Press Release
Exhibit 99.1
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| Contacts: |
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Investor Contact: |
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Media Contact: |
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Amedisys, Inc. |
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Amedisys, Inc. |
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Kevin LeBlanc |
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Jacqueline Chen Valencia |
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Director of Investor |
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Senior Vice President |
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Relations |
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Marketing & Communications |
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(225) 292-2031 |
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(225) 295-9688 |
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kevin.leblanc@amedisys.com |
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jacqueline.chen@amedisys.com |
AMEDISYS REPORTS FIRST QUARTER REVENUE AND EARNINGS
AND REAFFIRMS 2011
GUIDANCE
AMEDISYS TO HOST CONFERENCE CALL
TODAY AT 10:00 A.M. ET
BATON ROUGE, Louisiana (April 26, 2011) —
Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the first quarter ended March 31, 2011 and reaffirms 2011 guidance.
Three-Month Periods Ended March 31, 2011 and 2010
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• |
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Net service revenue of $364.3 million compared to $413.0 million in 2010, a decrease of $48.7 million or 11.8%. Same store agencies decreased $40.5
million, $16.2 million of the decrease related to agencies closed or consolidated during 2010 offset by $8.0 million in revenue related to start-up and acquisition agencies. |
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• |
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Net income attributable to Amedisys, Inc. of $15.3 million compared to $36.6 million in 2010, a decrease of $21.4 or 58.3%.
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• |
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Diluted earnings per share of $0.53 compared to $1.29 per diluted share in 2010, a decrease of 58.9%. The weighted average number of diluted shares
outstanding increased to approximately 28.9 million compared to 28.4 million in 2010. |
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• |
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Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $36.8 million compared to $70.7 million in 2010, a decrease
of 48.0%. |
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• |
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After adding back $4.4 million ($2.7 million, net of income tax) or $0.09 per diluted share in certain items*, the following would have been our
adjusted results: |
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• |
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Net income attributable to Amedisys, Inc. of $18.0 million compared to $36.6 million in 2010, a decrease of 51.0%. |
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• |
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Diluted earnings per share of $0.62 compared to $1.29 per diluted share in 2010, a decrease 51.9%. |
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• |
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EBITDA of $41.2 million compared to $70.7 million in 2010, a decrease of 41.7%. |
| * |
See footnote 2 on page 7 for explanation of these certain items. |
“Our financial performance for the quarter reflects mixed operating results. Our aggressive efforts over the past few quarters to
drive down costs and improve efficiencies generated positive results. However, soft admissions volume drove revenue below our expectations. Going forward, our clear objective is to improve internal growth,” stated William F. Borne, Chief
Executive Officer of Amedisys, Inc. “Our balance sheet strength continued to improve over the quarter, leaving us well positioned for acquisitive growth such as our recently announced deal to acquire Beacon Hospice.”
2011 Guidance
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• |
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Net service revenue is anticipated to be in the range of $1.600 billion to $1.650 billion. |
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• |
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Diluted earnings per share is expected to be in the range of $3.00 to $3.30 based on an estimated 29.3 million shares outstanding.
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This guidance includes the effects of our recently announced Beacon acquisition but excludes the effects of
the following: any future acquisitions, if any are made; effects of any share repurchases; non-recurring costs that may be incurred during the year; the impact of any future Medicare rate changes; or the impact, if any, of the new regulatory
requirements, including face-to-face and therapy requirements.
We urge caution in considering the current trends and
guidance disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends and guidance are subject to numerous factors, risks, and uncertainties, some of which are
referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended
December 31, 2010, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the
1
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 dial (877) 548-7911 (Toll free) or (719) 325-4745 (Toll) a few minutes before 10:00 a.m. ET on Tuesday, April 26, 2011. A replay of the
conference call will be available through May 3, 2011. The replay dial in number is (888) 203-1112 (Toll free) or (719) 457-0820 (Toll). The replay pin number is 8261225.
