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Statement Of Financial Position Classified (USD $)
9 Months Ended
Sep. 30, 2009
In Thousands
Current assets:
Cash and cash equivalents $45,160
Patient accounts receivable, net of allowance for doubtful accounts of
$28,352 and $27,052 141,011
Prepaid expenses 9,199
Other current assets 5,539
Total current assets 200,909
Property and equipment, net of accumulated depreciation of $54,192 and
$39,208 87,021
Goodwill 765,137
Intangible assets, net of accumulated amortization of $10,648 and
$7,944 57,361
Other assets, net 20,512
Total assets 1,130,940
Current liabilities:
Accounts payable 18,999
Accrued expenses 158,527
Obligations due Medicare 4,618
Current portion of long-term obligations 43,779
Current portion of deferred income taxes 6,661
Total current liabilities 232,584
Long-term obligations, less current portion 179,440
Deferred income taxes 24,114
Other long-term obligations 8,654
Total liabilities 444,792
Commitments and Contingencies - Note 6 -
Equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none
issued or outstanding 0
Common stock, $0.001 par value, 60,000,000 shares authorized;
28,034,474 and 27,191,946 shares issued; and 27,922,432 and
27,083,231 shares outstanding 28
Additional paid-in capital 351,582
Treasury stock at cost, 112,042 and 108,715 shares of common stock (735)
Accumulated other comprehensive loss (36)
Retained earnings 334,296
Total Amedisys, Inc. stockholders' equity 685,135
Noncontrolling interests 1,013
Total equity 686,148
Total liabilities and equity $1,130,940
9 Months Ended
Dec. 31, 2008
$2,847
175,698
8,086
7,719
194,350
79,258
733,881
42,388
20,317
1,070,194
18,652
134,049
4,631
42,632
4,663
204,627
285,942
11,548
5,959
508,076
-
0
27
326,120
(617)
(447)
236,252
561,335
783
562,118
$1,070,194
Statement Of Financial Position Classified (Parenthetical) (USD
$)
Sep. 30, 2009
In Thousands, except Share data
Patient accounts receivable, allowance for doubtful accounts $28,352
Property and equipment, accumulated depreciation 54,192
Intangible assets, accumulated amortization $10,648
Preferred stock, par value $0.
Preferred stock, shares authorized 5,000,000
Preferred stock, issued 0
Preferred stock, outstanding 0
Common stock, par value $0.
Common stock, shares authorized 60,000,000
Common stock, shares issued 28,034,474
Common stock, shares outstanding 27,922,432
Treasury stock at cost, shares 112,042
Dec. 31, 2008
$27,052
39,208
$7,944
$0.
5,000,000
0
0
$0.
60,000,000
27,191,946
27,083,231
108,715
Statement Of Income Alternative (USD $)
3 Months Ended
Sep. 30, 2009
In Thousands, except Per Share data
Net service revenue $388,257
Cost of service, excluding depreciation and amortization 183,619
General and administrative expenses:
Salaries and benefits 87,260
Non-cash compensation 820
Other 43,765
Provision for doubtful accounts 4,578
Depreciation and amortization 7,481
Operating expenses 327,523
Operating income 60,734
Other (expense) income:
Interest income 28
Interest expense (2,682)
Miscellaneous, net 979
Total other expense (1,675)
Income before income taxes 59,059
Income tax expense (23,033)
Net income 36,026
Net (income) loss attributable to noncontrolling interests (86)
Net income attributable to Amedisys, Inc. $35,940
Net income attributable to Amedisys, Inc. common stockholders:
Basic $1.31
Diluted $1.29
Weighted average shares outstanding:
Basic 27,340
Diluted 27,912
3 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2008 Sep. 30, 2009 Sep. 30, 2008
$321,561 $1,107,987 $847,319
151,122 527,096 400,644
72,124 242,340 190,823
1,923 5,740 4,244
40,641 128,456 110,146
6,228 16,481 15,505
5,885 20,682 15,728
