0001193125-13-102225.txt : 20130312 0001193125-13-102225.hdr.sgml : 20130312 20130312080058 ACCESSION NUMBER: 0001193125-13-102225 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130312 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130312 DATE AS OF CHANGE: 20130312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMEDISYS INC CENTRAL INDEX KEY: 0000896262 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOME HEALTH CARE SERVICES [8082] IRS NUMBER: 113131700 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24260 FILM NUMBER: 13682593 BUSINESS ADDRESS: STREET 1: 5959 S SHERWOOD FOREST BLVD CITY: BATON ROUGE STATE: LA ZIP: 70816 BUSINESS PHONE: 2252922031 MAIL ADDRESS: STREET 1: 5959 S SHERWOOD FOREST BLVD CITY: BATON ROUGE STATE: LA ZIP: 70816 FORMER COMPANY: FORMER CONFORMED NAME: ANALYTICAL NURSING MANAGEMENT CORP DATE OF NAME CHANGE: 19940819 FORMER COMPANY: FORMER CONFORMED NAME: M&N CAPITAL CORP DATE OF NAME CHANGE: 19930125 8-K 1 d499950d8k.htm FORM 8-K Form 8-K

 

 

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): MARCH 12, 2013

Commission File Number: 0-24260

 

LOGO

 

 

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

(Registrant’s 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 2 — FINANCIAL INFORMATION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On March 12, 2013, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the fourth quarter and year ended December 31, 2012. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

SECTION 7 — REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

The information presented in Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

SECTION 9 — FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

 

  99.1 Press release dated March 12, 2013, announcing the Company’s financial results for the fourth quarter and year ended December 31, 2012 (furnished only)

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/ Scott G. Ginn

  Scott G. Ginn
  Senior Vice President of Accounting and Controller
  (Principal Accounting Officer)

DATE: March 12, 2013

Exhibit Index

 

Exhibit No.

   

Description

99.1    Press release dated March 12, 2013, announcing the Company’s financial results for the fourth quarter and year ended December 31, 2012 (furnished only)
 EX-99.1 2 d499950dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contacts:   Investor Contact:   Media Contact:
  Amedisys, Inc.   Amedisys, Inc.
  Kevin LeBlanc   Jacqueline Chen Valencia
  Director of Investor Relations   Senior Vice President – Marketing & Communications
  (225) 292-2031   (225) 299-3688
  kevin.leblanc@amedisys.com   jacqueline.chen@amedisys.com

AMEDISYS REPORTS FOURTH QUARTER FINANCIAL RESULTS

ISSUES 2013 GUIDANCE

AMEDISYS TO HOST CONFERENCE CALL TODAY AT 10:00 A.M. ET

BATON ROUGE, Louisiana (March 12, 2013) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the fourth quarter and year ended December 31, 2012 and issued 2013 guidance.

Three-Month Periods Ended December 31, 2012 and 2011

 

  •  

After adding back $153.4 million and $11.3 million ($113.9 million and $7.1 million, net of income tax ) or $3.75 and $0.24 per diluted share for certain items* in 2012 and 2011, the following would have been our adjusted results**:

 

  •  

Net service revenue of $362.9 million compared to $370.3 million in 2011, a decrease of $7.4 million or 2.0%.

 

  •  

Net income from continuing operations attributable to Amedisys, Inc., of $7.2 million compared to $14.5 million in 2011, a decrease of 50.5%.

 

  •  

Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.23 compared to $0.49 per diluted share in 2011, a decrease of 53.1%.

 

  •  

Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $23.3 million compared to $35.9 million in 2011, a decrease of 35.1%.

Twelve-Month Periods Ended December 31, 2012 and 2011

 

  •  

After adding back $159.5 million and $588.7 million ($115.1 million and $441.7 million, net of income tax) or $3.83 and $15.36 per diluted share for certain items* in 2012 and 2011, the following would have been our adjusted results**:

 

  •  

Net service revenue of $1,487.9 million compared to $1,463.6 million in 2011, an increase of $24.3 million or 1.7%.

 

  •  

Net income from continuing operations attributable to Amedisys, Inc., of $32.8 million compared to $66.8 million in 2011, a decrease of 50.9%.

 

  •  

Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.08 compared to $2.29 per diluted share in 2011, a decrease of 52.8%.

