Aveanna Healthcare Holdings, Inc. (NASDAQ: AVAH), a leading,
diversified home care platform focused on providing care to
medically complex, high-cost patient populations, today announced
financial results for the three and twelve-month periods ended
December 31, 2022.
Jeff Shaner, Chief Executive Officer, commented
“We are pleased with our Q4 results we are reporting today which
met our expectations, and we are excited about the next chapter for
Aveanna as we execute on our priorities in 2023. Although the labor
environment continues to be challenging, we believe that our
preferred payor and legislative initiatives provide a clear and
consistent road map for improved reimbursement rates. These
important initiatives allow us to attract and retain caregivers,
while supporting families in the comfort of their home. We believe
that Aveanna's value-based strategy continues to highlight the most
cost effective, patient preferred and clinically sophisticated
healthcare delivered at home.”
Three-Month Periods Ended December 31, 2022 and
January 1, 2022
Revenue was $451.1 million for the three-month
period ended December 31, 2022, as compared to $414.1 million for
the three-month period ended January 1, 2022, an increase of $37.1
million, or 9.0%. The overall increase in revenue was primarily
attributable to a $30.8 million increase in Private Duty Services
(“PDS”) segment revenue and a $6.0 million increase in Home Health
& Hospice (“HHH”) segment revenue over the comparable
quarter.
Gross margin was $128.8 million, or 28.5% of
revenue, for the three months ended December 31, 2022, as compared
to $124.4 million, or 30.0% of revenue, for the three months ended
January 1, 2022, an increase of $4.4 million, or 3.5%.
Net loss was $237.8 million for the fourth
quarter of 2022, as compared to net loss of $126.2 million for the
fourth quarter of 2021, primarily attributable to $87.4 million of
incremental non-cash goodwill impairment charges over the
comparable period. Net loss per diluted share was $1.28 for the
fourth quarter of 2022, as compared to net loss per diluted share
of $0.68 for the fourth quarter of 2021. Adjusted net loss per
diluted share was $0.03 for the fourth quarter of 2022, as compared
to adjusted net income per diluted share of $0.10 for the fourth
quarter of 2021.
Adjusted EBITDA was $29.7 million, or 6.6% of
revenue, for the fourth quarter of 2022, as compared to $45.8
million, or 11.1% of revenue, for the fourth quarter of 2021.
Years Ended December 31, 2022 and January 1,
2022
Revenue was $1,787.6 million for the fiscal year
ended December 31, 2022, as compared to $1,678.6 million for the
fiscal year ended January 1, 2022, an increase of $109.0 million,
or 6.5%. The overall increase in revenue was primarily attributable
to a $57.0 million increase in PDS segment revenue and a $55.3
million increase in HHH segment revenue as compared with the prior
year period.
Gross margin was $553.2 million, or 30.9% of
revenue, for the fiscal year ended December 31, 2022, as compared
to $542.4 million, or 32.3% of revenue, for the fiscal year ended
January 1, 2022, an increase of $10.8 million, or 2.0%.
Net loss was $662.0 million for fiscal year
2022, as compared to net loss of $117.0 million for fiscal year
2021. The increase in net loss was primarily driven by $557.6
million of incremental non-cash impairment charges recorded in
fiscal year 2022, net of an aggregate $81.6 million increase in
non-cash valuation gains on interest rate derivatives and decrease
in net cash settlements incurred with swap counterparties over the
comparable period. Net loss per diluted share was $3.57 for fiscal
year 2022, as compared to net loss per diluted share of $0.69 for
fiscal year 2021. Adjusted net income per diluted share was $0.00
for fiscal year 2022, as compared to adjusted net income per
diluted share of $0.42 for fiscal year 2021.
Adjusted EBITDA was $129.3 million, or 7.2% of
revenue, for fiscal year 2022, as compared to $184.2 million, or
11.0% of revenue, for fiscal year 2021.
Liquidity, Cash Flow, and
Debt
- As of December 31, 2022, we had
cash of $19.2 million and incremental borrowing capacity of $35.0
million under our securitization facility. Our revolver was
undrawn, with approximately $180.0 million of borrowing capacity
and approximately $20.0 million of outstanding letters of
credit.
- Fiscal year 2022 net cash used by
operating activities was $48.4 million. Free cash flow was a
deficit of $81.5 million for fiscal year 2022. This included $25.5
million of repayments of deferred social security taxes to the IRS
in December 2022 and $3.5 million of repayments during the year of
CMS advances received by companies acquired by us. See “Non-GAAP
Financial Measures - Free cash flow” below.
- As of December 31, 2022 we had bank debt of $1,464.0 million.
Our interest rate exposure under our credit facilities is currently
hedged with the following instruments:
- $520.0 million notional amount of
interest rate swaps that convert variable rate debt to a fixed
rate, and
- $880.0 million notional amount of
interest rate caps that cap our exposure to LIBOR at 3.0%.
The leverage maintenance covenants in our
revolving credit facility do not become operative unless more than
30% of the total availability under the revolving credit facility
has been utilized, subject to a $15.0 million carve-out for letters
of credit. Should the leverage maintenance covenant become
operative, maximum allowable first lien leverage would be 7.6x.
David Afshar, Chief Financial Officer, commented
“We are pleased with the fourth quarter results delivered by our
dedicated Aveanna teams, and we are excited about the opportunities
before us in 2023 despite the uncertain economic environment. We
believe that we have the necessary liquidity to fund our operations
and are pleased with our hedged positions under our credit
facilities. Our interest rate swaps extend through June 2026, and
our interest rate caps extend through February 2027.”
Full Year 2023 Guidance
- Revenue of at least $1,840 million
Consistent with prior practice, we are not
providing guidance on net income at this time due to the volatility
of certain required inputs that are not available without
unreasonable efforts, including future fair value adjustments
associated with our interest rate swaps and caps.
- Adjusted EBITDA of at least $130 million
Non-GAAP Financial Measures
In addition to our results of operations
prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”), we also evaluate our financial performance
using EBITDA, Adjusted EBITDA, Field contribution, Field
contribution margin, Adjusted corporate expenses, Adjusted net
income, Adjusted net income per diluted share, and Free cash flow.
