Almost Family, Inc. (NASDAQ:AFAM), a leading national provider of
home health and related services, announced today its financial
results for the quarter ended September 29, 2017. Investors
are encouraged to read the Company’s press release dated October 9,
2017, “Almost Family Comments on Recent Developments Including
Hurricane Impact”.
Third Quarter Highlights
(1):
- Net service revenues of approximately $194.3 million including
the third quarter of operations of the CHS-JV, up 21.1% from the
third quarter of 2016
- GAAP net income of $3.2 million(3)
- GAAP EPS of $0.23(2,3) per diluted share on 33% more shares
outstanding than in the prior year
- Adjusted EPS of $0.43(1,2,3); including the impact from the
Hurricanes which lowered Adjusted EPS by $0.14(3)
- Adjusted EBITDA of $14.6 (1,2) million; including the impact
from the Hurricanes which lowered Adjusted EBITDA by $3.3
million(3)
- Expect to record the Company’s share of the Medicare Shared
Saving Program success fees under ACO contracts for the 2016
performance year in the fourth quarter of 2017 at between $2.0
million and $2.4 million
- Clifford S. Holtz, COO of American Red Cross added to Almost
Family Board of Directors
Year-to-Date Highlights
(1):
- Net service revenues of approximately $596.3 million including
nine months of CHS-JV operations, up 26.9% from 2016
- GAAP net income of $11.6 million(3)
- Adjusted EPS of $1.53 (1,2,3)
- Adjusted EBITDA of $49.6 (1,2,3) million
- Year to date operating cash flows of $14.8 million
- As of November 7, 2017, the Company has converted all of its
home health branches to the new Homecare Homebase information
system. There will be no active patients remaining in the
predecessor systems by the end of November 2017. The Company
has begun to experience meaningful operational efficiency gains,
generally about 120 days after the end of each wave, and expects
these gains to be partially reflected in its fourth quarter 2017
results and fully reflected in its results in its 2018 reporting
year.(1) See Non-GAAP Financial Measures below(2) Note that
comparability of EPS between years is partially impacted by changes
in shares outstanding as explained further below(3) Impact of
Hurricanes Irma and Harvey are explained further below
Management
CommentsWilliam Yarmuth, Chairman and CEO,
commented: We are very pleased with the results of
our quarter and recent regulatory developments. Over the
course of this year we have successfully integrated the largest
acquisition in our history. We have also nearly completed,
with minimal disruption, the implementation of HomeCare HomeBase in
all 110 of our home health branches that were not previously on
that system. Lastly, we are pleased to have recovered from
the substantial hurricane disruption, all the while continuing to
grow our business and creating value for our shareholders over the
course of this year.
Steve Guenthner, President
added: On the regulatory front, we feel we, in
collaboration with others in the industry, have made a meaningful
breakthrough in our work with CMS and other policy makers. In its
final rule, CMS deferred implementation of the Home Health Grouper
Model for further consideration in collaboration with stakeholders
with a goal of shifting the focus from volume of services to a more
patient-centered model. We very much look forward to working
with policy makers to help shape the next phase in the evolution of
the Medicare home health payment system.
Yarmuth concluded: I
would like to thank all our employees and management team for their
hard work and commitment in taking on the challenges and
opportunities of the first nine months and helping to propel us to
some very successful results. Additionally, I would like to
welcome Cliff Holtz who recently joined our Board of
Directors. Cliff brings a wealth of experience and knowledge
and is a very welcome addition to what I feel is a very high
quality committed group of directors.
Impact of Hurricanes on Operating
ResultsThird quarter operating results for the home
health, personal care, hospice and assessment business lines were
adversely impacted by Hurricanes Irma and Harvey (the
“Hurricanes”). Due to the early warnings and evacuations
related to these storms, the periods of disruption started well in
advance of each storm actually striking affected areas, while
recovery periods were elongated. The Hurricanes impacted
operations in Florida, Georgia and Texas, which are the source of
approximately one quarter of the Company’s revenue. The
hurricanes resulted in lost admissions, visits, assessments and
revenue. The Company estimates operating income was lowered
by approximately $3.3 million, or $0.14 EPS, in the third quarter
of 2017. Due to the proximity of these events to the end of
the third quarter, there may be some residual hurricane effect on
fourth quarter results.
Third Quarter Financial Results (See
Matters Impacting Comparability and Presentation
below)Home Health (HH) segment net revenues increased by
31% or $33.3 million to $141.4 million from $108.1 million in the
prior year and episodic admissions grew by 35.6% to 28,148 from
20,751 as the CHS-JV acquisition more than offset the impact from
the Hurricanes. Net revenue and episodic admissions in the
CHS-JV acquisition were $40.4 million and 7,665,
respectively.
Home Health segment contribution before
corporate expenses increased $4.3 million, or 34.2%, to $17.0
million, from $12.7 million in the prior year period. Home
Health contribution margins as a percentage of revenue increased
slightly to 12.0% from 11.7%, despite the hurricane effect
partially due to synergies obtained from the Homecare Homebase
conversion. The Company estimates the hurricanes lowered
third quarter 2017 revenue and contribution by $3.0 million and
$2.6 million, respectively in the HH segment, resulting in a 1.6%
reduction in contribution margin as a percent of revenue.
Other Home-Based Services (OHBS) segment net
revenues increased $4.4 million or 10.5% to $46.4 million in 2017
from $42.0 million, primarily as a result of the 15 hospice
facilities acquired in the CHS-JV transaction. Hospice
revenues were $7.8 million for the quarter. Personal care
revenues were down $3.1 million or 7.5% from prior year on lower
volumes. Additionally, mix changes combined with rate cuts
and increases in wages influenced by increases in statutory minimum
wage rates in certain states negatively impacted personal care
margins. Overall OHBS segment contribution before corporate
expenses increased $1.1 million, or 43.1% to $3.6 million from $2.5
million for the same period last year.
Healthcare Innovations (HCI) segment net
revenues and operating income were $6.5 million and $0.8 million in
2017 as compared to $10.3 million and $5.1 million in 2016,
respectively, largely due to the prior year including $4.3 million
of ACO shared savings payments. We expect to record ACO
payments in the fourth quarter of 2017 ranging from $2.0 to $2.4
million.
Corporate expenses as a percentage of revenue
increased to 4.8% in 2017 from 4.3% in 2016, primarily on higher
information systems costs. Deal, transition and other costs
were $4.5 million, primarily due to the ongoing conversion of the
HH segment to the Homecare Homebase information system. Such
training and related costs are expected to continue through the end
of 2017, but not be significant in 2018.
