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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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11-3131700
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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;;;
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PART I.
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ITEM 1.
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ITEM 2.
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ITEM 3
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ITEM 4.
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ITEM 1.
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ITEM 1A.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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ITEM 5.
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ITEM 6.
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June 30, 2018
(unaudited) |
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December 31, 2017
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||||
ASSETS
|
|
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||||
Current assets:
|
|
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||||
Cash and cash equivalents
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$
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25,904
|
|
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$
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86,363
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Patient accounts receivable
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197,592
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|
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201,196
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Prepaid expenses
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10,493
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|
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7,329
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Other current assets
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24,784
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|
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16,268
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Total current assets
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258,773
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|
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311,156
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Property and equipment, net of accumulated depreciation of $101,128 and $146,814
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27,998
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31,122
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Goodwill
|
324,145
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|
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319,949
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Intangible assets, net of accumulated amortization of $31,864 and $30,610
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44,888
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46,061
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Deferred income taxes
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46,919
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|
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56,064
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Other assets, net
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50,601
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49,130
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Total assets
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$
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753,324
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$
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813,482
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LIABILITIES AND EQUITY
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||||
Current liabilities:
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||||
Accounts payable
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$
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29,810
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$
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25,384
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Payroll and employee benefits
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87,239
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89,936
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Accrued expenses
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96,472
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89,104
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Current portion of long-term obligations
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668
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10,638
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Total current liabilities
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214,189
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215,062
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Long-term obligations, less current portion
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123,937
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78,203
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Other long-term obligations
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6,137
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3,791
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Total liabilities
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344,263
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297,056
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Commitments and Contingencies—Note 5
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Equity:
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||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding
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—
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—
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Common stock, $0.001 par value, 60,000,000 shares authorized; 36,044,177 and 35,747,134 shares issued; and 31,801,357 and 33,964,767 shares outstanding
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36
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|
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35
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Additional paid-in capital
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585,137
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568,780
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Treasury stock, at cost 4,242,820 and 1,782,367 shares of common stock
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(237,947
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)
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(53,713
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)
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Accumulated other comprehensive income
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15
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15
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Retained earnings
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60,712
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|
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204
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|
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Total Amedisys, Inc. stockholders’ equity
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407,953
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|
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515,321
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Noncontrolling interests
|
1,108
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|
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1,105
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Total equity
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409,061
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|
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516,426
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Total liabilities and equity
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$
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753,324
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$
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813,482
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For the Three-Month
Periods Ended June 30 |
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For the Six-Month
Periods Ended June 30 |
||||||||||||
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2018
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2017
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2018
|
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2017
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||||||||
Net service revenue
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$
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411,603
|
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$
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374,946
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$
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810,865
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$
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739,607
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Cost of service, excluding depreciation and amortization
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242,564
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220,541
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480,873
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436,870
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|
||||
General and administrative expenses:
|
|
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||||||||
Salaries and benefits
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77,215
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74,943
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152,846
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149,402
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Non-cash compensation
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3,767
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4,356
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7,811
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8,230
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Other
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42,104
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41,617
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83,784
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82,034
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Depreciation and amortization
|
3,125
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4,537
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6,718
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8,954
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|
||||
Securities Class Action Lawsuit settlement, net
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—
|
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28,712
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|
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—
|
|
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28,712
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||||
Operating expenses
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368,775
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|
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374,706
|
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732,032
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714,202
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|
||||
Operating income
|
42,828
|
|
|
240
|
|
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78,833
|
|
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25,405
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|
||||
Other income (expense):
|
|
|
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||||||||
Interest income
|
114
|
|
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41
|
|
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234
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|
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60
|
|
||||
Interest expense
|
(2,140
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)
|
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(1,197
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)
|
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(3,843
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)
|
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(2,265
|
)
|
||||
Equity in earnings from equity method investments
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2,976
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2,355
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4,836
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|
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2,249
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||||
Miscellaneous, net
|
359
|
|
|
1,127
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|
|
960
|
|
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2,239
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|
||||
Total other income, net
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1,309
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2,326
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|
|
2,187
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2,283
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|
||||
Income before income taxes
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44,137
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2,566
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81,020
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27,688
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|
||||
Income tax (expense) benefit
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(10,596
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)
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1,963
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(20,159
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)
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(7,960
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)
|
||||
Net income
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33,541
|
|
|
4,529
|
|
|
60,861
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|
|
19,728
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|
||||
Net income attributable to noncontrolling interests
|
(192
|
)
|
|
(68
|
)
|
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(353
|
)
|
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(137
|
)
|
||||
Net income attributable to Amedisys, Inc.
