Press Release

Amedisys Reports Fourth Quarter and Year End 2016 Financial Results

Company Release - 2/28/2017 6:44 PM ET

BATON ROUGE, La., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED) today reported its financial results for the three month period and year ended December 31, 2016.

Three Month Periods Ended December 31, 2016 and 2015

  • Net service revenue increased $27.9 million to $366.3 million compared to $338.4 million in 2015.
  • Net income attributable to Amedisys, Inc. of $8.9 million compared to $12.9 million in 2015.
  • Net income attributable to Amedisys, Inc. per diluted share of $0.26 per diluted share compared to $0.38 in 2015.

Adjusted Quarterly Results*

  • Adjusted net service revenue increased $27.8 million to $365.1 million compared to $337.3 million in 2015.
  • Adjusted EBITDA of $30.5 million compared to $27.6 million in 2015.
  • Adjusted net income attributable to Amedisys, Inc. of $15.0 million compared to $13.4 million in 2015.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.44 compared to $0.40 in 2015.

Years Ended December 31, 2016 and 2015

  • Net service revenue increased $156.9 million to $1,437.4 million compared to $1,280.5 million in 2015.
  • Net income attributable to Amedisys, Inc. of $37.3 million compared to $3.0 million net loss in 2015.
  • Net income attributable to Amedisys, Inc. per diluted share of $1.10 compared to $0.09 net loss per diluted share in 2015.

Adjusted Year End Results*

  • Adjusted net service revenue increased $157.8 million to $1,437.3 million compared to $1,279.5 million in 2015.
  • Adjusted EBITDA of $109.9 million compared to $112.0 million in 2015.
  • Adjusted net income attributable to Amedisys, Inc. of $52.2 million compared to $48.9 million in 2015.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.55 compared to $1.48 in 2015.

* See Reconciliation of Non-GAAP Financial Measures to GAAP Measures in the table below.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am extremely pleased with the results that our team delivered during 2016 and the fourth quarter, ahead of consensus estimates on EBITDA and earnings per share. Having completed our Homecare Homebase software implementation and rounding out our management team, we are already delivering a portion of the efficiencies that we promised to our stakeholders in early 2016. While the last few years have introduced quite a bit of change to the organization, our team has performed well across the board. Entering 2017, our primary goal for improvement is to return to consistent mid-single digit organic growth in home health. As a result of our efforts in the last few years, we have a solid and stable platform to build on, including a strong balance sheet that allows us to be opportunistic as we look to consolidate a fragmented industry.”

We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, March 1, 2017, at 11:00 ET to discuss its fourth quarter and year end results. To participate on the conference call, please call a few minutes before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through April 1, 2017 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13654607.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) Adjusted EBITDA, defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 2,200 hospitals and 61,900 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With approximately 16,000 employees, in 420 care centers in 34 states, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 385,000 patients in need every year. For more information about the Company, please visit: www.amedisys.com.

We use our website as a channel of distribution for important company information. Important information, including press releases, financial presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the healthcare industry, our ability to integrate our personal care segment into our business efficiently, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.


AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in thousands, except share data)
(Unaudited)
 
      
 December 31, 2016  December 31, 2015
ASSETS       
Current assets:       
Cash and cash equivalents$  30,197  $  27,502 
Patient accounts receivable, net of allowance for doubtful accounts of $17,716 and $16,526   166,056     125,010 
Prepaid expenses   7,397     8,110 
Other current assets   11,260     14,641 
        
Total current assets   214,910     175,263 
        
Property and equipment, net of accumulated depreciation of $138,650 and $141,793   36,999     42,695 
Goodwill   288,957     261,663 
Intangible assets, net of accumulated amortization of $27,864 and $25,386   46,755     44,047 
Deferred income taxes   107,940     125,245 
Other assets, net   38,468     32,802 
        
