Amedisys, Inc. (NASDAQ: AMED) today reported its financial results
for the three-month period and year ended December 31, 2023.
Three-Month Periods Ended December 31, 2023
and 2022
- Net service
revenue increased $8.8 million to $570.8 million compared to $562.0
million in 2022. Prior year included $15.9 million of net service
revenue from our personal care business which was divested on March
31, 2023.
- Net income
attributable to Amedisys, Inc. of $19.3 million, which is inclusive
of $11.5 million in costs associated with with our merger
transactions, compared to $31.7 million in 2022.
- Net income
attributable to Amedisys, Inc. per diluted share of $0.59 compared
to $0.97 in 2022.
Adjusted Quarterly Results*
- Adjusted EBITDA
of $56.7 million compared to $59.9 million in 2022.
- Adjusted net
service revenue of $570.8 million compared to $562.0 million in
2022. Prior year included $15.9 million of net service revenue from
our personal care business which was divested on March 31,
2023.
- Adjusted net
income attributable to Amedisys, Inc. of $30.8 million compared to
$38.0 million in 2022.
- Adjusted net income
attributable to Amedisys, Inc. per diluted share of $0.94 compared
to $1.16 in 2022.
Years Ended December 31, 2023 and 2022
- Net service
revenue increased $13.2 million to $2,236.4 million compared to
$2,223.2 million in 2022. Prior year included $61.4 million of net
service revenue from our personal care business which was divested
on March 31, 2023 compared to $15.0 million in 2023.
- Net loss
attributable to Amedisys, Inc. of $9.7 million, which is inclusive
of $142.7 million in costs associated with our merger transactions,
compared to net income attributable to Amedisys, Inc. of $118.6
million in 2022.
- Net loss
attributable to Amedisys, Inc. per diluted share of $0.30 compared
to net income attributable to Amedisys, Inc. per diluted share of
$3.63 in 2022.
Adjusted Year End Results*
- Adjusted EBITDA
of $247.0 million compared to $262.1 million in 2022.
- Adjusted net
service revenue of $2,236.4 million compared to $2,232.5 million in
2022. Prior year included $61.4 million of net service revenue from
our personal care business which was divested on March 31, 2023
compared to $15.0 million in 2023.
- Adjusted net
income attributable to Amedisys, Inc. of $140.6 million compared to
$163.4 million in 2022.
- Adjusted net
income attributable to Amedisys, Inc. per diluted share of $4.30
compared to $5.01 in 2022.
* See pages 2 and 14-16 for the definition and reconciliations
of non-GAAP financial measures to GAAP measures.
The supplemental slides provided in connection
with the fourth quarter and year ended December 31, 2023 earnings
release can be found on the Investor Relations page of our website.
In light of the pending merger of the Company with UnitedHealth
Group Incorporated, Amedisys will not conduct a quarterly earnings
call to discuss the fourth quarter and year ended December 31, 2023
results.
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 (loss) attributable to
Amedisys, Inc. before net interest expense, provision for income
taxes 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 (loss) attributable to
Amedisys, Inc. calculated in accordance with GAAP excluding certain
items; and (4) adjusted net income attributable to Amedisys, Inc.
per diluted share, defined as net income (loss) attributable to
Amedisys, Inc. common stockholders per diluted share calculated in
accordance with GAAP 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 high acuity care services. Amedisys is focused on
delivering the care that is best for our patients, whether that is
in-patient hospital, palliative and skilled nursing facility
("SNF") care in their homes, home-based recovery and rehabilitation
after an operation or injury, care focused on empowering our
patients to manage a chronic disease or hospice care at the end of
life. More than 3,000 hospitals and 110,000 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
approximately 19,000 employees in 521 care centers within 37 states
and the District of Columbia, Amedisys is dedicated to delivering
the highest quality of care to the doorsteps of more than 469,000
patients 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,” “strategy,” “plans,”
“anticipates,” “intends,” “projects,” “estimates,” “may,” “might,”
“could,” “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: disruption from the proposed merger with
UnitedHealth Group with patient, payor, provider, referral source,
supplier or management and employee relationships; the occurrence