The call will also be available through our website and for seven days thereafter at the following web address:
http://www.amedisys.com/investors.
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 agencies, acquire additional agencies and integrate and operate these agencies effectively, changes in or our failure to comply with existing Federal and State laws or regulations or the
inability to comply with new government regulations on a timely basis, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting
policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State
governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with
covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, changes in or developments with respect to any litigation or investigations relating to
the Company, including the United States Senate Committee on Finance inquiry, the SEC investigation and the U.S. Department of Justice Civil Investigative Demand and various other matters, many of which are beyond our control.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified,
you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the
forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.
Non-GAAP Financial Measures
This press release includes the following
non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA plus
certain items, adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. plus certain items and adjusted diluted earnings per share, defined as diluted earnings per share plus the earnings per share
effect of certain items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under generally accepted accounting principles (“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.
2
AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION
(Amounts in thousands, except per share data and statistical information)
(Unaudited)
Balance Sheet Information
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March 31, 2011 |
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December 31, 2010 |
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| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
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$ |
148,868 |
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$ |
120,295 |
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| Patient accounts receivable, net of allowance for doubtful accounts of $19,125 and $20,977 |
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141,923 |
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141,549 |
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| Prepaid expenses |
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11,605 |
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9,947 |
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| Other current assets |
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15,701 |
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22,259 |
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| Total current assets |
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318,097 |
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294,050 |
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| Property and equipment, net of accumulated depreciation of $81,300 and $78,074 |
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144,023 |
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138,554 |
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| Goodwill |
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791,412 |
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791,412 |
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| Intangible assets, net of accumulated amortization of $18,280 and $17,135 |
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52,248 |
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53,393 |
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| Other assets, net |
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21,780 |
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22,454 |
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| Total assets |
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$ |
1,327,560 |
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$ |
1,299,863 |
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| LIABILITIES AND EQUITY |
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| Current liabilities: |
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| Accounts payable |
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$ |
21,290 |
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$ |
20,663 |
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| Payroll and employee benefits |
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88,322 |
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82,961 |
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| Accrued expenses |
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69,321 |
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|
61,254 |
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| Current portion of long-term obligations |
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36,101 |
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37,178 |
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| Current portion of deferred income taxes |
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12,694 |
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|
14,285 |
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| Total current liabilities |
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227,728 |
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216,341 |
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| Long-term obligations, less current portion |
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136,138 |
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144,688 |
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| Deferred income taxes |
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54,276 |
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52,286 |
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| Other long-term obligations |
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5,291 |
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6,833 |
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| Total liabilities |
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423,433 |
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420,148 |
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| Commitments and Contingencies |
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| Equity: |
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| Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding |
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— |
