This document is Amedisys Inc.'s quarterly report filed with the SEC for the quarter ending March 31, 2009. It includes Amedisys' condensed consolidated financial statements, including balance sheets, income statements, and cash flow statements for the periods ended March 31, 2009 and 2008. It also includes management's discussion and analysis of the company's financial condition and results of operations for the periods.
- Time Warner Inc. filed a quarterly report (Form 10-Q) with the SEC for the period ending March 31, 2008.
- The report provides financial and operating results for each of Time Warner's business segments, including AOL, Cable, Filmed Entertainment, Networks, and Publishing for the quarter.
- For the quarter, Time Warner generated revenues of $11.417 billion, Operating Income of $1.947 billion, Net Income of $771 million, and Cash Provided by Operations of $2.796 billion.
This document is O'Reilly Automotive's 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2009. It includes financial statements and notes, management's discussion and analysis of financial condition and results of operations, controls and procedures, and legal proceedings. The financial statements show total assets of $4.38 billion as of March 31, 2009, including current assets of $1.96 billion, property and equipment of $1.57 billion, and total shareholders' equity of $2.37 billion. Net income for the quarter was $62.8 million.
This document is Acuity Brands Inc.'s quarterly report filed with the SEC for the quarter ending May 31, 2009. It includes the company's consolidated balance sheets, statements of income, statements of cash flows, and notes to the financial statements. It also includes sections on management's discussion of financial condition and results of operations, market risk, and controls and procedures.
The document is AES Corp's Form 10-Q for the quarterly period ending March 31, 2008. The 10-Q provides AES's condensed consolidated financial statements including statements of operations, balance sheets, and cash flows for the quarter. It also includes notes to the financial statements and management's discussion and analysis of the financial results. The financial statements show that for the quarter, AES reported net income of $233 million compared to a net loss of $461 million in the prior year period. Revenue increased to $4.1 billion from $3.1 billion a year ago.
This document is Regions Financial Corporation's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2008. It provides an overview of Regions' business operations, including its banking operations conducted through Regions Bank and over 1,900 branches across 16 states, as well as other financial services offered through subsidiaries like Morgan Keegan and Regions Insurance Group. The report also includes sections on risk factors, legal proceedings, financial statements and other standard Form 10-K report sections.
This document is a Form 10-Q quarterly report filed by ONEOK, Inc. with the SEC for the quarter ending March 31, 2009. ONEOK is a natural gas company based in Tulsa, Oklahoma that operates natural gas gathering, processing, storage, and natural gas liquid pipeline assets. The summary provides key information about ONEOK including its address, phone number, SEC filings, shares outstanding, and business activities in the natural gas transmission and distribution industry.
The report includes ONEOK's consolidated financial statements for the first quarter of 2009 including income statements, balance sheets, cash flow statements, and statements of shareholders' equity and comprehensive income. It also includes management's discussion of the company's financial condition and
- Time Warner Cable Inc. filed a quarterly report on Form 10-Q for the period ending March 31, 2009.
- The report provides TWC's consolidated balance sheet, statement of operations, statement of cash flows, and notes to the financial statements for the quarter.
- It also includes information such as TWC's address, business overview, services offered, competition faced, and recent developments including its separation from parent company Time Warner.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
- Time Warner Inc. filed a quarterly report (Form 10-Q) with the SEC for the period ending March 31, 2008.
- The report provides financial and operating results for each of Time Warner's business segments, including AOL, Cable, Filmed Entertainment, Networks, and Publishing for the quarter.
- For the quarter, Time Warner generated revenues of $11.417 billion, Operating Income of $1.947 billion, Net Income of $771 million, and Cash Provided by Operations of $2.796 billion.
This document is O'Reilly Automotive's 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2009. It includes financial statements and notes, management's discussion and analysis of financial condition and results of operations, controls and procedures, and legal proceedings. The financial statements show total assets of $4.38 billion as of March 31, 2009, including current assets of $1.96 billion, property and equipment of $1.57 billion, and total shareholders' equity of $2.37 billion. Net income for the quarter was $62.8 million.
This document is Acuity Brands Inc.'s quarterly report filed with the SEC for the quarter ending May 31, 2009. It includes the company's consolidated balance sheets, statements of income, statements of cash flows, and notes to the financial statements. It also includes sections on management's discussion of financial condition and results of operations, market risk, and controls and procedures.
The document is AES Corp's Form 10-Q for the quarterly period ending March 31, 2008. The 10-Q provides AES's condensed consolidated financial statements including statements of operations, balance sheets, and cash flows for the quarter. It also includes notes to the financial statements and management's discussion and analysis of the financial results. The financial statements show that for the quarter, AES reported net income of $233 million compared to a net loss of $461 million in the prior year period. Revenue increased to $4.1 billion from $3.1 billion a year ago.
This document is Regions Financial Corporation's annual report (Form 10-K) filed with the SEC for the year ended December 31, 2008. It provides an overview of Regions' business operations, including its banking operations conducted through Regions Bank and over 1,900 branches across 16 states, as well as other financial services offered through subsidiaries like Morgan Keegan and Regions Insurance Group. The report also includes sections on risk factors, legal proceedings, financial statements and other standard Form 10-K report sections.
This document is a Form 10-Q quarterly report filed by ONEOK, Inc. with the SEC for the quarter ending March 31, 2009. ONEOK is a natural gas company based in Tulsa, Oklahoma that operates natural gas gathering, processing, storage, and natural gas liquid pipeline assets. The summary provides key information about ONEOK including its address, phone number, SEC filings, shares outstanding, and business activities in the natural gas transmission and distribution industry.
The report includes ONEOK's consolidated financial statements for the first quarter of 2009 including income statements, balance sheets, cash flow statements, and statements of shareholders' equity and comprehensive income. It also includes management's discussion of the company's financial condition and
- Time Warner Cable Inc. filed a quarterly report on Form 10-Q for the period ending March 31, 2009.
- The report provides TWC's consolidated balance sheet, statement of operations, statement of cash flows, and notes to the financial statements for the quarter.
- It also includes information such as TWC's address, business overview, services offered, competition faced, and recent developments including its separation from parent company Time Warner.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
This 10-Q filing from Essex Property Trust provides financial information for the first quarter of 2009:
- Essex Property Trust is a real estate investment trust incorporated in Maryland.
- For the quarter ending March 31, 2009, Essex reported total revenues of $105.9 million and net income of $23.3 million.
- As of March 31, 2009, Essex owned or held interests in 276 apartment communities with over 62,000 apartment homes.
This document is Bell Microproducts' annual report on Form 10-K for the 2008 fiscal year. It provides an overview of the company's business operations, audited financial statements, and discussions of financial results, accounting practices, legal proceedings, risk factors, and corporate leadership. The report is divided into four parts, with Part I discussing the company's business and risk factors, Part II covering financial results and market risk disclosures, Part III related to corporate governance, and Part IV providing supplemental financial information and certifications.
Vision-Sciences Inc. designs, develops, manufactures and markets products for endoscopy. It has two reportable segments - medical and
industrial. The medical segment focuses on flexible endoscopes and EndoSheath technology. The industrial segment, operated through its
Machida subsidiary, designs and manufactures borescopes. In FY09, Vision-Sciences sold the assets of its former health services segment.
- ATMI Inc. filed a quarterly report on Form 10-Q for the period ending March 31, 2009.
- As of March 31, 2009, ATMI had total assets of $426 million including $62 million in cash and $33 million in marketable securities. Total current assets were $205 million.
- For the quarter, ATMI reported total current liabilities of $25 million, including $12 million in accounts payable and $6 million in accrued salaries and benefits.
This document is Visteon Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2005 filed with the United States Securities and Exchange Commission. It provides an overview of Visteon's business operations, financial statements, legal proceedings, risks factors, and other required disclosures. Key details include that Visteon is an automotive supplier incorporated in Delaware whose common stock is traded on the New York Stock Exchange. Financial statements and notes are provided for the fiscal year ending December 31, 2005 as reviewed by an independent accounting firm. Executive officers and information on controls and procedures are also summarized.
This document is Symantec Corporation's quarterly report filed with the SEC for the quarter ending January 2, 2009. It includes Symantec's condensed consolidated financial statements, including the balance sheet, statement of operations, and statement of cash flows. It also provides management's discussion and analysis of the company's financial condition and operating results for the quarter.
This document is KB Home's Form 10-Q quarterly report filed with the SEC on July 10, 2008 providing financial information for the quarter ended May 31, 2008. It includes KB Home's consolidated statements of operations, balance sheets, cash flows, and notes to the financial statements. The report shows that for the quarter ended May 31, 2008, KB Home had a net loss of $255.9 million compared to a net loss of $148.7 million for the same quarter last year. Revenues were $639.1 million compared to $1.413 billion in the prior year quarter.
johnson controls FY2008 Form 10-K Report (Annual finance8
This document is Johnson Controls' annual report (Form 10-K) filed with the SEC for the fiscal year ended September 30, 2008. It provides an overview of Johnson Controls' business operations, including its three primary business segments: building efficiency, automotive experience, and power solutions. It discusses the products and services offered by each segment, the markets and customers served, competitive landscape, financial information, properties, legal proceedings, and other required disclosures.
Double-Take Software filed its quarterly report for the period ending March 31, 2009. The report included the company's consolidated balance sheet and statements of operations and cash flows for the quarter. According to the filing, Double-Take's total revenue for the quarter was $18.2 million, with a net loss of $45 thousand. Cash provided by operating activities was $6.7 million. The filing provides key financial details on Double-Take's performance and cash flows for the fiscal quarter.
This document is a Form 10-Q quarterly report filed by Mack-Cali Realty Corporation with the SEC for the quarterly period ended March 31, 2009. The summary is:
1) Mack-Cali Realty Corporation reported total revenues of $186.7 million for the quarter, with net income of $14.6 million.
2) As of March 31, 2009, the company's total assets were $4.4 billion, total liabilities were $2.5 billion, and total equity was $1.9 billion.
3) During the quarter, the company repaid $199.7 million of senior unsecured notes and had a net decrease in cash and cash
CDI Corp. filed a Form 10-Q with the SEC for the quarterly period ending March 31, 2009. The filing includes CDI's consolidated balance sheet, statement of operations, statement of shareholders' equity, and statement of cash flows for the periods ended March 31, 2009 and March 31, 2008. It also includes notes to the financial statements providing additional information. CDI provides business process outsourcing and professional services and saw declines in revenue and earnings compared to the prior year period due to the difficult economic environment.