 

  •  

EBITDA of $103.2 million compared to $157.1 million in 2011, a decrease of 34.3%.

William F. Borne, Chief Executive Officer stated, “I’m pleased to report that after appropriate adjustments, we generated $1.00 in earnings per diluted share for the year, falling within the guidance we provided at both the beginning of the year and on our last earnings call. To better reflect core operations and as a basis to present adjusted results going forward, we have further adjusted earnings for legal costs associated with governmental investigations which were incurred in each quarter of the year and tax credits earned in the third quarter. On this basis, we earned $1.08 in earnings per diluted share for the year, compared to $2.29 per diluted share in 2011. In 2012, we faced another year of significant reimbursement cuts, slow industry growth, and limited acquisition opportunities. Yet, in addition to achieving guidance, we had a number of accomplishments including stabilizing our Medicare home health admissions, increasing our managed care business, lowering operating costs in the face of declining volumes, continuing development of our next generation operating system, and improving our capital structure.”

“Moving into 2013, in addition to a focus on growth, operational efficiency, and clinical excellence, we are making significant investments in technology and evolving our model of care. This differentiating strategy recognizes the changes taking place within the health care industry. We believe these investments will yield positive long-term results for our patients, our partners, employees and shareholders.”

2013 Guidance

 

  •  

Net service revenue is anticipated to be in the range of $1.425 billion to $1.45 billion.

 

  •  

Diluted earnings per share is expected to be in the range of $0.60 to $0.70 based on an estimated 31.5 million shares outstanding.

This guidance includes an estimate of legal costs associated with our on-going government investigations and anticipates that the 2% Medicare sequestration goes into effect April 1, 2013 on any admissions starting on or after that date.

We urge caution in considering the current trends and 2013 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

 

* See footnote 2 on page 10 for explanation of these certain items.
** See page 9 for the reconciliations of non-GAAP financial measures.

 

1

filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

Earnings Call and Webcast Information

To participate in the conference call, please call a few minutes before 10:00 a.m. ET on Tuesday, March 12, 2013, to either (877) 490-9717 (Toll free) or (704) 385-4855 (Toll), use conference ID #15174665. A replay of the conference call will be available through March 19, 2013. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll), use conference ID #15174665.

The call will also be available through our website and for seven days thereafter at the following web address: http://investors.amedisys.com.

We are headquartered in Baton Rouge, Louisiana. Our common stock trades on the NASDAQ Global Select Market under the symbol “AMED.”

Additional information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, 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 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 (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA plus certain items, adjusted net service revenue, defined as net service revenue plus certain items, adjusted net income from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. plus the certain items and adjusted net income from continuing operations attributable to Amedisys, Inc. per diluted share, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share 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 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 share, per share data and statistical information)

(Unaudited)

Balance Sheet Information

 

     As of December 31,  
     2012     2011  
ASSETS   

Current assets:

     

Cash and cash equivalents

    $ 14,545     $ 48,004  

Patient accounts receivable, net of allowance for doubtful accounts of $20,994 and $17,438

      169,172       148,061  

Prepaid expenses

      10,631       11,321  

Other current assets

      11,440       24,630  
  

 

 

    

 

 

  

Total current assets

      205,788       232,016  

Property and equipment, net of accumulated depreciation of $113,154, and $94,266

      156,709       148,536  

Goodwill

      209,594       334,695  

Intangible assets, net of accumulated amortization of $23,457 and $20,611

      47,050       50,067  

Deferred tax asset

      92,804       68,649  

Other assets, net

      18,650       24,322  
  

 

 

    

 

 

  

Total assets

    $ 730,595     $ 858,285  
  

 

 

    

 

 

  
LIABILITIES AND EQUITY   

Current Liabilities:

     

Accounts payable

    $ 29,175     $ 25,475  

Payroll and employee benefits

      79,341       82,130  

Accrued expenses

      54,855       68,493  

Current portion of long-term obligations

      35,807       33,888  

Current portion of deferred income taxes

      5,609       11,748  
  

 

 

    

 

 

  

Total current liabilities

      204,787       221,734  

Long-term obligations, less current portion

      66,904       111,551  

Other long-term obligations

      4,671       4,852  
  

 

 

    

