Company Quick10K Filing
Amedisys
Price132.53 EPS4
Shares33 P/E34
MCap4,374 P/FCF34
Net Debt224 EBIT170
TEV4,597 TEV/EBIT27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-03-04
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-30
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-04-26
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-10-26
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-04-27
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-07-28 Earnings, Regulation FD, Earnings, Exhibits
8-K 2020-06-09
8-K 2020-06-01
8-K 2020-05-06
8-K 2020-04-23
8-K 2020-04-10
8-K 2020-02-18
8-K 2020-01-14
8-K 2020-01-02
8-K 2019-11-25
8-K 2019-10-29
8-K 2019-10-17
8-K 2019-07-31
8-K 2019-07-25
8-K 2019-06-07
8-K 2019-04-30
8-K 2019-04-01
8-K 2019-02-27
8-K 2019-02-25
8-K 2019-02-19
8-K 2019-02-12
8-K 2019-02-01
8-K 2019-01-08
8-K 2018-10-29
8-K 2018-10-09
8-K 2018-10-03
8-K 2018-09-27
8-K 2018-08-29
8-K 2018-07-31
8-K 2018-07-31
8-K 2018-06-29
8-K 2018-06-06
8-K 2018-06-04
8-K 2018-05-18
8-K 2018-05-07
8-K 2018-04-20
8-K 2018-02-27
8-K 2018-01-10

AMED 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 amed-20203006xexx311.htm
EX-31.2 amed-20203006xexx312.htm
EX-32.1 amed-20203006xexx321.htm
EX-32.2 amed-20203006xexx322.htm

Amedisys Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

amed-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 0-24260 
amed-20200630_g1.jpg
AMEDISYS, INC.
(Exact Name of Registrant as Specified in its Charter)
 

Delaware 11-3131700
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
3854 American Way, Suite A, Baton Rouge, LA 70816
(Address of principal executive offices, including zip code)
(225) 292-2031 or (800) 467-2662
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareAMEDThe NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer   Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
Emerging growth company 
   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No  
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date, is as follows: Common stock, $0.001 par value, 32,466,660 shares outstanding as of July 24, 2020.

1


TABLE OF CONTENTS
;;;
PART I.
ITEM 1.
ITEM 2.
ITEM 3
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.

2


SPECIAL CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
When included in this Quarterly Report on Form 10-Q, or in other documents that we file with the Securities and Exchange Commission (“SEC”) or in statements made by or on behalf of the Company, 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: the impact of the novel coronavirus pandemic ("COVID-19"), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, 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 Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, our ability to keep our patients and employees safe, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disaster, acts of terrorism, widespread protests or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions, and changes in law 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. For a discussion of some of the factors discussed above as well as additional factors, see our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 19, 2020, particularly, Part I, Item 1A - Risk Factors therein, which are incorporated herein by reference, and Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q. Additional risk factors may also be described in reports that we file from time to time with the SEC.
Available Information
Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst 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. In addition, we make available on the Investor Relations subpage of our website (under the link “SEC filings”), free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, ownership reports on Forms 3, 4 and 5 and any amendments to those reports as soon as reasonably practicable after we electronically file or furnish such reports with the SEC. Further, copies of our Certificate of Incorporation and Bylaws, our Code of Ethical Business Conduct, our Corporate Governance Guidelines and the charters for the Audit, Compensation, Quality of Care, Compliance and Ethics and Nominating and Corporate Governance Committees of our Board are also available on the Investor Relations subpage of our website (under the link “Governance”). Reference to our website does not constitute incorporation by reference of the information contained on the website and should not be considered part of this document. Our electronically filed reports can also be obtained on the SEC’s internet site at http://www.sec.gov.
1


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
June 30, 2020 (unaudited)December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$177,278  $30,294  
Restricted cash3,049  66,196  
Patient accounts receivable249,030  237,596  
Prepaid expenses10,788  8,243  
Other current assets9,395  8,225  
Total current assets449,540  350,554  
Property and equipment, net of accumulated depreciation of $100,963 and $96,137
25,007  28,113  
Operating lease right of use assets92,904  84,791  
Goodwill937,088  658,500  
Intangible assets, net of accumulated amortization of $12,649 and $7,044
81,813  64,748  
Deferred income taxes25,463  21,427  
Other assets33,673  54,612  
Total assets$1,645,488  $1,262,745  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$33,383  $31,259  
Payroll and employee benefits128,275  120,877  
Accrued expenses169,722  137,111  
Provider relief fund advance70,000    
Current portion of long-term obligations10,718  9,927  
Current portion of operating lease liabilities29,950  27,769  
Total current liabilities442,048  326,943  
Long-term obligations, less current portion392,713  232,256  
Operating lease liabilities, less current portion61,611  56,128  
Other long-term obligations26,857  5,905  
Total liabilities923,229  621,232  
Commitments and Contingencies—Note 5
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; 36,831,298 and 36,638,021 shares issued; and 32,442,719 and 32,284,051 shares outstanding
37  37  
Additional paid-in capital
665,580  645,256  
Treasury stock, at cost 4,388,579 and 4,353,970 shares of common stock
(257,625) (251,241) 
Accumulated other comprehensive income  15  
Retained earnings312,859  246,383  
Total Amedisys, Inc. stockholders’ equity720,851  640,450  
Noncontrolling interests1,408  1,063  
Total equity722,259  641,513  
Total liabilities and equity$1,645,488  $1,262,745  
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


