Apria, Inc. (the “Company” or “Apria”) (Nasdaq: APR), a leading
provider of integrated home healthcare equipment and related
services in the United States, announced today financial results
for the third quarter ended September 30, 2021.
“We delivered solid third quarter 2021 financial results that
were reflective of our continued execution and operational
improvements building on momentum from the first half of the year,
despite external headwinds. Third quarter revenue was in-line with
our guidance while Adjusted EBITDA and Adjusted EBITDA less Patient
Equipment Capex were at the high end or better than our forecast,”
said Dan Starck, CEO of Apria. “We continue to see strong new
patient volume for oxygen driven by the Delta variant which we
expect to remain at elevated levels compared to historical run
rates. We also continue to see elevated new patients seeking OSA
treatment, and I am proud of the entire Apria team for their
perseverance and commitment of effectively working with patients as
we manage through the equipment shortages driven by the disruption
created by the Philips recall and other supply chain
challenges.”
Mr. Starck continued, “In September, DMEscripts LLC announced a
strategic partnership with the four national Durable Medical
Equipment providers, including Apria, and two industry trade
associations to drive greater use and adoption of e-Prescribe. We
think wide spread adoption for e-Prescribe could be a game-changer
and a meaningful driver of efficiencies and cost savings for our
industry over time. Our team continues to perform at a high level
providing the highest level of quality care for our patients
despite the significant disruption caused by the Recall and supply
chain issues and I remain confident that Apria will be able to
finish the year on a high note.”
Third Quarter 2021 Financial Highlights
Comparisons are to the three months ended September 30,
2020.
- Net revenue of $287.2 million, up
3.8% compared to $276.8 million
- Net Income of $22.8 million, or
$0.60 per diluted share, up 300.1% from $5.7 million
- Adjusted EBITDA of $61.0 million,
down 6.2% compared to $65.0 million
- Adjusted EBITDA less Patient
Equipment Capex of $38.9 million, up 0.9% from $38.6 million
2021 Financial Guidance
For the fourth quarter of 2021, Apria is currently projecting
the following financial results:
- Net revenue of $282 million to $298
million
- Adjusted EBITDA of $54 million to
$60 million
- Adjusted EBITDA less Patient
Equipment Capex of $27 million to $31 million
For the full year 2021, Apria is increasing revenue and Adjusted
EBITDA guidance while narrowing the Adjusted EBITDA less Patient
Equipment Capex guidance range and is now projecting the following
financial results:
- Net revenue of $1.13 billion to
$1.15 billion; up from $1.12 billion to $1.15 billion
- Adjusted EBITDA of $228 million to
$234 million; up from $221 million to $231 million
- Adjusted EBITDA less Patient
Equipment Capex of $135 million to $139 million; revised from $132
million to $142 million
Third Quarter 2021 Earnings Conference Call
Apria will host a conference call to discuss third quarter 2021
results on November 4, 2021 at 5:00 p.m. Eastern Time. The
conference call can be accessed by dialing (833) 362-0207 for U.S.
participants or (914) 987-7676 for international participants, and
referencing conference ID 4161279; or via a live audio webcast that
will be available online at https://ir.apria.com/. A replay of the
call will be available via webcast for on-demand listening shortly
after the completion of the call, at the same web link, and will
remain available for approximately 90 days.