This document is Toll Brothers' quarterly report filed with the SEC for the period ended July 31, 2004. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and disclosures on forward-looking statements, accounting policies, and subsequent events. The financial statements show that for the nine months ended July 31, 2004, Toll Brothers increased its revenues over the same period the prior year and reported net income of $228.5 million.
1) Sandy Spring Bancorp reported net income of $1.0 million for Q1 2009, down from $8.2 million in Q1 2008.
2) The provision for loan and lease losses was $10.6 million for Q1 2009 due to risk rating downgrades and specific reserves for residential real estate development loans.
3) Noninterest expenses decreased 2% from Q1 2008 and customer funding sources increased 8% from both Q1 and Q4 2008 due to growth in money market accounts.
This document is Broadcom Corporation's quarterly report on Form 10-Q for the period ending March 31, 2009. It includes Broadcom's unaudited condensed consolidated balance sheets, statements of operations, and statements of cash flows for the first quarter of 2009, as well as notes to the financial statements. Broadcom designs and sells semiconductors for wired and wireless communications. For the quarter, Broadcom reported a net loss of $91.9 million on revenue of $853.4 million, compared to net income of $74.3 million on revenue of $1.03 billion in the same period last year. Research and development expenses increased but gross profit and operating income declined year-over-year.
El programa de lengua castellana y comunicación tiene como objetivo formar a los estudiantes para que puedan influir positivamente en su entorno a través del desarrollo de competencias comunicativas, académicas e investigativas que les permitan interactuar con diferentes textos y contextos. El programa busca despertar el interés de los estudiantes por la interpretación y análisis de todo tipo de textos desde diferentes perspectivas para enriquecer su capacidad lectora, habilidad comunicativa y desempeño social.
The document discusses various techniques for software testing including unit testing, integration testing, system testing, and regression testing. It describes challenges in software testing like determining correct outputs and adequately testing interfaces. Different strategies for selecting test cases are covered such as code-based, specification-based, operational distribution-based, domain-based, random, and risk-based techniques. The goals of testing like detecting faults and evaluating reliability are also mentioned.
Infinity is an independent financial consulting firm that is regulated in Malaysia and Hong Kong. Infinity consultants will conduct a thorough fact-finding process to understand a client's financial situation, goals, and risk tolerance. They will also perform due diligence checks required by money laundering laws. Infinity does not handle clients' money directly, but rather facilitates transactions between clients and financial institutions. They provide full explanations of any products, fees, risks, and penalties prior to clients completing any applications. Infinity aims to build long-term relationships with clients through regular in-person meetings.
So lieu thong ke ve nganh ban hang truc tiep tai Viet Namguestfe4390
The document discusses the direct selling industry in Vietnam. It provides statistics on the size and growth of the industry globally and in various countries. The direct selling market in Vietnam is growing and provides a flexible job opportunity for many, especially women. Most direct sellers in Vietnam work part-time and find that the work helps them balance work and family life.
This document is Acuity Brands' quarterly report filed with the SEC for the quarter ending May 31, 2009. It includes the company's consolidated balance sheets, income statements, and cash flow statements for the periods presented. In the reporting period, Acuity Brands' net sales decreased from the prior year but net income increased. The company also used cash for investing activities, primarily acquisitions, and had net cash outflows from financing activities including debt repayments and dividend payments.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
This 10-Q filing from Essex Property Trust provides financial information for the first quarter of 2009:
- Essex Property Trust is a real estate investment trust incorporated in Maryland.
- For the quarter ending March 31, 2009, Essex reported total revenues of $105.9 million and net income of $23.3 million.
- As of March 31, 2009, Essex owned or held interests in 276 apartment communities with over 62,000 apartment homes.
This document is Bell Microproducts' annual report on Form 10-K for the 2008 fiscal year. It provides an overview of the company's business operations, audited financial statements, and discussions of financial results, accounting practices, legal proceedings, risk factors, and corporate leadership. The report is divided into four parts, with Part I discussing the company's business and risk factors, Part II covering financial results and market risk disclosures, Part III related to corporate governance, and Part IV providing supplemental financial information and certifications.
Vision-Sciences Inc. designs, develops, manufactures and markets products for endoscopy. It has two reportable segments - medical and
industrial. The medical segment focuses on flexible endoscopes and EndoSheath technology. The industrial segment, operated through its
Machida subsidiary, designs and manufactures borescopes. In FY09, Vision-Sciences sold the assets of its former health services segment.
- ATMI Inc. filed a quarterly report on Form 10-Q for the period ending March 31, 2009.
- As of March 31, 2009, ATMI had total assets of $426 million including $62 million in cash and $33 million in marketable securities. Total current assets were $205 million.
- For the quarter, ATMI reported total current liabilities of $25 million, including $12 million in accounts payable and $6 million in accrued salaries and benefits.
This document is Visteon Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2005 filed with the United States Securities and Exchange Commission. It provides an overview of Visteon's business operations, financial statements, legal proceedings, risks factors, and other required disclosures. Key details include that Visteon is an automotive supplier incorporated in Delaware whose common stock is traded on the New York Stock Exchange. Financial statements and notes are provided for the fiscal year ending December 31, 2005 as reviewed by an independent accounting firm. Executive officers and information on controls and procedures are also summarized.
This document is Symantec Corporation's quarterly report filed with the SEC for the quarter ending January 2, 2009. It includes Symantec's condensed consolidated financial statements, including the balance sheet, statement of operations, and statement of cash flows. It also provides management's discussion and analysis of the company's financial condition and operating results for the quarter.
This document is KB Home's Form 10-Q quarterly report filed with the SEC on July 10, 2008 providing financial information for the quarter ended May 31, 2008. It includes KB Home's consolidated statements of operations, balance sheets, cash flows, and notes to the financial statements. The report shows that for the quarter ended May 31, 2008, KB Home had a net loss of $255.9 million compared to a net loss of $148.7 million for the same quarter last year. Revenues were $639.1 million compared to $1.413 billion in the prior year quarter.
johnson controls FY2008 Form 10-K Report (Annual finance8
This document is Johnson Controls' annual report (Form 10-K) filed with the SEC for the fiscal year ended September 30, 2008. It provides an overview of Johnson Controls' business operations, including its three primary business segments: building efficiency, automotive experience, and power solutions. It discusses the products and services offered by each segment, the markets and customers served, competitive landscape, financial information, properties, legal proceedings, and other required disclosures.
Double-Take Software filed its quarterly report for the period ending March 31, 2009. The report included the company's consolidated balance sheet and statements of operations and cash flows for the quarter. According to the filing, Double-Take's total revenue for the quarter was $18.2 million, with a net loss of $45 thousand. Cash provided by operating activities was $6.7 million. The filing provides key financial details on Double-Take's performance and cash flows for the fiscal quarter.
This document is a Form 10-Q quarterly report filed by Mack-Cali Realty Corporation with the SEC for the quarterly period ended March 31, 2009. The summary is:
1) Mack-Cali Realty Corporation reported total revenues of $186.7 million for the quarter, with net income of $14.6 million.
2) As of March 31, 2009, the company's total assets were $4.4 billion, total liabilities were $2.5 billion, and total equity was $1.9 billion.
3) During the quarter, the company repaid $199.7 million of senior unsecured notes and had a net decrease in cash and cash
CDI Corp. filed a Form 10-Q with the SEC for the quarterly period ending March 31, 2009. The filing includes CDI's consolidated balance sheet, statement of operations, statement of shareholders' equity, and statement of cash flows for the periods ended March 31, 2009 and March 31, 2008. It also includes notes to the financial statements providing additional information. CDI provides business process outsourcing and professional services and saw declines in revenue and earnings compared to the prior year period due to the difficult economic environment.
This document is Toll Brothers' quarterly report filed with the SEC for the period ended July 31, 2004. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and disclosures on forward-looking statements, accounting policies, and subsequent events. The financial statements show that for the nine months ended July 31, 2004, Toll Brothers increased its revenues over the same period the prior year and reported net income of $228.5 million.
1) Sandy Spring Bancorp reported net income of $1.0 million for Q1 2009, down from $8.2 million in Q1 2008.
2) The provision for loan and lease losses was $10.6 million for Q1 2009 due to risk rating downgrades and specific reserves for residential real estate development loans.
3) Noninterest expenses decreased 2% from Q1 2008 and customer funding sources increased 8% from both Q1 and Q4 2008 due to growth in money market accounts.
This document is Broadcom Corporation's quarterly report on Form 10-Q for the period ending March 31, 2009. It includes Broadcom's unaudited condensed consolidated balance sheets, statements of operations, and statements of cash flows for the first quarter of 2009, as well as notes to the financial statements. Broadcom designs and sells semiconductors for wired and wireless communications. For the quarter, Broadcom reported a net loss of $91.9 million on revenue of $853.4 million, compared to net income of $74.3 million on revenue of $1.03 billion in the same period last year. Research and development expenses increased but gross profit and operating income declined year-over-year.
El programa de lengua castellana y comunicación tiene como objetivo formar a los estudiantes para que puedan influir positivamente en su entorno a través del desarrollo de competencias comunicativas, académicas e investigativas que les permitan interactuar con diferentes textos y contextos. El programa busca despertar el interés de los estudiantes por la interpretación y análisis de todo tipo de textos desde diferentes perspectivas para enriquecer su capacidad lectora, habilidad comunicativa y desempeño social.
The document discusses various techniques for software testing including unit testing, integration testing, system testing, and regression testing. It describes challenges in software testing like determining correct outputs and adequately testing interfaces. Different strategies for selecting test cases are covered such as code-based, specification-based, operational distribution-based, domain-based, random, and risk-based techniques. The goals of testing like detecting faults and evaluating reliability are also mentioned.
Infinity is an independent financial consulting firm that is regulated in Malaysia and Hong Kong. Infinity consultants will conduct a thorough fact-finding process to understand a client's financial situation, goals, and risk tolerance. They will also perform due diligence checks required by money laundering laws. Infinity does not handle clients' money directly, but rather facilitates transactions between clients and financial institutions. They provide full explanations of any products, fees, risks, and penalties prior to clients completing any applications. Infinity aims to build long-term relationships with clients through regular in-person meetings.
