92.47 |
|
|
$ |
87.71 |
|
|
|
|
|
|
Visits |
|
|
1,731,649 |
|
|
|
1,746,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in
millions): |
|
|
|
|
Medicare |
|
$ |
822.4 |
|
|
$ |
761.4 |
|
Non-Medicare |
|
|
263.1 |
|
|
|
243.7 |
|
Net
service revenue |
|
|
1,085.5 |
|
|
|
1,005.1 |
|
Cost of
service |
|
|
643.7 |
|
|
|
584.2 |
|
|
|
|
|
|
Gross
margin |
|
|
441.8 |
|
|
|
420.9 |
|
Other
operating expenses |
|
|
303.2 |
|
|
|
280.6 |
|
|
|
|
|
|
Operating income |
|
$ |
138.6 |
|
|
$ |
140.3 |
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
|
|
|
|
|
Medicare: |
|
|
|
|
Same
Store (1): |
|
|
|
|
Revenue |
|
|
2 |
% |
|
|
3 |
% |
Admissions |
|
|
3 |
% |
|
|
3 |
% |
Recertifications |
|
|
0 |
% |
|
|
(1 |
%) |
Total
(2): |
|
|
|
|
Admissions |
|
|
194,662 |
|
|
|
178,226 |
|
Recertifications |
|
|
103,193 |
|
|
|
99,762 |
|
Completed episodes |
|
|
289,862 |
|
|
|
269,227 |
|
Visits |
|
|
5,124,002 |
|
|
|
4,797,734 |
|
Average
revenue per completed episode (3) |
|
$ |
2,839 |
|
|
$ |
2,825 |
|
Visits
per completed episode (4) |
|
|
17.5 |
|
|
|
17.5 |
|
|
|
|
|
|
Non-Medicare: |
|
|
|
|
Same
Store (1): |
|
|
|
|
Revenue |
|
|
8 |
% |
|
|
21 |
% |
Admissions |
|
|
2 |
% |
|
|
18 |
% |
Recertifications |
|
|
8 |
% |
|
|
14 |
% |
Total
(2): |
|
|
|
|
Admissions |
|
|
98,448 |
|
|
|
96,934 |
|
Recertifications |
|
|
38,618 |
|
|
|
35,870 |
|
Visits |
|
|
2,050,975 |
|
|
|
1,954,543 |
|
|
|
|
|
|
Total (2): |
|
|
|
|
Visiting
Clinician Cost per Visit |
|
$ |
81.18 |
|
|
$ |
78.23 |
|
Clinical
Manager Cost per Visit |
|
$ |
8.53 |
|
|
$ |
8.29 |
|
|
|
|
|
|
Total
Cost per Visit |
|
$ |
89.71 |
|
|
$ |
86.52 |
|
|
|
|
|
|
Visits |
|
|
7,174,977 |
|
|
|
6,752,277 |
|
|
|
|
|
|
(1) Same store information represents the percent
increase (decrease) in our Medicare and Non-Medicare revenue,
admissions and recertifications for the period as a percent of the
Medicare and Non-Medicare revenue, admissions and recertifications
of the prior period. |
(2) Total includes acquisitions. |
(3) Average Medicare revenue per completed episode is the
average Medicare revenue earned for each Medicare completed episode
of care. |
(4) Medicare visits per completed episode are the home
health Medicare visits on completed episodes divided by the home
health Medicare episodes completed during the period. |
|
|
|
|
|
|
|
|
|
|
Segment Information -
Hospice |
|
|
|
|
|
|
|
For the Three Month Period Ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Medicare |
|
$ |
80.7 |
|
|
$ |
70.9 |
|
Non-Medicare |
|
|
4.5 |
|
|
|
4.9 |
|
|
|
|
|
|
Net
service revenue |
|
|
85.2 |
|
|
|
75.8 |
|
Cost of
service |
|
|
43.0 |
|
|
|
39.3 |
|
|
|
|
|
|
Gross
margin |
|
|
42.2 |
|
|
|
36.5 |
|
Other
operating expenses |
|
|
21.4 |
|
|
|
17.8 |
|
|
|
|
|
|
Operating income |
|
$ |
20.8 |
|
|
$ |
18.7 |
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
Same
Store (1): |
|
|
|
|
Medicare
revenue |
|
|
14 |
% |
|
|
24 |
% |
Non-Medicare revenue |
|
|
(7 |
%) |
|
|
40 |
% |
Hospice
admissions |
|
|
16 |
% |
|
|
21 |
% |
Average
daily census |
|
|
13 |
% |
|
|
24 |
% |
Total
(2): |
|
|
|
|
Hospice
admissions |
|
|
5,769 |
|
|
|
4,966 |
|
Average
daily census |
|
|
6,318 |
|
|
|
5,576 |
|
Revenue
per day, net |
|
$ |
146.56 |
|
|
$ |
147.75 |
|
Cost of
service per day |
|
$ |
73.91 |
|
|
$ |
76.54 |
|
Average
discharge length of stay |
|
|
99 |
|
|
|
98 |
|
|
|
|
|
|
|
For the Year Ended
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Medicare |