About Apria
Apria is a leading provider of integrated home healthcare
equipment and related services in the United States. The Company
offers a comprehensive range of products and services for in-home
care and delivery across three core service lines: (1) home
respiratory therapy (including home oxygen and non-invasive
ventilation (“NIV”) services); (2) obstructive sleep apnea
(“OSA”) treatment (including continuous positive airway pressure
(“CPAP”) and bi-level positive airway pressure devices, and patient
support services); and (3) negative pressure wound therapy
(“NPWT”). Additionally, the Company supplies a wide range of home
medical equipment and other products and services to help improve
the quality of life for patients with home care needs. Our revenues
are generated through fee-for-service and capitation arrangements
with third-party healthcare payors, including government and
commercial payors (“Payors”) for equipment, supplies, services and
other items we rent or sell to patients. Through our offerings, we
also provide patients with a variety of clinical and administrative
support services and related products and supplies, most of which
are prescribed by a physician as part of a care plan. We are
focused on being the industry’s highest-quality provider of home
healthcare equipment and related services, while maintaining our
commitment to being a low-cost operator. The Company serves over 2
million patients annually and offers a compelling value proposition
to patients, providers and Payors by allowing patients to receive
necessary care and services in the comfort of their own home,
while, at the same time, reducing the costs of treatment. Learn
more at www.apria.com.
This press release includes certain historical consolidated
financial and other data for Apria Healthcare Group LLC (formerly
known as Apria Healthcare Group Inc.) (“Apria Healthcare Group”)
and its subsidiaries. In connection with our initial public
offering (“IPO” or “offering”), we undertook certain reorganization
transactions as of February 10, 2021 so that Apria, Inc. directly
or indirectly owns all of the equity interests in Apria Healthcare
Group and is the holding company of our business. The merger was
accounted for as a reorganization of entities under common control.
As a result, the consolidated financial statements of the Company
recognize the assets and liabilities received in the merger at
their historical carrying amounts as reflected in the historical
consolidated financial statements of Apria Healthcare Group, the
accounting predecessor.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
statements regarding our expectations regarding pending or
potential acquisitions, product recalls, supply chain disruptions,
and the future performance and financial results of our business
and other non-historical statements. Forward-looking statements
include all statements that do not relate solely to historical or
current facts. In some cases, you can identify these
forward-looking statements by the use of words such as “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “predicts,” “intends,” “trends,”
“plans,” “estimates,” “anticipates” or the negative version of
these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties,
including, among others, risks related to the COVID-19 public
health emergency, product and related recalls, the profitability of
our capitation arrangements, renegotiation or termination of our
contracts, reimbursements by Payors, our reliance on relatively few
vendors, competition in the home healthcare industry, the inherent
risk of liability in the provision of healthcare services, and
reductions in Medicare and Medicaid and commercial payor
reimbursement rates. Additional factors that could cause our actual
outcomes or results to differ materially from those described in
the forward-looking statements can be found in the “Risk Factors"
sections of the Company’s Annual Report on Form 10-K for the period
ended December 31, 2020 and Quarterly Reports on Form 10-Q for the
periods ended June 30, 2021 and September 30, 2021, as such factors
may be further updated from time to time in Apria’s other filings
with the Securities and Exchange Commission (“SEC”). These reports
are or will be accessible on the SEC’s website at www.sec.gov.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in this press release and in the Company’s filings with
the SEC. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law.
Use of
Non-GAAP Financial
Information and
Financial Guidance
This press release contains certain financial measures that are
not recognized under generally accepted accounting principles in
the United States (“GAAP”). The Company uses EBITDA, Adjusted
EBITDA and Adjusted EBITDA less Patient Equipment Capex, which are
financial measures that are not prepared in accordance with GAAP,
to analyze its financial results and believes that they are useful
to investors, as a supplement to GAAP measures.
