Press Release

Amedisys Reports Third Quarter Financial Results

AMEDISYS TO HOST CONFERENCE CALL NOVEMBER 5, 2015 AT 12:00 P.M. ET

Company Release - 11/5/2015 12:53 AM ET

BATON ROUGE, La., Nov. 05, 2015 (GLOBE NEWSWIRE) --  Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice company, today reported its financial results for the three and nine-month periods ended September 30, 2015.

Three-Month Periods Ended September 30, 2015 and 2014

  • After adding back for the 2015 period, $5.1 million ($3.1 million, net of income tax ) or $0.09 per diluted share and after adding back for the 2014 period $1.0 million ($0.6 million, net of income tax) or $0.02 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
    • Net service revenue of $326.4 million compared to $300.3 million in 2014.
    • Net income from continuing operations attributable to Amedisys, Inc. of $11.5 million compared to net income from continuing operations of $9.1 million in 2014. (Net income from continuing operations attributable to Amedisys, Inc. of $8.4 million compared to net income from continuing operations attributable to Amedisys, Inc. of $8.4 million in 2014 on a GAAP basis.)
    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.34 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.28 per diluted share in 2014. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.25 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.26 per diluted share in 2014 on a GAAP basis.)
    • Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $26.4 million compared to $23.8 million in 2014.

Nine-Month Periods Ended September 30, 2015 and 2014

  • After adding back for the 2015 period, $85.6 million ($51.8 million, net of income tax ) or $1.57 per diluted share and for the 2014 period $17.9 million ($11.0 million, net of income tax) or $0.34 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
    • Net service revenue of $942.2 million compared to $904.0 million in 2014.
    • Net income from continuing operations attributable to Amedisys, Inc. of $35.8 million compared to net income from continuing operations of $14.9 million in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. of $15.9 million compared to net income from continuing operations attributable to Amedisys, Inc. of $3.9 million in 2014 on a GAAP basis.)
    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.09 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.46 per diluted share in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.48 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.12 per diluted share in 2014 on a GAAP basis.)
    • EBITDA of $84.4 million compared to $51.4 million in 2014.

Paul B. Kusserow, President and Chief Executive Officer stated, “We are encouraged by the company’s continued strong performance in the third quarter. Both segments achieved significant revenue growth and we have continued to make investments that will position us well to capitalize on future opportunities supporting our long-term strategic vision. I would like to thank our dedicated employees for their unwavering commitment to the patients we serve.”

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, 2014, 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.

*         See pages 10 & 11 for explanation of these certain items and the reconciliations of non-GAAP financial measures.

Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 12:00 p.m. ET, Thursday, November 5, 2015 to either (877) 524-8416 (Toll free) or (412) 902-1028 (Toll). A replay of the conference call will be available through December 2, 2015 by dialing (877) 660-6853 (Toll free) or (201) 612-7415 (Toll) and entering conference ID #13622135.

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.

Amedisys, Inc. (the “Company”) is headquartered in Baton Rouge, Louisiana and our common stock trades on the NASDAQ Global Select Market under the symbol “AMED”.

Additional information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst 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. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. 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 home health industry, 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 due to the volatility and disruption of the capital and credit markets, 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 and manage our information systems, 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.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures as defined under SEC rules: EBITDA, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, adjusted EBITDA, defined as EBITDA excluding certain other items, adjusted net income from continuing operations attributable to Amedisys, Inc., defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items, and adjusted net income from continuing operations attributable to Amedisys, Inc. per diluted share, defined as net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share excluding certain other items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.

AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION
(Amounts in thousands, except share, per share data and statistical information)
(Unaudited)

Balance Sheet Information

 September 30, 2015
December 31, 2014  
ASSETS  
Current assets:  
Cash and cash equivalents$57,051 $8,032 
Patient accounts receivable, net of allowance for doubtful accounts of $14,753 and $14,317 121,744  99,325 
Prepaid expenses 10,402  8,493 
Deferred income taxes 1,953 —    
Other current assets 5,641  19,708 
Assets held for sale 19,650 —     
Total current assets 216,441  135,558 
   
Property and equipment, net of accumulated depreciation of $140,363 and $146,438 41,485  137,455 
Goodwill 211,109  205,587 
Intangible assets, net of accumulated amortization of $25,379 and $25,374 33,150  33,193 
Deferred income taxes 129,992  124,788 
Other assets, net 34,259  33,161 
Total assets$666,436 $669,742 
LIABILITIES AND EQUITY  
Current Liabilities:  
Accounts payable$24,226 $16,056 
Payroll and employee benefits 74,050  75,553 
Accrued expenses 69,188  56,329 
Current portion of long-term obligations 3,750  12,000 
Current portion of deferred income taxes—     2,385 
Total current liabilities 171,214  162,323 
Long-term obligations, less current portion 96,250  104,372 
Other long-term obligations 4,998  5,285 
Total liabilities 272,462  271,980 
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; 34,726,207 and 34,569,526 shares issued; and 33,672,216 and 33,594,572 shares outstanding 35  35 
Additional paid-in capital 495,827  481,762 
Treasury stock at cost, 1,053,991 and 974,954 shares of common stock (22,029) (19,860)
Accumulated other comprehensive income 15  15 
Retained earnings (80,717) (64,785)
Total Amedisys, Inc. stockholders’ equity 393,131  397,167 
Noncontrolling interests 843  595 
Total equity 393,974  397,762 
Total liabilities and equity$666,436 $669,742 


Statement of Operations Information

 For the Three-Month Periods
Ended September 30,
For the Nine-Month Periods
Ended September 30,
  2015  2014  2015  2014 
Net service revenue$326,450 $300,281 $942,174 $904,026 
Cost of service, excluding depreciation and amortization 186,772  170,159  533,432  519,686 
General and administrative expenses:    
Salaries and benefits 69,993  69,461  209,797  224,032 
Non-cash compensation 3,060  1,697  7,637  3,197 
Other 39,551  32,018  114,734  110,240 
Provision for doubtful accounts 3,638  4,183  9,370  13,318 
Depreciation and amortization 4,646  6,515  15,798  22,109 
Asset impairment charge 2,075 —     77,268  2,208 
Operating expenses 309,735  284,033  968,036  894,790 
Operating income (loss) 16,715  16,248  (25,862) 9,236 
Other (expense) income:    
Interest income 7  24  33  46 
Interest expense (4,936) (2,990) (9,778) (5,603)
Equity in earnings from equity investments 1,924  563  8,701  2,234 
Miscellaneous, net 1,330  110  3,962  544 
Total other (expense) income, net (1,675) (2,293) 2,918  (2,779)
Income (loss) before income taxes 15,040  13,955  (22,944) 6,457 
Income tax (expense) benefit (6,465) (5,358) 7,560  (2,483)
Income (loss) from continuing operations 8,575  8,597  (15,384) 3,974 
Discontinued operations, net of tax—    —    —     (216)
Net income (loss) 8,575  8,597  (15,384) 3,758 
Net income attributable to noncontrolling interests (135) (158) (548) (117)
Net income (loss) attributable to Amedisys, Inc.$8,440 $8,439 $(15,932)$3,641 
Basic earnings per common share:    
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders$0.25 $0.26 $(0.48)$0.12 
Discontinued operations, net of tax—     —    —     (0.01)
Net income (loss) attributable to Amedisys, Inc. common stockholders$0.25 $0.26 $(0.48)$0.11 
Weighted average shares outstanding 33,128  32,468  32,957  32,194 
Diluted earnings per common share:    
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders$0.25 $0.26 $(0.48)$0.12 
Discontinued operations, net of tax—    —    —     (0.01)
Net income (loss) attributable to Amedisys, Inc. common stockholders$0.25 $0.26 $(0.48)$0.11 
Weighted average shares outstanding 33,631  32,934  32,957  32,690 
Amounts attributable to Amedisys, Inc. common stockholders:    
Income (loss) from continuing operations$8,440 $8,439 $(15,932)$3,857 
Discontinued operations, net of tax—    —    —     (216)
Net income (loss)$8,440 $8,439 $(15,932)$3,641 


