EX-99.1 2 d89151dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contact:    Investor Contact:    Media Contact:
   Amedisys, Inc.    Amedisys, Inc.
   David Castille    Kendra Kimmons
   Managing Director, Treasury/Finance    Managing Director, Marketing & Communications
   (225) 299-3391    (225) 299-3720
   david.castille@amedisys.com    kendra.kimmons@amedisys.com

AMEDISYS REPORTS THIRD QUARTER FINANCIAL RESULTS

AMEDISYS TO HOST CONFERENCE CALL NOVEMBER 5, 2015 AT 12:00 P.M. ET

BATON ROUGE, Louisiana (November 4, 2015) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the three and nine-month periods ended September 30, 2015.

Three-Month Periods Ended September 30, 2015 and 2014

 

    After adding back for the 2015 period, $5.1 million ($3.1 million, net of income tax ) or $0.09 per diluted share and after adding back for the 2014 period $1.0 million ($0.6 million, net of income tax) or $0.02 per diluted share for certain items*, our adjusted results from continuing operations were as follows:

 

    Net service revenue of $326.4 million compared to $300.3 million in 2014.

 

    Net income from continuing operations attributable to Amedisys, Inc. of $11.5 million compared to net income from continuing operations of $9.1 million in 2014. (Net income from continuing operations attributable to Amedisys, Inc. of $8.4 million compared to net income from continuing operations attributable to Amedisys, Inc. of $8.4 million in 2014 on a GAAP basis.)

 

    Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.34 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.28 per diluted share in 2014. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.25 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.26 per diluted share in 2014 on a GAAP basis.)

 

    Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $26.4 million compared to $23.8 million in 2014.

Nine-Month Periods Ended September 30, 2015 and 2014

 

    After adding back for the 2015 period, $85.6 million ($51.8 million, net of income tax ) or $1.57 per diluted share and for the 2014 period $17.9 million ($11.0 million, net of income tax) or $0.34 per diluted share for certain items*, our adjusted results from continuing operations were as follows:

 

    Net service revenue of $942.2 million compared to $904.0 million in 2014.

 

    Net income from continuing operations attributable to Amedisys, Inc. of $35.8 million compared to net income from continuing operations of $14.9 million in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. of $15.9 million compared to net income from continuing operations attributable to Amedisys, Inc. of $3.9 million in 2014 on a GAAP basis.)

 

    Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.09 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.46 per diluted share in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.48 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.12 per diluted share in 2014 on a GAAP basis.)

 

    EBITDA of $84.4 million compared to $51.4 million in 2014.

Paul B. Kusserow, President and Chief Executive Officer stated, “We are encouraged by the company’s continued strong performance in the third quarter. Both segments achieved significant revenue growth and we have continued to make investments that will position us well to capitalize on future opportunities supporting our long-term strategic vision. I would like to thank our dedicated employees for their unwavering commitment to the patients we serve.”

We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

 

* See pages 10 & 11 for explanation of these certain items and the reconciliations of non-GAAP financial measures.

 

1


Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 12:00 p.m. ET, Thursday, November 5, 2015 to either (877) 524-8416 (Toll free) or (412) 902-1028 (Toll). A replay of the conference call will be available through December 2, 2015 by dialing (877) 660-6853 (Toll free) or (201) 612-7415 (Toll) and entering conference ID #13622135.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Amedisys, Inc. (the “Company”) is headquartered in Baton Rouge, Louisiana and our common stock trades on the NASDAQ Global Select Market under the symbol “AMED”.

Additional information

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

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing Federal and State laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA excluding certain other items, adjusted net income from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items, and adjusted net income from continuing operations attributable to Amedisys, Inc. per diluted share, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share excluding certain other items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.

