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    Hanger Reports Final 2021 Financial Results

    2/28/22 4:05:00 PM ET
    $HNGR
    Medical Specialities
    Health Care
    Get the next $HNGR alert in real time by email

    No Changes In Results Since February 7th Pre-announcement

    Hanger, Inc. (NYSE:HNGR), a leading provider of orthotic and prosthetic ("O&P") patient care services and solutions, today announced its final financial results for the fourth quarter and year ended December 31, 2021.

    Financial Highlights

    • Net revenues were $312.4 million for the three months ended December 31, 2021, compared to $277.3 million for the same period in 2020, reflecting growth of 12.6 percent.
    • Net income was $14.0 million for the three months ended December 31, 2021, compared to $16.1 million for the same period in 2020. Income from operations was $24.9 million for the quarter compared to $29.1 million for the same period in 2020, a decline of 14.6 percent.
    • Adjusted EBITDA was $37.2 million in the fourth quarter of 2021, compared to $35.5 million for the same period in 2020, reflecting an increase of $1.7 million, or 4.9 percent.
    • GAAP diluted earnings per share was $0.36 per share for the fourth quarter of 2021, compared to $0.41 per share for the same period in 2020. Adjusted diluted earnings per share was $0.40 for the three months ended December 31, 2021, compared to $0.36 for the same period in 2020, an increase of 11.1 percent.
    • Results were consistent with those included in the Company's February 7, 2022 release of preliminary financial results for the year-ended December 31, 2021.

    Vinit Asar, President and Chief Executive Officer of Hanger, Inc., stated, "While COVID-19 presented a challenge throughout 2021, I am pleased that we nevertheless achieved strong revenue and Adjusted EBITDA growth during the year. This growth, coupled with our expansion of the Company through key acquisitions of independent O&P clinics during 2021, have positioned us well for the coming year."

    Complete reconciliations of GAAP to non-GAAP financial measures are provided in the tables located at the end of this earnings release.

    Segment Results for Three Months Ended December 31, 2021

    Patient Care Segment

    For the three months ended December 31, 2021, Patient Care net revenues were $266.5 million, an increase of $33.6 million, or 14.4 percent, compared to the same period in 2020. For the three month period, acquisitions of O&P clinics that were consummated in 2020 and 2021 contributed $16.4 million of incremental revenue.

    Net same clinic revenue on a day-adjusted basis grew 5.8 percent during the fourth quarter of 2021 compared to the same quarter in the prior year period. Patient Care results benefited from the continued improvement in patient volumes from the decreased levels of demand experienced due to the COVID pandemic during 2020. The Patient Care net revenue on a same-clinic basis achieved 95.0 percent of the level experienced in the fourth quarter of 2019 due to the effects of the Omicron variant of COVID-19 on clinic operations and patient volumes late in the quarter.

    Excluding the effect of acquisitions, net revenues from prosthetics grew 7.1 percent and net revenues from orthotics grew 4.3 percent, each compared to the fourth quarter of 2020. Prosthetics comprised 56.8 percent of Patient Care segment net revenues for the quarter compared to 56.0 percent in the same period of 2020.

    Income from operations in the Patient Care segment was $44.0 million during the fourth quarter of 2021, a decrease of $0.8 million compared to the $44.8 million reported in the prior year. Adjusted EBITDA for the segment was $50.8 million, which reflected a $5.5 million increase compared to the fourth quarter of 2020.

    Products & Services Segment

    For the three months ended December 31, 2021, Products & Services net revenues totaled $45.9 million, reflecting growth of 3.2 percent compared with the same period in 2020. Revenue from the distribution of O&P componentry totaled $35.0 million, reflecting growth of $1.9 million, or 5.8 percent. Therapeutic solutions revenue in the fourth quarter totaled $10.8 million, a decline of $0.5 million, or 4.4 percent.

    Income from operations for the Products & Services segment was $4.5 million in the fourth quarter of 2021 compared to $4.8 million in the same period of 2020, a decrease of 4.7 percent. Adjusted EBITDA for the segment totaled $6.8 million for the fourth quarter of 2021, a $0.7 million decline compared with the same period of 2020. Adjusted EBITDA margin in the segment totaled 14.9 percent compared to 17.0 percent during the fourth quarter of 2020.

    Corporate & Other

    Expenses associated with corporate and other activities increased by $3.2 million to $23.6 million for the quarter ended December 31, 2021 compared to the same period in 2020. Excluding the effect of depreciation and amortization, and acquisition-related expense, the net cost of corporate and other activities increased by $3.0 million to $20.4 million in the fourth quarter of 2021. This increase related primarily to the resumption of the implementation of a new financial and supply chain system during 2021 as well as other increases in technology and personnel costs.

    Net Income; Interest Expense

    Interest expense totaled $7.1 million for the three month period ended December 31, 2021, a decrease of $0.5 million from the prior year period.

    For the three month period ended December 31, 2021, net income was $14.0 million compared with $16.1 million for the same period in 2020. GAAP diluted income per share was $0.36 compared to $0.41 per share in 2020. Adjusted diluted income per share was $0.40 for the three months ended December 31, 2021, compared to $0.36 per share for the same period in 2020.