|
$ |
297.7 |
|
|
$ |
258.5 |
|
Non-Medicare |
|
|
18.3 |
|
|
|
16.9 |
|
|
|
|
|
|
Net
service revenue |
|
|
316.0 |
|
|
|
275.4 |
|
Cost of
service |
|
|
163.1 |
|
|
|
141.7 |
|
|
|
|
|
|
Gross
margin |
|
|
152.9 |
|
|
|
133.7 |
|
Other
operating expenses |
|
|
77.0 |
|
|
|
66.0 |
|
|
|
|
|
|
Operating income |
|
$ |
75.9 |
|
|
$ |
67.7 |
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
Same
Store (1): |
|
|
|
|
Medicare
revenue |
|
|
15 |
% |
|
|
13 |
% |
Non-Medicare revenue |
|
|
9 |
% |
|
|
18 |
% |
Hospice
admissions |
|
|
17 |
% |
|
|
16 |
% |
Average
daily census |
|
|
16 |
% |
|
|
12 |
% |
Total
(2): |
|
|
|
|
Hospice
admissions |
|
|
22,526 |
|
|
|
19,205 |
|
Average
daily census |
|
|
5,912 |
|
|
|
5,105 |
|
Revenue
per day, net |
|
$ |
146.05 |
|
|
$ |
147.78 |
|
Cost of
service per day |
|
$ |
75.36 |
|
|
$ |
76.06 |
|
Average
discharge length of stay |
|
|
96 |
|
|
|
92 |
|
|
|
|
|
|
(1) Same store information presented is the percent
increase (decrease) in our Medicare and Non-Medicare revenue,
Hospice admissions and average daily census for the period as a
percent of the Medicare and Non-Medicare revenue, Hospice
admissions and average daily census of the prior period. |
(2) Total includes acquisitions. |
|
|
|
|
|
|
|
|
Segment Information - Personal
Care |
|
|
|
|
|
|
|
|
|
For the Three Month Period Ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Medicare |
|
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
|
12.7 |
|
|
|
— |
|
|
|
|
|
|
Net
service revenue |
|
|
12.7 |
|
|
|
— |
|
Cost of
service |
|
|
9.5 |
|
|
|
— |
|
|
|
|
|
|
Gross
margin |
|
|
3.2 |
|
|
|
— |
|
Other
operating expenses |
|
|
2.9 |
|
|
|
— |
|
|
|
|
|
|
Operating income |
|
$ |
0.3 |
|
|
$ |
— |
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
Billable
hours |
|
|
548,703 |
|
|
|
— |
|
Clients
served |
|
|
19,569 |
|
|
|
— |
|
|
|
|
|
|
|
For the Year Ended
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Medicare |
|
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
|
35.9 |
|
|
|
— |
|
|
|
|
|
|
Net
service revenue |
|
|
35.9 |
|
|
|
— |
|
Cost of
service |
|
|
26.3 |
|
|
|
— |
|
|
|
|
|
|
Gross
margin |
|
|
9.6 |
|
|
|
— |
|
Other
operating expenses |
|
|
8.1 |
|
|
|
— |
|
|
|
|
|
|
Operating income |
|
$ |
1.5 |
|
|
$ |
— |
|
|
|
|
|
|
Key Statistical Data: |
|
|
|
|
Billable
hours |
|
|
1,539,093 |
|
|
|
— |
|
Clients
served |
|
|
51,520 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Segment Information -
Corporate |
|
|
|
|
|
|
|
|
|
For the Three Month Period Ended December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Other
operating expenses |
|
$ |
35.5 |
|
|
$ |
32.2 |
|
Depreciation and amortization |
|
|
3.1 |
|
|
|
2.6 |
|
|
|
|
|
|
Total
operating expenses before asset impairment charge |
|
|
38.6 |
|
|
|
34.8 |
|
Asset
impairment charge |
|
|
4.4 |
|
|
|
— |
|
|
|
|
|
|
Total
operating expenses |
|
$ |
43.0 |
|
|
$ |
34.8 |
|
|
|
|
|
|
|
|
For the Year Ended
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Financial Information (in millions): |
|
|
|
|
Other
operating expenses |
|
$ |
141.9 |
|
|
$ |
126.5 |
|
Depreciation and amortization |
|
|
12.4 |
|
|
|
13.4 |
|
|
|
|
|
|
Total
operating expenses before asset impairment charge |
|
|
154.3 |
|
|
|
139.9 |
|
Asset
impairment charge |
|
|
4.4 |
|
|
|
77.3 |
|
|
|
|
|
|
Total
operating expenses |
|
$ |
158.7 |
|
|
$ |
217.2 |
|
|
|
|
|
|
AMEDISYS, INC. AND