Total assets$  734,029  $  681,715 
        
LIABILITIES AND EQUITY       
Current liabilities:       
Accounts payable$  30,358  $  25,682 
Payroll and employee benefits   82,480     72,546 
Accrued expenses   63,290     71,965 
Current portion of long-term obligations   5,220     5,000 
        
Total current liabilities   181,348     175,193 
Long-term obligations, less current portion   87,809     91,630 
Other long-term obligations   3,730     4,456 
        
Total liabilities   272,887     271,279 
        
Equity:       
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding   —      —  
Common stock, $0.001 par value, 60,000,000 shares authorized; 35,253,577 and 34,786,966 shares issued; and 33,597,215 and 33,607,282 shares outstanding   35     35 
Additional paid-in capital   537,472     504,290 
Treasury stock at cost, 1,656,362 and 1,179,684 shares of common stock   (46,774)    (26,966)
Accumulated other comprehensive income   15     15 
Retained earnings   (30,545)    (67,806)
        
Total Amedisys, Inc. stockholders’ equity   460,203     409,568 
Noncontrolling interests   939     868 
        
Total equity   461,142     410,436 
        
Total liabilities and equity$  734,029  $  681,715 
        


AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
     
 For the Three Month Period
Ended December 31,
 
 For the Year 
Ended December 31,
  2016   2015  2016 2015
Net service revenue$  366,296  $  338,367  $  1,437,454  $  1,280,541 
Cost of service, excluding depreciation and amortization   212,589     192,483     833,055     725,915 
General and administrative expenses:    
Salaries and benefits   75,902     69,628     306,981     279,425 
Non-cash compensation   3,845     4,187     16,401     11,824 
Other   45,097     46,452     180,048     161,186 
Provision for doubtful accounts   5,855     4,683     19,519     14,053 
Depreciation and amortization   5,016     4,238     19,678     20,036 
Asset impairment charge   4,432      —      4,432     77,268 
          
Operating expenses   352,736     321,671     1,380,114     1,289,707 
                
Operating income (loss)   13,560     16,696     57,340     (9,166)
Other income (expense):               
Interest income   30     38     75     71 
Interest expense   (1,613)    (1,005)    (5,164)    (10,783)
Equity in earnings from equity method investments   1,986     1,122     5,588     9,823 
Miscellaneous, net   621     5,785     3,727     9,747 
                
Total other income   1,024     5,940     4,226     8,858 
                
Income (loss) before income taxes   14,584     22,636     61,566     (308)
Income tax expense   (5,612)    (9,564)    (23,935)    (2,004)
                
Net income (loss)   8,972     13,072     37,631     (2,312)
Net income attributable to noncontrolling interests   (55)    (161)    (370)    (709)
                
Net income (loss) attributable to Amedisys, Inc.$  8,917  $  12,911  $  37,261  $  (3,021)
                
Basic earnings per common share:               
Net income (loss) attributable to Amedisys, Inc. common stockholders    $  0.27  $  0.39  $  1.12  $  (0.09)
                
Weighted average shares outstanding   33,365     33,202     33,198     33,018 
 
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders$  0.26  $  0.38  $  1.10  $  (0.09)
                
Weighted average shares outstanding   33,866     33,743     33,741     33,018 

 


AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT INFORMATION AND SEGMENT INFORMATION
(Amounts in thousands, except statistical information)
(Unaudited)
        
 For the Three Month Period  
 Ended December 31,  For the Year Ended December 31, 
  2016   2015   2016   2015 
        
Net cash provided by operating activities$28,561  $20,044  $62,259  $107,785 
Net cash used in investing activities   (6,649)    (47,562)    (52,049)    (67,421)
Net cash used in financing activities   (630)    (2,031)    (7,515)    (20,894)
        
Net increase (decrease) in cash and cash equivalents   21,282     (29,549)    2,695     19,470 
Cash and cash equivalents at beginning of period   8,915     57,051     27,502     8,032 
        
Cash and cash equivalents at end of period$30,197  $27,502  $30,197  $27,502 
        
Days revenue outstanding, net (1) 40.2   31.9   40.2   31.9 
        
(1)  Our calculation of days revenue outstanding, net at December 31, 2016 and 2015 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three month period ended December 31, 2016 and 2015, respectively.