Given our determination of adjustments in arriving at our
computations, these non-GAAP measures have limitations as
analytical tools and should not be considered in isolation or as
substitutes or alternatives to net income or loss, revenue,
operating income or loss, cash flows from operating activities,
total indebtedness or any other financial measures calculated in
accordance with GAAP.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP
financial measures and are not intended to replace financial
performance measures determined in accordance with U.S. GAAP, such
as net income (loss). Rather, we present EBITDA and Adjusted EBITDA
as supplemental measures of our performance. We define EBITDA as
net income (loss) before interest expense, net; income tax
(expense) benefit; and depreciation and amortization. We define
Adjusted EBITDA as EBITDA, adjusted for the impact of certain other
items that are either non-recurring, infrequent, non-cash, unusual,
or items deemed by management to not be indicative of the
performance of our core operations, including impairments of
goodwill, intangible assets, and other long-lived assets; non-cash,
share-based compensation; sponsor fees; loss on extinguishment of
debt; fees related to debt modifications; the effect of interest
rate derivatives; acquisition-related and integration costs; legal
costs and settlements associated with acquisition matters; COVID-19
related costs; restructuring costs; other legal matters; and other
system transition costs, professional fees and other costs. As
non-GAAP financial measures, our computations of EBITDA and
Adjusted EBITDA may vary from similarly termed non-GAAP financial
measures used by other companies, making comparisons with other
companies on the basis of this measure impracticable.
We believe our computations of EBITDA and
Adjusted EBITDA are helpful in highlighting trends in our core
operating performance. In determining which adjustments are made to
arrive at EBITDA and Adjusted EBITDA, we consider both (1) certain
non-recurring, infrequent, non-cash or unusual items, which can
vary significantly from year to year, as well as (2) certain other
items that may be recurring, frequent, or settled in cash but which
we do not believe are indicative of our core operating performance.
We use EBITDA and Adjusted EBITDA to assess operating performance
and make business decisions.
We incurred substantial acquisition-related
costs and integration costs in fiscal years 2022 and 2021. The
underlying acquisition activities take place over a defined
timeframe, have distinct project timelines and are incremental to
activities and costs that arise in the ordinary course of our
business. Therefore, we believe it is important to exclude these
costs from our Adjusted EBITDA because it provides us a normalized
view of our core, ongoing operations after integrating our acquired
companies, which we believe is an important measure in assessing
our performance.
Field contribution and Field contribution
margin
Field contribution and Field contribution margin
are non-GAAP financial measures and are not intended to replace
financial performance measures determined in accordance with GAAP,
such as operating income (loss). Rather, we present Field
contribution and Field contribution margin as supplemental measures
of our performance. We define Field contribution as operating
income (loss) prior to corporate expenses and other non-field
related costs, including depreciation and amortization,
acquisition-related costs, and other operating expenses. Field
contribution margin is Field contribution as a percentage of
revenue. As non-GAAP financial measures, our computations of Field
contribution and Field contribution margin may vary from similarly
termed non-GAAP financial measures used by other companies, making
comparisons with other companies on the basis of these measures
impracticable.
We believe Field contribution and Field
contribution margin are helpful in highlighting trends in our core
operating performance and evaluating trends in our branch and
regional results, which can vary from year to year. We use Field
contribution and Field contribution margin to make business
decisions and assess the operating performance and results
delivered by our core field operations, prior to corporate and
other costs not directly related to our field operations. These
metrics are also important because they guide us in determining
whether our branch and regional administrative expenses are
appropriately sized to support our caregivers and direct patient
care operations. Additionally, Field contribution and Field
contribution margin determine how effective we are in managing our
field supervisory and administrative costs associated with
supporting our provision of services and sale of products.
Adjusted corporate expenses
Adjusted corporate expenses is a non-GAAP
financial measure and is not intended to replace financial
performance measures determined in accordance with GAAP, such as
corporate expenses. Rather, we present adjusted corporate expenses
as a supplemental measure of our performance. We define Adjusted
corporate expenses as corporate expenses adjusted for the impact of
certain other items that are either non-recurring, infrequent,
non-cash, unusual, or items deemed by us to not be indicative of
the performance of our core operations, including non-cash,
share-based compensation; sponsor fees; acquisition-related and
integration costs; legal costs and settlements associated with
acquisition matters; COVID related costs, net of reimbursement; and
other system transition costs, professional fees and other costs.
As non-GAAP financial measures, our computations of adjusted
corporate expenses may vary from similarly termed non-GAAP
financial measures used by other companies, making comparisons with
other companies on the basis of this measure impracticable.
We believe Adjusted corporate expenses is
helpful in highlighting trends in our corporate support function,
which can vary from year to year. We use Adjusted corporate
expenses to make business decisions in determining whether or not
our corporate expenses is appropriately sized to support our
caregivers and direct patient care operations. Excluding the
aforementioned items from corporate expenses that are either
non-recurring, infrequent, non-cash, unusual, or items deemed by us
to not be indicative of the performance of our core operations
allows us to evaluate adjusted corporate expenses in relation to
the support necessary for our caregivers and direct patient care
operations.
Adjusted net income and Adjusted net income per
diluted share
Adjusted net income represents net income (loss)
as adjusted for the impact of GAAP income tax, goodwill, intangible
and other long-lived asset impairment charges, non-cash share-based
compensation expense, sponsor fees, loss on extinguishment of debt,
interest rate derivatives, acquisition-related costs, integration
costs, legal costs, COVID-related costs net of reimbursement,
restructuring costs, other legal matters, other system transition
costs, professional fees and certain other miscellaneous items on a
pre-tax basis. Adjusted net income includes a provision for income
taxes derived utilizing a combined statutory tax rate. The combined
statutory tax rate is our estimate of our long-term tax rate. The
most comparable GAAP measure is net income (loss).
Adjusted net income (loss) per diluted share
represents adjusted net income (loss) on a per diluted share basis
using the weighted-average number of diluted shares outstanding for
the period. The most comparable GAAP measure is net income (loss)
per share, diluted.
Adjusted net income and Adjusted net income per
diluted share are important to us because they allow us to assess
financial results, exclusive of the items mentioned above that are
not operational in nature or comparable to those of our
competitors.