 

 

  

Total liabilities

      276,362       338,137  
  

 

 

    

 

 

  

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; 31,876,508 and 30,328,549 shares issued; and 31,086,619 and 29,639,735 shares outstanding

      32       30  

Additional paid-in capital

      450,792       432,390  

Treasury stock at cost, 789,889 and 688,814 shares of common stock

      (17,116 )      (15,770 ) 

Accumulated other comprehensive income

      15       13  

Retained earnings

      18,617       102,205  
  

 

 

    

 

 

  

Total Amedisys, Inc. stockholders’ equity

      452,340       518,868  

Noncontrolling interests

      1,893       1,280  
  

 

 

    

 

 

  

Total equity

      454,233       520,148  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 730,595     $ 858,285  
  

 

 

    

 

 

  

 

3

Statement of Operations Information

 

     For the Three-Month Periods Ended
December 31,		     For the Years Ended December 31,  
     2012     2011     2012     2011  

Net service revenue

    $ 362,949     $ 370,279     $ 1,487,905     $ 1,468,305  

Cost of service, excluding depreciation and amortization

      206,243       201,783       841,146       780,606  

General and administrative expenses:

         

Salaries and benefits

      84,325       85,361       339,528       332,536  

Non-cash compensation

      1,152       27       7,217       8,292  

Other

      48,573       48,591       188,514       184,819  

Provision for doubtful accounts

      5,441       3,780       21,676       13,514  

Depreciation and amortization

      10,004       10,169       39,926       38,558  

Goodwill and other intangibles impairment charge

      162,103       5,841       162,103       579,955  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating expenses

      517,841        355,552       1,600,110       1,938,280  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

      (154,892 )      14,727       (112,205 )      (469,975 ) 

Other (expense) income:

         

Interest income

      13        6       65       231  

Interest expense

      (6,111 )      (2,129 )      (12,169 )      (8,822 ) 

Equity in earnings from equity investments

      604        380       1,695       1,494  

Miscellaneous, net

      3,636        6       3,917       (837 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other expense, net

      (1,858 )      (1,737 )      (6,492 )      (7,934 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) income before income taxes

      (156,750 )      12,990       (118,697 )      (477,909 ) 

Income tax (expense) benefit

      34,808        (5,555 )      21,397       103,076  
  

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) income from continuing operations

      (121,942 )      7,435       (97,300 )      (374,833 ) 

Discontinued operations, net of tax

      (65 )      (3,115 )      (1,283 )      (7,509 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

      (122,007 )      4,320       (98,583 )      (382,342 ) 

Net loss (income) attributable to noncontrolling interests

      15,195        (6 )      14,995       (122 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income attributable to Amedisys, Inc.

    $ (106,812 )    $ 4,314     $ (83,588 )    $ (382,464 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share:

         

(Loss) income from continuing operations attributable to Amedisys, Inc. common stockholders

    $ (3.52 )    $ 0.26     $ (2.75 )    $ (13.07 ) 

Discontinued operations, net of tax

      —          (0.11 )      (0.04 )      (0.26 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income attributable to Amedisys, Inc. common stockholders

    $ (3.52 )    $ 0.15     $ (2.79 )    $ (13.33 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding

      30,358        29,011       29,896       28,693  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted earnings per common share:

         

(Loss) income from continuing operations attributable to Amedisys, Inc. common stockholders

    $ (3.52 )    $ 0.25     $ (2.75 )    $ (13.07 ) 

Discontinued operations, net of tax

      —          (0.10 )      (0.04 )      (0.26 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income attributable to Amedisys, Inc. common stockholders

    $ (3.52 )    $ 0.15     $ (2.79 )    $ (13.33 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding

      30,358        29,415       29,896       28,693  
  

 

 

    

 

 

    

 

 

    

 

 

  

Amounts attributable to Amedisys, Inc. common stockholders:

         

(Loss) income from continuing operations

    $ (106,747 )    $ 7,429     $ (82,305 )    $ (374,955 ) 

Discontinued operations, net of tax

      (65 )      (3,115 )      (1,283 )      (7,509 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

    $ (106,812 )    $ 4,314     $ (83,588 )    $ (382,464 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

4

Cash Flow Information

 

