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Amedisys Reports Second Quarter 2019 Financial Results and Updates 2019 Guidance
Globe Newswire 31-Jul-2019 4:15 PM
BATON ROUGE, La., July 31, 2019 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED) today reported its financial results for the three and six-month periods ended June 30, 2019.
Three Month Periods Ended June 30, 2019 and 2018
Net service revenue increased $81.4 million to $493.0 million compared to $411.6 million in 2018.
Net income attributable to Amedisys, Inc. of $33.7 million compared to $33.3 million in 2018.
Net income attributable to Amedisys, Inc. per diluted share of $1.02 compared to $0.98 in 2018.
Adjusted Quarterly Results*
Adjusted EBITDA of $61.4 million compared to $49.7 million in 2018.
Adjusted net service revenue of $498.5 million compared to $413.3 million in 2018.
Adjusted net income attributable to Amedisys, Inc. of $39.9 million compared to $34.1 million in 2018.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.21 compared to $1.00 in 2018.
Six Month Periods Ended June 30, 2019 and 2018
Net service revenue increased $149.4 million to $960.3 million compared to $810.9 million in 2018.
Net income attributable to Amedisys, Inc. of $65.0 million compared to $60.5 million in 2018.
Net income attributable to Amedisys, Inc. per diluted share of $1.98 compared to $1.76 in 2018.
Adjusted Year to Date Results*
Adjusted EBITDA of $116.2 million compared to $91.4 million in 2018.
Adjusted net service revenue of $966.3 million compared to $812.6 million in 2018.
Adjusted net income attributable to Amedisys, Inc. of $76.3 million compared to $61.4 million in 2018.
Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.32 compared to $1.79 in 2018.
* See pages 12 and 13 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.
Paul B. Kusserow, President and Chief Executive Officer stated, "I am very proud of our second quarter results as we continue to best internal and external expectations. Most importantly and core to what we do, our growth allows us to bring clinical excellence to even more patients across home health, hospice and personal care. Providing our clinically distinct services to as many patients wherever they call home is why we get out of bed every morning and I am thankful to our team of over 21,000 employees for continuing to do all that you do to drive such impressive results and provide such incredible care."
Updated 2019 Guidance
Net service revenue is anticipated to be in the range of $1.94 billion to $1.98 billion.
Adjusted EBITDA is anticipated to be in the range of $213 million to $216 million.
Adjusted diluted earnings per share is anticipated to be in the range of $4.05 to $4.12 based on an estimated 33.1 million shares outstanding.
This guidance excludes the effects of any future acquisitions, if any are made.
We urge caution in considering the current trends and 2019 guidance 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, 2018, 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.
Earnings Call and Webcast Information
Amedisys will host a conference call on Thursday, August 1, 2019, at 11:00 a.m. ET to discuss its second quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through September 1, 2019 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13691942.
A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.
Non-GAAP Financial Measures
This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. ("GAAP") to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company's financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.
Additional information
Amedisys, Inc. (the "Company") is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 3,000 hospitals and 65,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With more than 21,000 employees in 471 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 376,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.
We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled "Investors" on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.
Forward-Looking Statements
When included in this press release, words like "believes," "belief," "expects," "plans," "anticipates," "intends," "projects," "estimates," "may," "might," "would," "should" and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in 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, 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, competition in the healthcare 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 consistently provide high-quality care, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of the acquisition of Compassionate Care Hospice ("CCH"), our ability to comply with requirements stipulated in the CCH 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.