 

Segment Information - Home Health 
     
  For the Three Month Period Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Medicare  $  203.2  $  195.7 
Non-Medicare   65.1   66.9 
Net service revenue   268.3   262.6 
Cost of service   160.1   153.2 
     
Gross margin   108.2   109.4 
Other operating expenses   72.7   76.6 
     
Operating income  $  35.5  $  32.8 
     
Key Statistical Data:    
     
Medicare:    
Same Store (1):     
Revenue   (1%)  5%
Admissions   2%  3%
Recertifications   (2%)  3%
Total (2):     
Admissions   47,637   44,253 
Recertifications   25,628   25,376 
Completed episodes   71,855   68,926 
Visits   1,230,434   1,216,983 
Average revenue per completed episode (3)  $2,851  $2,855 
Visits per completed episode (4)   17.2   17.7 
     
Non-Medicare:    
Same Store (1):     
Revenue   (2%)  25%
Admissions   (3%)  15%
Recertifications   (1%)  16%
Total (2):     
Admissions   24,309   25,201 
Recertifications   9,673   9,798 
Visits   501,215   529,948 
     
Total (2):    
Visiting Clinician Cost per Visit  $83.46  $79.24 
Clinical Manager Cost per Visit  $9.01  $8.47 
     
Total Cost per Visit  $92.47  $87.71 
     
Visits   1,731,649   1,746,931 
     
     
  For the Year Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Medicare  $  822.4  $  761.4 
Non-Medicare   263.1   243.7 
Net service revenue     1,085.5     1,005.1 
Cost of service   643.7   584.2 
     
Gross margin   441.8   420.9 
Other operating expenses   303.2   280.6 
     
Operating income  $  138.6  $  140.3 
     
Key Statistical Data:    
     
Medicare:    
Same Store (1):     
Revenue   2%  3%
Admissions   3%  3%
Recertifications   0%  (1%)
Total (2):     
Admissions   194,662   178,226 
Recertifications   103,193   99,762 
Completed episodes   289,862   269,227 
Visits   5,124,002   4,797,734 
Average revenue per completed episode (3)  $2,839  $2,825 
Visits per completed episode (4)   17.5   17.5 
     
Non-Medicare:    
Same Store (1):     
Revenue   8%  21%
Admissions   2%  18%
Recertifications   8%  14%
Total (2):     
Admissions   98,448   96,934 
Recertifications   38,618   35,870 
Visits   2,050,975   1,954,543 
     
Total (2):    
Visiting Clinician Cost per Visit  $81.18  $78.23 
Clinical Manager Cost per Visit  $8.53  $8.29 
     
Total Cost per Visit  $89.71  $86.52 
     
Visits   7,174,977   6,752,277 
     
(1)  Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions and recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions and recertifications of the prior period. 
(2)  Total includes acquisitions. 
(3)  Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. 
(4)  Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period. 
     
     
Segment Information - Hospice 
     
  For the Three Month Period Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Medicare  $  80.7  $  70.9 
Non-Medicare   4.5   4.9 
     
Net service revenue   85.2   75.8 
Cost of service     43.0   39.3 
     
Gross margin   42.2   36.5 
Other operating expenses   21.4   17.8 
     
Operating income  $  20.8  $  18.7 
     
Key Statistical Data:    
Same Store (1):     
Medicare revenue   14%  24%
Non-Medicare revenue   (7%)  40%
Hospice admissions   16%  21%
Average daily census   13%  24%
Total (2):     
Hospice admissions   5,769   4,966 
Average daily census   6,318   5,576 
Revenue per day, net  $146.56  $147.75 
Cost of service per day  $73.91  $76.54 
Average discharge length of stay   99   98 
    
