Press Release

Amedisys Reports Second Quarter Financial Results

Amedisys to Host Conference Call Today at 11:00 A.M. ET

Company Release - 7/29/2015 7:00 AM ET

BATON ROUGE, La., July 29, 2015 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice company, today reported its financial results for the three and six-month periods ended June 30, 2015.

Three-Month Periods Ended June 30, 2015 and 2014

  • After adjusting for the 2015 period, $6.4 million ($3.9 million, net of income tax) or $0.12 per diluted share and for the 2014 period $0.8 million ($0.5 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 $314.1 million compared to $305.0 million in 2014.
    • Net income from continuing operations attributable to Amedisys, Inc. of $14.5 million compared to net income from continuing operations of $8.0 million in 2014. (Net income from continuing operations attributable to Amedisys, Inc. of $10.6 million compared to net income from continuing operations attributable to Amedisys, Inc. of $7.6 million in 2014 on a GAAP basis.)
    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.43 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.25 per diluted share in 2014. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.32 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.23 per diluted share in 2014 on a GAAP basis.)
    • Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $31.7 million compared to $22.1 million in 2014.

Six-Month Periods Ended June 30, 2015 and 2014

  • After adding back for the 2015 period, $80.5 million ($48.7 million, net of income tax) or $1.48 per diluted share and for the 2014 period $16.9 million ($10.4 million, net of income tax) or $0.32 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
    • Net service revenue of $615.7 million compared to $603.7 million in 2014.
    • Net income from continuing operations attributable to Amedisys, Inc. of $24.3 million compared to net income from continuing operations of $5.8 million in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. of $24.4 million compared to net loss from continuing operations attributable to Amedisys, Inc. of $4.6 million in 2014 on a GAAP basis.)
    • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.73 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.18 per diluted share in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.74 compared to net loss from continuing operations attributable to Amedisys Inc. per diluted share of $0.14 per diluted share in 2014 on a GAAP basis.)
    • EBITDA of $58.0 million compared to $27.6 million in 2014.

Paul B. Kusserow, President and Chief Executive Officer stated, “We are extremely pleased with our second quarter performance. We made progress toward implementing our key strategies - delivering clinical excellence, empowering our people, improving operational efficiency and accelerating growth. I’d like to thank our team of 13,000 employees for delivering great results.”

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 “Reconciliation of Non-GAAP Financial Measures to GAAP Financial Statements” 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 11:00 a.m. ET to either (844) 831-4549 (Toll free) or (815) 573-0979, use conference ID #91339246. A replay of the conference call will be available through August 28, 2015. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll) and use conference ID #91339246.

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
   
 June 30, 2015 December 31, 2014 
   
ASSETS  
Current assets:  
Cash and cash equivalents $  33,201 $  8,032 
Patient accounts receivable, net of allowance for doubtful accounts of $14,228 and $14,317    110,454    99,325 
Prepaid expenses    7,568    8,493 
Other current assets    17,147    19,708 
   
Total current assets   168,370    135,558 
   
Property and equipment, net of accumulated depreciation of $149,801 and $146,438    66,953    137,455 
Goodwill    205,587    205,587 
Intangible assets, net of accumulated amortization of $25,374    33,193    33,193 
Deferred income taxes    140,485    124,788 
Other assets, net    30,845    33,161 
   
Total assets$  645,433 $  669,742 
   
   
LIABILITIES AND EQUITY  
Current Liabilities:  
Accounts payable $  21,911 $  16,056 
Payroll and employee benefits    74,688    75,553 
Accrued expenses    64,101    56,329 
Current portion of long-term obligations    12,000    12,000 
Current portion of deferred income taxes    3,329    2,385 
   
Total current liabilities   176,029    162,323 
Long-term obligations, less current portion    83,517    104,372 
Other long-term obligations    5,837    5,285 
   
Total liabilities   265,383    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; 34,719,797 and 34,569,526 shares issued; and 33,665,873 and 33,594,572 shares outstanding    35    35 
Additional paid-in capital    490,474    481,762 
Treasury stock at cost, 1,053,924 and 974,954 shares of common stock    (22,026)   (19,860)
Accumulated other comprehensive income    15    15 
Retained earnings    (89,157)   (64,785)
   
Total Amedisys, Inc. stockholders’ equity   379,341    397,167 
Noncontrolling interests    709    595 
   