Contact:
Investor Contact:
Media Contact:
Amedisys, Inc. Nick Muscato Vice President, Strategic Finance (855) 259-2046 IR@amedisys.com
AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (Unaudited)
For the Three-Month Periods Ended June 30
For the Six-Month Periods Ended June 30
2019
2018
2019
2018
Net service revenue
$
492,984
$
411,603
$
960,324
$
810,865
Cost of service, excluding depreciation and amortization
290,752
242,564
566,026
480,873
General and administrative expenses:
Salaries and benefits
98,356
77,215
193,186
152,846
Non-cash compensation
5,538
3,767
12,153
7,811
Other
48,408
42,104
91,810
83,784
Depreciation and amortization
5,179
3,125
8,074
6,718
Operating expenses
448,233
368,775
871,249
732,032
Operating income
44,751
42,828
89,075
78,833
Other income (expense):
Interest income
20
114
44
234
Interest expense
(4,332
)
(2,140
)
(7,681
)
(3,843
)
Equity in earnings from equity method investments
3,716
2,976
4,932
4,836
Miscellaneous, net
193
359
429
960
Total other (expense) income, net
(403
)
1,309
(2,276
)
2,187
Income before income taxes
44,348
44,137
86,799
81,020
Income tax expense
(10,308
)
(10,596
)
(21,186
)
(20,159
)
Net income
34,040
33,541
65,613
60,861
Net income attributable to noncontrolling interests
(298
)
(192
)
(567
)
(353
)
Net income attributable to Amedisys, Inc.
$
33,742
$
33,349
$
65,046
$
60,508
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders
$
1.05
$
1.00
$
2.03
$
1.80
Weighted average shares outstanding
32,075
33,439
32,038
33,705
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders
$
1.02
$
0.98
$
1.98
$
1.76
Weighted average shares outstanding
32,933
34,179
32,913
34,391
AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
June 30, 2019 (unaudited)
December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents
$
13,902
$
20,229
Patient accounts receivable
239,674
188,972
Prepaid expenses
8,957
7,568
Other current assets
13,252
7,349
Total current assets
275,785
224,118
Property and equipment, net of accumulated depreciation of $98,936 and $95,472
29,762
29,449
Operating lease right of use assets
85,026
—
Goodwill
664,822
329,480
Intangible assets, net of accumulated amortization of $35,402 and $33,050
61,966
44,132
Deferred income taxes
30,213
35,794
Other assets
58,288
54,145
Total assets
$
1,205,862
$
717,118
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
35,690
$
28,531
Payroll and employee benefits
111,660
92,858
Accrued expenses
131,860
99,475
Current portion of long-term obligations
7,610
1,612
Current portion of operating lease liabilities
26,187
—
Total current liabilities
313,007
222,476
Long-term obligations, less current portion
266,468
5,775
Operating lease liabilities, less current portion
57,392
—
Other long-term obligations
6,053
6,234
Total liabilities
642,920
234,485
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; 36,445,591 and 36,252,280 shares issued; and 32,130,184 and 31,973,505 shares outstanding
36
36
Additional paid-in capital
623,309
603,666
Treasury stock, at cost 4,315,407 and 4,278,775 shares of common stock
(246,175
)
(241,685
)
Accumulated other comprehensive income
15
15
Retained earnings
184,596
119,550
Total Amedisys, Inc. stockholders' equity
561,781
481,582
Noncontrolling interests
1,161
1,051
Total equity
562,942
482,633
Total liabilities and equity
$
1,205,862
$
717,118
AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) (Unaudited)
For the Three-Month Periods Ended June 30
For the Six-Month Periods Ended June 30
2019
2018
2019
2018
Cash Flows from Operating Activities:
Net income
$
34,040
$
33,541
$
65,613
$
60,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
5,179
3,125
8,074
6,718
Non-cash compensation
5,538
3,767
12,153
7,811
401(k) employer match
2,307
2,327
4,686
4,894
Amortization and impairment of operating lease right of use assets
9,150
—
17,495
—
Loss (gain) on disposal of property and equipment
2
87
(2
)
650
Deferred income taxes
2,606
6,200
5,875
9,145
Equity in earnings from equity method investments
(3,716
)
(2,976
)
(4,932
)
(4,836
)
Amortization of deferred debt issuance costs/debt discount
220
177
433
355
Write off of deferred debt issuance costs
—
38
—
38
Return on equity investment
117
1,579
842
2,204
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable
(1,832
)
(4,656
)
(24,165
)
3,604
Other current assets
2,292
(4,698
)
(8,343
)
(11,680
)
Other assets
282
642
(56
)
688
Accounts payable
1,665
5,146
(9,475
)
3,623
Accrued expenses
10,424
6,355
29,262
4,548
Other long-term obligations
(37
)
(1
)
(181
)
2,347
Operating lease liabilities
(8,061
)
—
(16,200
)
—
Operating lease right of use assets
(910
)
—
(1,754
)
—
Net cash provided by operating activities
59,266
50,653
79,325
90,970
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets
5
9
213
471
Proceeds from the sale of property and equipment
81
6
146
11
Investments in equity method investees
(90
)
—
(210
)
—
Purchases of property and equipment
(1,495
)
(149
)
(2,693
)
(1,611
)
Acquisitions of businesses, net of cash acquired
(17,547
)
(1,824
)
(345,414
)
(4,074
)
Net cash used in investing activities
(19,046
)
(1,958
)
(347,958
)
(5,203
)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options
987
2,484
1,343
2,609
Proceeds from issuance of stock to employee stock purchase plan
752
560
1,534
1,157
Shares withheld upon stock vesting
(1,802
)
(1,527
)
(4,490
)
(2,832
)
Noncontrolling interest distribution
(91
)
(322
)
(457
)
(350
)
Proceeds from borrowings under term loan
—
—
175,000
—
Proceeds from borrowings under revolving line of credit
23,000
127,500
184,500
127,500
Repayments of borrowings under revolving line of credit
(58,000
)
—
(92,000
)
—
Principal payments of long-term obligations
(1,718
)
(87,656
)
(2,277
)
(90,475
)
Debt issuance costs
—
(2,433
)
(847
)
(2,433
)
Purchase of company stock
—
(181,402
)
—
(181,402
)
Net cash (used in) provided by financing activities
(36,872
)
(142,796
)
262,306
(146,226
)
Net increase (decrease) in cash and cash equivalents
3,348
(94,101
)
(6,327
)
(60,459
)
Cash and cash equivalents at beginning of period
10,554
120,005
20,229
86,363
Cash and cash equivalents at end of period
$
13,902
$
25,904
$
13,902
$
25,904
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest
$
3,462
$
1,015
$
4,187
$
2,080
Cash paid for income taxes, net of refunds received
$
7,445
$
3,336
$
7,849
$
6,149
Days revenue outstanding (1)
41.1
41.1
41.1
41.1
(1) Our calculation of days revenue outstanding at June 30, 2019 and 2018 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended June 30, 2019 and 2018, respectively.
AMEDISYS, INC. AND SUBSIDIARIES SEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited)
Segment Information - Home Health
For the Three- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Medicare
$
219.1
$
206.3
Non-Medicare
99.5
85.2
Net service revenue
318.6
291.5
Cost of service
187.8
176.5
Gross margin
130.8
115.0
Other operating expenses
75.1
69.2
Operating income
$
55.7
$
45.8
Same Store Growth (1):
Medicare revenue
6
%
6
%
Non-Medicare revenue
17
%
18
%
Total admissions
7
%
6
%
Total volume (2)
6
%
8
%
Total Episodic admissions (3)
6
%
5
%
Total Episodic volume (4)
4
%
6
%
Key Statistical Data - Total (5):
Medicare:
Admissions
48,870
47,058
Recertifications
27,777
28,431
Total volume
76,647
75,489
Completed episodes
76,302
74,776
Visits
1,322,393
1,318,074
Average revenue per completed episode (6)
$
2,953
$
2,874
Visits per completed episode (7)
17.6
17.8
Non-Medicare:
Admissions
32,893
29,271
Recertifications
15,584
13,891
Total volume
48,477
43,162
Visits
774,093
690,548
Total (5):
Visiting Clinician Cost per Visit
$
81.97
$
80.07
Clinical Manager Cost per Visit
7.65
7.76
Total Cost per Visit
$
89.62
$
87.83
Visits
2,096,486
2,008,622
For the Six- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Medicare
$
432.5
$
411.3
Non-Medicare
196.2
164.3
Net service revenue
628.7
575.6
Cost of service
373.5
350.9
Gross margin
255.2
224.7
Other operating expenses
147.5
138.0
Operating income
$
107.7
$
86.7
Same Store Growth (1):
Medicare revenue
5
%
5
%
Non-Medicare revenue
20
%
16
%
Total admissions
7
%
5
%
Total volume (2)
6
%
7
%
Total Episodic admissions (3)
5
%
4
%
Total Episodic volume (4)
4
%
6
%
Key Statistical Data - Total (5):
Medicare:
Admissions
99,190
96,513
Recertifications
54,889
55,667
Total volume
154,079
152,180
Completed episodes
150,280
147,612
Visits
2,653,802
2,632,200
Average revenue per completed episode (6)
$
2,928
$
2,833
Visits per completed episode (7)
17.5
17.5
Non-Medicare:
Admissions
66,542
59,160
Recertifications.
