$AMED
AMEDISYS INC

2016 Q3 Form 10-Q Financial Statement

#000119312516759843 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $361.6M $326.5M
YoY Change 10.75% 8.72%
Cost Of Revenue $212.1M $186.8M
YoY Change 13.56% 9.76%
Gross Profit $149.5M $139.7M
YoY Change 7.02% 7.38%
Gross Profit Margin 41.34% 42.79%
Selling, General & Admin $129.9M $116.2M
YoY Change 11.79% 8.19%
% of Gross Profit 86.89% 83.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.300M $4.600M
YoY Change 15.22% -29.23%
% of Gross Profit 3.55% 3.29%
Operating Expenses $135.1M $120.8M
YoY Change 11.84% 6.15%
Operating Profit $14.36M $16.72M
YoY Change -14.1% 2.87%
Interest Expense $2.100M $4.936M
YoY Change -57.46% 65.08%
% of Operating Profit 14.62% 29.53%
Other Income/Expense, Net $3.835M -$1.675M
YoY Change -328.96% -26.95%
Pretax Income $18.19M $15.04M
YoY Change 20.97% 7.77%
Income Tax $6.693M $6.465M
% Of Pretax Income 36.79% 42.99%
Net Earnings $11.40M $8.400M
YoY Change 35.71% 0.0%
Net Earnings / Revenue 3.15% 2.57%
Basic Earnings Per Share $0.34 $0.25
Diluted Earnings Per Share $0.34 $0.25
COMMON SHARES
Basic Shares Outstanding 33.31M shares 33.13M shares
Diluted Shares Outstanding 33.82M shares 33.63M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.900M $57.10M
YoY Change -84.41% 938.18%
Cash & Equivalents $8.915M $57.05M
Short-Term Investments
Other Short-Term Assets $22.00M $5.641M
YoY Change 290.0% -83.41%
Inventory
Prepaid Expenses
Receivables $162.5M $121.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $193.4M $216.4M
YoY Change -10.65% 52.0%
LONG-TERM ASSETS
Property, Plant & Equipment $43.00M $41.49M
YoY Change 3.65% -70.67%
Goodwill $211.1M
YoY Change
Intangibles $33.15M
YoY Change
Long-Term Investments
YoY Change
Other Assets $153.5M $164.3M
YoY Change -6.57% 3.53%
Total Long-Term Assets $528.3M $450.0M
YoY Change 17.41% -16.64%
TOTAL ASSETS
Total Short-Term Assets $193.4M $216.4M
Total Long-Term Assets $528.3M $450.0M
Total Assets $721.7M $666.4M
YoY Change 8.3% -2.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.10M $24.23M
YoY Change 36.63% 25.11%
Accrued Expenses $143.9M $69.19M
YoY Change 107.98% -56.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.200M $3.800M
YoY Change 36.84% -68.33%
Total Short-Term Liabilities $182.2M $171.2M
YoY Change 6.42% -10.39%
LONG-TERM LIABILITIES
Long-Term Debt $88.90M $96.30M
YoY Change -7.68% -5.87%
Other Long-Term Liabilities $4.300M $4.998M
YoY Change -13.97% -13.05%
Total Long-Term Liabilities $88.90M $101.3M
YoY Change -12.24% -6.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $182.2M $171.2M
Total Long-Term Liabilities $88.90M $101.3M
Total Liabilities $276.3M $272.5M
YoY Change 1.41% -8.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $495.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.03M
YoY Change
Treasury Stock Shares 1.054M shares
Shareholders Equity $445.4M $393.1M
YoY Change
Total Liabilities & Shareholders Equity $721.7M $666.4M
YoY Change 8.29% -2.31%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $11.40M $8.400M
YoY Change 35.71% 0.0%
Depreciation, Depletion And Amortization $5.300M $4.600M
YoY Change 15.22% -29.23%
Cash From Operating Activities $6.800M $30.70M
YoY Change -77.85% 20.87%
INVESTING ACTIVITIES
Capital Expenditures -$3.600M -$1.300M
YoY Change 176.92% 62.5%
Acquisitions
YoY Change
Other Investing Activities -$4.100M -$6.700M
YoY Change -38.81% -770.0%
Cash From Investing Activities -$7.600M -$8.100M
YoY Change -6.17% -4150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K 1.100M
YoY Change -118.18% -103.51%
NET CHANGE
Cash From Operating Activities 6.800M 30.70M
Cash From Investing Activities -7.600M -8.100M
Cash From Financing Activities -200.0K 1.100M
Net Change In Cash -1.000M 23.70M
YoY Change -104.22% -515.79%
FREE CASH FLOW
Cash From Operating Activities $6.800M $30.70M
Capital Expenditures -$3.600M -$1.300M
Free Cash Flow $10.40M $32.00M
YoY Change -67.5% 22.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
amed Episode Of Care As Episodic Based Revenue
EpisodeOfCareAsEpisodicBasedRevenue
60
amed Episodes In Progress That Begin During Reporting Period
EpisodesInProgressThatBeginDuringReportingPeriod
60
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33142000 shares
amed Deferred Debt Issuance Costs Written Off
DeferredDebtIssuanceCostsWrittenOff
2513000
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