The effective tax rates for the third quarter of
2017 and 2016 were 40.8% and 37.3%, respectively.
Increased average shares outstanding from the
Company’s late January sale of common shares reduced Adjusted EPS
of $0.43 for the third quarter of 2017 by $0.14. The third
quarter is fully reflective of the dilutive effect of this
offering.
Year to Date Financial Results (See
Matters Impacting Comparability and Presentation
below)Home Health segment net revenues increased by $113.1
million or 34.5% to $441.0 million from $327.9 million in the prior
year and episodic admissions grew by 40.9% to 89,199 from 63,295 in
2016, primarily due to the CHS-JV acquisition. Net revenue
and episodic admissions in the CHS-JV were $125.2 million and
24,607, respectively. Excluding the CHS-JV, episodic
admissions grew by approximately 2%.
Home Health segment contribution before
corporate expenses increased $14.1 million, or 32.9%, to $57.1
million, from $43.0 million in the prior year period. Home
Health contribution margins as a percentage of revenue decreased to
12.9% from 13.1% in the prior year, due to the combined impact of a
1% Medicare rate cut and an annual cost of living wage rate
adjustment of 2%, both effective January 1, 2017.
Other Home-Based Services (OHBS) segment net
revenues increased $16.6 million or 13.6% to $138.5 million from
$121.9 million, primarily as a result of the 15 hospice facilities
acquired in the CHS-JV transaction. Hospice revenues were
$22.1 million. Personal care revenues were down $4.7 million
or 3.9% from prior year on lower volumes. Additionally, mix
changes combined with rate cuts and increases in wages influenced
by increases in statutory minimum wage rates in certain states
negatively impacted personal care margins. Overall OHBS
segment contribution before corporate expenses increased $2.2
million or 24.1%, as compared to the same period of last year.
Healthcare Innovations (HCI) segment net
revenues decreased $3.5 million to $16.9 million from $20.3
million, while operating income before corporate expenses decreased
$4.3 million, largely due to prior year period including $4.3
million of ACO shared savings payments.
Corporate expenses as a percentage of revenue
was unchanged from the prior year period at 4.5%. Deal,
transition and other costs were $17.1 million, due to the CHS-JV
acquisition and the conversion of the HH segment to the Homecare
Homebase information system. Borrowings related to
acquisitions increased interest expense to $5.8 million from $4.7
million in the prior year period.
Net cash from operating activities of $14.8
million was generated in the first nine months of 2017.
Accounts receivable days sales outstanding were 60 at the end of
the third quarter of 2017, as compared to 57 days in the second
quarter of 2017 and 53 days at the end of the fourth quarter of
2016. Increases in days outstanding were largely driven by
backlogs in final claims in our Home Health segment, a portion of
which was due to the timing of Hurricane Irma in Florida, which
delayed payments from Medicare into the fourth quarter.
The effective tax rates for 2017 and 2016 were
33.0% and 39.3%, respectively. The Company’s lower effective
income tax rate in 2017 was due to a change in accounting rules for
excess tax benefits from the exercise of stock options and vesting
of restricted shares as a result of the prospective adoption of
Accounting Standards Update 2016-09 as of the first day of fiscal
2017. Under previous accounting rules these benefits were
recorded in “additional paid-in capital” rather than in the current
period tax provision. Future periods with option exercises or
restricted stock vesting could lower or raise the Company’s tax
provision in those periods. Excluding these items, the
Company expects its effective tax rate for 2017 to be 39.5%.
Increased average shares outstanding from the
Company’s late January sale of common shares reduced Adjusted EPS
of $1.53 for 2017 by $0.46.
Medicare Program DevelopmentsOn November 1,
2017 the Centers for Medicare and Medicaid Services (CMS) released
the final rule for FY2018 home health reimbursement. Among
other things, the rule also finalizes proposals for the Home Health
Value-Based Purchasing (HHVBP) Model and the Home Health Quality
Reporting Program (HH QRP). CMS did not finalize the Home
Health Groupings Model, but instead elected to “further engage with
stakeholders to move towards a system that shifts the focus from
volume of services to a more patient-centered model”. The
FY2018 impact table included in the final rule suggests the final
rule is in line with the preliminary rule published earlier this
year. On September 25, 2017, the Company submitted a
comment letter to CMS which provides an alternative course of
action that we believe better protects Medicare beneficiaries and
their right to access appropriate and necessary home health
service. The comment letter to CMS entitled “CY 2018 Home
Health Prospective Payment System Rate Update – September 2017” can
be found at
http://www.almostfamily.com/pdf/AFAM_2018_HHPPS_Rule_Comments_and_Attachments.pdf.
Additionally, a series of responses to various other stakeholder
requests from the Senate Finance Committee, the House Ways and
Means Committee and CMS dating to 2013 and including AFAM executive
testimony before the Congress can also be found at the above
website.
Matters Impacting Comparability and
Presentation – CHS-JV and Segment PresentationOn the first
day of fiscal 2017, the Company acquired an 80% controlling
interest in the entity holding the home health and hospice assets
of Community Health Systems, Inc. (NYSE:CYH) (“CHS-JV”).
Community Health Systems, Inc. ("CHS"), one of the largest
publicly-traded hospital companies in the United States and a
leading operator of general acute care hospitals in communities
across the country, retained the remaining 20%.
In the first quarter in 2017, the Company
redefined its reporting segments to include a) Home Health (HH)
formerly Visiting Nurse, b) Other Home-Based Services (OHBS) which
includes all other home care services outside of Home Health
services and c) the Healthcare Innovations (HCI) segment. The
OHBS segment consists of the historical personal care (“personal
care”) operations plus hospice services. Prior year segment
information has been reclassified to conform to new segment
definitions. In management’s opinion, this approach provides
investors clarity for the largest segment, Home Health, and best
aligns with the Company’s internal decision-making processes as
viewed by the chief operating decision maker.
Financing ActivitiesOn January
25, 2017, the Company completed a public offering of 3.5 million
shares of its common stock for gross proceeds in excess of $150
million. The net proceeds of $144 million were applied to the
Company’s revolving credit facility, which increased credit
available under the facility from approximately $78.6 million at
December 30, 2016 to approximately $204.1 million after the
offering.
AcquisitionsOn July 14, 2017,
the Company’s CHS-JV purchased assets of a Medicare-certified home
health agency and related private duty company for Island Home Care
in Key West, Florida. The purchase price was $1.2
million. Post-acquisition operating results are reported in
the Company’s HH and OHBS segments.