EBITDA is a non-GAAP measure that represents net income for the
period before the impact of interest income, interest expense,
other income and expense, income taxes, and depreciation and
amortization. EBITDA is widely used by securities analysts,
investors and other interested parties to evaluate the
profitability of companies. EBITDA eliminates potential differences
in performance caused by variations in capital structures, tax
positions, the cost and age of tangible assets and the extent to
which intangible assets are identifiable. Adjusted EBITDA is a
non-GAAP measure that represents EBITDA before certain items that
impact comparison of the performance of our business either
period-over-period or with other businesses. The Company uses
Adjusted EBITDA as a key profitability measure to assess the
performance of our business. We believe that Adjusted EBITDA
should, therefore, be made available to securities analysts,
investors and other interested parties to assist in their
assessment of the performance of our business. Adjusted EBITDA less
Patient Equipment Capex is a non-GAAP measure that represents
Adjusted EBITDA less purchases of patient equipment net of
dispositions (“Patient Equipment Capex”). For purposes of this
metric, Patient Equipment Capex is measured as the value of the
patient equipment received less the net book value of dispositions
of patient equipment during the accounting period. This metric is
useful in evaluating the financial performance of the Company as
the business requires significant capital expenditures to maintain
its patient equipment fleet due to asset replacement and
contractual commitments. The Company believes that Adjusted EBITDA
less Patient Equipment Capex should, therefore, be made available
to securities analysts, investors, and other interested parties to
assist in their assessment of the performance of our business.
Reconciliations of historical EBITDA, Adjusted EBITDA and
Adjusted EBITDA less Patient Equipment Capex to our net income, the
most directly comparable financial measure calculated and presented
in accordance with GAAP, are included in the tables attached to
this press release. EBITDA, Adjusted EBITDA and Adjusted EBITDA
less Patient Equipment Capex should not be considered alternatives
to net income or any other measure of financial performance
calculated and presented in accordance with GAAP. EBITDA, Adjusted
EBITDA and Adjusted EBITDA less Patient Equipment Capex may not be
comparable to similarly titled measures of other organizations
because other organizations may not calculate EBITDA, Adjusted
EBITDA and Adjusted EBITDA less Patient Equipment Capex in the same
manner as the Company calculates these measures.
The Company’s uses of EBITDA, Adjusted EBITDA and Adjusted
EBITDA less Patient Equipment Capex have limitations as analytical
tools, and you should not consider them in isolation or as a
substitute for analysis of our results as reported under GAAP. Some
of these limitations are:
• although depreciation and amortization are
noncash charges, the assets being depreciated and amortized may
have to be replaced in the future. EBITDA and Adjusted EBITDA do
not reflect capital expenditure requirements for such replacements
or other contractual commitments;
• EBITDA, Adjusted EBITDA and Adjusted EBITDA
less Patient Equipment Capex do not reflect changes in, or cash
requirements for, our working capital needs;
• EBITDA, Adjusted EBITDA and Adjusted EBITDA
less Patient Equipment Capex do not reflect the interest expense or
the cash requirements necessary to service interest or principal
payments on our indebtedness; and
• other companies, including companies in our
industry, may calculate EBITDA, Adjusted EBITDA and Adjusted EBITDA
less Patient Equipment Capex measures differently, which reduces
their usefulness as a comparative measure.
EBITDA, Adjusted EBITDA and Adjusted EBITDA less Patient
Equipment Capex exclude items that can have a significant effect on
profit or loss and should, therefore, be used in conjunction with,
not as substitutes for, profit or loss for the period. The Company
compensates for these limitations by separately monitoring net
income for the period.
There is no reliable or reasonably estimable comparable GAAP
measure for the Company’s non-GAAP financial guidance because the
Company is not able to reliably predict the impact of certain
items, including equity-based compensation expense, transaction
costs, and other non-recurring (income) expense for the fourth
quarter in 2021 and the full year 2021. As a result, reconciliation
of these forward-looking non-GAAP measures to the most directly
comparable GAAP measure is not available without unreasonable
effort. In addition, the Company believes such a reconciliation
would imply a degree of precision and certainty that could be
confusing to investors. The variability of the specified items may
have a significant and unpredictable impact on the Company’s future
GAAP results.
In addition, the Company’s non-GAAP financial guidance in this
release excludes the impact of any potential additional future
strategic acquisitions and any specified items that have not yet
been identified and quantified. The guidance also excludes anything
we cannot quantify at this time, including the macro-economic
effects of the COVID-19 pandemic, or the extent to which the
Philips recall and other supply chain disruptions may differ from
our expectations. The financial guidance is subject to risks and
uncertainties applicable to all forward-looking statements as
described elsewhere in this press release and in the Company’s
filings with the SEC.