Free cash flow
Free cash flow is a liquidity measure that
represents operating cash flow, adjusted for the impact of
purchases of property, equipment and software, principal payments
on term loans, notes payable and financing leases, and settlements
with derivative counterparties. The most comparable GAAP measure is
cash flow from operations.
We believe free cash flow is helpful in
highlighting the cash generated or used by the Company, after
taking into consideration mandatory payments on term loans, notes
payable and financing leases, as well cash needed for
non-acquisition related capital expenditures, and cash paid to or
received from derivative counterparties.
Conference Call
Aveanna will host a conference call on Thursday,
March 16, 2023, at 10:00 a.m. Eastern Time to discuss our fourth
quarter and full year 2022 results. The conference call can be
accessed live over the phone by dialing 1-877-407-0789, or for
international callers, 1-201-689-8562. A telephonic replay of the
conference call will be available until March 23, 2023, by dialing
1-844-512-2921, or for international callers, 1-412-317-6671. The
passcode for the replay is 13735889. A live webcast of our
conference call will also be available under the Investor Relations
section of our website: https://ir.aveanna.com/. The online replay
will also be available for one week following the call.
Forward-Looking Statements
Certain matters discussed in this press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
(other than statements of historical facts) in this press release
regarding our prospects, plans, financial position, business
strategy and expected financial and operational results may
constitute forward-looking statements. Forward-looking statements
generally can be identified by the use of terminology such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“seek,” “will,” “may,” “should,” “predict,” “project,” “potential,”
“continue” or the negatives of these terms or variations of them or
similar expressions. These statements are based on certain
assumptions that we have made in light of our experience in the
industry as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate in these circumstances. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. Forward-looking statements involve a number of risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, such as our ability to successfully execute our growth
strategy, including through organic growth and the completion of
acquisitions, effective integration of the companies we acquire,
unexpected costs of acquisitions and dispositions, the possibility
that expected cost synergies may not materialize as expected, the
failure of Aveanna or the companies we acquire to perform as
expected, estimation inaccuracies in revenue recognition, our
ability to drive margin leverage through lower costs, unexpected
increases in SG&A and other expenses, changes in reimbursement,
changes in government regulations, changes in Aveanna’s
relationships with referral sources, increased competition for
Aveanna’s services or wage inflation, changes in the interpretation
of government regulations or discretionary determinations made by
government officials, uncertainties regarding the outcome of rate
discussions with managed care organizations and our ability to
effectively collect our cash from these organizations, our ability
to effectively collect and submit data required under Electronic
Visit Verification regulations, our ability to comply with the
terms and conditions of the CMS Review Choice Demonstration
program, our ability to effectively implement and transition to new
electronic medical record systems or billing and collection
systems, changes in tax rates, the impact of adverse weather, the
impact to our business operations, reimbursements and patient
population were the COVID-19 environment to
worsen, and other risks set forth under the heading “Risk
Factors” in Aveanna’s Annual Report on Form 10-K for its 2022
fiscal year filed with the Securities and Exchange Commission on
March 16, 2023, which is available at www.sec.gov. In
addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may prove to be incorrect or
imprecise. Accordingly, forward-looking statements included in this
press release do not purport to be predictions of future events or
circumstances, and actual results may differ materially from those
expressed by forward-looking statements. All forward-looking
statements speak only as of the date made, and Aveanna undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
About Aveanna Healthcare
Aveanna Healthcare is headquartered in Atlanta,
Georgia and has locations in 33 states providing a broad range of
pediatric and adult healthcare services including nursing,
rehabilitation services, occupational nursing in schools, therapy
services, day treatment centers for medically fragile and
chronically ill children and adults, home health and hospice
services, as well as delivery of enteral nutrition and other
products to patients. The Company also provides case management
services in order to assist families and patients by coordinating
the provision of services between insurers or other payers,
physicians, hospitals, and other healthcare providers. In addition,
the Company provides respite healthcare services, which are
temporary care provider services provided in relief of the
patient’s normal caregiver. The Company’s services are designed to
provide a high quality, lower cost alternative to prolonged
