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Amedisys Reports Third Quarter 2018 Financial Results and Updates 2018 Guidance

October 29, 2018 5:00 PM

BATON ROUGE, La., Oct. 29, 2018 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and nine-month period ended September 30, 2018.

Three Month Periods Ended September 30, 2018 and 2017

Adjusted Quarterly Results*

Nine Month Periods Ended September 30, 2018 and 2017

Adjusted Year to Date Results*

* See below 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 price concessions in determining the transaction price of our net service revenue.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am proud of our third quarter results and the strong execution of our team. We are pleased with the growth trends we continue to see in home health. Our performance in home health helped drive our significant results this quarter and I am delighted with the progress the home health segment has made this year. Our hospice segment continues its stellar performance, with another quarter of double digit ADC growth. We look forward to welcoming all of our new Compassionate Care Hospice team members to the Amedisys family once our deal closes early next year and are excited about the continued growth potential within our hospice segment. Our personal care segment continues with their impressive integration engine and has built out a platform for growth within Massachusetts and beyond. Above all else, our clinical quality metrics continue to be at, or near, the top of the industry in both home health and hospice. Providing our clinically distinct care to as many patients wherever they call home is and will always be our first priority. Finally, thanks to our team of over 18,500 employees for continuing to do all that you do to drive such impressive results and provide such incredible care.”

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 Tuesday, October 30, 2018, at 11:00 a.m. ET to discuss its third 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 November 30, 2018 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13684177.

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. More than 3,000 hospitals and 59,000 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 18,500 employees, in 421 care centers within 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 MuscatoKendra Kimmons
Vice President, Strategic FinanceVice President, Marketing & Communications
(855) 259-2046(225) 299-3720
[email protected] [email protected]

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (Unaudited)

For the Three-Month Periods Ended September 30 For the Nine-Month Periods Ended September 30
2018 2017 2018 2017
Net service revenue$ 417,335 $ 373,704 $ 1,228,200 $ 1,113,311
Cost of service, excluding depreciation and amortization 249,739 227,269 730,612 664,139
General and administrative expenses:
Salaries and benefits 79,367 77,130 232,213 226,532
Non-cash compensation 4,842 3,558 12,653 11,788
Other 40,335 38,189 124,119 120,223
Depreciation and amortization 3,164 4,185 9,882 13,139
Securities Class Action Lawsuit settlement, net — — — 28,712
Operating expenses 377,447 350,331 1,109,479 1,064,533
Operating income 39,888 23,373 118,721 48,778
Other income (expense):
Interest income 29 44 263 104
Interest expense (1,991) (1,335) (5,834) (3,600)
Equity in earnings from equity method investments 1,625 900 6,461 3,149
Miscellaneous, net 1,822 1,043 2,782 3,282
Total other income, net 1,485 652 3,672 2,935
Income before income taxes 41,373 24,025 122,393 51,713
Income tax expense (9,825) (9,364) (29,984) (17,324)
Net income 31,548 14,661 92,409 34,389
Net income attributable to noncontrolling interests (171) (103) (524) (240)
Net income attributable to Amedisys, Inc.$ 31,377 $ 14,558 $ 91,885 $ 34,149
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$ 0.99 $ 0.43 $ 2.78 $ 1.02
Weighted average shares outstanding 31,815 33,838 33,075 33,640
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$ 0.96 $ 0.42 $ 2.71 $ 1.00
Weighted average shares outstanding 32,691 34,363 33,852 34,255

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)

September 30, 2018 (unaudited) December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents$ 14,010 $ 86,363
Patient accounts receivable 195,030 201,196
Prepaid expenses 11,679 7,329
Other current assets 11,949 16,268
Total current assets 232,668 311,156
Property and equipment, net of accumulated depreciation of $93,432 and $146,814 30,215 31,122
Goodwill 324,145 319,949
Intangible assets, net of accumulated amortization of $32,443 and $30,610 44,309 46,061
Deferred income taxes 41,149 56,064
Other assets 53,406 49,130
Total assets$ 725,892 $ 813,482
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$ 24,519 $ 25,384
Payroll and employee benefits 92,385 89,936
Accrued expenses 101,177 89,104
Current portion of long-term obligations 1,209 10,638
Total current liabilities 219,290 215,062
Long-term obligations, less current portion 54,853 78,203
Other long-term obligations 6,253 3,791
Total liabilities 280,396 297,056
Equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding — —
Common stock, $0.001 par value, 60,000,000 shares authorized; 36,146,649 and 35,747,134 shares issued; and 31,877,278 and 33,964,767 shares outstanding 36 35
Additional paid-in capital 592,539 568,780
Treasury stock, at cost 4,269,371 and 1,782,367 shares of common stock (240,536) (53,713)
Accumulated other comprehensive income 15 15
Retained earnings 92,089 204
Total Amedisys, Inc. stockholders’ equity 444,143 515,321
Noncontrolling interests 1,353 1,105
Total equity 445,496 516,426
Total liabilities and equity$ 725,892 $ 813,482

