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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amedisys Inc | NASDAQ:AMED | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.09% | 92.16 | 92.17 | 92.28 | 92.665 | 92.02 | 92.41 | 26,634 | 17:14:24 |
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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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¨
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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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||
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|
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ITEM 2.
|
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ITEM 3
|
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ITEM 4.
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||
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ITEM 1.
|
||
ITEM 1A.
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ITEM 2.
|
||
ITEM 3.
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ITEM 4.
|
||
ITEM 5.
|
||
ITEM 6.
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||
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March 31, 2019
(unaudited) |
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
10,554
|
|
|
$
|
20,229
|
|
Patient accounts receivable
|
236,437
|
|
|
188,972
|
|
||
Prepaid expenses
|
10,792
|
|
|
7,568
|
|
||
Other current assets
|
13,948
|
|
|
7,349
|
|
||
Total current assets
|
271,731
|
|
|
224,118
|
|
||
Property and equipment, net of accumulated depreciation of $96,892 and $95,472
|
29,716
|
|
|
29,449
|
|
||
Operating lease right of use assets
|
83,064
|
|
|
—
|
|
||
Goodwill
|
649,514
|
|
|
329,480
|
|
||
Intangible assets, net of accumulated amortization of $33,166 and $33,050
|
62,801
|
|
|
44,132
|
|
||
Deferred income taxes
|
32,525
|
|
|
35,794
|
|
||
Other assets
|
54,888
|
|
|
54,145
|
|
||
Total assets
|
$
|
1,184,239
|
|
|
$
|
717,118
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
32,797
|
|
|
$
|
28,531
|
|
Payroll and employee benefits
|
111,312
|
|
|
92,858
|
|
||
Accrued expenses
|
121,716
|
|
|
99,475
|
|
||
Current portion of long-term obligations
|
6,038
|
|
|
1,612
|
|
||
Current portion of operating lease liabilities
|
25,514
|
|
|
—
|
|
||
Total current liabilities
|
297,377
|
|
|
222,476
|
|
||
Long-term obligations, less current portion
|
303,733
|
|
|
5,775
|
|
||
Operating lease liabilities, less current portion
|
55,840
|
|
|
—
|
|
||
Other long-term obligations
|
6,089
|
|
|
6,234
|
|
||
Total liabilities
|
663,039
|
|
|
234,485
|
|
||
Commitments and Contingencies—Note 6
|
|
|
|
||||
Equity:
|
|
|
|
||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 60,000,000 shares authorized; 36,337,743 and 36,252,280 shares issued; and 32,037,667 and 31,973,505 shares outstanding
|
36
|
|
|
36
|
|
||
Additional paid-in capital
|
613,714
|
|
|
603,666
|
|
||
Treasury stock, at cost 4,300,076 and 4,278,775 shares of common stock
|
(244,373
|
)
|
|
(241,685
|
)
|
||
Accumulated other comprehensive income
|
15
|
|
|
15
|
|
||
Retained earnings
|
150,854
|
|
|
119,550
|
|
||
Total Amedisys, Inc. stockholders’ equity
|
520,246
|
|
|
481,582
|
|
||
Noncontrolling interests
|
954
|
|
|
1,051
|
|
||
Total equity
|
521,200
|
|
|
482,633
|
|
||
Total liabilities and equity
|
$
|
1,184,239
|
|
|
$
|
717,118
|
|
|
For the Three-Month
Periods Ended March 31 |
||||||
|
2019
|
|
2018
|
||||
Net service revenue
|
$
|
467,340
|
|
|
$
|
399,262
|
|
Cost of service, excluding depreciation and amortization
|
275,274
|
|
|
238,309
|
|
||
General and administrative expenses:
|
|
|
|
||||
Salaries and benefits
|
94,830
|
|
|
75,631
|
|
||
Non-cash compensation
|
6,615
|
|
|
4,044
|
|
||
Other
|
43,402
|
|
|
41,680
|
|
||
Depreciation and amortization
|
2,895
|
|
|
3,593
|
|
||
Operating expenses
|
423,016
|
|
|
363,257
|
|
||
Operating income
|
44,324
|
|
|
36,005
|
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
24
|
|
|
120
|
|
||
Interest expense
|
(3,349
|
)
|
|
(1,703
|
)
|
||
Equity in earnings from equity method investments
|
1,216
|
|
|
1,860
|
|
||
Miscellaneous, net
|
236
|
|
|
601
|
|
||
Total other (expense) income, net
|
(1,873
|
)
|
|
878
|
|
||
Income before income taxes
|
42,451
|
|
|
36,883
|
|
||
Income tax expense
|
(10,878
|
)
|
|
(9,563
|
)
|
||
Net income
|
31,573
|
|
|
27,320
|
|
||
Net income attributable to noncontrolling interests
|
(269
|
)
|
|
(161
|
)
|
||
Net income attributable to Amedisys, Inc.