hospitalization. For more information, please
visit www.aveanna.com.
Cash Flow and Information about
Indebtedness
The following table sets forth a summary of our
cash flows from operating, investing, and financing activities for
the periods presented:
|
|
For the fiscal years ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
|
January 1, 2022 |
|
Net cash used in operating activities |
|
$ |
(48,402 |
) |
|
$ |
(11,350 |
) |
Net cash used in investing
activities |
|
$ |
(25,291 |
) |
|
$ |
(681,831 |
) |
Net cash provided by financing
activities |
|
$ |
62,420 |
|
|
$ |
586,326 |
|
Cash and cash equivalents at
beginning of period |
|
$ |
30,490 |
|
|
$ |
137,345 |
|
Cash and cash equivalents at end
of period |
|
$ |
19,217 |
|
|
$ |
30,490 |
|
|
|
|
|
|
|
|
|
|
The following table presents our long-term
indebtedness as of December 31, 2022:
(dollars in thousands) |
|
|
|
|
|
Instrument |
|
Interest Rate |
|
December 31, 2022 |
|
2021 Extended Term Loan |
|
L + 3.75% |
|
$ |
908,950 |
|
Second Lien Term Loan |
|
L + 7.00% |
|
|
415,000 |
|
Revolving Credit Facility |
|
L + 3.75% |
|
|
- |
|
Securitization Facility |
|
BSBY + 2.25% |
|
|
140,000 |
|
Total indebtedness |
|
|
|
$ |
1,463,950 |
|
L = Greater of 0.50% or
one-month LIBOR |
|
|
|
|
|
|
|
|
|
|
|
Results of Operations
The following table summarizes our consolidated
results of operations for the periods indicated (amounts in
thousands, except per share data):
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
|
|
December 31, 2022 |
|
January 1, 2022 |
|
December 31, 2022 |
|
January 1, 2022 |
|
Revenue |
|
$ |
451,147 |
|
$ |
414,070 |
|
$ |
1,787,645 |
|
$ |
1,678,618 |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
322,372 |
|
|
289,680 |
|
|
1,234,418 |
|
|
1,136,214 |
|
Branch and regional
administrative expenses |
|
|
89,947 |
|
|
73,919 |
|
|
357,230 |
|
|
297,381 |
|
Corporate expenses |
|
|
31,880 |
|
|
32,714 |
|
|
137,864 |
|
|
130,387 |
|
Goodwill impairment |
|
|
205,139 |
|
|
117,702 |
|
|
675,346 |
|
|
117,702 |
|
Depreciation and
amortization |
|
|
4,539 |
|
|
5,387 |
|
|
21,313 |
|
|
20,550 |
|
Acquisition-related costs |
|
|
30 |
|
|
8,053 |
|
|
99 |
|
|
12,832 |
|
Other operating expense
(income) |
|
|
1,698 |
|
|
(337 |
) |
|
3,651 |
|
|
(337 |
) |
Operating loss |
|
|
(204,458 |
) |
|
(113,048 |
) |
|
(642,276 |
) |
|
(36,111 |
) |
Interest income |
|
|
310 |
|
|
71 |
|
|
679 |
|
|
253 |
|
Interest expense |
|
|
(33,975 |
) |
|
(15,137 |
) |
|
(107,720 |
) |
|
(68,930 |
) |
Loss on debt
extinguishment |
|
|
- |
|
|
- |
|
|
- |
|
|
(13,702 |
) |
Other (expense) income |
|
|
(1,020 |
) |
|
6,002 |
|
|
85,503 |
|
|
4,914 |
|
Loss before income taxes |
|
|
(239,143 |
) |
|
(122,112 |
) |
|
(663,814 |
) |
|
(113,576 |
) |
Income tax benefit
(expense) |
|
|
1,364 |
|
|
(4,080 |
) |
|
1,780 |
|
|
(3,468 |
) |
Net loss |
|
$ |
(237,779 |
) |
$ |
(126,192 |
) |
$ |
(662,034 |
) |
$ |
(117,044 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
|
$ |
(1.28 |
) |
$ |
(0.68 |
) |
$ |
(3.57 |
) |
$ |
(0.69 |
) |
Weighted average shares of
common stock outstanding, basic and diluted |
|
|
186,166 |
|
|
184,406 |
|
|
185,553 |
|
|
170,625 |
|
|
The following tables summarize our consolidated
key performance measures, including Field contribution and Field
contribution margin, which are non-GAAP measures, for the periods
indicated:
|
|
For the three-month periods ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
Revenue |
|
$ |
451,147 |
|
$ |
414,070 |
|
$ |
37,077 |
|
|
9.0 |
% |
Cost of revenue, excluding
depreciation and amortization |
|
|
322,372 |
|
|
289,680 |
|
|
32,692 |
|
|
11.3 |
% |
Gross margin |
|
$ |
128,775 |
|
$ |
124,390 |
|
$ |
4,385 |
|
|
3.5 |
% |
Gross margin percentage |
|
|
28.5 |
% |
|
30.0 |
% |
|
|
|
|
Branch and regional
administrative expenses |
|
|
89,947 |
|
|
73,919 |
|
|
16,028 |
|
|
21.7 |
% |
Field contribution |
|
$ |
38,828 |
|
$ |
50,471 |
|
$ |
(11,643 |
) |
|
-23.1 |
% |
Field contribution margin |
|
|
8.6 |
% |
|
12.2 |
% |
|
|
|
|
Corporate expenses |
|
$ |
31,880 |
|
$ |
32,714 |
|
$ |
(834 |
) |
|
-2.5 |
% |
As a percentage of revenue |
|
|
7.1 |
% |
|
7.9 |
% |
|
|
|
|
Operating loss |
|
$ |
(204,458 |
) |
$ |
(113,048 |
) |
$ |
(91,410 |
) |
|
80.9 |
% |
As a percentage of revenue |
|
|
-45.3 |
% |
|
-27.3 |
% |
|
|
|
|
|
|
For the fiscal years ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
Revenue |
|
$ |
1,787,645 |
|
$ |
1,678,618 |
|
$ |
109,027 |
|
|
6.5 |
% |
Cost of revenue, excluding
depreciation and amortization |
|
|
1,234,418 |
|
|
1,136,214 |
|
|
98,204 |
|
|
8.6 |
% |
Gross margin |
|
$ |
553,227 |
|
$ |
542,404 |
|
$ |
10,823 |
|
|
2.0 |
% |
Gross margin percentage |
|
|
30.9 |
% |
|
32.3 |
% |
|
|
|
|
Branch and regional
administrative expenses |
|
|
357,230 |
|
|
297,381 |
|
|
59,849 |
|
|
20.1 |
% |
Field contribution |
|
$ |
195,997 |
|
$ |
245,023 |
|
$ |
(49,026 |
) |
|
-20.0 |
% |
Field contribution margin |
|
|
11.0 |
% |
|
14.6 |
% |
|
|
|
|
Corporate expenses |
|
$ |
137,864 |
|
$ |
130,387 |
|
$ |
7,477 |
|
|
5.7 |
% |
As a percentage of revenue |
|
|
7.7 |
% |
|
7.8 |
% |
|
|
|
|
Operating loss |
|
$ |
(642,276 |
) |
$ |
(36,111 |
) |
$ |
(606,165 |
) |
|
1678.6 |
% |
As a percentage of revenue |
|
|
-35.9 |
% |
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables summarize our key performance measures by
segment for the periods indicated:
|
|
PDS |
|
|
|
|
For the three-month periods ended |
|
|
(dollars and hours in
thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
|
Revenue |
|
$ |
361,270 |
|