30,267
26,323
Total volume
96,809
85,483
Visits
1,527,772
1,351,481
Total (5):
Visiting Clinician Cost per Visit
$
81.51
$
80.20
Clinical Manager Cost per Visit
7.83
7.88
Total Cost per Visit
$
89.34
$
88.08
Visits
4,181,574
3,983,681
(1) Same store information represents the percent change in our Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume of the prior period. (2) Total volume includes all admissions and recertifications. (3) Total Episodic admissions includes admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis. (4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis. (5) Total includes acquisitions and denovos. (6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. (7) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.
Segment Information - Hospice
For the Three- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Medicare
$
145.8
$
96.9
Non-Medicare
7.4
4.5
Net service revenue
153.2
101.4
Cost of service
87.3
51.7
Gross margin
65.9
49.7
Other operating expenses
35.3
20.6
Operating income
$
30.6
$
29.1
Same Store Growth (1):
Medicare revenue
1
%
13
%
Hospice admissions
7
%
7
%
Average daily census
5
%
12
%
Key Statistical Data - Total (2):
Hospice admissions
10,430
6,746
Average daily census
11,427
7,554
Revenue per day, net
$
147.27
$
147.58
Cost of service per day
$
83.96
$
75.20
Average discharge length of stay
98
97
For the Six- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Medicare
$
276.5
$
188.7
Non-Medicare
13.7
10.0
Net service revenue
290.2
198.7
Cost of service
161.4
101.8
Gross margin
128.8
96.9
Other operating expenses
64.7
40.8
Operating income
$
64.1
$
56.1
Same Store Growth (1):
Medicare revenue
5
%
12
%
Hospice admissions
6
%
6
%
Average daily census
7
%
12
%
Key Statistical Data - Total (2):
Hospice admissions
20,141
13,679
Average daily census
10,709
7,385
Revenue per day, net
$
149.72
$
148.66
Cost of service per day
$
83.25
$
76.15
Average discharge length of stay
98
97
(1) Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. (2) Total includes acquisitions and denovos.
Segment Information - Personal Care
For the Three- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Medicare
$
—
$
—
Non-Medicare
21.2
18.7
Net service revenue
21.2
18.7
Cost of service
15.6
14.4
Gross margin
5.6
4.3
Other operating expenses
3.2
3.3
Operating income
$
2.4
$
1.0
Key Statistical Data - Total (1):
Billable hours
848,245
797,228
Clients served
12,962
12,683
Shifts
382,287
356,874
Revenue per hour
$
25.01
$
23.48
Revenue per shift
$
55.49
$
52.45
Hours per shift
2.2
2.2
For the Six- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Medicare
$
—
$
—
Non-Medicare
41.4
36.6
Net service revenue
41.4
36.6
Cost of service
31.1
28.2
Gross margin
10.3
8.4
Other operating expenses
6.4
6.6
Operating income
$
3.9
$
1.8
Key Statistical Data - Total (1):
Billable hours
1,681,862
1,547,181
Clients served
14,687
14,350
Shifts
758,469
705,040
Revenue per hour
$
24.60
$
23.66
Revenue per shift
$
54.56
$
51.91
Hours per shift
2.2
2.2
(1) Total includes acquisitions.
