UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 3, 2011
Commission File Number: 0-24260
AMEDISYS, INC.
(Exact Name of Registrant as specified in its Charter)
Delaware | 11-3131700 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
5959 S. Sherwood Forest Blvd., Baton Rouge, LA 70816
(Address of principal executive offices, including zip code)
(225) 292-2031 or (800) 467-2662
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECTION 7 REGULATION FD
ITEM 7.01. REGULATION FD DISCLOSURE
On May 3, 2011, representatives of Amedisys, Inc. (the Company) began making presentations at investor conferences using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1. The Company expects to use these slides, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during 2011.
By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
The investor presentation slides include financial information not prepared in accordance with generally accepted accounting principles (Non-GAAP Financial Measures).
A reconciliation of the Non-GAAP Financial Measures included in the slides to financial information prepared in accordance with generally accepted accounting principles (GAAP), as required by Regulation G, appears as Exhibit 99.2 to this Current Report on Form 8-K
The Company is providing disclosure of the reconciliation of reported Non-GAAP Financial Measures used in the investor presentation slides, among other places, to its comparable financial measures on a GAAP basis. The Company believes that the Non-GAAP Financial Measures provide investors the ability to evaluate financial performance in a way that is comparable to measures reported by other home nursing companies.
The information contained in the slides is summary information that is intended to be considered in the context of the Companys Securities and Exchange Commission (SEC) filings and other public announcements that it may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.
In accordance with General Instruction B.2 of this Current Report on Form 8-K, the information presented herein shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as previously set forth by specific reference in such a filing.
Use of our Website to Distribute Material Company 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.
Certain 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
2
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.
SECTION 9 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
99.1 Investor Relations Slide Show in use beginning May 3, 2011
99.2 Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures
3
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMEDISYS, INC. | ||
(Registrant) | ||
By: |
/s/ Dale E. Redman | |
Dale E. Redman | ||
Chief Financial Officer and Duly Authorized Officer | ||
DATE: |
May 3, 2011 |
4
Exhibit Index
Exhibit |
Description | |
99.1 | Investor Relations Slide Show in use beginning May 3, 2011 | |
99.2 | Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures |
5
![]() Investor Presentation
Leading Home Health Care & Hospice
May 2011
Exhibit 99.1 |
![]() Leading Home Health & Hospice
Forward-looking statements
This presentation may include forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based upon current expectations and assumptions about our
business that are subject to a variety of risks and uncertainties that could
cause actual
results
to
differ
materially
from
those
described
in
this
presentation. You
should not rely on forward-looking statements as a prediction of future events.
Additional
information
regarding
factors
that
could
cause
actual
results
to
differ
materially from those discussed in any forward-looking statements are described
in reports and registration statements we file with the SEC, including our
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K, copies of which are available
on the Amedisys internet
website
http://www.amedisys.com
or
by
contacting
the
Amedisys
Investor
Relations department at (800) 467-2662.
We disclaim any obligation to update any 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.
2
www.amedisys.com
NASDAQ: AMED
We encourage everyone to visit the
Investors Section of our website at
www.amedisys.com, where we
have posted additional important
information such as press releases,
profiles concerning our business
and clinical operations and control
processes, and SEC filings.
We intend to use our website to
expedite public access to time-
critical information regarding the
Company in advance of or in lieu of
distributing a press release or a
filing with the SEC disclosing the
same information. |
![]() Leading Home Health & Hospice
Company
overview
1
3
Founded in 1982, publicly listed 1994
558 locations in 45 states
Leading provider of home health services