$ |
330,476 |
|
$ |
30,794 |
|
|
9.3 |
% |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
269,374 |
|
|
243,822 |
|
|
25,552 |
|
|
10.5 |
% |
|
Gross margin |
|
$ |
91,896 |
|
$ |
86,654 |
|
$ |
5,242 |
|
|
6.0 |
% |
|
Gross margin percentage |
|
|
25.4 |
% |
|
26.2 |
% |
|
|
|
-0.8 |
% |
(4) |
Hours |
|
|
9,593 |
|
|
9,039 |
|
|
554 |
|
|
6.1 |
% |
|
Revenue rate |
|
$ |
37.66 |
|
$ |
36.56 |
|
$ |
1.10 |
|
|
3.2 |
% |
(1) |
Cost of revenue rate |
|
$ |
28.08 |
|
$ |
26.97 |
|
$ |
1.11 |
|
|
4.4 |
% |
(2) |
Spread rate |
|
$ |
9.58 |
|
$ |
9.59 |
|
$ |
(0.01 |
) |
|
-0.1 |
% |
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
HHH |
|
|
|
|
For the three-month periods ended |
|
|
(dollars and
admissions/episodes in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
|
Revenue |
|
$ |
54,726 |
|
$ |
48,683 |
|
$ |
6,043 |
|
|
12.4 |
% |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
31,788 |
|
|
26,333 |
|
|
5,455 |
|
|
20.7 |
% |
|
Gross margin |
|
$ |
22,938 |
|
$ |
22,350 |
|
$ |
588 |
|
|
2.6 |
% |
|
Gross margin percentage |
|
|
41.9 |
% |
|
45.9 |
% |
|
|
|
-4.0 |
% |
(4) |
Home health total admissions
(5) |
|
|
11.0 |
|
|
10.5 |
|
0.5 |
|
|
4.8 |
% |
|
Home health episodic admissions
(6) |
|
|
6.9 |
|
|
6.9 |
|
|
- |
|
|
0.0 |
% |
|
Home health total episodes
(7) |
|
|
11.0 |
|
|
11.0 |
|
|
- |
|
|
0.0 |
% |
|
Home health revenue per completed
episode (8) |
|
$ |
3,009 |
|
$ |
2,942 |
|
$ |
67 |
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MS |
|
|
|
|
For the three-month periods ended |
|
|
(dollars and UPS in
thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
|
Revenue |
|
$ |
35,151 |
|
$ |
34,911 |
|
$ |
240 |
|
|
0.7 |
% |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
21,210 |
|
|
19,525 |
|
|
1,685 |
|
|
8.6 |
% |
|
Gross margin |
|
$ |
13,941 |
|
$ |
15,386 |
|
$ |
(1,445 |
) |
|
-9.4 |
% |
|
Gross margin percentage |
|
|
39.7 |
% |
|
44.1 |
% |
|
|
|
-4.4 |
% |
(4) |
Unique patients served
(“UPS”) |
|
|
83 |
|
|
77 |
|
|
6 |
|
|
7.8 |
% |
|
Revenue rate |
|
$ |
423.51 |
|
$ |
453.39 |
|
$ |
(29.88 |
) |
|
-7.1 |
% |
(1) |
Cost of revenue rate |
|
$ |
255.54 |
|
$ |
253.57 |
|
$ |
1.97 |
|
|
0.8 |
% |
(2) |
Spread rate |
|
$ |
167.96 |
|
$ |
199.82 |
|
$ |
(31.85 |
) |
|
-17.2 |
% |
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PDS |
|
|
|
|
For the fiscal years ended |
|
|
(dollars and hours in
thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
|
Revenue |
|
$ |
1,415,105 |
|
$ |
1,358,116 |
|
$ |
56,989 |
|
|
4.2 |
% |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
1,022,640 |
|
|
963,257 |
|
|
59,383 |
|
|
6.2 |
% |
|
Gross margin |
|
$ |
392,465 |
|
$ |
394,859 |
|
$ |
(2,394 |
) |
|
-0.6 |
% |
|
Gross margin percentage |
|
|
27.7 |
% |
|
29.1 |
% |
|
|
|
-1.4 |
% |
(4) |
Hours |
|
|
38,461 |
|
|
37,867 |
|
|
594 |
|
|
1.6 |
% |
|
Revenue rate |
|
$ |
36.79 |
|
$ |
35.87 |
|
$ |
0.92 |
|
|
2.6 |
% |
(1) |
Cost of revenue rate |
|
$ |
26.59 |
|
$ |
25.44 |
|
$ |
1.15 |
|
|
4.6 |
% |
(2) |
Spread rate |
|
$ |
10.20 |
|
$ |
10.43 |
|
$ |
(0.23 |
) |
|
-2.2 |
% |
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
HHH |
|
|
|
|
For the fiscal years ended |
|
|
(dollars and
admissions/episodes in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
|
Revenue |
|
$ |
232,584 |
|
$ |
177,272 |
|
$ |
55,312 |
|
|
31.2 |
% |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
130,721 |
|
|
93,557 |
|
|
37,164 |
|
|
39.7 |
% |
|
Gross margin |
|
$ |
101,863 |
|
$ |
83,715 |
|
$ |
18,148 |
|
|
21.7 |
% |
|
Gross margin percentage |
|
|
43.8 |
% |
|
47.2 |
% |
|
|
|
-3.4 |
% |
(4) |
Home health total admissions
(5) |
|
|
49.0 |
|
|
39.6 |
|
|
9.4 |
|
|
23.7 |
% |
|
Home health episodic admissions
(6) |
|
|
30.2 |
|
|
24.9 |
|
|
5.3 |
|
|
21.3 |
% |
|
Home health total episodes
(7) |
|
|
48.5 |
|
|
37.5 |
|
|
11.0 |
|
|
29.3 |
% |
|
Home health revenue per completed
episode (8) |
|
$ |
2,987 |
|
$ |
2,917 |
|
$ |
70 |
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MS |
|
|
|
|
For the fiscal years ended |
|
|
(dollars and UPS in
thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
Change |
|
% Change |
|
|
Revenue |
|
$ |
139,956 |
|
$ |
143,230 |
|
$ |
(3,274 |
) |
|
-2.3 |
% |
|
Cost of revenue, excluding
depreciation and amortization |
|
|
81,057 |
|
|
79,400 |
|
|
1,657 |
|
|
2.1 |
% |
|
Gross margin |
|
$ |
58,899 |
|
$ |
63,830 |
|
$ |
(4,931 |
) |
|
-7.7 |
% |
|
Gross margin percentage |
|
|
42.1 |
% |
|
44.6 |
% |
|
|
|
-2.5 |
% |
(4) |
Unique patients served
(“UPS”) |
|
|
320 |
|
|
306 |
|
|
14 |
|
|
4.6 |
% |
|
Revenue rate |
|
$ |
437.36 |
|
$ |
468.07 |
|
$ |
(30.71 |
) |
|
-6.9 |
% |
(1) |
Cost of revenue rate |
|
$ |
253.30 |
|
$ |
259.48 |
|
$ |
(6.18 |
) |
|
-2.5 |
% |
(2) |
Spread rate |
|
$ |
184.06 |
|
$ |
208.59 |
|
$ |
(24.53 |
) |
|
-12.3 |
% |
(3) |
1) Represents the period over period
change in revenue rate, plus the change in revenue rate
attributable to the change in volume. 2) Represents the period over
period change in cost of revenue rate, plus the change in cost of
revenue rate attributable to the change in volume. 3) Represents
the period over period change in spread rate, plus the change in
spread rate attributable to the change in volume. 4) Represents the
change in margin percentage year over year (or quarter over
quarter). 5) Represents home health episodic and fee-for-service
admissions. 6) Represents home health episodic admissions. 7)
Represents episodic admissions and recertifications. 8) Represents
Medicare revenue per completed episode.