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$
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33,349
|
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$
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4,461
|
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$
|
60,508
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$
|
19,591
|
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Basic earnings per common share:
|
|
|
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||||||||
Net income attributable to Amedisys, Inc. common stockholders
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$
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1.00
|
|
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$
|
0.13
|
|
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$
|
1.80
|
|
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$
|
0.58
|
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Weighted average shares outstanding
|
33,439
|
|
|
33,637
|
|
|
33,705
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|
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33,540
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|
||||
Diluted earnings per common share:
|
|
|
|
|
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|
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||||||||
Net income attributable to Amedisys, Inc. common stockholders
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$
|
0.98
|
|
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$
|
0.13
|
|
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$
|
1.76
|
|
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$
|
0.57
|
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Weighted average shares outstanding
|
34,179
|
|
|
34,329
|
|
|
34,391
|
|
|
34,203
|
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For the Six-Month
Periods Ended June 30 |
||||||
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2018
|
|
2017
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
60,861
|
|
|
$
|
19,728
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,718
|
|
|
8,954
|
|
||
Non-cash compensation
|
7,811
|
|
|
8,230
|
|
||
401(k) employer match
|
4,894
|
|
|
4,367
|
|
||
Loss on disposal of property and equipment
|
650
|
|
|
147
|
|
||
Deferred income taxes
|
9,145
|
|
|
7,582
|
|
||
Equity in earnings from equity method investments
|
(4,836
|
)
|
|
(2,249
|
)
|
||
Amortization of deferred debt issuance costs
|
355
|
|
|
370
|
|
||
Write off of deferred debt issuance costs
|
38
|
|
|
—
|
|
||
Return on equity investment
|
2,204
|
|
|
3,416
|
|
||
Changes in operating assets and liabilities, net of impact of acquisitions:
|
|
|
|
||||
Patient accounts receivable
|
3,604
|
|
|
(6,833
|
)
|
||
Other current assets
|
(11,680
|
)
|
|
(6,892
|
)
|
||
Other assets
|
688
|
|
|
(1,148
|
)
|
||
Accounts payable
|
3,623
|
|
|
1,093
|
|
||
Securities Class Action Lawsuit settlement accrual, net
|
—
|
|
|
28,712
|
|
||
Accrued expenses
|
4,548
|
|
|
(2,743
|
)
|
||
Other long-term obligations
|
2,347
|
|
|
607
|
|
||
Net cash provided by operating activities
|
90,970
|
|
|
63,341
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Proceeds from sale of deferred compensation plan assets
|
471
|
|
|
565
|
|
||
Proceeds from the sale of property and equipment
|
11
|
|
|
—
|
|
||
Purchase of investment
|
—
|
|
|
(436
|
)
|
||
Purchases of property and equipment
|
(1,611
|
)
|
|
(7,449
|
)
|
||
Acquisitions of businesses, net of cash acquired
|
(4,074
|
)
|
|
(24,128
|
)
|
||
Net cash used in investing activities
|
(5,203
|
)
|
|
(31,448
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from issuance of stock upon exercise of stock options and warrants
|
2,609
|
|
|
4,203
|
|
||
Proceeds from issuance of stock to employee stock purchase plan
|
1,157
|
|
|
1,187
|
|
||
Shares withheld upon stock vesting
|
(2,832
|
)
|
|
(5,726
|
)
|
||
Non-controlling interest distribution
|
(350
|
)
|
|
(90
|
)
|
||
Proceeds from borrowings under revolving line of credit
|
127,500
|
|
|
—
|
|
||
Principal payments of long-term obligations
|
(90,475
|
)
|
|
(2,500
|
)
|
||
Debt issuance costs
|
(2,433
|
)
|
|
—
|
|
||
Purchase of company stock
|
(181,402
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
(146,226
|
)
|
|
(2,926
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(60,459
|
)
|
|
28,967
|
|
||
Cash and cash equivalents at beginning of period
|
86,363
|
|
|
30,197
|
|
||
Cash and cash equivalents at end of period
|
$
|
25,904
|
|
|
$
|
59,164
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
||||
Cash paid for interest
|
$
|
2,080
|
|
|
$
|
1,172
|
|
Cash paid for income taxes, net of refunds received
|
$
|
6,149
|
|
|
$
|
284
|
|
|
As Previously Reported
|
Adjustment for the Adoption of ASC 606
|
As Adjusted
|
||||||
|
As of December 31, 2017
|
||||||||
Condensed Consolidated Balance Sheets
|
|
|
|
||||||
Patient accounts receivable
|
$
|
201,196
|
|
$
|
—
|
|
$
|
201,196
|
|
Allowance for doubtful accounts
|
$
|
20,866
|
|
$
|
20,866
|
|
$
|
—
|
|
|
|
|
|
||||||
|
For the three-month period ended June 30, 2017
|
||||||||
Condensed Consolidated Statements of Operations
|
|
||||||||
Net service revenue
|
$
|
378,821
|
|
$
|
(3,875
|
)
|
$
|
374,946
|
|
Cost of service, excluding depreciation and amortization
|
$
|
219,765
|
|
$
|
776
|
|
$
|
220,541
|
|
Provision for doubtful accounts
|
$
|
4,651
|
|
$
|
(4,651
|
)
|
$
|
—
|
|
Net income attributable to Amedisys, Inc.