Total equity   380,050    397,762 
   
Total liabilities and equity$  645,433 $  669,742 
   


Statement of Operations Information
 
 For the Three-Month PeriodsFor the Six-Month Periods
 Ended June 30, Ended June 30, 
  2015  2014  2015  2014 
     
Net service revenue $  314,152 $  305,006 $  615,724 $  603,745 
Cost of service, excluding depreciation and amortization    175,699    172,520    346,660    349,527 
General and administrative expenses:    
Salaries and benefits    71,249    71,400    139,804    154,571 
Non-cash compensation    2,193    1,069    4,577    1,500 
Other    42,113    35,522    75,183    78,222 
Provision for doubtful accounts    2,756    4,242    5,732    9,135 
Depreciation and amortization    4,615    7,692    11,152    15,594 
Asset impairment charge  —  —    75,193    2,208 
     
Operating expenses    298,625    292,445    658,301    610,757 
     
Operating income (loss)    15,527    12,561    (42,577)   (7,012)
Other income (expense):    
Interest income    4    16    26    22 
Interest expense    (2,416)   (1,352)   (4,842)   (2,613)
Equity in earnings from equity investments    4,826    885    6,777    1,671 
Miscellaneous, net    498    243    2,632    434 
     
Total other income (expense), net    2,912    (208)   4,593    (486)
     
Income (loss) before income taxes    18,439    12,353    (37,984)   (7,498)
Income tax (expense) benefit    (7,566)   (4,743)   14,025    2,875 
     
Income (loss) from continuing operations    10,873    7,610    (23,959)   (4,623)
Discontinued operations, net of tax  —    61  —    (216)
     
Net income (loss)    10,873    7,671    (23,959)   (4,839)
Net (income) loss attributable to noncontrolling interests    (236)   (52)   (413)   41 
     
Net income (loss) attributable to Amedisys, Inc. $  10,637 $  7,619 $  (24,372)$  (4,798)
     
     
Basic earnings per common share:    
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders $  0.32 $  0.24 $  (0.74)$  (0.14)
     
Discontinued operations, net of tax  —  —  —    (0.01)
     
Net income (loss) attributable to Amedisys, Inc. common stockholders $  0.32 $  0.24 $  (0.74)$  (0.15)
     
     
Weighted average shares outstanding    33,004    32,251    32,871    32,058 
     
     
Diluted earnings per common share:    
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders $  0.32 $  0.23 $  (0.74)$  (0.14)
     
Discontinued operations, net of tax  —  —  —    (0.01)
     
Net income (loss) attributable to Amedisys, Inc. common stockholders $  0.32 $  0.23 $  (0.74)$  (0.15)
     
     
Weighted average shares outstanding    33,459    32,594    32,871    32,058 
     
     
Amounts attributable to Amedisys, Inc. common stockholders:    
Income (loss) from continuing operations $  10,637 $  7,558 $  (24,372)$  (4,582)
Discontinued operations, net of tax  —    61  —    (216)
     
Net income (loss) $  10,637 $  7,619 $  (24,372)$  (4,798)
     


Cash Flow and Days Revenue Outstanding, Net Information
 
 For the Three-For the Six-
 Month Periods Ended June 30, Month Periods Ended June 30, 
  2015  2014  2015  2014 
     
     
Net cash provided by (used in) operating activities $  42,554 $  (89,129)$  57,037 $  (95,471)
Net cash used in investing activities    (9,754)   (4,472)   (11,822)   (9,392)
Net cash (used in) provided by financing activities    (2,731)   101,986    (20,046)   98,785 
     
Net increase (decrease) in cash and cash equivalents    30,069    8,385    25,169    (6,078)
Cash and cash equivalents at beginning of period    3,132    2,840    8,032    17,303 
     
Cash and cash equivalents at end of period $  33,201 $  11,225 $  33,201 $  11,225 
     
     
Days revenue outstanding, net (1)    31.0    32.0    31.0    32.0 
     
(1) Our calculation of days revenue outstanding, net at June 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 June 30, 2015 and 2014, respectively.
     


