ALMOST FAMILY INC - FORM 8-K - EX-99.2 - SUPPLEMENTAL SEGMENT INFORMATION

Attached files

file	filename
8-K - Q4 2014 EARNINGS - ALMOST FAMILY INC	q420148k.htm
EX-99.1 - Q4 2014 EARNINGS RELEASE - ALMOST FAMILY INC	earning.htm
EX-99.3 - PURCHASE AGREEMENT RELEASE - ALMOST FAMILY INC	purchase.htm

ALMOST FAMILY, INC. AND SUBSIDIARIES																															Exhibit 99.2
RESULTS OF OPERATIONS - QUARTERLY DATA FOR DECEMBER 31, 2014, 2013 AND 2012
(UNAUDITED)
(Dollars and share data in thousands)

	2014 Quarters												2013 Quarters												2012 Quarters
	DEC			SEP			JUN			MAR			DEC			SEP			JUN			MAR			DEC			SEP			JUN			MAR
Home Health Operations
Net service revenues:
Visiting Nurse	$	95,724		$	95,116		$	96,776		$	93,172		$	72,055		$	64,696		$	63,280		$	63,758		$	62,825		$	61,197		$	62,439		$	65,185
Personal Care		28,850			28,627			28,160			26,860			24,336			23,775			23,121			21,695			22,282			22,235			22,287			22,170
		124,574			123,742			124,937			120,032			96,391			88,471			86,400			85,453			85,107			83,432			84,726			87,355
Operating income before corporate expenses:
Visiting Nurse		11,704			12,155			13,192			9,174			8,142			7,049			6,447			7,894			8,212			8,597			10,024			10,272
Personal Care		3,268			3,263			3,722			2,716			2,688			2,906			3,564			2,442			3,034			3,166			2,684			2,875
		14,972			15,417			16,913			11,890			10,830			9,955			10,011			10,336			11,246			11,763			12,708			13,147
Healthcare Innovations
Revenue		182			1,798			256			308			196			-			-			-			-			-			-			-
Operating (loss) income before noncontrolling interest		(408	)		1,077			(427	)		(255	)		(482	)		-			-			-			-			-			-			-

Corporate expenses		7,313			7,475			8,235			6,201			5,728			5,319			5,438			5,047			4,886			4,834			5,373			5,229
Deal, transition and other		(701	)		1,655			1,243			3,115			3,336			848			128			11			82			101			159			247
Operating income		7,952			7,364			7,008			2,319			1,284			3,788			4,445			5,278			6,278			6,828			7,176			7,671
Interest expense, net		(362	)		(396	)		(330	)		(347	)		(127	)		(11	)		(11	)		(18	)		(17	)		(17	)		(32	)		(34	)
Income tax expense		(3,266	)		(2,810	)		(2,618	)		(817	)		(756	)		(1,462	)		(1,852	)		(1,950	)		(2,504	)		(2,710	)		(2,898	)		(2,939	)
Net income from continuing operations	$	4,324		$	4,158		$	4,060		$	1,155		$	401		$	2,315		$	2,582		$	3,310		$	3,757		$	4,101		$	4,246		$	4,698
Adjusted EBITDA from home health operations (1)	$	9,149		$	9,123		$	10,265		$	7,240		$	6,477		$	5,728		$	5,609		$	6,204		$	7,363		$	7,955		$	8,354		$	8,894
Adjusted earnings from home health operations (1)	$	4,479		$	4,412		$	4,921		$	3,290		$	2,740		$	2,819		$	2,658		$	3,317		$	3,807		$	4,162		$	4,339		$	4,846

Effective tax rate		43.0	%		40.3	%		39.2	%		41.4	%		65.3	%		38.7	%		41.8	%		37.1	%		40.0	%		39.8	%		40.6	%		38.5	%

