Three-Month Periods Ended
- Net service revenue decreased
$4.9 million to$553.0 million compared to$557.9 million in 2022. - Net loss attributable to
Amedisys, Inc. of$80.3 million , which is inclusive of$125.5 million in costs associated with our merger transactions, compared to net income attributable toAmedisys, Inc. of$29.6 million in 2022. - Net loss attributable to
Amedisys, Inc. per diluted share of$2.46 compared to net income attributable toAmedisys, Inc. per diluted share of$0.91 in 2022.
Adjusted Quarterly Results*
- Adjusted EBITDA of
$74.6 million compared to$74.4 million in 2022. - Adjusted net service revenue of
$553.0 million compared to$566.3 million in 2022. - Adjusted net income attributable to
Amedisys, Inc. of$44.9 million compared to$48.0 million in 2022. - Adjusted net income attributable to
Amedisys, Inc. per diluted share of$1.37 compared to$1.47 in 2022.
Six-Month Periods Ended
- Net service revenue increased
$6.3 million to$1,109.4 million compared to$1,103.1 million in 2022. - Net loss attributable to
Amedisys, Inc. of$55.0 million , which is inclusive of$126.2 million in costs associated with our merger transactions, compared to net income attributable toAmedisys, Inc. of$61.3 million in 2022. - Net loss attributable to
Amedisys, Inc. per diluted share of$1.69 compared to net income attributable toAmedisys, Inc. of$1.87 in 2022.
Adjusted Year to Date Results*
- Adjusted EBITDA of
$132.5 million compared to$140.7 million in 2022. - Adjusted net service revenue of
$1,109.4 million compared to$1,111.5 million in 2022. - Adjusted net income attributable to
Amedisys, Inc. of$77.6 million compared to$88.1 million in 2022. - Adjusted net income attributable to
Amedisys, Inc. per diluted share of$2.38 compared to$2.69 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 second quarter 2023 earnings release can be found on the Investor Relations page of our website. In light of the pending merger of the Company with UnitedHealth Group Incorporated,
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,” “will,” “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
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: Chief Strategy Officer (615) 928- 5452 IR@amedisys.com | Media Contact: Vice President, (225) 299-3720 kendra.kimmons@amedisys.com |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (Unaudited) | |||||||||||||||
For the Three-Month Periods Ended June 30, | For the Six-Month Periods Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net service revenue | $ | 552,968 | $ | 557,890 | $ | 1,109,357 | $ | 1,103,147 | |||||||
Operating expenses: | |||||||||||||||
Cost of service, inclusive of depreciation | 297,455 | 316,211 | 612,465 | 621,031 | |||||||||||
General and administrative expenses: | |||||||||||||||
Salaries and benefits | 125,504 | 127,758 | 251,843 | 251,238 | |||||||||||
Non-cash compensation | 9,108 | 5,148 | 12,381 | 12,495 | |||||||||||
Depreciation and amortization | 4,725 | 6,220 | 9,168 | 14,228 | |||||||||||
Other | 78,381 | 54,912 | 143,326 | 108,552 | |||||||||||
Total operating expenses | 515,173 | 510,249 | 1,029,183 | 1,007,544 | |||||||||||
Operating income | 37,795 | 47,641 | 80,174 | 95,603 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 742 | 36 | 1,148 | 49 | |||||||||||
Interest expense | (7,502 | ) | (8,311 | ) | (15,019 | ) | (11,484 | ) | |||||||
Equity in earnings (loss) from equity method investments | 7,991 | 659 | 8,114 | (744 | ) | ||||||||||
Merger termination fee | (106,000 | ) | — | (106,000 | ) | — | |||||||||
Miscellaneous, net | 4,743 | 331 | 4,061 | 664 | |||||||||||