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 September 30 For the Nine-Month Periods Ended September 30
2018 2017 2018 2017
Cash Flows from Operating Activities:
Net income$ 31,548 $ 14,661 $ 92,409 $ 34,389
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 3,164 4,185 9,882 13,139
Non-cash compensation 4,842 3,558 12,653 11,788
401(k) employer match 2,040 2,180 6,934 6,547
Loss (gain) on disposal of property and equipment 88 (169) 738 (22)
Deferred income taxes 5,771 9,646 14,916 17,228
Equity in earnings from equity method investments (1,625) (900) (6,461) (3,149)
Amortization of deferred debt issuance costs/debt discount 203 185 596 555
Return on equity investment 2,169 1,240 4,373 4,656
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable 2,562 (4,013) 6,166 (10,846)
Other current assets 11,648 996 (32) (5,896)
Other assets 38 (11,054) 726 (12,202)
Accounts payable (4,293) (6,523) (670) (5,430)
Securities Class Action Lawsuit settlement accrual, net — (28,712) — —
Accrued expenses 10,210 25,327 14,758 22,584
Other long-term obligations 115 (406) 2,462 201
Net cash provided by operating activities 68,480 10,201 159,450 73,542
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets 92 57 563 622
Proceeds from the sale of property and equipment 40 118 51 118
Investments in equity method investees (3,477) — (3,477) (436)
Purchases of property and equipment (4,073) (1,625) (5,684) (9,074)
Acquisitions of businesses, net of cash acquired — — (4,074) (24,128)
Net cash used in investing activities (7,418) (1,450) (12,621) (32,898)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants 140 11 2,749 4,214
Proceeds from issuance of stock to employee stock purchase plan 630 611 1,787 1,798
Shares withheld upon stock vesting (2,589) (728) (5,421) (6,454)
Noncontrolling interest distribution (180) (126) (530) (216)
Proceeds from borrowings under revolving line of credit — — 127,500 —
Repayments of borrowings under revolving line of credit (70,000) — (70,000) —
Principal payments of long-term obligations (596) (1,569) (91,071) (4,069)
Debt issuance costs — — (2,433) —
Purchase of company stock — — (181,402) —
Repurchase of noncontrolling interest (361) — (361) —
Net cash used in financing activities (72,956) (1,801) (219,182) (4,727)
Net (decrease) increase in cash and cash equivalents (11,894) 6,950 (72,353) 35,917
Cash and cash equivalents at beginning of period 25,904 59,164 86,363 30,197
Cash and cash equivalents at end of period$ 14,010 $ 66,114 $ 14,010 $ 66,114
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$ 909 $ 1,016 $ 2,989 $ 2,188
Cash paid for income taxes, net of refunds received$ 4,868 $ 31 $ 11,017 $ 315
Days revenue outstanding (1) 40.6 40.7 40.6 40.7

(1) Our calculation of days revenue outstanding at September 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 September 30, 2018 and 2017, respectively.

AMEDISYS, INC. AND SUBSIDIARIES SEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited)

Segment Information - Home Health

For the Three- Month Periods Ended September 30,
2018 2017
Financial Information (in millions):
Medicare$ 208.0 $ 191.4
Non-Medicare 86.9 72.7
Net service revenue 294.9 264.1
Cost of service 181.8 168.3
Gross margin 113.1 95.8
Other operating expenses 69.6 71.7
Operating income$ 43.5 $ 24.1
Same Store Growth (1):
Medicare revenue 10% (7%)
Non-Medicare revenue 20% 18%
Total admissions 4% 1%
Total volume (2) 6% 5%
Total Episodic admissions (3) 3% 1%
Total Episodic volume (4) 5% 3%
Key Statistical Data - Total (5):
Medicare:
Admissions 46,371 46,823
Recertifications 28,551 26,996
Total volume 74,922 73,819
Completed episodes 73,114 71,454
Visits 1,301,090 1,259,156
Average revenue per completed episode (6)$ 2,855 $ 2,820
Visits per completed episode (7) 17.6 17.4
Non-Medicare:
Admissions 29,325 26,686
Recertifications 14,539 12,263
Total volume 43,864 38,949
Visits 698,181 592,742
Total (5):
Visiting Clinician Cost per Visit$ 82.78 $ 82.53
Clinical Manager Cost per Visit 8.18 8.30
Total Cost per Visit$ 90.96 $ 90.83
Visits 1,999,271 1,851,898

