Press Release

Amedisys Reports Fourth Quarter and Year End Financial Results

Amedisys to Host Conference Call March 9, 2016 at 11:00 a.m. ET

Company Release - 3/8/2016 5:54 PM ET

BATON ROUGE, La., March 08, 2016 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice company, today reported its financial results for the three-month period and year ended December 31, 2015.

Three-Month Periods Ended December 31, 2015 and 2014

  • After adjusting for the 2015 period, $0.1 million ($0.5 million, net of income tax ) or $0.02 per diluted share and for the 2014 period $0.2 million ($0.1 million, net of income tax) or $0.01 per diluted share for certain items*, our adjusted results from continuing operations were as follows:

    • Net service revenue of $337.3 million compared to $300.5 million in 2014.

    • Net income from continuing operations attributable to Amedisys, Inc. of $13.4 million compared to net income from continuing operations of $9.0 million in 2014. (Net income from continuing operations attributable to Amedisys, Inc. of $12.9 million compared to net income from continuing operations attributable to Amedisys, Inc. of $9.1 million in 2014 on a GAAP basis.)

    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.40 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.27 per diluted share in 2014. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.38 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.28 per diluted share in 2014 on a GAAP basis.)

    • Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $27.6 million compared to $22.9 million in 2014.


Years Ended December 31, 2015 and 2014

  • After adjusting for the 2015 period, $85.4 million ($51.9 million, net of income tax ) or $1.57 per diluted share and for the 2014 period $17.7 million ($10.9 million, net of income tax) or $0.33 per diluted share for certain items*, our adjusted results from continuing operations were as follows:

    • Net service revenue of $1,279.5 million compared to $1,204.5 million in 2014.

    • Net income from continuing operations attributable to Amedisys, Inc. of $48.9 million compared to net income from continuing operations of $23.9 million in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. of $3.0 million compared to net income from continuing operations attributable to Amedisys, Inc. of $13.0 million in 2014 on a GAAP basis.)

    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.48 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.73 per diluted share in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.09 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.40 per diluted share in 2014 on a GAAP basis.)

    • EBITDA of $112.0 million compared to $74.3 million in 2014.

 

Paul B. Kusserow, President and Chief Executive Officer stated, “We are extremely pleased with our results in the fourth quarter and 2016 overall, as we continued to demonstrate strong organic revenue and earnings growth. In 2015, we generated $112 million in EBITDA, $108 million in cash flow from operations, strengthened our balance sheet and closed the acquisition of Infinity HomeCare in Florida. Since the end of the year, we also announced our acquisition of Associated Home Care, our first acquisition in the personal care space.”

“In 2016, we will continue to invest in quality and complete our transition to HomeCare HomeBase. We believe both will be key differentiators for Amedisys as our industry continues to evolve toward outcomes-based reimbursement and away from a fee-for-service model. Finally, we will continue with a disciplined capital allocation strategy, pursuing accretive acquisitions, such as our recently announced Associated Home Care deal, and executing under our share repurchase program where appropriate. Congratulations to our employees for delivering these outstanding results and welcome to our new team members from Infinity and Associated.”

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, 2015, 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 table Reconciliation Of Non-GAAP Financial Measures To GAAP Financial Statements for explanation of these certain items and the reconciliations of non-GAAP financial measures.

Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 11:00 a.m. ET, Wednesday, March 9, 2016 to either (877) 524-8416 (Toll free) or (412) 902-1028 (Toll). A replay of the conference call will be available through April 5, 2016 by dialing (877) 660-6853 (Toll free) or (201) 612-7415 (Toll) and entering conference ID #13629864.

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.