Supplemental Information - Home Health
 
 For the Three-
 Month Periods Ended June 30, 
  2015  2014 
   
Financial Information (in millions):  
Medicare $  188.3 $  191.5 
Non-Medicare    59.5    52.0 
   
Net service revenue    247.8    243.5 
Cost of service    142.3    139.3 
   
Gross margin    105.5    104.2 
Other operating expenses    67.1    73.2 
   
Operating income $  38.4 $  31.0 
   
   
Key Statistical Data:   
Medicare:   
Same Store Volume (2):  
Revenue  (1%) 2%
Admissions  0% 0%
Recertifications  (6%) 2%
Total (3):  
Admissions    43,890    43,974 
Recertifications    24,607    26,283 
Completed episodes    67,516    70,276 
Visits    1,203,648    1,225,278 
Average revenue per completed episode including sequestration (4) $  2,829 $  2,788 
Visits per completed episode (5)    17.5    17.5 
   
Non-Medicare:   
Same Store Volume (2):  
Revenue  16% 21%
Admissions  15% 22%
Recertifications  8% 15%
Total (3):  
Admissions    23,762    20,731 
Recertifications    8,637    8,057 
Visits    482,689    412,481 
   
Total (3):   
Cost per Visit $  84.43 $  85.08 
Visits    1,686,337    1,637,759 
   
   
 For the Six-
 Month Periods Ended June 30, 
  2015  2014 
   
Financial Information (in millions):  
Medicare $  375.5 $  380.2 
Non-Medicare    113.7    100.0 
   
Net service revenue   489.2    480.2 
Cost of service    281.0    283.3 
   
Gross margin    208.2    196.9 
Other operating expenses    134.0    155.8 
   
Operating income before impairment (1) $  74.2 $  41.1 
   
   
Key Statistical Data:   
Medicare:   
Same Store Volume (2):  
Revenue  2% (2%)
Admissions  2% (1%)
Recertifications  (3%) (2%)
Total (3):  
Admissions    88,992    90,501 
Recertifications    48,966    52,061 
Completed episodes    132,505    137,748 
Visits    2,371,898    2,429,817 
Average revenue per completed episode including sequestration (4) $  2,813 $  2,756 
Visits per completed episode (5)    17.4    17.2 
   
Non-Medicare:  
Same Store Volume (2):  
Revenue  18% 11%
Admissions  16% 11%
Recertifications  12% 4%
Total (3):  
Admissions    46,880    41,924 
Recertifications    16,625    15,508 
Visits    920,154    802,621 
   
Total (3):  
Cost per Visit $  85.36 $  87.65 
Visits    3,292,052    3,232,438 
   
(1) Operating income of $39.9 million on a GAAP basis for the six-month period ended June 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 June 30, 
  2015  2014 
   
Financial Information (in millions):  
Medicare revenue $  62.5 $  57.7 
Non-Medicare revenue    3.8    3.8 
   
Net service revenue   66.3    61.5 
Cost of service    33.4    33.2 
   
Gross margin    32.9    28.3 
Other operating expenses    16.0    15.2 
   
Operating income $  16.9 $  13.1 
   
   
Key Statistical Data:  
Same Store Volume (2):  
Medicare revenue  10% (3%)
Non-Medicare revenue  5% 8%
Hospice admits  11% (3%)
Average daily census  8% (4%)
Total (3):  
Hospice admits    4,713    4,350 
Average daily census    4,944    4,649 
Revenue per day $  147.53 $  145.44 
Cost of service per day $  74.07 $  78.24 
Average length of stay    86    99 
   
 For the Six-Month Periods Ended June 30, 
  2015  2014 
   
Financial Information (in millions):  
Medicare revenue $  118.9 $  116.1 
Non-Medicare revenue    7.6    7.4 
   
Net service revenue   126.5    123.5 
Cost of service    65.7    66.2 
   
Gross margin    60.8    57.3 
Other operating expenses    31.2    32.8 
   
Operating income before impairment (1) $  29.6 $  24.5 
   
   
Key Statistical Data:  
Same Store Volume (2):  
Medicare revenue  6% (4%)
Non-Medicare revenue  9% 2%
Hospice admits  9% (4%)
Average daily census  4% (5%)
Total (3):  
Hospice admits    9,277    8,945 
Average daily census    4,740    4,685 
Revenue per day $  147.51 $  145.70 
Cost of service per day $  76.47 $  77.86 
Average length of stay    88    99 
   
(1) Operating income of $23.5 million on a GAAP basis for the six-month period ended June 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 June 30, 
  2015  2014 
   
Financial Information (in millions):  
Other operating expenses $  36.8 $  26.7 
Depreciation and amortization    3.0    4.8 
   
Total $  39.8 $  31.5 
   
   
 For the Six-Month Periods Ended June 30, 
  2015  2014 
   
Financial Information (in millions):  
Other operating expenses $  63.6 $  60.8 
Depreciation and amortization    7.6    9.6 
   
Total before impairment (1) $  71.2 $  70.4 
   
(1) Total of $146.4 million on a GAAP basis for the six-month period ended June 30, 2015. 
   


