Press Release

Amedisys Reports Second Quarter 2023 Financial Results

07/26/2023

BATON ROUGE, La., July 26, 2023 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2023.

Three-Month Periods Ended June 30, 2023 and 2022

  • Net service revenue decreased $4.9 million to $553.0 million compared to $557.9 million in 2022.
  • Net loss attributable to Amedisys, Inc. of $80.3 million, which is inclusive of $125.5 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $29.6 million in 2022.
  • Net loss attributable to Amedisys, Inc. per diluted share of $2.46 compared to net income attributable to Amedisys, Inc. per diluted share of $0.91 in 2022.

Adjusted Quarterly Results*

  • Adjusted EBITDA of $74.6 million compared to $74.4 million in 2022.
  • Adjusted net service revenue of $553.0 million compared to $566.3 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. of $44.9 million compared to $48.0 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.37 compared to $1.47 in 2022.

Six-Month Periods Ended June 30, 2023 and 2022

  • Net service revenue increased $6.3 million to $1,109.4 million compared to $1,103.1 million in 2022.
  • Net loss attributable to Amedisys, Inc. of $55.0 million, which is inclusive of $126.2 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $61.3 million in 2022.
  • Net loss attributable to Amedisys, Inc. per diluted share of $1.69 compared to net income attributable to Amedisys, Inc. of $1.87 in 2022.

Adjusted Year to Date Results*

  • Adjusted EBITDA of $132.5 million compared to $140.7 million in 2022.
  • Adjusted net service revenue of $1,109.4 million compared to $1,111.5 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. of $77.6 million compared to $88.1 million in 2022.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.38 compared to $2.69 in 2022.

* See pages 2 and 14 - 16 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

The supplemental slides provided in connection with the second quarter 2023 earnings release can be found on the Investor Relations page of our website. In light of the pending merger of the Company with UnitedHealth Group Incorporated, Amedisys will not conduct a quarterly earnings call to discuss the second quarter results and has decided to suspend guidance on 2023 financial performance.

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 (loss) income attributable to Amedisys, Inc. before net interest expense, provision for income taxes 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 (loss) income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net (loss) income 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 high acuity care services. Amedisys is focused on delivering the care that is best for our patients, whether that is in-patient hospital, palliative and skilled nursing facility ("SNF") care in their homes, home-based recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease or hospice care at the end of life. More than 3,000 hospitals and 102,000 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 18,500 employees in 522 care centers within 37 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 455,000 patients and clients 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, investor 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,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “will,” “could,” “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: disruption from the proposed merger with UnitedHealth Group with patient, payor, provider, referral source, supplier or management and employee relationships; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with UnitedHealth Group or the inability to complete the proposed transaction on the anticipated terms and timetable; the risk that necessary regulatory approvals for the proposed merger with UnitedHealth Group are delayed, are not obtained or are obtained subject to conditions that are not anticipated; the failure of the conditions to the proposed merger to be satisfied; the inability to complete the proposed transaction due to the failure to obtain approval of the stockholders of Amedisys or to satisfy any other condition in a timely manner or at all; the costs related to the proposed transaction; the diversion of management time on merger-related issues; the risk that termination fees may be payable by the Company in the event that the merger agreement is terminated under certain circumstances; reputational risk related to the proposed merger; the risk of litigation or regulatory action related to the proposed merger; changes in Medicare and other medical payment levels; changes in payments and covered services by federal and state governments; future cost containment initiatives undertaken by third-party payors; changes in the episodic versus non-episodic mix of our payors, the case mix of our patients and payment methodologies; staffing shortages driven by the competitive labor market; our ability to attract and retain qualified personnel; competition in the healthcare industry; our ability to maintain or establish new patient referral sources; 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; the impact of the novel coronavirus pandemic ("COVID-19") on our business, financial condition and results of operations; changes in estimates and judgments associated with critical accounting policies; our ability to consistently provide high-quality care; our ability to keep our patients and employees safe; our access to financing; our ability to meet debt service requirements and comply with covenants in debt agreements; business disruptions due to natural or man-made disasters, climate change or acts of terrorism, widespread protests or civil unrest; our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; our ability to integrate, manage and keep our information systems secure; the impact of inflation; and changes in laws 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.

