• Amedisys Reports Second Quarter 2023 Financial Results

    المصدر: Nasdaq GlobeNewswire / 26 يوليو 2023 16:30:18   America/New_York

    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.


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