 

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

 

     September 30, 2015     December 31, 2014  
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 57,051     $ 8,032  

Patient accounts receivable, net of allowance for doubtful accounts of $14,753 and $14,317

     121,744       99,325  

Prepaid expenses

     10,402       8,493  

Deferred income taxes

     1,953       —    

Other current assets

     5,641       19,708  

Assets held for sale

     19,650       —    
  

 

 

   

 

 

 

Total current assets

     216,441       135,558  

Property and equipment, net of accumulated depreciation of $140,363 and $146,438

     41,485       137,455  

Goodwill

     211,109       205,587  

Intangible assets, net of accumulated amortization of $25,379 and $25,374

     33,150       33,193  

Deferred income taxes

     129,992       124,788  

Other assets, net

     34,259       33,161  
  

 

 

   

 

 

 

Total assets

   $ 666,436     $ 669,742  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

Current Liabilities:

    

Accounts payable

   $ 24,226     $ 16,056  

Payroll and employee benefits

     74,050       75,553  

Accrued expenses

     69,188       56,329  

Current portion of long-term obligations

     3,750       12,000  

Current portion of deferred income taxes

     —         2,385  
  

 

 

   

 

 

 

Total current liabilities

     171,214       162,323  

Long-term obligations, less current portion

     96,250       104,372  

Other long-term obligations

     4,998       5,285  
  

 

 

   

 

 

 

Total liabilities

     272,462       271,980  
  

 

 

   

 

 

 

Equity:

    

Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding

     —         —    

Common stock, $0.001 par value, 60,000,000 shares authorized; 34,726,207 and 34,569,526 shares issued; and 33,672,216 and 33,594,572 shares outstanding

     35       35  

Additional paid-in capital

     495,827       481,762  

Treasury stock at cost, 1,053,991 and 974,954 shares of common stock

     (22,029     (19,860

Accumulated other comprehensive income

     15       15  

Retained earnings

     (80,717     (64,785
  

 

 

   

 

 

 

Total Amedisys, Inc. stockholders’ equity

     393,131       397,167  

Noncontrolling interests

     843       595  
  

 

 

   

 

 

 

Total equity

     393,974       397,762  
  

 

 

   

 

 

 

Total liabilities and equity

   $ 666,436     $ 669,742  
  

 

 

   

 

 

 

 

3


Statement of Operations Information

 

     For the Three-Month Periods
Ended September 30,
    For the Nine-Month Periods
Ended September 30,
 
     2015     2014     2015     2014  

Net service revenue

   $ 326,450     $ 300,281     $ 942,174     $ 904,026  

Cost of service, excluding depreciation and amortization

     186,772       170,159       533,432       519,686  

General and administrative expenses:

        

Salaries and benefits

     69,993       69,461       209,797       224,032  

Non-cash compensation

     3,060       1,697       7,637       3,197  

Other

     39,551       32,018       114,734       110,240  

Provision for doubtful accounts

     3,638       4,183       9,370       13,318  

Depreciation and amortization

     4,646       6,515       15,798       22,109  

Asset impairment charge

     2,075       —         77,268       2,208  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

     309,735       284,033       968,036       894,790  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     16,715       16,248       (25,862     9,236  

Other (expense) income:

        

Interest income

     7       24       33       46  

Interest expense

     (4,936     (2,990     (9,778     (5,603

Equity in earnings from equity investments

     1,924       563       8,701       2,234  

Miscellaneous, net

     1,330       110       3,962       544  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other (expense) income, net

     (1,675     (2,293     2,918       (2,779
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     15,040       13,955       (22,944     6,457  

Income tax (expense) benefit

     (6,465     (5,358     7,560       (2,483
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations

     8,575       8,597       (15,384     3,974  

Discontinued operations, net of tax

     —         —         —         (216
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     8,575       8,597       (15,384     3,758  

Net income attributable to noncontrolling interests

     (135     (158     (548     (117
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Amedisys, Inc.

   $ 8,440     $ 8,439     $ (15,932   $ 3,641  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per common share:

        

Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders

   $ 0.25     $ 0.26     $ (0.48   $ 0.12  

Discontinued operations, net of tax

     —         —         —         (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

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

   $ 0.25     $ 0.26     $ (0.48   $ 0.11  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

     33,128       32,468       32,957       32,194  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per common share:

        

Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders

   $ 0.25     $ 0.26     $ (0.48   $ 0.12  

Discontinued operations, net of tax

     —         —         —         (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

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

   $ 0.25     $ 0.26     $ (0.48   $ 0.11  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding

     33,631       32,934       32,957       32,690  
  

 

 

   

 

 

   

 

 

   

 

 

 

Amounts attributable to Amedisys, Inc. common stockholders:

        

Income (loss) from continuing operations

   $ 8,440     $ 8,439     $ (15,932   $ 3,857  

Discontinued operations, net of tax

     —         —         —         (216
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ 8,440     $ 8,439     $ (15,932   $ 3,641  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