of any event, change or other circumstances that could give rise to
the termination of the merger agreement with UnitedHealth Group or
the inability to complete the proposed transaction on the
anticipated terms and timetable; the risk that necessary regulatory
approvals for the proposed merger with UnitedHealth Group are
delayed, are not obtained or are obtained subject to conditions
that are not anticipated; the failure of the conditions to the
proposed merger to be satisfied; the costs related to the proposed
transaction; the diversion of management time on merger-related
issues; the risk that termination fees may be payable by the
Company in the event that the merger agreement is terminated under
certain circumstances; reputational risk related to the proposed
merger; the risk of litigation or regulatory action related to the
proposed merger; changes in Medicare and other medical payment
levels; changes in payments and covered services by federal and
state governments; future cost containment initiatives undertaken
by third-party payors; changes in the episodic versus non-episodic
mix of our payors, the case mix of our patients and payment
methodologies; staffing shortages driven by the competitive labor
market; our ability to attract and retain qualified personnel;
competition in the healthcare industry; our ability to maintain or
establish new patient referral sources; 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 estimates and judgments associated with critical
accounting policies; our ability to consistently provide
high-quality care; our ability to keep our patients and employees
safe; our access to financing; our ability to meet debt service
requirements and comply with covenants in debt agreements; business
disruptions due to natural or man-made disasters, climate change or
acts of terrorism, widespread protests or civil unrest; our ability
to open care centers, acquire additional care centers and integrate
and operate these care centers effectively; our ability to realize
the anticipated benefits of acquisitions, investments and joint
ventures; our ability to integrate, manage and keep our information
systems secure; the impact of inflation; and changes in laws 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. |
Amedisys, Inc. |
|
Nick Muscato |
Kendra Kimmons |
|
Chief Strategy Officer |
Vice President, Marketing &
Communications |
|
(615) 928-5452 |
(225) 299-3720 |
|
IR@amedisys.com |
kendra.kimmons@amedisys.com |
AMEDISYS,
INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Amounts
in thousands, except per share data) |
|
|
For the Three-Month Periods Ended December
31, |
|
For the Years EndedDecember
31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
|
|
|
Net service revenue |
$ |
570,788 |
|
|
$ |
562,064 |
|
|
$ |
2,236,382 |
|
|
$ |
2,223,199 |
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of service, inclusive of depreciation |
|
321,416 |
|
|
|
317,167 |
|
|
|
1,245,509 |
|
|
|
1,260,425 |
|
General and administrative expenses: |
|
|
|
|
|
|
|
Salaries and benefits |
|
140,603 |
|
|
|
132,003 |
|
|
|
521,529 |
|
|
|
508,791 |
|
Non-cash compensation |
|
7,114 |
|
|
|
570 |
|
|
|
26,082 |
|
|
|
16,560 |
|
Merger-related expenses |
|
11,521 |
|
|
|
— |
|
|
|
36,672 |
|
|
|
— |
|
Depreciation and amortization |
|
4,143 |
|
|
|
5,230 |
|
|
|
17,747 |
|
|
|
24,935 |
|
Investment impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,009 |
|
Other |
|
51,982 |
|
|
|
60,856 |
|
|
|
232,449 |
|
|
|
228,707 |
|
Total operating expenses |
|
536,779 |
|
|
|
515,826 |
|
|
|
2,079,988 |
|
|
|
2,042,427 |
|
Operating income |
|
34,009 |
|
|
|
46,238 |
|
|
|
156,394 |
|
|
|
180,772 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
|
818 |
|
|
|
70 |
|
|
|
3,270 |
|
|
|
178 |
|
Interest expense |
|
(8,234 |
) |
|
|
(5,781 |
) |
|
|
(31,274 |
) |
|
|
(22,228 |
) |
Equity in earnings (loss) from equity method investments |
|
1,394 |
|
|
|
397 |
|
|
|
10,760 |
|
|
|
(45 |
) |
Merger termination fee |
|
— |
|
|
|
— |
|
|
|
(106,000 |
) |
|
|
— |
|
Miscellaneous, net |
|
1,211 |
|
|
|
412 |
|
|
|
6,473 |
|
|
|
1,567 |
|
Total other expense, net |
|
(4,811 |
) |
|
|
(4,902 |
) |
|
|
(116,771 |
) |
|
|
(20,528 |
) |
Income before income taxes |
|
29,198 |
|
|
|
41,336 |
|
|
|
39,623 |
|
|
|
160,244 |
|
Income tax expense |
|
(10,178 |
) |
|
|
(9,790 |
) |
|
|
(50,559 |
) |
|
|
(42,545 |
) |
Net income (loss) |
|
19,020 |
|
|
|
31,546 |
|
|
|
(10,936 |
) |
|
|
117,699 |
|
Net loss attributable to
noncontrolling interests |
|
302 |
|
|
|
171 |
|
|
|
1,189 |
|
|
|
910 |
|
Net income (loss) attributable to