184000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
413000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0
amed Deferred Debt Issuance Costs Written Off
DeferredDebtIssuanceCostsWrittenOff
0
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
100000000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2553000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0
amed Sale Of Noncontrolling Interest
SaleOfNoncontrollingInterest
405000
amed Sale Of Noncontrolling Interest
SaleOfNoncontrollingInterest
0
us-gaap Use Of Estimates
UseOfEstimates
<p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Use of Estimates</font></p><p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Our accounting and </font><font style="font-family:Times New Roman;font-size:10pt;">reporting policies conform with </font><font style="font-family:Times New Roman;font-size:10pt;">U.S.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">G</font><font style="font-family:Times New Roman;font-size:10pt;">AAP</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">In preparing the </font><font style="font-family:Times New Roman;font-size:10pt;">unaudited </font><font style="font-family:Times New Roman;font-size:10pt;">condensed </font><font style="font-family:Times New Roman;font-size:10pt;">consolidated financial statements, we are required to make estimates and assumptions that impact the amounts reported in the</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">condensed </font><font style="font-family:Times New Roman;font-size:10pt;">consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></p>
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33823000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33309000 shares
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Reclassifications and Comparability</font></p><p style='margin-top:9pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Certain reclassifications have been made to prior periods' financial statements in order to conform to the current period's presentation. In compliance with Accounting Standards Update (&#8220;ASU&#8221;) 2015-03,</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> Interest &#8211; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,</font><font style="font-family:Times New Roman;font-size:10pt;"> we have reclassified 2015 amounts related to unamortized debt issuance costs from other assets, net to long-term obligations, less current portion.</font></p><p style='margin-top:9pt; margin-bottom:0pt'>&#160;</p>
CY2016Q3 amed Minimum Percent Ownership For Controlling Interest Percent
MinimumPercentOwnershipForControllingInterestPercent
0.50 pure
CY2016Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.78 pure
CY2015Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.79 pure
CY2016Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
34 States
CY2015Q4 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
25700000
CY2016Q3 amed Maximum Percent Ownership For Cost Method Percent
MaximumPercentOwnershipForCostMethodPercent
0.20 pure
CY2016Q3 amed Maximum Percent Ownership For Equity Method Percent
MaximumPercentOwnershipForEquityMethodPercent
0.50 pure
CY2016Q3 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
28200000
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.78 pure
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.80 pure
CY2016Q3 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.30 pure
amed First Threshold Of Therapy Services Required
FirstThresholdOfTherapyServicesRequired
6 Number_of_Visits
amed Third Threshold Of Therapy Services Required
ThirdThresholdOfTherapyServicesRequired
20 Number_of_Visits
amed Low Utilization Payment Adjustment Number Of Visits
LowUtilizationPaymentAdjustmentNumberOfVisits
5 Number_of_Visits
amed Percentage Of Total Reimbursement Of Outlier Payment
PercentageOfTotalReimbursementOfOutlierPayment
0.10 pure
amed Second Threshold Of Services Required
SecondThresholdOfServicesRequired
14 Number_of_Visits
CY2015Q3 amed Hospice Medicare Revenue Rate Accounted For Routine Care
HospiceMedicareRevenueRateAccountedForRoutineCare
0.98 pure
amed Hospice Medicare Revenue Rate Accounted For Routine Care
HospiceMedicareRevenueRateAccountedForRoutineCare
0.99 pure
amed Percentage Of Patient Receivables Outstanding
PercentageOfPatientReceivablesOutstanding
0.1 pure
amed Minimum Days Accounts Receivable Outstanding Fully Reserved