4


Cash Flow and Days Revenue Outstanding, Net Information

 

     For the Three-Month Periods
Ended September 30,
    For the Nine-Month Periods
Ended September 30,
 
     2015     2014     2015     2014  

Net cash provided by (used in) operating activities

   $ 30,704     $ 25,342     $ 87,741     $ (70,129

Net cash (used in) provided by investing activities

     (8,037     230       (19,859     (9,162

Net cash provided (used in) by financing activities

     1,183       (31,255     (18,863     67,530  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     23,850       (5,683     49,019       (11,761

Cash and cash equivalents at beginning of period

     33,201       11,225       8,032       17,303  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 57,051     $ 5,542     $ 57,051     $ 5,542  
  

 

 

   

 

 

   

 

 

   

 

 

 

Days revenue outstanding, net (1)

     33.1       30.5       33.1       30.5  

 

(1) Our calculation of days revenue outstanding, net at September 30, 2015 and 2014 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three-month period ended September 30, 2015 and 2014, respectively.

 

5


Supplemental Information - Home Health

 

     For the Three-Month Periods Ended September 30,  
     2015     2014  

Financial Information (in millions):

    

Medicare

   $ 190.2     $ 185.4  

Non-Medicare

     63.2       51.8  
  

 

 

   

 

 

 

Net service revenue

     253.4       237.2  

Cost of service

     150.0       137.4  
  

 

 

   

 

 

 

Gross margin

     103.4       99.8  

Other operating expenses

     70.0       69.3  
  

 

 

   

 

 

 

Operating income

   $ 33.4     $ 30.5  
  

 

 

   

 

 

 

Key Statistical Data:

    

Medicare:

    

Same Store Volume (2):

    

Revenue

     3     5

Admissions

     4     2

Recertifications

     0     5

Total (3):

    

Admissions

     44,434       42,770  

Recertifications

     25,420       25,407  

Completed episodes

     67,288       67,316  

Visits

     1,208,853       1,190,962  

Average revenue per completed episode including sequestration (4)

   $ 2,821     $ 2,777  

Visits per completed episode (5)

     17.5       17.3  

Non-Medicare:

    

Same Store Volume (2):

    

Revenue

     22     31

Admissions

     21     26

Recertifications

     15     24

Total (3):

    

Admissions

     24,792       20,585  

Recertifications

     9,447       8,238  

Visits

     504,441       416,038  

Total (3):

    

Cost per Visit

   $ 87.54     $ 85.47  

Visits

     1,713,294       1,607,000  

 

6


     For the Nine-Month Periods Ended September 30,  
     2015     2014  

Financial Information (in millions):

    

Medicare

   $ 565.8     $ 565.5  

Non-Medicare

     176.8       151.9  
  

 

 

   

 

 

 

Net service revenue

     742.6       717.4  

Cost of service

     431.0       420.7  
  

 

 

   

 

 

 

Gross margin

     311.6       296.7  

Other operating expenses

     204.0       225.2  
  

 

 

   

 

 

 

Operating income before impairment (1)

   $ 107.6     $ 71.5  
  

 

 

   

 

 

 

Key Statistical Data:

    

Medicare:

    

Same Store Volume (2):

    

Revenue

     2     0

Admissions

     2     0

Recertifications

     (2 %)      0

Total (3):

    

Admissions

     133,973       134,317  

Recertifications

     74,386       77,468  

Completed episodes

     200,301       205,939  

Visits

     3,580,751       3,620,779  

Average revenue per completed episode including sequestration (4)

   $ 2,816     $ 2,763  

Visits per completed episode (5)

     17.4       17.2  

Non-Medicare:

    

Same Store Volume (2):

    

Revenue

     19     17

Admissions

     17     15

Recertifications

     13     10

Total (3):

    

Admissions

     71,733       62,596  

Recertifications

     26,072       23,746  

Visits

     1,424,595       1,218,659  

Total (3):

    

Cost per Visit

   $ 86.10     $ 86.92  

Visits

     5,005,346       4,839,438  

 

(1) Operating income of $70.3 million on a GAAP basis for the nine-month period ended September 30, 2014.
(2) Same store Medicare and Non-Medicare revenue, admissions or recertifications volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions or recertifications of the prior period.
(3) Based on continuing operations for all periods presented.
(4) Average Medicare revenue per completed episode including sequestration is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.
(5) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

