Aveanna Healthcare Holdings Inc. (“Aveanna”) (NASDAQ: AVAH) today
announced that David Afshar has resigned from his position as Chief
Financial Officer, Principal Accounting Officer and Principal
Financial Officer effective July 7, 2023, to pursue other
opportunities, and not due to any disagreement with Aveanna’s
management, operations, policies or practices, including financial
matters.
“On behalf of the entire Aveanna team, I’d like
to thank Dave for his contributions over the last five years. Since
joining the Company in February 2018, Dave has been instrumental in
building and strengthening our finance team and successfully
leading our transition into the public markets. We appreciate his
support during this transition period, and we wish him all the best
in his future endeavors,” said Jeff Shaner, Chief Executive Officer
of Aveanna.
To ensure a seamless transition, Aveanna has
appointed Matt Buckhalter, Senior Vice President of Finance to
serve as Interim Chief Financial Officer and Principal Financial
Officer, effective July 7, 2023. Mr. Buckhalter brings more than a
decade of experience in financial leadership roles in the
healthcare industry. Mr. Buckhalter joined Aveanna more than seven
years ago and is responsible for corporate and operational finance,
business intelligence, FP&A, and investor relations. With
Aveanna, Mr. Buckhalter most recently served as a Senior Vice
President of Finance and led the company’s Investor Relations
Group. Mr. Buckhalter received his undergraduate degree in Finance
from Florida State University.
Aveanna also has appointed Debbie Stewart, Vice
President, and Chief Accounting Officer, to serve as Senior Vice
President and Principal Accounting Officer, effective July 7, 2023.
Ms. Stewart brings more than 15 years of accounting and financial
experience to Aveanna. Ms. Stewart joined the Aveanna management
team in September 2021 and is responsible for accounting, tax,
treasury, audit, and SEC reporting. Prior to joining Aveanna,
Ms. Stewart spent 14 years with Ernst and Young LLP as an assurance
professional and most recently as a Senior Manager. Ms. Stewart, a
Certified Public Accountant, holds a master’s and bachelor’s degree
in Accounting from North Carolina State University in Raleigh,
NC.
“I am excited for this next chapter at Aveanna
promoting both Matt and Debbie into key financial leadership roles.
They have a strong command of our business and a passion for our
mission. Matt and Debbie will join our executive leadership team
and provide stability to our already tenured accounting and finance
team,” said Jeff Shaner.
Reaffirming Full Year 2023
Guidance
Aveanna is reaffirming its Full Year 2023
Guidance of (1) Revenue of at least $1,840 million and (2) Adjusted
EBITDA of at least $130 million.
Non-GAAP Financial Measures
In addition to our results of operations
prepared in accordance with U.S. accepted accounting principles
(“GAAP”), we also evaluate our financial performance using EBITDA,
Adjusted EBITDA. Given our determination of adjustments in arriving
at our computations, these non-GAAP measures have limitations as
analytical tools and should not be considered in isolation or as
substitutes or alternatives to net income or loss, revenue,
operating income or loss, cash flows from operating activities,
total indebtedness or any other financial measures calculated in
accordance with GAAP.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP
financial measures and are not intended to replace financial
performance measures determined in accordance with GAAP, such as
net (loss) income. Rather, we present EBITDA and Adjusted EBITDA as
supplemental measures of our performance. We define EBITDA as net
(loss) income before interest expense, net; income tax (expense)
benefit; and depreciation and amortization. We define Adjusted
EBITDA as EBITDA, adjusted for the impact of certain other items
that are either non-recurring, infrequent, non-cash, unusual, or
items deemed by management to not be indicative of the performance
of our core operations, including impairments of goodwill,
intangible assets, and other long-lived assets; non-cash,
share-based compensation; loss on extinguishment of debt; fees
related to debt modifications; the effect of interest rate
derivatives; acquisition-related and integration costs; legal costs
and settlements associated with acquisition matters; COVID-19
related costs; restructuring costs; other legal matters; and other
system transition costs, professional fees and other costs. As
non-GAAP financial measures, our computations of EBITDA and
Adjusted EBITDA may vary from similarly termed non-GAAP financial
measures used by other companies, making comparisons with other
companies on the basis of this measure impracticable.