So lieu thong ke ve nganh ban hang truc tiep tai Viet Namguestfe4390
The document discusses the direct selling industry in Vietnam. It provides statistics on the size and growth of the industry globally and in various countries. The direct selling market in Vietnam is growing and provides a flexible job opportunity for many, especially women. Most direct sellers in Vietnam work part-time and find that the work helps them balance work and family life.
This document is Acuity Brands' quarterly report filed with the SEC for the quarter ending May 31, 2009. It includes the company's consolidated balance sheets, income statements, and cash flow statements for the periods presented. In the reporting period, Acuity Brands' net sales decreased from the prior year but net income increased. The company also used cash for investing activities, primarily acquisitions, and had net cash outflows from financing activities including debt repayments and dividend payments.
This document is AdvanSource Biomaterials Corp's annual report (Form 10-K) for the fiscal year ending March 31, 2009. It discusses the company's description of business including its history developing advanced polymer materials for medical devices, clinical trials of its synthetic coronary artery bypass graft, and sale of certain business units. It provides an overview of the company's operations, products, partnerships, and reincorporation from Massachusetts to Delaware.
- DemandTec, Inc. filed its quarterly report for the period ending May 31, 2009.
- As of May 31, 2009, DemandTec had $112.7 million in total assets including $28.5 million in cash and $46 million in marketable securities. It had $53.7 million in current liabilities.
- For the quarter, DemandTec's revenue was $18.4 million, down from $23.2 million in the same period the previous year. It reported a net loss of $4.5 million compared to a net loss of $2.1 million in the previous year.
Questar Market Resources Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2009. The report includes the company's consolidated statements of income and balance sheets for the first quarter of 2009, as well as notes about the company's business, basis of presentation, and accounting policies. The report shows that the company's revenues were $538 million for the quarter, with net income of $21 million. Total assets as of March 31, 2009 were $6.3 billion. Questar Market Resources explores for and produces natural gas and oil and also provides midstream services.
This document is a quarterly report filed with the SEC by Regis Corporation for the period ending March 31, 2009. It includes Regis' condensed consolidated balance sheet, statement of operations, and statement of cash flows for the periods presented. The report indicates that Regis is a personal services company operating hair salons across the United States and Canada. It experienced a net loss for the nine months ended March 31, 2009 compared to net income in the prior year period.
- Virage Logic Corporation filed a Form 10-Q for the quarter ending March 31, 2009.
- In the quarter, the company reported a net loss of $26.3 million compared to net income of $0.6 million in the same quarter of the prior year.
- Revenues decreased to $11 million for the quarter from $14.7 million in the prior year quarter.
- The results were negatively impacted by an $11.8 million goodwill impairment charge recognized in the quarter.
The document is Gentiva Health Services' quarterly report filed with the SEC for the period ending March 29, 2009. It provides an overview of Gentiva's financial position, including assets of $992.7 million and total shareholders' equity of $515 million. It also summarizes Gentiva's results, with net revenues of $288.9 million for the quarter and net income of $18 million. Additionally, the report discusses Gentiva's sale of certain pediatric home health care assets for a gain of $5.8 million during the quarter and the disposition of a majority stake in its CareCentrix business in September 2008.
This document is RPM International Inc.'s quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes:
- Financial statements including the balance sheet, income statement, and cash flow statement for the quarter.
- Notes to the financial statements providing additional details.
- Management's discussion and analysis of financial condition and results of operations for the quarter.
- Disclosures around legal proceedings, risk factors, equity securities, and exhibits.
The financial statements show that for the quarter ended August 31, 2009, RPM reported net income of $73 million on net sales of $916 million. Cash provided by operating activities was $52 million for the quarter.
This document is RPM International Inc.'s quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes RPM's consolidated financial statements and notes. The financial statements show that for the quarter, RPM reported net sales of $915.9 million, net income of $73 million, and basic earnings per share of $0.57. The balance sheet indicates total assets of $3.4 billion as of August 31, 2009, including $255.8 million of cash and cash equivalents. The cash flow statement shows that for the quarter, RPM generated $52.1 million of cash from operating activities.
This document is the annual report filed by Advanced Photonix, Inc. for the fiscal year ending March 31, 2009. It provides information on API's business including its products, markets served, manufacturing capabilities, research and development activities, and raw materials. The report discusses API's optoelectronic devices and subsystems, including its patented high-speed optical receivers and emerging Terahertz technology products.
This document is Everest Re Group's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2009. It includes: 1) Financial statements showing the company's assets, liabilities, shareholders' equity and income statement for the quarter; 2) Management's discussion of financial results; and 3) Certification of controls and procedures. The report provides required quarterly disclosure for investors on Everest Re Group's financial position and performance.
CACI International Inc filed a Form 10-Q with the SEC for the quarterly period ended March 31, 2009.
The filing reported that for the quarter, CACI's revenue was $673.9 million and net income was $23.4 million, or $0.78 per basic share. For the nine month period ended March 31, 2009, CACI's revenue was $1.9 billion and net income was $64.1 million, or $2.14 per basic share.
CACI is a provider of information solutions and services in support of national security missions and government modernization/transformation for intelligence, defense, and federal civilian customers.
- The document is The Dixie Group's Form 10-Q quarterly report filed with the SEC for the quarter ended March 28, 2009.
- It provides the company's consolidated condensed financial statements and notes for the quarter, including a net loss of $35.6 million compared to net income of $13,000 in the prior year quarter.
- Significant events contributing to the net loss include an $31.4 million non-cash impairment charge related to goodwill and $1.6 million in facility consolidation and severance expenses.
This document is Schering-Plough Corporation's annual report (Form 10-K) filed with the SEC for the year ending December 31, 2008. It provides an overview of the company and its three business segments: Prescription Pharmaceuticals, Animal Health, and Consumer Health Care. It discusses key products and therapeutic areas for each segment. It also describes recent acquisitions, strategic plans, and challenges facing the company in the current environment.
This document is Toll Brothers' quarterly report filed with the SEC for the period ended July 31, 2004. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and disclosures on forward-looking statements, accounting policies, and subsequent events. The financial statements show that for the nine months ended July 31, 2004, Toll Brothers increased its revenues over the same period the prior year and reported net income of $228.5 million.
This document is AvalonBay Communities' (AVB) quarterly report (Form 10-Q) for the period ending March 31, 2009. It provides financial statements and disclosures for AVB, a real estate investment trust focused on apartment communities. The financial statements show that for Q1 2009, AVB had total revenues of $219 million, net income of $47 million, and income from continuing operations of $47 million. Cash provided by operating activities was $91 million for the quarter.
This document is Symantec Corporation's Form 10-Q quarterly report filed with the SEC for the quarterly period ended January 2, 2009. It includes Symantec's condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, and controls and procedures. The financial statements show Symantec's assets, liabilities, and stockholders' equity as of January 2, 2009 and March 28, 2008.
This document is a quarterly report filed with the SEC by Zep Inc. for the quarter ending May 31, 2009. It includes Zep's consolidated balance sheet, income statement, and cash flow statement for the quarter, as well as notes to the financial statements. The report provides information on Zep's financial position, including assets of $151.6 million including $84.6 million in accounts receivable, and liabilities of $88.4 million. It also details Zep's results, with net sales of $150.5 million and net income of $4.2 million for the quarter.
This document provides a quarterly report filed by FormFactor Inc. with the SEC for the period ending March 28, 2009. FormFactor is a provider of semiconductor test and measurement technologies. Some key details include:
- Revenues for the quarter were $27.4 million with a gross loss of $3.7 million and net loss of $37.9 million.
- Cash and cash equivalents totaled $190.9 million with marketable securities of $327.8 million.
- Research and development expenses were $14.1 million while selling, general and administrative expenses were $26.3 million.
This document is Symantec Corporation's Form 10-Q quarterly report filed with the SEC on November 7, 2008 for the quarterly period ended October 3, 2008. It includes Symantec's condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the quarter. The report provides information on Symantec's revenues, costs, expenses, operating income, net income, assets, liabilities and cash flows for the quarterly period.
Similar to Q1 2009 Earning Report of Amedisys Inc. (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
This document is TRC Companies Inc's annual report on Form 10-K for the fiscal year ending June 30, 2009. It provides an overview of the company's business operations, financial highlights, services offered, clients, competition, backlog, employees, contracts with government agencies, regulatory matters, properties, legal proceedings, and financial data. Key information includes descriptions of TRC's engineering, environmental and construction management services, major clients in transportation, energy and development sectors, and discussions of financial results, market risks, and legal cases.
Mosaic reported its 1st quarter fiscal 2010 earnings. Net sales were $1.5 billion, down from $4.3 billion in the prior year. Net earnings were $100.6 million compared to $1.2 billion last year. Mosaic expects global economic recovery to drive increased demand for grains and fertilizers. It is pursuing potash and phosphate expansion projects and maintaining competitive production to position itself for recovery. The presentation reviewed Mosaic's strategic priorities and outlook across its business segments.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
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Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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5 Tips for Creating Standard Financial ReportsEasyReports
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
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Q1 2009 Earning Report of Amedisys Inc.
1. FORM 10-Q
AMEDISYS INC - AMED
Filed: April 28, 2009 (period: March 31, 2009)
Quarterly report which provides a continuing view of a company's financial position
2. Table of Contents
10-Q - FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2009
PART I
ITEM 1.
FINANCIAL STATEMENTS
ITEM 1.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL
Item 2.
CONDITION AND RESULTS OF OPERATIONS
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
Item 3.
MARKET RISK
CONTROLS AND PROCEDURES
Item 4.
PART II.
LEGAL PROCEEDINGS
ITEM 1.
RISK FACTORS
ITEM 1A.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
ITEM 2.
PROCEEDS
DEFAULTS UPON SENIOR SECURITIES
ITEM 3.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM 4.
OTHER INFORMATION
ITEM 5.
EXHIBITS
ITEM 6.
SIGNATURES
EX-31.1 (CERTIFICATION OF WILLIAM F. BORNE)
EX-31.2 (CERTIFICATION OF DALE E. REDMAN)
EX-32.1 (CERTIFICATION WILLIAM F. BORNE)
EX-32.2 (CERTIFICATION DALE E. REDMAN)
3. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
(Mark One)
⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2009
or
� TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 0-24260
AMEDISYS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 11-3131700
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5959 S. Sherwood Forest Blvd., Baton Rouge, LA 70816
(Address of principal executive offices, including zip code)
(225) 292-2031 or (800) 467-2662
(Registrant’s telephone number, including area code)
Source: AMEDISYS INC, 10-Q, April 28, 2009
4. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes � No �
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes � No �
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2
of the Exchange Act. (Check one):
Large accelerated filer � Accelerated filer � Non-accelerated filer � Smaller reporting company �
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes � No �
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date, is as follows:
Common stock, $0.001 par value, 27,349,085 shares outstanding as of April 23, 2009.