Total other expense, net | (100,026 | ) | (7,285 | ) | (107,696 | ) | (11,515 | ) | |||||||
(Loss) income before income taxes | (62,231 | ) | 40,356 | (27,522 | ) | 84,088 | |||||||||
Income tax expense | (18,250 | ) | (11,319 | ) | (28,050 | ) | (23,338 | ) | |||||||
Net (loss) income | (80,481 | ) | 29,037 | (55,572 | ) | 60,750 | |||||||||
Net loss attributable to noncontrolling interests | 206 | 542 | 543 | 500 | |||||||||||
Net (loss) income attributable to | $ | (80,275 | ) | $ | 29,579 | $ | (55,029 | ) | $ | 61,250 | |||||
Basic earnings per common share: | |||||||||||||||
Net (loss) income attributable to | $ | (2.46 | ) | $ | 0.91 | $ | (1.69 | ) | $ | 1.88 | |||||
Weighted average shares outstanding | 32,579 | 32,522 | 32,568 | 32,538 | |||||||||||
Diluted earnings per common share: | |||||||||||||||
Net (loss) income attributable to | $ | (2.46 | ) | $ | 0.91 | $ | (1.69 | ) | $ | 1.87 | |||||
Weighted average shares outstanding | 32,579 | 32,681 | 32,568 | 32,722 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | |||||||
(unaudited) | 2022 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 95,377 | $ | 40,540 | |||
Restricted cash | 15,784 | 13,593 | |||||
Patient accounts receivable | 278,785 | 296,785 | |||||
Prepaid expenses | 13,774 | 11,628 | |||||
Other current assets | 22,824 | 26,415 | |||||
Total current assets | 426,544 | 388,961 | |||||
Property and equipment, net of accumulated depreciation of | 36,399 | 16,026 | |||||
Operating lease right of use assets | 85,142 | 102,856 | |||||
1,244,679 | 1,287,399 | ||||||
Intangible assets, net of accumulated amortization of | 104,744 | 101,167 | |||||
Other assets | 84,894 | 79,836 | |||||
Total assets | $ | 1,982,402 | $ | 1,976,245 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 38,557 | $ | 43,735 | |||
Payroll and employee benefits | 123,234 | 125,387 | |||||
Accrued expenses | 137,359 | 137,390 | |||||
Termination fee paid by | 106,000 | — | |||||
Current portion of long-term obligations | 31,465 | 15,496 | |||||
Current portion of operating lease liabilities | 25,786 | 33,521 | |||||
Total current liabilities | 462,401 | 355,529 | |||||
Long-term obligations, less current portion | 369,896 | 419,420 | |||||
Operating lease liabilities, less current portion | 59,634 | 69,504 | |||||
Deferred income tax liabilities | 28,085 | 20,411 | |||||
Other long-term obligations | 1,629 | 4,808 | |||||
Total liabilities | 921,645 | 869,672 | |||||
Equity: | |||||||
Preferred stock, | — | — | |||||
Common stock, | 38 | 38 | |||||
Additional paid-in capital | 768,789 | 755,063 | |||||
(464,688 | ) | (461,200 | ) | ||||
Retained earnings | 702,643 | 757,672 | |||||
1,006,782 | 1,051,573 | ||||||
Noncontrolling interests | 53,975 | 55,000 | |||||
Total equity | 1,060,757 | 1,106,573 | |||||
Total liabilities and equity | $ | 1,982,402 | $ | 1,976,245 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) (Unaudited) | |||||||||||||||
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||
Net (loss) income | $ | (80,481 | ) | $ | 29,037 | $ | (55,572 | ) | $ | 60,750 | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization (inclusive of depreciation included in cost of service) | 6,199 | 6,220 | 11,893 | 14,228 | |||||||||||
Non-cash compensation | 9,108 | 5,148 | 12,381 | 12,495 | |||||||||||
Amortization and impairment of operating lease right of use assets | 8,349 | 12,367 | 16,971 | 22,463 | |||||||||||
Loss on disposal of property and equipment | 426 | 526 | 356 | 531 | |||||||||||
Loss on personal care divestiture | — | — | 2,186 | — | |||||||||||
Merger termination fee | 106,000 | — | 106,000 | — | |||||||||||