Cash Flow and Days Revenue Outstanding, Net Information

 For the Three-Month Periods
Ended September 30,
For the Nine-Month Periods
Ended September 30,
  2015  2014  2015  2014 
Net cash provided by (used in) operating activities$30,704 $25,342 $87,741 $(70,129)
Net cash (used in) provided by investing activities (8,037) 230  (19,859) (9,162)
Net cash provided (used in) by financing activities 1,183  (31,255) (18,863) 67,530 
Net increase (decrease) in cash and cash equivalents 23,850  (5,683) 49,019  (11,761)
Cash and cash equivalents at beginning of period 33,201  11,225  8,032  17,303 
Cash and cash equivalents at end of period$57,051 $5,542 $57,051 $5,542 
Days revenue outstanding, net (1) 33.1  30.5  33.1  30.5 


(1)  Our calculation of days revenue outstanding, net at September 30, 2015 and 2014 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 September 30, 2015 and 2014, respectively.


Supplemental Information - Home Health

   
 For the Three-Month Periods Ended September 30,  
  2015    2014   
Financial Information (in millions):  
Medicare$190.2 $185.4 
Non-Medicare 63.2  51.8 
Net service revenue 253.4  237.2 
Cost of service 150.0  137.4 
Gross margin 103.4  99.8 
Other operating expenses 70.0  69.3 
Operating income$33.4 $30.5 
Key Statistical Data:  
Medicare:  
Same Store Volume (2):  
Revenue 3% 5%
Admissions 4% 2%
Recertifications 0% 5%
Total (3):  
Admissions 44,434  42,770 
Recertifications 25,420  25,407 
Completed episodes 67,288  67,316 
Visits 1,208,853  1,190,962 
Average revenue per completed episode including sequestration (4)$2,821 $2,777 
Visits per completed episode (5) 17.5  17.3 
   
Non-Medicare:  
Same Store Volume (2):  
Revenue 22% 31%
Admissions 21% 26%
Recertifications 15% 24%
Total (3):  
Admissions 24,792  20,585 
Recertifications 9,447  8,238 
Visits 504,441  416,038 
   
Total (3):  
Cost per Visit$87.54 $85.47 
Visits 1,713,294  1,607,000 


   
 For the Nine-Month Periods Ended September 30,  
  2015    2014   
Financial Information (in millions):  
Medicare$565.8 $565.5 
Non-Medicare 176.8  151.9 
Net service revenue 742.6  717.4 
Cost of service 431.0  420.7 
Gross margin 311.6  296.7 
Other operating expenses 204.0  225.2 
Operating income before impairment (1)$107.6 $71.5 
Key Statistical Data:  
Medicare:  
Same Store Volume (2):  
Revenue 2% 0%
Admissions 2% 0%
Recertifications (2%) 0%
Total (3):  
Admissions 133,973  134,317 
Recertifications 74,386  77,468 
Completed episodes 200,301  205,939 
Visits 3,580,751  3,620,779 
Average revenue per completed episode including sequestration (4)  $2,816 $2,763 
Visits per completed episode (5) 17.4  17.2 
   
Non-Medicare:  
Same Store Volume (2):  
Revenue 19% 17%
Admissions 17% 15%
Recertifications 13% 10%
Total (3):  
Admissions 71,733  62,596 
Recertifications 26,072  23,746 
Visits 1,424,595  1,218,659 
   
Total (3):  
Cost per Visit$86.10 $86.92 
Visits 5,005,346  4,839,438 


(1)  Operating income of $70.3 million on a GAAP basis for the nine-month period ended September 30, 2014.
(2)  Same store Medicare and Non-Medicare revenue, admissions or recertifications volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions or recertifications of the prior period.
(3)  Based on continuing operations for all periods presented.
(4)  Average Medicare revenue per completed episode including sequestration is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.
(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.


