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Amedisys Reports Second Quarter 2018 Financial Results and Updates 2018 Guidance

July 31, 2018 4:10 PM

BATON ROUGE, La., July 31, 2018 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month period ended June 30, 2018.

Three Month Periods Ended June 30, 2018 and 2017

Adjusted Quarterly Results*

Six Month Periods Ended June 30, 2018 and 2017

Adjusted Year to Date Results*

* See pages 12 and 13 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

(1) Subsequent to our adoption of Accounting Standards Updates 2014-09 and 2015-14 on January 1, 2018, using the full retrospective method, amounts previously classified as provision for doubtful accounts are now classified as implicit price concessions in determining the transaction price of our net service revenue.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am extremely pleased with the results that our team delivered during the second quarter of 2018. We continued to demonstrate solid growth across all three lines of business, improved upon our quality scores for the thirteenth straight quarter, leveraged our operational platform to drive impressive margin and lowered our turnover; all of which helped deliver significant increases in revenue, EBITDA and earnings per share. A special thank you to all Amedisys employees that continue to provide industry leading care to our patients and help drive significant value to our shareholders. We look forward to continuing to serve more patients and executing upon our strategic pillars during the second half of the year.”

Updated 2018 Guidance

This guidance excludes the effects of any future acquisitions, if any are made.

We urge caution in considering the current trends and 2018 guidance 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, 2017, 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.

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, August 1, 2018, at 11:00 a.m. ET to discuss its second quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through September 1, 2018 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13681543.

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

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net 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 personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. We partner with 3,000 hospitals and 59,000 physicians nationwide who 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 18,300 employees, in 420 care centers in 34 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 369,000 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,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the healthcare industry, our ability to integrate our personal care segment into our business efficiently, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

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

Contact:Investor Contact: Media Contact:
Amedisys, Inc. Amedisys, Inc.
Nick Muscato Kendra Kimmons
Vice President, Strategic Finance Vice President, Marketing & Communications
(855) 259-2046 (225) 299-3720
[email protected] [email protected]

AMEDISYS, INC. AND SUBSIDIARIESCONDENSED 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
2018 2017 2018 2017
Net service revenue $411,603 $374,946 $810,865 $739,607
Cost of service, excluding depreciation and amortization 242,564 220,541 480,873 436,870
General and administrative expenses:
Salaries and benefits 77,215 74,943 152,846 149,402
Non-cash compensation 3,767 4,356 7,811 8,230
Other 42,104 41,617 83,784 82,034
Depreciation and amortization 3,125 4,537 6,718 8,954
Securities Class Action Lawsuit settlement, net — 28,712 — 28,712
Operating expenses 368,775 374,706 732,032 714,202
Operating income 42,828 240 78,833 25,405
Other income (expense):
Interest income 114 41 234 60
Interest expense (2,140) (1,197) (3,843) (2,265)
Equity in earnings from equity method investments 2,976 2,355 4,836 2,249
Miscellaneous, net 359 1,127 960 2,239
Total other income, net 1,309 2,326 2,187 2,283
Income before income taxes 44,137 2,566 81,020 27,688
Income tax (expense) benefit (10,596) 1,963 (20,159) (7,960)
Net income 33,541 4,529 60,861 19,728
Net income attributable to noncontrolling interests (192) (68) (353) (137)
Net income attributable to Amedisys, Inc. $ 33,349 $ 4,461 $ 60,508 $ 19,591
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$ 1.00 $ 0.13 $ 1.80 $ 0.58
Weighted average shares outstanding 33,439 33,637 33,705 33,540
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$ 0.98 $ 0.13 $ 1.76 $ 0.57
Weighted average shares outstanding 34,179 34,329 34,391 34,203

AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
June 30, 2018 (unaudited) December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents $ 25,904 $ 86,363
Patient accounts receivable 197,592 201,196
Prepaid expenses 10,493 7,329
Other current assets 24,784 16,268
Total current assets 258,773 311,156
Property and equipment, net of accumulated depreciation of $101,128 and $146,814 27,998 31,122
Goodwill 324,145 319,949
Intangible assets, net of accumulated amortization of $31,864 and $30,610 44,888 46,061
Deferred income taxes 46,919 56,064
Other assets, net 50,601 49,130
Total assets $ 753,324 $ 813,482
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 29,810 $ 25,384
Payroll and employee benefits 87,239 89,936
Accrued expenses 96,472 89,104
Current portion of long-term obligations 668 10,638
Total current liabilities 214,189 215,062
Long-term obligations, less current portion 123,937 78,203
Other long-term obligations 6,137 3,791
Total liabilities 344,263 297,056
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; 36,044,177 and 35,747,134 shares issued; and 31,801,357 and 33,964,767 shares outstanding 36 35
Additional paid-in capital 585,137 568,780
Treasury stock, at cost 4,242,820 and 1,782,367 shares of common stock (237,947) (53,713)
Accumulated other comprehensive income 15 15
Retained earnings 60,712 204
Total Amedisys, Inc. stockholders’ equity 407,953 515,321
Noncontrolling interests 1,108 1,105
Total equity 409,061 516,426
Total liabilities and equity $ 753,324 $ 813,482