    Financial Highlights for the Year Ended December 31, 2021

    • Net revenues were $1,120.5 million for the year ended December 31, 2021, compared to $1,001.2 million in 2020, reflecting an increase of 11.9 percent. Acquisitions of O&P clinics consummated in 2020 and 2021 contributed $41.1 million of incremental revenue.
    • Patient Care net revenues totaled $943.3 million, reflecting growth of $111.7 million, or 13.4 percent for the year, while same clinic day-adjusted net revenues per day grew 9.1 percent. Patient Care segment net revenues on a day-adjusted same-clinic basis totaled approximately 97 percent of the level reported for the equivalent period in 2019.
    • Net revenues from prosthetics, excluding acquisitions, grew 6.1 percent on a day-adjusted basis, while orthotics revenues grew 13.0 percent, also on a net day-adjusted basis and excluding acquisitions. For the year, prosthetics constituted 54.8 percent of Patient Care segment net revenues.
    • Products & Services segment net revenues totaled $177.2 million, an increase of $7.6 million, or 4.5 percent growth, driven by an increase of $9.6 million in revenue from distribution services and a $2.0 million decline in revenue from therapeutic solutions.
    • GAAP net income was $42.0 million compared to $38.2 million in 2020. Hanger's GAAP results for the year ended 2020 included a benefit of $24.0 million to other operating costs related to the Company's receipt of CARES Act healthcare provider grants as compared to $1.1 million in the 2021 period. These grants were received under the Public Health and Social Services Emergency Fund, also referred to as The Provider Relief Fund, established by the CARES Act and are excluded from Adjusted EBITDA.
    • Adjusted EBITDA totaled $118.9 million, an increase of $13.8 million as compared to the $105.1 million reported in 2020. The increase in Adjusted EBITDA for the year resulted primarily from improvement in net revenues partially offset by the restoration of temporary cost reductions taken during the second and third quarters of 2020.
    • GAAP diluted earnings per share was $1.07, compared to $0.99 per share in 2020. Adjusted diluted earnings per share was $0.97 for the year ended 2021, compared to $0.63 for the same period in 2020.

    Net Cash Provided by Operating Activities; Liquidity

    Cash flows provided by operating activities for the three month period ending December 31, 2021 were $35.6 million compared to cash flows provided by operating activities of $30.3 million in the fourth quarter of 2020. The Company's days sales outstanding were 43 days as of December 31, 2021, which reflected a one day increase as compared to the same period in 2020.

    On November 23, 2021, the Company amended its existing credit agreement to, among other things, increase the aggregate amount of the revolving loan commitment by $35 million to an aggregate of $135 million, extend the scheduled maturity date of the revolving loan facility to November 23, 2026, and decrease the applicable margin on LIBOR and base rate revolving loan borrowings by 0.75 percent per annum.

    On December 31, 2021, the Company had liquidity of $191.0 million, comprised of $61.7 million in cash and cash equivalents, and $129.3 million in available borrowing capacity under its revolving credit facility. This compares to total liquidity of $170.5 million on September 30, 2021.

    2022 Outlook

    The Company's current outlook for 2022 remains unchanged since the time of its release of preliminary financial information regarding the fourth quarter and full year 2021 on February 7, 2022.

    As previously disclosed, the Company anticipates 2022 net revenue will be in a range between $1.190 billion and $1.220 billion, and Adjusted EBITDA in a range between $127 million and $132 million. This reflects growth of approximately 7 percent in revenue and 9 percent in Adjusted EBITDA over 2021 using the mid-point of the guidance ranges. The Company's revenue growth includes an estimate of approximately 5 percent in same clinic revenue growth on a day-adjusted basis related to its Patient Care segment.

    The Company's outlook for 2022 includes approximately $35 million in revenue relating to the full year effect of acquisitions consummated in 2021.

    Adjusted EBITDA in this outlook is provided on a non-GAAP basis only because a reconciliation to the most comparable GAAP financial measure, net income, is not available without unreasonable effort due to the unpredictable nature of reconciling items that render such a reconciliation not meaningful for investors.

    Fourth Quarter and Full Year 2021 Conference and Webcast Details

    Hanger's management team will host a conference call tomorrow, Tuesday, March 1, 2022 at 8:30 a.m. Eastern time to discuss the Company's fourth quarter and full year 2021 financial results and business outlook for 2022.

    To participate in the Company's live conference call, please dial (844) 200-6205 or +1 (929) 526-1599 for international participants and reference access code 124631. A live webcast, replay of the call, and earnings release will be available on the Company's Investor Relations website at https://investor.hanger.com/financial-reporting/quarterly-results. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

    Additional Notes

    A reconciliation of GAAP and non-GAAP financial results is included in the tables provided at the back of this press release. The Company has provided certain supplemental key statistics relating to its results for certain prior periods. These key statistics are non-GAAP measures used by the Company's management to analyze the Company's business results that are being provided for informational and analytical context.

    Accompanying supplemental information will be posted to the Investor Relations section of Hanger's web site at www.hanger.com/investors.