|
$
|
31,304
|
|
|
$
|
27,159
|
|
Basic earnings per common share:
|
|
|
|
||||
Net income attributable to Amedisys, Inc. common stockholders
|
$
|
0.98
|
|
|
$
|
0.80
|
|
Weighted average shares outstanding
|
32,001
|
|
|
33,971
|
|
||
Diluted earnings per common share:
|
|
|
|
||||
Net income attributable to Amedisys, Inc. common stockholders
|
$
|
0.95
|
|
|
$
|
0.79
|
|
Weighted average shares outstanding
|
32,893
|
|
|
34,592
|
|
|
Total
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
ComprehensiveIncome
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|||||||||||||||||
Shares
|
|
Amount
|
|
|||||||||||||||||||||||||||
Balance, December 31, 2017
|
$
|
516,426
|
|
|
35,747,134
|
|
|
$
|
35
|
|
|
$
|
568,780
|
|
|
$
|
(53,713
|
)
|
|
$
|
15
|
|
|
$
|
204
|
|
|
$
|
1,105
|
|
Issuance of stock – employee stock purchase plan
|
597
|
|
|
13,323
|
|
|
—
|
|
|
597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of stock – 401(k) plan
|
2,379
|
|
|
45,149
|
|
|
—
|
|
|
2,379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance/(cancellation) of non-vested stock
|
—
|
|
|
53,251
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Exercise of stock options
|
125
|
|
|
2,612
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Non-cash compensation
|
4,044
|
|
|
—
|
|
|
—
|
|
|
4,044
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Surrendered shares
|
(1,305
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,305
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Noncontrolling interest distribution
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|||||||
Net income
|
27,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,159
|
|
|
161
|
|
|||||||
Balance, March 31, 2018
|
$
|
549,558
|
|
|
35,861,469
|
|
|
$
|
35
|
|
|
$
|
575,925
|
|
|
$
|
(55,018
|
)
|
|
$
|
15
|
|
|
$
|
27,363
|
|
|
$
|
1,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance, December 31, 2018
|
$
|
482,633
|
|
|
36,252,280
|
|
|
$
|
36
|
|
|
$
|
603,666
|
|
|
$
|
(241,685
|
)
|
|
$
|
15
|
|
|
$
|
119,550
|
|
|
$
|
1,051
|
|
Issuance of stock – employee stock purchase plan
|
782
|
|
|
7,856
|
|
|
—
|
|
|
782
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of stock – 401(k) plan
|
2,295
|
|
|
19,591
|
|
|
—
|
|
|
2,295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance/(cancellation) of non-vested stock
|
—
|
|
|
51,162
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Exercise of stock options
|
356
|
|
|
6,854
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Non-cash compensation
|
6,615
|
|
|
—
|
|
|
—
|
|
|
6,615
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Surrendered shares
|
(2,688