 

7


Supplemental Information - Hospice

 

     For the Three-Month Periods Ended September 30,  
     2015     2014  

Financial Information (in millions):

    

Medicare

   $ 68.6     $ 59.0  

Non-Medicare

     4.4       4.1  
  

 

 

   

 

 

 

Net service revenue

     73.0       63.1  

Cost of service

     36.8       32.8  
  

 

 

   

 

 

 

Gross margin

     36.2       30.3  

Other operating expenses

     16.9       14.7  
  

 

 

   

 

 

 

Operating income

   $ 19.3     $ 15.6  
  

 

 

   

 

 

 

Key Statistical Data:

    

Same Store Volume (2):

    

Medicare revenue

     17     3

Non-Medicare revenue

     14     15

Hospice admits

     26     (3 %) 

Average daily census

     17     (3 %) 

Total (3):

    

Hospice admits

     4,962       4,002  

Average daily census

     5,346       4,608  

Revenue per day

   $ 148.47     $ 148.74  

Cost of service per day

   $ 74.82     $ 77.38  

Average length of stay

     92       100  

 

     For the Nine-Month Periods Ended September 30,  
     2015     2014  

Financial Information (in millions):

    

Medicare

   $ 187.6     $ 175.1  

Non-Medicare

     12.0       11.5  
  

 

 

   

 

 

 

Net service revenue

     199.6       186.6  

Cost of service

     102.4       99.0  
  

 

 

   

 

 

 

Gross margin

     97.2       87.6  

Other operating expenses

     48.2       47.4  
  

 

 

   

 

 

 

Operating income before impairment (1)

   $ 49.0     $ 40.2  
  

 

 

   

 

 

 

Key Statistical Data:

    

Same Store Volume (2):

    

Medicare revenue

     10     (2 %) 

Non-Medicare revenue

     11     6

Hospice admits

     14     (4 %) 

Average daily census

     8     (4 %) 

Total (3):

    

Hospice admits

     14,239       12,947  

Average daily census

     4,947       4,668  

Revenue per day

   $ 147.79     $ 146.42  

Cost of service per day

   $ 75.87     $ 77.70  

Average length of stay

     90       100  

 

(1) Operating income of $39.2 million on a GAAP basis for the nine-month period ended September 30, 2014.
(2) Same store Medicare and Non-Medicare revenue, Hospice admits or average daily census volume is the percent increase in our Medicare and Non-Medicare revenue, Hospice admits or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admits or average daily census of the prior period.
(3) Based on continuing operations for all periods presented.

 

8


Supplemental Information - Corporate

 

    For the Three-Month Periods Ended September 30,  
    2015     2014  

Financial Information (in millions):

   

Other operating expenses

  $ 30.8     $ 26.0  

Depreciation and amortization

    3.1       3.9  
 

 

 

   

 

 

 

Total before impairment (1)

  $ 33.9     $ 29.9  
 

 

 

   

 

 

 
    For the Nine-Month Periods Ended September 30,  
    2015     2014  

Financial Information (in millions):

   

Other operating expenses

  $ 94.3     $ 86.8  

Depreciation and amortization

    10.8       13.5  
 

 

 

   

 

 

 

Total before impairment (1)

  $ 105.1     $ 100.3  
 

 

 

   

 

 

 

 

(1) Total of $36.0 million on a GAAP basis for the three-month period ended September 30, 2015 (including $2.1 million asset impairment charge). Total of $182.4 million on a GAAP basis for the nine-month period ended September 30, 2015 (including $77.3 million asset impairment charge).

 

9


AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAPP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

(Unaudited)

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

 

     For the Three-Month Periods Ended
September 30,
    For the Nine-Month Periods Ended
September 30,
 
     2015     2014     2015     2014  

Net income (loss) attributable to Amedisys, Inc.