277,923 940,795 737,090
43,638 167,192 110,229
200 161 938
(5,033) (9,094) (11,607)
(186) 2,699 (9)
(5,019) (6,234) (10,678)
38,619 160,958 99,551
(15,144) (62,774) (39,253)
23,475 98,184 60,298
18 (140) 43
$23,493 $98,044 $60,341
$0.88 $3.62 $2.29
$0.87 $3.55 $2.25
26,556 27,106 26,363
27,018 27,615 26,835
Statement Of Cash Flows Indirect (USD $)
9 Months Ended
Sep. 30, 2009
In Thousands
Cash Flows from Operating Activities:
Net income $98,184
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 20,682
Provision for doubtful accounts 16,481
Non-cash compensation 5,740
401(k) employer match 13,827
Loss on disposal of property and equipment 593
Deferred income taxes 11,677
Write off of deferred debt issuance costs 0
Equity in earnings of unconsolidated joint ventures (1,721)
Amortization of deferred debt issuance costs 1,182
Return on equity investment 625
Changes in operating assets and liabilities, net of impact of
acquisitions:
Patient accounts receivable 18,155
Other current assets 1,415
Other assets 1,930
Accounts payable 3,572
Accrued expenses 23,885
Other long-term obligations 2,695
Net cash provided by operating activities 218,922
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets 956
Proceeds from the sale of property and equipment 41
Purchases of deferred compensation plan assets (3,064)
Purchases of property and equipment (25,998)
Acquisitions of businesses, net of cash acquired (31,492)
Acquisitions of reacquired franchise rights (5,214)
Net cash (used in) investing activities (64,771)
Cash Flows from Financing Activities:
Outstanding checks in excess of bank balance (3,422)
Proceeds from issuance of stock upon exercise of stock options and
warrants 966
Proceeds from issuance of stock to employee stock purchase plan 4,081
Tax benefit from stock option exercises 847
Proceeds from Revolving Line of Credit 50,200
Repayments of Revolving Line of Credit (130,700)
Proceeds from issuance of long-term obligations 0
Payment of deferred financing fees 0
Principal payments of long-term obligations (33,810)
Net cash (used in) provided by financing activities (111,838)
Net increase (decrease) in cash and cash equivalents 42,313
Cash and cash equivalents at beginning of period 2,847
Cash and cash equivalents at end of period 45,160
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest 9,885
Cash paid for income taxes, net of refunds received 47,135
Supplemental Disclosures of Non-Cash Financing and Investing
Activities:
Notes payable issued for acquisitions 8,455
Notes payable issued for software licenses $0
9 Months Ended
Sep. 30, 2008
$60,298
15,728
15,505
4,244
8,726
611
17,939
406
(557)
813
187
(54,829)
(3,223)
(211)
(13,501)
36,661
(1,963)
86,834
600
13
(1,761)
(20,610)
(447,082)
0
(468,840)
4,542
2,757
2,665
2,764
183,700
(81,700)
250,000
(8,124)
(25,124)
331,480
(50,526)
56,190
5,664
10,406
18,783
6,688
$2,126
1. NATURE OF OPERATIONS, CONSOLIDATION AND
PRESENTATION OF FINANCIAL STATEMENTS
9 Months Ended
Sep. 30, 2009
USD / shares
Notes to Financial Statements [Abstract]
1. NATURE OF
OPERATIONS,
CONSOLIDATION AND
PRESENTATION OF
FINANCIAL STATEMENTS
Amedisys, Inc., a
Delaware corporation, and its
consolidated subsidiaries
(Amedisys, we, us, or our)
are a multi-state provider of
home health and hospice
services with approximately
88% of our net service
revenue derived from
Medicare for the three and
nine-month periods ended
September30, 2009
compared to 87% for the
same periods in 2008. As of
September30, 2009, we had
508 Medicare-certified home
health and 61 Medicare-
certified hospice agencies in
38 states within the United
States, the District of
Columbia and Puerto Rico.