APRIA, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(In thousands, except
share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
(unaudited) |
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
216,497 |
|
|
$ |
195,197 |
|
Accounts receivable |
|
|
75,510 |
|
|
|
74,774 |
|
Inventories |
|
|
8,066 |
|
|
|
6,680 |
|
Prepaid expenses and other current assets |
|
|
24,033 |
|
|
|
24,003 |
|
TOTAL CURRENT ASSETS |
|
|
324,106 |
|
|
|
300,654 |
|
PATIENT EQUIPMENT, less
accumulated depreciation of $366,772 and $356,888 as of September
30, 2021 and December 31, 2020, respectively |
|
|
216,756 |
|
|
|
223,972 |
|
PROPERTY, EQUIPMENT AND
IMPROVEMENTS, NET |
|
|
21,133 |
|
|
|
25,419 |
|
INTANGIBLE ASSETS, NET |
|
|
66,391 |
|
|
|
61,497 |
|
OPERATING LEASE RIGHT-OF-USE
ASSETS |
|
|
61,652 |
|
|
|
57,869 |
|
GOODWILL |
|
|
15,580 |
|
|
|
— |
|
EQUITY METHOD INVESTMENT |
|
|
3,600 |
|
|
|
— |
|
DEFERRED INCOME TAXES,
NET |
|
|
835 |
|
|
|
18,258 |
|
NOTE RECEIVABLE, RELATED
PARTY |
|
|
811 |
|
|
|
— |
|
OTHER ASSETS |
|
|
18,254 |
|
|
|
17,315 |
|
TOTAL ASSETS |
|
$ |
729,118 |
|
|
$ |
704,984 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
108,653 |
|
|
$ |
116,886 |
|
Accrued payroll and related taxes and benefits |
|
|
53,713 |
|
|
|
55,628 |
|
Other accrued liabilities |
|
|
32,218 |
|
|
|
33,513 |
|
Deferred revenue |
|
|
26,886 |
|
|
|
25,821 |
|
Current portion of operating lease liabilities |
|
|
21,552 |
|
|
|
23,977 |
|
Current portion of long-term debt |
|
|
31,250 |
|
|
|
20,833 |
|
TOTAL CURRENT LIABILITIES |
|
|
274,272 |
|
|
|
276,658 |
|
LONG-TERM DEBT, less current
portion |
|
|
351,142 |
|
|
|
376,389 |
|
OPERATING LEASE LIABILITIES,
less current portion |
|
|
40,189 |
|
|
|
35,358 |
|
OTHER NONCURRENT
LIABILITIES |
|
|
40,384 |
|
|
|
42,924 |
|
TOTAL LIABILITIES |
|
|
705,987 |
|
|
|
731,329 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
|
|
|
Preferred stock, $0.01 par value: 100,000,000 authorized; no shares
issued as of September 30, 2021 and February 10, 2021 |
|
|
|
|
|
|
Common stock, $0.01 par value: 1,000,000,000 authorized; 35,400,884
and 35,210,915 shares issued and outstanding as of September 30,
2021 and February 10, 2021, respectively |
|
|
354 |
|
|
|
— |
|
Additional paid-in capital |
|
|
955,283 |
|
|
|
954,087 |
|
Accumulated deficit |
|
|
(932,506 |
) |
|
|
(980,432 |
) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
23,131 |
|
|
|
(26,345 |
) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
$ |
729,118 |
|
|
$ |
704,984 |
|
APRIA, INC.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(In
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Fee-for-service arrangements |
|
$ |
229,293 |
|
|
$ |
220,446 |
|
|
$ |
676,814 |
|
|
$ |
646,630 |
|
Capitation |
|
|
57,904 |
|
|
|
56,314 |
|
|
|
171,936 |
|
|
|
168,298 |
|
TOTAL NET REVENUES |
|
|
287,197 |
|
|
|
276,760 |
|
|
|
848,750 |
|
|
|
814,928 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Product and supply costs |
|
|
48,809 |
|
|
|
45,192 |
|
|
|
152,723 |
|
|
|
141,563 |
|
Patient equipment depreciation |
|
|
24,746 |
|
|
|
25,104 |
|
|
|
75,631 |
|
|
|
75,840 |
|
Home respiratory therapists costs |
|
|