For the Nine- Month Periods Ended September 30,
2018 2017
Financial Information (in millions):
Medicare$ 619.3 $ 588.4
Non-Medicare 251.2 213.6
Net service revenue 870.5 802.0
Cost of service 532.7 496.1
Gross margin 337.8 305.9
Other operating expenses 207.6 210.5
Operating income$ 130.2 $ 95.4
Same Store Growth (1):
Medicare revenue 7% (5%)
Non-Medicare revenue 18% 14%
Total admissions 4% 1%
Total volume (2) 7% 3%
Total Episodic admissions (3) 3% 1%
Total Episodic volume (4) 6% 3%
Key Statistical Data - Total (5):
Medicare:
Admissions 142,884 143,711
Recertifications 84,218 78,878
Total volume 227,102 222,589
Completed episodes 220,726 217,190
Visits 3,933,290 3,794,001
Average revenue per completed episode (6)$ 2,841 $ 2,811
Visits per completed episode (7) 17.5 17.3
Non-Medicare:
Admissions 88,485 80,244
Recertifications 40,862 33,949
Total volume 129,347 114,193
Visits 2,049,662 1,727,618
Total (5):
Visiting Clinician Cost per Visit$ 81.06 $ 81.41
Clinical Manager Cost per Visit 7.98 8.42
Total Cost per Visit$ 89.04 $ 89.83
Visits 5,982,952 5,521,619

(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 September 30,
2018 2017
Financial Information (in millions):
Medicare$ 98.0 $ 91.4
Non-Medicare 5.4 4.5
Net service revenue 103.4 95.9
Cost of service 53.4 48.4
Gross margin 50.0 47.5
Other operating expenses 21.7 19.2
Operating income$ 28.3 $ 28.3
Same Store Growth (1):
Medicare revenue 7% 17%
Non-Medicare revenue 19% 11%
Hospice admissions 8% 7%
Average daily census 11% 14%
Key Statistical Data - Total (2):
Hospice admissions 6,765 6,257
Average daily census 7,768 7,026
Revenue per day, net$ 144.71 $ 148.43
Cost of service per day$ 74.72 $ 74.96
Average discharge length of stay 101 95
For the Nine- Month Periods Ended September 30,
2018 2017
Financial Information (in millions):
Medicare$ 286.7 $ 257.9
Non-Medicare 15.4 11.9
Net service revenue 302.1 269.8
Cost of service 155.2 136.7
Gross margin 146.9 133.1
Other operating expenses 62.5 56.9
Operating income$ 84.4 $ 76.2
Same Store Growth (1):
Medicare revenue 11% 18%
Non-Medicare revenue 28% (1%)
Hospice admissions 7% 13%
Average daily census 12% 15%
Key Statistical Data - Total (2):
Hospice admissions 20,444 19,010
Average daily census 7,514 6,705
Revenue per day, net$ 147.28 $ 147.43
Cost of service per day$ 75.65 $ 74.78
Average discharge length of stay 98 92

(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 September 30,
2018 2017
Financial Information (in millions):
Medicare$ — $ —
Non-Medicare 19.0 13.7
Net service revenue 19.0 13.7
Cost of service 14.5 10.6
Gross margin 4.5 3.1
Other operating expenses 3.1 3.1
Operating income$ 1.4 $ —
Key Statistical Data:
Billable hours 810,427 616,036
Clients served 12,380 7,978
Shifts 357,382 281,904
Revenue per hour$ 23.40 $ 22.21
Revenue per shift$ 53.06 $ 48.54
Hours per shift 2.3 2.2
For the Nine- Month Periods Ended September 30,
2018 2017
Financial Information (in millions):
Medicare$ — $ —
Non-Medicare 55.6 41.5
Net service revenue 55.6 41.5
Cost of service 42.7 31.3
Gross margin 12.9 10.2
Other operating expenses 9.7 9.3
Operating income$ 3.2 $ 0.9
Key Statistical Data:
Billable hours 2,357,608 1,822,653
Clients served 15,731 10,980
Shifts 1,062,422 830,151
Revenue per hour$ 23.57 $ 22.76
Revenue per shift$ 52.30 $ 49.98
Hours per shift 2.2 2.2