AMEDISYS, INC. AND SUBSIDIARIES
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 June 30,
 2020201920202019
Net service revenue$485,059  $492,984  $976,744  $960,324  
Other operating income22,780    22,780    
Cost of service, excluding depreciation and amortization295,228  290,752  580,965  566,026  
General and administrative expenses:
Salaries and benefits105,617  98,356  207,183  193,186  
Non-cash compensation6,725  5,538  12,634  12,153  
Other44,003  48,408  93,268  91,810  
Depreciation and amortization6,334  5,179  11,672  8,074  
Operating expenses457,907  448,233  905,722  871,249  
Operating income49,932  44,751  93,802  89,075  
Other income (expense):
Interest income214  20  227  44  
Interest expense(2,752) (4,332) (5,983) (7,681) 
Equity in earnings from equity method investments487  3,716  964  4,932  
Miscellaneous, net(2,703) 193  (2,440) 429  
Total other expense, net(4,754) (403) (7,232) (2,276) 
Income before income taxes45,178  44,348  86,570  86,799  
Income tax expense(10,031) (10,308) (19,377) (21,186) 
Net income35,147  34,040  67,193  65,613  
Net income attributable to noncontrolling interests(473) (298) (717) (567) 
Net income attributable to Amedisys, Inc.$34,674  $33,742  $66,476  $65,046  
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$1.07  $1.05  $2.05  $2.03  
Weighted average shares outstanding32,412  32,075  32,371  32,038  
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$1.04  $1.02  $2.00  $1.98  
Weighted average shares outstanding33,285  32,933  33,259  32,913  
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Amounts in thousands, except common stock shares)
(Unaudited)
For the Three-Months Ended June 30, 2020
TotalCommon StockAdditional
Paid-in
Capital
Treasury
Stock
Accumulated
Other
Comprehensive Income
Retained
Earnings
Noncontrolling
Interests
SharesAmount
Balance, March 31, 2020$680,144  36,746,554  $37  $656,266  $(255,291) $  $278,185  $947  
Issuance of stock – employee stock purchase plan826  5,295  —  826  —  —  —  —  
Issuance/(cancellation) of non-vested stock  29,461      —  —  —  —  
Exercise of stock options1,763  49,988  —  1,763  —  —  —  —  
Non-cash compensation6,725  —  —  6,725  —  —  —  —  
Surrendered shares(2,334) —  —  —  (2,334) —  —  —  
Noncontrolling interest distribution(12) —  —  —  —  —  —  (12) 
Net income35,147  —  —  —  —  —  34,674  473  
Balance, June 30, 2020$722,259  36,831,298  $37  $665,580  $(257,625) $  $312,859  $1,408  
For the Three-Months Ended June 30, 2019
TotalCommon StockAdditional
Paid-in
Capital
Treasury
Stock
Accumulated
Other
Comprehensive Income
Retained
Earnings
Noncontrolling
Interests
SharesAmount
Balance, March 31, 2019$521,200  36,337,743  $36  $613,714  $(244,373) $15  $150,854  $954  
Issuance of stock – employee stock purchase plan752  7,181  —  752  —  —  —  —  
Issuance of stock – 401(k) plan2,318  18,811  —  2,318  —  —  —  —  
Issuance/(cancellation) of non-vested stock  46,019      —  —  —  —  
Exercise of stock options987  35,837  —  987  —  —  —  —  
Non-cash compensation5,538  —  —  5,538  —  —  —  —  
Surrendered shares(1,802) —  —  —  (1,802) —  —  —  
Noncontrolling interest distribution(91) —  —  —  —  —  —  (91) 
Net income34,040  —  —  —  —  —  33,742  298  
Balance, June 30, 2019$562,942  36,445,591  $36  $623,309  $(246,175) $15  $184,596  $1,161  
For the Six-Months Ended June 30, 2020
TotalCommon StockAdditional
Paid-in
Capital
Treasury
Stock
Accumulated
Other
Comprehensive Income
Retained
Earnings
Noncontrolling
Interests
SharesAmount
Balance, December 31, 2019$641,513  36,638,021  $37  $645,256  $(251,241) $15  $246,383  $1,063  
Issuance of stock – employee stock purchase plan1,686  11,358  —  1,686  —  —  —  —  
Issuance of stock – 401(k) plan3,057  18,312  —  3,057  —  —  —  —  
Issuance/(cancellation) of non-vested stock  84,884      —  —  —  —  
Exercise of stock options2,947  78,723  —  2,947  —  —  —  —  
Non-cash compensation12,634  —  —  12,634  —  —  —  —  
Surrendered shares(6,384) —  —  —  (6,384) —  —  —  
Noncontrolling interest distribution(372) —  —  —  —  —  —  (372) 
Write-off of other comprehensive income(15) —  —  —  —  (15) —  —  
Net income67,193  —  —  —  —  —  66,476  717  
Balance, June 30, 2020$722,259  36,831,298  $37  $665,580  $(257,625) $  $312,859  $1,408  
For the Six-Months Ended June 30, 2019
TotalCommon StockAdditional
Paid-in
Capital
Treasury
Stock
Accumulated
Other
Comprehensive Income
Retained
Earnings
Noncontrolling
Interests
SharesAmount
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 plan1,534  15,037  —  1,534  —  —  —  —  
Issuance of stock – 401(k) plan4,613  38,402  —  4,613  —  —  —  —  
Issuance/(cancellation) of non-vested stock  97,181      —  —  —  —  
Exercise of stock options1,343  42,691  —  1,343  —  —  —  —  
Non-cash compensation12,153  —  —  12,153  —  —  —  —  
Surrendered shares(4,490) —  —  —  (4,490) —  —  —  
Noncontrolling interest distribution(457) —  —  —  —  —  —  (457) 
Net income65,613  —  —  —  —