Source: AMEDISYS INC, 10-Q, April 28, 2009
5. TABLE OF CONTENTS
SPECIAL CAUTION CONCERNING FORWARD-LOOKING STATEMENTS 1
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED):
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2009 AND
DECEMBER 31, 2008 2
CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE THREE-MONTH
PERIODS ENDED MARCH 31, 2009 AND 2008 3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE
THREE-MONTH PERIODS ENDED MARCH 31, 2009 AND 2008 4
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
ITEM 2. RESULTS OF OPERATIONS 12
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19
ITEM 4. CONTROLS AND PROCEDURES 20
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS 20
ITEM 1A. RISK FACTORS 20
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 20
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 20
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 20
ITEM 5. OTHER INFORMATION 21
ITEM 6. EXHIBITS 21
SIGNATURES 23
INDEX TO EXHIBITS 24
Source: AMEDISYS INC, 10-Q, April 28, 2009
6. Table of Contents
SPECIAL CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
When included in this Quarterly Report on Form 10-Q, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,”
“projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking
statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of
risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties
include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open agencies,
acquire additional agencies and integrate and operate these agencies effectively, changes in or our failure to comply with existing
Federal and State laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the
home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated
with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain
qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and
state governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility
and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt
agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage our information
systems and various other matters, many of which are beyond our control.
Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any
obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the
forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be
based, except as required by law. For a discussion of some of the factors discussed above as well as additional factors, see our
Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission (“SEC”) on
February 17, 2009, particularly Part I, Item 1A. – “Risk Factors” therein, which are incorporated herein by reference. Additional
risk factors may also be described in reports that we file from time to time with the SEC.
1
Source: AMEDISYS INC, 10-Q, April 28, 2009
7. Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
(Unaudited)
March 31, 2009 December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents $ 25,648 $ 2,847
Patient accounts receivable, net of allowance for doubtful accounts of $28,732 and $27,052 154,368 175,698
Prepaid expenses 10,128 8,086
Other current assets 8,727 7,719
Total current assets 198,871 194,350
Property and equipment, net of accumulated depreciation of $43,828 and $39,208 80,740 79,258
Goodwill 736,253 733,881
Intangible assets, net of accumulated amortization of $8,526 and $7,944 50,791 42,388
Other assets, net 19,746 20,317
Total assets $ 1,086,401 $ 1,070,194
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 18,528 $ 18,652
Accrued expenses 128,253 134,049
Obligations due Medicare 4,631 4,631
Current portion of long-term obligations 42,451 42,632
Current portion of deferred income taxes 3,453 4,663
Total current liabilities 197,316 204,627
Long-term obligations, less current portion 268,407 285,942
Deferred income taxes 16,785 11,548
Other long-term obligations 5,791 5,959
Total liabilities 488,299 508,076
Commitments and Contingencies - Note 5
Equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding - -
Common stock, $0.001 par value, 60,000,000 shares authorized; 27,403,699 and 27,191,946
shares issued; and 27,294,341 and 27,083,231 shares outstanding 27 27
Additional paid-in capital 335,111 326,120
Treasury stock at cost, 109,358 and 108,715 shares of common stock (649) (617)
Accumulated other comprehensive loss (469) (447)
Retained earnings 263,274 236,252
Total Amedisys, Inc. stockholders' equity 597,294 561,335
Noncontrolling interests 808 783
Total equity 598,102 562,118
Total liabilities and equity $ 1,086,401 $ 1,070,194
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
Source: AMEDISYS INC, 10-Q, April 28, 2009
8. Table of Contents
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands, except per share data)
(Unaudited)
For the three-month periods ended
March 31,
2009 2008
Net service revenue $ 341,838 $ 213,087
Cost of service, excluding depreciation and amortization 165,039 100,768
General and administrative expenses:
Salaries and benefits 73,025 45,948
Non-cash compensation 2,141 1,053
Other 42,266 29,461
Provision for doubtful accounts 6,166 3,595
Depreciation and amortization 6,282 4,424
Operating expenses 294,919 185,249
Operating income 46,919 27,838
Other (expense) income:
Interest income 81 468
Interest expense (3,455) (1,126)
Miscellaneous, net 778 29
Total other expense (2,596) (629)
Income before income taxes 44,323 27,209
Income tax expense (17,286) (10,772)
Net income 27,037 16,437
Net (income) loss attributable to noncontrolling interests (15) 27
Net income attributable to Amedisys, Inc. $ 27,022 $ 16,464
Net income attributable to Amedisys, Inc. common shareholders:
Basic $ 1.01 $ 0.63
Diluted $ 0.99 $ 0.62
Weighted average shares outstanding:
Basic 26,854 26,191
Diluted 27,293 26,645
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
Source: AMEDISYS INC, 10-Q, April 28, 2009
9. Table of Contents
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
For the three-month periods ended
March 31,
2009 2008
Cash Flows from Operating Activities:
Net income $ 27,037 $ 16,437
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 6,282 4,424
Provision for doubtful accounts 6,166 3,595
Non-cash compensation 2,141 1,053
401(k) employer match 4,530 2,714
Loss on disposal of property and equipment 98 161
Deferred income taxes 1,141 1,324
Write off of deferred debt issuance costs - 406
Equity in earnings of unconsolidated joint ventures (424) (150)
Amortization of deferred debt issuance costs 394 25
Return on equity investment - 75
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable 15,112 (13,689)
Other current assets (2,981) (523)
Other assets 507 76
Accounts payable (99) (638)
Accrued expenses (5,252) 10,382
Other long-term obligations (167) 16
Net cash provided by operating activities 54,485 25,688
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets 356 -
Proceeds from the sale of property and equipment - 2
Purchases of deferred compensation plan assets (454) (67)
Purchases of property and equipment (7,478) (5,305)
Acquisitions of businesses, net of cash acquired (7,490) (436,481)
Net cash (used in) investing activities (15,066) (441,851)
Cash Flows from Financing Activities:
Outstanding checks in excess of bank balance 313 -
Proceeds from issuance of stock upon exercise of stock options and warrants 425 244
Proceeds from issuance of stock to employee stock purchase plan 1,222 774
Tax benefit from stock option exercises 672 285
Proceeds from swingline facility (a portion of Revolving Credit Facility) 9,200 -
Repayments of swingline facility (a portion of Revolving Credit Facility) (9,200) -
Proceeds from issuance of long-term obligations 15,000 395,000
Payment of deferred financing fees - (7,939)
Principal payments of long-term obligations (34,250) (3,155)
Net cash (used in) provided by financing activities (16,618) 385,209
Net increase (decrease) in cash and cash equivalents 22,801 (30,954)
Cash and cash equivalents at beginning of period 2,847 56,190
Cash and cash equivalents at end of period $ 25,648 $ 25,236
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest $ 5,034 $ 710
Cash paid for income taxes, net of refunds received $ 16,565 $ 8,365
Supplemental Disclosures of Non-Cash Financing and Investing Activities:
Notes payable issued for acquisitions $ 1,534 $ 1,545
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Source: AMEDISYS INC, 10-Q, April 28, 2009
10. Table of Contents
AMEDISYS, INC. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Amedisys, Inc., a Delaware corporation, and its consolidated subsidiaries (“Amedisys,” “we,” “us,” or “our”) are a multi-state
provider of home health and hospice services with approximately 87% and 88% of our net service revenue derived from Medicare for
the three-month periods ended March 31, 2009 and 2008, respectively. As of March 31, 2009, we had 490 Medicare-certified home
health and 50 Medicare-certified hospice agencies in 37 states within the United States, the District of Columbia and Puerto Rico.
Basis of Presentation
In our opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting solely of
normal recurring adjustments) necessary to present fairly our financial position, our results of operations and our cash flows in
accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Our results of operations for the interim periods
presented are not necessarily indicative of results of our operations for the entire year and have not been audited by our independent
auditors.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have
been condensed or omitted from the interim financial information presented. This report should be read in conjunction with our
consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31,
2008 as filed with the Securities and Exchange Commission (“SEC”) on February 17, 2009 (the “Form 10-K”), which includes
information and disclosures not included herein.
Use of Estimates
Our accounting and reporting policies conform with U.S. GAAP. In preparing the unaudited condensed consolidated financial
statements, we are required to make estimates and assumptions that impact the amounts reported in the condensed consolidated
financial statements and accompanying notes. Actual results could materially differ from those estimates.
Reclassifications and Comparability
Certain reclassifications have been made to prior periods’ financial statements in order to conform them to the current period’s
presentation. For instance, we adopted Statement of Financial Accounting Standards (“SFAS”) No. 160, Noncontrolling Interests in
Consolidated Financial Statements — Amendment of ARB No. 51 (“SFAS 160”), which changed the presentation and disclosure of
noncontrolling interests (formerly known as minority interests) of consolidated subsidiaries. This statement requires the
noncontrolling interest to be included in the equity section of the balance sheet and required disclosures on the face of the consolidated
income statement of the amounts of consolidated net income attributable to the consolidated parent and the noncontrolling
interest. The provisions of this statement were applied to all periods presented in these condensed consolidated financial
statements. As a result, minority interests were presented as noncontrolling interests and appear in equity in our condensed
consolidated balance sheets and were presented separately on our condensed consolidated income statements as compared to how they
were presented in our earlier periodic SEC filings.
Additionally, we adopted SFAS No. 141 (Revised), Business Combinations (“SFAS 141R”) on January 1, 2009. SFAS 141R
amended the requirements of how to account for business combinations, by requiring the expensing of most acquisition related costs
associated with an acquisition as opposed to including them as part of the purchase price, as allowed under SFAS No. 141, Business
Combinations (“SFAS 141”). As a result, we expensed $0.3 million in acquisition related transaction costs during the three-month
period ended March 31, 2009 in other general and administrative expenses in our condensed consolidated income statement. This
compares to $2.3 million in such costs that were included in the purchase price of acquisitions that occurred during the three-month
period ended March 31, 2008.
Additionally, as a result of our rapid growth through acquisition and start-up activities, our operating results may not be comparable
for the periods that are presented.