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— |
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| Common stock, $0.001 par value, 60,000,000 shares authorized; 30,084,676 and 29,867,701 shares issued; and
29,445,137 and 29,232,807 shares outstanding |
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30 |
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29 |
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| Additional paid-in capital |
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416,425 |
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|
407,156 |
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| Treasury stock at cost, 639,539 and 634,894 shares of common stock |
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(14,194 |
) |
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(14,022 |
) |
| Accumulated other comprehensive income |
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|
15 |
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25 |
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| Retained earnings |
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499,957 |
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|
484,669 |
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| Total Amedisys, Inc. stockholders’ equity |
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902,233 |
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877,857 |
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| Noncontrolling interests |
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|
1,894 |
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|
1,858 |
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| Total equity |
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904,127 |
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|
879,715 |
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| Total liabilities and equity |
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$ |
1,327,560 |
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$ |
1,299,863 |
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3
Income Statement Information
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For the Three-Month
Periods Ended March 31, |
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2011 |
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2010 |
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| Net service revenue |
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$ |
364,302 |
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|
$ |
412,967 |
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| Cost of service, excluding depreciation and amortization |
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|
191,179 |
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|
|
204,059 |
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| General and administrative expenses: |
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|
|
|
|
|
|
|
| Salaries and benefits |
|
|
85,650 |
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|
|
86,967 |
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| Non-cash compensation |
|
|
1,910 |
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|
|
2,513 |
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| Other |
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|
45,565 |
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|
|
45,015 |
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| Provision for doubtful accounts |
|
|
3,162 |
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|
|
4,345 |
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| Depreciation and amortization |
|
|
9,355 |
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|
|
8,186 |
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|
|
|
|
|
|
|
|
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| Operating expenses |
|
|
336,821 |
|
|
|
351,085 |
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|
|
|
|
|
|
|
|
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| Operating income |
|
|
27,481 |
|
|
|
61,882 |
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| Other (expense) income: |
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|
|
|
|
|
|
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| Interest income |
|
|
118 |
|
|
|
85 |
|
| Interest expense |
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|
(2,252 |
) |
|
|
(2,411 |
) |
| Equity in earnings from unconsolidated joint ventures |
|
|
323 |
|
|
|
788 |
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| Miscellaneous, net |
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|
(339 |
) |
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|
33 |
|
|
|
|
|
|
|
|
|
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| Total other expense, net |
|
|
( 2,150 |
) |
|
|
(1,505 |
) |
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|
|
|
|
|
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| Income before income taxes |
|
|
25,331 |
|
|
|
60,377 |
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| Income tax expense |
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|
(10,007 |
) |
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|
(23,547 |
) |
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|
|
|
|
|
|
|
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| Net income |
|
|
15,324 |
|
|
|
36,830 |
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| Net income attributable to noncontrolling interests |
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|
(36 |
) |
|
|
(184 |
) |
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|
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| Net income attributable to Amedisys, Inc. |
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$ |
15,288 |
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$ |
36,646 |
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| Net income per share attributable to Amedisys, Inc. common stockholders: |
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|
|
|
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| Basic |
|
$ |
0.54 |
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|
$ |
1.32 |
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|
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|
|
|
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| Diluted |
|
$ |
0.53 |
|
|
$ |
1.29 |
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|
|
|
|
|
|
|
|
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| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
| Basic |
|
|
28,366 |
|
|
|
27,821 |
|
|
|
|
|
|
|
|
|
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| Diluted |
|
|
28,867 |
|
|
|
28,359 |
|
|
|