    About Hanger, Inc. – Headquartered in Austin, Texas, Hanger, Inc. (NYSE:HNGR) provides comprehensive, outcomes-based orthotic and prosthetic (O&P) services through its Patient Care segment, with approximately 875 Hanger Clinic locations nationwide. Through its Products & Services segment, Hanger distributes branded and private label O&P devices, products and components, and provides rehabilitative solutions. Recognized by Forbes as one of America's Best Employers for 2022, and rooted in 160 years of clinical excellence and innovation, Hanger is a purpose-driven company with a vision to lead the O&P markets by providing superior patient care, outcomes, services and value, aimed at empowering human potential. For more information on Hanger, visit investor.hanger.com.

    This earnings release contains statements that are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include information concerning our liquidity and our possible or assumed future results of operations, including descriptions of our business strategies. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar words. 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. We believe these assumptions are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent releases or reports. These statements involve risks, estimates, assumptions, and uncertainties that could cause actual results to differ materially from those expressed in these statements and elsewhere in this release. These uncertainties include, but are not limited to, the financial and business impacts of COVID-19 on our operations and the operations of our customers, suppliers, governmental and private payers and others in the healthcare industry and beyond; federal laws governing the health care industry; governmental policies affecting O&P operations, including with respect to reimbursement; failure to successfully implement a new enterprise resource planning system or other disruptions to information technology systems; the inability to successfully execute our acquisition strategy, including integration of recently acquired O&P clinics into our existing business; changes in the demand for our O&P products and services, including additional competition in the O&P services market; disruptions to our supply chain; our ability to enter into and derive benefits from managed-care contracts; our ability to successfully attract and retain qualified O&P clinicians; labor shortages and increased turnover in our employee base; contractual, inflationary and other general cost increases, including with regard to costs of labor, raw materials and freight; and other risks and uncertainties generally affecting the health care industry. For additional information and risk factors that could affect the Company, see its Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, each as filed with the Securities and Exchange Commission. The information contained in this press release is made only as of the date hereof, even if subsequently made available by the Company on its website or otherwise.

    Table 1

    Hanger, Inc.

    Consolidated Statements of Operations

    (in thousands, except share and per share amounts)

     

     

     

    For the Three Months Ended

    December 31,

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Net revenues

     

    $

    312,372

     

    $

    277,340

     

    $

    1,120,488

     

    $

    1,001,150

    Material costs

     

     

    97,340

     

     

    86,735

     

     

    354,342

     

     

    315,410

    Personnel costs

     

     

    111,197

     

     

    98,457

     

     

    397,574

     

     

    351,191

    Other operating costs (a)

     

     

    36,473

     

     

    25,803

     

     

    135,630

     

     

    100,010

    General and administrative expenses

     

     

    34,119

     

     

    28,867

     

     

    127,752

     

     

    127,785

    Depreciation and amortization

     

     

    8,355

     

     

    8,334

     

     

    32,519

     

     

    34,847

    Income from operations

     

     

    24,888

     

     

    29,144

     

     

    72,671

     

     

    71,907

    Interest expense, net

     

     

    7,059

     

     

    7,527

     

     

    28,864

     

     

    32,445

    Non-service defined benefit plan expense

     

     

    166

     

     

    158

     

     

    667

     

     

    632

    Income before income taxes

     

     

    17,663

     

     

    21,459

     

     

    43,140

     

     

    38,830

    Provision for income taxes

     

     

    3,627

     

     

    5,388

     

     

    1,158

     

     

    638

    Net income

     

    $

    14,036

     

    $

    16,071

     

    $

    41,982

     

    $

    38,192

     

     

     

     

     

     

     

     

     

    Basic and Diluted Per Common Share Data:

     

     

     

     

     

     

     

     

    Basic earnings per share

     

    $

    0.36

     

    $

    0.42

     

    $

    1.09

     

    $

    1.01

    Weighted average shares used to compute basic earnings per common share

     

     

    38,744,681

     

     

    38,157,402

     

     

    38,599,300

     

     

    37,948,796

    Diluted earnings per share

     

    $

    0.36

     

    $

    0.41

     

    $

    1.07

     

    $

    0.99

    Weighted average shares used to compute diluted earnings per common share

     

     

    39,141,708

     

     

    38,911,299

     

     

    39,225,616

     

     

    38,598,330

    (a) For the years ended December 31, 2021 and 2020, Hanger recognized approximately $1.1 million and $24.0 million respectively of income within other operating costs related to grant proceeds received under the CARES Act.

    Table 2

    Hanger, Inc.