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  
 
   
  December 31, 2015     December 31, 2014   
ASSETS       
Current assets:  
Cash and cash equivalents $  27,502  $  8,032 
Patient accounts receivable, net of allowance for doubtful accounts of $16,526 and $14,317   125,010     99,325 
Prepaid expenses   8,110     8,493 
Other current assets   14,641     19,708 
Total current assets   175,263     135,558 
        
Property and equipment, net of accumulated depreciation of $141,793 and $146,438   42,695     137,455 
Goodwill   261,663     205,587 
Intangible assets, net of accumulated amortization of $25,386 and $25,374   44,047     33,193 
Deferred income taxes   125,245     124,788 
Other assets, net   36,172     33,161 
Total assets$  685,085  $  669,742 
        
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$  25,682  $  16,056 
Payroll and employee benefits   72,546     75,553 
Accrued expenses   71,965     56,329 
Current portion of long-term obligations   5,000     12,000 
Current portion of deferred income taxes      2,385 
Total current liabilities    175,193     162,323 
Long-term obligations, less current portion    95,000     104,372 
Other long-term obligations    4,456     5,285 
Total liabilities    274,649     271,980 
        
Equity:  
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding   —    
Common stock, $0.001 par value, 60,000,000 shares authorized; 34,786,966 and 34,569,526 shares issued; and 33,607,282 and 33,594,572 shares outstanding   35     35 
Additional paid-in capital   504,290     481,762 
Treasury stock at cost, 1,179,684 and 974,954 shares of common stock   (26,966)    (19,860)
Accumulated other comprehensive income   15     15 
Retained earnings   (67,806)    (64,785)
Total Amedisys, Inc. stockholders’ equity   409,568     397,167 
Noncontrolling interests   868     595 
Total equity   410,436     397,762 
Total liabilities and equity$  685,085  $  669,742 
        
   








Statement of Operations Information
   
 For the Three-Month Periods
Ended December 31,  
  For the Years Ended December 31,   
  2015     2014     2015     2014   
Net service revenue$  338,367  $  300,528   $  1,280,541  $  1,204,554 
Cost of service, excluding depreciation and amortization   192,483     171,375      725,915     691,061 
General and administrative expenses:    
Salaries and benefits   69,628     68,465      279,425     292,497 
Non-cash compensation   4,187     2,400      11,824     5,597 
Other   46,452     33,404      161,186     143,644 
Provision for doubtful accounts   4,683     2,976      14,053     16,294 
Depreciation and amortization   4,238     6,198      20,036     28,307 
Asset impairment charge        899      77,268     3,107 
Operating expenses   321,671     285,717      1,289,707     1,180,507 
Operating income (loss)   16,696     14,811      (9,166)    24,047 
Other income (expense):    
Interest income    38     48      71     94 
Interest expense   (1,005)    (2,614)     (10,783)    (8,217)
Equity in earnings from equity method investments    1,122     757      9,823     2,991 
Miscellaneous, net    5,785     1,517      9,747     2,061 
Total other income (expense), net    5,940     (292)     8,858     (3,071)
Income (loss) before income taxes    22,636     14,519      (308)    20,976 
Income tax expense    (9,564)    (5,188)     (2,004)    (7,671)
Income (loss) from continuing operations    13,072     9,331      (2,312)    13,305 
Discontinued operations, net of tax              (216)
Net income (loss)    13,072     9,331      (2,312)    13,089 
Net income attributable to noncontrolling interests    (161)    (196)     (709)    (313)
Net income (loss) attributable to Amedisys, Inc. $  12,911  $  9,135   $  (3,021) $  12,776 
                 
Basic earnings per common share:    
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders$  0.39  $  0.28   $  (0.09) $  0.40 
Discontinued operations, net of tax              (0.01)
Net income (loss) attributable to Amedisys, Inc. common stockholders$  0.39  $  0.28   $  (0.09) $  0.39 
Weighted average shares outstanding   33,202     32,621      33,018     32,301 
                 
Diluted earnings per common share:    
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders$  0.38  $  0.28   $  (0.09) $  0.40 
Discontinued operations, net of tax              (0.01)
Net income (loss) attributable to Amedisys, Inc. common stockholders$  0.38  $  0.28   $  (0.09) $  0.39 
Weighted average shares outstanding    33,743     33,188      33,018     32,823 
                 