Principles of Consolidation
Source: AMEDISYS INC, 10-Q, April 28, 2009
11. These condensed consolidated financial statements include the accounts of Amedisys, Inc. and our wholly owned subsidiaries. All
significant intercompany accounts and transactions have been eliminated in our accompanying condensed consolidated financial
statements, and business combinations accounted for as purchases have been included in our condensed consolidated financial
statements from their respective dates of acquisition. In addition to our wholly owned subsidiaries, we also have certain equity
investments that are accounted for as set forth below.
5
Source: AMEDISYS INC, 10-Q, April 28, 2009
12. Table of Contents
Equity Investments
We consolidate subsidiaries and/or joint ventures when the entity is a variable interest entity and we are the primary beneficiary, as
defined in the Financial Accounting Standards Board Interpretation No. 46 (Revised), Consolidation of Variable Interest Entities
(“FIN 46R”), or if we have controlling interests in the entity, which is generally ownership in excess of 50%. Third party equity
interests in our consolidated joint ventures are reflected as noncontrolling interests in our condensed consolidated financial statements.
For subsidiaries or joint ventures in which we do not have a controlling interest or for which we are not the primary beneficiary, as
defined by FIN 46R, we record such investments under the equity method of accounting.
Revenue Recognition
We earn net service revenue through our home health and hospice agencies by providing a variety of services almost exclusively in
the homes of our patients. This net service revenue is earned and billed either on an episode of care basis (on a 60-day episode of care
basis for home health services and on a 90-day episode of care basis for the first two hospice episodes of care and on a 60-day episode
of care basis for any subsequent hospice episodes), on a per visit basis or on a daily basis depending upon the payment terms and
conditions established with each payor for services provided. We refer to home health revenue earned and billed on a 60-day episode
of care as episodic-based revenue. For the services we provide, Medicare is our largest payor, representing 87% of our net service
revenue during the three-month period ended March 31, 2009.
When we record our service revenue, we record it net of estimated revenue adjustments and contractual adjustments to reflect amounts
we estimate to be realizable for services provided, as discussed below. We believe, based on information currently available to us and
based on our judgment, that changes to one or more factors that impact the accounting estimates (such as our estimates related to
revenue adjustments, contractual adjustments and episodes in progress) we make in determining net service revenue, which changes
are likely to occur from period to period, will not materially impact our reported consolidated financial condition, results of
operations, cash flows or our future financial results.
Home Health Revenue Recognition
Medicare Revenue
Net service revenue is recorded under the Medicare payment program (“PPS”) based on a 60-day episode payment rate that is subject
to adjustment based on certain variables including, but not limited to: (a) an outlier payment if our patient’s care was unusually costly;
(b) a low utilization adjustment (“LUPA”) if the number of visits was fewer than five; (c) a partial payment if our patient transferred
to another provider or we received a patient from another provider before completing the episode; (d) a payment adjustment based
upon the level of therapy services required (thresholds set at 6, 14 and 20 visits); (e) the number of episodes of care provided to a
patient, regardless of whether the same home health provider provided care for the entire series of episodes; (f) changes in the base
episode payments established by the Medicare Program; (g) adjustments to the base episode payments for case mix, geographic wages
and low utilization; and (h) recoveries of overpayments.
We make adjustments to Medicare revenue on completed episodes to reflect differences between estimated and actual payment
amounts, an inability to obtain appropriate billing documentation or authorizations acceptable to the payor and other reasons unrelated
to credit risk. We estimate the impact of such payment adjustments based on our historical experience, which primarily includes a
historical collection rate of over 99% on Medicare claims, and record this estimate during the period in which services are rendered as
an estimated revenue adjustment and a corresponding reduction to patient accounts receivable. Therefore, we believe that our reported
net service revenue and patient accounts receivable will be the net amounts to be realized from Medicare for services rendered. During
the three-month periods ended March 31, 2009 and 2008, we recorded $2.1 million and $0.8 million, respectively, in estimated
revenue adjustments to Medicare revenue.
In addition to revenue recognized on completed episodes, we also recognize a portion of revenue associated with episodes in progress.
Episodes in progress are 60-day episodes of care that begin during the reporting period, but were not completed as of the end of the
period. We estimate this revenue on a monthly basis based upon historical trends. The primary factors underlying this estimate are the
number of episodes in progress at the end of the reporting period, expected Medicare revenue per episode and our estimate of the
average percentage complete based on visits performed. As of March 31, 2009 and 2008, the difference between the cash received
from Medicare for a request for anticipated payment (“RAP”) on episodes in progress and the associated estimated revenue was
included as a reduction to our outstanding patient accounts receivable in our condensed consolidated balance sheets for such periods,
since only a nominal amount represents cash collected in advance of providing services.
Source: AMEDISYS INC, 10-Q, April 28, 2009
13. Non-Medicare Revenue
Episodic-based Revenue. We recognize revenue in a similar manner as we recognize Medicare revenue for episodic-based rates that
are paid by Medicaid and other insurance carriers, including Medicare Advantage programs; however, these rates can vary based upon
the negotiated terms.
6
Source: AMEDISYS INC, 10-Q, April 28, 2009
14. Table of Contents
Non-episodic Based Revenue. Gross revenue is recorded on an accrual basis based upon the date of service at amounts equal to our
established or estimated per-visit rates, as applicable. Contractual adjustments are recorded for the difference between our standard
rates and the contracted rates to be realizable from patients, third parties and others for services provided and are deducted from gross
revenue to determine net service revenue and as a reduction to our outstanding patient accounts receivable. In addition, we receive a
minimal amount of our net service revenue from patients who are either self-insured or are obligated for an insurance co-payment.
Hospice Revenue Recognition
Hospice Medicare Revenue
Gross revenue is recorded on an accrual basis based upon the date of service at amounts equal to the estimated payment rates. We
make adjustments to Medicare revenue for an inability to obtain appropriate billing documentation or authorizations acceptable to the
payor and other reasons unrelated to credit risk. We estimate the impact of these adjustments based on our historical experience, which
primarily includes our historical collection rate on Medicare claims, and record it during the period services are rendered as an
estimated revenue adjustment and as a reduction to our outstanding patient accounts receivable.
Additionally, as Medicare is subject to an inpatient cap limit and an overall payment cap, we monitor our provider numbers and
estimate amounts due back to Medicare if a cap has been exceeded. We record these adjustments as a reduction to revenue and
increase other accrued liabilities. As of March 31, 2009 and December 31, 2008, we had $0.1 million recorded for estimated amounts
due back to Medicare in other accrued liabilities in our accompanying condensed consolidated balance sheets. As a result of our
adjustments we believe our revenue and patients accounts receivable are recorded at amounts that will be ultimately realized.
Hospice Non-Medicare Revenue
We record gross revenue on an accrual basis based upon the date of service at amounts equal to our established rates or estimated per
visit rates, as applicable. Contractual adjustments are recorded for the difference between our established rates and the amounts
estimated to be realizable from patients, third parties and others for services provided and are deducted from gross revenue to
determine our net service revenue and patient accounts receivable.
Patient Accounts Receivable
Our patient accounts receivable are uncollateralized and primarily consist of amounts due from Medicare, other third-party payors and
patients. We believe there is a certain level of credit risk associated with non-Medicare payors. To provide for our non-Medicare
patient accounts receivable that could become uncollectible in the future, we establish an allowance for doubtful accounts to reduce
the carrying amount to its estimated net realizable value. We believe the credit risk associated with our Medicare accounts, which
represent 74% of our net patient accounts receivable at March 31, 2009 and December 31, 2008, is limited due to (i) our historical
collection rate of over 99% from Medicare and (ii) the fact that Medicare is a U.S. government payor. Accordingly, we do not record
an allowance for doubtful accounts for our Medicare patient accounts receivable which are recorded at their net realizable value after
recording estimated revenue adjustments as discussed above. There is no other single payor, other than Medicare, that accounts for
more than 10% of our total outstanding patient receivable, and thus we believe there are no other significant concentrations of
receivables that would subject us to any significant credit risk in the collection of our patient accounts receivable.
We fully reserve for accounts which are aged at 360 days or greater. We write off accounts on a monthly basis once we have
exhausted our collection efforts and deem an account to be uncollectible.
Medicare Home Health
Our Medicare billing process begins with a process to ensure that our billings are accurate through the utilization of an electronic
Medicare claim review. We submit a RAP for 60% of our estimated payment for the initial episode at the start of care or 50% of the
estimated payment for any subsequent episodes of care contiguous with the first episode for a particular patient. The full amount of the
episode is billed after the episode has been completed (“final billed”). The RAP received for that particular episode is then deducted
from our final payment. If a final bill is not submitted within the greater of 120 days from the start of the episode, or 60 days from the
date the RAP was paid, any RAPs received for that episode will be recouped by Medicare from any other claims in process for that
particular provider number. The RAP and final claim must then be re-submitted.
Medicare Hospice
Source: AMEDISYS INC, 10-Q, April 28, 2009
15. For our hospice patients, our pre-billing process includes verifying that we are eligible for payment from Medicare for the services
that we provide to our patients. Once each patient has been confirmed for eligibility, we will bill Medicare for the services provided to
the patient on a monthly basis.
7
Source: AMEDISYS INC, 10-Q, April 28, 2009
16. Table of Contents
Non-Medicare Home Health and Hospice
For our non-Medicare patients, our pre-billing process primarily begins with verifying a patient’s eligibility for services with the
applicable payor. Once the patient has been confirmed for eligibility, we will provide services to the patient and bill the applicable
payor based on either the contracted rates or expected payment rates, which are based on our historical experience. We estimate an
allowance for doubtful accounts to reduce the carrying amount of the receivables to the amounts we estimate will be ultimately
collected. Our review and evaluation of non-Medicare accounts includes a detailed review of outstanding balances and special
consideration to concentrations of receivables from particular payors or groups of payors with similar characteristics that would
subject us to any significant credit risk. Where such groups have been identified, we have given special consideration to both the
billing methodology and evaluation of the ultimate collectibility of the accounts. In addition, the amount of the allowance for doubtful
accounts is based upon our assessment of historical and expected net collections, business and economic conditions, trends in payment
and an evaluation of collectibility based upon the date that the service was provided. Based upon our best judgment, we believe the
allowance for doubtful accounts adequately provides for accounts that will not be collected due to credit risk.