     For the Three-Month Periods Ended
December 31,		     For the Years Ended December 31,  
     2012     2011     2012     2011  

Net cash provided by operating activities

    $ 12,590      $ 36,917      $ 69,494      $ 141,210  

Net cash used in investing activities

      (19,744 )      (12,047 )      (59,993 )      (180,710 ) 

Net cash used in financing activities

      (17,407 )      (6,328 )      (42,960 )      (32,791 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (decrease) increase in cash and cash equivalents

      (24,561 )      18,542        (33,459 )      (72,291 ) 

Cash and cash equivalents at beginning of period

      39,106        29,462        48,004        120,295  
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 14,545      $ 48,004      $ 14,545      $ 48,004  
  

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Information—Home Health

 

    For the Three-Month Periods Ended     For the
Year Ended
December 31,
2012		  
    March 31,
2012		     June 30,
2012		     September 30,
2012		     December 31,
2012		    

Financial Information (in millions):

          

Medicare

   $ 242.4     $ 241.0      $ 236.0      $ 233.2      $ 952.6   

Non-Medicare

     59.0       63.8        65.1        57.5        245.4   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net service revenue

     301.4       304.8        301.1        290.7        1,198.0   

Cost of service

     172.0       174.3        175.9        168.9        691.1   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross margin

     129.4       130.5        125.2        121.8        506.9   

Provision for doubtful accounts

     5.0       4.1        4.8        3.9        17.8   

Depreciation and amortization

     3.5       3.6        3.7        3.1        13.9   

Other operating expenses

     89.3       86.5        87.3        87.7        350.8   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income before impairment (1)

   $ 31.6     $ 36.3      $ 29.4      $ 27.1      $ 124.4   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Key Statistical Data:

          

Medicare:

          

Same Store Volume (2)

          

Revenue

     (8 )%      (9 )%      (6 )%      (7 )%      (7 )% 

Admissions

     (2 )%      2 %      0 %      1 %      0 % 

Recertifications

     (5 )%      (7 )%      (6 )%      (12 )%      (8 )% 

Admissions

     51,153       50,490        49,395        49,552        200,590   

Recertifications

     35,794       35,299        35,217        32,732        139,042   

Completed Episodes

     82,204       83,403        81,745        82,223        329,575   

Visits

     1,625,473       1,620,174        1,571,071        1,490,536        6,307,254   

Average revenue per completed episode (3)

   $ 2,882     $ 2,891      $ 2,869      $ 2,853      $ 2,874   

Visits per completed episode (4)

     18.6       19.1        18.8        18.4        18.7   

Non-Medicare:

          

Admissions:

          

Episodic

     8,721       8,578        8,592        4,366        30,257   

Non-episodic

     14,471       15,248        15,570        17,470        62,759   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     23,192       23,826        24,162        21,836        93,016   

Recertifications:

          

Episodic

     5,005       5,211        5,317        2,434        17,967   

Non-episodic

     4,726       5,560        6,238        7,909        24,433   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     9,731       10,771        11,555        10,343        42,400   

Visits:

          

Episodic

     254,679       253,395        251,670        151,303        911,047   

Non-episodic

     249,719       288,663        298,524        326,493        1,163,399   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     504,398       542,058        550,194        477,796        2,074,446   

Total:

          

Cost per Visit

   $ 80.76     $ 80.61      $ 82.90      $ 85.83      $ 82.45   

Visits

     2,129,871       2,162,232        2,121,265        1,968,332        8,381,700   

 

5

Supplemental Information—Home Health (continued)

 

    For the Three-Month Periods Ended     For the
Year  Ended
December 31,
2011		  
    March 31,
2011		     June 30,
2011		     September 30,
2011		     December 31,
2011		    

Financial Information (in millions):

          

Medicare

   $ 268.1     $ 267.2     $ 252.9     $ 249.5     $ 1,037.7  

Non-Medicare

     52.7       54.4       53.1       52.6       212.8  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net service revenue

     320.8       321.6       306.0       302.1       1,250.5  

Cost of service

     167.1       164.2       167.2       165.5       664.0  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross margin

     153.7       157.4       138.8       136.6       586.5  

Provision for doubtful accounts

     3.2       2.1       3.9       3.1       12.3  

Depreciation and amortization

     3.1       3.8       3.6       3.5       14.0  

Other operating expenses

     85.2       83.0       85.1       86.9       340.2  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income before impairment (1)