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,688
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Noncontrolling interest distribution
|
(366
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(366
|
)
|
|||||||
Net income
|
31,573
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,304
|
|
|
269
|
|
|||||||
Balance, March 31, 2019
|
$
|
521,200
|
|
|
36,337,743
|
|
|
$
|
36
|
|
|
$
|
613,714
|
|
|
$
|
(244,373
|
)
|
|
$
|
15
|
|
|
$
|
150,854
|
|
|
$
|
954
|
|
|
For the Three-Month
Periods Ended March 31 |
||||||
|
2019
|
|
2018
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
31,573
|
|
|
$
|
27,320
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
2,895
|
|
|
3,593
|
|
||
Non-cash compensation
|
6,615
|
|
|
4,044
|
|
||
401(k) employer match
|
2,379
|
|
|
2,567
|
|
||
Amortization and impairment of operating lease right of use assets
|
8,345
|
|
|
—
|
|
||
(Gain) loss on disposal of property and equipment
|
(4
|
)
|
|
563
|
|
||
Deferred income taxes
|
3,269
|
|
|
2,945
|
|
||
Equity in earnings from equity method investments
|
(1,216
|
)
|
|
(1,860
|
)
|
||
Amortization of deferred debt issuance costs/debt discount
|
213
|
|
|
178
|
|
||
Return on equity investment
|
725
|
|
|
625
|
|
||
Changes in operating assets and liabilities, net of impact of acquisitions:
|
|
|
|
||||
Patient accounts receivable
|
(22,333
|
)
|
|
8,260
|
|
||
Other current assets
|
(10,635
|
)
|
|
(6,982
|
)
|
||
Other assets
|
(338
|
)
|
|
46
|
|
||
Accounts payable
|
(11,140
|
)
|
|
(1,523
|
)
|
||
Accrued expenses
|
18,838
|
|
|
(1,807
|
)
|
||
Other long-term obligations
|
(144
|
)
|
|
2,348
|
|
||
Operating lease liabilities
|
(8,139
|
)
|
|
—
|
|
||
Operating lease right of use assets
|
(844
|
)
|
|
—
|
|
||
Net cash provided by operating activities
|
20,059
|
|
|
40,317
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Proceeds from sale of deferred compensation plan assets
|
208
|
|
|
462
|
|
||
Proceeds from the sale of property and equipment
|
65
|
|
|
5
|
|
||
Investments in equity method investees
|
(120
|
)
|
|
—
|
|
||
Purchases of property and equipment
|
(1,198
|
)
|
|
(1,462
|
)
|
||
Acquisitions of businesses, net of cash acquired
|
(327,867
|
)
|
|
(2,250
|
)
|
||
Net cash used in investing activities
|
(328,912
|
)
|
|
(3,245
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from issuance of stock upon exercise of stock options
|
356
|
|
|
125
|
|
||
Proceeds from issuance of stock to employee stock purchase plan
|
782
|
|
|
597
|
|
||
Shares withheld upon stock vesting
|
(2,688
|
)
|
|
(1,305
|
)
|
||
Noncontrolling interest distribution
|
(366
|
)
|
|
(28
|
)
|
||
Proceeds from borrowings under term loan
|