MinimumDaysAccountsReceivableOutstandingFullyReserved
365
CY2015 amed Portion Of Patient Accounts Receivable Derived From Medicare
PortionOfPatientAccountsReceivableDerivedFromMedicare
0.64 pure
amed Historical Collection Rate From Medicare
HistoricalCollectionRateFromMedicare
0.99 pure
amed Rate Of Request For Anticipated Payment Submitted For Initial Episode Of Care
RateOfRequestForAnticipatedPaymentSubmittedForInitialEpisodeOfCare
0.6 pure
amed Rate Of Request For Anticipated Payment Submitted For Subsequent Episodes Of Care
RateOfRequestForAnticipatedPaymentSubmittedForSubsequentEpisodesOfCare
0.5 pure
amed Maximum Days To Submit Final Bill From Start Of Episode
MaximumDaysToSubmitFinalBillFromStartOfEpisode
120
amed Maximum Days To Submit Final Bill From Date Request For Anticipated Payment Was Paid
MaximumDaysToSubmitFinalBillFromDateRequestForAnticipatedPaymentWasPaid
60
CY2015Q3 amed Revenue Adjustment To Medicare Revenue
RevenueAdjustmentToMedicareRevenue
1500000
amed Revenue Adjustment To Medicare Revenue
RevenueAdjustmentToMedicareRevenue
5900000
amed Revenue Adjustment To Medicare Revenue
RevenueAdjustmentToMedicareRevenue
4000000
CY2014Q4 amed Internally Developed Computer Software
InternallyDevelopedComputerSoftware
75800000
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
75200000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33128000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33631000 shares
CY2016Q3 us-gaap Long Term Debt
LongTermDebt
94100000
CY2016Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
88900000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33699000 shares
CY2015Q4 amed Buildingandleaseholdimprovements
Buildingandleaseholdimprovements
2300000
CY2015Q4 amed Equipmentandfurniture
Equipmentandfurniture
89600000
CY2015Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
92600000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2016Q3 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
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CY2016Q3 amed Equipmentandfurniture
Equipmentandfurniture
85400000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
187000000
CY2016Q3 amed Buildingandleaseholdimprovements
Buildingandleaseholdimprovements
6600000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
204000 shares
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
89000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
207000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
57000 shares
CY2016Q3 amed Non Vested Stock And Stock Units
NonVestedStockAndStockUnits
307000 shares
CY2015Q3 amed Non Vested Stock And Stock Units
NonVestedStockAndStockUnits
446000 shares
amed Non Vested Stock And Stock Units
NonVestedStockAndStockUnits
401000 shares
amed Non Vested Stock And Stock Units
NonVestedStockAndStockUnits
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
254000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
983000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
156000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32957000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32957000 shares
CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
91600000
CY2016Q3 amed Total Leverage Ratio
TotalLeverageRatio
1.0 pure
CY2016Q3 amed Fixed Charge Coverage Ratio
FixedChargeCoverageRatio
3.9 pure
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
-3400000
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
96600000
CY2016Q3 amed Corporate Integrity Agreement Term
CorporateIntegrityAgreementTerm
P5Y
amed Health Insurance Retention Limit
HealthInsuranceRetentionLimit
900000
amed Workers Compensation Insurance Retention Limit
WorkersCompensationInsuranceRetentionLimit
500000
amed Professional Liability Insurance Retention Limit
ProfessionalLiabilityInsuranceRetentionLimit
300000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segments
amed General And Administrative Expense Segment
GeneralAndAdministrativeExpenseSegment
378500000
CY2016Q3 amed General And Administrative Expense Segment
GeneralAndAdministrativeExpenseSegment
124400000
CY2015Q3 amed General And Administrative Expense Segment
GeneralAndAdministrativeExpenseSegment
112600000
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
324141 shares
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
37.96
CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000

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