    Consolidated Balance Sheets

    (in thousands)

     

     

     

    As of December 31,

     

    As of December 31,

     

     

    2021

     

    2020

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    61,692

     

     

    $

    144,602

     

    Accounts receivable, net

     

     

    152,058

     

     

     

    128,596

     

    Inventories

     

     

    87,462

     

     

     

    76,429

     

    Income taxes receivable

     

     

    581

     

     

     

    12,888

     

    Other current assets

     

     

    16,536

     

     

     

    12,357

     

    Total current assets

     

     

    318,329

     

     

     

    374,872

     

     

     

     

     

     

    Non-current assets:

     

     

     

     

    Property, plant, and equipment, net

     

     

    82,434

     

     

     

    84,873

     

    Goodwill

     

     

    363,554

     

     

     

    277,223

     

    Other intangible assets, net

     

     

    25,892

     

     

     

    18,431

     

    Deferred income taxes

     

     

    45,494

     

     

     

    54,877

     

    Operating lease right-of-use assets

     

     

    144,491

     

     

     

    124,741

     

    Other assets

     

     

    17,945

     

     

     

    15,734

     

    Total assets

     

    $

    998,139

     

     

    $

    950,751

     

     

     

     

     

     

    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

    Current liabilities:

     

     

     

     

    Current portion of long-term debt

     

    $

    14,938

     

     

    $

    10,085

     

    Accounts payable

     

     

    63,565

     

     

     

    65,091

     

    Accrued expenses and other current liabilities

     

     

    60,399

     

     

     

    62,861

     

    Accrued compensation related costs

     

     

    54,465

     

     

     

    72,541

     

    Current portion of operating lease liabilities

     

     

    33,438

     

     

     

    35,002

     

    Total current liabilities

     

     

    226,805

     

     

     

    245,580

     

     

     

     

     

     

    Long-term liabilities:

     

     

     

     

    Long-term debt, less current portion

     

     

    502,307

     

     

     

    493,012

     

    Operating lease liabilities

     

     

    124,016

     

     

     

    104,589

     

    Other liabilities

     

     

    34,840

     

     

     

    56,593

     

    Total liabilities

     

     

    887,968

     

     

     

    899,774

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

     

    Common stock

     

     

    389

     

     

     

    383

     

    Additional paid-in capital

     

     

    373,644

     

     

     

    365,503

     

    Accumulated other comprehensive loss

     

     

    (11,150

    )

     

     

    (20,215

    )

    Accumulated deficit

     

     

    (252,016

    )

     

     

    (293,998

    )

    Treasury stock, at cost

     

     

    (696

    )

     

     

    (696

    )

    Total shareholders' equity

     

     

    110,171

     

     

     

    50,977

     

    Total liabilities and shareholders' equity

     

    $

    998,139

     

     

    $

    950,751

     

    Table 3

    Hanger, Inc.

    Consolidated Statements of Cash Flows

    (in thousands)

     

     

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

    Cash flows provided by operating activities:

     

     

     

     

    Net income

     

    $

    41,982

     

     

    $

    38,192

     

    Adjustments to reconcile net income to net cash from operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    32,519

     

     

     

    34,847

     

    (Benefit) provision for doubtful accounts

     

     

    (54

    )

     

     

    295

     

    Share-based compensation expense

     

     

    12,297

     

     

     

    18,448

     

    Deferred income taxes

     

     

    5,613

     

     

     

    17,432

     

    Amortization of debt discounts and issuance costs

     

     

    1,932

     

     

     

    2,085

     

    Gain on sale and disposal of fixed assets

     

     

    (1,340

    )

     

     

    (3,134

    )

    Changes in operating assets and liabilities, net of acquisitions:

     

     

     

     

    Accounts receivable, net

     

     

    (17,315

    )

     

     

    34,378

     

    Inventories

     

     

    (6,350

    )

     

     

    (6,258

    )

    Other current assets and other assets

     

     

    (5,736

    )

     

     

    (628

    )

    Income taxes receivable

     

     

    12,307

     

     

     

    (13,757

    )

    Accounts payable

     

     

    (1,909

    )

     

     

    14,674

     

    Accrued expenses and other current liabilities

     

     

    (6,351

    )

     

     

    217

     

    Accrued compensation related costs

     

     

    (18,420

    )

     

     

    11,349

     

    Other liabilities

     

     

    (11,079

    )

     

     

    4,778

     

    Operating lease liabilities, net of amortization of right-of-use assets

     

     

    (1,886

    )

     

     

    2,649

     

    Net cash provided by operating activities

     

     

    36,210

     

     

     

    155,567

     

    Cash flows used in investing activities:

     

     

     

     

    Acquisitions, net of cash acquired

     

     

    (80,078

    )

     

     

    (21,801

    )

    Purchase of property, plant, and equipment

     

     

    (22,579

    )

     

     

    (24,500

    )

    Purchase of therapeutic program equipment leased to third parties under operating leases

     

     

    (2,280

    )

     

     

    (3,592

    )

    Proceeds from sale of property, plant and equipment

     

     

    2,451

     

     

     

    3,890

     

    Other investing activities, net

     

     

    —

     

     

     

    135

     

    Net cash used in investing activities

     

     

    (102,486

    )

     

     

    (45,868

    )

    Cash flows used in financing activities:

     

     

     

     

     

    Borrowings under revolving credit agreement

     

     

    —

     

     

     

    79,000

     

    Repayments under revolving credit agreement

     

     

    —

     

     

     

    (79,000

    )

    Repayment of term loan

     

     

    (5,050

    )

     

     

    (5,050

    )