   $ 8,440     $ 8,439     $ (15,932   $ 3,641  

Less:

        

Discontinued operations, net of tax

     —         —         —         (216
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     8,440       8,439       (15,932     3,857  

Add:

        

Income tax expense (benefit)

     6,465       5,358       (7,560     2,483  

Interest expense, net

     4,929       2,966       9,745       5,557  

Depreciation and amortization

     4,646       6,515       15,798       22,109  
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA (1)

     24,480       23,278       2,051       34,006  

Add:

        

Certain items (2)

     5,100       1,003       85,567       17,887  

Write off of deferred debt issuance costs/call premium payment (2)

     (3,212     (488     (3,212     (488
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (3)

   $ 26,368     $ 23,793     $ 84,406     $ 51,405  
  

 

 

   

 

 

   

 

 

   

 

 

 

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

 

     For the Three-Month Periods Ended
September 30,
     For the Nine-Month Periods Ended
September 30,
 
     2015      2014      2015     2014  

Net income (loss) attributable to Amedisys, Inc.

   $ 8,440      $ 8,439      $ (15,932   $ 3,641  

Less:

          

Discontinued operations, net of tax

     —          —          —         (216
  

 

 

    

 

 

    

 

 

   

 

 

 

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

     8,440        8,439        (15,932     3,857  

Add:

          

Certain items (2)

     3,086        618        51,768       11,018  
  

 

 

    

 

 

    

 

 

   

 

 

 

Adjusted net income from continuing operations attributable to Amedisys, Inc. (4)

   $ 11,526      $ 9,057      $ 35,836     $ 14,875  
  

 

 

    

 

 

    

 

 

   

 

 

 

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

 

     For the Three-Month Periods Ended
September 30,
     For the Nine-Month Periods Ended
September 30,
 
     2015      2014      2015     2014  

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

   $ 0.25      $ 0.26      $ (0.48   $ 0.11  

Less:

          

Discontinued operations, net of tax

     —          —          —         (0.01
  

 

 

    

 

 

    

 

 

   

 

 

 

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

     0.25        0.26        (0.48     0.12  

Add:

          

Certain items (2)

     0.09        0.02        1.57       0.34  
  

 

 

    

 

 

    

 

 

   

 

 

 

Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5)

   $ 0.34      $ 0.28      $ 1.09     $ 0.46  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(1) EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

 

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(2) The following details the certain other items for the three and nine-month periods ended September 30, 2015 and 2014:

 

    For the Three-Month Period Ended
September 30, 2015
    For the Nine-Month Period Ended September 30, 2015  
    (Income)
Expense
    Net     Diluted EPS     (Income)
Expense
    Net     Diluted EPS  

Life insurance proceeds

  $ —       $ —       $ —       $ (1,044   $ (632   $ (0.02

Partial claim recovery

    —         —         —         (1,125     (681     (0.02

Legal settlement

    (1,014     (613     (0.02     (1,014     (613     (0.02

Inventory and Data Security Reporting

    —         —         —         2,121       1,283       0.04  

Wage and Hour litigation

    —         —         —         8,000       4,840       0.15  

Unrealized gain on investment

    (1,379     (835     (0.03     (6,736     (4,076     (0.12

Asset impairment charge

    2,075       1,255       0.04       77,268       46,747       1.42  

Legal fees - Department of Justice matter

    286       173       —         286       173       —    

HCHB implementation

    2,048       1,239       0.04       2,048       1,239       0.04  

Write off of deferred debt issuance costs/call premium payment

    3,212       1,944       0.06       3,212       1,944       0.06  

Gain on sale of care centers

    (184     (111     —          (184     (111     —     

Exit and restructuring activity costs

    56       34       —         2,735       1,655       0.05  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 5,100     $ 3,086     $ 0.09     $ 85,567     $ 51,768     $ 1.57  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    For the Three-Month Period Ended
September 30, 2014
    For the Nine-Month Period Ended September 30, 2014  
    (Income)
Expense
    Net     Diluted EPS     (Income)
Expense
    Net     Diluted EPS  

Asset impairment charge

  $ —       $ —       $ —       $ 2,208     $ 1,360     $ 0.04  

Exit and restructuring activity costs

    —         —         —         9,954       6,132       0.19  

Relator fees

    —         —         —         3,938       2,426       0.07  

OIG Self-Disclosure

    —         —         —         1,450       893       0.03  

Software write-off

    —         —         —         1,465       902       0.03  

Gain on sale of care centers

    —         —         —         (2,131     (1,313     (0.04

Write off of deferred debt issuance costs

    488       301       0.01       488       301       0.01  

Loss on disposal of in-patient facility

    515       317       0.01       515       317       0.01  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,003     $ 618     $ 0.02     $ 17,887     $ 11,018     $ 0.34  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

11