The following table reconciles operating loss to
Field contribution and Field contribution margin:
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
December 31, 2022 |
|
January 1, 2022 |
|
Operating loss |
|
$ |
(204,458 |
) |
$ |
(113,048 |
) |
$ |
(642,276 |
) |
$ |
(36,111 |
) |
Other operating expense
(income) |
|
|
1,698 |
|
|
(337 |
) |
|
3,651 |
|
|
(337 |
) |
Acquisition-related costs |
|
|
30 |
|
|
8,053 |
|
|
99 |
|
|
12,832 |
|
Depreciation and
amortization |
|
|
4,539 |
|
|
5,387 |
|
|
21,313 |
|
|
20,550 |
|
Goodwill impairment |
|
|
205,139 |
|
|
117,702 |
|
|
675,346 |
|
|
117,702 |
|
Corporate expenses |
|
|
31,880 |
|
|
32,714 |
|
|
137,864 |
|
|
130,387 |
|
Field contribution |
|
$ |
38,828 |
|
$ |
50,471 |
|
$ |
195,997 |
|
$ |
245,023 |
|
Revenue |
|
$ |
451,147 |
|
$ |
414,070 |
|
$ |
1,787,645 |
|
$ |
1,678,618 |
|
Field contribution margin |
|
|
8.6 |
% |
|
12.2 |
% |
|
11.0 |
% |
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles net loss to
EBITDA and Adjusted EBITDA:
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
December 31, 2022 |
|
January 1, 2022 |
|
Net loss |
|
$ |
(237,779 |
) |
$ |
(126,192 |
) |
$ |
(662,034 |
) |
$ |
(117,044 |
) |
Interest expense, net |
|
|
33,665 |
|
|
15,066 |
|
|
107,041 |
|
|
68,677 |
|
Income tax (benefit) expense |
|
|
(1,364 |
) |
|
4,080 |
|
|
(1,780 |
) |
|
3,468 |
|
Depreciation and
amortization |
|
|
4,539 |
|
|
5,387 |
|
|
21,313 |
|
|
20,550 |
|
EBITDA |
|
|
(200,939 |
) |
|
(101,659 |
) |
|
(535,460 |
) |
|
(24,349 |
) |
Goodwill, intangible and other
long-lived asset impairment |
|
|
206,827 |
|
|
117,703 |
|
|
679,019 |
|
|
117,812 |
|
Non-cash share-based
compensation |
|
|
1,785 |
|
|
4,283 |
|
|
15,893 |
|
|
14,425 |
|
Sponsor fees (1) |
|
|
- |
|
|
- |
|
|
- |
|
|
808 |
|
Loss on extinguishment of
debt |
|
|
- |
|
|
- |
|
|
- |
|
|
13,702 |
|
Bank fees related to debt
modifications |
|
|
- |
|
|
- |
|
|
- |
|
|
7,178 |
|
Interest rate derivatives
(2) |
|
|
801 |
|
|
(5,998 |
) |
|
(85,265 |
) |
|
(4,746 |
) |
Acquisition-related costs
(3) |
|
|
30 |
|
|
8,053 |
|
|
99 |
|
|
12,832 |
|
Integration costs (4) |
|
|
1,300 |
|
|
5,033 |
|
|
17,793 |
|
|
17,515 |
|
Legal costs and settlements
associated with acquisition matters (5) |
|
|
697 |
|
|
475 |
|
|
4,082 |
|
|
1,595 |
|
COVID-related costs, net of
reimbursement (6) |
|
|
- |
|
|
14,536 |
|
|
5,087 |
|
|
18,865 |
|
Restructuring (7) |
|
|
4,626 |
|
|
- |
|
|
6,775 |
|
|
- |
|
Other legal matters (8) |
|
|
12,240 |
|
|
- |
|
|
12,240 |
|
|
- |
|
Other system transition costs,
professional fees and other (9) |
|
|
2,291 |
|
|
3,418 |
|
|
9,059 |
|
|
8,596 |
|
Total adjustments |
|
$ |
230,597 |
|
$ |
147,503 |
|
$ |
664,782 |
|
$ |
208,582 |
|
Adjusted EBITDA |
|
$ |
29,658 |
|
$ |
45,844 |
|
$ |
129,322 |
|
$ |
184,233 |
|
|
The following table reconciles Corporate
expenses to Adjusted corporate expenses:
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
December 31, 2022 |
|
January 1, 2022 |
|
Corporate expenses |
|
$ |
31,880 |
|
$ |
32,714 |
|
$ |
137,864 |
|
$ |
130,387 |
|
Non-cash share-based compensation |
|
|
(496 |
) |
|
(3,382 |
) |
|
(11,103 |
) |
|
(11,562 |
) |
Sponsor fees (1) |
|
|
- |
|
|
- |
|
|
- |
|
|
(808 |
) |
Bank fees related to debt modifications |
|
|
- |
|
|
- |
|
|
- |
|
|
(7,178 |
) |
Integration costs (4) |
|
|
(272 |
) |
|
(4,030 |
) |
|
(14,344 |
) |
|
(15,438 |
) |
Legal costs and settlements associated with acquisition matters
(5) |
|
|
(697 |
) |
|
(476 |
) |
|
(4,083 |
) |
|
(1,596 |
) |
COVID-related costs, net of reimbursement (6) |
|
|
- |
|
|
(116 |
) |
|
(211 |
) |
|
(372 |
) |
Restructuring (7) |
|
|
(3,560 |
) |
|
- |
|
|
(3,638 |
) |
|
- |
|
Other system transition costs, professional fees and other (9) |
|
|
(2,202 |
) |
|
(3,744 |
) |
|
(8,964 |
) |
|
(9,391 |
) |
Total adjustments |
|
|
(7,227 |
) |
|
(11,748 |
) |
|
(42,343 |
) |
|
(46,345 |
) |
Adjusted corporate expenses |
|
$ |
24,653 |
|
$ |
20,966 |
|
$ |
95,521 |
|
$ |
84,042 |
|
Adjusted corporate expenses as a
percentage of revenue |
|
|
5.5 |
% |
|
5.1 |
% |
|
5.3 |
% |
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles net loss to Adjusted net (loss)
income and presents Adjusted net (loss) income per diluted
share:
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
(dollars in thousands, except
share and per share data) |
|
December 31, 2022 |
|
January 1, 2022 |
|
December 31, 2022 |
|
January 1, 2022 |
|
Net loss |
|
$ |
(237,779 |
) |
$ |
(126,192 |
) |
$ |
(662,034 |
) |
$ |
(117,044 |
) |
Income tax (benefit) expense |
|
|
(1,364 |
) |
|
4,080 |
|
|
(1,780 |
) |
|
3,468 |
|
Goodwill, intangible and other long-lived asset impairment |
|
|
206,827 |
|
|
117,703 |
|
|
679,019 |
|
|
117,812 |
|
Non-cash share-based compensation |
|
|
1,785 |
|
|
4,283 |
|
|
15,893 |
|
|
14,425 |
|
Sponsor fees (1) |
|
|
- |
|
|
- |
|
|
- |
|
|
808 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
- |
|
|
- |
|
|
13,702 |
|
Bank fees related to debt modifications |
|
|
- |
|
|
- |
|
|
- |
|
|
7,178 |
|
Interest rate derivatives (2) |
|
|
801 |
|
|
(5,998 |
) |
|
(85,265 |
) |
|
(4,746 |
) |
Acquisition-related costs (3) |
|
|
30 |
|
|
8,053 |
|
|
99 |
|
|
12,832 |
|
Integration costs (4) |
|
|
1,300 |
|
|
5,033 |
|
|
17,793 |