    Payment of employee taxes on stock-based compensation

     

     

    (4,674

    )

     

     

    (7,356

    )

    Payment of Seller Notes and additional consideration

     

     

    (4,434

    )

     

     

    (25,415

    )

    Payments under vendor financing arrangements

     

     

    (1,375

    )

     

     

    (825

    )

    Payment of financing lease obligations

     

     

    (1,052

    )

     

     

    (748

    )

    Payment of debt issuance costs

     

     

    (573

    )

     

     

    (214

    )

    Proceeds from exercise of options

     

     

    524

     

     

     

    92

     

    Net cash used in financing activities

     

     

    (16,634

    )

     

     

    (39,516

    )

    (Decrease) increase in cash and cash equivalents

     

     

    (82,910

    )

     

     

    70,183

     

    Cash and cash equivalents at beginning of period

     

     

    144,602

     

     

     

    74,419

     

    Cash and cash equivalents at end of period

     

    $

    61,692

     

     

    $

    144,602

     

    Table 4

    Hanger, Inc.

    Segment Information: Revenue, EBITDA and Adjusted EBITDA

    (in thousands)

    EBITDA is defined as operating income before depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the Coronavirus Aid, Relief and Economy Security Act ("CARES Act") and certain other charges.

    We use EBITDA and Adjusted EBITDA as measures to assess the relative level of our indebtedness and our compliance with certain debt covenants which are based on these measures. Additionally, we utilize these measures to assess our operating and financial performance. We believe that these measures enhance a user's understanding of normal operating income excluding certain charges, depreciation and amortization.

    Neither EBITDA or Adjusted EBITDA are measures of financial performance computed in accordance with Generally Accepted Accounting Principles ("GAAP") and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of EBITDA and Adjusted EBITDA is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    December 31,

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net Revenue (a)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    266,503

     

     

    $

    232,897

     

     

    $

    943,328

     

     

    $

    831,603

     

    Products & Services

     

     

    45,869

     

     

     

    44,443

     

     

     

    177,160

     

     

     

    169,547

     

    Net revenue

     

    $

    312,372

     

     

    $

    277,340

     

     

    $

    1,120,488

     

     

    $

    1,001,150

     

     

     

     

     

     

     

     

     

     

    EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    49,117

     

     

    $

    49,606

     

     

    $

    163,599

     

     

    $

    166,089

     

    Products & Services

     

     

    6,531

     

     

     

    7,056

     

     

     

    25,075

     

     

     

    27,898

     

    Corporate & Other

     

     

    (22,405

    )

     

     

    (19,184

    )

     

     

    (83,484

    )

     

     

    (87,233

    )

    EBITDA (Non-GAAP)

     

    $

    33,243

     

     

    $

    37,478

     

     

    $

    105,190

     

     

    $

    106,754

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA (b)

     

     

     

     

     

     

     

     

    Patient Care

     

    $

    50,781

     

     

    $

    45,314

     

     

    $

    167,779

     

     

    $

    146,042

     

    Products & Services

     

     

    6,833

     

     

     

    7,539

     

     

     

    26,183

     

     

     

    29,323

     

    Corporate & Other

     

     

    (20,395

    )

     

     

    (17,381

    )

     

     

    (75,027

    )

     

     

    (70,241

    )

    Adjusted EBITDA (Non-GAAP)

     

    $

    37,219

     

     

    $

    35,472

     

     

    $

    118,935

     

     

    $

    105,124

     

    (a) Excludes intersegment revenue.

    (b) EBITDA and Adjusted EBITDA are "Non-GAAP" measures. Please refer to both Table 6 and Table 7 for a reconciliation of these measures to GAAP net income.

    Table 5

    Hanger, Inc.

    Reconciliation of Net Income and Earnings Per Share to

    Adjusted Net Income and Adjusted Earnings Per Share

    (in thousands, except share and per share amounts)

    Earnings Per Share (or "EPS") is defined as net income divided by our basic or diluted common shares during the applicable period. Adjusted EPS is defined as EPS adjusted for certain equity-based compensation charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the CARES Act, and certain other charges.

    We utilize Adjusted EPS to assess our operating and financial performance. We believe that this measure enhances a user's understanding of normal operating results excluding certain charges.

    Adjusted EPS is not a measure of financial performance computed in accordance with GAAP and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of Adjusted EPS is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. Adjusted EPS may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    December 31,

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    14,036

     

     

    $

    16,071

     

     

    $

    41,982

     

     

    $

    38,192

     

     

     

     

     

     

     

     

     

     

    Adjustments:

     

     

     

     

     

     

     

     

    Modification of equity awards (a)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    5,869

     

    Amortization expense

     

     

    1,655

     

     

     

    1,620

     

     

     

    5,611

     

     

     

    6,691

     

    Third-party professional fees

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,639

     

    Acquisition-related expenses

     

     

    304

     

     

     

    83

     

     

     

    946

     

     

     

    488

     

    Hanger supply chain implementation costs

     

     

    33

     

     

     

    195

     

     

     

    396

     

     

     

    1,001

     

    Severance expenses

     

     

    484

     

     

     

