Three-Month Periods Ended
- 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 onMarch 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 onMarch 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
- 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 onMarch 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 toAmedisys, Inc. of$118.6 million in 2022. - Net loss attributable to
Amedisys, Inc. per diluted share of$0.30 compared to net income attributable toAmedisys, 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 onMarch 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
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
Additional information
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: |
Chief Strategy Officer | Vice President, | |
(615) 928-5452 | (225) 299-3720 | |
IR@amedisys.com | kendra.kimmons@amedisys.com |
CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) | |||||||||||||||
For the Three-Month Periods Ended December 31, | For the Years Ended | ||||||||||||||
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 | $ | 19,322 | $ | 31,717 | $ | (9,747 | ) | $ | 118,609 | ||||||
Basic earnings per common share: | |||||||||||||||
Net income (loss) attributable to | $ | 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 | $ | 0.59 | $ | 0.97 | $ | (0.30 | ) | $ | 3.63 | ||||||
Weighted average shares outstanding | 32,913 | 32,602 | 32,599 | 32,653 |
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | |||||||
As of | |||||||
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 | 41,845 | 16,026 | |||||
Operating lease right of use assets | 88,939 | 102,856 | |||||
1,244,679 | 1,287,399 | ||||||
Intangible assets, net of accumulated amortization of | 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, | — | — | |||||
Common stock, | 38 | 38 | |||||
Additional paid-in capital | 787,177 | 755,063 | |||||
(468,626 | ) | (461,200 | ) | ||||
Retained earnings | 747,925 | 757,672 | |||||
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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) | |||||||||||||||
For the Three-Month Periods Ended | For the Years Ended | ||||||||||||||
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 | For the Years Ended | ||||||||||||||
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
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited)
Segment Information -
For the Three-Month Periods Ended | |||||||
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 | |||||||
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
(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 Periods Ended | |||||||
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 | |||||||
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 Periods Ended | |||||
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 | |||||
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
Segment Information - High Acuity Care
For the Three-Month Periods Ended | |||||||
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 | |||||||
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 Periods Ended | |||||
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 | |||||
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.
RECONCILIATION 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 Periods Ended | For the Years Ended | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net income (loss) attributable to | $ | 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 Periods Ended | For the Years Ended | ||||||||||
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
For the Three-Month Periods Ended | For the Years Ended | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Net income (loss) attributable to | $ | 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 | $ | 30,822 | $ | 37,968 | $ | 140,637 | $ | 163,447 |
Adjusted Net Income Attributable to
For the Three-Month Periods Ended | For the Years Ended | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Net income (loss) attributable to | $ | 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 | $ | 0.94 | $ | 1.16 | $ | 4.30 | $ | 5.01 |
(1) The following details the certain items for the three-month periods and years ended
Certain Items:
For the Three-Month Period Ended | For the Year Ended | |||||
(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
For the Three-Month Period Ended | For the Year Ended | |||||
(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
(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
(5) Adjusted net income attributable to
(6) Adjusted EBITDA, adjusted net service revenue, adjusted net income attributable to
Source:
2024 GlobeNewswire, Inc., source