|
$
|
4,461
|
|
$
|
—
|
|
$
|
4,461
|
|
|
|
|
|
||||||
|
For the six-month period ended June 30, 2017
|
||||||||
Condensed Consolidated Statements of Operations
|
|
|
|
||||||
Net service revenue
|
$
|
749,279
|
|
$
|
(9,672
|
)
|
$
|
739,607
|
|
Cost of service, excluding depreciation and amortization
|
$
|
435,550
|
|
$
|
1,320
|
|
$
|
436,870
|
|
Provision for doubtful accounts
|
$
|
10,992
|
|
$
|
(10,992
|
)
|
$
|
—
|
|
Net income attributable to Amedisys, Inc.
|
$
|
19,591
|
|
$
|
—
|
|
$
|
19,591
|
|
|
|
|
|
||||||
Condensed Consolidated Statements of Cash Flows
|
|
|
|
||||||
Provision for doubtful accounts
|
$
|
10,992
|
|
$
|
(10,992
|
)
|
$
|
—
|
|
Changes in operating assets and liabilities, net of impact of acquisitions:
|
|
|
|
||||||
Patient accounts receivable
|
$
|
(17,825
|
)
|
$
|
10,992
|
|
$
|
(6,833
|
)
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||
Building and leasehold improvements
|
$
|
8.8
|
|
|
$
|
7.8
|
|
Equipment and furniture
|
56.9
|
|
|
72.9
|
|
||
Computer software
|
63.4
|
|
|
97.2
|
|
||
|
129.1
|
|
|
177.9
|
|
||
Less: accumulated depreciation
|
(101.1
|
)
|
|
(146.8
|
)
|
||
|
$
|
28.0
|
|
|
$
|
31.1
|
|
•
|
Level 1 – Quoted prices in active markets for identical assets and liabilities.
|
•
|
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3 – Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
|
|
For the Three-
Month Periods
Ended June 30,
|
|
For the Six-
Month Periods
Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Weighted average number of shares outstanding - basic
|
33,439
|
|
|
33,637
|
|
|
33,705
|
|
|
33,540
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||
Stock options
|
425
|
|
|
329
|
|
|
381
|
|
|
285
|
|
Non-vested stock and stock units
|
315
|
|
|
363
|
|
|
305
|
|
|
378
|
|
Weighted average number of shares outstanding - diluted
|
34,179
|
|
|
34,329
|
|
|
34,391
|
|
|
34,203
|
|
Anti-dilutive securities
|
57
|
|
|
169
|
|
|
88
|
|
|
248
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
$100.0 million Term Loan; principal payments plus accrued interest payable quarterly; interest rate at Base Rate plus Applicable Rate or Eurodollar Rate plus the Applicable Rate; due August 28, 2020
|
$
|
—
|
|
|
$
|
90.0
|
|
$200.0 million Revolving Credit Facility; interest only payments; interest rate at Base Rate plus Applicable Rate or Eurodollar Rate plus the Applicable Rate; due August 28, 2020
|
—
|
|
|
—
|
|
||
$550.0 million Revolving Credit Facility; interest only payments; interest rate at Base Rate plus Applicable Rate or Eurodollar Rate plus the Applicable Rate (3.7% at June 30, 2018); due June 29, 2023
|
127.5
|
|
|
—
|
|
||
Promissory notes
|
0.9
|
|
|
0.7
|
|
||
Capital leases
|
0.1
|
|
|
—
|
|
||
Principal amount of long-term obligations
|
128.5
|
|
|
90.7
|
|
||
Deferred debt issuance costs
|
(3.9
|
)
|
|
(1.9
|
)
|
||
|
124.6
|
|
|
88.8
|
|
||
Current portion of long-term obligations
|
(0.7
|
)
|
|
(10.6
|
)
|
||
Total
|
$
|
123.9
|
|
|
$
|
78.2
|
|
Pricing Tier
|
Consolidated Leverage Ratio
|
Commitment Fee
|
Letter of Credit Fee
|
Eurodollar Rate Loans
|
Base Rate Loans
|
I
|
> 3.00 to 1.0
|
0.35%
|
2.00%
|
2.25%
|
1.25%
|
II
|
≤ 3.00 to 1.0 but > 2.00 to 1.0
|
0.30%
|
1.75%
|
2.00%
|
1.00%
|
III
|
≤ 2.00 to 1.0 but > 1.00 to 1.0
|
0.25%
|
1.50%
|
1.75%
|
0.75%
|
IV
|
≤ 1.00 to 1.0
|
0.20%
|
1.25%
|
1.50%
|
0.50%
|
|
For the Three-Month Period Ended June 30, 2018
|
||||||||||||||||||
|
Home
Health
|
|
Hospice
|
|
Personal
Care
|
|
Other
|
|
Total
|
||||||||||
Net service revenue
|
$
|
291.5
|
|
|
$
|
101.4
|
|
|
$
|
18.7
|
|
|
$
|
—
|
|
|
$
|
411.6
|
|
Cost of service, excluding depreciation and amortization
|
176.5
|
|
|
51.7
|
|
|
14.4
|
|
|
—
|
|
|
242.6
|
|
|||||
General and administrative expenses
|
68.4
|
|
|
20.3
|
|
|
3.3
|
|
|
31.1
|
|
|
123.1
|
|
|||||
Depreciation and amortization
|
0.8
|
|
|
0.3
|
|
|
—
|
|
|