Deferred income taxes | 5,332 | 2,798 | 8,104 | 6,003 | |||||||||||
Equity in (earnings) loss from equity method investments | (7,991 | ) | (659 | ) | (8,114 | ) | 744 | ||||||||
Amortization of deferred debt issuance costs | 247 | 247 | 495 | 495 | |||||||||||
Return on equity method investments | 966 | 718 | 2,753 | 2,428 | |||||||||||
Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||||||||||
Patient accounts receivable | 15,338 | (2,726 | ) | 7,862 | (21,344 | ) | |||||||||
Other current assets | 5,817 | (12,350 | ) | 1,689 | (4,468 | ) | |||||||||
Operating lease right of use assets | (1,019 | ) | (913 | ) | (1,937 | ) | (1,662 | ) | |||||||
Other assets | 355 | (27 | ) | 244 | 220 | ||||||||||
Accounts payable | (1,274 | ) | 6,613 | (4,731 | ) | 4,498 | |||||||||
Accrued expenses | 4,034 | 22,046 | 4,775 | 29,529 | |||||||||||
Other long-term obligations | (3,151 | ) | (166 | ) | (3,179 | ) | (223 | ) | |||||||
Operating lease liabilities | (7,496 | ) | (11,470 | ) | (15,456 | ) | (20,657 | ) | |||||||
Net cash provided by operating activities | 60,759 | 57,409 | 86,720 | 106,030 | |||||||||||
Cash Flows from Investing Activities: | |||||||||||||||
Proceeds from the sale of deferred compensation plan assets | 6 | 6 | 25 | 28 | |||||||||||
Proceeds from the sale of property and equipment | 100 | — | 100 | 37 | |||||||||||
Purchases of property and equipment | (1,394 | ) | (1,880 | ) | (2,744 | ) | (2,782 | ) | |||||||
Investments in technology assets | (6,457 | ) | (323 | ) | (6,667 | ) | (559 | ) | |||||||
Purchase of cost method investment | — | — | — | (15,000 | ) | ||||||||||
Proceeds from personal care divestiture | — | — | 47,787 | — | |||||||||||
Acquisitions of businesses, net of cash acquired | — | (73,311 | ) | (350 | ) | (73,311 | ) | ||||||||
Net cash (used in) provided by investing activities | (7,745 | ) | (75,508 | ) | 38,151 | (91,587 | ) | ||||||||
Cash Flows from Financing Activities: | |||||||||||||||
Proceeds from issuance of stock upon exercise of stock options | 75 | 686 | 75 | 772 | |||||||||||
Proceeds from issuance of stock under employee stock purchase plan | 938 | 906 | 1,754 | 1,891 | |||||||||||
Shares withheld to pay taxes on non-cash compensation | (2,180 | ) | (80 | ) | (3,488 | ) | (4,762 | ) | |||||||
Noncontrolling interest contributions | 376 | 300 | 376 | 952 | |||||||||||
Noncontrolling interest distributions | (427 | ) | (303 | ) | (712 | ) | (975 | ) | |||||||
Proceeds from borrowings under revolving line of credit | 15,000 | 298,500 | 23,000 | 298,500 | |||||||||||
Repayments of borrowings under revolving line of credit | (15,000 | ) | (283,500 | ) | (23,000 | ) | (283,500 | ) | |||||||
Principal payments of long-term obligations | (5,680 | ) | (3,204 | ) | (60,993 | ) | (6,975 | ) | |||||||
Purchase of company stock | — | (17,351 | ) | — | (17,351 | ) | |||||||||
Payment of accrued contingent consideration | (4,055 | ) | — | (4,055 | ) | — | |||||||||
Purchase of noncontrolling interest | — | — | (800 | ) | — | ||||||||||
Net cash used in financing activities | (10,953 | ) | (4,046 | ) | (67,843 | ) | (11,448 | ) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 42,061 | (22,145 | ) | 57,028 | 2,995 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 69,100 | 70,909 | 54,133 | 45,769 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 111,161 | $ | 48,764 | $ | 111,161 | $ | 48,764 | |||||||
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||||
Cash paid for interest | $ | 6,377 | $ | 2,625 | $ | 13,031 | $ | 4,489 | |||||||