The Company noted that it will continue to
pursue quality acquisitions of in-home health care service
providers consistent with its stated strategy and the types of
services its segments currently provide.
Addition of New DirectorOn November 6, 2017 the
Company added Mr. Clifford S. Holtz as the newest member of its
board of directors. Mr. Holtz currently serves as the Chief
Operating Officer of the American Red Cross where he has been
instrumental in that organization’s growth and development since
2011. Prior to his Red Cross experience Mr. Holtz has enjoyed
a long and successful business career in key roles at AT&T,
Nortel Networks and Qwest Communications. He is a graduate of
the University of Chicago Graduate School of Business.
ALMOST FAMILY, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME(Unaudited)(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
Quarter ended |
|
Nine months ended |
|
September 29, 2017 |
|
September 30, 2016 |
|
September 29, 2017 |
|
September 30, 2016 |
Net service
revenues |
$ |
194,302 |
|
$ |
160,421 |
|
$ |
596,347 |
|
$ |
470,114 |
Cost of service
revenues (excluding depreciation & amortization) |
|
103,777 |
|
|
86,074 |
|
|
314,097 |
|
|
251,998 |
Gross margin |
|
90,525 |
|
|
74,347 |
|
|
282,250 |
|
|
218,116 |
General and
administrative expenses: |
|
|
|
|
|
|
|
Salaries
and benefits |
|
54,840 |
|
|
42,952 |
|
|
167,743 |
|
|
126,134 |
Other |
|
23,631 |
|
|
18,029 |
|
|
72,252 |
|
|
55,974 |
Deal,
transition & other costs |
|
4,467 |
|
|
2,257 |
|
|
17,122 |
|
|
7,455 |
Total
general and administrative expenses |
|
82,938 |
|
|
63,238 |
|
|
257,117 |
|
|
189,563 |
Operating income |
|
7,587 |
|
|
11,109 |
|
|
25,133 |
|
|
28,553 |
Interest
expense, net |
|
1,668 |
|
|
1,537 |
|
|
5,794 |
|
|
4,684 |
Income before
noncontrolling interests and income taxes |
|
5,919 |
|
|
9,572 |
|
|
19,339 |
|
|
23,869 |
Net
income - noncontrolling interests |
|
561 |
|
|
1,012 |
|
|
2,046 |
|
|
689 |
Income before
income tax expense |
|
5,358 |
|
|
8,560 |
|
|
17,293 |
|
|
23,180 |
Income
tax expense |
|
2,188 |
|
|
3,194 |
|
|
5,713 |
|
|
9,120 |
Net income attributable
to Almost Family, Inc. |
$ |
3,170 |
|
$ |
5,366 |
|
$ |
11,580 |
|
$ |
14,060 |
|
|
|
|
|
|
|
|
Per share
amounts-basic: |
|
|
|
|
|
|
|
Average
shares outstanding |
|
13,731 |
|
|
10,172 |
|
|
13,385 |
|
|
10,150 |
|
|
|
|
|
|
|
|
Net
income attributable to Almost Family, Inc. |
$ |
0.23 |
|
$ |
0.53 |
|
$ |
0.87 |
|
$ |
1.39 |
|
|
|
|
|
|
|
|
Per share
amounts-diluted: |
|
|
|
|
|
|
|
Average
shares outstanding |
|
13,941 |
|
|
10,310 |
|
|
13,627 |
|
|
10,328 |
|
|
|
|
|
|
|
|
Net
income attributable to Almost Family, Inc. |
$ |
0.23 |
|
$ |
0.52 |
|
$ |
0.85 |
|
$ |
1.36 |
|
|
|
|
|
|
|
|
|
ALMOST FAMILY, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In thousands) |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
September 29, 2017 |
|
December 30, 2016 |
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
19,149 |
|
|
$ |
10,110 |
|
|
Accounts
receivable - net |
|
|
131,873 |
|
|
|
99,212 |
|
|
Prepaid
expenses and other current assets |
|
|
16,711 |
|
|
|
11,432 |
|
|
TOTAL
CURRENT ASSETS |
|
|
167,733 |
|
|
|
120,754 |
|
|
PROPERTY AND EQUIPMENT
- NET |
|
|
16,489 |
|
|
|
10,732 |
|
|
GOODWILL |
|
|
390,552 |
|
|
|
305,476 |
|
|
OTHER INTANGIBLE ASSETS
- NET |
|
|
145,363 |
|
|
|
85,063 |
|
|
TRANSACTION
DEPOSIT |
|
|
— |
|
|
|
128,930 |
|
|
ASSETS HELD FOR
SALE |
|
|
3,800 |
|
|
|
— |
|
|
OTHER ASSETS |
|
|
7,936 |
|
|
|
7,757 |
|
|
TOTAL ASSETS |
|
$ |
731,873 |
|
|
$ |
658,712 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
19,218 |
|
|
$ |
12,122 |
|
|
Accrued
other liabilities |
|
|
50,693 |
|
|
|
39,728 |
|
|
TOTAL
CURRENT LIABILITIES |
|
|
69,911 |
|
|
|
51,850 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES: |
|
|
|
|
|
|
|
Revolving
credit facility |
|
|
120,374 |
|
|
|
262,456 |
|
|
Deferred
tax liabilities |
|
|
26,769 |
|
|
|
21,145 |
|
|
Seller
notes |
|
|
12,761 |
|
|
|
12,500 |
|
|
Other
liabilities |
|
|
7,270 |
|
|
|
6,581 |
|
|
TOTAL
LONG-TERM LIABILITIES |
|
|
167,174 |
|
|
|
302,682 |
|
|
TOTAL LIABILITIES |
|
|
237,085 |
|
|
|
354,532 |
|
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTEREST
- REDEEMABLE - |
|
|
|
|
|
|
|
HEALTHCARE INNOVATIONS |
|
|
2,256 |
|
|
|
2,256 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
Preferred
stock, par value $0.05; authorized 2,000 shares; none issued or
outstanding |
|
|
— |
|
|
|
— |
|
|
Common
stock, par value $0.10; authorized 25,000; 14,133 and 10,504 issued