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Cash Flow Information
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For the Three-Month
Periods Ended March 31, |
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| |
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2011 |
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|
2010 |
|
| Net cash provided by operating activities |
|
$ |
52,554 |
|
|
$ |
71,037 |
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| Net cash used in investing activities |
|
|
(15,946 |
) |
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|
(14,366 |
) |
| Net cash used in financing activities |
|
|
(8,035 |
) |
|
|
(9,176 |
) |
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|
|
|
|
|
|
|
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| Net increase in cash and cash equivalents |
|
|
28,573 |
|
|
|
47,495 |
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| Cash and cash equivalents at beginning of period |
|
|
120,295 |
|
|
|
34,485 |
|
|
|
|
|
|
|
|
|
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| Cash and cash equivalents at end of period |
|
$ |
148,868 |
|
|
$ |
81,980 |
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4
Supplemental Information – Home Health
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For the Three-Month Periods Ended March 31, |
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| |
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2011 |
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|
2010 |
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| |
|
Same Store |
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Start-ups/
Acquisitions |
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|
Total |
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Same Store |
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Other (1) |
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Total |
|
| Financial Information (in millions): |
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|
|
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|
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|
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|
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|
|
|
|
|
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| Episodic-based revenue |
|
|
300.3 |
|
|
|
6.9 |
|
|
|
307.2 |
|
|
|
347.8 |
|
|
|
13.9 |
|
|
|
361.7 |
|
| Nonepisodic-based revenue |
|
|
18.0 |
|
|
|
0.3 |
|
|
|
18.3 |
|
|
|
17.9 |
|
|
|
0.9 |
|
|
|
18.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net service revenue |
|
|
318.3 |
|
|
|
7.2 |
|
|
|
325.5 |
|
|
|
365.7 |
|
|
|
14.8 |
|
|
|
380.5 |
|
| Same store episodic-based revenue growth (2) |
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
14 |
% |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of service |
|
|
166.9 |
|
|
|
3.9 |
|
|
|
170.8 |
|
|
|
176.3 |
|
|
|
10.7 |
|
|
|
187.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Gross margin |
|
|
151.4 |
|
|
|
3.3 |
|
|
|
154.7 |
|
|
|
189.4 |
|
|
|
4.1 |
|
|
|
193.5 |
|
| Other operating expenses |
|
|
79.6 |
|
|
|
3.5 |
|
|
|
83.1 |
|
|
|
82.8 |
|
|
|
10.9 |
|
|
|
93.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Operating income |
|
$ |
71.8 |
|
|
$ |
(0.2 |
) |
|
$ |
71.6 |
|
|
$ |
106.6 |
|
|
$ |
(6.8 |
) |
|
$ |
99.8 |
|
|
|
|
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|
|
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|
|
|
|
|
|
|
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|
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|
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|
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|
|
| Key Statistical Data: |
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|
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| Admissions: |
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
| Episodic-based |
|
|
61,158 |
|
|
|
1,322 |
|
|
|
62,480 |
|
|
|
62,445 |
|
|
|
2,833 |
|
|
|
65,278 |
|
| Nonepisodic-based |
|
|
10,504 |
|
|
|
189 |
|
|
|
10,693 |
|
|
|
9,480 |
|
|
|
512 |
|
|
|
9,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total admissions |
|
|
71,662 |
|
|
|
1,511 |
|
|
|
73,173 |
|
|
|
71,925 |
|
|
|
3,345 |
|
|
|
75,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Same store episodic-based admission growth (2) |
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Recertifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Episodic-based |
|
|
43,284 |
|
|
|
447 |
|
|
|
43,731 |
|
|
|
48,058 |
|
|
|
1,657 |
|
|
|
49,715 |
|
| Nonepisodic-based |
|
|
4,236 |
|
|
|
41 |
|
|
|
4,277 |
|
|
|
4,785 |
|
|
|
111 |
|
|
|
4,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total recertifications |
|
|
47,520 |
|
|
|
488 |
|
|
|
48,008 |
|
|
|
52,843 |
|
|
|
1,768 |
|
|
|
54,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Same store episodic-based recertification growth (2) |
|
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Completed episodes |
|
|
97,941 |
|
|
|
1,576 |
|
|
|
99,517 |
|
|
|
100,913 |
|
|
|
4,183 |
|
|
|
105,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Visits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Episodic-based |
|
|
1,905,098 |
|
|
|
31,588 |
|
|
|
1,936,686 |
|
|
|
2,014,528 |
|
|
|
76,725 |
|
|
|
2,091,253 |
|
| Nonepisodic-based |
|
|
197,308 |
|
|
|
3,275 |
|
|
|
200,583 |
|
|
|
197,426 |
|
|
|
10,646 |
|
|
|
208,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total visits |
|
|
2,102,406 |
|
|
|
34,863 |
|
|
|
2,137,269 |
|
|
|
2,211,954 |
|
|
|
87,371 |
|
|
|
2,299,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost per visit |
|
$ |
79.38 |
|
|
$ |
111.34 |
|
|
$ |
79.91 |
|
|
$ |
79.69 |
|
|
$ |
122.36 |
|
|
$ |
81.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average episodic-based revenue per completed episode (3) |
|
$ |
3,029 |
|
|
$ |
3,007 |
|
|
$ |
3,029 |
|
|
$ |
3,284 |
|
|
$ |
3,216 |
|
|
$ |
3,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Episodic-based visits per completed episode (4) |
|
|
18.5 |
|
|
|
17.2 |
|
|
|
18.5 |
|
|
|
18.7 |
|
|
|
17.4 |
|
|
|
18.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Agencies for the prior period which are not considered same store agencies (i.e. agencies closed or consolidated in current or prior period or
unopened startups). |
| (2) |
Same store episodic-based revenue, admissions or recertifications growth is the percent increase (decrease) in our same store episodic-based
revenue, admissions or recertifications for the period as a percent of the same store episodic-based revenue, admissions or recertifications of the prior period. |
| (3) |
Average episodic-based revenue per completed episode is the average episodic-based revenue earned for each episodic-based completed episode of care.