Amedisys, Inc. |
$ |
19,322 |
|
|
$ |
31,717 |
|
|
$ |
(9,747 |
) |
|
$ |
118,609 |
|
Basic earnings per common
share: |
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. common
stockholders |
$ |
0.59 |
|
|
$ |
0.98 |
|
|
$ |
(0.30 |
) |
|
$ |
3.65 |
|
Weighted average shares outstanding |
|
32,635 |
|
|
|
32,511 |
|
|
|
32,599 |
|
|
|
32,517 |
|
Diluted earnings per common
share: |
|
|
|
|
|
|
|
Net income (loss) attributable to Amedisys, Inc. common
stockholders |
$ |
0.59 |
|
|
$ |
0.97 |
|
|
$ |
(0.30 |
) |
|
$ |
3.63 |
|
Weighted average shares outstanding |
|
32,913 |
|
|
|
32,602 |
|
|
|
32,599 |
|
|
|
32,653 |
|
AMEDISYS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except share
data) |
|
|
As of December 31, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
126,450 |
|
|
$ |
40,540 |
|
Restricted cash |
|
12,413 |
|
|
|
13,593 |
|
Patient accounts receivable |
|
313,373 |
|
|
|
296,785 |
|
Prepaid expenses |
|
14,639 |
|
|
|
11,628 |
|
Other current assets |
|
30,060 |
|
|
|
26,415 |
|
Total current assets |
|
496,935 |
|
|
|
388,961 |
|
Property and equipment, net of
accumulated depreciation of $92,422 and $101,364 |
|
41,845 |
|
|
|
16,026 |
|
Operating lease right of use
assets |
|
88,939 |
|
|
|
102,856 |
|
Goodwill |
|
1,244,679 |
|
|
|
1,287,399 |
|
Intangible assets, net of
accumulated amortization of $14,008 and $14,604 |
|
102,675 |
|
|
|
101,167 |
|
Other assets |
|
85,097 |
|
|
|
79,836 |
|
Total assets |
$ |
2,060,170 |
|
|
$ |
1,976,245 |
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
28,237 |
|
|
$ |
43,735 |
|
Payroll and employee benefits |
|
136,835 |
|
|
|
125,387 |
|
Accrued expenses |
|
140,049 |
|
|
|
137,390 |
|
Termination fee paid by UnitedHealth Group |
|
106,000 |
|
|
|
— |
|
Current portion of long-term obligations |
|
36,314 |
|
|
|
15,496 |
|
Current portion of operating lease liabilities |
|
26,286 |
|
|
|
33,521 |
|
Total current liabilities |
|
473,721 |
|
|
|
355,529 |
|
Long-term obligations, less
current portion |
|
361,862 |
|
|
|
419,420 |
|
Operating lease liabilities, less
current portion |
|
62,751 |
|
|
|
69,504 |
|
Deferred income tax
liabilities |
|
40,635 |
|
|
|
20,411 |
|
Other long-term obligations |
|
1,418 |
|
|
|
4,808 |
|
Total liabilities |
|
940,387 |
|
|
|
869,672 |
|
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;
38,131,478 and 37,891,186 shares issued; and 32,667,631 and
32,511,465 shares outstanding |
|
38 |
|
|
|
38 |
|
Additional paid-in capital |
|
787,177 |
|
|
|
755,063 |
|
Treasury stock at cost, 5,463,847 and 5,379,721 shares of common
stock |
|
(468,626 |
) |
|
|
(461,200 |
) |
Retained earnings |
|
747,925 |
|
|
|
757,672 |
|
Total Amedisys, Inc. stockholders’ equity |
|
1,066,514 |
|
|
|
1,051,573 |
|
Noncontrolling interests |
|
53,269 |
|
|
|
55,000 |
|
Total equity |
|
1,119,783 |
|
|
|
1,106,573 |
|
Total liabilities and equity |
$ |
2,060,170 |
|
|
$ |
1,976,245 |
|
AMEDISYS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
AND DAYS REVENUE OUTSTANDING(Amounts in thousands,
except statistical information) |
|
|
For the Three-Month Periods Ended
December 31, |
|
For the Years Ended December
31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
|
|
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
19,020 |
|
|
$ |
31,546 |
|
|
$ |
(10,936 |
) |
|
$ |
117,699 |
|
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization (inclusive of depreciation included
in cost of service) |
|
5,891 |
|
|
|
5,230 |
|
|
|
23,847 |
|
|
|
24,935 |
|
Non-cash compensation |
|
9,400 |
|
|
|
570 |
|
|
|
29,024 |
|
|
|
16,560 |
|
Amortization and impairment of operating lease right of use
assets |
|
8,569 |
|
|
|
11,247 |
|
|
|
33,996 |
|
|
|
46,029 |
|
(Gain) loss on disposal of property and equipment |
|
(27 |
) |
|
|
12 |
|
|
|
319 |
|
|
|
519 |
|
Deferred income taxes |
|
5,238 |
|
|
|
4,346 |
|
|
|
20,655 |
|
|
|
23,377 |
|
Loss on personal care divestiture |
|
— |
|
|
|
— |
|
|
|
2,186 |
|
|
|
— |
|
Merger termination fee |
|
— |
|
|
|
— |
|
|
|
106,000 |
|
|
|
— |
|
Equity in (earnings) loss from equity method investments |
|
(1,394 |
) |
|
|
(397 |
) |
|
|
(10,760 |
) |
|
|
45 |
|
Amortization of deferred debt issuance costs |
|
248 |
|
|
|
248 |
|
|
|
991 |
|
|
|
991 |
|
Return on equity method investments |
|
764 |
|
|
|
1,365 |
|
|
|
5,073 |
|
|
|
5,163 |
|
Investment impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,009 |
|
Changes in operating assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
Patient accounts receivable |
|
6,207 |
|
|
|
4,036 |
|
|
|
(26,727 |
) |
|
|
(14,230 |