and outstanding |
|
|
1,414 |
|
|
|
1,051 |
|
|
Treasury
stock, at cost, 169 and 117 shares |
|
|
(5,825 |
) |
|
|
(3,258 |
) |
|
Additional paid-in capital |
|
|
288,329 |
|
|
|
141,233 |
|
|
Retained
earnings |
|
|
174,962 |
|
|
|
163,763 |
|
|
Almost
Family, Inc. stockholders' equity |
|
|
458,880 |
|
|
|
302,789 |
|
|
Noncontrolling interests - nonredeemable |
|
|
33,652 |
|
|
|
(865 |
) |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
|
492,532 |
|
|
|
301,924 |
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
731,873 |
|
|
$ |
658,712 |
|
|
ALMOST FAMILY, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)(In
thousands) |
|
|
|
|
|
Nine months ended |
|
September 29, 2017 |
|
September 30, 2016 |
Cash flows from
operating activities: |
|
|
|
Net
income attributable to Almost Family, Inc. |
$ |
11,580 |
|
|
$ |
14,060 |
|
Net
income attributable to noncontrolling interests |
|
2,046 |
|
|
|
689 |
|
Income
before non-controlling interests |
|
13,626 |
|
|
|
14,749 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
4,924 |
|
|
|
2,813 |
|
Provision
for uncollectible accounts |
|
11,151 |
|
|
|
10,626 |
|
Stock-based compensation |
|
2,094 |
|
|
|
2,013 |
|
Loan
costs amortization |
|
706 |
|
|
|
207 |
|
Deferred
income taxes |
|
5,624 |
|
|
|
6,081 |
|
|
|
38,125 |
|
|
|
36,489 |
|
Change in certain net
assets and liabilities, net of the effects of acquisitions: |
|
|
|
Accounts
receivable |
|
(22,302 |
) |
|
|
(12,831 |
) |
Prepaid
expenses and other current assets |
|
(4,625 |
) |
|
|
(4,451 |
) |
Other
assets |
|
(875 |
) |
|
|
(620 |
) |
Accounts
payable and accrued expenses |
|
4,476 |
|
|
|
(3,302 |
) |
Net cash provided by
operating activities |
|
14,799 |
|
|
|
15,285 |
|
|
|
|
|
Cash flows of investing
activities: |
|
|
|
Capital
expenditures |
|
(5,346 |
) |
|
|
(4,364 |
) |
Transaction deposit |
|
128,930 |
|
|
|
- |
|
Acquisitions, net of cash acquired |
|
(130,069 |
) |
|
|
(31,256 |
) |
Net cash used in
investing activities |
|
(6,485 |
) |
|
|
(35,620 |
) |
|
|
|
|
Cash flows of financing
activities: |
|
|
|
Credit
facility borrowings |
|
202,934 |
|
|
|
215,430 |
|
Credit
facility repayments, net |
|
(345,016 |
) |
|
|
(195,396 |
) |
Debt
issuance fees |
|
- |
|
|
|
(102 |
) |
Proceeds
from stock offering, net |
|
143,908 |
|
|
|
- |
|
Proceeds
from stock option exercises |
|
1,505 |
|
|
|
(9 |
) |
Purchase
of common stock in connection with share awards |
|
(2,567 |
) |
|
|
(484 |
) |
Tax
impact of share awards |
|
- |
|
|
|
257 |
|
Principal
payments on notes payable and capital leases |
|
(39 |
) |
|
|
(56 |
) |
Net cash provided by
financing activities |
|
725 |
|
|
|
19,640 |
|
|
|
|
|
Net change in cash and
cash equivalents |
|
9,039 |
|
|
|
(695 |
) |
Cash and cash
equivalents at beginning of period |
|
10,110 |
|
|
|
7,522 |
|
Cash and cash
equivalents at end of period |
$ |
19,149 |
|
|
$ |
6,827 |
|
|
|
|
|
ALMOST FAMILY, INC. AND
SUBSIDIARIESRESULTS OF
OPERATIONS(Unaudited)(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
|
|
|
|
|
September 29, 2017 |
|
September 30, 2016 |
|
Change |
|
|
Amount |
|
% Rev |
|
Amount |
|
% Rev |
|
Amount |
|
% |
Net service
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
Health |
|
$ |
141,434 |
|
72.8 |
% |
$ |
108,138 |
|
67.4 |
% |
$ |
|
33,296 |
|
|
30.8 |
% |
Other
Home-Based Services |
|
|
46,378 |
|
23.9 |
% |
|
41,975 |
|
26.2 |
% |
|
|
4,403 |
|
|
10.5 |
% |
Healthcare Innovations |
|
|
6,490 |
|
3.3 |
% |
|
10,308 |
|
6.4 |
% |
|
|
(3,818 |
) |
|
(37.0 |
)% |
|
|
|
194,302 |
|
100.0 |
% |
|
160,421 |
|
100.0 |
% |
|
|
33,881 |
|
|
21.1 |
% |
Operating income before
corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
Health |
|
|
16,992 |
|
12.0 |
% |
|
12,657 |
|
11.7 |
% |
|
|
4,335 |
|
|
34.2 |
% |
Other
Home-Based Services |
|
|
3,579 |
|
7.7 |
% |
|
2,501 |
|
6.0 |
% |
|
|
1,078 |
|
|
43.1 |
% |
Healthcare Innovations |
|
|
812 |
|
12.5 |
% |
|
5,051 |
|
49.0 |
% |
|
|
(4,239 |
) |
|
(83.9 |
)% |
|
|
|
21,383 |
|
11.0 |
% |
|
20,209 |
|
12.6 |
% |
|
|
1,174 |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
|
|
9,329 |
|
4.8 |
% |
|
6,843 |
|
4.3 |
% |
|
|
2,486 |
|
|
36.3 |
% |
Deal, transition and
other costs |
|
|
4,467 |
|
2.3 |
% |
|
2,257 |
|
1.4 |
% |
|
|
2,210 |
|
|
97.9 |
% |
Operating income |
|
|
7,587 |
|
3.9 |
% |
|
11,109 |
|
6.9 |
% |
|
|
(3,522 |
) |
|
(31.7 |
)% |
Interest expense,
net |
|
|
1,668 |
|
0.9 |
% |
|
1,537 |
|
1.0 |
% |
|
|
131 |
|
|
8.5 |
% |
Net income -
noncontrolling interests |
|
|
561 |
|
0.3 |
% |