|
| (4) |
Episodic-based visits per completed episode is the home health episodic-based visits on completed episodes divided by the home health episodic-based
episodes completed during the period. |
5
Supplemental Information – Hospice
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Month Periods Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| |
|
Same Store |
|
|
Start-ups/
Acquisitions |
|
|
Total |
|
|
Same Store |
|
|
Other (1) |
|
|
Total |
|
| Financial Information (in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Medicare revenue |
|
$ |
35.7 |
|
|
$ |
0.8 |
|
|
$ |
36.5 |
|
|
$ |
29.5 |
|
|
$ |
1.3 |
|
|
$ |
30.8 |
|
| Non-Medicare revenue |
|
|
2.3 |
|
|
|
— |
|
|
|
2.3 |
|
|
|
1.6 |
|
|
|
0.1 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net service revenue |
|
|
38.0 |
|
|
|
0.8 |
|
|
|
38.8 |
|
|
|
31.1 |
|
|
|
1.4 |
|
|
|
32.5 |
|
|
|
|
|
|
|
|
| Same store Medicare revenue growth (2) |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of service |
|
|
19.6 |
|
|
|
0.8 |
|
|
|
20.4 |
|
|
|
15.8 |
|
|
|
1.3 |
|
|
|
17.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross margin |
|
|
18.4 |
|
|
|
— |
|
|
|
18.4 |
|
|
|
15.3 |
|
|
|
0.1 |
|
|
|
15.4 |
|
| Other operating expenses |
|
|
7.4 |
|
|
|
0.8 |
|
|
|
8.2 |
|
|
|
7.3 |
|
|
|
1.1 |
|
|
|
8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
$ |
11.0 |
|
|
$ |
(0.8 |
) |
|
$ |
10.2 |
|
|
$ |
8.0 |
|
|
$ |
(1.0 |
) |
|
$ |
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Key Statistical Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hospice admits |
|
|
3,088 |
|
|
|
109 |
|
|
|
3,197 |
|
|
|
2,629 |
|
|
|
164 |
|
|
|
2,793 |
|
| Hospice days |
|
|
277,500 |
|
|
|
6,245 |
|
|
|
283,745 |
|
|
|
226,481 |
|
|
|
10,038 |
|
|
|
236,519 |
|
| Average daily census |
|
|
3,083 |
|
|
|
69 |
|
|
|
3,153 |
|
|
|
2,516 |
|
|
|
112 |
|
|
|
2,628 |
|
| Revenue per day |
|
$ |
136.84 |
|
|
$ |
134.32 |
|
|
$ |
136.78 |
|
|
$ |
137.22 |
|
|
$ |
139.56 |
|
|
$ |
137.32 |
|
| Cost of service per day |
|
$ |
70.50 |
|
|
$ |
133.46 |
|
|
$ |
71.89 |
|
|
$ |
69.89 |
|
|
$ |
125.70 |
|
|
$ |
72.26 |
|
| Average length of stay |
|
|
89 |
|
|
|
48 |
|
|
|
88 |
|
|
|
89 |
|
|
|
61 |
|
|
|
87 |
|
| (1) |
Agencies for the prior period which are not considered same store agencies (i.e. agencies closed or consolidated in current or prior period or
unopened startups). |
| (2) |
Same Store Medicare revenue growth is the percent increase in our same store Medicare revenue for the period as a percent of the same store Medicare
revenue of the prior period. |
AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED KEY STATISTICAL DATA
(Unaudited)
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Month
Periods Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| Key Statistical Data: |
|
|
|
|
|
|
|
|
| General |
|
|
|
|
|
|
|
|
| Number of home health agencies |
|
|
489 |
|
|
|
532 |
|
| Number of hospice agencies |
|
|
69 |
|
|
|
68 |
|
| Number of agencies acquired (1) |
|
|
— |
|
|
|
1 |
|
| Number of agencies opened as start-up locations (1) |
|
|
6 |
|
|
|
17 |
|
| Days revenue outstanding, net (2) |
|
|
34.8 |
|
|
|
32.6 |
|
| (1) |
Includes both home health and hospice agencies. |
| (2) |