) |
Other current assets |
|
8,796 |
|
|
|
16,404 |
|
|
|
(6,638 |
) |
|
|
(3,525 |
) |
Operating lease right of use assets |
|
(983 |
) |
|
|
(919 |
) |
|
|
(3,786 |
) |
|
|
(3,242 |
) |
Other assets |
|
(84 |
) |
|
|
155 |
|
|
|
189 |
|
|
|
438 |
|
Accounts payable |
|
(6,977 |
) |
|
|
(992 |
) |
|
|
(15,816 |
) |
|
|
4,894 |
|
Accrued expenses |
|
13,354 |
|
|
|
(12,592 |
) |
|
|
23,694 |
|
|
|
(39,382 |
) |
Other long-term obligations |
|
(234 |
) |
|
|
(9,065 |
) |
|
|
(3,390 |
) |
|
|
(8,822 |
) |
Operating lease liabilities |
|
(7,477 |
) |
|
|
(10,311 |
) |
|
|
(30,733 |
) |
|
|
(41,175 |
) |
Net cash provided by operating
activities |
|
60,311 |
|
|
|
40,883 |
|
|
|
137,188 |
|
|
|
133,283 |
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
Proceeds from the sale of
deferred compensation plan assets |
|
29 |
|
|
|
163 |
|
|
|
54 |
|
|
|
252 |
|
Proceeds from the sale of
property and equipment |
|
36 |
|
|
|
— |
|
|
|
136 |
|
|
|
66 |
|
Purchases of property and
equipment |
|
(1,892 |
) |
|
|
(1,827 |
) |
|
|
(5,620 |
) |
|
|
(6,165 |
) |
Investments in technology
assets |
|
(212 |
) |
|
|
(202 |
) |
|
|
(7,093 |
) |
|
|
(1,050 |
) |
Investment in equity method
investee |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(637 |
) |
Purchase of cost method
investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,000 |
) |
Return of investment |
|
— |
|
|
|
— |
|
|
|
150 |
|
|
|
— |
|
Proceeds from personal care
divestiture |
|
— |
|
|
|
— |
|
|
|
47,787 |
|
|
|
— |
|
Acquisitions of businesses, net
of cash acquired |
|
— |
|
|
|
— |
|
|
|
(350 |
) |
|
|
(71,952 |
) |
Net cash (used in) provided by
investing activities |
|
(2,039 |
) |
|
|
(1,866 |
) |
|
|
35,064 |
|
|
|
(94,486 |
) |
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
Proceeds from issuance of stock
upon exercise of stock options |
|
— |
|
|
|
1,226 |
|
|
|
100 |
|
|
|
2,304 |
|
Proceeds from issuance of stock
to employee stock purchase plan |
|
— |
|
|
|
991 |
|
|
|
2,602 |
|
|
|
3,848 |
|
Shares withheld to pay taxes on
non-cash compensation |
|
(2,116 |
) |
|
|
(32 |
) |
|
|
(6,529 |
) |
|
|
(7,981 |
) |
Noncontrolling interest
contributions |
|
220 |
|
|
|
1,401 |
|
|
|
1,452 |
|
|
|
3,501 |
|
Noncontrolling interest
distributions |
|
(259 |
) |
|
|
(136 |
) |
|
|
(1,873 |
) |
|
|
(1,561 |
) |
Proceeds from sale of
noncontrolling interest |
|
— |
|
|
|
1,876 |
|
|
|
— |
|
|
|
5,817 |
|
Purchase of noncontrolling
interest |
|
— |
|
|
|
— |
|
|
|
(800 |
) |
|
|
— |
|
Proceeds from borrowings under
revolving line of credit |
|
— |
|
|
|
50,500 |
|
|
|
23,000 |
|
|
|
534,500 |
|
Repayments of borrowings under
revolving line of credit |
|
— |
|
|
|
(69,000 |
) |
|
|
(23,000 |
) |
|
|
(534,500 |
) |
Principal payments of long-term
obligations |
|
(8,900 |
) |
|
|
(3,170 |
) |
|
|
(76,013 |
) |
|
|
(13,296 |
) |
Purchase of company stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,351 |
) |
Payment of accrued contingent
consideration |
|
(2,370 |
) |
|
|
— |
|
|
|
(6,461 |
) |
|
|
(5,714 |
) |
Net cash used in financing
activities |
|
(13,425 |
) |
|
|
(16,344 |
) |
|
|
(87,522 |
) |
|
|
(30,433 |
) |
Net increase in cash, cash
equivalents and restricted cash |
|
44,847 |
|
|
|
22,673 |
|
|
|
84,730 |
|
|
|
8,364 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
94,016 |
|
|
|
31,460 |
|
|
|
54,133 |
|
|
|
45,769 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
138,863 |
|
|
$ |
54,133 |
|
|
$ |
138,863 |
|
|
$ |
54,133 |
|
|
|
|
|
|
|
|
|
|
For the Three-Month Periods Ended
December 31, |
|
For the Years Ended December
31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
|
|
|
Supplemental Disclosures
of Cash Flow Information: |
|
|
|
|
|
|
|
Cash paid for interest |
$ |
7,888 |
|
|
$ |
5,786 |
|
|
$ |
29,766 |
|
|
$ |
14,939 |
|
Cash paid for Infinity ZPIC
interest |
$ |
— |
|
|
$ |
1,211 |
|
|
$ |
— |
|
|
$ |
12,755 |
|
Cash paid for income taxes, net
of refunds received |
$ |
4,809 |
|
|
$ |
431 |
|
|
$ |
29,127 |
|
|
$ |
24,013 |
|
Supplemental
Disclosures of Non-Cash Activity: |
|
|
|
|
|
|
|
Accrued contingent
consideration |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,195 |
|
Noncontrolling interest
contribution |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,900 |
|
Days revenue outstanding (1) |
|
47.7 |
|
|
|
46.1 |
|
|
|
47.7 |
|
|
|
46.1 |
|
(1) Our calculation of days revenue outstanding at
December 31, 2023 and 2022 is derived by dividing our ending
patient accounts receivable by our average daily patient revenue
for the three-month periods ended December 31, 2023 and 2022,
respectively.