-
Services include skilled nursing and therapy
services
Growing hospice business
94% of Home Health revenue is episodic
based (both Medicare & non-Medicare)
16,100 employees
Home Health Division:
-Total admits. and recerts. in 1Q11 ~ 106,000
-8.5 million visits run rate in 2011
Hospice Division:
-
Average daily census = 3,153
-
Average length of stay = 88 days
2011 revenue
guidance
=
$1.60
-
$1.65
billion
Stats
2
89%
11%
Home Health
Hospice
Revenue Mix
1
For the quarter ended March 31, 2011
2
Provided as of the date of our Form 8-K filed with the Securities and Exchange Commission on April
26, 2011. |
![]() Leading Home Health & Hospice
Management team
William F. Borne, Chairman and CEO
Founder and CEO since 1982
28 years leading the industry
Michael D. Snow, Chief Operating Officer
30 years leading health care operations
Wellmont, HealthSouth, HCA
Tim Barfield, Chief Development Officer
15 years of corporate development experience
Gov. Bobby Jindal, Vinson & Elkins, The Shaw Group
Dale E. Redman, CPA, Chief Financial Officer
34 years of senior level financial experience
Winward Capital, United Companies Financial
4
Jeffrey D. Jeter, Chief Compliance Officer
14 years of health care law and compliance expertise
Former Medicaid prosecutor, LA AG for DOJ
Michael O. Fleming, Chief Medical Officer
29 years as a family physician
Former President of AAFP, first industry CMO
G. Patrick Thompson, Chief Information Officer
23 years of corporate administration experience
Arthur Andersen, Turner Industries, The Shaw Group
David R. Bucey, General Counsel
24 years of experience in corporate law
Coca-Cola Company, McKenna Long & Aldridge |
![]() Leading Home Health & Hospice
Agency Locations
5
489 -
Home Health locations
69 -
Hospice locations |
![]() Leading Home Health & Hospice
Home Health Division
6
Industry leader
Strong national footprint
489 locations across 45 states as of March 31, 2011
$326 million revenue in 1Q 2011
Strong clinical quality
Experienced divisional leadership
World-class technology platform
Well positioned to capitalize
on organic and consolidation
opportunities
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2008
2009
2010
1Q 2010
1Q 2011
Home Health Revenue
$1,118
$1,409
$1,493
$381
$326 |
![]() Leading Home Health & Hospice
Hospice Division
7
69 locations across 20 states as of March 31, 2011
$39 million revenue in 1Q 2011
Operational efficiencies drive strong margins
Quality care drives referral growth
Partnered with the countrys largest and leading Home Health company
Offering comprehensive
continuum of at-home care
Collective resources to drive
operational and clinical
excellence
Cross referral opportunities
to drive growth
$-
$20
$40
$60
$80
$100
$120
$140
$160
2008
2009
2010
1Q 2010
1Q 2011
Hospice Revenue
$69
$104
$141
$33
$39 |
![]() Leading Home Health & Hospice
Medicare market size
8
Source: Congressional Budget Office baseline reports (Home health figures from 2010
report, Hospice figures from 2009 report) $18
$20
$21
$23
$25
$28
$31
$33
$37
$40
$44
$13
$13
$14
$15
$15
$16
$17
$18
$19
$20
$22
$-
$10
$20
$30
$40
$50
$60
$70
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Medicare Reimbursement
Home Health
Hospice
2009-2019
CAGR
Home Health
9.35%
Hospice
5.40% |
![]() Leading Home Health & Hospice
Value Proposition
Home Health is the lowest total cost, lowest daily cost, and provides care
over the longest period of time
9
*Source: National Association for Home Health & Hospice, Medpac
June 2010 Data Book
Hospital
SNF
Home Health
Average Cost of Stay
$28,191
$14,688
$5,293
Average Length of Stay
4.9 days
27 days
106 days
Per Diem Cost
$5,765
$544
$50 |
![]() Leading Home Health & Hospice
Our Long Term Operating Tenets
10 |
![]() Focus
on Clinical Outcomes Amedisys
vs. Footprint
Outcomes December 2009
Exceeded or met 11 out of 12 outcomes vs. footprint
1
Lower % is better Source:
Medicare 11
Leading Home Health & Hospice |
![]() Leading Home Health & Hospice
12
Internal ACH Rates
Trailing 12 Months
Note: Data
only
includes
agencies
in
the
2009
Baseline
dataset
.
Leading Home Health & Hospice |
![]() Quality Care Initiatives
13
Leading Home Health & Hospice |
![]() Leading Home Health & Hospice
3%
6%
-2%
15%
12%
17%
-5%
0%
5%
10%
15%
20%
2009
2010
1Q 2011
Same Store Episodic-Based
Admission Growth
1
Home Health
Hospice
Growth -
Organic
14
Tactical growth initiatives
Care center action plans
Heightened focus on low
performers
Leading indicators
Measure effectiveness
New regional leadership
Training & development
CRM tool / market intel
Incentive alignment
1
Same store episodic-based admission growth is the percent increase in our same store
episodic-based admissions for the period as a percent of the same store episodic-based
admissions of the prior period.
