AMEDISYS INC

CIK:0000896262|SEC Filings

CONSOLIDATED INCOME STATEMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Revenues	$ 621,861	$ 591,187	$ 1,216,642	$ 1,162,601
Cost of service, inclusive of depreciation	348,470	326,933	682,520	648,470
General and administrative expenses:
Salaries and benefits	130,322	129,323	262,290	257,269
Non-cash compensation	7,266	7,828	13,489	15,261
Merger-related expenses	26,277	11,901	43,046	32,568
Depreciation and amortization	4,372	4,386	8,819	8,657
Impairment	883	0	883	0
Other	58,693	58,602	116,658	116,543
Total operating expenses	576,283	538,973	1,127,705	1,078,768
Operating income	45,578	52,214	88,937	83,833
Other income (expense):
Interest income	3,016	1,617	5,889	3,344
Interest expense	(6,415)	(7,895)	(12,837)	(16,014)
Equity in earnings from equity method investments	1,641	1,515	3,435	2,425
Gain on equity method investment	0	0	48,093	0
Miscellaneous, net	4,506	1,779	6,014	2,869
Total other income (expense), net	2,748	(2,984)	50,594	(7,376)
Income before income taxes	48,326	49,230	139,531	76,457
Income tax expense	(19,274)	(16,657)	(48,658)	(29,290)
Net income	29,052	32,573	90,873	47,167
Net income attributable to noncontrolling interests	(968)	(272)	(1,777)	(466)
Net income attributable to Amedisys, Inc.	$ 28,084	$ 32,301	$ 89,096	$ 46,701
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$ 0.85	$ 0.99	$ 2.71	$ 1.43
Weighted average shares outstanding, basic (shares)	32,849	32,706	32,822	32,688
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$ 0.84	$ 0.98	$ 2.68	$ 1.42
Weighted average shares outstanding, diluted (shares)	33,289	33,047	33,231	32,992

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows from Operating Activities:
Net income	$ 90,873	$ 47,167
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of service)	13,488	12,496
Non-cash compensation	14,749	16,184
Amortization and impairment of operating lease right of use assets	17,395	17,100
Gain on disposal of property and equipment	(45)	(19)
Gain on equity method investment	(48,093)	0
Gain on termination of joint venture	(3,568)	0
Deferred income taxes	16,395	6,577
Equity in earnings from equity method investments	(3,435)	(2,425)
Amortization of deferred debt issuance costs	442	495
Return on equity method investments	3,379	718
Impairment	883	0
Changes in operating assets and liabilities:
Patient accounts receivable	554	(44,357)
Other current assets	3,576	3,127
Operating lease right of use assets	(2,364)	(2,069)
Other assets	48	370
Accounts payable	(9,805)	(1,693)
Accrued expenses	(15,666)	7,095
Other long-term obligations	(34)	(573)
Operating lease liabilities	(15,248)	(14,429)
Net cash provided by operating activities	63,524	45,764
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets	27	21
Proceeds from the sale of property and equipment	19	0
Purchases of property and equipment	(1,915)	(4,055)
Investments in technology assets	(426)	(409)
Investment in equity method investee	0	(196)
Net cash used in investing activities	(2,295)	(4,639)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options	149	0
Shares withheld to pay taxes on non-cash compensation	(6,005)	(4,195)
Noncontrolling interest contributions	0	1,911
Noncontrolling interest distributions	(1,260)	(1,964)
Principal payments of long-term obligations	(19,552)	(18,382)
Debt Issuance Costs	(499)	0
Net cash used in financing activities	(27,167)	(22,630)
Net increase in cash, cash equivalents and restricted cash	34,062	18,495
Cash, cash equivalents and restricted cash at beginning of period	303,242	138,863
Cash, cash equivalents and restricted cash at end of period	337,304	157,358
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	12,359	15,507
Cash paid for income taxes, net of refunds received	25,330	18,393
Cash paid for operating lease liabilities	17,612	16,498
Cash paid for finance lease liabilities	8,302	7,111
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities	20,381	10,947
Right of use assets obtained in exchange for finance lease liabilities	6,239	10,017
Reductions to right of use assets resulting from reductions to operating lease liabilities	75	168
Reductions to right of use assets resulting from reductions to finance lease liabilities	$ 688	$ 1,119

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 337,304	$ 303,242
Patient accounts receivable	295,521	296,075
Prepaid expenses	18,282	13,072
Other current assets	11,091	19,694
Total current assets	662,198	632,083
Property and equipment, net of accumulated depreciation of $104,613 and $100,890	38,273	42,108
Operating lease right of use assets	86,614	81,500
Goodwill	1,213,888	1,213,888
Intangible assets, net of accumulated amortization of $21,134 and $18,787	79,243	81,155
Other assets	135,169	87,980
Total assets	2,215,385	2,138,714
Current liabilities:
Accounts payable	29,789	39,956
Payroll and employee benefits	138,515	151,995
Accrued expenses	150,379	152,564
Termination fee paid by UnitedHealth Group	106,000	106,000
Current portion of long-term obligations	36,799	37,968
Current portion of operating lease liabilities	26,879	25,909
Total current liabilities	488,361	514,392
Long-term obligations, less current portion	326,425	339,313
Operating lease liabilities, less current portion	60,404	56,111
Deferred income tax liabilities	64,445	48,051
Other long-term obligations	847	882
Total liabilities	940,482	958,749
Commitments and Contingencies—Note 7
Equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.001 par value, 60,000,000 shares authorized; 38,476,503 and 38,307,521 shares issued; 32,881,262 and 32,776,148 shares outstanding	38	38
Additional paid-in capital	833,099	818,201
Treasury stock, at cost, 5,595,241 and 5,531,373 shares of common stock	(480,859)	(474,854)
Retained earnings	880,252	791,156
Total Amedisys, Inc. stockholders’ equity	1,232,530	1,134,541
Noncontrolling interests	42,373	45,424
Total equity	1,274,903	1,179,965
Total liabilities and equity	$ 2,215,385	$ 2,138,714