AMEDISYS, INC. AND
SUBSIDIARIESSEGMENT
INFORMATION(Amounts in millions, except
statistical information)(Unaudited)
Segment Information - Home Health
|
For the Three-Month PeriodsEnded December
31, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in
millions)(6): |
|
|
|
Medicare |
$ |
221.1 |
|
|
$ |
224.8 |
|
Non-Medicare |
|
137.8 |
|
|
|
120.1 |
|
Net service revenue |
|
358.9 |
|
|
|
344.9 |
|
Cost of service, inclusive of
depreciation |
|
208.0 |
|
|
|
197.3 |
|
Gross margin |
|
150.9 |
|
|
|
147.6 |
|
General and administrative
expenses |
|
92.8 |
|
|
|
90.0 |
|
Depreciation and
amortization |
|
1.9 |
|
|
|
0.7 |
|
Operating income |
$ |
56.2 |
|
|
$ |
56.9 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
(1 |
%) |
|
|
(6 |
%) |
Non-Medicare revenue |
|
15 |
% |
|
|
8 |
% |
Total admissions |
|
7 |
% |
|
|
5 |
% |
Total volume(2) |
|
5 |
% |
|
|
1 |
% |
Key Statistical Data -
Total(3)(6): |
|
|
|
Admissions |
|
101,809 |
|
|
|
95,006 |
|
Recertifications |
|
44,893 |
|
|
|
44,670 |
|
Total volume |
|
146,702 |
|
|
|
139,676 |
|
|
|
|
|
Medicare completed
episodes |
|
73,892 |
|
|
|
76,357 |
|
Average Medicare revenue per
completed episode(4) |
$ |
2,997 |
|
|
$ |
2,995 |
|
Medicare visits per completed
episode(5) |
|
12.2 |
|
|
|
12.6 |
|
|
|
|
|
Visiting clinician cost per
visit |
$ |
108.64 |
|
|
$ |
104.12 |
|
Clinical manager cost per
visit |
|
12.12 |
|
|
|
11.77 |
|
Total cost per visit |
$ |
120.76 |
|
|
$ |
115.89 |
|
Visits |
|
1,721,985 |
|
|
|
1,702,334 |
|
|
For the Years Ended December
31, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in
millions)(6): |
|
|
|
Medicare |
$ |
874.2 |
|
|
$ |
896.5 |
|
Non-Medicare |
|
529.4 |
|
|
|
465.2 |
|
Net service revenue |
|
1,403.6 |
|
|
|
1,361.7 |
|
Cost of service, inclusive of
depreciation |
|
801.1 |
|
|
|
773.9 |
|
Gross margin |
|
602.5 |
|
|
|
587.8 |
|
General and administrative
expenses |
|
363.5 |
|
|
|
351.1 |
|
Depreciation and
amortization |
|
6.0 |
|
|
|
4.0 |
|
Operating income |
$ |
233.0 |
|
|
$ |
232.7 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
(3 |
%) |
|
|
(5 |
%) |
Non-Medicare revenue |
|
13 |
% |
|
|
2 |
% |
Total admissions |
|
6 |
% |
|
|
3 |
% |
Total volume(2) |
|
4 |
% |
|
|
— |
% |
Key Statistical Data -
Total(3)(6): |
|
|
|
Admissions |
|
399,752 |
|
|
|
376,399 |
|
Recertifications |
|
179,719 |
|
|
|
178,445 |
|
Total volume |
|
579,471 |
|
|
|
554,844 |
|
|
|
|
|
Medicare completed episodes |
|
295,017 |
|
|
|
305,455 |
|
Average Medicare revenue per
completed episode(4) |
$ |
2,998 |
|
|
$ |
3,013 |
|
Medicare visits per completed
episode(5) |
|
12.4 |
|
|
|
12.9 |
|
|
|
|
|
Visiting clinician cost per
visit |
$ |
103.31 |
|
|
$ |
100.03 |
|
Clinical manager cost per
visit |
|
11.58 |
|
|
|
11.19 |
|
Total cost per visit |
$ |
114.89 |
|
|
$ |
111.22 |
|
Visits |
|
6,972,929 |
|
|
|
6,958,541 |
|
(1) Same store information represents the
percent change in our Medicare, Non-Medicare and Total revenue,
admissions or volume for the period as a percent of the Medicare,
Non-Medicare and Total revenue, admissions or volume of the prior
period. Same store is defined as care centers that we have operated
for at least the last twelve months and startups that are an
expansion of a same store care center.(2) Total volume includes all
admissions and recertifications.(3) Total includes acquisitions,
start-ups and de novos.(4) Average Medicare revenue per completed
episode is the average Medicare revenue earned for each Medicare
completed episode of care. Average Medicare revenue per completed
episode reflects the suspension of sequestration for the period May
1, 2020 through March 31, 2022 and the reinstatement of
sequestration at 1% effective April 1, 2022 and at 2% effective
July 1, 2022.(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.(6) Prior year
has been recast to conform to the current year presentation.