|
1,012 |
|
0.6 |
% |
|
|
(451 |
) |
|
NM |
|
Net income before
income taxes |
|
|
5,358 |
|
2.8 |
% |
|
8,560 |
|
5.3 |
% |
|
$ |
(3,202 |
) |
|
(37.4 |
)% |
Income tax expense |
|
|
2,188 |
|
1.1 |
% |
|
3,194 |
|
2.0 |
% |
|
|
(1,006 |
) |
|
(31.5 |
)% |
Net income attributable
to Almost Family, Inc. |
|
$ |
3,170 |
|
1.6 |
% |
$ |
5,366 |
|
3.3 |
% |
$ |
$ |
(2,196 |
) |
|
(40.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1) |
|
$ |
14,571 |
|
7.5 |
% |
$ |
15,110 |
|
9.4 |
% |
$ |
$ |
(539 |
) |
|
(3.6 |
)% |
Adjusted net income
(1) |
|
$ |
5,944 |
|
3.1 |
% |
$ |
6,781 |
|
4.2 |
% |
$ |
$ |
(837 |
) |
|
(12.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Non-GAAP
Financial Measures below. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
|
September 29, 2017 |
|
September 30, 2016 |
|
Change |
|
|
Amount |
|
% Rev |
|
Amount |
|
% Rev |
|
Amount |
|
% |
Net service
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
Health |
|
$ |
440,962 |
|
73.9 |
% |
$ |
327,899 |
|
69.7 |
% |
$ |
|
113,063 |
|
|
34.5 |
% |
Other
Home-Based Services |
|
|
138,495 |
|
23.2 |
% |
|
121,871 |
|
25.9 |
% |
|
|
16,624 |
|
|
13.6 |
% |
Healthcare Innovations |
|
|
16,890 |
|
2.8 |
% |
|
20,344 |
|
4.3 |
% |
|
|
(3,454 |
) |
|
(17.0 |
)% |
|
|
|
596,347 |
|
100.0 |
% |
|
470,114 |
|
100.0 |
% |
|
|
126,233 |
|
|
26.9 |
% |
Operating (loss) income
before corporate expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home
Health |
|
|
57,087 |
|
12.9 |
% |
|
42,964 |
|
13.1 |
% |
|
|
14,123 |
|
|
32.9 |
% |
Other
Home-Based Services |
|
|
11,444 |
|
8.3 |
% |
|
9,223 |
|
7.6 |
% |
|
|
2,221 |
|
|
24.1 |
% |
Healthcare Innovations |
|
|
796 |
|
4.7 |
% |
|
5,098 |
|
25.1 |
% |
|
|
(4,302 |
) |
|
(84.4 |
)% |
|
|
|
69,327 |
|
11.6 |
% |
|
57,285 |
|
12.2 |
% |
|
|
12,042 |
|
|
21.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
|
|
27,072 |
|
4.5 |
% |
|
21,277 |
|
4.5 |
% |
|
|
5,795 |
|
|
27.2 |
% |
Deal, transition and
other costs |
|
|
17,122 |
|
2.9 |
% |
|
7,455 |
|
1.6 |
% |
|
|
9,667 |
|
|
129.7 |
% |
Operating income |
|
|
25,133 |
|
4.2 |
% |
|
28,553 |
|
6.1 |
% |
|
|
(3,420 |
) |
|
(12.0 |
)% |
Interest expense,
net |
|
|
5,794 |
|
1.0 |
% |
|
4,684 |
|
1.0 |
% |
|
|
1,110 |
|
|
23.7 |
% |
Net income -
noncontrolling interests |
|
|
2,046 |
|
0.3 |
% |
|
689 |
|
0.1 |
% |
|
|
1,357 |
|
|
NM |
|
Net income before
income taxes |
|
|
17,293 |
|
2.9 |
% |
|
23,180 |
|
4.9 |
% |
|
$ |
(5,887 |
) |
|
(25.4 |
)% |
Income tax expense |
|
|
5,713 |
|
1.0 |
% |
|
9,120 |
|
1.9 |
% |
|
|
(3,407 |
) |
|
(37.4 |
)% |
Net income attributable
to Almost Family, Inc. |
|
$ |
11,580 |
|
1.9 |
% |
$ |
14,060 |
|
3.0 |
% |
$ |
$ |
(2,480 |
) |
|
(17.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1) |
|
$ |
49,605 |
|
8.3 |
% |
$ |
41,229 |
|
8.8 |
% |
$ |
|
8,376 |
|
|
20.3 |
% |
Adjusted net income
(1) |
|
$ |
20,870 |
|
3.5 |
% |
$ |
18,570 |
|
4.0 |
% |
$ |
|
2,300 |
|
|
12.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Non-GAAP
Financial Measures below. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME HEALTH OPERATING METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
|
|
|
|
|
September 29, 2017 |
|
September 30, 2016 |
|
Change |
|
|
Amount |
|
% Rev |
|
Amount |
|
% Rev |
|
Amount |
|
% |
Locations |
|
|
241 |
|
|
|
|
168 |
|
|
|
|
73 |
|
|
43.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
payors: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
|
38,314 |
|
|
|
|
25,788 |
|
|
|
|
12,526 |
|
|
48.6 |
% |
Census |
|
|
30,809 |
|
|
|
|
23,177 |
|
|
|
|
7,632 |
|
|
32.9 |
% |
Visits |
|
|
898,786 |
|
|
|
|
711,998 |
|
|
|
|
186,788 |
|
|
26.2 |
% |
Cost per
visit |
|
$ |
79 |
|
|
|
$ |
76 |
|
|
|
$ |
3 |
|
|
3.6 |
% |
G&A
expense per census |
|
$ |
1,748 |
|
|
|
$ |
1,791 |
|
|
|
$ |
(43 |
) |
|
(2.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Episodic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
|
28,148 |
|
|
|
|
20,751 |
|
|
|
|
7,397 |
|
|
35.6 |
% |
Census |
|
|
23,466 |
|
|
|
|
18,045 |
|
|
|
|
5,421 |
|
|
30.0 |
% |
Episodes |
|
|
42,773 |
|
|
|
|
32,260 |
|
|
|
|
10,513 |
|
|
32.6 |
% |
Visits |
|
|
703,390 |
|
|
|
|
574,505 |
|
|
|
|
128,885 |
|
|
22.4 |
% |
Revenue (in thousands) |
|
$ |
119,617 |
|
84.6 |
% |
$ |
94,709 |
|
87.6 |
% |
$ |
24,908 |
|
|
26.3 |
% |
Revenue
per episode |
|
$ |
2,797 |
|
|
|
$ |
2,936 |
|
|
|
$ |
(139 |
) |
|
(4.7 |
)% |
Visits
per episode |
|
|
16.4 |
|
|
|
|
17.8 |
|
|
|
|
(1.4 |
) |
|
(7.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-episodic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