Segment Information - Corporate

For the Three- Month Periods Ended September 30,
2018 2017
Financial Information (in millions):
Other operating expenses$ 31.3 $ 25.9
Depreciation and amortization 2.0 3.1
Total operating expenses$ 33.3 $ 29.0
For the Nine- Month Periods Ended September 30,
2018 2017
Financial Information (in millions):
Other operating expenses$ 92.6 $ 85.4
Depreciation and amortization 6.5 9.6
Total operating expenses before Securities Class Action Lawsuit settlement, net 99.1 95.0
Securities Class Action Lawsuit settlement, net — 28.7
Total operating expenses$ 99.1 $ 123.7

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 September 30, For the Nine- Month Period Ended September 30,
2018 2017 2018 2017
Net income attributable to Amedisys, Inc.$ 31,377 $ 14,558 $ 91,885 $ 34,149
Add:
Income tax expense 9,825 9,364 29,984 17,324
Interest expense, net 1,962 1,291 5,571 3,496
Depreciation and amortization 3,164 4,185 9,882 13,139
Certain items (1) (609) 7,590 615 37,014
Interest component of certain items (1) (451) (95) (1,280) (95)
Adjusted EBITDA (2) (6)$ 45,268 $ 36,893 $ 136,657 $ 105,027

Adjusted Net Service Revenue Reconciliation:

For the Three- Month Period Ended September 30, For the Nine- Month Period Ended September 30,
2018 2017 2018 2017
Net service revenue$ 417,335 $ 373,704 $ 1,228,200 $ 1,113,311
Add:
Certain items (1) — 6,506 1,687 6,506
Adjusted net service revenue (3) (6)$ 417,335 $ 380,210 $ 1,229,887 $ 1,119,817

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

For the Three- Month Period Ended September 30, For the Nine- Month Period Ended September 30,
2018 2017 2018 2017
Net income attributable to Amedisys, Inc.$ 31,377 $ 14,558 $ 91,885 $ 34,149
Add:
Certain items (1) (450) 4,592 455 22,394
Adjusted net income attributable to Amedisys, Inc. (4) (6)$ 30,927 $ 19,150 $ 92,340 $ 56,543
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:
For the Three- Month Period Ended September 30, For the Nine- Month Period Ended September 30,
2018 2017 2018 2017
Net income attributable to Amedisys, Inc. common stockholders per diluted share$ 0.96 $ 0.42 $ 2.71 $ 1.00
Add:
Certain items (1) (0.01) 0.13 0.01 0.65
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)$ 0.95 $ 0.56 $ 2.73 $ 1.65

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

Certain Items:

For the Three-Month Period Ended September 30, 2018 For the Nine-Month Period Ended September 30, 2018
(Income) Expense (Income) Expense
Certain Items Impacting Net Service Revenue:
Florida self-audit (pre-acquisition)$ — $ 1,687
Certain Items Impacting Operating Expenses:
Acquisition costs 857 1,732
Legal fees - non-routine 304 1,409
Certain Items Impacting Total Other Income (Expense):
Legal settlements (1,437) (1,437)
Miscellaneous, other (income) expense, net (333) (2,776)
Total$ (609) $ 615
Net of tax$ (450) $ 455
Diluted EPS$ (0.01) $ 0.01

For the Three-Month Period Ended September 30, 2017 For the Nine-Month Period Ended September 30, 2017
(Income) Expense (Income) Expense
Certain Items Impacting Net Service Revenue:
Florida ZPIC audit$ 6,506 $ 6,506
Certain Items Impacting Operating Expenses:
Acquisition costs — 976
Legal fees - non-routine 176 1,410
Securities Class Action Lawsuit settlement accrual, net — 28,712
Restructuring activity 1,670 1,670
Data center relocation — 940
Certain Items Impacting Total Other Income (Expense):
Legal settlements (647) (2,014)
Miscellaneous, other (income) expense, net (115) (1,186)
Total$ 7,590 $ 37,014
Net of tax$ 4,592 $ 22,394
Diluted EPS$ 0.13 $ 0.65

(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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