  For the Year Ended December 31, 
   2016   2015 
    
Financial Information (in millions):    
Medicare  $  297.7  $  258.5 
Non-Medicare   18.3   16.9 
     
Net service revenue     316.0   275.4 
Cost of service   163.1   141.7 
     
Gross margin   152.9   133.7 
Other operating expenses     77.0     66.0 
     
Operating income  $  75.9  $  67.7 
     
Key Statistical Data:    
Same Store (1):     
Medicare revenue   15%  13%
Non-Medicare revenue   9%  18%
Hospice admissions   17%  16%
Average daily census   16%  12%
Total (2):     
Hospice admissions   22,526   19,205 
Average daily census   5,912   5,105 
Revenue per day, net  $146.05  $147.78 
Cost of service per day  $75.36  $76.06 
Average discharge length of stay   96   92 
     
(1)  Same store information presented is the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions and average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions and average daily census of the prior period. 
(2)  Total includes acquisitions. 
     
   
Segment Information - Personal Care   
     
  For the Three Month Period Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Medicare  $—   $—  
Non-Medicare   12.7   —  
     
Net service revenue   12.7   —  
Cost of service   9.5   —  
     
Gross margin   3.2   —  
Other operating expenses   2.9   —  
     
Operating income  $  0.3  $—  
     
Key Statistical Data:    
Billable hours   548,703   —  
Clients served   19,569   —  
    
  For the Year Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Medicare  $—   $—  
Non-Medicare   35.9   —  
     
Net service revenue   35.9   —  
Cost of service   26.3   —  
     
Gross margin   9.6   —  
Other operating expenses   8.1   —  
     
Operating income  $  1.5  $—  
     
Key Statistical Data:    
Billable hours   1,539,093   —  
Clients served   51,520   —  
     
   
Segment Information - Corporate   
     
  For the Three Month Period Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Other operating expenses  $  35.5  $  32.2 
Depreciation and amortization   3.1   2.6 
     
Total operating expenses before asset impairment charge   38.6   34.8 
Asset impairment charge   4.4   —  
     
Total operating expenses  $  43.0  $  34.8 
     
  For the Year Ended December 31, 
   2016   2015 
     
Financial Information (in millions):    
Other operating expenses  $  141.9  $  126.5 
Depreciation and amortization     12.4   13.4 
     
Total operating expenses before asset impairment charge     154.3   139.9 
Asset impairment charge     4.4   77.3 
     
Total operating expenses  $  158.7  $  217.2 
     

 

AMEDISYS, INC. AND SUBSIDIARIES 
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES 
(Amounts in thousands) 
(Unaudited) 
        
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”):
        
 For the Three Month Period    
 Ended December 31,  For the Year Ended December 31, 
  2016   2015   2016   2015 
        
Net income (loss) attributable to Amedisys, Inc. $8,917  $12,911  $37,261  $  (3,021)
Add:       
Income tax expense  5,612   9,564   23,935   2,004 
Interest expense, net  1,583   967   5,089   10,712 
Depreciation and amortization    5,016     4,238     19,678     20,036 
Certain items (1)    9,999     (120)    24,559     85,447 
Interest component of certain items (1)    (625)   —      (625)    (3,212)
        
Adjusted EBITDA (2) (6) $30,502  $27,560  $109,897  $111,966 
        
        
Adjusted Net Service Revenue Reconciliation:       
        
 For the Three Month Period    
 Ended December 31,  For the Year Ended December 31, 
  2016   2015   2016   2015 
        
Net service revenue $366,296  $338,367  $1,437,454  $1,280,541 
Add:       
Certain items (1)    (1,149)    (1,059)    (201)    (1,059)
        
Adjusted net service revenue (3) (6) $365,147  $337,308  $1,437,253  $1,279,482 
        
        
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:       
        