2.0
|
|
|
3.1
|
|
|||||
Operating expenses
|
245.7
|
|
|
72.3
|
|
|
17.7
|
|
|
33.1
|
|
|
368.8
|
|
|||||
Operating income (loss)
|
$
|
45.8
|
|
|
$
|
29.1
|
|
|
$
|
1.0
|
|
|
$
|
(33.1
|
)
|
|
$
|
42.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Three-Month Period Ended June 30, 2017
|
||||||||||||||||||
|
Home
Health
|
|
Hospice
|
|
Personal
Care
|
|
Other
|
|
Total
|
||||||||||
Net service revenue
|
$
|
270.3
|
|
|
$
|
90.3
|
|
|
$
|
14.3
|
|
|
$
|
—
|
|
|
$
|
374.9
|
|
Cost of service, excluding depreciation and amortization
|
164.8
|
|
|
45.4
|
|
|
10.3
|
|
|
—
|
|
|
220.5
|
|
|||||
General and administrative expenses
|
68.9
|
|
|
19.1
|
|
|
3.0
|
|
|
30.0
|
|
|
121.0
|
|
|||||
Depreciation and amortization
|
1.0
|
|
|
0.2
|
|
|
—
|
|
|
3.3
|
|
|
4.5
|
|
|||||
Securities Class Action Lawsuit settlement, net
|
—
|
|
|
—
|
|
|
—
|
|
|
28.7
|
|
|
28.7
|
|
|||||
Operating expenses
|
234.7
|
|
|
64.7
|
|
|
13.3
|
|
|
62.0
|
|
|
374.7
|
|
|||||
Operating income (loss)
|
$
|
35.6
|
|
|
$
|
25.6
|
|
|
$
|
1.0
|
|
|
$
|
(62.0
|
)
|
|
$
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Six-Month Period Ended June 30, 2018
|
||||||||||||||||||
|
Home Health
|
|
Hospice
|
|
Personal Care
|
|
Other
|
|
Total
|
||||||||||
Net service revenue
|
$
|
575.6
|
|
|
$
|
198.7
|
|
|
$
|
36.6
|
|
|
$
|
—
|
|
|
$
|
810.9
|
|
Cost of service, excluding depreciation and amortization
|
350.9
|
|
|
101.8
|
|
|
28.2
|
|
|
—
|
|
|
480.9
|
|
|||||
General and administrative expenses
|
136.4
|
|
|
40.3
|
|
|
6.5
|
|
|
61.3
|
|
|
244.5
|
|
|||||
Depreciation and amortization
|
1.6
|
|
|
0.5
|
|
|
0.1
|
|
|
4.5
|
|
|
6.7
|
|
|||||
Operating expenses
|
488.9
|
|
|
142.6
|
|
|
34.8
|
|
|
65.8
|
|
|
732.1
|
|
|||||
Operating income (loss)
|
$
|
86.7
|
|
|
$
|
56.1
|
|
|
$
|
1.8
|
|
|
$
|
(65.8
|
)
|
|
$
|
78.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Six-Month Period Ended June 30, 2017
|
||||||||||||||||||
|
Home Health
|
|
Hospice
|
|
Personal Care
|
|
Other
|
|
Total
|
||||||||||
Net service revenue
|
$
|
537.9
|
|
|
$
|
173.9
|
|
|
$
|
27.8
|
|
|
$
|
—
|
|
|
$
|
739.6
|
|
Cost of service, excluding depreciation and amortization
|
327.8
|
|
|
88.4
|
|
|
20.7
|
|
|
—
|
|
|
436.9
|
|
|||||
General and administrative expenses
|
136.9
|
|
|
37.0
|
|
|
6.2
|
|
|
59.5
|
|
|
239.6
|
|
|||||
Depreciation and amortization
|
1.9
|
|
|
0.5
|
|
|
0.1
|
|
|
6.5
|
|
|
9.0
|
|
|||||
Securities Class Action Lawsuit settlement, net
|
—
|
|
|
—
|
|
|
—
|
|
|
28.7
|
|
|
28.7
|
|
|||||
Operating expenses
|
466.6
|
|
|
125.9
|
|
|
27.0
|
|
|
94.7
|
|
|
714.2
|
|
|||||
Operating income (loss)
|
$
|
71.3
|
|
|
$
|
48.0
|
|
|
$
|
0.8
|
|
|
$
|
(94.7
|
)
|
|
$
|
25.4
|
|
|
Home
Health
|
|
Hospice
|
|
Personal
Care
|
|||
As of December 31, 2017
|
320
|
|
|
81
|
|
|
15
|
|
Acquisitions/Startups
|
—
|
|
|
—
|
|
|
1
|
|
Closed/Consolidated
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
As of June 30, 2018
|
319
|
|
|
81
|
|
|
15
|
|
Unconsolidated Joint Ventures
|
3
|
|
|
2
|
|
|
—
|
|
Total Including Unconsolidated Joint Ventures as of June 30, 2018
|
322
|
|
|
83
|
|
|
15
|
|
|
For the Three-
Month Periods
Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Net service revenue
|
$
|
411.6
|
|
|
$
|
374.9
|
|
Gross margin, excluding depreciation and amortization
|
169.0
|
|
|
154.4
|
|
||
% of revenue
|
41.1
|
%
|
|
41.2
|
%
|
||
Other operating expenses
|
126.2
|
|
|
125.5
|
|
||
% of revenue
|
30.7
|
%
|
|
33.5
|
%
|
||
Securities Class Action Lawsuit settlement, net
|
—
|
|
|
28.7
|
|
||
Operating income
|
42.8
|
|
|
0.2
|
|
||
Total other income (expense), net
|
1.3
|
|
|
2.3
|
|
||
Income tax expense
|
(10.6
|
)
|
|
2.0
|
|
||
Effective income tax rate
|
24.0
|
%
|
|
(76.5
|
%)
|
||
Net income
|
33.5
|
|
|
4.5
|
|
||
Net income attributable to noncontrolling interests
|
(0.2
|
)
|
|
(0.1
|
)
|
||
Net income attributable to Amedisys, Inc.