Cash paid for income taxes, net of refunds received | $ | 15,468 | $ | 22,426 | $ | 15,820 | $ | 22,977 | |||||||
Cash paid for operating lease liabilities | $ | 8,516 | $ | 12,383 | $ | 17,394 | $ | 22,319 | |||||||
Cash paid for finance lease liabilities | $ | 2,864 | $ | 378 | $ | 5,321 | $ | 735 | |||||||
Supplemental Disclosures of Non-Cash Activity: | |||||||||||||||
Right of use assets obtained in exchange for operating lease liabilities | $ | 7,719 | $ | 15,387 | $ | 14,802 | $ | 26,590 | |||||||
Right of use assets obtained in exchange for finance lease liabilities | $ | 7,154 | $ | 1,100 | $ | 27,944 | $ | 1,316 | |||||||
Reductions to right of use assets resulting from reductions to operating lease liabilities | $ | 14,994 | $ | 2,464 | $ | 15,135 | $ | 2,763 | |||||||
Reductions to right of use assets resulting from reductions to finance lease liabilities | $ | 525 | $ | — | $ | 894 | $ | — | |||||||
Accrued contingent consideration | $ | — | $ | 19,195 | $ | — | $ | 19,195 | |||||||
Noncontrolling interest contribution | $ | — | $ | — | $ | — | $ | 8,900 | |||||||
Days revenue outstanding (1) | 43.4 | 46.8 | 43.4 | 46.8 |
(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 | $ | 219.8 | $ | 222.0 | |||
Non-Medicare | 130.0 | 119.9 | |||||
Net service revenue | 349.8 | 341.9 | |||||
Cost of service, inclusive of depreciation | 194.5 | 194.7 | |||||
Gross margin | 155.3 | 147.2 | |||||
General and administrative expenses | 90.2 | 88.8 | |||||
Depreciation and amortization | 1.2 | 1.5 | |||||
Operating income | $ | 63.9 | $ | 56.9 | |||
Same Store Growth(1): | |||||||
Medicare revenue | (1 | %) | (9 | %) | |||
Non-Medicare revenue | 10 | % | (3 | %) | |||
Total admissions | 4 | % | — | % | |||
Total volume(2) | 3 | % | (2 | %) | |||
Key Statistical Data - Total(3)(6): | |||||||
Admissions | 97,453 | 94,063 | |||||
Recertifications | 45,808 | 45,821 | |||||
Total volume | 143,261 | 139,884 | |||||
Medicare completed episodes | 74,848 | 78,321 | |||||
Average Medicare revenue per completed episode(4) | $ | 3,005 | $ | 3,051 | |||
Medicare visits per completed episode(5) | 12.5 | 13.2 | |||||
Visiting clinician cost per visit | $ | 99.81 | $ | 97.68 | |||
Clinical manager cost per visit | 11.14 | 10.77 | |||||
Total cost per visit | $ | 110.95 | $ | 108.45 | |||
Visits | 1,752,449 | 1,795,611 |
For the Six-Month Periods Ended | |||||||
2023 | 2022 | ||||||
Financial Information(in millions) (6): | |||||||
Medicare | $ | 435.2 | $ | 446.1 | |||
Non-Medicare | 257.9 | 231.5 | |||||
Net service revenue | 693.1 | 677.6 | |||||
Cost of service, inclusive of depreciation | 391.5 | 379.9 | |||||
Gross margin | 301.6 | 297.7 | |||||
General and administrative expenses | 179.3 | 172.0 | |||||
Depreciation and amortization | 2.3 | 2.4 | |||||
Operating income | $ | 120.0 | $ | 123.3 | |||
Same Store Growth(1): | |||||||
Medicare revenue | (4 | %) | (4 | %) | |||
Non-Medicare revenue | 11 | % | — | % | |||
Total admissions | 6 | % | 1 | % | |||
Total volume(2) | 4 | % | (1 | %) | |||
Key Statistical Data - Total(3)(6): | |||||||
Admissions | 199,416 | 185,827 | |||||
Recertifications | 89,133 | 88,677 | |||||
Total volume | 288,549 | 274,504 | |||||
Medicare completed episodes | 148,411 | 152,764 | |||||
Average Medicare revenue per completed episode(4) | $ | 2,990 | $ | 3,032 | |||
Medicare visits per completed episode(5) | 12.4 | 13.1 | |||||
Visiting clinician cost per visit | $ | 99.83 | $ | 97.41 | |||
Clinical manager cost per visit | 11.13 | 10.77 | |||||
Total cost per visit | $ | 110.96 | $ | 108.18 | |||
Visits | 3,527,655 | 3,511,822 |
(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 denovos.