Segment Information - Hospice
|
For the Three-Month PeriodsEnded December
31, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
194.2 |
|
|
$ |
186.3 |
|
Non-Medicare |
|
11.8 |
|
|
|
11.3 |
|
Net service revenue |
|
206.0 |
|
|
|
197.6 |
|
Cost of service, inclusive of
depreciation |
|
107.8 |
|
|
|
103.3 |
|
Gross margin |
|
98.2 |
|
|
|
94.3 |
|
General and administrative
expenses |
|
48.9 |
|
|
|
51.3 |
|
Depreciation and
amortization |
|
0.9 |
|
|
|
0.6 |
|
Operating income |
$ |
48.4 |
|
|
$ |
42.4 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
4 |
% |
|
|
(4 |
%) |
Hospice admissions |
|
(3 |
%) |
|
|
(8 |
%) |
Average daily census |
|
— |
% |
|
|
(2 |
%) |
Key Statistical Data -
Total(2): |
|
|
|
Hospice admissions |
|
12,226 |
|
|
|
12,629 |
|
Average daily census |
|
12,859 |
|
|
|
12,878 |
|
Revenue per day, net |
$ |
174.10 |
|
|
$ |
166.82 |
|
Cost of service per day |
$ |
91.18 |
|
|
$ |
87.21 |
|
Average discharge length of
stay |
|
97 |
|
|
|
94 |
|
|
For the Years Ended December
31, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
754.0 |
|
|
$ |
744.1 |
|
Non-Medicare |
|
44.8 |
|
|
|
43.7 |
|
Net service revenue |
|
798.8 |
|
|
|
787.8 |
|
Cost of service, inclusive of
depreciation |
|
412.2 |
|
|
|
426.5 |
|
Gross margin |
|
386.6 |
|
|
|
361.3 |
|
General and administrative
expenses |
|
193.1 |
|
|
|
203.3 |
|
Depreciation and
amortization |
|
3.0 |
|
|
|
2.3 |
|
Operating income |
$ |
190.5 |
|
|
$ |
155.7 |
|
Same Store
Growth(1): |
|
|
|
Medicare revenue |
|
1 |
% |
|
|
(1 |
%) |
Hospice admissions |
|
(5 |
%) |
|
|
(1 |
%) |
Average daily census |
|
(1 |
%) |
|
|
(1 |
%) |
Key Statistical Data -
Total(2): |
|
|
|
Hospice admissions |
|
49,587 |
|
|
|
52,656 |
|
Average daily census |
|
12,863 |
|
|
|
13,091 |
|
Revenue per day, net |
$ |
170.14 |
|
|
$ |
164.88 |
|
Cost of service per day |
$ |
87.80 |
|
|
$ |
89.26 |
|
Average discharge length of
stay |
|
93 |
|
|
|
91 |
|
(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. Same store is defined as care centers that we have operated
for at least the last twelve months and startups that are an
expansion of a same store care center.(2) Total includes
acquisitions and de novos.
Segment Information - Personal
Care(1)
|
For the Three-Month PeriodsEnded December
31, |
|
|
2023 |
|
|
2022 |
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
— |
|
$ |
— |
Non-Medicare |
|
— |
|
|
15.9 |
Net service revenue |
|
— |
|
|
15.9 |
Cost of service, inclusive of
depreciation |
|
— |
|
|
12.3 |
Gross margin |
|
— |
|
|
3.6 |
General and administrative
expenses |
|
— |
|
|
2.3 |
Depreciation and
amortization |
|
— |
|
|
— |
Operating income |
$ |
— |
|
$ |
1.3 |
Key Statistical Data -
Total: |
|
|
|
Billable hours |
|
— |
|
|
453,644 |
Clients served |
|
— |
|
|
7,720 |
Shifts |
|
— |
|
|
193,220 |
Revenue per hour |
$ |
— |
|
$ |
35.07 |
Revenue per shift |
$ |
— |
|
$ |
82.34 |
Hours per shift |
|
— |
|
|
2.3 |
|
For the Years Ended December
31, |
|
|
2023 |
|
|
2022 |
Financial
Information (in millions): |
|
|
|
Medicare |
$ |
— |
|
$ |
— |
Non-Medicare |
|
15.0 |
|
|
61.4 |
Net service revenue |
|
15.0 |
|
|
61.4 |
Cost of service, inclusive of
depreciation |
|
11.1 |
|
|
46.7 |
Gross margin |
|
3.9 |
|
|
14.7 |
General and administrative
expenses |
|
2.3 |
|
|
9.2 |
Depreciation and
amortization |
|
— |
|
|
0.1 |
Operating income |
$ |
1.6 |
|
$ |
5.4 |
Key Statistical Data -
Total: |
|
|
|
Billable hours |
|
440,464 |
|
|
1,851,563 |
Clients served |
|
7,892 |
|
|
10,448 |
Shifts |
|
191,379 |
|
|
791,596 |
Revenue per hour |
$ |
33.97 |
|
$ |
33.15 |
Revenue per shift |
$ |
78.19 |
|
$ |
77.55 |
Hours per shift |
|
2.3 |
|
|
2.3 |
(1) We completed the sale
of our personal care business on March 31, 2023.