175,000
|
|
|
—
|
|
||
Proceeds from borrowings under revolving line of credit
|
161,500
|
|
|
—
|
|
||
Repayments of borrowings under revolving line of credit
|
(34,000
|
)
|
|
—
|
|
||
Principal payments of long-term obligations
|
(559
|
)
|
|
(2,819
|
)
|
||
Debt issuance costs
|
(847
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
299,178
|
|
|
(3,430
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(9,675
|
)
|
|
33,642
|
|
||
Cash and cash equivalents at beginning of period
|
20,229
|
|
|
86,363
|
|
||
Cash and cash equivalents at end of period
|
$
|
10,554
|
|
|
$
|
120,005
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
||||
Cash paid for interest
|
$
|
725
|
|
|
$
|
1,065
|
|
Cash paid for income taxes, net of refunds received
|
$
|
404
|
|
|
$
|
2,813
|
|
|
For the Three-
Month Periods
Ended March 31
|
||||
|
2019
|
|
2018
|
||
Home Health:
|
|
|
|
||
Medicare
|
46
|
%
|
|
51
|
%
|
Non-Medicare - Episodic-based
|
9
|
%
|
|
8
|
%
|
Non-Medicare - Non-episodic based
|
12
|
%
|
|
12
|
%
|
Hospice:
|
|
|
|
||
Medicare
|
28
|
%
|
|
23
|
%
|
Non-Medicare
|
1
|
%
|
|
1
|
%
|
Personal Care
|
4
|
%
|
|
5
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Fair Value at Reporting Date Using
|
||||||||||||||
Financial Instrument
|
Carrying Value as of
March 31, 2019 |
|
Quoted Prices in Active
Markets for Identical
Items
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
Long-term obligations
|
$
|
311.2
|
|
|
$
|
—
|
|
|
$
|
310.0
|
|
|
$
|
—
|
|
•
|
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 March 31,
|
||||
|
2019
|
|
2018
|
||
Weighted average number of shares outstanding - basic
|
32,001
|
|
|
33,971
|
|
Effect of dilutive securities:
|
|
|
|
||
Stock options
|
559
|
|
|
334
|
|
Non-vested stock and stock units
|
333
|
|
|
287
|
|
Weighted average number of shares outstanding - diluted
|
32,893
|
|
|
34,592
|
|
Anti-dilutive securities
|
148
|
|
|
182
|
|
|
Amount
|
||
Patient accounts receivable
|
$
|
25.1
|
|
Prepaid expenses
|
1.2
|
|
|
Other current assets
|
0.2
|
|
|
Property and equipment
|
0.2
|
|
|
Intangible assets
|
18.8
|
|
|
Total assets acquired
|
45.5
|
|
|
Accounts payable
|
(15.0
|
)
|
|
Payroll and employee benefits
|
(12.2
|
)
|
|
Accrued expenses
|
(10.1
|
)
|
|
Current portion of long-term obligations
|
(0.3
|
)
|
|
Total liabilities acquired
|
(37.6
|
)
|
|
Net identifiable assets acquired
|
7.9
|
|
|
Goodwill
|
320.0
|
|
|
Total estimated consideration
|
$
|
327.9
|
|
|
For the Three-
Month Periods
Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net service revenue
|
$
|
483.4
|
|
|
$
|
446.7
|
|
Operating income (loss)
|
50.6
|
|
|
41.8
|
|
||
Net income
|
35.4
|
|