   $ 62.2     $ 68.5     $ 46.2     $ 43.1     $ 220.0  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Key Statistical Data:

          

Medicare:

          

Same Store Volume (2)

          

Revenue

     (16 )%      (16 )%      (15 )%      (15 )%      (15 )% 

Admissions

     (1 )%      (5 )%      (6 )%      (7 )%      (5 )% 

Recertifications

     (13 )%      (6 )%      (3 )%      (5 )%      (7 )% 

Admissions

     53,401       50,385       49,835       48,982       202,603  

Recertifications

     38,183       38,575       37,949       37,411       152,118  

Completed Episodes

     86,373       87,528       84,454       84,481       342,836  

Visits

     1,675,730       1,659,890       1,644,181       1,586,743       6,566,544  

Average revenue per completed episode (3)

   $ 3,055     $ 3,049     $ 2,994     $ 3,010     $ 3,027  

Visits per completed episode (4)

     18.5       18.9       18.6       18.9       18.7  

Non-Medicare:

          

Admissions:

          

Episodic

     8,006       7,510       7,377       7,903       30,796  

Non-episodic

     10,546       10,456       10,930       11,152       43,084  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     18,552       17,966       18,307       19,055       73,880  

Recertifications:

          

Episodic

     5,078       5,217       5,378       5,154       20,827  

Non-episodic

     4,241       4,380       4,277       4,535       17,433  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     9,319       9,597       9,655       9,689       38,260  

Visits:

          

Episodic

     233,065       244,558       236,855       235,412       949,890  

Non-episodic

     197,808       201,081       203,667       201,809       804,365  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

     430,873       445,639       440,522       437,221       1,754,255  

Total:

          

Cost per Visit

   $ 79.31     $ 77.98     $ 80.24     $ 81.75     $ 79.80  

Visits

     2,106,603       2,105,529       2,084,703       2,023,964       8,320,799  

 

(1) Operating loss of $134.5 million and $37.2 million on a GAAP basis for the quarter and year ended December 31, 2012, respectively. Operating loss of $527.8 million, operating income of $37.3 million and operating loss of $359.9 million on a GAAP basis for the quarter ended September 30, 2011, the quarter ended December 31, 2011 and the year ended December 31, 2011, respectively.
(2) Medicare revenue, admissions or recertifications growth is the percent increase (decrease) in our Medicare revenue, admissions or recertifications for the period as a percent of the Medicare revenue, admissions or recertifications of the prior period.
(3) 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.

 

6

Supplemental Information – Hospice

 

     For the Three-Month Periods Ended     For the
Year Ended
December 31,
2012		  
     March 31,
2012		     June 30,
2012		     September 30,
2012		     December 31,
2012		    

Financial Information (in millions):

           

Medicare

    $ 65.3     $ 69.8     $ 70.6     $ 68.1     $ 273.8  

Non-Medicare

      4.1       3.9       3.9       4.2       16.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net service revenue

      69.4       73.7       74.5       72.3       289.9  

Cost of service

      36.5       38.0       38.2       37.3       150.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross margin

      32.9       35.7       36.3       35.0       139.9  

Provision for doubtful accounts

      0.8       0.6       1.0       1.5       3.9  

Depreciation and amortization

      0.3       0.3       0.5       0.4       1.5  

Other operating expenses

      16.6       18.0       19.2       18.6       72.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income before impairment (1)

    $ 15.2     $ 16.8     $ 15.6     $ 14.5     $ 62.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Key Statistical Data:

           

Same store Medicare revenue growth (2)

      17 %      22 %      13 %      3 %      13 % 

Hospice admits

      4,902       4,891       4,706       4,662       19,161  

Average daily census

      5,190       5,497       5,615       5,405       5,427  

Revenue per day

    $ 147.07     $ 147.36     $ 144.17     $ 145.31     $ 145.94  

Cost of service per day

    $ 77.10     $ 75.78     $ 74.03     $ 74.92     $ 75.43  

Average length of stay

      91       95       102       105       99  

 

     For the Three-Month Periods Ended     For the
Year Ended
December 31,
2011		  
     March 31,
2011		     June 30,
2011		     September 30,
2011		     December 31,
2011		    