Fair Value of Financial Instruments
The following details our financial instruments where the carrying value and fair value differ, as calculated in accordance with SFAS
No. 157, Fair Value Measurements (“SFAS 157”) (amounts in millions):
Fair Value at Reporting Date Using
Quoted Prices in
Active Markets for Significant Other Significant
As of March 31, Identical Items Observable Inputs Unobservable
Financial Instrument 2009 (Level 1) (Level 2) Inputs (Level 3)
Long-term obligations, excluding capital leases $ 310.7 $ - $ - $ 264.0
The estimates of the fair value of our long-term debt are based upon a discounted present value analysis of future cash flows. Due to
the existing uncertainty in the capital and credit markets, the actual rates that would be obtained to borrow under similar conditions
could materially differ from the estimates we have used.
SFAS 157 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last
unobservable, that may be used to measure fair value. The three levels of inputs are as follows:
• Level 1 — Quoted prices in active markets for identical assets and liabilities.
• Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for
similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can
be corroborated by observable market data for substantially the full term of the assets or liabilities.
• Level 3 — Unobservable inputs that are supported by little or no market activity and are significant to the fair
value of the assets or liabilities.
For our other financial instruments, including our cash and cash equivalents, patient accounts receivable, accounts payable and
accrued expenses, we estimate the carrying amounts’ approximate fair value due to their short term maturity. Our deferred
compensation plan assets are recorded at fair value.
Weighted-Average Shares Outstanding
Net income attributable to Amedisys, Inc. common shareholders, calculated on the treasury stock method, is based on the weighted
average number of shares outstanding during the period. The following table sets forth, for the periods indicated, shares used in our
computation of the weighted-average shares outstanding, which are used to calculate our basic and diluted net income attributable to
Amedisys, Inc. common shareholders (amounts in thousands):
For the three-month periods ended
March 31,
2009 2008
Weighted average number of shares outstanding - basic 26,854 26,191
Effect of dilutive securities:
Stock options 250 326
Warrants - 38
Source: AMEDISYS INC, 10-Q, April 28, 2009
17. Non-vested stock and stock units 189 90
Weighted average number of shares outstanding - diluted 27,293 26,645
8
Source: AMEDISYS INC, 10-Q, April 28, 2009
18. Table of Contents
The following table sets forth shares that were anti-dilutive to the computation of diluted net income per common share (amounts in
thousands):
For the three-month periods ended
March 31,
2009 2008
Anti-dilutive securities 42 3
2. ACQUISITIONS
Each of the following acquisitions was completed in order to pursue our strategy of increasing our market presence by expanding our
service base and enhancing our position in certain geographic areas as a leading provider of home health and hospice services. The
purchase price paid for each acquisition was negotiated through arm’s length transactions, with consideration based on our analysis of,
among other things, comparable acquisitions and expected cash flows for each transaction. Each of the following acquisitions was
accounted for as a purchase and is included in our condensed consolidated financial statements from the respective acquisition date.
Goodwill generated from the acquisitions was recognized for the excess of the purchase price over tangible and identifiable intangible
assets because of the expected contributions of each acquisition to our overall corporate strategy.
Summary of 2009 Acquisitions
The following table presents details of our acquisitions (dollars in millions):
Purchase Price Purchase Price Allocation Number of Agencies
Acquired Entity Other Intangible Number
(1) Date (location of assets) Cash Promissory Note Goodwill Assets Home Health Hospice of States
Arizona Home
Rehabilitation and
Health Care and Yuma
February Home Care (Yuma,
† 3, 2009 Arizona) $ 4.3 $ 1.5 $ 5.0 $ 0.9 2 - 1
White River Health
March 12, System (Batesville,
† 2009 Arkansas) 3.2 - 2.6 0.7 3 1 1
$ 7.5 $ 1.5 $ 7.6 $ 1.6 5 1
(1) The acquisitions marked with the cross symbol (†) were asset purchases.
2008 TLC Health Care Services, Inc. (“TLC”) Acquisition
During the three-month period ended March 31, 2009, the remaining $12.8 million that was in escrow in connection with the TLC
acquisition for indemnification and working capital price adjustments was released and paid to the selling stockholders under the
indemnification provisions of the TLC acquisition agreement. Additionally, we finalized our purchase accounting for the TLC
acquisition during the three-month period ended March 31, 2009.
The following table summarizes, as of March 31, 2009, the estimated fair values of the TLC assets acquired and liabilities assumed on
March 26, 2008 (amounts in millions).
Patient accounts receivable, net $ 37.8
Property and equipment 0.5
Goodwill 330.4
Intangible assets 19.2
Deferred taxes 38.2
Other current assets 0.9
Other assets 1.5
Current liabilities (32.1)
$ 396.4
Source: AMEDISYS INC, 10-Q, April 28, 2009
19. Our purchase price finalization included decreasing goodwill by $5.5 million primarily as the net result of allocating an additional
$7.5 million to the estimated fair value assigned to Medicare licenses acquired and a $2.9 million reduction in the estimated fair value
of the deferred tax liability assumed.
See Note 2 of our Form 10-K for additional details on our 2008 acquisitions.
9
Source: AMEDISYS INC, 10-Q, April 28, 2009
20. Table of Contents
3. GOODWILL AND OTHER INTANGIBLE ASSETS, NET
The following table summarizes the activity related to our goodwill and our other intangible assets, net as of and for the three-month
period ended March 31, 2009 (amounts in millions):
Other Intangible Assets, Net
Non-Compete
Agreements &
Reacquired
Certificates of Acquired Name Franchise Rights
Goodwill Need and Licenses of Business (1) Total
Balances at December 31, 2008 $ 733.9 $ 32.7 $ 3.3 $ 6.4 $ 42.4
Additions 7.6 1.1 0.2 0.3 1.6
Adjustments related to acquisitions (5.2) 7.4 - - 7.4
Amortization - - - (0.6) (0.6)
Balances at March 31, 2009 $ 736.3 $ 41.2 $ 3.5 $ 6.1 $ 50.8
(1) The weighted-average amortization period of our non-compete agreements and reacquired franchise rights is 2.8 years and 4.5
years, respectively.
During 2009, we adjusted goodwill by a net $5.2 million primarily in association with our completion of purchase accounting
adjustments for our 2008 acquisition of TLC, where we allocated an additional $7.5 million to the estimated fair value of Medicare
licenses acquired and decreased the estimated fair value of the deferred tax liability assumed by $2.9 million.
4. LONG-TERM OBLIGATIONS
Long-term debt, including capital lease obligations, consisted of the following for the periods indicated (amounts in millions):
March 31, 2009 December 31, 2008
Senior Notes:
$35.0 million Series A Notes; semi-annual interest only payments; interest rate at 6.07% per
annum; due March 25, 2013 $ 35.0 $ 35.0
$30.0 million Series B Notes; semi-annual interest only payments; interest rate at 6.28% per
annum; due March 25, 2014 30.0 30.0
$35.0 million Series C Notes; semi-annual interest only payments; interest rate at 6.49% per
annum; due March 25, 2015 35.0 35.0
Term Loan; $7.5 million principal payments plus accrued interest payable quarterly; interest rate
at ABR Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (1.77%
and 3.08% at March 31, 2009 and December 31, 2008, respectively); due March 26, 2013 120.0 127.5
$250.0 million Revolving Credit Facility; interest only quarterly payments; interest rate at ABR
Rate plus applicable percentage or Eurodollar Rate plus the applicable percentage (1.78% and
1.72% at March 31, 2009 and December 31, 2008, respectively); due March 26, 2013 73.5 80.5
Promissory notes 17.2 20.3
Capital leases 0.2 0.2
310.9 328.5
Current portion of long-term obligations (42.5) (42.6)
Total $ 268.4 $ 285.9
Our weighted-average interest rates for our five year Term Loan (the “Term Loan”) and our $250.0 million, five year Revolving
Credit Facility (the “Revolving Credit Facility”) were 2.6% and 1.7% for the three-month period ended March 31, 2009, respectively,
compared to 5.7% for both for the same period in 2008. As of March 31, 2009, our total leverage ratio (used to compute the margin
and commitment fees, described in more detail in Note 5 of our Form 10-K) was 1.4, our fixed charge coverage ratio was 2.1 and we
were in compliance with the covenants associated with our long-term obligations.
10
Source: AMEDISYS INC, 10-Q, April 28, 2009
21. Table of Contents
The following table presents our availability under our $250.0 million Revolving Credit Facility as of March 31, 2009 (amounts in
millions):
Total Revolving Credit Facility $ 250.0
Less: outstanding revolving credit loans (73.5)
Less: outstanding swingline loans -
Less: outstanding letters of credit (10.9)
Remaining availability under the Revolving Credit Facility $ 165.6
See Note 5 of our Form 10-K for additional details on our outstanding long-term obligations.
5. COMMITMENTS AND CONTINGENCIES
Legal Proceedings
We are involved in legal actions in the normal course of business, some of which seek monetary damages, including claims for
punitive damages. We do not believe that these actions, when finally concluded and determined, will have a material impact on our
consolidated financial condition, results of operations and cash flows.
Insurance
We are obligated for certain costs associated with our insurance programs, including employee health, workers’ compensation and
professional liability. While we maintain various insurance programs to cover these risks, we are self-insured for a substantial portion
of our potential claims. We recognize our obligations associated with these costs in the period in which a claim is incurred, including
with respect to both reported claims and claims incurred but not reported, up to specified deductible limits. These costs have generally
been estimated based on historical data of our claims experience. Such estimates, and the resulting reserves, are reviewed and updated
by us on a quarterly basis.
Our health insurance has a retention limit of $0.3 million, our workers’ compensation insurance has a retention limit of $0.4 million
and our professional liability insurance has a retention limit of $0.3 million.
11
Source: AMEDISYS INC, 10-Q, April 28, 2009
22. Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion and analysis provides information we believe is relevant to an assessment and understanding of our results
of operations and financial condition for the three-month period ended March 31, 2009. This discussion should be read in conjunction
with the condensed consolidated financial statements and notes thereto included herein, the consolidated financial statements and
notes and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report
on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission (“SEC”) on February 17,
2009 (the “Form 10-K”), which are incorporated herein by this reference.
Unless otherwise provided, “Amedisys,” “we,” “us,” “our” and the “Company” refer to Amedisys, Inc. and our consolidated
subsidiaries.