Contact: Investor Contact:
Amedisys, Inc.
Nick Muscato
Chief Strategy Officer
(615) 928- 5452
IR@amedisys.com 
Media Contact:
Amedisys, Inc.
Kendra Kimmons
Vice President, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com 
     


 
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
 
  For the Three-Month 
Periods Ended June 30,
  For the Six-Month
Periods Ended June 30,
    2023       2022       2023       2022  
Net service revenue $ 552,968     $ 557,890     $ 1,109,357     $ 1,103,147  
Operating expenses:              
Cost of service, inclusive of depreciation   297,455       316,211       612,465       621,031  
General and administrative expenses:              
Salaries and benefits   125,504       127,758       251,843       251,238  
Non-cash compensation   9,108       5,148       12,381       12,495  
Depreciation and amortization   4,725       6,220       9,168       14,228  
Other   78,381       54,912       143,326       108,552  
Total operating expenses   515,173       510,249       1,029,183       1,007,544  
Operating income   37,795       47,641       80,174       95,603  
Other income (expense):              
Interest income   742       36       1,148       49  
Interest expense   (7,502 )     (8,311 )     (15,019 )     (11,484 )
Equity in earnings (loss) from equity method investments   7,991       659       8,114       (744 )
Merger termination fee   (106,000 )           (106,000 )      
Miscellaneous, net   4,743       331       4,061       664  
Total other expense, net   (100,026 )     (7,285 )     (107,696 )     (11,515 )
(Loss) income before income taxes   (62,231 )     40,356       (27,522 )     84,088  
Income tax expense   (18,250 )     (11,319 )     (28,050 )     (23,338 )
Net (loss) income   (80,481 )     29,037       (55,572 )     60,750  
Net loss attributable to noncontrolling interests   206       542       543       500  
Net (loss) income attributable to Amedisys, Inc. $ (80,275 )   $ 29,579     $ (55,029 )   $ 61,250  
Basic earnings per common share:              
Net (loss) income attributable to Amedisys, Inc. common stockholders $ (2.46 )   $ 0.91     $ (1.69 )   $ 1.88  
Weighted average shares outstanding   32,579       32,522       32,568       32,538  
Diluted earnings per common share:              
Net (loss) income attributable to Amedisys, Inc. common stockholders $ (2.46 )   $ 0.91     $ (1.69 )   $ 1.87  
Weighted average shares outstanding   32,579       32,681       32,568       32,722  


 
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
 
  June 30, 2023
(unaudited)
  December 31,
2022
ASSETS      
Current assets:      
Cash and cash equivalents $ 95,377     $ 40,540  
Restricted cash   15,784       13,593  
Patient accounts receivable   278,785       296,785  
Prepaid expenses   13,774       11,628  
Other current assets   22,824       26,415  
Total current assets   426,544       388,961  
Property and equipment, net of accumulated depreciation of $90,523 and $101,364   36,399       16,026  
Operating lease right of use assets   85,142       102,856  
Goodwill   1,244,679       1,287,399  
Intangible assets, net of accumulated amortization of $17,714 and $14,604   104,744       101,167  
Other assets   84,894       79,836  
Total assets $ 1,982,402     $ 1,976,245  
LIABILITIES AND EQUITY      
Current liabilities:      
Accounts payable $ 38,557     $ 43,735  
Payroll and employee benefits   123,234       125,387  
Accrued expenses   137,359       137,390  
Termination fee paid by UnitedHealth Group   106,000        
Current portion of long-term obligations   31,465       15,496  
Current portion of operating lease liabilities   25,786       33,521  
Total current liabilities   462,401       355,529  
Long-term obligations, less current portion   369,896       419,420  
Operating lease liabilities, less current portion   59,634       69,504  
Deferred income tax liabilities   28,085       20,411  
Other long-term obligations   1,629       4,808  
Total liabilities   921,645       869,672  
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; 38,030,397 and 37,891,186 shares issued; 32,608,325 and 32,511,465 shares outstanding   38       38  
Additional paid-in capital   768,789       755,063  
Treasury stock, at cost, 5,422,072 and 5,379,721 shares of common stock   (464,688 )     (461,200 )
Retained earnings   702,643       757,672  
Total Amedisys, Inc. stockholders’ equity   1,006,782       1,051,573  
Noncontrolling interests   53,975       55,000  
Total equity   1,060,757       1,106,573  
Total liabilities and equity $ 1,982,402     $ 1,976,245  


 
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING
(Amounts in thousands, except statistical information)
(Unaudited)
 