|
29.1
|
|
||
Basic earnings (loss) per share
|
1.10
|
|
|
0.85
|
|
||
Diluted earnings (loss) per share
|
$
|
1.07
|
|
|
$
|
0.84
|
|
|
Three-Month Period Ended March 31, 2019
|
||
Operating lease cost
|
$
|
8.2
|
|
Impairment of operating lease ROU assets
|
0.1
|
|
|
|
|
||
Finance lease cost
|
|
||
Amortization of ROU assets
|
0.4
|
|
|
Interest on lease liabilities
|
0.1
|
|
|
Total finance lease cost
|
0.5
|
|
|
|
|
||
Variable lease cost
|
0.5
|
|
|
Short-term lease cost
|
0.1
|
|
|
|
|
||
Total lease cost
|
$
|
9.4
|
|
|
March 31, 2019
|
||
Operating lease ROU assets
|
$
|
83.1
|
|
|
|
||
Current portion of operating lease liabilities
|
25.5
|
|
|
Operating lease liabilities, less current portion
|
55.8
|
|
|
Total operating lease liabilities
|
$
|
81.3
|
|
|
March 31, 2019
|
||
Finance lease ROU assets
|
$
|
3.7
|
|
Accumulated amortization
|
(0.9
|
)
|
|
Finance lease ROU assets, net
|
2.8
|
|
|
|
|
||
Current installments of obligations under finance leases
|
1.2
|
|
|
Long-term portion of obligations under finance leases
|
1.5
|
|
|
Total finance lease liabilities
|
$
|
2.7
|
|
|
Three-Month Period Ended March 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities and ROU assets:
|
|
||
Operating cash flow from operating leases
|
$
|
(9.0
|
)
|
Financing cash flow from finance leases
|
(0.4
|
)
|
|
|
|
||
ROU assets obtained in exchange for lease obligations:
|
|
||
Operating leases
|
91.7
|
|
|
Finance leases
|
0.8
|
|
|
|
|
||
Reductions to ROU assets resulting from reductions to lease obligations:
|
|
||
Operating leases
|
(0.6
|
)
|
|
Finance leases
|
—
|
|
|
Operating
Leases
|
|
Finance
Leases
|
||||
2019 (a)
|
$
|
21.2
|
|
|
$
|
1.0
|
|
2020
|
24.9
|
|
|
1.2
|
|
||
2021
|
17.4
|
|
|
0.7
|
|
||
2022
|
9.5
|
|
|
—
|
|
||
2023
|
5.9
|
|
|
—
|
|
||
Thereafter
|
9.9
|
|
|
—
|
|
||
Total undiscounted lease payments
|
88.8
|
|
|
2.9
|
|
||
Less: Imputed interest
|
(7.5
|
)
|
|
(0.2
|
)
|
||
Total lease liabilities
|
$
|
81.3
|
|
|
$
|
2.7
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
$175.0 million Term Loan; interest rate at Base Rate plus Applicable Rate or Eurodollar Rate plus Applicable Rate (4.0% at March 31, 2019); due February 4, 2024
|
$
|
175.0
|
|
|
$
|
—
|
|
$550.0 million Revolving Credit Facility; interest only payments; interest rate at Base Rate plus Applicable Rate or Eurodollar Rate plus Applicable Rate (4.0% at March 31, 2019); due February 4, 2024
|
135.0
|
|
|
7.5
|
|
||
Promissory notes
|
1.2
|
|
|
1.1
|
|
||
Finance leases
|
2.7
|
|
|
2.3
|
|
||
Principal amount of long-term obligations
|
313.9
|
|
|
10.9
|
|
||
Deferred debt issuance costs
|
(4.2
|
)
|
|
(3.5
|
)
|
||
|
309.7
|
|
|