We believe our computations of EBITDA and
Adjusted EBITDA are helpful in highlighting trends in our core
operating performance. In determining which adjustments are made to
arrive at EBITDA and Adjusted EBITDA, we consider both (1) certain
non-recurring, infrequent, non-cash or unusual items, which can
vary significantly from year to year, as well as (2) certain other
items that may be recurring, frequent, or settled in cash but which
we do not believe are indicative of our core operating performance.
We use EBITDA and Adjusted EBITDA to assess operating performance
and make business decisions.
We have incurred substantial acquisition-related
costs and integration costs. The underlying acquisition activities
take place over a defined timeframe, have distinct project
timelines and are incremental to activities and costs that arise in
the ordinary course of our business. Therefore, we believe it is
important to exclude these costs from our Adjusted EBITDA because
it provides us a normalized view of our core, ongoing operations
after integrating our acquired companies, which we believe is an
important measure in assessing our performance.
Forward-Looking Statements
Certain matters discussed in this press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
(other than statements of historical facts) in this press release
regarding our prospects, plans, financial position, business
strategy and expected financial and operational results may
constitute forward-looking statements. Forward-looking statements
generally can be identified by the use of terminology such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“seek,” “will,” “may,” “should,” “predict,” “project,” “potential,”
“continue” or the negatives of these terms or variations of them or
similar expressions. These statements are based on certain
assumptions that we have made in light of our experience in the
industry as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate in these circumstances. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. Forward-looking statements involve a number of risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, such as our ability to successfully execute our growth
strategy, including through organic growth and the completion of
acquisitions, effective integration of the companies we acquire,
unexpected costs of acquisitions and dispositions, the possibility
that expected cost synergies may not materialize as expected, the
failure of Aveanna or the companies we acquire to perform as
expected, estimation inaccuracies in revenue recognition, our
ability to drive margin leverage through lower costs, unexpected
increases in SG&A and other expenses, changes in reimbursement,
changes in government regulations, changes in Aveanna’s
relationships with referral sources, increased competition for
Aveanna’s services or wage inflation, changes in the interpretation
of government regulations or discretionary determinations made by
government officials, uncertainties regarding the outcome of rate
discussions with managed care organizations and our ability to
effectively collect our cash from these organizations, our ability
to effectively collect and submit data required under Electronic
Visit Verification regulations, our ability to comply with the
terms and conditions of the CMS Review Choice Demonstration
program, our ability to effectively implement and transition to new
electronic medical record systems or billing and collection
systems, changes in tax rates, the impact of adverse weather, the
impact to our business operations, reimbursements and patient
population were the COVID-19 environment to worsen, and other risks
set forth under the heading “Risk Factors” in Aveanna’s Annual
Report on Form 10-K for its 2022 fiscal year filed with the
Securities and Exchange Commission on March 16, 2023, which is
available at www.sec.gov. In addition, these forward-looking
statements necessarily depend upon assumptions, estimates and dates
that may prove to be incorrect or imprecise. Accordingly,
forward-looking statements included in this press release do not
purport to be predictions of future events or circumstances, and
actual results may differ materially from those expressed by
forward-looking statements. All forward-looking statements speak
only as of the date made, and Aveanna undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
About Aveanna Healthcare
Aveanna Healthcare is headquartered in Atlanta,
Georgia and operates in 42 states providing a broad range of
pediatric and adult healthcare services including nursing,
rehabilitation services, occupational nursing in schools, therapy
services, day treatment centers for medically fragile and
chronically ill children and adults, home health and hospice
services, as well as delivery of enteral nutrition and other
products to patients. The Company also provides case management
services in order to assist families and patients by coordinating
the provision of services between insurers or other payers,
physicians, hospitals, and other healthcare providers. In addition,
the Company provides respite healthcare services, which are
temporary care provider services provided in relief of the
patient’s normal caregiver. The Company’s services are designed to
provide a high quality, lower cost alternative to prolonged
hospitalization. For more information, please visit
www.aveanna.com.
Investor Contact
Matt Buckhalter, Interim CFOir@aveanna.com
Aveanna Healthcare (NASDAQ:AVAH)
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