  For the Three-Month
Periods Ended June 30,
  For the Six-Month
Periods Ended June 30,
    2023       2022       2023       2022  
Cash Flows from Operating Activities:              
Net (loss) income $ (80,481 )   $ 29,037     $ (55,572 )   $ 60,750  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Depreciation and amortization (inclusive of depreciation included in cost of service)   6,199       6,220       11,893       14,228  
Non-cash compensation   9,108       5,148       12,381       12,495  
Amortization and impairment of operating lease right of use assets   8,349       12,367       16,971       22,463  
Loss on disposal of property and equipment   426       526       356       531  
Loss on personal care divestiture               2,186        
Merger termination fee   106,000             106,000        
Deferred income taxes   5,332       2,798       8,104       6,003  
Equity in (earnings) loss from equity method investments   (7,991 )     (659 )     (8,114 )     744  
Amortization of deferred debt issuance costs   247       247       495       495  
Return on equity method investments   966       718       2,753       2,428  
Changes in operating assets and liabilities, net of impact of acquisitions:              
Patient accounts receivable   15,338       (2,726 )     7,862       (21,344 )
Other current assets   5,817       (12,350 )     1,689       (4,468 )
Operating lease right of use assets   (1,019 )     (913 )     (1,937 )     (1,662 )
Other assets   355       (27 )     244       220  
Accounts payable   (1,274 )     6,613       (4,731 )     4,498  
Accrued expenses   4,034       22,046       4,775       29,529  
Other long-term obligations   (3,151 )     (166 )     (3,179 )     (223 )
Operating lease liabilities   (7,496 )     (11,470 )     (15,456 )     (20,657 )
Net cash provided by operating activities   60,759       57,409       86,720       106,030  
Cash Flows from Investing Activities:              
Proceeds from the sale of deferred compensation plan assets   6       6       25       28  
Proceeds from the sale of property and equipment   100             100       37  
Purchases of property and equipment   (1,394 )     (1,880 )     (2,744 )     (2,782 )
Investments in technology assets   (6,457 )     (323 )     (6,667 )     (559 )
Purchase of cost method investment                     (15,000 )
Proceeds from personal care divestiture               47,787        
Acquisitions of businesses, net of cash acquired         (73,311 )     (350 )     (73,311 )
Net cash (used in) provided by investing activities   (7,745 )     (75,508 )     38,151       (91,587 )
Cash Flows from Financing Activities:              
Proceeds from issuance of stock upon exercise of stock options   75       686       75       772  
Proceeds from issuance of stock under employee stock purchase plan   938       906       1,754       1,891  
Shares withheld to pay taxes on non-cash compensation   (2,180 )     (80 )     (3,488 )     (4,762 )
Noncontrolling interest contributions   376       300       376       952  
Noncontrolling interest distributions   (427 )     (303 )     (712 )     (975 )
Proceeds from borrowings under revolving line of credit   15,000       298,500       23,000       298,500  
Repayments of borrowings under revolving line of credit   (15,000 )     (283,500 )     (23,000 )     (283,500 )
Principal payments of long-term obligations   (5,680 )     (3,204 )     (60,993 )     (6,975 )
Purchase of company stock         (17,351 )           (17,351 )
Payment of accrued contingent consideration   (4,055 )           (4,055 )      
Purchase of noncontrolling interest               (800 )      
Net cash used in financing activities   (10,953 )     (4,046 )     (67,843 )     (11,448 )
Net increase (decrease) in cash, cash equivalents and restricted cash   42,061       (22,145 )     57,028       2,995  
Cash, cash equivalents and restricted cash at beginning of period   69,100       70,909       54,133       45,769  
Cash, cash equivalents and restricted cash at end of period $ 111,161     $ 48,764     $ 111,161     $ 48,764  
               
  For the Three-Month 
Periods Ended June 30,
  For the Six-Month 
Periods Ended June 30,
    2023       2022       2023       2022  
Supplemental Disclosures of Cash Flow Information:              
Cash paid for interest $ 6,377     $ 2,625     $ 13,031     $ 4,489  
Cash paid for income taxes, net of refunds received $ 15,468     $ 22,426     $ 15,820     $ 22,977  
Cash paid for operating lease liabilities $ 8,516     $ 12,383     $ 17,394     $ 22,319  
Cash paid for finance lease liabilities $ 2,864     $ 378     $ 5,321     $ 735  
Supplemental Disclosures of Non-Cash Activity:              
Right of use assets obtained in exchange for operating lease liabilities $ 7,719     $ 15,387     $ 14,802     $ 26,590  
Right of use assets obtained in exchange for finance lease liabilities $ 7,154     $ 1,100     $ 27,944     $ 1,316  
Reductions to right of use assets resulting from reductions to operating lease liabilities $ 14,994     $ 2,464     $ 15,135     $ 2,763  
Reductions to right of use assets resulting from reductions to finance lease liabilities $ 525     $     $ 894     $  
Accrued contingent consideration $     $ 19,195     $     $ 19,195  
Noncontrolling interest contribution $     $     $     $ 8,900  
Days revenue outstanding (1)   43.4       46.8       43.4       46.8  


(1) Our calculation of days revenue outstanding at June 30, 2023 and 2022 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 2023 and 2022, respectively.