(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 at 2% and 1% for the three-month periods ended
(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 | $ | 188.2 | $ | 187.5 | |||
Non-Medicare | 11.0 | 10.9 | |||||
Net service revenue | 199.2 | 198.4 | |||||
Cost of service, inclusive of depreciation | 98.8 | 107.4 | |||||
Gross margin | 100.4 | 91.0 | |||||
General and administrative expenses | 47.9 | 51.6 | |||||
Depreciation and amortization | 0.7 | 0.6 | |||||
Operating income | $ | 51.8 | $ | 38.8 | |||
Same Store Growth(1): | |||||||
Medicare revenue | — | % | — | % | |||
Hospice admissions | (6 | %) | 6 | % | |||
Average daily census | (2 | %) | — | % | |||
Key Statistical Data - Total(2): | |||||||
Hospice admissions | 12,395 | 13,359 | |||||
Average daily census | 12,918 | 13,249 | |||||
Revenue per day, net | $ | 169.47 | $ | 164.55 | |||
Cost of service per day | $ | 84.03 | $ | 89.05 | |||
Average discharge length of stay | 90 | 87 |
For the Six-Month Periods Ended | |||||||
2023 | 2022 | ||||||
Financial Information(in millions): | |||||||
Medicare | $ | 370.9 | $ | 370.0 | |||
Non-Medicare | 21.7 | 21.4 | |||||
Net service revenue | 392.6 | 391.4 | |||||
Cost of service, inclusive of depreciation | 200.2 | 213.8 | |||||
Gross margin | 192.4 | 177.6 | |||||
General and administrative expenses | 95.8 | 102.9 | |||||
Depreciation and amortization | 1.3 | 1.3 | |||||
Operating income | $ | 95.3 | $ | 73.4 | |||
Same Store Growth(1): | |||||||
Medicare revenue | — | % | — | % | |||
Hospice admissions | (6 | %) | 4 | % | |||
Average daily census | (1 | %) | (1 | %) | |||
Key Statistical Data - Total(2): | |||||||
Hospice admissions | 25,393 | 27,245 | |||||
Average daily census | 12,825 | 13,086 | |||||
Revenue per day, net | $ | 169.15 | $ | 165.28 | |||
Cost of service per day | $ | 86.24 | $ | 90.24 | |||
Average discharge length of stay | 90 | 88 |
(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 denovos.