SUBSIDIARIES |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO GAAP MEASURES |
(Amounts in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (“Adjusted EBITDA”): |
|
|
|
|
|
|
|
|
|
For the Three Month Period |
|
|
|
|
|
Ended December 31, |
|
For the Year Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Amedisys, Inc. |
$ |
8,917 |
|
|
$ |
12,911 |
|
|
$ |
37,261 |
|
|
$ |
(3,021 |
) |
Add: |
|
|
|
|
|
|
|
Income
tax expense |
|
5,612 |
|
|
|
9,564 |
|
|
|
23,935 |
|
|
|
2,004 |
|
Interest
expense, net |
|
1,583 |
|
|
|
967 |
|
|
|
5,089 |
|
|
|
10,712 |
|
Depreciation and amortization |
|
5,016 |
|
|
|
4,238 |
|
|
|
19,678 |
|
|
|
20,036 |
|
Certain
items (1) |
|
9,999 |
|
|
|
(120 |
) |
|
|
24,559 |
|
|
|
85,447 |
|
Interest
component of certain items (1) |
|
(625 |
) |
|
|
— |
|
|
|
(625 |
) |
|
|
(3,212 |
) |
|
|
|
|
|
|
|
|
Adjusted
EBITDA (2) (6) |
$ |
30,502 |
|
|
$ |
27,560 |
|
|
$ |
109,897 |
|
|
$ |
111,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Service Revenue Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Month Period |
|
|
|
|
|
Ended December 31, |
|
For the Year Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
service revenue |
$ |
366,296 |
|
|
$ |
338,367 |
|
|
$ |
1,437,454 |
|
|
$ |
1,280,541 |
|
Add: |
|
|
|
|
|
|
|
Certain
items (1) |
|
(1,149 |
) |
|
|
(1,059 |
) |
|
|
(201 |
) |
|
|
(1,059 |
) |
|
|
|
|
|
|
|
|
Adjusted
net service revenue (3) (6) |
$ |
365,147 |
|
|
$ |
337,308 |
|
|
$ |
1,437,253 |
|
|
$ |
1,279,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Amedisys, Inc.
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Month Period |
|
|
|
|
|
Ended December 31, |
|
For the Year Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Amedisys, Inc. |
$ |
8,917 |
|
|
$ |
12,911 |
|
|
$ |
37,261 |
|
|
$ |
(3,021 |
) |
Add: |
|
|
|
|
|
|
|
Certain
items (1) |
|
6,114 |
|
|
|
543 |
|
|
|
14,923 |
|
|
|
51,898 |
|
|
|
|
|
|
|
|
|
Adjusted
net income attributable to Amedisys, Inc. (4) (6) |
$ |
15,031 |
|
|
$ |
13,454 |
|
|
$ |
52,184 |
|
|
$ |
48,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Amedisys, Inc. per
Diluted Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Month Period |
|
|
|
|
|
Ended December 31, |
|
For the Year Ended December 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Amedisys, Inc. common stockholders
per diluted share |
$ |
0.26 |
|
|
$ |
0.38 |
|
|
$ |
1.10 |
|
|
$ |
(0.09 |
) |
Add: |
|
|
|
|
|
|
|
Certain
items (1) |
|
0.18 |
|
|
|
0.02 |
|
|
|
0.44 |
|
|
|
1.57 |
|
|
|
|
|
|
|
|
|
Adjusted
net income attributable to Amedisys, Inc. common stockholders per
diluted share (5) (6) |
$ |
0.44 |
|
|
$ |
0.40 |
|
|
$ |
1.55 |
|
|
$ |
1.48 |
|
|
|
|
|
|
|
|
|
(1) The following details the certain items for the three
month periods and years ended December 31, 2016 and
2015: |
Certain Items: |
|
|
|
|
|
|
|
|
For the Three Month Period |
|
For the Year Ended |
|
Ended December 31,
2016 |
|
December 31, 2016 |
|
|
|
|
|
(Income) Expense |
|
(Income) Expense |
|
|
|
|
Certain Items Impacting Net Service Revenue: |
|
|
|
Reduction of cost report reserve |
$ |
(1,149 |
) |
|
$ |
(1,149 |
) |
Third
party audit reserve |
|
— |
|
|
|
948 |
|
Certain Items Impacting Operating Expenses: |
|
|
|
HCHB
implementation |
|
1,345 |
|
|
|
8,371 |
|
Acquisition costs |
|
876 |
|
|
|
3,384 |
|
Legal
fees - non-routine |
|
543 |
|
|
|
1,992 |
|
Frontier
litigation |
|
2,479 |
|
|
|
2,979 |
|
Wage and
Hour litigation |
|