Financial Information (in millions):

           

Medicare

    $ 36.1     $ 43.7     $ 60.4     $ 64.3     $ 204.5  

Non-Medicare

      2.4       3.1       3.9       3.9       13.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net service revenue

      38.5       46.8       64.3       68.2       217.8  

Cost of service

      20.2       25.2       34.9       36.3       116.6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross margin

      18.3       21.6       29.4       31.9       101.2  

Provision for doubtful accounts

      (0.1 )      0.2       0.4       0.7       1.2  

Depreciation and amortization

      0.1       0.2       0.2       0.2       0.7  

Other operating expenses

      9.4       10.8       14.5       15.3       50.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

    $ 8.9     $ 10.4     $ 14.3     $ 15.7     $ 49.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Key Statistical Data:

           

Same store Medicare revenue growth (2)

      20 %      21 %      17 %      17 %      19 % 

Hospice admits

      3,163       3,702       4,589       4,435       15,889  

Average daily census

      3,126       3,746       4,879       5,010       4,197  

Revenue per day

    $ 136.87     $ 137.34     $ 143.17     $ 147.91     $ 142.14  

Cost of service per day

    $ 71.89     $ 73.99     $ 77.32     $ 78.20     $ 75.85  

Average length of stay

      88       86       86       93       88  

 

(1) Operating income of $14.0 million and $61.6 million on a GAAP basis for the quarter and year ended December 31, 2012, respectively.
(2) Same store Medicare revenue growth is the percent increase in our Medicare revenue for the period as a percent of the Medicare revenue of the period.

 

7

Supplemental Information – Corporate

 

     For the Three-Month Periods Ended     For the
Year Ended
December 31,
2012		  
     March 31,
2012		     June 30,
2012		     September 30,
2012		     December 31,
2012		    

Financial Information (in millions):

           

Depreciation and amortization

      6.3       6.0       5.8       6.4       24.5  

Other operating expenses

      28.0       31.6       24.6       27.9       112.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

    $ (34.3 )    $ (37.6 )    $ (30.4 )    $ (34.3 )    $ (136.6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     For the Three-Month Periods Ended     For the
Year Ended
December 31,
2011		  
     March 31,
2011		     June 30,
2011		     September 30,
2011		     December 31,
2011		    

Financial Information (in millions):

           

Depreciation and amortization

      6.0       5.6       5.9       6.4       23.9  

Other operating expenses

      35.1       33.2       35.4       31.8       135.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

    $ (41.1 )    $ (38.8 )    $ (41.3 )    $ (38.2 )    $ (159.4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

8

AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED KEY STATISTICAL DATA AND

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands, except key statistical data)

(Unaudited)

 

    For the Three-Month Periods Ended
December 31,		     For the Year Ended December 31,  
    2012     2011     2012     2011  

Key Statistical Data:

        

General

        

Number of home health care centers

     435       439       435       439  

Number of hospice care centers

     97       87       97       87  

Number of care centers acquired (1)

     —         1       11       23  

Number of care centers opened as start-up locations (1)

     4       2       7       12  

Days revenue outstanding, net (2)

     41.5       35.3       41.5       35.3  

 

(1) Includes both home health and hospice care centers.
(2) Our calculation of days revenue outstanding, net at December 31, 2012 and 2011 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, 2012 and 2011, respectively.

Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA

 

     For the Three-Month Periods Ended
December 31,		     For the Year Ended December 31,  
     2012     2011     2012     2011  

Net (loss) income from continuing operations attributable to Amedisys, Inc.

    $ (106,747 )    $ 7,429     $ (82,305 )    $ (374,955 ) 

Add:

         

Provision for income taxes

      (34,808 )      5,555       (21,397 )      (103,076 ) 

Interest expense, net

      6,098       2,123       12,104       8,591  

Depreciation and amortization

      10,004       10,169       39,926       38,558  
  

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA (1)

    $ (125,453 )    $ 25,276     $ (51,672 )    $ (430,882 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Add:

         

Certain items (2)

      153,417        11,314        159,507        588,734   

Debt fees (2)

      (4,681 )      —          (4,681 )      —     

Intangible write-off (2)