4,023 |
|
|
|
3,986 |
|
|
|
12,345 |
|
|
|
12,848 |
|
Other |
|
|
4,284 |
|
|
|
4,417 |
|
|
|
12,829 |
|
|
|
13,669 |
|
TOTAL COST OF NET REVENUES |
|
|
81,862 |
|
|
|
78,699 |
|
|
|
253,528 |
|
|
|
243,920 |
|
Selling, distribution and administrative |
|
|
176,372 |
|
|
|
184,674 |
|
|
|
522,935 |
|
|
|
534,110 |
|
TOTAL COSTS AND EXPENSES |
|
|
258,234 |
|
|
|
263,373 |
|
|
|
776,463 |
|
|
|
778,030 |
|
OPERATING INCOME |
|
|
28,963 |
|
|
|
13,387 |
|
|
|
72,287 |
|
|
|
36,898 |
|
Interest expense |
|
|
2,938 |
|
|
|
1,117 |
|
|
|
8,882 |
|
|
|
4,047 |
|
Interest income |
|
|
(51 |
) |
|
|
(74 |
) |
|
|
(142 |
) |
|
|
(451 |
) |
Gain from derecognition of
nonfinancial asset |
|
|
(3,994 |
) |
|
|
— |
|
|
|
(3,994 |
) |
|
|
— |
|
INCOME BEFORE INCOME TAXES |
|
|
30,070 |
|
|
|
12,344 |
|
|
|
67,541 |
|
|
|
33,302 |
|
Income tax expense |
|
|
7,264 |
|
|
|
6,644 |
|
|
|
19,615 |
|
|
|
13,034 |
|
NET INCOME |
|
$ |
22,806 |
|
|
$ |
5,700 |
|
|
$ |
47,926 |
|
|
$ |
20,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three |
|
|
|
|
February 10, 2021 |
|
|
|
|
|
|
Months Ended |
|
|
|
|
through |
|
|
|
|
|
|
September 30, 2021 |
|
|
|
|
September 30, 2021 |
|
|
|
Basic and diluted earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders |
|
$ |
22,806 |
|
|
|
|
|
$ |
46,387 |
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,314,445 |
|
|
|
|
|
|
35,262,700 |
|
|
|
|
Diluted |
|
|
38,210,958 |
|
|
|
|
|
|
38,077,019 |
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.65 |
|
|
|
|
|
$ |
1.32 |
|
|
|
|
Diluted |
|
$ |
0.60 |
|
|
|
|
|
$ |
1.22 |
|
|
|
|
(1) |
Prior to our IPO, our business was conducted through Apria
Healthcare Group which did not have a common capital structure with
Apria, Inc. As such, we computed EPS for the period the
Company’s common stock was outstanding during 2021, referred to as
the Post-IPO period. We have defined the Post-IPO period as
February 10, 2021, the effective date of the pre-IPO
reorganization, through September 30, 2021. |
APRIA, INC.NET
REVENUES FOR EACH CORE SERVICE LINE (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in
thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Home respiratory therapy |
|
$ |
118,811 |
|
$ |
113,995 |
|
$ |
349,139 |
|
$ |
335,277 |
OSA treatment |
|
|
118,253 |
|
|
111,981 |
|
|
353,917 |
|
|
330,965 |
NPWT |
|
|
9,874 |
|
|
10,961 |
|
|
30,258 |
|
|
30,751 |
Other equipment and
services |
|
|
40,259 |
|
|
39,823 |
|
|
115,436 |
|
|
117,935 |
Net revenues |
|
$ |
287,197 |
|
$ |
276,760 |
|
$ |
848,750 |
|
$ |
814,928 |
APRIA, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
(in
thousands) |
|
2021 |
|
|
2020 |
|
Net cash provided by operating activities |
|
$ |
148,822 |
|
|
$ |
158,939 |
|
Net cash used in investing
activities |
|
|
(98,117 |
) |
|
|
(72,532 |
) |
Net cash used in financing
activities |
|
|
(29,405 |
) |
|
|
(20,973 |
) |
Net increase in cash and cash
equivalents |
|
|
21,300 |
|
|
|
65,434 |
|
Cash and cash equivalents at
beginning of period |
|
|
195,197 |
|
|
|
74,691 |
|
Cash and cash equivalents at
end of period |
|
$ |
216,497 |
|
|
$ |
140,125 |
|
Non-GAAP Financial InformationThis press