Segment Information - Corporate
For the Three- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Other operating expenses
$
40.2
$
31.1
Depreciation and amortization
3.7
2.0
Total operating expenses
$
43.9
$
33.1
For the Six- Month Periods Ended June 30,
2019
2018
Financial Information (in millions):
Other operating expenses
$
81.5
$
61.3
Depreciation and amortization
5.1
4.5
Total operating expenses
$
86.6
$
65.8
AMEDISYS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (Amounts in thousands) (Unaudited)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"):
For the Three- Month Period Ended June 30,
For the Six- Month Period Ended June 30,
2019
2018
2019
2018
Net income attributable to Amedisys, Inc.
$
33,742
$
33,349
$
65,046
$
60,508
Add:
Income tax expense
10,308
10,596
21,186
20,159
Interest expense, net
4,312
2,026
7,637
3,609
Depreciation and amortization
5,179
3,125
8,074
6,718
Certain items (1)
8,257
1,035
15,171
1,224
Interest component of certain items (1)
(446
)
(446
)
(887
)
(829
)
Adjusted EBITDA (2) (6)
$
61,352
$
49,685
$
116,227
$
91,389
Adjusted Net Service Revenue Reconciliation:
For the Three- Month Period Ended June 30,
For the Six- Month Period Ended June 30,
2019
2018
2019
2018
Net service revenue
$
492,984
$
411,603
$
960,324
$
810,865
Add:
Certain items (1)
5,515
1,687
5,993
1,687
Adjusted net service revenue (3) (6)
$
498,499
$
413,290
$
966,317
$
812,552
Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
For the Three- Month Period Ended June 30,
For the Six- Month Period Ended June 30,
2019
2018
2019
2018
Net income attributable to Amedisys, Inc.
$
33,742
$
33,349
$
65,046
$
60,508
Add:
Certain items (1)
6,110
766
11,226
906
Adjusted net income attributable to Amedisys, Inc. (4) (6)
$
39,852
$
34,115
$
76,272
$
61,414
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:
For the Three- Month Period Ended June 30,
For the Six- Month Period Ended June 30,
2019
2018
2019
2018
Net income attributable to Amedisys, Inc. common stockholders per diluted share
$
1.02
$
0.98
$
1.98
$
1.76
Add:
Certain items (1)
0.19
0.02
0.34
0.03
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6).
$
1.21
$
1.00
$
2.32
$
1.79
(1) The following details the certain items for the three and six-month periods ended June 30, 2019 and 2018:
Certain Items:
For the Three- Month Period Ended June 30, 2019
For the Six- Month Period Ended June 30, 2019
(Income) Expense
(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual
$
5,523
$
6,541
Planned closures (7)
(8
)
(548
)
Certain Items Impacting Cost of Service:
Planned closures (7)
313
1,157
Certain Items Impacting Operating Expenses:
Planned closures (7)
69
157
Acquisition costs
4,494
10,252
Legal fees - non-routine
108
(24
)
Certain Items Impacting Total Other Income (Expense):
Miscellaneous, other (income) expense, net
(2,242
)
(2,364
)
Total
$
8,257
$
15,171
Net of tax
$
6,110
$
11,226
Diluted EPS
$
0.19
$
0.34
For the Three- Month Period Ended June 30, 2018
For the Six- Month Period Ended June 30, 2018
(Income) Expense
(Income) Expense
Certain Items Impacting Net Service Revenue:
Florida self-audit (pre-acquisition)
$
1,687
$
1,687
Certain Items Impacting Operating Expenses:
Acquisition costs
440
875
Legal fees - non-routine
543
1,105
Certain Items Impacting Total Other Income (Expense):
Miscellaneous, other (income) expense, net
(1,635
)
(2,443
)
Total
$
1,035
$
1,224
Net of tax
$
766
$
906
Diluted EPS
$
0.02
$
0.03
(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1. (3) Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1. (4) Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1. (5) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1. (6) Adjusted EBITDA, adjusted net service revenue, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measures calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. (7) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.