Segment Information - High Acuity
Care
|
For the Three-Month Periods Ended
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in
millions)(1): |
|
|
|
Medicare |
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
5.9 |
|
|
|
3.6 |
|
Net service revenue |
|
5.9 |
|
|
|
3.6 |
|
Cost of service, inclusive of
depreciation |
|
5.6 |
|
|
|
4.3 |
|
Gross margin |
|
0.3 |
|
|
|
(0.7 |
) |
General and administrative
expenses |
|
5.4 |
|
|
|
5.0 |
|
Depreciation and
amortization |
|
0.8 |
|
|
|
0.9 |
|
Operating loss |
$ |
(5.9 |
) |
|
$ |
(6.6 |
) |
Key Statistical Data -
Total: |
|
|
|
Full risk admissions |
|
105 |
|
|
|
108 |
|
Limited risk admissions |
|
600 |
|
|
|
374 |
|
Total admissions |
|
705 |
|
|
|
482 |
|
|
|
|
|
Full risk revenue per
episode |
$ |
10,919 |
|
|
$ |
12,282 |
|
Limited risk revenue per
episode |
$ |
6,901 |
|
|
$ |
5,545 |
|
|
|
|
|
Number of admitting joint
ventures |
|
10 |
|
|
|
8 |
|
|
For the Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Financial
Information (in
millions)(1): |
|
|
|
Medicare |
$ |
— |
|
|
$ |
— |
|
Non-Medicare |
|
19.0 |
|
|
|
12.3 |
|
Net service revenue |
|
19.0 |
|
|
|
12.3 |
|
Cost of service, inclusive of
depreciation |
|
21.1 |
|
|
|
13.3 |
|
Gross margin |
|
(2.1 |
) |
|
|
(1.0 |
) |
General and administrative
expenses |
|
20.4 |
|
|
|
19.7 |
|
Depreciation and
amortization |
|
3.1 |
|
|
|
3.3 |
|
Investment impairment |
|
— |
|
|
|
3.0 |
|
Operating loss |
$ |
(25.6 |
) |
|
$ |
(27.0 |
) |
Key Statistical Data -
Total: |
|
|
|
Full risk admissions |
|
648 |
|
|
|
448 |
|
Limited risk admissions |
|
1,804 |
|
|
|
1,142 |
|
Total admissions |
|
2,452 |
|
|
|
1,590 |
|
|
|
|
|
Full risk revenue per
episode |
$ |
10,565 |
|
|
$ |
11,273 |
|
Limited risk revenue per
episode |
$ |
6,187 |
|
|
$ |
5,553 |
|
|
|
|
|
Number of admitting joint
ventures |
|
10 |
|
|
|
8 |
|
(1) Prior year has been
recast to conform to the current year presentation.
Segment Information -
Corporate
|
For the Three-Month PeriodsEnded December
31, |
|
|
2023 |
|
|
2022 |
Financial
Information (in
millions)(1): |
|
|
|
General and administrative
expenses |
$ |
64.1 |
|
$ |
44.7 |
Depreciation and
amortization |
|
0.6 |
|
|
3.0 |
Total operating expenses |
$ |
64.7 |
|
$ |
47.7 |
|
For the Years Ended December
31, |
|
|
2023 |
|
|
2022 |
Financial
Information (in
millions)(1): |
|
|
|
General and administrative
expenses |
$ |
237.5 |
|
$ |
170.8 |
Depreciation and
amortization |
|
5.6 |
|
|
15.2 |
Total operating expenses |
$ |
243.1 |
|
$ |
186.0 |
(1) Prior year has been
recast to conform to the current year presentation.