Segment Information - Personal Care (1)
For the Three-Month Periods Ended | |||||||
2023 | 2022 | ||||||
Financial Information(in millions): | |||||||
Medicare | $ | — | $ | — | |||
Non-Medicare | — | 14.9 | |||||
Net service revenue | — | 14.9 | |||||
Cost of service, inclusive of depreciation | — | 11.4 | |||||
Gross margin | — | 3.5 | |||||
General and administrative expenses | — | 2.3 | |||||
Depreciation and amortization | — | — | |||||
Operating income | $ | — | $ | 1.2 | |||
Key Statistical Data - Total: | |||||||
Billable hours | — | 472,523 | |||||
Clients served | — | 7,759 | |||||
Shifts | — | 201,996 | |||||
Revenue per hour | $ | — | $ | 31.59 | |||
Revenue per shift | $ | — | $ | 73.89 | |||
Hours per shift | — | 2.3 |
For the Six-Month Periods Ended | |||||||
2023 | 2022 | ||||||
Financial Information(in millions): | |||||||
Medicare | $ | — | $ | — | |||
Non-Medicare | 15.0 | 28.9 | |||||
Net service revenue | 15.0 | 28.9 | |||||
Cost of service, inclusive of depreciation | 11.1 | 22.2 | |||||
Gross margin | 3.9 | 6.7 | |||||
General and administrative expenses | 2.3 | 4.5 | |||||
Depreciation and amortization | — | 0.1 | |||||
Operating income | $ | 1.6 | $ | 2.1 | |||
Key Statistical Data - Total: | |||||||
Billable hours | 440,464 | 923,555 | |||||
Clients served | 7,892 | 8,591 | |||||
Shifts | 191,379 | 395,738 | |||||
Revenue per hour | $ | 33.97 | $ | 31.27 | |||
Revenue per shift | $ | 78.19 | $ | 72.99 | |||
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 | 4.0 | 2.7 | |||||
Net service revenue | 4.0 | 2.7 | |||||
Cost of service, inclusive of depreciation | 4.2 | 2.7 | |||||
Gross margin | (0.2 | ) | — | ||||
General and administrative expenses | 5.3 | 5.2 | |||||
Depreciation and amortization | 0.8 | 0.8 | |||||
Operating loss | $ | (6.3 | ) | $ | (6.0 | ) | |
Key Statistical Data - Total: | |||||||
Full risk admissions | 186 | 104 | |||||
Limited risk admissions | 348 | 241 | |||||
Total admissions | 534 | 345 | |||||
Full risk revenue per episode | $ | 9,303 | $ | 11,278 | |||
Limited risk revenue per episode | $ | 6,098 | $ | 5,316 | |||
Number of admitting joint venture markets | 11 | 9 |
For the Six-Month Periods Ended | |||||||
2023 | 2022 | ||||||
Financial Information(in millions) (1): | |||||||
Medicare | $ | — | $ | — | |||
Non-Medicare | 8.7 | 5.2 | |||||
Net service revenue | 8.7 | 5.2 | |||||
Cost of service, inclusive of depreciation | 9.7 | 5.1 | |||||
Gross margin | (1.0 | ) | 0.1 | ||||
General and administrative expenses | 9.7 | 9.5 | |||||
Depreciation and amortization | 1.6 | 1.6 | |||||
Operating loss | $ | (12.3 | ) | $ | (11.0 | ) | |
Key Statistical Data - Total: | |||||||
Full risk admissions | 344 | 210 | |||||
Limited risk admissions | 807 | 468 | |||||
Total admissions | 1,151 | 678 | |||||
Full risk revenue per episode | $ | 10,236 | $ | 10,672 | |||
Limited risk revenue per episode | $ | 5,878 | $ | 5,541 | |||
Number of admitting joint venture markets | 11 | 9 |
(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 | $ | 69.6 | $ | 40.0 | |||
Depreciation and amortization | 2.0 | 3.3 | |||||
Total operating expenses | $ | 71.6 | $ | 43.3 |
For the Six-Month Periods Ended | |||||||
2023 | 2022 | ||||||
Financial Information(in millions) (1): | |||||||
General and administrative expenses | $ | 120.4 | $ | 83.4 | |||
Depreciation and amortization | 4.0 | 8.8 | |||||
Total operating expenses | $ | 124.4 | $ | 92.2 |
(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 Six-Month Periods Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net (loss) income attributable to | $ | (80,275 | ) | $ | 29,579 | $ | (55,029 | ) | $ | 61,250 | |||||
Add: | |||||||||||||||
Income tax expense | 18,250 | 11,319 | 28,050 | 23,338 | |||||||||||