 
AMEDISYS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited)
Segment Information - Home Health
  For the Three-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions) (6) :      
Medicare $ 219.8     $ 222.0  
Non-Medicare   130.0       119.9  
Net service revenue   349.8       341.9  
Cost of service, inclusive of depreciation   194.5       194.7  
Gross margin   155.3       147.2  
General and administrative expenses   90.2       88.8  
Depreciation and amortization   1.2       1.5  
Operating income $ 63.9     $ 56.9  
Same Store Growth (1) :      
Medicare revenue   (1 %)     (9 %)
Non-Medicare revenue   10 %     (3 %)
Total admissions   4 %     %
Total volume(2)   3 %     (2 %)
Key Statistical Data - Total (3)(6) :      
Admissions   97,453       94,063  
Recertifications   45,808       45,821  
Total volume   143,261       139,884  
       
Medicare completed episodes   74,848       78,321  
Average Medicare revenue per completed episode(4) $ 3,005     $ 3,051  
Medicare visits per completed episode(5)   12.5       13.2  
       
Visiting clinician cost per visit $ 99.81     $ 97.68  
Clinical manager cost per visit   11.14       10.77  
Total cost per visit $ 110.95     $ 108.45  
Visits   1,752,449       1,795,611  


  For the Six-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions) (6) :      
Medicare $ 435.2     $ 446.1  
Non-Medicare   257.9       231.5  
Net service revenue   693.1       677.6  
Cost of service, inclusive of depreciation   391.5       379.9  
Gross margin   301.6       297.7  
General and administrative expenses   179.3       172.0  
Depreciation and amortization   2.3       2.4  
Operating income $ 120.0     $ 123.3  
Same Store Growth (1) :      
Medicare revenue   (4 %)     (4 %)
Non-Medicare revenue   11 %     %
Total admissions   6 %     1 %
Total volume(2)   4 %     (1 %)
Key Statistical Data - Total (3)(6) :      
Admissions   199,416       185,827  
Recertifications   89,133       88,677  
Total volume   288,549       274,504  
       
Medicare completed episodes   148,411       152,764  
Average Medicare revenue per completed episode(4) $ 2,990     $ 3,032  
Medicare visits per completed episode(5)   12.4       13.1  
       
Visiting clinician cost per visit $ 99.83     $ 97.41  
Clinical manager cost per visit   11.13       10.77  
Total cost per visit $ 110.96     $ 108.18  
Visits   3,527,655       3,511,822  


(1)  Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.
(2)  Total volume includes all admissions and recertifications.
(3)  Total includes acquisitions, start-ups and denovos.
(4)  Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode reflects the suspension of sequestration at 2% and 1% for the three-month periods ended March 31, 2022 and June 30, 2022, respectively, and the reinstatement of sequestration at 2% for the three and six-month period ended June 30, 2023.
(5)  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.
(6)  Prior year has been recast to conform to the current year presentation.


Segment Information - Hospice

  For the Three-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions):      
Medicare $ 188.2     $ 187.5  
Non-Medicare   11.0       10.9  
Net service revenue   199.2       198.4  
Cost of service, inclusive of depreciation   98.8       107.4  
Gross margin   100.4       91.0  
General and administrative expenses   47.9       51.6  
Depreciation and amortization   0.7       0.6  
Operating income $ 51.8     $ 38.8  
Same Store Growth (1) :      
Medicare revenue   %     %
Hospice admissions   (6 %)     6 %
Average daily census   (2 %)     %
Key Statistical Data - Total (2) :      
Hospice admissions   12,395       13,359  
Average daily census   12,918       13,249  
Revenue per day, net $ 169.47     $ 164.55  
Cost of service per day $ 84.03     $ 89.05  
Average discharge length of stay   90       87  