|
$
|
33.3
|
|
|
$
|
4.5
|
|
|
For the Three-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions)
:
|
|
|
|
||||
Medicare
|
$
|
206.3
|
|
|
$
|
198.3
|
|
Non-Medicare
|
85.2
|
|
|
72.0
|
|
||
Net service revenue
|
291.5
|
|
|
270.3
|
|
||
Cost of service
|
176.5
|
|
|
164.8
|
|
||
Gross margin
|
115.0
|
|
|
105.5
|
|
||
Other operating expenses
|
69.2
|
|
|
69.9
|
|
||
Operating income
|
$
|
45.8
|
|
|
$
|
35.6
|
|
|
|
|
|
||||
Same Store Growth (1):
|
|
|
|
||||
Medicare revenue
|
6
|
%
|
|
(5
|
%)
|
||
Non-Medicare revenue
|
18
|
%
|
|
14
|
%
|
||
Total admissions
|
6
|
%
|
|
—
|
%
|
||
Total volume (2)
|
8
|
%
|
|
2
|
%
|
||
Total Episodic admissions (3)
|
5
|
%
|
|
(1
|
%)
|
||
Total Episodic volume (4)
|
6
|
%
|
|
2
|
%
|
||
Key Statistical Data - Total (5):
|
|
|
|
||||
Medicare:
|
|
|
|
||||
Admissions
|
47,058
|
|
|
47,260
|
|
||
Recertifications
|
28,431
|
|
|
26,839
|
|
||
Total volume
|
75,489
|
|
|
74,099
|
|
||
Completed episodes
|
74,776
|
|
|
73,872
|
|
||
Visits
|
1,318,074
|
|
|
1,271,747
|
|
||
Average revenue per completed episode (6)
|
$
|
2,874
|
|
|
$
|
2,829
|
|
Visits per completed episode (7)
|
17.8
|
|
|
17.5
|
|
||
Non-Medicare:
|
|
|
|
||||
Admissions
|
29,271
|
|
|
26,225
|
|
||
Recertifications
|
13,891
|
|
|
11,462
|
|
||
Total volume
|
43,162
|
|
|
37,687
|
|
||
Visits
|
690,548
|
|
|
579,328
|
|
||
Total (5):
|
|
|
|
||||
Visiting Clinician Cost per Visit
|
$
|
80.07
|
|
|
$
|
80.61
|
|
Clinical Manager Cost per Visit
|
$
|
7.76
|
|
|
$
|
8.44
|
|
Total Cost per Visit
|
$
|
87.83
|
|
|
$
|
89.05
|
|
Visits
|
2,008,622
|
|
|
1,851,075
|
|
(1)
|
Same store information represents the percent increase (decrease) 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.
|
(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.
|
|
For the Three-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Medicare
|
$
|
96.9
|
|
|
$
|
85.8
|
|
Non-Medicare
|
4.5
|
|
|
4.5
|
|
||
Net service revenue
|
101.4
|
|
|
90.3
|
|
||
Cost of service
|
51.7
|
|
|
45.4
|
|
||
Gross margin
|
49.7
|
|
|
44.9
|
|
||
Other operating expenses
|
20.6
|
|
|
19.3
|
|
||
Operating income
|
$
|
29.1
|
|
|
$
|
25.6
|
|
Same Store Growth (1):
|
|
|
|
||||
Medicare revenue
|
13
|
%
|
|
19
|
%
|
||
Non-Medicare revenue
|
(1
|
%)
|
|
8
|
%
|
||
Hospice admissions
|
7
|
%
|
|
11
|
%
|
||
Average daily census
|
12
|
%
|
|
16
|
%
|
||
Key Statistical Data - Total (2):
|
|
|
|
||||
Hospice admissions
|
6,746
|
|
|
6,248
|
|
||
Average daily census
|
7,554
|
|
|
6,717
|
|
||
Revenue per day, net
|
$
|
147.58
|
|
|
$
|
147.74
|
|
Cost of service per day
|
$
|
75.20
|
|
|
$
|
74.34
|
|
Average discharge length of stay
|
97
|
|
|
89
|
|
(1)
|
Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions or average daily census of the prior period.