AMEDISYS, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES TO GAAP MEASURES(Amounts in
thousands)(Unaudited)
Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization ("Adjusted EBITDA") Reconciliation:
|
For the Three-Month PeriodsEnded December
31, |
|
For the Years EndedDecember
31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) attributable
to Amedisys, Inc. |
$ |
19,322 |
|
$ |
31,717 |
|
$ |
(9,747 |
) |
|
$ |
118,609 |
|
Add: |
|
|
|
|
|
|
|
Income tax expense |
|
10,178 |
|
|
9,790 |
|
|
50,559 |
|
|
|
42,545 |
|
Interest expense, net |
|
7,416 |
|
|
5,711 |
|
|
28,004 |
|
|
|
22,050 |
|
Depreciation and amortization |
|
5,891 |
|
|
5,230 |
|
|
23,847 |
|
|
|
24,935 |
|
Certain items(1) |
|
13,846 |
|
|
7,441 |
|
|
154,344 |
|
|
|
58,361 |
|
Interest component of certain items(1) |
|
— |
|
|
— |
|
|
— |
|
|
|
(4,445 |
) |
Adjusted EBITDA(2)(6) |
$ |
56,653 |
|
$ |
59,889 |
|
$ |
247,007 |
|
|
$ |
262,055 |
|
Adjusted Net Service Revenue
Reconciliation:
|
For the Three-Month PeriodsEnded December
31, |
|
For the Years EndedDecember
31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net service revenue |
$ |
570,788 |
|
$ |
562,064 |
|
$ |
2,236,382 |
|
$ |
2,223,199 |
Add: |
|
|
|
|
|
|
|
Certain items(1) |
|
— |
|
|
— |
|
|
— |
|
|
9,305 |
Adjusted net service
revenue(3)(6) |
$ |
570,788 |
|
$ |
562,064 |
|
$ |
2,236,382 |
|
$ |
2,232,504 |
Adjusted Net Income Attributable to Amedisys, Inc
Reconciliation:
|
For the Three-Month PeriodsEnded December
31, |
|
For the Years EndedDecember
31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
Net income (loss) attributable
to Amedisys, Inc. |
$ |
19,322 |
|
$ |
31,717 |
|
$ |
(9,747 |
) |
|
$ |
118,609 |
Add: |
|
|
|
|
|
|
|
Certain items(1) |
|
11,500 |
|
|
6,251 |
|
|
150,384 |
|
|
|
44,838 |
Adjusted net income
attributable to Amedisys, Inc.(4)(6) |
$ |
30,822 |
|
$ |
37,968 |
|
$ |
140,637 |
|
|
$ |
163,447 |
Adjusted Net Income Attributable to Amedisys, Inc. per
Diluted Share Reconciliation:
|
For the Three-Month PeriodsEnded December
31, |
|
For the Years EndedDecember
31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
Net income (loss) attributable
to Amedisys, Inc. common stockholders per diluted share |
$ |
0.59 |
|
$ |
0.97 |
|
$ |
(0.30 |
) |
|
$ |
3.63 |
Add: |
|
|
|
|
|
|
|
Certain items(1) |
|
0.35 |
|
|
0.19 |
|
|
4.60 |
|
|
|
1.37 |
Adjusted net income
attributable to Amedisys, Inc. common stockholders per diluted
share(5)(6) |
$ |
0.94 |
|
$ |
1.16 |
|
$ |
4.30 |
|
|
$ |
5.01 |
(1) The following details the certain items for
the three-month periods and years ended December 31, 2023 and
2022:
Certain Items:
|
For the Three-Month PeriodEnded December
31, 2023 |
|
For the Year Ended December 31,
2023 |
|
(Income) Expense |
|
(Income) Expense |
Certain Items
Impacting Cost of Service, Inclusive of Depreciation: |
|
|
|
Clinical optimization and reorganization costs |
|
199 |
|
|
|
595 |
Certain Items
Impacting General and Administrative Expenses: |
|
|
|
Acquisition and integration
costs |
|
180 |
|
|
|
3,286 |
CEO transition |
|
661 |
|
|
|
5,940 |
Merger-related expenses |
|
11,521 |
|
|
|
36,672 |
Clinical optimization and
reorganization costs |
|
1,819 |
|
|
|
6,022 |
Personal care divestiture |
|
— |
|
|
|
525 |
Certain Items
Impacting Total Other Income (Expense): |
|
|
|
Other (income) expense,
net* |
|
(534 |
) |
|
|
101,304 |
Total |
$ |
13,846 |
|
|
$ |
154,344 |
Net of tax |
$ |
11,500 |
|
|
$ |
150,384 |
Diluted EPS |
$ |
0.35 |
|
|
$ |
4.60 |
*Includes $106,000 merger termination fee for
the year ended December 31, 2023
|
For the Three-Month PeriodEnded December
31, 2022 |
|
For the Year Ended December 31,
2022 |
|
(Income) Expense |
|
(Income) Expense |
Certain Items
Impacting Net Service Revenue: |
|
|
|
Contingency accrual |
$ |
— |
|
$ |
9,305 |
|
Certain Items
Impacting Cost of Service: |
|
|
|
COVID-19 costs |
|
1,510 |
|
|
8,747 |
|
Clinical optimization and
reorganization costs |
|
33 |
|
|
1,382 |
|
Fuel supplement |
|
261 |
|
|
3,576 |
|
Integration costs |
|
— |
|
|
1,712 |
|
Certain Items
Impacting General and Administrative Expenses: |
|
|
|
Acquisition and integration
costs |
|
1,443 |
|
|
11,298 |
|
COVID-19 costs |
|
107 |
|
|
503 |
|
CEO transition |
|
— |
|
|
3,500 |
|
Severance |
|
993 |
|
|
993 |
|
Legal fees - non-routine |
|
— |
|
|
241 |
|
Clinical optimization and
reorganization costs |
|
2,247 |
|
|
5,792 |
|
Legal settlement |
|
— |
|
|
(1,058 |
) |
Fuel supplement |
|
33 |
|
|
251 |
|
Investment impairment |
|
— |
|
|
3,009 |
|
Certain Items
Impacting Total Other Income (Expense): |
|
|
|
Interest component of certain
items |
|
— |
|
|
4,445 |
|
Other expense, net |
|
814 |
|
|
4,665 |
|
Total |
$ |
7,441 |
|
$ |
58,361 |
|
Net of tax |
$ |
6,251 |
|
$ |
44,838 |
|
Diluted EPS |
$ |
0.19 |
|
$ |
1.37 |
|
(2) Adjusted EBITDA is defined as net income
(loss) attributable to Amedisys, Inc. before net interest expense,
provision for income taxes 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 (loss)
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 (loss) 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.
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