      —         (737 )      —         (737 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA (3)

    $ 23,283     $ 35,853     $ 103,154     $ 157,115  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Service Revenue Reconciliation

 

     For the Three-Month Periods Ended
December 31, 		     For the Year Ended December 31,  
     2012      2011      2012      2011  

Net service revenue

   $ 362,949      $ 370,279       $ 1,487,905       $ 1,468,305  

Add:

            

Certain items (2)

      —          —           —           (4,733 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted net service revenue (4)

    $ 362,949      $ 370,279       $ 1,487,905       $ 1,463,572  
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:

 

    For the Three-Month Periods Ended December 31,     For the Year Ended December 31,  
    2012     2011     2012     2011  

Net income (loss) from continuing operations attributable to Amedisys, Inc.

   $ (106,747 )    $ 7,429     $ (82,305 )    $ (374,955 ) 

Add:

        

Certain items (2)

     113,944       7,097       115,065       441,739  
 

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net income from continuing operations attributable to Amedisys, Inc. (5)

   $ 7,197     $ 14,526     $ 32,760     $ 66,784  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

9

Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:

 

     For the Three-Month Periods Ended December 31,      For the Year Ended December 31,  
     2012     2011      2012     2011  

Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share

    $ (3.52 )    $ 0.25      $ (2.75 )    $ (13.07 ) 

Add:

          

Certain items(2)

      3.75       0.24        3.83       15.36  
  

 

 

    

 

 

     

 

 

    

 

 

  

Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share(6)

    $ 0.23     $ 0.49      $ 1.08     $ 2.29  
  

 

 

    

 

 

     

 

 

    

 

 

  

 

(1) EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(2) The following details the certain items for the three-months and years ended December 31, 2012 and 2011 (amounts in thousands, except per share data):

 

     For the Three-Month Periods Ended
December 31, 2012		     For the Twelve-Month Periods Ended
December 31, 2012		  
     (Income)
Expense		     Net     Diluted EPS     (Income)
Expense		     Net     Diluted EPS  

Goodwill and other intangibles impairment charge

    $ 162,103       125,130       4.12       162,103       125,130       4.17  

Non-controlling interests portion of impairment charges

      (14,874 )      (14,874 )      (0.49 )      (14,874 )      (14,874 )      (0.50 ) 

Severance

      2,244        1,337        0.04        2,244        1,318        0.04   

Lease terminations

      463       276       0.01       463       272       0.01  

Debt costs

      4,681       2,790       0.09       4,681       2,750       0.09  

Lawsuit settlement

      (3,604 )      (2,148 )      (0.06 )      (3,604 )      (2,117 )      (0.06 ) 

Legal fees

      2,404        1,433        0.04        8,494        4,990        0.16   

State tax credits

      —         —         —         —         (2,404 )      (0.08 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 153,417     $ 113,944     $ 3.75     $ 159,507     $ 115,065     $ 3.83  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     For the Three-Month Periods Ended
December 31, 2011		     For the Twelve-Month Periods Ended
December 31, 2011		  
     (Income)
Expense		     Net     Diluted EPS     Income
(Expense)		     Net     Diluted EPS  

CMS Bonus

    $ —       $ —       $ —       $ (4,733 )    $ (2,864 )    $ (0.10 ) 

Goodwill and other intangibles impairment charge

      5,841       3,897       0.13       579,955       438,464       15.25  

Valuation allowance adjustment

      —         —         —         —          (1,924 )      (0.07 ) 

Severance

      1,559        898        0.04        3,268        1,949        0.07   

Exit activities related to continuing operations

      2,502       1,489       0.05       3,370       2,014       0.07  

Legal fees

      1,412        813        0.02        7,125        4,250        0.15   

Certain costs

      —          —          —          (251 )      (150 )      (0.01 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 11,314     $ 7,097      $ 0.24     $ 588,734      $ 441,739     $ 15.36  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
(3) Adjusted EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization 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 service revenue is defined as net service revenue plus certain items as described in footnote 2. Adjusted net service revenue 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 service revenue may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(5) Adjusted net income from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. plus certain items as described in footnote 2. Adjusted net income from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(6) Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted earnings (loss) from continuing operations per share plus the earnings per share effect of certain items as described in footnote 2. Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators or operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

 

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