|
(2)
|
Total includes acquisitions.
|
|
For the Three-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Medicare
|
$
|
—
|
|
|
$
|
—
|
|
Non-Medicare
|
18.7
|
|
|
14.3
|
|
||
Net service revenue
|
18.7
|
|
|
14.3
|
|
||
Cost of service
|
14.4
|
|
|
10.3
|
|
||
Gross margin
|
4.3
|
|
|
4.0
|
|
||
Other operating expenses
|
3.3
|
|
|
3.0
|
|
||
Operating income
|
$
|
1.0
|
|
|
$
|
1.0
|
|
Key Statistical Data:
|
|
|
|
||||
Billable hours
|
797,228
|
|
|
618,401
|
|
||
Clients served
|
12,683
|
|
|
8,270
|
|
||
Shifts
|
356,874
|
|
|
283,130
|
|
||
Revenue per hour
|
$
|
23.48
|
|
|
$
|
23.12
|
|
Revenue per shift
|
$
|
52.45
|
|
|
$
|
50.50
|
|
Hours per shift
|
2.2
|
|
|
2.2
|
|
|
For the Three-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Other operating expenses
|
$
|
31.1
|
|
|
$
|
30.0
|
|
Depreciation and amortization
|
2.0
|
|
|
3.3
|
|
||
Total operating expenses before Securities Class Action Lawsuit settlement, net
|
33.1
|
|
|
33.3
|
|
||
Securities Class Action Lawsuit settlement, net
|
—
|
|
|
28.7
|
|
||
Total operating expenses
|
$
|
33.1
|
|
|
$
|
62.0
|
|
|
For the Six-
Month Periods
Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Net service revenue
|
$
|
810.9
|
|
|
$
|
739.6
|
|
Gross margin, excluding depreciation and amortization
|
330.0
|
|
|
302.7
|
|
||
% of revenue
|
40.7
|
%
|
|
40.9
|
%
|
||
Other operating expenses
|
251.2
|
|
|
248.6
|
|
||
% of revenue
|
31.0
|
%
|
|
33.6
|
%
|
||
Securities Class Action Lawsuit settlement, net
|
—
|
|
|
28.7
|
|
||
Operating income
|
78.8
|
|
|
25.4
|
|
||
Total other income (expense), net
|
2.2
|
|
|
2.3
|
|
||
Income tax expense
|
(20.1
|
)
|
|
(8.0
|
)
|
||
Effective income tax rate
|
24.9
|
%
|
|
28.7
|
%
|
||
Net income
|
60.9
|
|
|
19.7
|
|
||
Net income attributable to noncontrolling interests
|
(0.4
|
)
|
|
(0.1
|
)
|
||
Net income attributable to Amedisys, Inc.
|
$
|
60.5
|
|
|
$
|
19.6
|
|
|
For the Six-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions)
:
|
|
|
|
||||
Medicare
|
$
|
411.3
|
|
|
$
|
397.0
|
|
Non-Medicare
|
164.3
|
|
|
140.9
|
|
||
Net service revenue
|
575.6
|
|
|
537.9
|
|
||
Cost of service
|
350.9
|
|
|
327.8
|
|
||
Gross margin
|
224.7
|
|
|
210.1
|
|
||
Other operating expenses
|
138.0
|
|
|
138.8
|
|
||
Operating income
|
$
|
86.7
|
|
|
$
|
71.3
|
|
|
|
|
|
||||
Same Store Growth (1):
|
|
|
|
||||
Medicare revenue
|
5
|
%
|
|
(4
|
%)
|
||
Non-Medicare revenue
|
16
|
%
|
|
12
|
%
|
||
Total admissions
|
5
|
%
|
|
1
|
%
|
||
Total volume (2)
|
7
|
%
|
|
2
|
%
|
||
Total Episodic admissions (3)
|
4
|
%
|
|
1
|
%
|
||
Total Episodic volume (4)
|
6
|
%
|
|
2
|
%
|
||
Key Statistical Data - Total (5):
|
|
|
|
||||
Medicare:
|
|
|
|
||||
Admissions
|
96,513
|
|
|
96,888
|
|
||
Recertifications
|
55,667
|
|
|
51,882
|
|
||
Total volume
|
152,180
|
|
|
148,770
|
|
||
Completed episodes
|
147,612
|
|
|
145,736
|
|
||
Visits
|
2,632,200
|
|
|
2,534,845
|
|
||
Average revenue per completed episode (6)
|
$
|
2,833
|
|
|
$
|
2,806
|
|
Visits per completed episode (7)
|
17.5
|
|
|
17.2
|
|
||
Non-Medicare:
|
|
|
|
||||
Admissions
|
59,160
|
|
|
53,558
|
|
||
Recertifications
|
26,323
|
|
|
21,686
|
|
||
Total volume
|
85,483
|
|
|
75,244
|
|
||
Visits
|
1,351,481
|
|
|
1,134,876
|
|
||
Total (5):
|
|
|
|
||||
Visiting Clinician Cost per Visit
|
$
|
80.20
|
|
|
$
|
80.84
|
|
Clinical Manager Cost per Visit
|
$
|
7.88
|
|
|
$
|
8.49
|
|
Total Cost per Visit
|
$
|
88.08
|
|
|
$
|
89.33
|
|
Visits
|
3,983,681
|
|
|
3,669,721
|
|
(1)
|
Same store information represents the percent increase (decrease) 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.