AMEDISYS, INC. AND SUBSIDIARIESCONDENSED 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
2018 2017 2018 2017
Cash Flows from Operating Activities:
Net income $ 33,541 $ 4,529 $ 60,861 $19,728
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 3,125 4,537 6,718 8,954
Non-cash compensation 3,767 4,356 7,811 8,230
401(k) employer match 2,327 2,140 4,894 4,367
Loss on disposal of property and equipment 87 163 650 147
Deferred income taxes 6,200 (1,863) 9,145 7,582
Equity in earnings from equity method investments (2,976) (2,355) (4,836) (2,249)
Amortization of deferred debt issuance costs 177 185 355 370
Write off of deferred debt issuance costs 38 — 38 —
Return on equity investment 1,579 3,266 2,204 3,416
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable (4,656) (681) 3,604 (6,833)
Other current assets (4,698) (3,489) (11,680) (6,892)
Other assets 642 (158) 688 (1,148)
Accounts payable 5,146 1,000 3,623 1,093
Securities Class Action Lawsuit settlement accrual, net — 28,712 — 28,712
Accrued expenses 6,355 (4,129) 4,548 (2,743)
Other long-term obligations (1) 31 2,347 607
Net cash provided by operating activities 50,653 36,244 90,970 63,341
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets 9 — 471 565
Proceeds from the sale of property and equipment 6 — 11 —
Purchase of investment — (180) — (436)
Purchases of property and equipment (149) (3,064) (1,611) (7,449)
Acquisitions of businesses, net of cash acquired (1,824) (20,029) (4,074) (24,128)
Net cash used in investing activities (1,958) (23,273) (5,203) (31,448)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants 2,484 3,550 2,609 4,203
Proceeds from issuance of stock to employee stock purchase plan 560 575 1,157 1,187
Shares withheld upon stock vesting (1,527) (4,968) (2,832) (5,726)
Non-controlling interest distribution (322) (48) (350) (90)
Proceeds from borrowings under revolving line of credit 127,500 — 127,500 —
Principal payments of long-term obligations (87,656) (1,250) (90,475) (2,500)
Debt issuance costs (2,433) — (2,433) —
Purchase of company stock (181,402) — (181,402) —
Net cash used in financing activities (142,796) (2,141) (146,226) (2,926)
Net (decrease) increase in cash and cash equivalents (94,101) 10,830 (60,459) 28,967
Cash and cash equivalents at beginning of period 120,005 48,334 86,363 30,197
Cash and cash equivalents at end of period $ 25,904 $59,164 $ 25,904 $59,164
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest $ 1,015 $ 466 $ 2,080 $ 1,172
Cash paid for income taxes, net of refunds received $ 3,336 $ — $ 6,149 $ 284
Days revenue outstanding (1) 41.1 40.2 41.1 40.2

(1) Our calculation of days revenue outstanding at June 30, 2018 and 2017 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended June 30, 2018 and 2017, respectively.

AMEDISYS, INC. AND SUBSIDIARIESSEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited)
Segment Information - Home Health
For the Three- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Medicare $ 206.3 $ 198.3
Non-Medicare 85.2 72.0
Net service revenue 291.5 270.3
Cost of service 176.5 164.8
Gross margin 115.0 105.5
Other operating expenses 69.2 69.9
Operating income $ 45.8 $ 35.6
Same Store Growth (1):
Medicare revenue 6% (5%)
Non-Medicare revenue 18% 14%
Total admissions 6% — %
Total volume (2) 8% 2%
Total Episodic admissions (3) 5% (1%)
Total Episodic volume (4) 6% 2%
Key Statistical Data - Total (5):
Medicare:
Admissions 47,058 47,260
Recertifications 28,431 26,839
Total volume 75,489 74,099
Completed episodes 74,776 73,872
Visits 1,318,074 1,271,747
Average revenue per completed episode (6) $ 2,874 $ 2,829
Visits per completed episode (7) 17.8 17.5
Non-Medicare:
Admissions 29,271 26,225
Recertifications 13,891 11,462
Total volume 43,162 37,687
Visits 690,548 579,328
Total (5):
Visiting Clinician Cost per Visit $ 80.07 $ 80.61
Clinical Manager Cost per Visit $ 7.76 $ 8.44
Total Cost per Visit $ 87.83 $ 89.05
Visits 2,008,622 1,851,075