|
|
17,515 |
|
Legal costs and settlements associated with acquisition matters
(5) |
|
|
697 |
|
|
475 |
|
|
4,082 |
|
|
1,595 |
|
COVID-related costs, net of reimbursement (6) |
|
|
- |
|
|
14,536 |
|
|
5,087 |
|
|
18,865 |
|
Restructuring (7) |
|
|
4,626 |
|
|
- |
|
|
6,775 |
|
|
- |
|
Other legal matters (8) |
|
|
12,240 |
|
|
- |
|
|
12,240 |
|
|
- |
|
Other system transition costs, professional fees and other (9) |
|
|
2,291 |
|
|
3,418 |
|
|
9,059 |
|
|
8,596 |
|
Total adjustments |
|
|
229,233 |
|
|
151,583 |
|
|
663,002 |
|
|
212,050 |
|
Adjusted pre-tax net (loss)
income |
|
|
(8,546 |
) |
|
25,391 |
|
|
968 |
|
|
95,006 |
|
Income tax benefit (expense) on
adjusted pre-tax (loss) income (10) |
|
|
2,137 |
|
|
(6,348 |
) |
|
(242 |
) |
|
(23,752 |
) |
Adjusted net (loss) income |
|
$ |
(6,409 |
) |
$ |
19,043 |
|
$ |
726 |
|
$ |
71,254 |
|
Weighted average shares
outstanding, diluted |
|
|
186,166 |
|
|
184,406 |
|
|
185,553 |
|
|
170,625 |
|
Adjusted net (loss) income per
diluted share (11) |
|
$ |
(0.03 |
) |
$ |
0.10 |
|
$ |
0.00 |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following footnotes are applicable to tables
above that reconcile (i) net loss to EBITDA and Adjusted EBITDA,
(ii) Corporate expenses to Adjusted corporate expenses and (iii)
net loss to Adjusted net (loss) income. The adjustments to
reconcile Corporate expenses to Adjusted corporate expenses
represent only the amounts that were recorded within Corporate
expenses.
1) Represents annual
management fees payable to our sponsors under our Management
Agreement as defined in Note 17 – Related Party Transactions within
the notes accompanying our consolidated financial statements
included in our Annual Report on Form 10-K. The Management
Agreement terminated in accordance with its terms upon completion
of our initial public offering. 2) Represents valuation adjustments
and settlements associated with interest rate derivatives that are
not included in interest expense, net. Such items are included in
other income. 3) Represents transaction costs incurred in
connection with planned, completed, or terminated acquisitions,
which include investment banking fees, legal diligence and related
documentation costs, and finance and accounting diligence and
documentation, as presented on the Company’s consolidated
statements of operations. 4) Represents (i) costs associated with
our Integration Management Office, which focuses on our integration
efforts and transformational projects such as systems conversions
and implementations, material cost reduction and restructuring
projects, among other things, of $0.5 million and $2.8 million for
the three-month period and fiscal year ended December 31, 2022,
respectively, and $0.8 million and $3.6 million for the three-month
period and fiscal year ended January 1, 2022, respectively; and
(ii) transitionary costs incurred to integrate acquired companies
into our field and corporate operations of $0.8 million and
$15.0 million for the three-month period and fiscal year ended
December 31, 2022, respectively, and $4.2 million and $13.9 million
for the three-month period and fiscal year ended January 1, 2022,
respectively. Transitionary costs incurred to integrate acquired
companies include IT consulting costs and related integration
support costs; salary, severance and retention costs associated
with duplicative acquired company personnel until such personnel
are exited from the Company; accounting, legal and consulting
costs; expenses and impairments related to the closure and
consolidation of overlapping markets of acquired companies,
including lease termination and relocation costs; costs associated
with terminating legacy acquired company contracts and systems; and
one-time costs associated with rebranding our acquired companies
and locations to the Aveanna brand. 5) Represents legal and
forensic costs, as well as settlements associated with resolving
legal matters arising during or as a result of our
acquisition-related activities. This primarily includes costs of
$0.7 million and $3.8 million for the three-month period and fiscal
year ended December 31, 2022, respectively, and $0.5 million and
$1.5 million for the three-month period and fiscal year ended
January 1, 2022, respectively, to comply with the U.S. Department
of Justice, Antitrust Division’s grand jury subpoena related to
nurse wages and hiring activities in certain of our markets, in
connection with a terminated transaction. 6) Represents costs
incurred as a result of the COVID-19 environment, primarily
including, but not limited to, (i) relief, vaccine, and hero pay
provided to our caregivers; staffing and retention related
incentives to attract and retain caregivers in the midst of the
Omicron surge; and other incremental compensation costs; (ii) sick
leave for our caregivers required by OSHA's Emergency Temporary
Standard, costs required to comply with federal, state and local
vaccination mandates and testing requirements, and worker
compensation costs for mandated quarantine time; (iii) incremental
PPE costs; and (iv) salary, severance and lease termination costs
associated with workforce reductions necessitated by COVID-19; net
of temporary reimbursement rate increases provided by certain state