Overview
We are a leading provider of high-quality, low-cost home health services to the chronic, co-morbid, aging American population. Our
services include home health and hospice services and approximately 87% and 88% of our revenue was derived from Medicare for the
three-month periods ended March 31, 2009 and 2008, respectively. During the three-month period ended March 31, 2009, our net
service revenue increased 60.4% or $128.7 million over the same period in 2008; our diluted earnings per share increased 59.7% or by
$0.37 per share; and our cash flow from operations more than doubled to $54.5 million compared to $25.7 million during 2008. The
following details our owned Medicare-certified agencies, which are located in 37 states within the United States, the District of
Columbia and Puerto Rico. The agencies closed were consolidated with agencies servicing the same areas.
Owned and Operated Agencies
Home health Hospice
At December 31, 2008 480 48
Acquisitions 5 1
Start-ups 9 1
Closed (4) -
At March 31, 2009 490 50
Recent Developments
Payment
On March 13, 2009, CMS announced that the rate cuts caused by the phase out of the Budget Neutrality Adjustment Factor (“BNAF”)
for Medicare hospice rates have been delayed by one year as a result of the economic stimulus bill, the American Recovery and
Reinvestment Act of 2009. The delay was made retroactive to October 1, 2008 and did not did not change the hospice payment rates
and hospice cap amounts for the fiscal period of October 1, 2008 through September 30, 2009. The change did not and is not expected
to have a material impact on our business and consolidated financial condition, results of operations or cash flows.
Results of Operations
Our operating results may not be comparable for the periods presented, primarily as a result of our acquisition and start-up agencies.
When we refer to “base business”, we mean home health and hospice agencies that we have operated for at least the last twelve
months; when we refer to “acquisitions”, we mean home health and hospice agencies that we acquired within the last twelve months;
and when we refer to “start-ups”, we mean any home health or hospice agency opened by us in the last twelve months. Once an
agency has been in operation for a twelve month period, the results for that particular agency are included as part of our base business
from that date forward. When we refer to episodic-based revenue, admissions, recertifications or completed episodes, we mean home
health revenue, admissions, recertifications or completed episodes of care for those payors that pay on an episodic-basis, which
includes Medicare and other insurance carriers, including Medicare Advantage programs.
12
Source: AMEDISYS INC, 10-Q, April 28, 2009
23. Table of Contents
Three-Month Period Ended March 31, 2009 Compared to the Three-Month Period Ended March 31, 2008
Net Service Revenue
We are dependent on Medicare for a significant portion of our revenue. Approximately 87% and 88% of our net service revenue was
derived from Medicare for the three-month periods ended March 31, 2009 and 2008, respectively. The following table summarizes
our net service revenue growth (amounts in millions):
For the three-month period ended March 31, 2009
For the
three-month
period ended
Base/Start-ups (2) Acquisitions Total March 31, 2008
Home health revenue:
Medicare revenue $ 213.8 $ 66.0 $ 279.8 $ 175.3
Non-Medicare, episodic-based revenue 21.0 3.8 24.8 14.9
Total episodic-based revenue 234.8 69.8 304.6 190.2
Non-Medicare revenue 9.6 7.3 16.9 10.0
244.4 77.1 321.5 200.2
Hospice revenue:
Medicare revenue 13.7 5.4 19.1 12.1
Non-Medicare revenue 1.0 0.2 1.2 0.8
14.7 5.6 20.3 12.9
Total revenue:
Medicare revenue 227.5 71.4 298.9 187.4
Non-Medicare revenue 31.6 11.3 42.9 25.7
$ 259.1 $ 82.7 $ 341.8 $ 213.1
Internal episodic-based revenue growth (1) 23% 26%
(1) Internal episodic-based revenue growth is the percent increase in our base/start-up episodic-based revenue for the period as a
percent of the total episodic-based revenue of the prior period. We expect this growth rate to be in the 15% range for the full
year of 2009, primarily due to our TLC Health Care Services, Inc. (“TLC”) agencies converting to base agencies beginning in
the three-month period ended June 30, 2009. It is not unusual for acquired agencies to experience a slower revenue growth, even
in the second year after converting to our operating systems and Point of Care network.
(2) Our net service revenue for our base/start-up agencies of $259.1 million included $252.0 million from our base agencies and
$7.1 million from our start-up agencies.
Our net service revenue increased $128.7 million from 2008 to 2009 and consisted of an increase of $46.0 million in our base/start-up
agencies and $82.7 million from our acquisition agencies. The $46.0 million increase in our base/start-up agencies was primarily
related to our internal episodic-based revenue, which increased by $44.6 million or 23% from 2008 to 2009, with 10% related volume
and 13% related to rate.
Our average episodic-based revenue per completed episode increased from $2,673 to $3,033 from 2008 to 2009 and was due primarily
to the continued deployment of our therapy intensive specialty programs to more of our home health agencies and the inclusion of the
TLC agencies, which have had historically higher average revenue per completed episode primarily due to their presence in higher
wage index areas (i.e. the Western and Northeastern parts of the United States).
13
Source: AMEDISYS INC, 10-Q, April 28, 2009
24. Table of Contents
Home Health Statistics
The following table summarizes our growth in total home health patient admissions:
For the three-month period ended March 31, 2009
For the
three-month
period ended
Base/Start-ups Acquisitions Total March 31, 2008
Admissions:
Medicare 37,390 13,053 50,443 34,880
Non-Medicare, episodic-based 4,746 923 5,669 3,979
Total episodic-based 42,136 13,976 56,112 38,859
Non-Medicare 6,546 2,945 9,491 6,147
48,682 16,921 65,603 45,006
Internal episodic-based admission growth (1) 8% 7%
Internal episodic-based admission growth is the percent increase in our base/start-up episodic-based admissions for the
(1)
period as a percent of the total episodic-based admissions of the prior period.
The following table summarizes our growth in total home health patient recertifications:
For the three-month period ended March 31, 2009
For the
three-month
period ended
Base/Start-ups Acquisitions Total March 31, 2008
Recertifications:
Medicare 36,294 8,731 45,025 32,209
Non-Medicare, episodic-based 3,239 500 3,739 2,255
Total episodic-based 39,533 9,231 48,764 34,464
Non-Medicare 3,515 2,254 5,769 4,136
43,048 11,485 54,533 38,600
Internal episodic-based recertification growth (1) 15% 32%
(1) Internal episodic-based recertification growth is the percent increase in our base/start-up episodic-based recertifications for the
period as a percent of the total episodic-based recertifications of the prior period. The rate decreased from 32% to 15% from
2008 to 2009. This trend does not necessarily indicate that we anticipate our internal episodic-based recertifications to
decrease in the future nor is it a metric that we regularly use to measure performance within our organization. This rate varies
based on the clinical acuity of our patients. We focus our efforts on providing the medically necessary care for our patients to
achieve their desired clinical outcomes. Prior to providing additional episodes of care, we require the approval of an agency
level, multidisciplinary care conference and the approval of the patients’ attending physician.
Our recertifications increased 15,933 from 2008 to 2009, with 4,448 from our base/start-up agencies and 11,485 from our acquisition
agencies. The increase in our base/start-up agencies was primarily related to a 15% internal episodic-based recertification growth as a
result of (a) the increasing acuity of our patients, (b) the impact of our acquisition agencies moving into our base agency classification
after being owned for more than 12 months, (c) our opening of start-up agencies and (d) our admissions growth.
The following table summarizes our home health completed episodes:
For the three-month period ended March 31, 2009
For the
three-month period
ended
Base/Start-ups Acquisitions Total March 31, 2008
Completed Episodes:
Medicare 67,223 20,867 88,090 60,339
Non-Medicare, episodic-based 6,931 1,278 8,209 4,956
Source: AMEDISYS INC, 10-Q, April 28, 2009
26. Table of Contents
Cost of Service, Excluding Depreciation and Amortization
Our cost of service consists of the following expenses incurred by our clinical and clerical personnel in our agencies:
• salaries and related benefits (including health care insurance and workers’ compensation insurance);
• transportation expenses (primarily reimbursed mileage at a standard rate); and
• supplies and services expenses (including payments to contract therapists).
The following summarizes our cost of service, visit and cost per visit information:
For the three-month period ended March 31, 2009
For the
three-month period
ended
Base/Start-ups Acquisitions Total March 31, 2008
Cost of service (amounts in millions):
Home health $ 114.1 $ 39.4 $ 153.5 $ 92.6
Hospice 8.9 2.6 11.5 8.2
$ 123.0 $ 42.0 $ 165.0 $ 100.8
Home health:
Visits during the period:
Medicare 1,284,457 388,220 1,672,677 1,083,310
Non-Medicare, episodic-based 127,781 22,107 149,888 90,876
Total episodic-based 1,412,238 410,327 1,822,565 1,174,186
Non-Medicare 121,210 75,145 196,355 106,771
1,533,448 485,472 2,018,920 1,280,957
$ 74.45 $ 81.11 $ 76.05 $ 72.24
Home health cost per visit (1)
(1) We calculate home health cost per visit as home health cost of service divided by total home health visits during the period.
Of the $64.2 million increase in cost of service, $22.2 million is related to increased costs in our base/start-up agencies and $42.0
million is related to acquisitions. The $22.2 million in base/start-up business expenses consisted primarily of $21.0 million related to
salaries, taxes and benefits and $0.9 million related to travel and training.
Our cost per visit increased from $72.24 in 2008 to $76.05 in 2009. The primary reason for the increase relates to our 2008 acquired
agencies, which have higher wage indexes compared to our base agencies. Our 2008 acquired agencies are generally located in states
that have higher labor costs and have higher numbers of visiting staff, who typically are paid on a salary basis compared to a per visit
basis. We expect that our cost per visit associated with our base/start-up agencies will increase in the remaining quarters of 2009 as a
majority of our 2008 acquired agencies will be categorized as base agencies beginning in the second quarter of 2009. As we transition
the visiting staff to our pay per visit model, we expect for the cost per visit associated with our base/start-up agencies to be more
consistent with our historical rates. Typically, acquired agencies take up to 18 to 24 months to reach the labor efficiencies of existing
operations.