|
(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.
|
|
For the Six-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Medicare
|
$
|
188.7
|
|
|
$
|
166.5
|
|
Non-Medicare
|
10.0
|
|
|
7.4
|
|
||
Net service revenue
|
198.7
|
|
|
173.9
|
|
||
Cost of service
|
101.8
|
|
|
88.4
|
|
||
Gross margin
|
96.9
|
|
|
85.5
|
|
||
Other operating expenses
|
40.8
|
|
|
37.5
|
|
||
Operating income
|
$
|
56.1
|
|
|
$
|
48.0
|
|
Same Store Growth (1):
|
|
|
|
||||
Medicare revenue
|
12
|
%
|
|
18
|
%
|
||
Non-Medicare revenue
|
33
|
%
|
|
(7
|
%)
|
||
Hospice admissions
|
6
|
%
|
|
15
|
%
|
||
Average daily census
|
12
|
%
|
|
16
|
%
|
||
Key Statistical Data - Total (2):
|
|
|
|
||||
Hospice admissions
|
13,679
|
|
|
12,753
|
|
||
Average daily census
|
7,385
|
|
|
6,542
|
|
||
Revenue per day, net
|
$
|
148.66
|
|
|
$
|
146.89
|
|
Cost of service per day
|
$
|
76.15
|
|
|
$
|
74.68
|
|
Average discharge length of stay
|
97
|
|
|
90
|
|
(1)
|
Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions or average daily census of the prior period.
|
(2)
|
Total includes acquisitions.
|
|
For the Six-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Medicare
|
$
|
—
|
|
|
$
|
—
|
|
Non-Medicare
|
36.6
|
|
|
27.8
|
|
||
Net service revenue
|
36.6
|
|
|
27.8
|
|
||
Cost of service
|
28.2
|
|
|
20.7
|
|
||
Gross margin
|
8.4
|
|
|
7.1
|
|
||
Other operating expenses
|
6.6
|
|
|
6.3
|
|
||
Operating income
|
$
|
1.8
|
|
|
$
|
0.8
|
|
Key Statistical Data:
|
|
|
|
||||
Billable hours
|
1,547,181
|
|
|
1,206,618
|
|
||
Clients served
|
14,350
|
|
|
9,845
|
|
||
Shifts
|
705,040
|
|
|
548,247
|
|
||
Revenue per hour
|
$
|
23.66
|
|
|
$
|
23.04
|
|
Revenue per shift
|
$
|
51.91
|
|
|
$
|
50.72
|
|
Hours per shift
|
2.2
|
|
|
2.2
|
|
|
For the Six-
Month Periods Ended June 30, |
||||||
|
2018
|
|
2017
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Other operating expenses
|
$
|
61.3
|
|
|
$
|
59.5
|
|
Depreciation and amortization
|
4.5
|
|
|
6.5
|
|
||
Total operating expenses before Securities Class Action Lawsuit settlement, net
|
65.8
|
|
|
66.0
|
|
||
Securities Class Action Lawsuit settlement, net
|
—
|
|
|
28.7
|
|
||
Total operating expenses
|
$
|
65.8
|
|
|
$
|
94.7
|
|
|
For the Six-
Month Periods
Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash provided by operating activities
|
$
|
90.9
|
|
|
$
|
63.3
|
|
Cash used in investing activities
|
(5.2
|
)
|
|
(31.4
|
)
|
||
Cash used in financing activities
|
(146.2
|
)
|
|
(2.9
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(60.5
|
)
|
|
29.0
|
|
||
Cash and cash equivalents at beginning of period
|
86.4
|
|
|
30.2
|
|
||
Cash and cash equivalents at end of period
|
$
|
25.9
|
|
|
$
|
59.2
|
|
|
For the Three-
Month Periods
Ended June 30,
|
|
For the Six-
Month Periods
Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Provision for estimated Medicare revenue adjustments
|
$
|
2.5
|
|
|
$
|
5.0
|
|
|
$
|
4.2
|
|
|
$
|
8.4
|
|
Provision for estimated Non-Medicare revenue adjustments
|
5.9
|
|
|
4.7
|
|
|
13.4
|
|
|
11.0
|
|
||||
Total
|
$
|
8.4
|
|
|
$
|
9.7
|
|
|
$
|
17.6
|
|
|
$
|
19.4
|
|
As a percent of revenue
|
2.0
|
%
|
|
2.6
|
%
|
|
2.2
|
%
|
|
2.6
|
%
|
|
0-90
|
|
91-180
|
|
181-365
|
|
Over 365
|
|
Total
|
||||||||||