Amounts attributable to Amedisys, Inc. common stockholders:    
Income (loss) from continuing operations $  12,911  $  9,135   $  (3,021) $  12,992 
Discontinued operations, net of tax              (216)
Net income (loss) $  12,911  $  9,135   $  (3,021) $  12,776 
                 
     









Cash Flow and Days Revenue Outstanding, Net Information
   
 For the Three-
Month Periods

Ended December 31,  
  For the Years Ended December 31,   
  2015     2014     2015     2014   
Net cash provided by (used in) operating activities$  20,044  $  4,595  $  107,785  $  (65,534)
Net cash used in investing activities   (47,562)    (5,138)    (67,421)    (14,300)
Net cash (used in) provided by financing activities   (2,031)    3,033     (20,894)    70,563 
Net (decrease) increase in cash and cash equivalents   (29,549)    2,490     19,470     (9,271)
Cash and cash equivalents at beginning of period    57,051     5,542     8,032     17,303 
Cash and cash equivalents at end of period $  27,502  $  8,032  $  27,502  $  8,032 
Days revenue outstanding, net (1)    31.9     29.4     31.9     29.4 


(1)      Our calculation of days revenue outstanding, net at December 31, 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 December 31, 2015 and 2014, respectively. Days revenue outstanding, net at December 31, 2015 does not include Infinity HomeCare.







Supplemental Information - Home Health
  
 For the Three-
Month Periods Ended December 31,
 
  2015     2014   
        
Financial Information (in millions):  
Medicare$  195.7  $  186.0 
Non-Medicare   66.9     53.5 
Net service revenue   262.6     239.5 
Cost of service   153.2     138.7 
Gross margin   109.4     100.8 
Other operating expenses   76.6     68.0 
Operating income$  32.8  $  32.8 
        
Key Statistical Data:  
Medicare:  
Same Store Volume (1):  
Revenue   5%    4%
Admissions    3%    1%
Recertifications    3%    2%
Total (2):  
Admissions    44,253     42,926 
Recertifications    25,376     24,795 
Completed episodes    68,926     66,925 
Visits    1,216,983     1,173,830 
Average revenue per completed episode (3) $  2,855  $  2,791 
Visits per completed episode (4)    17.7     17.5 
        
Non-Medicare:  
Same Store Volume (1):  
Revenue    25%    26%
Admissions    15%    22%
Recertifications    16%    22%
Total (2):  
Admissions    25,201     21,344 
Recertifications    9,798     8,328 
Visits    529,948     433,086 
        
Total (2):  
Cost per Visit $  87.71  $  86.29 
Visits    1,746,931     1,606,916 




 For the Years Ended December 31,  
  2015     2014   
        
Financial Information (in millions):  
Medicare $  761.4  $  751.5 
Non-Medicare    243.7     205.4 
Net service revenue    1,005.1     956.9 
Cost of service    584.2     559.4 
Gross margin    420.9     397.5 
Other operating expenses    280.6     294.4 
Operating income $  140.3  $  103.1 
        
Key Statistical Data:  
Medicare:  
Same Store Volume (1):  
Revenue    3%    1%
Admissions    3%    0%
Recertifications    (1%)    1%
Total (2):  
Admissions    178,226     177,243 
Recertifications    99,762     102,263 
Completed episodes    269,227     272,864 
Visits    4,797,734     4,794,609 
Average revenue per completed episode (3) $  2,825  $  2,768 
Visits per completed episode (4)    17.5     17.3 
        
Non-Medicare:  
Same Store Volume (1):  
Revenue    21%    19%
Admissions    18%    17%
Recertifications    14%    13%
Total (2):  
Admissions    96,934     83,940 
Recertifications    35,870     32,074 
Visits    1,954,543     1,651,745 
        
Total (2):  
Cost per Visit $  86.52  $  86.77 
Visits    6,752,277     6,446,354 


(1)      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.
(2)      Based on continuing operations for all periods presented.
(3)      Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.
(4)      Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.