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-For the Six-
 Month Periods EndedMonth Periods Ended
 June 30, June 30, 
  2015  2014  2015  2014 
     
Net income (loss) attributable to Amedisys, Inc. $  10,637 $  7,619 $  (24,372)$  (4,798)
Less:    
Discontinued operations, net of tax —    61  —    (216)
     
Net income (loss) from continuing operations attributable to Amedisys, Inc.    10,637    7,558    (24,372)   (4,582)
Add:    
Income tax expense (benefit)    7,566    4,743    (14,025)   (2,875)
Interest expense, net    2,412    1,336    4,816    2,591 
Depreciation and amortization   4,615    7,692    11,152    15,594 
     
EBITDA (1)   25,230    21,329    (22,429)   10,728 
Add:    
Certain items (2)   6,427    784    80,467    16,884 
     
Adjusted EBITDA (3) $  31,657 $  22,113 $  58,038 $  27,612 
     
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:
     
 For the Three-For the Six-
 Month Periods EndedMonth Periods Ended
 June 30, June 30, 
  2015  2014  2015  2014 
     
Net income (loss) attributable to Amedisys, Inc. $  10,637 $  7,619 $  (24,372)$  (4,798)
Less:    
Discontinued operations, net of tax —    61  —    (216)
     
Net income (loss) from continuing operations attributable to Amedisys, Inc.    10,637    7,558    (24,372)   (4,582)
Add:    
Certain items (2)   3,888    482    48,682    10,400 
     
Adjusted net income from continuing operations attributable to Amedisys, Inc. (4) $  14,525 $  8,040 $  24,310 $  5,818 
     
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:
     
 For the Three-For the Six-
 Month Periods EndedMonth Periods Ended
 June 30,June 30,
  2015  2014  2015  2014 
     
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share $  0.32 $  0.23 $  (0.74)$  (0.15)
Less:    
Discontinued operations, net of tax  —  —  —    (0.01)
     
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share    0.32    0.23    (0.74)   (0.14)
Add:    
Certain items (2)   0.12    0.02    1.48    0.32 
     
Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (5) $  0.43 $  0.25 $  0.73 $  0.18 
     
(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 six-month periods ended June 30, 2015 and 2014: 
     


 For the Three-Month Period Ended June 30, 2015For the Six-Month Period Ended June 30, 2015
    (Income)  
 (Income) ExpenseNetDiluted EPSExpenseNetDiluted EPS
       
Life insurance proceeds  $ —  $ —  $ — $  (1,044)$  (632)$  (0.02)
Partial claim recovery    (307)   (186) —    (1,125)   (681)   (0.02)
Inventory and Data Security Reporting  —  —  —    2,121    1,283    0.04 
Wage and Hour litigation    8,000    4,840    0.14    8,000    4,840    0.15 
Unrealized gain on investment    (3,945)   (2,387)   (0.07)   (5,357)   (3,241)   (0.10)
Asset impairment charge  —  —  —    75,193    45,492    1.38 
Exit and restructuring activity costs    2,679    1,621    0.05    2,679    1,621    0.05 
       
Total $  6,427 $  3,888 $  0.12 $  80,467 $  48,682 $  1.48 
       
       
 For the Three-Month Period Ended June 30, 2014For the Six-Month Period Ended June 30, 2014
    (Income)  
 (Income) ExpenseNetDiluted EPSExpenseNetDiluted EPS
       
Other intangibles 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    1,450    893    0.03 
Software write-off    1,465    902    0.03    1,465    902    0.03 
Gain on sale of care centers    (2,131)   (1,313)   (0.04)   (2,131)   (1,313)   (0.04)
       
Total $  784 $  482 $  0.02 $  16,884 $  10,400 $  0.32 
       
(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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