At June 30, 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicare patient accounts receivable
|
$
|
93.9
|
|
|
$
|
10.3
|
|
|
$
|
4.1
|
|
|
$
|
1.6
|
|
|
$
|
109.9
|
|
Other patient accounts receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicaid
|
12.6
|
|
|
2.4
|
|
|
1.3
|
|
|
(1.4
|
)
|
|
14.9
|
|
|||||
Private
|
57.6
|
|
|
9.8
|
|
|
3.1
|
|
|
2.3
|
|
|
72.8
|
|
|||||
Total
|
$
|
70.2
|
|
|
$
|
12.2
|
|
|
$
|
4.4
|
|
|
$
|
0.9
|
|
|
$
|
87.7
|
|
Total patient accounts receivable
|
|
|
|
|
|
|
|
|
$
|
197.6
|
|
||||||||
Days revenue outstanding (1)
|
|
|
|
|
|
|
|
|
41.1
|
|
|||||||||
|
0-90
|
|
91-180
|
|
181-365
|
|
Over 365
|
|
Total
|
||||||||||
At December 31, 2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicare patient accounts receivable
|
$
|
95.9
|
|
|
$
|
16.1
|
|
|
$
|
6.6
|
|
|
$
|
0.6
|
|
|
$
|
119.2
|
|
Other patient accounts receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicaid
|
13.8
|
|
|
3.2
|
|
|
1.3
|
|
|
(1.1
|
)
|
|
17.2
|
|
|||||
Private
|
51.0
|
|
|
7.5
|
|
|
4.1
|
|
|
2.2
|
|
|
64.8
|
|
|||||
Total
|
$
|
64.8
|
|
|
$
|
10.7
|
|
|
$
|
5.4
|
|
|
$
|
1.1
|
|
|
$
|
82.0
|
|
Total patient accounts receivable
|
|
|
|
|
|
|
|
|
$
|
201.2
|
|
||||||||
Days revenue outstanding (1)
|
|
|
|
|
|
|
|
|
44.0
|
|
(1)
|
Our calculation of days revenue outstanding is derived by dividing our ending patient accounts receivable at
June 30, 2018
and
December 31, 2017
by our average daily patient revenue for the three-month periods ended
June 30, 2018
and
December 31, 2017
, respectively.
|
Period
|
(a) Total Number
of Shares (or Units)
Purchased
|
|
|
(b) Average Price
Paid per Share (or
Unit)
|
|
(c) Total Number of
Shares (or Units)
Purchased as Part of
Publicly Announced
Plans or Programs
|
|
(d) Maximum Number (or
Approximate Dollar
Value) of Shares (or
Units) That May Yet Be
Purchased Under the
Plans or Programs
|
||||||
April 1, 2018 to April 30, 2018
|
3,812
|
|
|
|
$
|
60.34
|
|
|
—
|
|
|
$
|
—
|
|
May 1, 2018 to May 31, 2018
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
June 1, 2018 to June 30, 2018
|
2,434,166
|
|
|
|
75.06
|
|
|
—
|
|
|
—
|
|
||
|
2,437,978
|
|
(1) (2)
|
|
$
|
75.03
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
Includes 2,418,304 shares of common stock we repurchased from KKR on June 4, 2018 in a private transaction at a price per share equal to $73.96, which represents a 4% discount to the closing price of our common stock on June 4, 2018.
|
(2)
|
Includes shares of common stock surrendered to us by certain employees to satisfy tax withholding obligations in connection with the vesting of non-vested stock previously awarded to such employees under our 2008 Omnibus Incentive Compensation Plan.
|
|
|
|
A
MEDISYS
, I
NC
.
(Registrant)
|
||
|
|
|
By:
|
|
/s/ SCOTT G. GINN
|
|
|
Scott G. Ginn,
|
|
|
Principal Financial Officer and
|
|
|
Duly Authorized Officer
|
5.
|
General Provisions
.
|
|
/
S
/ Paul B. Kusserow
|
Paul B. Kusserow
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
/
S
/ Scott G. Ginn
|
Scott G. Ginn
Chief Financial Officer
|
(Principal Financial Officer)
|
|
/
S
/ Paul B. Kusserow
|
Paul B. Kusserow
President and Chief Executive Officer
|
(Principal Executive Officer)
|
|
/
S
/ Scott G. Ginn
|
Scott G. Ginn
Chief Financial Officer
|
(Principal Financial Officer)
|