7.4
|
|
||
Current portion of long-term obligations
|
(6.0
|
)
|
|
(1.6
|
)
|
||
Total
|
$
|
303.7
|
|
|
$
|
5.8
|
|
|
For the Three-Month Period Ended March 31, 2019
|
||||||||||||||||||
|
Home
Health
|
|
Hospice
|
|
Personal
Care
|
|
Other
|
|
Total
|
||||||||||
Net service revenue
|
$
|
310.1
|
|
|
$
|
137.0
|
|
|
$
|
20.2
|
|
|
$
|
—
|
|
|
$
|
467.3
|
|
Cost of service, excluding depreciation and amortization
|
185.7
|
|
|
74.1
|
|
|
15.5
|
|
|
—
|
|
|
275.3
|
|
|||||
General and administrative expenses
|
71.4
|
|
|
29.0
|
|
|
3.1
|
|
|
41.3
|
|
|
144.8
|
|
|||||
Depreciation and amortization
|
1.0
|
|
|
0.4
|
|
|
0.1
|
|
|
1.4
|
|
|
2.9
|
|
|||||
Operating expenses
|
258.1
|
|
|
103.5
|
|
|
18.7
|
|
|
42.7
|
|
|
423.0
|
|
|||||
Operating income (loss)
|
$
|
52.0
|
|
|
$
|
33.5
|
|
|
$
|
1.5
|
|
|
$
|
(42.7
|
)
|
|
$
|
44.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the Three-Month Period Ended March 31, 2018
|
||||||||||||||||||
|
Home
Health
|
|
Hospice
|
|
Personal
Care
|
|
Other
|
|
Total
|
||||||||||
Net service revenue
|
$
|
284.1
|
|
|
$
|
97.3
|
|
|
$
|
17.9
|
|
|
$
|
—
|
|
|
$
|
399.3
|
|
Cost of service, excluding depreciation and amortization
|
174.4
|
|
|
50.1
|
|
|
13.8
|
|
|
—
|
|
|
238.3
|
|
|||||
General and administrative expenses
|
68.0
|
|
|
20.0
|
|
|
3.2
|
|
|
30.2
|
|
|
121.4
|
|
|||||
Depreciation and amortization
|
0.8
|
|
|
0.2
|
|
|
0.1
|
|
|
2.5
|
|
|
3.6
|
|
|||||
Operating expenses
|
243.2
|
|
|
70.3
|
|
|
17.1
|
|
|
32.7
|
|
|
363.3
|
|
|||||
Operating income (loss)
|
$
|
40.9
|
|
|
$
|
27.0
|
|
|
$
|
0.8
|
|
|
$
|
(32.7
|
)
|
|
$
|
36.0
|
|
|
Home
Health
|
|
Hospice
|
|
Personal
Care
|
|||
As of December 31, 2018
|
323
|
|
|
84
|
|
|
12
|
|
Acquisitions/Startups
|
—
|
|
|
54
|
|
|
—
|
|
Closed/Consolidated
|
(2
|
)
|
|
—
|
|
|
—
|
|
As of March 31, 2019
|
321
|
|
|
138
|
|
|
12
|
|
|
For the Three-
Month Periods
Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net service revenue
|
$
|
467.3
|
|
|
$
|
399.3
|
|
Gross margin, excluding depreciation and amortization
|
192.0
|
|
|
161.0
|
|
||
% of revenue
|
41.1
|
%
|
|
40.3
|
%
|
||
Other operating expenses
|
147.7
|
|
|
125.0
|
|
||
% of revenue
|
31.6
|
%
|
|
31.3
|
%
|
||
Operating income
|
44.3
|
|
|
36.0
|
|
||
Total other (expense) income, net
|
(1.8
|
)
|
|
0.9
|
|
||
Income tax expense
|
(10.9
|
)
|
|
(9.6
|
)
|
||
Effective income tax rate
|
25.6
|
%
|
|
25.9
|
%
|
||
Net income
|
31.6
|
|
|
27.3
|
|
||
Net income attributable to noncontrolling interests
|
(0.3
|
)
|
|
(0.2
|
)
|
||
Net income attributable to Amedisys, Inc.
|
$
|
31.3
|
|
|
$
|
27.2
|
|
|
For the Three-
Month Periods Ended March 31, |
||||||
|
2019
|
|
2018