|
![]() Leading Home Health & Hospice
Growth -
External
15
Industry Consolidation
10,500 home health
provider numbers
3,400 hospice provider
numbers
12-15% public company
market share
Focus
CON markets
Geographic expansion
Market penetration
Hospital JVs
Continuum of
Care
Traditional Investments
Complementary Investments
Care management capabilities
Revenue diversification
Disease Management
15 |
![]() Leading Home Health & Hospice
Beacon Acquisition
Premier hospice in Northeast
23 locations
$80 million in revenue
Quality provider
Strong leadership and operations
Beacon Hospice Care Centers
Amedisys Hospice Care Centers
Amedisys Home Health Care Centers
16 |
![]() Leading Home Health & Hospice
Efficiency
Systems Infrastructure
17 |
![]() Leading Home Health & Hospice
Efficiency
labor
Cost per visit improvements
-
Pay per visit focus
-
Reduction in overtime
-
Weekly visit metrics
Field Overhead
-
Staffing ratios
-
Streamline leadership
-
Closures/Mergers
Hospice
-
Reduced pharma
costs
-
Leverage overhead thru growth
1
*Adjusted for holiday pay and inclement weather
18
$71.00
$71.50
$72.00
$72.50
$73.00
$73.50
$74.00
$74.50
$78.00
$78.50
$79.00
$79.50
$80.00
$80.50
$81.00
$81.50
$82.00
$82.50
$83.00
1Q 10
2Q 10
3Q 10
4Q 10
1Q 11
Home Health Cost per Visit*
Hospice Cost per Day |
![]() Leading Home Health & Hospice
Industry Challenges/Opportunities
Challenges
Opportunities
F2F
Therapy reassessment
2012 and future
reimbursement /rebasing
Regulatory focus
Demographics
Low cost setting
Quality differentiation
Value based pricing
Consolidation
Health care reform
Near-term hospice reimbursement
stability
Future state
Educating payors, policy
makers and health systems on
the value of a continuum
model
Regulatory inefficiencies
Risk sharing/capitation
Seamless patient care
ACOs / Medical home
System savings
19 |
![]() Investment Rationale
Solid industry growth rate
IT leader
Clinical quality and innovation
Low cost setting in high cost healthcare industry
Scalable infrastructure
Expected industry consolidation
Strong liquidity and capital position
20
Tremendous
Opportunities
Leading Home Health & Hospice |
![]() Leading Home Health & Hospice
Financial Review
21 |
![]() Leading Home Health & Hospice
Financial highlights
22
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2004
2005
2006
2007
2008
2009
2010
2011
Revenue
Projected Revenue
EPS
Projected EPS |
![]() Leading Home Health & Hospice
23
Summary financial results
($ in millions, except per share data)
2009
2010
1Q10
1Q11
Net revenue
$1,513.5
$1,634.3
$413.0
$364.3
Gross margin
789.0
813.9
208.9
173.1
CFFO
247.7
206.3
71.1
52.5
Adjusted
EBITDA
261.8
242.0
70.7
41.2
Adjusted Fully-diluted EPS
$4.89
$4.29
$1.29
$0.62
1
Adjusted
EBITDA
is
defined
as
net
income
attributable
to
Amedisys,
Inc.
before
provision
for
income
taxes,
net
interest
(income)
expense,
and
depreciation
and
amortization plus certain adjustments (i.e Certain items incurred in 2010 and
2011 which are detailed in our Form 8-K filed with the Securities and Exchange
Commission on February 22, 2011 and April 26, 2011, respectively). 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.
2
Adjusted diluted earnings per share is defined as diluted earnings per share plus
the earnings per share effect of certain adjustments (i.e. Certain items incurred in
2010 and 2011 which are detailed in our Form 8-K filed with the
Securities and Exchange Commission on February 22, 2011 and April 26, 2011, respectively).
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 of 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. 1
2 |
![]() Leading Home Health & Hospice
24
Summary performance results
2009
2010
1Q10
1Q11
Agencies at period end
586
553
600
558
Total visits
8,702,146
9,065,549
2,299,325
2,137,269
Episodic-based admissions
231,782
253,763
65,278
62,480
Episodic-based completed
episodes
411,975
424,988
105,096
99,517
Episodic-based revenue per
episode
$3,166
$3,311
$3,282
$3,029 |
![]() Leading Home Health & Hospice
25
Summary balance sheet
Dec. 31, 2010
Mar. 31, 2011
Assets
Cash
$ 120.3
$ 148.9
Accounts Receivable, Net
141.5
141.9
Property and Equipment
138.6
144.0
Goodwill
791.4
791.4
Other
108.1
101.4
Total Assets
$ 1,299.9
$ 1,327.6
Liabilities and Equity
Debt
$ 181.9
$ 172.2
All Other Liabilities
238.3
251.3
Equity
879.7
904.1
Total Liabilities and Equity
$ 1,299.9
$ 1,327.6
Leverage Ratio, Net of Cash
0.3x
0.2x |
![]() Leading Home Health & Hospice
26
Days revenue outstanding (DSO)
(1)
Our calculation of days revenue outstanding, net at March 31, 2008 is derived by dividing our
ending net patient accounts receivable (i.e. net of estimated revenue adjustments, allowance for doubtful accounts and
excluding the patient accounts receivable assumed in the TLC Health Care Services, Inc.