Basis of Presentation
In our opinion, the
accompanying unaudited
condensed consolidated
1. NATURE OF OPERATIONS, CONSOLIDATION AND PRESENTATION OF financial statements contain
FINANCIAL STATEMENTS all adjustments (consisting
solely of normal recurring
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2009
USD / shares
Notes to Financial Statements [Abstract]
2. SUMMARY OF
SIGNIFICANT ACCOUNTING
POLICIES Revenue
Recognition We earn
net service revenue through
our home health and hospice
agencies by providing a
variety of services almost
exclusively in the homes of
our patients. This net service
revenue is earned and billed
either on an episode of care
basis (on a 60-day episode
of care basis for home health
services and on a 90-day
episode of care basis for the
first two hospice episodes of
care and on a 60-day
episode of care basis for any
subsequent hospice
episodes), on a per visit
basis or on a daily basis
depending upon the payment
terms and conditions
established with each payor
for services provided. We
refer to home health revenue
earned and billed on a 60-
day episode of care as
episodic-based revenue. For
the services we provide,
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Medicare is our largest
payor. When we record
3. ACQUISITIONS
9 Months Ended
Sep. 30, 2009
USD / shares
Notes to Financial Statements [Abstract]
3. ACQUISITIONS
Each of the following
acquisitions was completed
in order to pursue our
strategy of increasing our
market presence by
expanding our service base
and enhancing our position
in certain geographic areas
as a leading provider of
home health and hospice
services. The purchase price
paid for each acquisition was
negotiated through arms
length transactions, with
consideration based on our
analysis of, among other
things, comparable
acquisitions and expected
cash flows for each
transaction. Each of the
following acquisitions was
accounted for as a purchase
and is included in our
condensed consolidated
financial statements from the
respective acquisition date.
Goodwill generated from the
acquisitions was recognized
for the excess of the
purchase price over tangible
3. ACQUISITIONS and identifiable intangible
assets because of the
4. GOODWILL AND OTHER INTANGIBLE ASSETS, NET
9 Months Ended
Sep. 30, 2009
USD / shares
Notes to Financial Statements [Abstract]
4. GOODWILL AND
OTHER INTANGIBLE
ASSETS, NET The
following table summarizes
the activity related to our
goodwill and our other
intangible assets, net, as of
and for the nine-month
period ended September30,
2009 (amounts in millions):
Other
Intangible Assets, Net
Goodwill
Certificates ofNeedand
Licenses Acquired Name
of Business Non-
Compete Agreements
Reacquired Franchise Rights
(1) Total
Balances at
December31, 2008 $
733.9 $ 32.7
$ 3.3 $ 6.4
$ 42.4
Additions
36.2 2.3
1.3 6.8
10.4
Adjustments related
4. GOODWILL AND OTHER INTANGIBLE ASSETS, NET to acquisitions (5.0
) 7.4 -
5. LONG-TERM OBLIGATIONS
9 Months Ended
Sep. 30, 2009
USD / shares
Notes to Financial Statements [Abstract]
5. LONG-TERM
OBLIGATIONS Long-
term debt, including capital
lease obligations, consisted
of the following for the
periods indicated (amounts
in millions):
September30,2009
December31,2008
Senior Notes:
$35.0
million Series A Notes; semi-
annual interest only
payments; interest rate at
6.07% per annum; due
March25, 2013 $ 35.0
$ 35.0
$30.0 million Series
B Notes; semi-annual
interest only payments;
interest rate at 6.28% per
annum; due March25, 2014
30.0 30.0
$35.0 million Series
C Notes; semi-annual
interest only payments;
interest rate at 6.49% per
annum; due March25, 2015
35.0 35.0
Term Loan; $7.5
5. LONG-TERM OBLIGATIONS million principal payments
plus accrued interest payable
6. COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2009
USD / shares
Notes to Financial Statements [Abstract]
6. COMMITMENTS AND
CONTINGENCIES Legal
Proceedings We are
involved in legal actions in
the normal course of
business, some of which
seek monetary damages,
including claims for punitive
damages. We do not believe
that these actions, when
finally concluded and
determined, will have a
material impact on our
consolidated financial
condition, results of
operations or cash flows.
Insurance We are
obligated for certain costs
associated with our
insurance programs,
including employee health,
workers compensation and
professional liability. While
we maintain various
insurance programs to cover
these risks, we are self-
insured for a substantial
portion of our potential
claims. We recognize our
obligations associated with
these costs in the period in
6. COMMITMENTS AND CONTINGENCIES which a claim is incurred,
including with respect to
Document Information
9 Months Ended
Sep. 30, 2009
USD / shares
Document Information [Text Block]
Document Type 10-Q
Amendment Flag false
Document Period End Date 2009-09-30
Entity Information (USD $)
9 Months Ended
Sep. 30, 2009
Entity [Text Block]
Trading Symbol AMED
Entity Registrant Name AMEDISYS INC
Entity Central Index Key 0000896262
Current Fiscal Year End Date --12-31
Entity Filer Category Large Accelerated Filer
Entity Common Stock, Shares Outstanding
Oct. 22, 2009
27,963,990
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