For the Six- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Medicare $ 411.3 $ 397.0
Non-Medicare 164.3 140.9
Net service revenue 575.6 537.9
Cost of service 350.9 327.8
Gross margin 224.7 210.1
Other operating expenses 138.0 138.8
Operating income $ 86.7 $ 71.3
Same Store Growth (1):
Medicare revenue 5% (4%)
Non-Medicare revenue 16% 12%
Total admissions 5% 1%
Total volume (2) 7% 2%
Total Episodic admissions (3) 4% 1%
Total Episodic volume (4) 6% 2%
Key Statistical Data - Total (5):
Medicare:
Admissions 96,513 96,888
Recertifications 55,667 51,882
Total volume 152,180 148,770
Completed episodes 147,612 145,736
Visits 2,632,200 2,534,845
Average revenue per completed episode (6) $ 2,833 $ 2,806
Visits per completed episode (7) 17.5 17.2
Non-Medicare:
Admissions 59,160 53,558
Recertifications 26,323 21,686
Total volume 85,483 75,244
Visits 1,351,481 1,134,876
Total (5):
Visiting Clinician Cost per Visit $ 80.20 $ 80.84
Clinical Manager Cost per Visit $ 7.88 $ 8.49
Total Cost per Visit $ 88.08 $ 89.33
Visits 3,983,681 3,669,721

(1) Same store information represents the percent increase (decrease) in our Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume of the prior period. (2) Total volume includes all admissions and recertifications. (3) Total Episodic admissions includes admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis. (4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis. (5) Total includes acquisitions. (6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.(7) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

Segment Information - Hospice

For the Three- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Medicare $ 96.9 $ 85.8
Non-Medicare 4.5 4.5
Net service revenue 101.4 90.3
Cost of service 51.7 45.4
Gross margin 49.7 44.9
Other operating expenses 20.6 19.3
Operating income $ 29.1 $ 25.6
Same Store Growth (1):
Medicare revenue 13% 19%
Non-Medicare revenue (1%) 8%
Hospice admissions 7% 11%
Average daily census 12% 16%
Key Statistical Data - Total (2):
Hospice admissions 6,746 6,248
Average daily census 7,554 6,717
Revenue per day, net $147.58 $147.74
Cost of service per day $ 75.20 $ 74.34
Average discharge length of stay 97 89
For the Six- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Medicare $ 188.7 $ 166.5
Non-Medicare 10.0 7.4
Net service revenue 198.7 173.9
Cost of service 101.8 88.4
Gross margin 96.9 85.5
Other operating expenses 40.8 37.5
Operating income $ 56.1 $ 48.0
Same Store Growth (1):
Medicare revenue 12% 18%
Non-Medicare revenue 33% (7%)
Hospice admissions 6% 15%
Average daily census 12% 16%
Key Statistical Data - Total (2):
Hospice admissions 13,679 12,753
Average daily census 7,385 6,542
Revenue per day, net $148.66 $146.89
Cost of service per day $ 76.15 $ 74.68
Average discharge length of stay 97 90

(1) Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions or average daily census of the prior period. (2) Total includes acquisitions.

Segment Information - Personal Care

For the Three- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Medicare $ — $ —
Non-Medicare 18.7 14.3
Net service revenue 18.7 14.3
Cost of service 14.4 10.3
Gross margin 4.3 4.0
Other operating expenses 3.3 3.0
Operating income $ 1.0$ 1.0
Key Statistical Data:
Billable hours 797,228 618,401
Clients served 12,683 8,270
Shifts 356,874 283,130
Revenue per hour $ 23.48$ 23.12
Revenue per shift$ 52.45$ 50.50
Hours per shift 2.2 2.2
For the Six- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Medicare $ — $ —
Non-Medicare 36.6 27.8
Net service revenue 36.6 27.8
Cost of service 28.2 20.7
Gross margin 8.4 7.1
Other operating expenses 6.6 6.3
Operating income $ 1.8$ 0.8
Key Statistical Data:
Billable hours 1,547,181 1,206,618
Clients served 14,350 9,845
Shifts 705,040 548,247
Revenue per hour $ 23.66$ 23.04
Revenue per shift$ 51.91$ 50.72
Hours per shift 2.2 2.2