Interest expense, net | 6,760 | 8,275 | 13,871 | 11,435 | |||||||||||
Depreciation and amortization | 6,199 | 6,220 | 11,893 | 14,228 | |||||||||||
Certain items(1) | 123,704 | 23,609 | 133,691 | 35,059 | |||||||||||
Interest component of certain items(1) | — | (4,652 | ) | — | (4,652 | ) | |||||||||
Adjusted EBITDA(2)(6) | $ | 74,638 | $ | 74,350 | $ | 132,476 | $ | 140,658 |
Adjusted Net Service Revenue Reconciliation:
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net service revenue | $ | 552,968 | $ | 557,890 | $ | 1,109,357 | $ | 1,103,147 | |||||||
Add: | |||||||||||||||
Certain items(1) | — | 8,374 | — | 8,374 | |||||||||||
Adjusted net service revenue(3) (6) | $ | 552,968 | $ | 566,264 | $ | 1,109,357 | $ | 1,111,521 |
Adjusted Net Income Attributable to
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net (loss) income attributable to | $ | (80,275 | ) | $ | 29,579 | $ | (55,029 | ) | $ | 61,250 | |||
Add: | |||||||||||||
Certain items(1) | 125,153 | 18,373 | 132,642 | 26,847 | |||||||||
Adjusted net income attributable to | $ | 44,878 | $ | 47,952 | $ | 77,613 | $ | 88,097 |
Adjusted Net Income Attributable to
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net (loss) income attributable to | $ | (2.46 | ) | $ | 0.91 | $ | (1.69 | ) | $ | 1.87 | |||||
Add: | |||||||||||||||
Certain items(1) | 3.83 | 0.56 | 4.06 | 0.82 | |||||||||||
Adjusted net income attributable to | $ | 1.37 | $ | 1.47 | $ | 2.38 | $ | 2.69 |
(1) The following details the certain items for the three and six-month periods ended
Certain Items (in thousands):
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||
(Income) Expense | (Income) Expense | ||||||
Certain Items Impacting Cost of Service, Inclusive of Depreciation: | |||||||
Clinical optimization and reorganization costs | $ | — | $ | 114 | |||
Certain Items Impacting General and Administrative Expenses: | |||||||
Acquisition and integration costs | 1,101 | 2,768 | |||||
Executive Board of Directors/CEO transition award | 3,435 | 4,185 | |||||
Merger-related legal and professional fees | 19,451 | 20,171 | |||||
Clinical optimization and reorganization costs | 567 | 3,737 | |||||
Personal care divestiture | 11 | 525 | |||||
Certain Items Impacting Total Other Income (Expense): | |||||||
Other (income) expense, net (includes | 99,139 | 102,191 | |||||
Total | $ | 123,704 | $ | 133,691 | |||
Net of tax | $ | 125,153 | $ | 132,642 | |||
Diluted EPS | $ | 3.83 | $ | 4.06 |
For the Three-Month Periods Ended | For the Six-Month Periods Ended | ||||||
(Income) Expense | (Income) Expense | ||||||
Certain Items Impacting Net Service Revenue: | |||||||
Contingency accrual | $ | 8,374 | $ | 8,374 | |||
Certain Items Impacting Cost of Service: | |||||||
COVID-19 costs | 1,803 | 5,536 | |||||
Clinical optimization and reorganization costs | 195 | 195 | |||||
Fuel supplement | 1,016 | 1,353 | |||||
Integration costs | 1,401 | 1,401 | |||||
Certain Items Impacting General and Administrative Expenses: | |||||||
Acquisition and integration costs | 5,323 | 6,701 | |||||
COVID-19 costs | 84 | 237 | |||||
Executive Board of Directors/CEO transition award | — | 3,500 | |||||
Legal fees - non-routine | 190 | 241 | |||||
Clinical optimization and reorganization costs | 869 | 869 | |||||
Legal settlement | (1,058 | ) | (1,058 | ) | |||
Certain Items Impacting Total Other Income (Expense): | |||||||
Interest component of certain items | 4,652 | 4,652 | |||||
Other (income) expense, net | 760 | 3,058 | |||||
Total | $ | 23,609 | $ | 35,059 | |||
Net of tax | $ | 18,373 | $ | 26,847 | |||
Diluted EPS | $ | 0.56 | $ | 0.82 |
(2) Adjusted EBITDA is defined as net (loss) income 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:
2023 GlobeNewswire, Inc., source