Supplemental Information - Hospice

   
 For the Three-Month Periods Ended September 30,  
  2015    2014   
Financial Information (in millions):        
Medicare$68.6 $59.0 
Non-Medicare 4.4  4.1 
Net service revenue 73.0  63.1 
Cost of service 36.8  32.8 
Gross margin 36.2  30.3 
Other operating expenses 16.9  14.7 
Operating income$19.3 $15.6 
Key Statistical Data:  
Same Store Volume (2):  
Medicare revenue 17% 3%
Non-Medicare revenue 14% 15%
Hospice admits 26% (3%)
Average daily census 17% (3%)
Total (3):  
Hospice admits 4,962  4,002 
Average daily census 5,346  4,608 
Revenue per day$148.47 $148.74 
Cost of service per day$74.82 $77.38 
Average length of stay 92  100 


   
 For the Nine-Month Periods Ended September 30,  
  2015    2014   
Financial Information (in millions):  
Medicare$187.6 $175.1 
Non-Medicare 12.0  11.5 
Net service revenue 199.6  186.6 
Cost of service 102.4  99.0 
Gross margin 97.2  87.6 
Other operating expenses 48.2  47.4 
Operating income before impairment (1)$49.0 $40.2 
Key Statistical Data:  
Same Store Volume (2):  
Medicare revenue 10% (2%)
Non-Medicare revenue 11% 6%
Hospice admits 14% (4%)
Average daily census 8% (4%)
Total (3):  
Hospice admits 14,239  12,947 
Average daily census 4,947  4,668 
Revenue per day$147.79 $146.42 
Cost of service per day$75.87 $77.70 
Average length of stay 90  100 


(1)  Operating income of $39.2 million on a GAAP basis for the nine-month period ended September 30, 2014.
(2)  Same store Medicare and Non-Medicare revenue, Hospice admits or average daily census volume is the percent increase in our Medicare and Non-Medicare revenue, Hospice admits or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admits or average daily census of the prior period.
(3)  Based on continuing operations for all periods presented.


Supplemental Information - Corporate

   
 For the Three-Month Periods Ended September 30,  
  2015    2014   
Financial Information (in millions):  
Other operating expenses$30.8 $26.0 
Depreciation and amortization 3.1  3.9 
Total before impairment (1)$33.9 $29.9 
  
 For the Nine-Month Periods Ended September 30,  
  2015    2014   
Financial Information (in millions):  
Other operating expenses$94.3 $86.8 
Depreciation and amortization 10.8  13.5 
Total before impairment (1)$105.1 $100.3 


(1)  Total of $36.0 million on a GAAP basis for the three-month period ended September 30, 2015 (including $2.1 million asset impairment charge). Total of $182.4 million on a GAAP basis for the nine-month period ended September 30, 2015 (including $77.3 million asset impairment charge).

AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands)
(Unaudited)

Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA

     
 For the Three-Month Periods Ended
September 30,
 
For the Nine-Month Periods Ended
September 30,
 
  2015    2014    2015    2014   
Net income (loss) attributable to Amedisys, Inc.$8,440 $8,439 $(15,932)$3,641 
Less:    
Discontinued operations, net of tax—    —    —     (216)
Net income (loss) from continuing operations attributable to Amedisys, Inc.           8,440  8,439  (15,932) 3,857 
Add:    
Income tax expense (benefit) 6,465  5,358  (7,560) 2,483 
Interest expense, net 4,929  2,966  9,745  5,557 
Depreciation and amortization 4,646  6,515  15,798  22,109 
EBITDA (1) 24,480  23,278  2,051  34,006 
Add:    
Certain items (2) 5,100  1,003  85,567  17,887 
Write off of deferred debt issuance costs/call premium payment (2) (3,212) (488) (3,212) (488)
Adjusted EBITDA (3)$26,368 $23,793 $84,406 $51,405 


Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:

     
 For the Three-Month Periods Ended
September 30,
 
For the Nine-Month Periods Ended
September 30,
 
  2015    2014    2015    2014   
Net income (loss) attributable to Amedisys, Inc.$8,440 $8,439 $(15,932)$3,641 
Less:    
Discontinued operations, net of tax—    —    —     (216)
Net income (loss) from continuing operations attributable to Amedisys, Inc. 8,440  8,439  (15,932) 3,857 
Add:    
Certain items (2) 3,086  618  51,768  11,018 
Adjusted net income from continuing operations attributable to Amedisys, Inc. (4)$11,526 $9,057 $35,836 $14,875 


Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:

     
 For the Three-Month Periods Ended
September 30,
 
For the Nine-Month Periods Ended
September 30,
 
  2015    2014    2015    2014   
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share$0.25 $0.26 $(0.48)$0.11 
Less:    
Discontinued operations, net of tax—    —    —     (0.01)
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share 0.25  0.26  (0.48) 0.12 
Add:    
Certain items (2) 0.09  0.02  1.57  0.34 
Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5)$0.34 $0.28 $1.09 $0.46 


(1)  EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(2)  The following details the certain other items for the three and nine-month periods ended September 30, 2015 and 2014:

       
 For the Three-Month Period Ended
September 30, 2015  

For the Nine-Month Period Ended September 30, 2015
 
 (Income)
  Expense
 

Net
 

Diluted EPS
 
(Income)
  Expense  

Net
 

Diluted EPS
 
Life insurance proceeds$ —    $ —    $ —    $(1,044)$(632)$(0.02)
Partial claim recovery—    —    —     (1,125) (681) (0.02)
Legal settlement (1,014) (613) (0.02) (1,014) (613) (0.02)
Inventory and Data Security Reporting—    —    —     2,121  1,283  0.04 
Wage and Hour litigation—    —    —     8,000  4,840  0.15 
Unrealized gain on investment (1,379) (835) (0.03) (6,736) (4,076) (0.12)
Asset impairment charge 2,075  1,255  0.04  77,268  46,747  1.42 
Legal fees - Department of Justice matter 286  173 —     286  173 —      
HCHB implementation 2,048  1,239  0.04  2,048  1,239  0.04 
Write off of deferred debt issuance costs/call premium payment 3,212  1,944  0.06  3,212  1,944  0.06 
Gain on sale of care centers (184) (111)—      (184) (111)—      
Exit and restructuring activity costs 56  34 —      2,735  1,655  0.05 
Total$5,100 $3,086 $0.09 $85,567 $51,768 $1.57 
   
 For the Three-Month Period Ended
September 30, 2014  

For the Nine-Month Period Ended September 30, 2014
 
 (Income)
  Expense
 

Net
 

Diluted EPS
 
(Income)
  Expense  

Net
 

Diluted EPS
 
Asset impairment charge$ —    $ —    $ —    $2,208 $1,360 $0.04 
Exit and restructuring activity costs—    —    —     9,954  6,132  0.19 
Relator fees—    —    —     3,938  2,426  0.07 
OIG Self-Disclosure—    —    —     1,450  893  0.03 
Software write-off—    —    —     1,465  902  0.03 
Gain on sale of care centers—    —    —     (2,131) (1,313) (0.04)
Write off of deferred debt issuance costs 488  301  0.01  488  301  0.01 
Loss on disposal of in-patient facility 515  317  0.01  515  317  0.01 
Total$1,003 $618 $0.02 $17,887 $11,018 $0.34 


(3)  Adjusted EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization excluding certain other items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(4)  Adjusted net income from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items as described in footnote 2. Adjusted net income from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(5)  Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) from continuing operations per share excluding the earnings per share effect of certain other items as described in footnote 2. Adjusted net income from continuing operations 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, cash flow from operating activities, or other traditional indicators or operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

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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