Segment Information - Corporate

For the Three- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Other operating expenses $31.1$30.0
Depreciation and amortization 2.0 3.3
Total operating expenses before Securities Class Action Lawsuit settlement, net 33.1 33.3
Securities Class Action Lawsuit settlement, net — 28.7
Total operating expenses $33.1$62.0
For the Six- Month Periods Ended June 30,
2018 2017
Financial Information (in millions):
Other operating expenses $61.3$59.5
Depreciation and amortization 4.5 6.5
Total operating expenses before Securities Class Action Lawsuit settlement, net 65.8 66.0
Securities Class Action Lawsuit settlement, net — 28.7
Total operating expenses $65.8$94.7

AMEDISYS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (Amounts in thousands) (Unaudited)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”):
For the Three- Month Period Ended June 30, For the Six- Month Period Ended June 30,
2018 2017 2018 2017
Net income attributable to Amedisys, Inc. $33,349 $ 4,461 $60,508 $19,591
Add:
Income tax expense (benefit) 10,596 (1,963) 20,159 7,960
Interest expense, net 2,026 1,156 3,609 2,205
Depreciation and amortization 3,125 4,537 6,718 8,954
Certain items (1) 1,035 27,958 1,224 29,424
Interest component of certain items (1) (446) — (829) —
Adjusted EBITDA (2) (6) $49,685 $36,149 $91,389 $68,134

Adjusted Net Service Revenue Reconciliation:

For the Three- Month Period Ended June 30, For the Six- Month Period Ended June 30,
2018 2017 2018 2017
Net service revenue $411,603$374,946$810,865$739,607
Add:
Certain items (1) 1,687 — 1,687 —
Adjusted net service revenue (3) (6)$413,290$374,946$812,552$739,607

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

For the Three- Month Period Ended June 30, For the Six- Month Period Ended June 30,
2018 2017 2018 2017
Net income attributable to Amedisys, Inc. $33,349$ 4,461$60,508$19,591
Add:
Certain items (1) 766 16,915 906 17,802
Adjusted net income attributable to Amedisys, Inc. (4) (6) $34,115$21,376$61,414$37,393

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

For the Three- Month Period Ended June 30, For the Six- Month Period Ended June 30,
2018 2017 2018 2017
Net income attributable to Amedisys, Inc. common stockholders per diluted share$0.98$0.13$1.76$0.57
Add:
Certain items (1) 0.02 0.49 0.03 0.52
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6) $1.00$0.62$1.79$1.09

(1) The following details the certain items for the three and six month periods ended June 30, 2018 and 2017:

Certain Items:

For the Three- Month Period Ended June 30, 2018 For the Six- Month Period Ended June 30, 2018
(Income) Expense (Income) Expense
Certain Items Impacting Net Service Revenue:
Florida self-audit (pre-acquisition) $ 1,687 $ 1,687
Certain Items Impacting Operating Expenses:
Acquisition costs 440 875
Legal fees - non-routine 543 1,105
Certain Items Impacting Total Other Income (Expense):
Miscellaneous, other (income) expense, net (1,635) (2,443)
Total $ 1,035 $ 1,224
Net of tax $ 766 $ 906
Diluted EPS $ 0.02 $ 0.03
For the Three- Month Period Ended June 30, 2017 For the Six- Month Period Ended June 30, 2017
(Income) Expense (Income) Expense
Certain Items Impacting Operating Expenses:
Acquisition costs $ 294 $ 976
Legal fees - non-routine 1,111 1,234
Securities Class Action Lawsuit settlement accrual, net 28,712 28,712
Data center relocation 226 940
Certain Items Impacting Total Other Income (Expense):
Legal settlements (693) (1,367)
Miscellaneous, other (income) expense, net (1,692) (1,071)
Total $ 27,958 $ 29,424
Net of tax $ 16,915 $ 17,802
Diluted EPS $ 0.49 $ 0.52

(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1. (3) Adjusted net service revenue is defined as net service revenue plus certain items as described in footnote 1. (4) Adjusted net income attributable to Amedisys, Inc. is defined as net 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 measure calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.

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Source: Amedisys, Inc.

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