  For the Six-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions):      
Medicare $ 370.9     $ 370.0  
Non-Medicare   21.7       21.4  
Net service revenue   392.6       391.4  
Cost of service, inclusive of depreciation   200.2       213.8  
Gross margin   192.4       177.6  
General and administrative expenses   95.8       102.9  
Depreciation and amortization   1.3       1.3  
Operating income $ 95.3     $ 73.4  
Same Store Growth (1) :      
Medicare revenue   %     %
Hospice admissions   (6 %)     4 %
Average daily census   (1 %)     (1 %)
Key Statistical Data - Total (2) :      
Hospice admissions   25,393       27,245  
Average daily census   12,825       13,086  
Revenue per day, net $ 169.15     $ 165.28  
Cost of service per day $ 86.24     $ 90.24  
Average discharge length of stay   90       88  


(1)   Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.
(2)   Total includes acquisitions and denovos.

 


Segment Information - Personal Care (1)

  For the Three-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions):      
Medicare $     $  
Non-Medicare         14.9  
Net service revenue         14.9  
Cost of service, inclusive of depreciation         11.4  
Gross margin         3.5  
General and administrative expenses         2.3  
Depreciation and amortization          
Operating income $     $ 1.2  
Key Statistical Data - Total:      
Billable hours         472,523  
Clients served         7,759  
Shifts         201,996  
Revenue per hour $     $ 31.59  
Revenue per shift $     $ 73.89  
Hours per shift         2.3  


  For the Six-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions):      
Medicare $     $  
Non-Medicare   15.0       28.9  
Net service revenue   15.0       28.9  
Cost of service, inclusive of depreciation   11.1       22.2  
Gross margin   3.9       6.7  
General and administrative expenses   2.3       4.5  
Depreciation and amortization         0.1  
Operating income $ 1.6     $ 2.1  
Key Statistical Data - Total:      
Billable hours   440,464       923,555  
Clients served   7,892       8,591  
Shifts   191,379       395,738  
Revenue per hour $ 33.97     $ 31.27  
Revenue per shift $ 78.19     $ 72.99  
Hours per shift   2.3       2.3  


(1) We completed the sale of our personal care business on March 31, 2023.


Segment Information - High Acuity Care

  For the Three-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions) (1) :      
Medicare $     $  
Non-Medicare   4.0       2.7  
Net service revenue   4.0       2.7  
Cost of service, inclusive of depreciation   4.2       2.7  
Gross margin   (0.2 )      
General and administrative expenses   5.3       5.2  
Depreciation and amortization   0.8       0.8  
Operating loss $ (6.3 )   $ (6.0 )
Key Statistical Data - Total:      
Full risk admissions   186       104  
Limited risk admissions   348       241  
Total admissions   534       345  
       
Full risk revenue per episode $ 9,303     $ 11,278  
Limited risk revenue per episode $ 6,098     $ 5,316  
       
Number of admitting joint venture markets   11       9  


  For the Six-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions) (1) :      
Medicare $     $  
Non-Medicare   8.7       5.2  
Net service revenue   8.7       5.2  
Cost of service, inclusive of depreciation   9.7       5.1  
Gross margin   (1.0 )     0.1  
General and administrative expenses   9.7       9.5  
Depreciation and amortization   1.6       1.6  
Operating loss $ (12.3 )   $ (11.0 )
Key Statistical Data - Total:      
Full risk admissions   344       210  
Limited risk admissions   807       468  
Total admissions   1,151       678  
       
Full risk revenue per episode $ 10,236     $ 10,672  
Limited risk revenue per episode $ 5,878     $ 5,541  
       
Number of admitting joint venture markets   11       9  


(1)  Prior year has been recast to conform to the current year presentation.

Segment Information - Corporate

  For the Three-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions) (1) :      
General and administrative expenses $ 69.6     $ 40.0  
Depreciation and amortization   2.0       3.3  
Total operating expenses $ 71.6     $ 43.3  


  For the Six-Month Periods
Ended June 30,
    2023       2022  
Financial Information (in millions) (1) :      
General and administrative expenses $ 120.4     $ 83.4  
Depreciation and amortization   4.0       8.8  
Total operating expenses $ 124.4     $ 92.2  


(1)  Prior year has been recast to conform to the current year presentation.