General and Administrative Expenses, Provision for Doubtful Accounts, Depreciation and Amortization and Other Expense, net
The following table summarizes our general and administrative expenses, provision for doubtful accounts, depreciation and
amortization expense and other expense, net (amounts in millions):
For the three-month periods ended
March 31,
2009 2008
General and administrative expenses:
Salaries and benefits $ 73.0 $ 45.9
Non-cash compensation 2.1 1.1
Other 42.3 29.5
Source: AMEDISYS INC, 10-Q, April 28, 2009
27. Provision for doubtful accounts 6.2 3.6
Depreciation and amortization 6.3 4.4
Other expense, net (2.6) (0.6)
15
Source: AMEDISYS INC, 10-Q, April 28, 2009
28. Table of Contents
Salaries and benefits increased $27.1 million, which consisted of an increase of $10.1 million in base agency expenses and the
inclusion of $13.8 million in acquisition agency expenses and $3.2 million in start-up agency expenses. These expenses primarily
increased due to increased personnel costs for our field administrative staff necessitated by our internal growth and acquisitions.
Other general and administrative expenses increased $12.8 million, which consisted of an increase of $3.9 million in base agency
expenses and the inclusion of $6.6 million in acquisition agency expenses and $2.3 million in start-up agency expenses. The $6.6
million in acquisition agency expenses and the $2.3 million in start-up agency expenses were expenses incurred for the supporting
administration of these additional agencies. The $3.9 million increase in our base agency expenses primarily included an increase in
our corporate office expenses, which were necessitated by our continued development of corporate infrastructure needed to support
our growing number of agencies and included $0.3 million in acquisition related transaction costs as required by Statement of
Financial Accounting Standards (“SFAS”) No. 141 (Revised), Business Combinations, which we adopted on January 1, 2009. Prior to
January 1, 2009, we accounted for acquisition related transaction costs in accordance with SFAS No. 141, Business Combinations, and
as a result, we included $2.3 million in such costs as part of goodwill at March 31, 2008.
Income Tax Expense
The following table summarizes our income tax expense and estimated income tax rate (amounts in millions, except for estimated
income tax rate):
For the three-month periods ended
March 31,
2009 2008
Income before income taxes $ 44.3 $ 27.2
Income tax (expense) (17.3) (10.8)
Estimated income tax rate 39.0% 39.6%
The increase in income tax expense of $6.5 million is attributable to an increase in income before income taxes which was offset by a
decrease in the estimated income tax rate. The decrease in the estimated income tax rate was primarily attributable to the extension of
Federal income tax credits created as a result of Hurricanes Katrina, Rita and Wilma by The Emergency Economic Stabilization Act
of 2008.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows for Three-Month Period Ended March 31, 2009 Compared to the Three-Month Period Ended March 31, 2008
The following table summarizes our cash flows for the periods indicated (amounts in millions):
For the three-month periods ended
March 31,
2009 2008
Cash provided by operating activities $ 54.5 $ 25.7
Cash (used in) investing activities (15.1) (441.9)
Cash (used in) provided by financing activities (16.6) 385.2
Net increase (decrease) in cash and cash equivalents 22.8 (31.0)
Cash and cash equivalents at beginning of period 2.8 56.2
Cash and cash equivalents at end of period $ 25.6 $ 25.2
Cash provided by operating activities increased $28.8 million during 2009 compared to 2008, primarily as a result of a changes in net
income, patient accounts receivable, accounts payable and accrued expenses, with patient accounts receivable having the most
significant impact during 2009 compared to 2008. See “Outstanding Patient Accounts Receivable” below for further details on our
change in outstanding patient accounts receivable.
Cash used in investing activities decreased $426.8 million during 2009 compared to 2008. Our cash flow needs for our investing
activities were greater during the three-month period ended March 31, 2008 primarily due to our acquisition of TLC and Family Home
Health Care, Inc. & Comprehensive Home Healthcare Services, Inc.
Cash used in financing activities changed $401.8 million during 2009 compared to 2008, primarily due to a decrease of $380.0 million
in proceeds from the issuance of long-term obligations as a result of the debt incurred in connection with the TLC acquisition during
Source: AMEDISYS INC, 10-Q, April 28, 2009
29. the three-month period ended March 31, 2008 and an increase of $31.1 million in principal payments of our long-term obligations
during the three-month period ended March 31, 2009.
16
Source: AMEDISYS INC, 10-Q, April 28, 2009
30. Table of Contents
Liquidity
Typically, our principal source of liquidity is the collection of our patient accounts receivable, primarily through the Medicare
program; however, from time to time, we can and do obtain additional sources of liquidity through sales of our equity or by incurrence
of additional indebtedness. As of March 31, 2009, we had $25.6 million in cash and cash equivalents, $165.6 million in availability
under our $250.0 million Revolving Credit Facility and the potential issuance of $250.0 million of any combination of preferred and
common stock, under our effective shelf registration statement.
During 2009, we made $7.5 million in routine capital expenditures, which primarily included equipment and furniture and computer
software. Based on our operating forecasts and our debt service requirements, we believe we will have sufficient liquidity to fund our
operations, capital requirements and debt service requirements over the next twelve months and into the foreseeable future.
As we manage our liquidity needs to meet our operating forecasts, debt service requirements and our acquisition and start-up
activities, we are monitoring the creditworthiness and solvency of our syndicate of banks that provide the availability of credit under
our Revolving Credit Facility as well as the status of the overall equity and credit markets. This monitoring process has become more
critical over the past several quarters as several financial institutions have either failed or have been acquired, there has been a severe
lack of funds in the credit markets and the equity market has seen significant decreases in value and liquidity, as discussed in the risk
factors incorporated herein by reference. As of the date of this filing, we do not believe the availability of funds under our Revolving
Credit Facility is at risk; however, we continue to monitor our syndicate of banks in light of the credit market conditions. If the
availability under our current Revolving Credit Facility decreases, we may need to consider adjusting our strategy to meet our
operating forecasts, debt service requirements and acquisition and start-up activity needs.
Outstanding Patient Accounts Receivable
Our patient accounts receivable, net decreased $21.3 million from December 31, 2008 to March 31, 2009 primarily due to $361.5
million in cash collections, which was offset by $341.8 million in net service revenue.
Our days revenue outstanding, net at March 31, 2009 decreased 6.8 days to 40.4 from December 31, 2008. During the three
month-period ended March 31, 2009 we were able to make significant progress on our outstanding accounts receivable associated
with our 2008 acquisitions, which inherently are subject to regulatory and internal delays associated with the conversion
process. Additionally, our days revenue outstanding, net improved during the three month-period ended March 31, 2009 due to a
$19.8 million increase in cash collections during the quarter as compared to the cash collections during the three month-period ended
December 31, 2008, which included $7.8 million in payment delays for 2008 claims that were received in 2009, as further explained
in our Form 10-K.
Our patient accounts receivable includes unbilled receivables, which are aged based upon our initial service date. At March 31, 2009,
the unbilled patient accounts receivable, as a percentage of gross patient accounts receivable, was 23.5%, or $44.9 million compared
to 23.0% or $48.3 million at December 31, 2008. We monitor unbilled receivables on an agency by agency basis to ensure that all
efforts are made to bill claims within timely filing deadlines. The timely filing deadlines vary by state for Medicaid and among
insurance companies. As of March 31, 2009, unbilled patient accounts receivable from agencies acquired during the past twelve
months was $14.4 million or 32.1% of our unbilled accounts receivable.
Our provision for estimated revenue adjustments (which is deducted from our service revenue to determine net service revenue) and
provision for doubtful accounts was $8.2 million ($2.1 million in provision for estimated revenue adjustments for Medicare claims and
$6.1 million in provision for doubtful accounts) or 2.4% of net service revenue during the three-month period ended March 31, 2009
compared to $10.8 million ($2.3 million in provision for estimated revenue adjustments for Medicare claims and $8.5 million in
provision for doubtful accounts) or 3.2% of net service revenue during the three-month period ended December 31, 2008.
17
Source: AMEDISYS INC, 10-Q, April 28, 2009
31. Table of Contents
The following schedule details our patient accounts receivable, net of estimated revenue adjustments, by payor class, aged based upon
initial date of service (amounts in millions, except days revenue outstanding, net):
Over 365 Total
0-90 91-180 181-365
At March 31, 2009 (1):
Medicare patient accounts receivable, net (2) $ 83.3 $ 22.7 $ 8.1 $ 0.1 $ 114.2
Other patient accounts receivable:
Medicaid 6.1 4.4 4.4 3.3 18.2
Private (3) 21.4 12.6 13.3 3.4 50.7
Total $ 27.5 $ 17.0 $ 17.7 $ 6.7 $ 68.9
Allowance for doubtful accounts (4) (28.7)
Non-Medicare patient accounts receivable, net $ 40.2
Total patient accounts receivable, net $ 154.4
Days revenue outstanding, net (5) 40.4
Over 365 Total
0-90 91-180 181-365
At December 31, 2008 (1):
Medicare patient accounts receivable, net (2) $ 91.0 $ 30.2 $ 8.2 $ 0.3 $ 129.7
Other patient accounts receivable:
Medicaid 7.8 5.0 6.0 2.0 20.8
Private (3) 21.0 14.4 14.2 2.7 52.3
Total $ 28.8 $ 19.4 $ 20.2 $ 4.7 $ 73.1
Allowance for doubtful accounts (4) (27.1)
Non-Medicare patient accounts receivable, net $ 46.0
Total patient accounts receivable, net $ 175.7
Days revenue outstanding, net (5) 47.2
(1) Our patient accounts receivable include unbilled amounts of $44.9 million and $48.3 million as of March 31, 2009 and
December 31, 2008, respectively, which have been aged based upon initial service date. Additionally, we have fully provided
for both our Medicare and other patients accounts receivable that are aged over 360 days.
(2) The following table summarizes the activity and ending balances in our estimated revenue adjustments (amounts in millions),
which is recorded to reduce our Medicare outstanding patient accounts receivable to their estimated net realizable value, as we
do not estimate an allowance for doubtful accounts for our Medicare claims.
For the
three-month period
ended For the year-ended
March 31, 2009 December 31, 2009
Balance at beginning of period $ 7.2 $ 3.6
Provision for estimated revenue adjustments 2.1 6.4
Write offs (1.7) (3.2)
Acquired through acquisitions - 0.4
Balance at end of period $ 7.6 $ 7.2
Our estimated revenue adjustments were 6.2% and 5.3% of our outstanding Medicare patient accounts receivable at March
31, 2009 and December 31, 2008, respectively.
(3)
Source: AMEDISYS INC, 10-Q, April 28, 2009
32. Private patient accounts receivable include amounts due from other insurance carriers, including Medicare Advantage
programs, amounts due for co-payments and amounts due for self-pay.
18
Source: AMEDISYS INC, 10-Q, April 28, 2009