Supplemental Information - Hospice
  
 For the Three-Month Periods Ended December 31,  
  2015     2014   
        
Financial Information (in millions):  
Medicare $  70.9  $  57.5 
Non-Medicare    4.9     3.5 
Net service revenue    75.8     61.0 
Cost of service    39.3     32.7 
Gross margin    36.5     28.3 
Other operating expenses    17.8     15.0 
Operating income $  18.7  $  13.3 
        
Key Statistical Data:  
Same Store Volume (1):  
Medicare revenue    24%    (1%)
Non-Medicare revenue    40%    7%
Hospice admits    21%    2%
Average daily census    24%    (3%)
Total (2):  
Hospice admits    4,966     4,134 
Average daily census    5,576     4,522 
Revenue per day $  147.75  $  146.77 
Cost of service per day$  76.54  $  78.62 
Discharge average length of stay    98     102 
  
 For the Years Ended December 31,  
  2015     2014   
        
Financial Information (in millions):  
Medicare $  258.5  $  232.6 
Non-Medicare    16.9     15.0 
Net service revenue    275.4     247.6 
Cost of service    141.7     131.7 
Gross margin    133.7     115.9 
Other operating expenses    66.0     63.4 
Operating income $  67.7  $  52.5 
        
Key Statistical Data:  
Same Store Volume (1):  
Medicare revenue    13%    (2%)
Non-Medicare revenue    18%    6%
Hospice admits    16%    (3%)
Average daily census    12%    (4%)
Total (2):  
Hospice admits    19,205     17,081 
Average daily census    5,105     4,632 
Revenue per day $  147.78  $  146.51 
Cost of service per day $  76.06  $  77.93 
Discharge average length of stay    92     100 


(1)      Same store Medicare and Non-Medicare revenue, Hospice admits or average daily census volume is the percent increase (decrease) 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.
(2)      Based on continuing operations for all periods presented.








Supplemental Information - Corporate
  
 For the Three-Month Periods Ended December 31,  
  2015     2014   
        
Financial Information (in millions):  
Other operating expenses $  32.2  $  27.6 
Depreciation and amortization    2.6     3.7 
Total $  34.8  $  31.3 
        
   
  
 For the Years Ended December 31,  
  2015     2014   
        
Financial Information (in millions):  
Other operating expenses $  126.5  $  114.4 
Depreciation and amortization    13.4     17.2 
Total before impairment (1) $  139.9  $  131.6 
        
   


(1)      Total of $217.2 million on a GAAP basis for the year ended December 31, 2015 (including $77.3 million asset impairment charge).








AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP 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 December 31,  
   For the Years Ended December 31,   
  2015     2014     2015     2014   
                
Net income (loss) attributable to Amedisys, Inc. $  12,911  $  9,135  $  (3,021) $  12,776 
Less:    
Discontinued operations, net of tax             (216)
Net income (loss) from continuing operations attributable to Amedisys, Inc.   12,911     9,135     (3,021)    12,992 
Add:    
Income tax expense    9,564     5,188     2,004     7,671 
Interest expense, net    967     2,566     10,712     8,123 
Depreciation and amortization    4,238     6,198     20,036     28,307 
EBITDA (1)    27,680     23,087     29,731     57,093 
Add:    
Certain items (2)    (120)    (214)    85,447     17,673 
Debt refinance costs (2)          (3,212)    (488)
Adjusted EBITDA (3) $  27,560  $  22,873  $  111,966  $  74,278 
                
     
   
Adjusted Net Service Revenue Reconciliation  
   
  For the Three-Month Periods
Ended December 31,  
   For the Years Ended December 31,   
  2015     2014     2015     2014   
                
Net service revenue $  338,367  $  300,528  $  1,280,541  $  1,204,554 
Add:    
Certain items (2)    (1,059)       (1,059)   
Adjusted net service revenue (4) $  337,308  $  300,528  $  1,279,482  $  1,204,554 
                
     
 