|
10,166 |
|
|
|
|
5,037 |
|
|
|
|
5,129 |
|
|
101.8 |
% |
Census |
|
|
7,343 |
|
|
|
|
5,132 |
|
|
|
|
2,211 |
|
|
43.1 |
% |
Visits |
|
|
195,396 |
|
|
|
|
137,493 |
|
|
|
|
57,903 |
|
|
42.1 |
% |
Revenue (in thousands) |
|
$ |
21,817 |
|
15.4 |
% |
$ |
13,429 |
|
12.4 |
% |
$ |
8,388 |
|
|
62.5 |
% |
Revenue
per visit |
|
$ |
112 |
|
|
|
$ |
98 |
|
|
|
$ |
14 |
|
|
14.3 |
% |
Visits
per admission |
|
|
19.2 |
|
|
|
|
27.3 |
|
|
|
|
(8.1 |
) |
|
(29.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOME HEALTH OPERATING
METRICS |
|
|
|
Nine months ended |
|
|
|
|
|
|
|
September 29, 2017 |
|
September 30, 2016 |
|
Change |
|
|
Amount |
|
% Rev |
|
Amount |
|
% Rev |
|
Amount |
|
% |
Locations |
|
|
241 |
|
|
|
|
168 |
|
|
|
|
73 |
|
|
43.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All
payors: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
|
119,499 |
|
|
|
|
81,630 |
|
|
|
|
37,869 |
|
|
46.4 |
% |
Census |
|
|
31,243 |
|
|
|
|
23,237 |
|
|
|
|
8,006 |
|
|
34.5 |
% |
Visits |
|
|
2,812,594 |
|
|
|
|
2,183,295 |
|
|
|
|
629,299 |
|
|
28.8 |
% |
Cost per
visit |
|
$ |
77 |
|
|
|
$ |
73 |
|
|
|
$ |
3 |
|
|
4.5 |
% |
G&A
expense per census |
|
$ |
5,388 |
|
|
|
$ |
5,374 |
|
|
|
$ |
14 |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Episodic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
|
89,199 |
|
|
|
|
63,295 |
|
|
|
|
25,904 |
|
|
40.9 |
% |
Census |
|
|
23,959 |
|
|
|
|
17,917 |
|
|
|
|
6,042 |
|
|
33.7 |
% |
Episodes |
|
|
133,973 |
|
|
|
|
97,575 |
|
|
|
|
36,398 |
|
|
37.3 |
% |
Visits |
|
|
2,216,441 |
|
|
|
|
1,751,313 |
|
|
|
|
465,128 |
|
|
26.6 |
% |
Revenue (in thousands) |
|
$ |
376,670 |
|
85.4 |
% |
$ |
285,446 |
|
87.1 |
% |
$ |
91,224 |
|
|
32.0 |
% |
Revenue
per episode |
|
$ |
2,812 |
|
|
|
$ |
2,925 |
|
|
|
$ |
(114 |
) |
|
(3.9 |
)% |
Visits
per episode |
|
|
16.5 |
|
|
|
|
17.9 |
|
|
|
|
(1.4 |
) |
|
(7.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-episodic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Admissions |
|
|
30,300 |
|
|
|
|
18,335 |
|
|
|
|
11,965 |
|
|
65.3 |
% |
Census |
|
|
7,284 |
|
|
|
|
5,320 |
|
|
|
|
1,964 |
|
|
36.9 |
% |
Visits |
|
|
596,153 |
|
|
|
|
431,982 |
|
|
|
|
164,171 |
|
|
38.0 |
% |
Revenue (in thousands) |
|
$ |
64,292 |
|
14.6 |
% |
$ |
42,453 |
|
12.9 |
% |
$ |
21,839 |
|
|
51.4 |
% |
Revenue
per visit |
|
$ |
108 |
|
|
|
$ |
98 |
|
|
|
$ |
10 |
|
|
9.7 |
% |
Visits
per admission |
|
|
19.7 |
|
|
|
|
23.6 |
|
|
|
|
(3.9 |
) |
|
(16.5 |
)% |
OTHER HOME-BASED SERVICES OPERATING
METRICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
|
|
|
|
|
|
September 29, 2017 |
|
|
September 30, 2016 |
|
|
Change |
|
|
Amount |
|
% Rev |
|
|
Amount |
|
% Rev |
|
|
Amount |
|
% |
Personal
Care: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locations |
|
|
75 |
|
|
|
|
|
80 |
|
|
|
|
|
|
(5 |
) |
|
(6.3 |
)% |
Admissions |
|
|
2,259 |
|
|
|
|
|
2,638 |
|
|
|
|
|
|
(379 |
) |
|
(14.4 |
)% |
Census |
|
|
12,475 |
|
|
|
|
|
14,092 |
|
|
|
|
|
|
(1,617 |
) |
|
(11.5 |
)% |
Hours of
service |
|
|
1,783,018 |
|
|
|
|
|
1,953,224 |
|
|
|
|
|
|
(170,206 |
) |
|
(8.7 |
)% |
Hours per
patient per week |
|
|
11.0 |
|
|
|
|
|
10.7 |
|
|
|
|
|
|
0.3 |
|
|
3.1 |
% |
Revenue (in thousands) |
|
$ |
38,572 |
|
83.2 |
% |
|
$ |
41,688 |
|
|
99.3 |
% |
|
$ |
(3,116 |
) |
|
(7.5 |
)% |
Operating
income (in thousands) |
|
$ |
2,228 |
|
|
|
|
$ |
2,540 |
|
|
|
|
|
$ |
(312 |
) |
|
(12.3 |
)% |
Revenue
per hour |
|
$ |
21.63 |
|
|
|
|
$ |
21.34 |
|
|
|
|
|
$ |
0.29 |
|
|
1.4 |
% |
Cost per
hour |
|
$ |
13.30 |
|
|
|
|
$ |
13.39 |
|
|
|
|
|
$ |
(0.09 |
) |
|
(0.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospice: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locations |
|
|
16 |
|
|
|
|
|
1 |
|
|
|
|
|
|
15 |
|
|
NM |
|
Admissions |
|
|
680 |
|
|
|
|
|
33 |
|
|
|
|
|
|
647 |
|
|
NM |
|
Census |
|
|
492 |
|
|
|
|
|
22 |
|
|
|
|
|
|
470 |
|
|
NM |
|
Length of
stay |
|
|
60 |
|
|
|
|
|
40 |
|
|
|
|
|
|
20 |
|
|
50.0 |
% |
Revenue (in thousands) |
|
$ |
7,807 |
|
16.8 |
% |
|
$ |
287 |
|
|
0.7 |
% |
|
$ |
7,520 |
|
|
NM |
|
Operating
income (loss) (in thousands) |
|
$ |
1,351 |
|
|
|
|
$ |
(39 |
) |
|
|
|
|
$ |
1,390 |
|
|
NM |
|
Revenue
per day |
|
$ |
169 |
|
|
|
|
$ |
142 |
|
|
|
|
|
$ |
27 |
|
|
19.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
|
|
September 29, 2017 |
|
|
September 30, 2016 |
|
|
Change |
|
|
Amount |
|
% Rev |
|
|
Amount |
|
% Rev |
|
|
Amount |
|
% |
Personal
Care: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locations |