Our calculation of days revenue outstanding, net at March 31, 2011 and 2010 is derived by dividing our ending net 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 March 31, 2011 and 2010, respectively. |
6
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands, except per share data)
(Unaudited)
Earnings before interest, taxes, depreciation and
amortization (“EBITDA”) and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Month
Periods Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| Net income attributable to Amedisys, Inc. |
|
$ |
15,288 |
|
|
$ |
36,646 |
|
| Add: |
|
|
|
|
|
|
|
|
| Provision for income taxes |
|
|
10,007 |
|
|
|
23,547 |
|
| Interest expense, net |
|
|
2,134 |
|
|
|
2,326 |
|
| Depreciation and amortization |
|
|
9,355 |
|
|
|
8,186 |
|
|
|
|
|
|
|
|
|
|
| EBITDA (1) |
|
$ |
36,784 |
|
|
$ |
70,705 |
|
|
|
|
|
|
|
|
|
|
| Add: |
|
|
|
|
|
|
|
|
| Certain items (2) |
|
|
4,418 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA (3) |
|
$ |
41,202 |
|
|
$ |
70,705 |
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation
|
|
|
|
|
|
|
|
|
| |
|
For the Three-Month
Periods Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| Net income attributable to Amedisys, Inc. |
|
$ |
15,288 |
|
|
$ |
36,646 |
|
| Add: |
|
|
|
|
|
|
|
|
| Certain items (2) |
|
|
2,673 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Adjusted net income attributable to Amedisys, Inc. (4) |
|
$ |
17,961 |
|
|
$ |
36,646 |
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings Per Share Reconciliation
|
|
|
|
|
|
|
|
|
| |
|
For the
Three-Month
Periods Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| Net income attributable to Amedisys, Inc. common stockholders - diluted |
|
$ |
0.53 |
|
|
$ |
1.29 |
|
| Add: |
|
|
|
|
|
|
|
|
| Certain items (2) |
|
|
0.09 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Adjusted net income attributable to Amedisys, Inc. common stockholders - diluted (5) |
|
$ |
0.62 |
|
|
$ |
1.29 |
|
|
|
|
|
|
|
|
|
|
| (1) |
EBITDA is defined as net income 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) |
During the three-month period March 31, 2011, we incurred certain costs of $3.3 million ($2.0 million, net of tax or $0.07 per diluted share)
associated with the realignment of operations, acquisition costs and legal expenses related to the United States Senate Committee on Finance inquiry and SEC and DOJ investigation. We also incurred costs associated with our agency
closings/consolidations we announced in 2010 of $1.1 million ($0.7 million net of tax or $0.02 per diluted share). |
| (3) |
Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and
amortization plus certain items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of
operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
|
| (4) |
Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. plus certain items as described in
footnote 2. Adjusted net income 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 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 diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain items as described in
footnote 2. Adjusted diluted earnings per 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 diluted earnings per 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. |
7