Medicaid and Medicaid Managed Care programs which approximated $0.0
million and $0.1 million for the three-month period and fiscal year
ended January 1, 2022, respectively. 7) Represents costs associated
with restructuring our branch and regional administrative footprint
as well as our corporate overhead infrastructure costs during the
fiscal year ended December 31, 2022, in order to appropriately size
our resources to current volumes, including (i) branch and regional
salary and severance costs; (ii) corporate salary and severance
costs; and (iii) rent and lease termination costs associated with
the closure of certain office locations. Restructuring costs also
include compensation, severance and related benefits costs
associated with the executive transition plan effective on December
31, 2022. There were no such costs for the three-month period and
fiscal year ended January 1, 2022. 8) Represents accrued legal
settlements and related costs and expenses associated with certain
judgments and arbitration awards rendered against the Company
related to a civil litigation matter in Texas, and under which
insurance coverage is in dispute. 9) Represents (i) costs
associated with the implementation of, and transition to, new
electronic medical record systems and billing and collection
systems, duplicative system costs while such transformational
projects are in-process, and other system transition costs of $0.6
million and $6.0 million for the three-month period and fiscal year
ended December 31, 2022, respectively, and $4.1 million and $5.6
million for the three-month period and fiscal year ended January 1,
2022, respectively; and (ii) professional fees associated with
preparation for Sarbanes-Oxley compliance, advisory fees associated
with preparation for and execution of our initial public equity
offering of $1.7 million and $3.2 million for the three-month
period and fiscal year ended December 31, 2022, respectively, and
$0.2 million and $4.5 million for the three-month period and fiscal
year ended January 1, 2022, respectively; and (iii) ($0.2) million
of net gains on disposal of businesses during the fiscal year ended
December 31, 2022 (there were no such gains or losses in the
three-month period ended December 31, 2022 or prior fiscal year);
(iv) costs associated with obtaining certificates of need of $0.0
million and $0.3 million for the three-month period and fiscal year
ended December 31, 2022 (there were no such costs in the prior
fiscal year); and (v) certain other costs or (income) that are
either non-cash or non-core to the Company’s ongoing operations of
$0.0 million and ($0.2) million for the three-month period ended
December 31, 2022, respectively, ($0.9) million and ($1.5) million
for the three-month period and fiscal year ended January 1, 2022,
respectively. 10) Derived utilizing a combined statutory rate of
25% for the three-month periods and fiscal years ended December 31,
2022, and January 1, 2022, respectively, and applied to the
respective adjusted pre-tax (loss) income. 11) Adjustments used to
reconcile net loss per diluted share on a GAAP basis to adjusted
net (loss) income per diluted share are comprised of the same
adjustments, inclusive of the tax impact, used to reconcile net
loss to adjusted net (loss) income divided by the weighted-average
diluted shares outstanding during the period.
The table below reflects the increase or
decrease, and aggregate impact, to the line items included on our
consolidated statements of operations based upon the adjustments
used in arriving at Adjusted EBITDA from EBITDA for the periods
indicated:
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
January 1, 2022 |
|
December 31, 2022 |
|
January 1, 2022 |
|
Revenue |
|
$ |
139 |
|
$ |
- |
|
$ |
139 |
|
$ |
(153 |
) |
Cost of revenue, excluding
depreciation and amortization |
|
|
13,460 |
|
|
13,223 |
|
|
19,310 |
|
|
16,948 |
|
Branch and regional
administrative expenses |
|
|
1,884 |
|
|
3,114 |
|
|
9,395 |
|
|
6,454 |
|
Corporate expenses |
|
|
7,227 |
|
|
11,748 |
|
|
42,343 |
|
|
46,345 |
|
Goodwill impairment |
|
|
205,139 |
|
|
117,702 |
|
|
675,346 |
|
|
117,702 |
|
Acquisition-related costs |
|
|
30 |
|
|
8,053 |
|
|
99 |
|
|
12,832 |
|
Other operating expense
(income) |
|
|
1,698 |
|
|
(337 |
) |
|
3,652 |
|
|
(337 |
) |
Loss on debt extinguishment |
|
|
- |
|
|
- |
|
|
- |
|
|
13,702 |
|
Other income |
|
|
1,020 |
|
|
(6,000 |
) |
|
(85,502 |
) |
|
(4,911 |
) |
Total adjustments |
|
$ |
230,597 |
|
$ |
147,503 |
|
$ |
664,782 |
|
$ |
208,582 |
|
|
The following table reconciles the net increase (decrease) in
cash and cash equivalents to free cash flow:
|
|
For the fiscal year ended |
|
(dollars in thousands) |
|
December 31, 2022 |
|
Net cash used in operating activities |
|
|
(48,402 |
) |
Purchases of property and
equipment, and software |
|
|
(12,013 |
) |
Principal payments of term
loans |
|
|
(8,900 |
) |
Principal payments of notes
payable and financing lease obligations |
|
|
(10,651 |
) |
Settlements with derivative
counterparties |
|
|
(1,526 |
) |
Free cash flow |
|
$ |
(81,492 |
) |
Grafico Azioni Aveanna Healthcare (NASDAQ:AVAH)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Aveanna Healthcare (NASDAQ:AVAH)
Storico
Da Giu 2023 a Giu 2024