    209

     

     

     

    511

     

     

     

    3,224

     

    Proceeds from grants under the CARES Act

     

     

    (479

    )

     

     

    (3,450

    )

     

     

    (1,149

    )

     

     

    (24,026

    )

    Gain on sale of property

     

     

    —

     

     

     

    (1,925

    )

     

     

    —

     

     

     

    (1,925

    )

    Loss on cancellation of education event

     

     

    744

     

     

     

    —

     

     

     

    744

     

     

     

    —

     

    Adjustments prior to tax effect

     

    $

    2,741

     

     

    $

    (3,268

    )

     

    $

    7,059

     

     

    $

    (7,039

    )

     

     

     

     

     

     

     

     

     

    Tax effect of specified adjustments (b)

     

     

    (1,270

    )

     

     

    1,022

     

     

     

    (10,890

    )

     

     

    (6,992

    )

    Adjustments after taxes

     

     

    1,471

     

     

     

    (2,246

    )

     

     

    (3,831

    )

     

     

    (14,031

    )

     

     

     

     

     

     

     

     

     

    Adjusted net income (Non-GAAP)

     

    $

    15,507

     

     

    $

    13,825

     

     

    $

    38,151

     

     

    $

    24,161

     

     

     

     

     

     

     

     

     

     

    Basic earnings per share - as reported (GAAP)

     

    $

    0.36

     

     

    $

    0.42

     

     

    $

    1.09

     

     

    $

    1.01

     

    Effect of above listed specified adjustments

     

     

    0.04

     

     

     

    (0.06

    )

     

     

    (0.10

    )

     

     

    (0.37

    )

    Adjusted basic earnings per share - as reported (Non-GAAP)

     

    $

    0.40

     

     

    $

    0.36

     

     

    $

    0.99

     

     

    $

    0.64

     

     

     

     

     

     

     

     

     

     

    Diluted earnings per share - as reported (GAAP)

     

    $

    0.36

     

     

    $

    0.41

     

     

    $

    1.07

     

     

    $

    0.99

     

    Effect of above listed specified adjustments

     

     

    0.04

     

     

     

    (0.05

    )

     

     

    (0.10

    )

     

     

    (0.36

    )

    Adjusted diluted earnings per share - as reported (Non-GAAP)

     

    $

    0.40

     

     

    $

    0.36

     

     

    $

    0.97

     

     

    $

    0.63

     

     

     

     

     

     

     

     

     

     

    Shares used to compute basic earnings per share

     

     

    38,744,681

     

     

     

    38,157,402

     

     

     

    38,599,300

     

     

     

    37,948,796

     

    Shares used to compute diluted earnings per share

     

     

    39,141,708

     

     

     

    38,911,299

     

     

     

    39,225,616

     

     

     

    38,598,330

     

    (a) Modification of equity awards reflect a non-recurring charge in the second quarter of 2020 for incremental equity-based compensation expense under ASC 718, Stock Compensation, related to the modification of certain equity awards granted in 2017.

    (b) "Tax effect of specified adjustments" reflects the difference between the Company's effective provision for taxes and the application of a combined federal and state statutory tax rate of 24% for the 2021 and 2020 periods to the Company's earnings from operations before taxes, after the incorporation of the identified adjustments above.

    Table 6

    Hanger, Inc.

    Reconciliation of Net Income to EBITDA and Adjusted EBITDA

    (in thousands)

    EBITDA is defined as operating income before depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the CARES Act and certain other charges.

    We use EBITDA and Adjusted EBITDA as measures to assess the relative level of our indebtedness and our compliance with certain debt covenants which are based on these measures. Additionally, we utilize these measures to assess our operating and financial performance. We believe that these measures enhance a user's understanding of normal operating income excluding certain charges, depreciation and amortization.

    Neither EBITDA or Adjusted EBITDA are measures of financial performance computed in accordance with Generally Accepted Accounting Principles ("GAAP") and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of EBITDA and Adjusted EBITDA is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    December 31,

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Net income - as reported (GAAP)

     

    $

    14,036

     

     

    $

    16,071

     

     

    $

    41,982

     

     

    $

    38,192

     

     

     

     

     

     

     

     

     

     

    Adjustments to calculate EBITDA:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    8,355

     

     

     

    8,334

     

     

     

    32,519

     

     

     

    34,847

     

    Interest expense, net

     

     

    7,059

     

     

     

    7,527

     

     

     

    28,864

     

     

     

    32,445

     

    Non-service defined benefit plan expense

     

     

    166

     

     

     

    158

     

     

     

    667

     

     

     

    632

     

    Provision for income taxes

     

     

    3,627

     

     

     

    5,388

     

     

     

    1,158

     

     

     

    638

     

    Adjustments - net income to EBITDA

     

     

    19,207

     

     

     

    21,407

     

     

     

    63,208

     

     

     

    68,562

     

    EBITDA (Non-GAAP)

     

     

    33,243

     

     

     

    37,478

     

     

     

    105,190

     

     

     

    106,754

     

     

     

     

     

     

     

     

     

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Third-party professional fees

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,639

     