 For the Three Month Period    
 Ended December 31,  For the Year Ended December 31, 
  2016   2015   2016   2015 
        
Net income (loss) attributable to Amedisys, Inc. $8,917  $12,911  $37,261  $  (3,021)
Add:       
Certain items (1)  6,114   543   14,923   51,898 
        
Adjusted net income attributable to Amedisys, Inc. (4) (6) $15,031  $13,454  $52,184  $48,877 
        
        
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:       
        
 For the Three Month Period    
 Ended December 31,  For the Year Ended December 31, 
  2016   2015   2016   2015 
        
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share $0.26  $0.38  $1.10  $  (0.09)
Add:       
Certain items (1)  0.18   0.02   0.44   1.57 
        
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6) $0.44  $0.40  $1.55  $1.48 
        
(1) The following details the certain items for the three month periods and years ended December 31, 2016 and 2015: 


Certain Items:        
    
 For the Three Month Period For the Year Ended
 Ended December 31, 2016  December 31, 2016 
    
 (Income) Expense  (Income) Expense 
    
Certain Items Impacting Net Service Revenue:   
Reduction of cost report reserve $  (1,149) $  (1,149)
Third party audit reserve  —    948 
Certain Items Impacting Operating Expenses:   
HCHB implementation  1,345   8,371 
Acquisition costs    876     3,384 
Legal fees - non-routine    543     1,992 
Frontier litigation    2,479     2,979 
Wage and Hour litigation    (119)    282 
Asset impairment    4,432     4,432 
Restructuring activity    1,976     7,645 
Sales/use tax audit reserve    460     460 
Disaster relief    129     467 
Certain Items Impacting Total Other Income (Expense):   
Sales/use tax audit reserve    625     625 
Legal settlements    (280)    (2,328)
Miscellaneous, other (income) expense, net    (1,318)    (3,549)
    
Total $9,999  $24,559 
    
Net of tax $6,114  $14,923 
    
Diluted EPS $0.18  $0.44 
    
    
 For the Three Month Period For the Year Ended
 Ended December 31, 2015  December 31, 2015 
    
 (Income) Expense  (Income) Expense 
    
Certain Items Impacting Net Service Revenue:   
Reduction of cost report reserve $  (1,059) $  (1,059)
Certain Items Impacting Operating Expenses:   
HCHB implementation  2,383   4,431 
Acquisition costs  1,046   1,046 
Legal fees - non-routine  459   745 
OIG Self-Disclosure  4,674   4,674 
Inventory and Data Security Reporting   —      2,121 
Wage and Hour litigation    (2,309)    5,691 
Asset impairment   —      77,268 
Restructuring activity   —      2,735 
Certain Items Impacting Total Other Income (Expense):   
Debt refinance costs   —      3,212 
Legal settlements    (5,314)    (7,453)
Miscellaneous, other (income) expense, net   —      (7,964)
    
Total $  (120) $85,447 
    
Net of tax $543  $51,898 
    
Diluted EPS $0.02  $1.57 
    
(2)  Adjusted EBITDA is defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1. 
(3)  Adjusted net service revenue is defined as net service revenue calculated in accordance with GAAP plus certain items as described in footnote 1. 
(4)  Adjusted net income attributable to Amedisys, Inc. is defined as net income (loss) attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1. 
(5)  Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1. 
(6)  Adjusted EBITDA, adjusted net service revenue, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measure calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. 

 

Contact:

Investor Contact:
Amedisys, Inc.
David Castille
Managing Director, Treasury/Finance
(225) 299-3391
david.castille@amedisys.com

Media Contact:
Amedisys, Inc.
Kendra Kimmons
Managing Director, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com

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Source: Amedisys, Inc.

Contact Information

Amedisys Corporate Headquarters
3854 American Way
Baton Rouge, LA 70816
(225) 292-2031
Amedisys Executive Office
209 10th Avenue S.
Suite 512
Nashville, TN 37203
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