|
||||
Financial Information
(in millions)
:
|
|
|
|
||||
Medicare
|
$
|
213.4
|
|
|
$
|
205.0
|
|
Non-Medicare
|
96.7
|
|
|
79.1
|
|
||
Net service revenue
|
310.1
|
|
|
284.1
|
|
||
Cost of service
|
185.7
|
|
|
174.4
|
|
||
Gross margin
|
124.4
|
|
|
109.7
|
|
||
Other operating expenses
|
72.4
|
|
|
68.8
|
|
||
Operating income
|
$
|
52.0
|
|
|
$
|
40.9
|
|
|
|
|
|
||||
Same Store Growth (1):
|
|
|
|
||||
Medicare revenue
|
4
|
%
|
|
5
|
%
|
||
Non-Medicare revenue
|
22
|
%
|
|
14
|
%
|
||
Total admissions
|
6
|
%
|
|
4
|
%
|
||
Total volume (2)
|
6
|
%
|
|
7
|
%
|
||
Total Episodic admissions (3)
|
4
|
%
|
|
3
|
%
|
||
Total Episodic volume (4)
|
3
|
%
|
|
6
|
%
|
||
Key Statistical Data - Total (5):
|
|
|
|
||||
Medicare:
|
|
|
|
||||
Admissions
|
50,320
|
|
|
49,455
|
|
||
Recertifications
|
27,112
|
|
|
27,236
|
|
||
Total volume
|
77,432
|
|
|
76,691
|
|
||
Completed episodes
|
73,978
|
|
|
72,836
|
|
||
Visits
|
1,331,409
|
|
|
1,314,126
|
|
||
Average revenue per completed episode (6)
|
$
|
2,902
|
|
|
$
|
2,792
|
|
Visits per completed episode (7)
|
17.4
|
|
|
17.2
|
|
||
Non-Medicare:
|
|
|
|
||||
Admissions
|
33,649
|
|
|
29,889
|
|
||
Recertifications
|
14,683
|
|
|
12,432
|
|
||
Total volume
|
48,332
|
|
|
42,321
|
|
||
Visits
|
753,679
|
|
|
660,933
|
|
||
Total (5):
|
|
|
|
||||
Visiting Clinician Cost per Visit
|
$
|
81.05
|
|
|
$
|
80.34
|
|
Clinical Manager Cost per Visit
|
8.01
|
|
|
7.99
|
|
||
Total Cost per Visit
|
$
|
89.06
|
|
|
$
|
88.33
|
|
Visits
|
2,085,088
|
|
|
1,975,059
|
|
(1)
|
Same store information represents the percent change 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 and denovos.
|
(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 March 31, |
||||||
|
2019
|
|
2018
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Medicare
|
$
|
130.7
|
|
|
$
|
91.8
|
|
Non-Medicare
|
6.3
|
|
|
5.5
|
|
||
Net service revenue
|
137.0
|
|
|
97.3
|
|
||
Cost of service
|
74.1
|
|
|
50.1
|
|
||
Gross margin
|
62.9
|
|
|
47.2
|
|
||
Other operating expenses
|
29.4
|
|
|
20.2
|
|
||
Operating income
|
$
|
33.5
|
|
|
$
|
27.0
|
|
Same Store Growth (1):
|
|
|
|
||||
Medicare revenue
|
9
|
%
|
|
12
|
%
|
||
Hospice admissions
|
5
|
%
|
|
5
|
%
|
||
Average daily census
|
8
|
%
|
|
12
|
%
|
||
Key Statistical Data - Total (2):
|
|
|
|
||||
Hospice admissions
|
9,711
|
|
|
6,933
|
|
||
Average daily census
|
9,982
|
|
|
7,214
|
|
||
Revenue per day, net
|
$
|
152.56
|
|
|
$
|
149.80
|
|
Cost of service per day
|
$
|
82.43
|
|
|
$
|
77.17
|
|
Average discharge length of stay
|
98
|
|
|
97
|
|
(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.
|
(2)
|
Total includes acquisitions and denovos.