    Equity-based compensation (a)

     

     

    2,890

     

     

     

    2,882

     

     

     

    12,297

     

     

     

    17,969

     

    Acquisition-related expenses

     

     

    304

     

     

     

    83

     

     

     

    946

     

     

     

    488

     

    Hanger supply chain implementation costs

     

     

    33

     

     

     

    195

     

     

     

    396

     

     

     

    1,001

     

    Severance expenses

     

     

    484

     

     

     

    209

     

     

     

    511

     

     

     

    3,224

     

    Proceeds from grants under the CARES Act

     

     

    (479

    )

     

     

    (3,450

    )

     

     

    (1,149

    )

     

     

    (24,026

    )

    Gain on sale of property

     

     

    —

     

     

     

    (1,925

    )

     

     

    —

     

     

     

    (1,925

    )

    Loss on cancellation of education event

     

     

    744

     

     

     

    —

     

     

     

    744

     

     

     

    —

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    3,976

     

     

     

    (2,006

    )

     

     

    13,745

     

     

     

    (1,630

    )

    Adjusted EBITDA (Non-GAAP)

     

    $

    37,219

     

     

    $

    35,472

     

     

    $

    118,935

     

     

    $

    105,124

     

    (a) Equity-based compensation expense includes an incremental charge in the second quarter of 2020 under ASC 718, Stock Compensation of approximately $5.9 million related to the modification of certain equity awards granted in 2017.

    Table 7

    Hanger, Inc.

    Segment Reconciliation of Income (Loss) From Operations to EBITDA and Adjusted EBITDA

    (in thousands)

    EBITDA is defined as operating income before depreciation and amortization. Adjusted EBITDA is defined as EBITDA before certain charges, third-party professional fees in excess of normal amounts incurred in connection with our financial statement remediation, expenses associated with equity-based compensation, severance expenses, certain expenses incurred in connection with our acquisitions, proceeds received from grants under the CARES Act and certain other charges.

    We use EBITDA and Adjusted EBITDA as measures to assess the relative level of our indebtedness and our compliance with certain debt covenants which are based on these measures. Additionally, we utilize these measures to assess our operating and financial performance. We believe that these measures enhance a user's understanding of normal operating income excluding certain charges, depreciation and amortization.

    Neither EBITDA or Adjusted EBITDA are measures of financial performance computed in accordance with Generally Accepted Accounting Principles ("GAAP") and should not be considered in isolation nor as a substitute for operating income, net income, cash flows from operations, or other statement of operations or cash flow data prepared in conformity with GAAP, or as a measure of profitability or liquidity. In addition, the calculation of EBITDA and Adjusted EBITDA is susceptible to varying interpretations and calculations, and the amounts presented may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA may not be indicative of historical operating results, and we do not intend these measures to be predictive of future results of operations.

     

     

    For the Three Months Ended

    December 31,

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

    Patient Care

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

    $

    43,967

     

     

    $

    44,803

     

     

    $

    143,977

     

     

    $

    147,197

     

    Depreciation & amortization

     

     

    5,150

     

     

     

    4,803

     

     

     

    19,622

     

     

     

    18,892

     

    EBITDA (Non-GAAP)

     

     

    49,117

     

     

     

    49,606

     

     

     

    163,599

     

     

     

    166,089

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    925

     

     

     

    874

     

     

     

    3,721

     

     

     

    4,055

     

    Hanger supply chain implementation costs

     

     

    43

     

     

     

    167

     

     

     

    406

     

     

     

    767

     

    Severance expenses

     

     

    431

     

     

     

    42

     

     

     

    458

     

     

     

    1,082

     

    Proceeds from grants under the CARES Act

     

     

    (479

    )

     

     

    (3,450

    )

     

     

    (1,149

    )

     

     

    (24,026

    )

    Gain on sale of property

     

     

    —

     

     

     

    (1,925

    )

     

     

    —

     

     

     

    (1,925

    )

    Loss on cancellation of education event

     

     

    744

     

     

     

    —

     

     

     

    744

     

     

     

    —

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    1,664

     

     

     

    (4,292

    )

     

     

    4,180

     

     

     

    (20,047

    )

    Adjusted EBITDA (Non-GAAP)

     

     

    50,781

     

     

     

    45,314

     

     

     

    167,779

     

     

     

    146,042

     

     

     

     

     

     

     

     

     

     

    Products & Services

     

     

     

     

     

     

     

     

    Income from operations - as reported (GAAP)

     

     

    4,543

     

     

     

    4,766

     

     

     

    17,215

     

     

     

    17,725

     

    Depreciation & amortization

     

     

    1,988

     

     

     

    2,290

     

     

     

    7,860

     

     

     

    10,173

     

    EBITDA (Non-GAAP)

     

     

    6,531

     

     

     

    7,056

     

     

     

    25,075

     

     

     

    27,898

     

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Equity-based compensation

     

     

    259

     

     

     

    246

     

     

     

    1,065

     

     

     

    936

     

    Hanger supply chain implementation costs

     

     

    (10

    )

     

     

    28

     

     

     

    (10

    )

     

     

    234

     