Home Health Operations % of Revenue
Net service revenues:
Visiting Nurse		76.8	%		76.9	%		77.5	%		77.6	%		74.8	%		73.1	%		73.2	%		74.6	%		73.8	%		73.3	%		73.7	%		74.6	%
Personal Care		23.2	%		23.1	%		22.5	%		22.4	%		25.2	%		26.9	%		26.8	%		25.4	%		26.2	%		26.7	%		26.3	%		25.4	%
		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Operating (loss) income before corporate expenses:
Visiting Nurse		12.2	%		12.8	%		13.6	%		9.8	%		11.3	%		10.9	%		10.2	%		12.4	%		13.1	%		14.0	%		16.1	%		15.8	%
Personal Care		11.3	%		11.4	%		13.2	%		10.1	%		11.0	%		12.2	%		15.4	%		11.3	%		13.6	%		14.2	%		12.0	%		13.0	%
		12.0	%		12.5	%		13.5	%		9.9	%		11.2	%		11.3	%		11.6	%		12.1	%		13.2	%		14.1	%		15.0	%		15.1	%
Healthcare Innovations % of Revenue
Revenue		0.1	%		1.4	%		0.2	%		0.3	%		0.2	%	NM			NM			NM			NM			NM			NM			NM
Operating income before noncontrolling interest	NM			NM			NM			NM			NM			NM			NM			NM			NM			NM			NM			NM

Corporate expenses		5.9	%		6.0	%		6.6	%		5.2	%		5.9	%		6.0	%		6.3	%		5.9	%		5.7	%		5.8	%		6.3	%		6.0	%
Deal, transition and other		-0.6	%		1.3	%		1.0	%		2.6	%		3.5	%		1.0	%		0.1	%		0.0	%		0.1	%		0.1	%		0.2	%		0.3	%
Operating income		6.4	%		5.9	%		5.6	%		1.9	%		1.3	%		4.3	%		5.1	%		6.2	%		7.4	%		8.2	%		8.5	%		8.8	%
Interest expense, net		-0.3	%		-0.3	%		-0.3	%		-0.3	%		-0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Income tax expense		-2.6	%		-2.2	%		-2.1	%		-0.7	%		-0.8	%		-1.7	%		-2.1	%		-2.3	%		-2.9	%		-3.2	%		-3.4	%		-3.4	%
Net income from continuing operations		3.5	%		3.3	%		3.2	%		1.0	%		0.4	%		2.6	%		3.0	%		3.9	%		4.4	%		4.9	%		5.0	%		5.4	%
Adjusted EBITDA from home health operations		7.3	%		7.3	%		8.2	%		6.0	%		6.7	%		6.5	%		6.5	%		7.3	%		8.7	%		9.5	%		9.9	%		10.1	%
Adjusted earnings from home health operations		3.6	%		3.5	%		3.9	%		2.7	%		2.8	%		3.2	%		3.1	%		3.9	%		4.5	%		5.0	%		5.1	%		5.5	%

(1) See attached reconciliaton

ALMOST FAMILY, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS - QUARTERLY DATA FOR DECEMBER 31, 2014, 2013 AND 2012
(UNAUDITED)
(Dollars and share data in thousands)

	2014 Quarters										2013 Quarters								2012 Quarters
	DEC			SEP			JUN		MAR		DEC		SEP		JUN		MAR		DEC		SEP		JUN			MAR
(1) Reconciliation of non-GAAP Measures
Non-GAAP Measure - Adjusted EBITDA from Home Health Operations
Net income from continuing operations	$	4,324		$	4,158		$	4,060	$	1,155	$	401	$	2,315	$	2,582	$	3,310	$	3,757	$	4,101	$	4,246		$	4,698
Add back:
Interest expense		362			396			330		347		127		11		11		18		17		17		32			34
Income tax expense		3,266			2,810			2,618		817		756		1,462		1,852		1,951		2,504		2,710		2,898			2,939
Depreciation and amortization		938			1,012			1,050		1,102		857		707		670		627		659		645		631			615
Stock-based compensation from home health operations		478			465			458		414		426		385		366		287		346		382		385			361
Deal, transition and other		(701	)		1,655			1,243		3,115		3,336		848		128		11		80		100		162			247
Adjusted EBITDA		8,667			10,496			9,759		6,950		5,903		5,728		5,609		6,204		7,363		7,955		8,354			8,894
Healthcare Innovation operating loss (income)		482			(1,373	)		505		291		574		-		-		-		-		-		-			-
Adjusted EBITDA from home health operations	$	9,149		$	9,123		$	10,265	$	7,240	$	6,477	$	5,728	$	5,609	$	6,204	$	7,363	$	7,955	$	8,354		$	8,894