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:
   
  For the Three-Month Periods
Ended December 31,
   For the Years Ended December 31,   
  2015     2014     2015     2014   
                
Net income (loss) attributable to Amedisys, Inc. $  12,911  $  9,135  $  (3,021) $  12,776 
Less:    
Discontinued operations, net of tax             (216)
Net income (loss) from continuing operations attributable to Amedisys, Inc.   12,911     9,135     (3,021)    12,992 
Add:    
Certain items (2)    543     (138)    51,898     10,880 
Adjusted net income from continuing operations attributable to Amedisys, Inc. (5)$  13,454  $  8,997  $  48,877  $  23,872 
                
     








Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:
   
  For the Three-Month Periods
Ended December 31,  
   For the Years Ended December 31,   
  2015     2014     2015     2014   
                
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share$  0.38  $  0.28  $  (0.09) $  0.39 
Less:    
Discontinued operations, net of tax             (0.01)
                
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share   0.38     0.28     (0.09)    0.40 
Add:    
Certain items (2)   0.02     (0.01)    1.57     0.33 
                
Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (6)$  0.40  $  0.27  $  1.48  $  0.73 
                
     


(1)      EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(2)      The following details the certain other items for the three-month periods and years ended December 31, 2015 and 2014:


  For the Three-Month Period Ended December 31, 2015      For the Year Ended December 31, 2015   
         
  (Income)
Expense
   Net     Diluted EPS     (Income)
Expense
 
   Net     Diluted EPS   
HCHB implementation $  2,383  $  1,442  $  0.04   $  4,431   $  2,681  $  0.08 
Acquisition costs    1,046     633     0.02      1,046      633     0.02 
Exit and restructuring activity              2,735      1,654     0.05 
Legal fees - CID    459     278     0.01      745      451     0.01 
OIG Self-Disclosure    4,674     3,443     0.10      4,674      3,443     0.10 
Legal settlements    (5,314)    (3,215)    (0.10)     (7,453)     (4,509)    (0.14)
Inventory and Data Security Reporting              2,121      1,283     0.04 
Wage and Hour litigation    (2,309)    (1,397)    (0.04)     5,691      3,443     0.10 
Asset impairment              77,268      46,747     1.42 
Reduction of cost report reserve    (1,059)    (641)    (0.02)     (1,059)     (641)    (0.02)
Debt refinance costs              3,212      1,944     0.06 
Miscellaneous, other (income) expense, net             (7,964)     (5,231)    (0.15)
Total $  (120) $  543  $  0.02   $  85,447   $  51,898  $  1.57 
                          
       


  For the Three-Month Period Ended December 31, 2014     For the Year Ended December 31, 2014   
        
 (Income)
Expense
 
  Net     Diluted EPS     (Income)
Expense
   Net     Diluted EPS   
Exit and restructuring activity $  $  $  $  9,954  $  6,132  $  0.19 
OIG Self-Disclosure             1,450     893     0.03 
Legal settlements      (1,113)    (716)    (0.02)    (1,113)    (716)    (0.02)
Asset impairment    899      578     0.01     3,107     1,938     0.05 
Relator fees             3,938     2,426     0.07 
Loss on disposal of in-patient facility             515     317     0.01 
Debt refinance costs             488     301     0.01 
Miscellaneous, other (income) expense, net            (666)    (411)    (0.01)
Total $  (214) $  (138) $  (0.01) $  17,673  $  10,880  $  0.33 
       


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

Contact:

Investor Contact:
Amedisys, Inc.
David Castille
Managing Director, Treasury/Finance
(225) 299-3391
david.castille@amedisys.com

Media Contact:
Amedisys, Inc.
Kendra Kimmons
Managing Director, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com

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Source: Amedisys, Inc.

Contact Information

Amedisys Corporate Headquarters
3854 American Way
Baton Rouge, LA 70816
(225) 292-2031
Amedisys Executive Office
209 10th Avenue S.
Suite 512
Nashville, TN 37203
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