(TLC) and Family Home Health Care, Inc. & Comprehensive Home Healthcare Services, Inc. (HMA) acquisitions) by our average
daily net patient revenue, excluding the results of TLC and HMA for the three-month period
ended March 31, 2008. (2)
Our calculation of days revenue outstanding, net 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.
(1)
47.7
43.7
53.3
46.8
39.1
39.6
43.3
45.2
45.0
46.8
51.0
47.2
40.4
36.9
33.2
33.9
32.6
32.5
30.8
32.8
34.8
25.0
30.0
35.0
40.0
45.0
50.0
55.0
DSO -
Net
(2) |
![]() Leading Home Health & Hospice
27
Liquidity
Cash balance at 3/31/11 = $149M
Available line of credit (LOC): 3/31/11 = $233M
2011 Estimated CFFO -
Cap Ex = $110M -
$120M |
![]() Leading Home Health & Hospice
28
Guidance
1
Calendar Year 2011
2
Net revenue:
$1.60 -
$1.65 billion
EPS:
$3.00 -
$3.30
Diluted shares:
29.3 million |
![]() Leading Home Health & Hospice
Summary
29
Tremendous
Opportunities
Solid industry growth rate
IT leader
Clinical quality and innovation
Low cost setting in high cost healthcare industry
Scalable infrastructure
Expected industry consolidation
Strong liquidity and capital position |
![]() Leading Home Health & Hospice
Key references
30
Open Letter to Shareholders:
http://www.amedisys.com/pdf/Letter_to_Shareholders.pdf
Wyatt Matas Report: (upon request)
kevin.leblanc@amedisys.com
Avalere Study:
http://www.amedisys.com/pdf/avalere_results_051109.pdf
|
![]() Leading Home Health & Hospice
Contact information
Kevin B. LeBlanc
Director of Investor Relations
Amedisys, Inc.
5959 S. Sherwood Forest Boulevard
Baton Rouge, LA 70816
Office: 225.292.2031
Fax: 225.295.9653
kevin.leblanc@amedisys.com
31 |
Exhibit 99.2
AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands)
Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA | ||||||||||||||||
For the years ended December 31, | For the three-month periods ended March 31, | |||||||||||||||
2009 | 2010 | 2010 | 2011 | |||||||||||||
Net income attributable to Amedisys, Inc. |
$ | 135,837 | $ | 112,580 | $ | 36,646 | $ | 15,288 | ||||||||
Add: |
||||||||||||||||
Provision for income taxes |
86,171 | 72,309 | 23,547 | 10,007 | ||||||||||||
Interest expense, net |
11,457 | 8,766 | 2,326 | 2,134 | ||||||||||||
Depreciation and amortization |
28,312 | 34,589 | 8,186 | 9,355 | ||||||||||||
EBITDA (1) |
$ | 261,777 | $ | 228,244 | $ | 70,705 | $ | 36,784 | ||||||||
Add: |
||||||||||||||||
Certain items (2) |
| 15,947 | | 4,418 | ||||||||||||
Intangible write-off (2) |
| (2,216 | ) | | | |||||||||||
Adjusted EBITDA (3) |
$ | 261,777 | $ | 241,975 | $ | 70,705 | $ | 41,202 | ||||||||
Adjusted Diluted Earnings Per Share Reconciliation | ||||||||||||||||
For the years ended December 31, | For the three-month periods ended March 31, | |||||||||||||||
2009 | 2010 | 2010 | 2011 | |||||||||||||
Diluted earnings per share |
$ | 4.89 | $ | 3.95 | $ | 1.29 | $ | 0.53 | ||||||||
Add: |
||||||||||||||||
Certain items (2) |
| 0.34 | | 0.09 | ||||||||||||
Adjusted diluted earnings per share (4) |
$ | 4.89 | $ | 4.29 | $ | 1.29 | $ | 0.62 | ||||||||
(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 twelve-month period ended December 31, 2010 we incurred certain costs of $9.6 million ($5.9 million, net of tax or $0.21 per diluted share) associated with the realignment of operations including severance 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 exit activities of $13.6 million ($8.3 million, net of tax or $0.29 per diluted share) for the twelve-month period ended December 31, 2010, which includes $2.2 million, for the write-off of intangibles. During the three-month period ended September 30, 2010 we settled our Georgia indigent care liability for less than previously accrued of $3.7 million ($2.2 million net of tax or $0.08 per diluted share) and during the three-month period June 30, 2010 we received the Centers for Medicare and Medicaid Services (CMS) bonus payments of $3.6 million ($2.2 million or $0.08 per diluted share) as the result of a pay for performance demonstration. |
During the three-month period ended 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 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. |
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