|
|
75 |
|
|
|
|
|
80 |
|
|
|
|
|
|
(5 |
) |
|
(6.3 |
)% |
Admissions |
|
|
7,137 |
|
|
|
|
|
7,675 |
|
|
|
|
|
|
(538 |
) |
|
(7.0 |
)% |
Census |
|
|
12,669 |
|
|
|
|
|
13,177 |
|
|
|
|
|
|
(508 |
) |
|
(3.9 |
)% |
Hours of
service |
|
|
5,425,767 |
|
|
|
|
|
5,659,370 |
|
|
|
|
|
|
(233,603 |
) |
|
(4.1 |
)% |
Hours per
patient per week |
|
|
11.0 |
|
|
|
|
|
11.0 |
|
|
|
|
|
|
(0.0 |
) |
|
(0.3 |
)% |
Revenue (in thousands) |
|
$ |
116,374 |
|
84.0 |
% |
|
$ |
121,075 |
|
|
99.3 |
% |
|
$ |
(4,701 |
) |
|
(3.9 |
)% |
Operating
income (in thousands) |
|
$ |
7,489 |
|
|
|
|
$ |
9,285 |
|
|
|
|
|
$ |
(1,796 |
) |
|
(19.3 |
)% |
Revenue
per hour |
|
$ |
21.45 |
|
|
|
|
$ |
21.39 |
|
|
|
|
|
$ |
0.05 |
|
|
0.3 |
% |
Cost per
hour |
|
$ |
13.15 |
|
|
|
|
$ |
13.39 |
|
|
|
|
|
$ |
(0.24 |
) |
|
(1.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospice: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locations |
|
|
16 |
|
|
|
|
|
1 |
|
|
|
|
|
|
15 |
|
|
NM |
|
Admissions |
|
|
2,188 |
|
|
|
|
|
82 |
|
|
|
|
|
|
2,106 |
|
|
NM |
|
Census |
|
|
482 |
|
|
|
|
|
21 |
|
|
|
|
|
|
461 |
|
|
NM |
|
Length of
stay |
|
|
58 |
|
|
|
|
|
38 |
|
|
|
|
|
|
20 |
|
|
51.7 |
% |
Revenue (in thousands) |
|
$ |
22,122 |
|
16.0 |
% |
|
$ |
796 |
|
|
0.7 |
% |
|
$ |
21,326 |
|
|
NM |
|
Operating
income (loss) (in thousands) |
|
$ |
3,955 |
|
|
|
|
$ |
(62 |
) |
|
|
|
|
$ |
4,017 |
|
|
NM |
|
Revenue
per day |
|
$ |
168 |
|
|
|
|
$ |
141 |
|
|
|
|
|
$ |
27 |
|
|
19.0 |
% |
HEALTHCARE INNOVATIONS SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
|
|
|
|
|
September 29, 2017 |
|
September 30, 2016 |
|
|
Change |
|
|
Amount |
|
Amount |
|
|
Amount |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
ACO
Management: |
|
|
|
|
|
|
|
|
|
|
|
Medicare
ACO enrollees under management |
|
|
141,556 |
|
|
|
121,881 |
|
|
19,675 |
|
|
16.1 |
% |
ACOs
under contract |
|
|
15 |
|
|
|
14 |
|
|
1 |
|
|
7.1 |
% |
Revenue
(in thousands) |
|
$ |
767 |
|
|
$ |
4,619 |
|
$ |
(3,852 |
) |
|
(83.4 |
)% |
Operating
(loss) income (in thousands) |
|
$ |
(386 |
) |
|
$ |
3,832 |
|
$ |
(4,218 |
) |
|
110.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Assessment
Services |
|
|
|
|
|
|
|
|
|
|
|
Assessments |
|
|
24,452 |
|
|
|
21,019 |
|
|
3,433 |
|
|
16.3 |
% |
Revenue
(in thousands) |
|
$ |
5,723 |
|
|
$ |
5,689 |
|
$ |
34 |
|
|
0.6 |
% |
Operating
income (in thousands) |
|
$ |
1,198 |
|
|
$ |
1,219 |
|
$ |
(21 |
) |
|
(1.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
|
September 29, 2017 |
|
September 30, 2016 |
|
|
Change |
|
|
Amount |
|
Amount |
|
|
Amount |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
ACO
Management: |
|
|
|
|
|
|
|
|
|
|
|
Medicare
ACO enrollees under management |
|
|
141,556 |
|
|
|
121,881 |
|
|
19,675 |
|
|
16.1 |
% |
ACOs
under contract |
|
|
15 |
|
|
|
14 |
|
|
1 |
|
|
7.1 |
% |
Revenue
(in thousands) |
|
$ |
1,957 |
|
|
$ |
4,955 |
|
$ |
(2,998 |
) |
|
(60.5 |
)% |
Operating
(loss) income (in thousands) |
|
$ |
(1,355 |
) |
|
$ |
2,961 |
|
$ |
(4,316 |
) |
|
145.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Assessment
Services |
|
|
|
|
|
|
|
|
|
|
|
Assessments |
|
|
61,948 |
|
|
|
56,414 |
|
|
5,534 |
|
|
9.8 |
% |
Revenue
(in thousands) |
|
$ |
14,933 |
|
|
$ |
15,389 |
|
$ |
(456 |
) |
|
(3.0 |
)% |
Operating
income (in thousands) |
|
$ |
2,151 |
|
|
$ |
2,137 |
|
$ |
14 |
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial MeasuresThe
information provided in some of the tables in this release includes
certain non-GAAP financial measures as defined under SEC
rules. In accordance with SEC rules, the Company has
provided, in the supplemental information, a reconciliation of
those measures to the most directly comparable GAAP measures.
Adjusted Net Income and Adjusted
Earnings Per Share Adjusted net income and adjusted
earnings per share is not a measure of financial performance under
accounting principles generally accepted in the United States of
America. It should not be considered in isolation or as a
substitute for net income, operating income, cash flows from
operating, investing or financing activities, or any other measure
calculated in accordance with generally accepted accounting
principles. The presentation of adjusted net income and adjusted
earnings per share provides investors with pertinent information to
enable comparison of financial performance between periods by
excluding certain items that the Company believes are not
representative of its ongoing operations due to the nature of the
items.