Non-GAAP Measure - Adjusted Earnings from Home Health Operations
Net income attrib to AFAM	$	4,747		$	3,782		$	3,961	$	1,273	$	328	$	2,128	$	2,523	$	3,247	$	3,705	$	4,099	$	4,549		$	4,932

Addbacks:
Deal, transition and other, net of tax		(417	)		985			740		1,853		1,985		505		76		7		48		60		96			147
Loss on discontinued operations, net of tax		-			39			64		70		251		186		59		63		54		3		(306	)		(233	)
Adjusted earnings		4,330			4,806			4,765		3,196		2,564		2,819		2,658		3,317		3,807		4,162		4,339			4,846
Healthcare Innovation operating loss (income) after NCI, net of tax		149			(394	)		156		93		176		-		-		-		-		-		-			-
Adjusted earnings from home health operations	$	4,479		$	4,412		$	4,921	$	3,290	$	2,740	$	2,819	$	2,658	$	3,317	$	3,807	$	4,162	$	4,339		$	4,846

Non-GAAP Measure - Adjusted Earnings Per Share from Home Health Operations
Diluted Shares		9,474			9,443			9,431		9,426		9,401		9,348		9,348		9,338		9,313		9,315		9,315			9,334

Net income attrib to AFAM	$	0.50		$	0.40		$	0.42	$	0.14	$	0.03	$	0.23	$	0.27	$	0.35	$	0.40	$	0.44	$	0.49		$	0.53

Addbacks:
Deal, transition and other, net of tax		(0.04	)		0.10			0.08		0.20		0.21		0.05		0.01		0.00		0.01		0.01		0.01			0.02
Loss on discontinued operations, net of tax		-			0.00			0.01		0.01		0.03		0.02		0.01		0.01		0.01		0.00		(0.03	)		(0.02	)
Adjusted earnings		0.46			0.51			0.51		0.34		0.27		0.30		0.28		0.36		0.41		0.45		0.47			0.52
Healthcare Innovation operating loss (income) after NCI, net of tax		0.02			(0.04	)		0.02		0.01		0.02		-		-		-		-		-		-			-
Adjusted earnings from home health operations	$	0.47		$	0.47		$	0.52	$	0.35	$	0.29	$	0.30	$	0.28	$	0.36	$	0.41	$	0.45	$	0.47		$	0.52

NM = Not meaningful.

ALMOSTFAMILY, INC. - VISITING NURSE
RESULTS OF OPERATIONS AND OPERATING METRICS - QUARTERLY DATA FOR DECEMBER 31, 2014, 2013 AND 2012
(UNAUDITED)
(Dollars in Thousands)

	2014 Quarters												2013 Quarters												2012 Quarters
	DEC			SEP			JUN			MAR			DEC			SEP			JUN			MAR			DEC			SEP			JUN			MAR
Revenue	$	95,724		$	95,116		$	96,776		$	93,172		$	72,055		$	64,696		$	63,280		$	63,758		$	62,825		$	61,197		$	62,439		$	65,185
Cost of service revenues		46,822			46,984			46,344			46,685			34,839			31,274			30,951			30,630			29,558			28,754			28,920			29,782
Gross Margin		48,902			48,132			50,432			46,486			37,216			33,422			32,329			33,127			33,267			32,443			33,519			35,403
Salaries & benefits		27,239			26,449			27,321			26,782			21,190			19,879			19,307			18,991			18,745			17,728			18,153			18,699
Other		9,959			9,528			9,920			10,531			7,884			6,494			6,575			6,242			6,310			6,118			5,342			6,432
Total G&A services		37,198			35,977			37,240			37,313			29,074			26,373			25,882			25,234			25,055			23,846			23,495			25,131
Operating income	$	11,704		$	12,155		$	13,192		$	9,174		$	8,142		$	7,049		$	6,447		$	7,894		$	8,212		$	8,597		$	10,024		$	10,272