(119 |
) |
|
|
282 |
|
Asset
impairment |
|
4,432 |
|
|
|
4,432 |
|
Restructuring activity |
|
1,976 |
|
|
|
7,645 |
|
Sales/use tax audit reserve |
|
460 |
|
|
|
460 |
|
Disaster
relief |
|
129 |
|
|
|
467 |
|
Certain Items Impacting Total Other Income
(Expense): |
|
|
|
Sales/use tax audit reserve |
|
625 |
|
|
|
625 |
|
Legal
settlements |
|
(280 |
) |
|
|
(2,328 |
) |
Miscellaneous, other (income) expense, net |
|
(1,318 |
) |
|
|
(3,549 |
) |
|
|
|
|
Total |
$ |
9,999 |
|
|
$ |
24,559 |
|
|
|
|
|
Net of
tax |
$ |
6,114 |
|
|
$ |
14,923 |
|
|
|
|
|
Diluted
EPS |
$ |
0.18 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
For the Three Month Period |
|
For the Year Ended |
|
Ended December 31,
2015 |
|
December 31, 2015 |
|
|
|
|
|
(Income) Expense |
|
(Income) Expense |
|
|
|
|
Certain Items Impacting Net Service Revenue: |
|
|
|
Reduction of cost report reserve |
$ |
(1,059 |
) |
|
$ |
(1,059 |
) |
Certain Items Impacting Operating Expenses: |
|
|
|
HCHB
implementation |
|
2,383 |
|
|
|
4,431 |
|
Acquisition costs |
|
1,046 |
|
|
|
1,046 |
|
Legal
fees - non-routine |
|
459 |
|
|
|
745 |
|
OIG
Self-Disclosure |
|
4,674 |
|
|
|
4,674 |
|
Inventory and Data Security Reporting |
|
— |
|
|
|
2,121 |
|
Wage and
Hour litigation |
|
(2,309 |
) |
|
|
5,691 |
|
Asset
impairment |
|
— |
|
|
|
77,268 |
|
Restructuring activity |
|
— |
|
|
|
2,735 |
|
Certain Items Impacting Total Other Income
(Expense): |
|
|
|
Debt
refinance costs |
|
— |
|
|
|
3,212 |
|
Legal
settlements |
|
(5,314 |
) |
|
|
(7,453 |
) |
Miscellaneous, other (income) expense, net |
|
— |
|
|
|
(7,964 |
) |
|
|
|
|
Total |
$ |
(120 |
) |
|
$ |
85,447 |
|
|
|
|
|
Net of
tax |
$ |
543 |
|
|
$ |
51,898 |
|
|
|
|
|
Diluted
EPS |
$ |
0.02 |
|
|
$ |
1.57 |
|
|
|
|
|
(2) Adjusted EBITDA is defined as net income (loss)
attributable to Amedisys, Inc. before provision for income taxes,
net interest expense and depreciation and amortization, excluding
certain items as described in footnote 1. |
(3) Adjusted net service revenue is defined as net
service revenue calculated in accordance with GAAP plus certain
items as described in footnote 1. |
(4) Adjusted net income attributable to Amedisys, Inc. is
defined as net income (loss) attributable to Amedisys, Inc.
calculated in accordance with GAAP excluding certain items as
described in footnote 1. |
(5) Adjusted net income attributable to Amedisys, Inc.
common stockholders per diluted share is defined as diluted income
(loss) per share calculated in accordance with GAAP excluding the
earnings per share effect of certain items as described in footnote
1. |
(6) Adjusted EBITDA, adjusted net service revenue,
adjusted net income attributable to Amedisys, Inc. and adjusted net
income attributable to Amedisys, Inc. common stockholders per
diluted share should not be considered as an alternative to, or
more meaningful than, income before income taxes or other measure
calculated in accordance with GAAP. These calculations may not be
comparable to a similarly titled measure reported by other
companies, since not all companies calculate these non-GAAP
financial measures in the same manner. |
Contact:
Investor Contact:
Amedisys, Inc.
David Castille
Managing Director, Treasury/Finance
(225) 299-3391
david.castille@amedisys.com
Media Contact:
Amedisys, Inc.
Kendra Kimmons
Managing Director, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com
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