release presents Apria’s EBITDA, Adjusted EBITDA and Adjusted
EBITDA less Patient Equipment Capex for the three and nine months
ended September 30, 2021 and 2020.
EBITDA is a non-GAAP measure that represents net income for the
period before the impact of interest income, interest expense,
other income and expense, income taxes, and depreciation and
amortization.
Adjusted EBITDA is a non-GAAP measure that represents EBITDA
before certain items that impact comparison of the performance of
our business either period-over-period or with other
businesses.
Adjusted EBITDA less Patient Equipment Capex is a non-GAAP
measure that represents Adjusted EBITDA less purchases of patient
equipment net of dispositions (“Patient Equipment Capex”). For
purposes of this metric, Patient Equipment Capex is measured as the
value of the patient equipment received less the net book value of
dispositions of patient equipment during the accounting period.
Below, we have provided a reconciliation of EBITDA, Adjusted
EBITDA and Adjusted EBITDA less Patient Equipment Capex to our net
income, the most directly comparable financial measure calculated
and presented in accordance with GAAP. EBITDA, Adjusted EBITDA and
Adjusted EBITDA less Patient Equipment Capex should not be
considered alternatives to net income or any other measure of
financial performance calculated and presented in accordance with
GAAP. Our EBITDA, Adjusted EBITDA and Adjusted EBITDA less Patient
Equipment Capex may not be comparable to similarly titled measures
of other organizations because other organizations may not
calculate EBITDA, Adjusted EBITDA and Adjusted EBITDA less Patient
Equipment Capex in the same manner as we calculate these
measures.
The following table reconciles net income, the most directly
comparable GAAP measure, to EBITDA, Adjusted EBITDA and Adjusted
EBITDA less Patient Equipment Capex:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
(in
thousands) |
|
2021 |
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
Net income |
|
$ |
22,806 |
|
|
$ |
5,700 |
|
|
|
$ |
47,926 |
|
|
$ |
20,268 |
|
Interest (income) expense and
other, net |
|
|
(1,107 |
) |
|
|
1,043 |
|
|
|
|
4,746 |
|
|
|
3,596 |
|
Income tax expense |
|
|
7,264 |
|
|
|
6,644 |
|
|
|
|
19,615 |
|
|
|
13,034 |
|
Depreciation and
amortization |
|
|
27,896 |
|
|
|
28,724 |
|
|
|
|
86,481 |
|
|
|
86,915 |
|
EBITDA |
|
$ |
56,859 |
|
|
$ |
42,111 |
|
|
|
$ |
158,768 |
|
|
$ |
123,813 |
|
Strategic transformation
initiatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Simplify(a) |
|
$ |
— |
|
|
$ |
322 |
|
|
|
$ |
— |
|
|
$ |
1,159 |
|
Financial system(b) |
|
|
340 |
|
|
|
351 |
|
|
|
|
1,081 |
|
|
|
1,414 |
|
Other initiatives(c) |
|
|
75 |
|
|
|
54 |
|
|
|
|
114 |
|
|
|
99 |
|
Stock-based compensation
one-time award at IPO(d) |
|
|
1,057 |
|
|
|
— |
|
|
|
|
3,497 |
|
|
|
— |
|
Stock-based
compensation(e) |
|
|
1,530 |
|
|
|
606 |
|
|
|
|
3,825 |
|
|
|
1,929 |
|
Legal settlements(f) |
|
|
— |
|
|
|
19,725 |
|
|
|
|
1,750 |
|
|
|
32,525 |
|
Acquisition costs(g) |
|
|
402 |
|
|
|
— |
|
|
|
|
402 |
|
|
|
— |
|
Offering costs(h) |
|
|
699 |
|
|
|
1,826 |
|
|
|
|
4,151 |
|
|
|
1,826 |
|
Adjusted
EBITDA |
|
$ |
60,962 |
|
|
$ |