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") Reconciliation:

  For the Three-Month Periods
Ended June 30,
  For the Six-Month Periods
Ended June 30,
    2023       2022       2023       2022  
Net (loss) income attributable to Amedisys, Inc. $ (80,275 )   $ 29,579     $ (55,029 )   $ 61,250  
Add:              
Income tax expense   18,250       11,319       28,050       23,338  
Interest expense, net   6,760       8,275       13,871       11,435  
Depreciation and amortization   6,199       6,220       11,893       14,228  
Certain items(1)   123,704       23,609       133,691       35,059  
Interest component of certain items(1)         (4,652 )           (4,652 )
Adjusted EBITDA(2)(6) $ 74,638     $ 74,350     $ 132,476     $ 140,658  


Adjusted Net Service Revenue Reconciliation:

  For the Three-Month Periods
Ended June 30,
  For the Six-Month Periods
Ended June 30,
    2023       2022       2023       2022  
Net service revenue $ 552,968     $ 557,890     $ 1,109,357     $ 1,103,147  
Add:              
Certain items(1)         8,374             8,374  
Adjusted net service revenue(3) (6) $ 552,968     $ 566,264     $ 1,109,357     $ 1,111,521  


Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

  For the Three-Month Periods
Ended June 30,
  For the Six-Month Periods
Ended June 30,
    2023       2022     2023       2022
Net (loss) income attributable to Amedisys, Inc. $ (80,275 )   $ 29,579   $ (55,029 )   $ 61,250
Add:              
Certain items(1)   125,153       18,373     132,642       26,847
Adjusted net income attributable to Amedisys, Inc.(4)(6) $ 44,878     $ 47,952   $ 77,613     $ 88,097


Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:

  For the Three-Month Periods
Ended June 30,
  For the Six-Month Periods
Ended June 30,
    2023       2022       2023       2022  
Net (loss) income attributable to Amedisys, Inc. common stockholders per diluted share $ (2.46 )   $ 0.91     $ (1.69 )   $ 1.87  
Add:              
Certain items(1)   3.83       0.56       4.06       0.82  
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(5)(6) $ 1.37     $ 1.47     $ 2.38     $ 2.69  


(1)   The following details the certain items for the three and six-month periods ended June 30, 2023 and 2022:

Certain Items (in thousands):

  For the Three-Month Periods
Ended June 30, 2023
  For the Six-Month Periods
Ended June 30, 2023
  (Income) Expense   (Income) Expense
Certain Items Impacting Cost of Service, Inclusive of Depreciation:      
Clinical optimization and reorganization costs $     $ 114  
Certain Items Impacting General and Administrative Expenses:      
Acquisition and integration costs   1,101       2,768  
Executive Board of Directors/CEO transition award   3,435       4,185  
Merger-related legal and professional fees   19,451       20,171  
Clinical optimization and reorganization costs   567       3,737  
Personal care divestiture   11       525  
Certain Items Impacting Total Other Income (Expense):      
Other (income) expense, net (includes $106,000 merger termination fee)   99,139       102,191  
Total $ 123,704     $ 133,691  
Net of tax $ 125,153     $ 132,642  
Diluted EPS $ 3.83     $ 4.06  


  For the Three-Month Periods
Ended June 30, 2022
  For the Six-Month Periods
Ended June 30, 2022
  (Income) Expense   (Income) Expense
Certain Items Impacting Net Service Revenue:      
Contingency accrual $ 8,374     $ 8,374  
Certain Items Impacting Cost of Service:      
COVID-19 costs   1,803       5,536  
Clinical optimization and reorganization costs   195       195  
Fuel supplement   1,016       1,353  
Integration costs   1,401       1,401  
Certain Items Impacting General and Administrative Expenses:      
Acquisition and integration costs   5,323       6,701  
COVID-19 costs   84       237  
Executive Board of Directors/CEO transition award         3,500  
Legal fees - non-routine   190       241  
Clinical optimization and reorganization costs   869       869  
Legal settlement   (1,058 )     (1,058 )
Certain Items Impacting Total Other Income (Expense):      
Interest component of certain items   4,652       4,652  
Other (income) expense, net   760       3,058  
Total $ 23,609     $ 35,059  
Net of tax $ 18,373     $ 26,847  
Diluted EPS $ 0.56     $ 0.82  


(2) Adjusted EBITDA is defined as net (loss) income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1.
(3) Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1.
(4)   Adjusted net income attributable to Amedisys, Inc. is defined as net (loss) income 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 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 measures 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.


Primary Logo

Source: Amedisys, Inc.

Contact Information

Amedisys Corporate Headquarters
3854 American Way
Baton Rouge, LA 70816
(225) 292-2031
Amedisys Executive Office
1005 17th Avenue South
Suite 810
Nashville TN, 37212