|
|
For the Three-
Month Periods Ended March 31, |
||||||
|
2019
|
|
2018
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Medicare
|
$
|
—
|
|
|
$
|
—
|
|
Non-Medicare
|
20.2
|
|
|
17.9
|
|
||
Net service revenue
|
20.2
|
|
|
17.9
|
|
||
Cost of service
|
15.5
|
|
|
13.8
|
|
||
Gross margin
|
4.7
|
|
|
4.1
|
|
||
Other operating expenses
|
3.2
|
|
|
3.3
|
|
||
Operating income
|
$
|
1.5
|
|
|
$
|
0.8
|
|
Key Statistical Data (1):
|
|
|
|
||||
Billable hours
|
833,617
|
|
|
749,953
|
|
||
Clients served
|
12,801
|
|
|
12,536
|
|
||
Shifts
|
376,182
|
|
|
348,166
|
|
||
Revenue per hour
|
$
|
24.19
|
|
|
$
|
23.85
|
|
Revenue per shift
|
$
|
53.60
|
|
|
$
|
51.36
|
|
Hours per shift
|
2.2
|
|
|
2.2
|
|
(1)
|
Total includes acquisitions
|
|
For the Three-
Month Periods Ended March 31, |
||||||
|
2019
|
|
2018
|
||||
Financial Information
(in millions):
|
|
|
|
||||
Other operating expenses
|
$
|
41.3
|
|
|
$
|
30.2
|
|
Depreciation and amortization
|
1.4
|
|
|
2.5
|
|
||
Total operating expenses
|
$
|
42.7
|
|
|
$
|
32.7
|
|
|
For the Three-
Month Periods
Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash provided by operating activities
|
$
|
20.1
|
|
|
$
|
40.3
|
|
Cash used in investing activities
|
(328.9
|
)
|
|
(3.3
|
)
|
||
Cash provided by (used in) financing activities
|
299.2
|
|
|
(3.4
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(9.6
|
)
|
|
33.6
|
|
||
Cash and cash equivalents at beginning of period
|
20.2
|
|
|
86.4
|
|
||
Cash and cash equivalents at end of period
|
$
|
10.6
|
|
|
$
|
120.0
|
|
|
0-90
|
|
91-180
|
|
181-365
|
|
Over 365
|
|
Total
|
||||||||||
At March 31, 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicare patient accounts receivable
|
$
|
122.8
|
|
|
$
|
8.6
|
|
|
$
|
1.2
|
|
|
$
|
1.0
|
|
|
$
|
133.6
|
|
Other patient accounts receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicaid
|
20.3
|
|
|
3.8
|
|
|
2.6
|
|
|
1.5
|
|
|
28.2
|
|
|||||
Private
|
63.6
|
|
|
6.7
|
|
|
3.4
|
|
|
0.9
|
|
|
74.6
|
|
|||||
Total
|
$
|
83.9
|
|
|
$
|
10.5
|
|
|
$
|
6.0
|
|
|
$
|
2.4
|
|
|
$
|
102.8
|
|
Total patient accounts receivable
|
|
|
|
|
|
|
|
|
$
|
236.4
|
|
||||||||
Days revenue outstanding (1)
|
|
|
|
|
|
|
|
|
41.2
|
|
|||||||||
|
0-90
|
|
91-180
|
|
181-365
|
|
Over 365
|
|
Total
|
||||||||||
At December 31, 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicare patient accounts receivable
|
$
|
95.5
|
|
|
$
|
8.1
|
|
|
$
|
1.0
|
|
|
$
|
1.8
|
|
|
$
|
106.4
|
|
Other patient accounts receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Medicaid
|
13.1
|
|
|
2.7
|
|
|
1.1
|
|
|
—
|
|
|
16.9
|
|
|||||
Private
|
51.3
|
|
|
6.7
|
|
|
4.4
|
|
|
3.3
|
|
|
65.7
|
|
|||||
Total
|
$
|
64.4
|
|
|
$
|
9.4
|
|
|
$
|
5.5
|
|
|
$
|
3.3
|
|
|
$
|
82.6
|
|
Total patient accounts receivable
|
|
|
|
|
|
|
|
|
$
|
189.0
|
|
||||||||
Days revenue outstanding (1)
|
|
|
|
|
|
|
|
|
38.0
|
|
(1)
|
Our calculation of days revenue outstanding is derived by dividing our ending patient accounts receivable at
March 31, 2019
and
December 31, 2018
by our average daily patient revenue for the three-month periods ended
March 31, 2019
and
December 31, 2018
, 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
|
||||||
January 1, 2019 to January 31, 2019
|
4,638
|
|
|
|
$
|
127.12
|
|
|
—
|
|
|
$
|
—
|
|
February 1, 2019 to February 28, 2019
|
11,610
|
|
|
|
127.35
|
|
|
—
|
|
|
—
|
|
||
March 1, 2019 to March 31, 2019
|
5,053
|
|
|
|
122.60
|
|
|
—
|
|
|
—
|
|
||
|
21,301
|
|
(1)
|
|
$
|
126.17
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
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
|
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