Margin Analysis % of Revenue
Revenue		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of service revenues		48.9	%		49.4	%		47.9	%		50.1	%		48.4	%		48.3	%		48.9	%		48.0	%		47.0	%		47.0	%		46.3	%		45.7	%
Gross Margin		51.1	%		50.6	%		52.1	%		49.9	%		51.6	%		51.7	%		51.1	%		52.0	%		53.0	%		53.0	%		53.7	%		54.3	%
Salaries & benefits		28.5	%		27.8	%		28.2	%		28.7	%		29.4	%		30.7	%		30.5	%		29.8	%		29.8	%		29.0	%		29.1	%		28.7	%
Other		10.4	%		10.0	%		10.2	%		11.3	%		10.9	%		10.0	%		10.4	%		9.8	%		10.0	%		10.0	%		8.6	%		9.9	%
Total G&A services		38.9	%		37.8	%		38.5	%		40.0	%		40.3	%		40.8	%		40.9	%		39.6	%		39.9	%		39.0	%		37.6	%		38.6	%
Operating income		12.2	%		12.8	%		13.6	%		9.8	%		11.3	%		10.9	%		10.2	%		12.4	%		13.1	%		14.0	%		16.1	%		15.8	%

All payors:
Patient months		80,232			79,598			80,412			79,188			58,949			51,529			51,613			52,188			50,763			49,443			50,137			51,336
Admissions		24,612			24,371			24,545			25,106			17,489			15,198			15,445			16,173			15,502			14,828			15,143			16,043
Billable visits		631,145			627,517			637,361			611,044			480,727			431,768			427,817			419,552			411,578			395,949			397,800			414,806

Medicare:
Admissions		21,782			21,531			21,876			22,461			15,292			14,015			14,177			14,956			14,147			13,288			13,808			14,641
Revenue (in thousands)	$	90,446		$	88,639		$	90,709		$	87,350		$	68,676		$	62,399		$	61,200		$	61,738		$	60,656		$	59,394		$	60,511		$	63,111
Revenue per admission	$	4,152		$	4,117		$	4,147		$	3,889		$	4,491		$	4,452		$	4,317		$	4,128		$	4,288		$	4,470		$	4,382		$	4,310
Billable visits		566,868			564,626			576,001			552,401			446,618			412,637			408,308			400,783			391,418			374,840			378,651			389,800
Recertifications		11,913			11,907			12,140			11,915			9,258			8,380			7,999			7,960			7,795			7,807			7,579			7,767
Percent of total
Admissions		88.5	%		88.3	%		89.1	%		89.5	%		87.4	%		92.2	%		91.8	%		92.5	%		91.3	%		89.6	%		91.2	%		91.3	%
Revenue		94.5	%		93.2	%		93.7	%		93.8	%		95.3	%		96.4	%		96.7	%		96.8	%		96.5	%		97.1	%		96.9	%		96.8	%
Billable visits		89.8	%		90.0	%		90.4	%		90.4	%		92.9	%		95.6	%		95.4	%		95.5	%		95.1	%		94.7	%		95.2	%		94.0	%
Payor mix % of Admissions
Traditional Medicare Episodic		84.2	%		84.0	%		84.5	%		83.3	%		92.1	%		92.6	%		91.9	%		91.0	%		92.7	%		93.9	%		94.4	%		93.6	%
Replacement Plans Paid Episodically		3.3	%		3.7	%		3.2	%		3.1	%		2.9	%		2.2	%		2.8	%		2.6	%		2.6	%		2.9	%		3.0	%		4.4	%
Replacement Plans Paid Per Visit		12.5	%		12.3	%		12.3	%		13.6	%		5.0	%		5.2	%		5.3	%		6.4	%		4.7	%		3.2	%		2.6	%		2.0	%

Non-Medicare:
Admissions		2,830			2,840			2,669			2,645			2,196			1,183			1,268			1,217			1,355			1,539			1,335			1,402
Revenue (in thousands)	$	5,278		$	6,477		$	6,068		$	5,822		$	3,380		$	2,298		$	2,079		$	2,020		$	2,169		$	1,803		$	1,928		$	2,074
Revenue per admission	$	1,865		$	2,280		$	2,273		$	2,201		$	1,539		$	1,943		$	1,640		$	1,660		$	1,601		$	1,171		$	1,444		$	1,480
Billable visits		64,277			62,891			61,360			58,643			34,109			19,131			19,509			18,769			20,160			21,109			19,149			25,006
Recertifications		499			432			470			464			403			220			307			300			423			436			485			492
Percent of total
Admissions		11.5	%		11.7	%		10.9	%		10.5	%		12.6	%		7.8	%		8.2	%		7.5	%		8.7	%		10.4	%		8.8	%		8.7	%
Revenue		5.5	%		6.8	%		6.3	%		6.2	%		4.7	%		3.6	%		3.3	%		3.2	%		3.5	%		2.9	%		3.1	%		3.2	%
Billable visits		10.2	%		10.0	%		9.6	%		9.6	%		7.1	%		4.4	%		4.6	%		4.5	%		4.9	%		5.3	%		4.8	%		6.0	%
Payor mix % of Admissions
Medicaid & other governmental		25.6	%		24.1	%		22.0	%		21.2	%		18.3	%		33.6	%		27.8	%		23.9	%		27.4	%		35.4	%		29.1	%		32.7	%
Private payors		74.4	%		75.9	%		78.0	%		78.8	%		81.7	%		67.4	%		72.2	%		76.1	%		72.6	%		64.6	%		70.9	%		67.1	%