64,995 |
|
|
|
$ |
173,588 |
|
|
$ |
162,765 |
|
Patient Equipment Capex |
|
|
(22,040 |
) |
|
|
(26,425 |
) |
|
|
|
(65,822 |
) |
|
|
(63,482 |
) |
Adjusted EBITDA less
Patient Equipment Capex |
|
$ |
38,922 |
|
|
$ |
38,570 |
|
|
|
$ |
107,766 |
|
|
$ |
99,283 |
|
(a) |
Simplify represents one-time advisory fees and implementation costs
associated with a key 2019 business transformation initiative
focused on shifting to a patient-centric platform and optimizing
end-to-end customer service. |
(b) |
Costs associated with the
implementation of a new financial system. |
(c) |
Other initiatives include
one-time costs associated with customer service initiatives in 2020
and costs associated with moving the corporate headquarters in
2021. |
(d) |
The offering resulted in a
one-time restricted stock unit (“RSUs”) grant to the Company’s
Chief Financial Officer (“CFO”). The RSUs vest in tranches
and are classified as liability awards since each tranche of RSUs
can be settled in either cash or shares of our common stock at the
CFO’s election. The first tranche of RSUs vested upon
completion of the IPO and was settled in cash. The second tranche
was settled in cash during the three months ended September 30,
2021. Compensation expense is recognized over the requisite
service period subject to continued employment and adjusted each
reporting period for changes in the fair value pro-rated for the
portion of the requisite service period rendered until
settlement. |
(e) |
Stock-based compensation has
historically been granted to certain of our employees and
non-employee directors in the form of profit interest units of
Apria Holdings LLC, RSUs, performance-based RSUs, and stock
appreciation rights (“SARs”). For time-based only RSUs and SARs,
compensation expense for each separately vesting portion of the
award is recognized on a straight-line basis over the vesting
period for that portion of the award subject to continued service.
For RSUs with performance conditions, compensation expense is
recognized over the requisite service period subject to
management’s estimation of the probability of vesting of such
awards. Stock compensation also includes expense related to the
Company’s long-term incentive plan awards which will be settled in
stock. |
(f) |
In 2021, the amount represents
the final settlement amount of a claim brought under the Private
Attorneys General Act of California. In 2020, the amount represents
the increase in the settlement amount in relation to a series of
civil investigative demands from the United States Attorney’s
Office for the Southern District of New York. |
(g) |
Acquisition costs include
one-time costs associated with the acquisition of certain assets of
Airway Breathing Co. |
(h) |
Offering costs represent one-time
costs relating to public offerings. As the Company did not receive
any proceeds from the offerings, these costs were expensed as
incurred in selling, distribution and administrative expenses in
the unaudited condensed consolidated statements of income. |
Investor Contacts
Kevin EllichICR Westwicke
ApriaIR@westwicke.com
Media Contacts
ApriaPR@westwicke.com
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