    Severance expenses

     

     

    53

     

     

     

    209

     

     

     

    53

     

     

     

    255

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    302

     

     

     

    483

     

     

     

    1,108

     

     

     

    1,425

     

    Adjusted EBITDA (Non-GAAP)

     

     

    6,833

     

     

     

    7,539

     

     

     

    26,183

     

     

     

    29,323

     

     

     

     

     

     

     

     

     

     

    Corporate & Other

     

     

     

     

     

     

     

     

    Loss from operations - as reported (GAAP)

     

     

    (23,622

    )

     

     

    (20,425

    )

     

     

    (88,521

    )

     

     

    (93,015

    )

    Depreciation & amortization

     

     

    1,217

     

     

     

    1,241

     

     

     

    5,037

     

     

     

    5,782

     

    EBITDA (Non-GAAP)

     

     

    (22,405

    )

     

     

    (19,184

    )

     

     

    (83,484

    )

     

     

    (87,233

    )

    Further adjustments to calculate Adjusted EBITDA:

     

     

     

     

     

     

     

     

    Third-party professional fees

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,639

     

    Equity-based compensation (a)

     

     

    1,706

     

     

     

    1,762

     

     

     

    7,511

     

     

     

    12,978

     

    Acquisition related expenses

     

     

    304

     

     

     

    83

     

     

     

    946

     

     

     

    488

     

    Severance expenses

     

     

    —

     

     

     

    (42

    )

     

     

    —

     

     

     

    1,887

     

    Further adjustments - EBITDA to Adjusted EBITDA

     

     

    2,010

     

     

     

    1,803

     

     

     

    8,457

     

     

     

    16,992

     

    Adjusted EBITDA (Non-GAAP)

     

     

    (20,395

    )

     

     

    (17,381

    )

     

     

    (75,027

    )

     

     

    (70,241

    )

    Total Adjusted EBITDA (Non-GAAP)

     

    $

    37,219

     

     

    $

    35,472

     

     

    $

    118,935

     

     

    $

    105,124

     

    (a) Equity-based compensation expense includes an incremental charge in the second quarter of 2020 under ASC 718, Stock Compensation of approximately $5.9 million related to the modification of certain equity awards granted in 2017.

    Table 8

    Hanger, Inc.

    Indebtedness

    (in thousands)

     

     

     

    As of December 31,

     

    As of December 31,

     

     

    2021

     

    2020

    Debt:

     

     

     

     

    Term Loan B

     

    $

    486,063

     

     

    $

    491,113

     

    Seller Notes

     

     

    29,812

     

     

     

    11,510

     

    Deferred payment obligation

     

     

    4,000

     

     

     

    4,000

     

    Finance lease liabilities and other

     

     

    3,344

     

     

     

    3,869

     

    Total debt before unamortized discount and debt issuance costs

     

     

    523,219

     

     

     

    510,492

     

    Unamortized discount and debt issuance costs, net

     

     

    (5,974

    )

     

     

    (7,395

    )

    Total debt

     

    $

    517,245

     

     

    $

    503,097

     

     

     

     

     

     

    Current portion of long-term debt:

     

     

     

     

    Term Loan B

     

    $

    5,050

     

     

    $

    5,050

     

    Seller Notes

     

     

    8,969

     

     

     

    4,060

     

    Finance lease liabilities and other

     

     

    919

     

     

     

    975

     

    Total current portion of long-term debt

     

     

    14,938

     

     

     

    10,085

     

    Long-term debt

     

    $

    502,307

     

     

    $

    493,012

     

     

     

     

     

     

    Net indebtedness:

     

     

     

     

    Total debt before unamortized discount and debt issuance costs

     

    $

    523,219

     

     

    $

    510,492

     

    Cash and cash equivalents

     

     

    (61,692

    )

     

     

    (144,602

    )

    Net indebtedness

     

    $

    461,527

     

     

    $

    365,890

     

    Table 9

    Hanger, Inc.

    Key Operating Metrics

     

     

     

    As of and For the Three

    Months Ended December 31,

     

    For the Years Ended

    December 31,

     

     

    2021

     

    2020

     

    2021

     

    2020

     

     

     

     

     

     

     

     

     

    Same clinic revenue:

     

     

     

     

     

     

     

     

    Growth (decline) rate on net revenue

     

    7.6

    %

     

    (10.6

    )%

     

    8.7

    %

     

    (10.7

    )%

    Growth (decline) rate day adjusted (a)

     

    5.8

    %

     

    (10.6

    )%

     

    9.1

    %

     

    (11.0

    )%

     

     

     

     

     

     

     

     

     

    Clinical locations:

     

     

     

     

     

     

     

     

    Patient care clinics

     

    760

     

     

    704

     

     

     

     

     

    Satellite clinics

     

    115

     

     

    112

     

     

     

     

     

    Total clinical locations

     

    875

     

     

    816

     

     

     

     

     

    (a) Same Clinic Revenue per Day - Same Clinic Revenue per Day normalizes revenue for the number of days a clinic was open in each comparable period. These measures are both non-GAAP and unaudited.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20220228005631/en/

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