ALMOST FAMILY, INC. - PERSONAL CARE
RESULTS OF OPERATIONS AND OPERATING METRICS - QUARTERLY DATA FOR DECEMBER 31, 2014, 2013 AND 2012
(UNAUDITED)
(Dollars in thousands)

	2014 Quarters												2013 Quarters												2012 Quarters
	DEC			SEP			JUN			MAR			DEC			SEP			JUN			MAR			DEC			SEP			JUN			MAR
Revenue	$	28,850		$	28,627		$	28,160		$	26,860		$	24,336		$	23,775		$	23,121		$	21,695		$	22,282		$	22,235		$	22,287		$	22,170
Cost of service revenues		19,497			19,473			19,144			18,749			16,509			16,101			15,196			14,815			14,839			14,816			15,333			14,674
Gross margin		9,353			9,153			9,016			8,111			7,827			7,674			7,925			6,880			7,443			7,419			6,954			7,496
Salaries & benefits		3,680			3,603			3,528			3,444			3,367			3,086			2,905			2,936			2,937			3,030			2,983			3,096
Other		2,405			2,288			1,767			1,951			1,771			1,682			1,457			1,503			1,472			1,223			1,287			1,525
Total G&A expenses		6,085			5,891			5,294			5,395			5,139			4,769			4,361			4,439			4,409			4,253			4,270			4,621
Operating income	$	3,268		$	3,263		$	3,722		$	2,716		$	2,688		$	2,906		$	3,564		$	2,442		$	3,034		$	3,166		$	2,684		$	2,875

Margin Analysis % of Revenue
Revenue		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of service revenues		67.6	%		68.0	%		68.0	%		69.8	%		67.8	%		67.7	%		65.7	%		68.3	%		66.6	%		66.6	%		68.8	%		66.2	%
Gross margin		32.4	%		32.0	%		32.0	%		30.2	%		32.2	%		32.3	%		34.3	%		31.7	%		33.4	%		33.4	%		31.2	%		33.8	%
Salaries & benefits		12.8	%		12.6	%		12.5	%		12.8	%		13.8	%		13.0	%		12.6	%		13.5	%		13.2	%		13.6	%		13.4	%		14.0	%
Other		8.3	%		8.0	%		6.3	%		7.3	%		7.3	%		7.1	%		6.3	%		6.9	%		6.6	%		5.5	%		5.8	%		6.9	%
Total G&A expenses		21.1	%		20.6	%		18.8	%		20.1	%		21.1	%		20.1	%		18.9	%		20.5	%		19.8	%		19.1	%		19.2	%		20.8	%
Operating income		11.3	%		11.4	%		13.2	%		10.1	%		11.0	%		12.2	%		15.4	%		11.3	%		13.6	%		14.2	%		12.0	%		13.0	%

Admissions		1,619			1,667			1,653			1,519			1,204			1,119			1,231			1,169			1,155			1,180			1,260			1,218
Patient months of care		22,858			22,663			22,502			21,857			20,439			19,944			19,929			19,733			19,762			20,215			19,785			19,342
Billable hours		1,315,575			1,352,720			1,348,504			1,287,290			1,230,409			1,191,223			1,169,222			1,091,736			1,103,535			1,097,106			1,064,495			1,105,569
Revenue per billable hour	$	21.93		$	21.16		$	20.88		$	20.87		$	19.78		$	19.96		$	19.77		$	19.87		$	20.19		$	20.27		$	20.94		$	20.05

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ALMOST FAMILY INC - FORM 8-K - EX-99.2 - SUPPLEMENTAL SEGMENT INFORMATION - February 25, 2015

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