The following table sets forth a reconciliation
of net income attributable to Almost Family, Inc. to adjusted net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALMOST FAMILY, INC. AND
SUBSIDIARIESRECONCILIATION OF ADJUSTED NET INCOME
AND ADJUSTED EARNINGS PER SHARE (In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
Nine months ended |
|
(in thousands) |
|
September 29, 2017 |
|
September 30, 2016 |
|
September 29, 2017 |
|
September 30, 2016 |
|
Net income
attributable to Almost Family, Inc. |
|
$ |
3,170 |
|
$ |
5,366 |
|
$ |
11,580 |
|
$ |
14,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Addbacks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deal,
transition and other costs, net of tax |
|
|
2,774 |
|
|
1,415 |
|
|
9,290 |
|
|
4,510 |
|
Adjusted net income
attributable to Almost Family, Inc. |
|
$ |
5,944 |
|
$ |
6,781 |
|
$ |
20,870 |
|
$ |
18,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share
amounts-diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding |
|
|
13,941 |
|
|
10,310 |
|
|
13,627 |
|
|
10,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Almost Family, Inc. |
|
$ |
0.23 |
|
$ |
0.52 |
|
$ |
0.85 |
|
$ |
1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Addbacks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deal,
transition and other costs, net of tax |
|
|
0.20 |
|
|
0.14 |
|
|
0.68 |
|
|
0.44 |
|
Adjusted net income
attributable to Almost Family, Inc. |
|
$ |
0.43 |
|
$ |
0.66 |
|
$ |
1.53 |
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Adjusted
earnings before interest, income and franchise taxes, depreciation
and amortization, amortization of stock-based compensation, deal,
transition and other (Adjusted EBITDA) is not a measure of
financial performance under accounting principles generally
accepted in the United States of America. It should not be
considered in isolation or as a substitute for net income,
operating income, cash flows from operating, investing or financing
activities, or any other measure calculated in accordance with
generally accepted accounting principles. The items excluded
from Adjusted EBITDA are significant components in understanding
and evaluating financial performance and liquidity.
Management routinely calculates and communicates Adjusted EBITDA
and believes that it is useful to investors because it provides a
common analytical indicator within its industry to evaluate
performance, measure leverage capacity and debt service ability,
and to estimate current or prospective enterprise value.
Adjusted EBITDA is also used in certain covenants contained in the
Company’s credit agreement.
The following table sets forth a reconciliation
of net income to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALMOST FAMILY, INC. AND
SUBSIDIARIESRECONCILIATION OF ADJUSTED
EBITDA (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
Nine months ended |
|
(in thousands) |
|
September 29, 2017 |
|
September 30, 2016 |
|
September 29, 2017 |
|
|
September 30, 2016 |
|
Net income |
|
$ |
3,170 |
|
$ |
5,366 |
|
$ |
11,580 |
|
|
$ |
14,060 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income - noncontrolling interests |
|
|
561 |
|
|
1,012 |
|
|
2,046 |
|
|
|
689 |
|
Interest
expense |
|
|
1,668 |
|
|
1,537 |
|
|
5,794 |
|
|
|
4,684 |
|
Income
tax expense |
|
|
2,188 |
|
|
3,194 |
|
|
5,713 |
|
|
|
9,120 |
|
Franchise
taxes |
|
|
230 |
|
|
182 |
|
|
697 |
|
|
|
454 |
|
Depreciation and amortization |
|
|
1,607 |
|
|
950 |
|
|
4,559 |
|
|
|
2,754 |
|
Stock-based compensation |
|
|
680 |
|
|
612 |
|
|
2,094 |
|
|
|
2,013 |
|
Deal,
transition and other costs |
|
|
4,467 |
|
|
2,257 |
|
|
17,122 |
|
|
|
7,455 |
|
Adjusted EBITDA |
|
$ |
14,571 |
|
$ |
15,110 |
|
$ |
49,605 |
|
|
$ |
41,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Looking Statements
All statements, other than statements of
historical facts, included in this news release are forward looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current plans, expectations, projections, forecasts and assumptions
about future events that involve risks and uncertainties that could
cause actual outcomes and results to differ materially.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not
historical facts. In some cases, you can identify forward-looking
statements by the use of forward-looking terminology such as “may,”
“will,” “should,” “could,” “would,” “estimate,” “project,”
“forecast,” “intend,” “expect,” “plan,” “anticipate,” “believe,”
“target,” or similar terms, variations of those terms or the
negative of those terms. While forward-looking statements reflect
good faith beliefs, assumptions and expectations, they are not
guarantees of future performance, and the Company undertakes no
obligation to update or revise its forward-looking statements. The
forward-looking statements in this news release are based on a
variety of assumptions that may not be realized and that are
subject to significant risks and uncertainties, including the
impact of further changes in healthcare reimbursement systems,
including the ultimate outcome of potential changes to Medicare
reimbursement for home health services and to Medicaid
reimbursement due to state budget shortfalls; changes to the
Medicare Shared Savings Programs; the ability of the Company to
maintain its level of operating performance and achieve its cost
control objectives; changes in our relationships with referral
sources; unanticipated difficulties or expenditures relating to
acquisition transactions, including, without limitation,
difficulties that result in the failure to achieve expected
synergies, efficiencies and cost savings from a transaction within
the expected time period (if at all); government regulation; health
care reform; pricing pressures from Medicare, Medicaid and other
third-party payers; changes in laws and interpretations of laws
relating to the healthcare industry; the ability of the Company to
integrate, manage and keep secure our information systems; changes
in the marketplace and regulatory environment for Health Risk
Assessments and the Company’s self-insurance risks. For a
more complete discussion regarding other factors which could affect
the Company's financial performance, refer to the Company's various
filings with the Securities and Exchange Commission, including its
filing on Form 10-K for the year ended December 30, 2016, in
particular information under the headings "Special Caution
Regarding Forward-Looking Statements" and “Risk Factors.”
About Almost Family, Inc.
Almost Family, Inc., founded in 1976, is a
leading national provider of home healthcare services, with 332
branch locations in 26 states, including its joint venture with
Community Health Systems, Inc. (CHS) (NYSE:CYH). Almost Family,
Inc. and its subsidiaries operate Home Health, Other Home-Based
Services and HealthCare Innovations segments.
Grafico Azioni Almost Family (NASDAQ:AFAM)
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Da Mag 2024 a Giu 2024
Grafico Azioni Almost Family (NASDAQ:AFAM)
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Da Giu 2023 a Giu 2024