BATON ROUGE, La., Oct. 29, 2019 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and nine-month periods ended September 30, 2019.

Three Month Periods Ended September 30, 2019 and 2018

• Net service revenue increased $77.3 million to $494.6 million compared to $417.3 million in 2018.
• Net income attributable to Amedisys, Inc. of $34.1 million compared to $31.4 million in 2018.
• Net income attributable to Amedisys, Inc. per diluted share of $1.03 compared to $0.96 in 2018.

Adjusted Quarterly Results*

• Adjusted EBITDA of $56.8 million compared to $45.3 million in 2018.
• Adjusted net service revenue of $494.6 million compared to $417.3 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. of $37.9 million compared to $30.9 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.15 compared to $0.95 in 2018.

Nine Month Periods Ended September 30, 2019 and 2018

• Net service revenue increased $226.7 million to $1,454.9 million compared to $1,228.2 million in 2018.
• Net income attributable to Amedisys, Inc. of $99.2 million compared to $91.9 million in 2018.
• Net income attributable to Amedisys, Inc. per diluted share of $3.01 compared to $2.71 in 2018.

Adjusted Year to Date Results*

• Adjusted EBITDA of $173.0 million compared to $136.7 million in 2018.
• Adjusted net service revenue of $1,460.9 million compared to $1,229.9 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. of $114.2 million compared to $92.3 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. per diluted share of $3.47 compared to $2.73 in 2018.

* See pages 11 and 12 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am very proud of our third quarter results and our continued outperformance this year. All three of our lines of business continue to grow; we have made great progress integrating the Compassionate Care acquisition; and most importantly, we are once again near the top of the industry in quality for both Home Health and Hospice. We could not achieve such results without the unwavering efforts of all of our 21,000 employees and I want to thank each of you for your continued dedication to our mission of providing clinically excellent care to all of our patients, wherever they call home.”

Updated 2019 Guidance

• Net service revenue is anticipated to be in the range of $1.94 billion to $1.98 billion.
• Adjusted EBITDA is anticipated to be in the range of $220 million to $223 million.
• Adjusted diluted earnings per share is anticipated to be in the range of $4.32 to $4.39 based on an estimated 33.1 million shares outstanding.

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

We urge caution in considering the current trends and 2019 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, 2018, 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, October 30, 2019, 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, 2019 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13695473.

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 65,000 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 more than 21,000 employees in 470 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 376,000 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 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, 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, competition in the healthcare 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 consistently provide high-quality care, 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 realize the anticipated benefits of the acquisition of Compassionate Care Hospice (“CCH”), our ability to comply with requirements stipulated in the CCH 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 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
	2019				2018				2019				2018
Net service revenue	$	494,631			$	417,335			$	1,454,955			$	1,228,200
Cost of service, excluding depreciation and amortization		288,708				249,739				854,734				730,612
General and administrative expenses:
Salaries and benefits		99,941				79,367				293,127				232,213
Non-cash compensation		6,298				4,842				18,451				12,653
Other		48,474				40,335				140,284				124,119
Depreciation and amortization		4,366				3,164				12,440				9,882
Operating expenses		447,787				377,447				1,319,036				1,109,479
Operating income		46,844				39,888				135,919				118,721
Other income (expense):
Interest income		15				29				59				263
Interest expense		(3,778	)			(1,991	)			(11,459	)			(5,834	)
Equity in (losses) earnings from equity method investments		(812	)			1,625				4,120				6,461
Miscellaneous, net		1,975				1,822				2,404				2,782
Total other (expense) income, net		(2,600	)			1,485				(4,876	)			3,672
Income before income taxes		44,244				41,373				131,043				122,393
Income tax expense		(9,919	)			(9,825	)			(31,105	)			(29,984	)
Net income		34,325				31,548				99,938				92,409
Net income attributable to noncontrolling interests		(193	)			(171	)			(760	)			(524	)
Net income attributable to Amedisys, Inc.	$	34,132			$	31,377			$	99,178			$	91,885
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.06			$	0.99			$	3.09			$	2.78
Weighted average shares outstanding		32,211				31,815				32,096				33,075
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	1.03			$	0.96			$	3.01			$	2.71
Weighted average shares outstanding		33,002				32,691				32,944				33,852

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
	September 30, 2019 (unaudited)				December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	20,757			$	20,229
Patient accounts receivable		254,703				188,972
Prepaid expenses		10,601				7,568
Other current assets		13,458				7,349
Total current assets		299,519				224,118
Property and equipment, net of accumulated depreciation of $101,446 and $95,472		29,969				29,449
Operating lease right of use assets		84,124				—
Goodwill		660,472				329,480
Intangible assets, net of accumulated amortization of $36,799 and $33,050		66,468				44,132
Deferred income taxes		17,568				35,794
Other assets		54,260				54,145
Total assets	$	1,212,380			$	717,118
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	35,901			$	28,531
Payroll and employee benefits		115,899				92,858
Accrued expenses		127,111				99,475
Current portion of long-term obligations		8,959				1,612
Current portion of operating lease liabilities		26,783				—
Total current liabilities		314,653				222,476
Long-term obligations, less current portion		231,641				5,775
Operating lease liabilities, less current portion		56,619				—
Other long-term obligations		6,002				6,234
Total liabilities		608,915				234,485
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; 36,599,273 and 36,252,280 shares issued; and 32,246,575 and 31,973,505 shares outstanding		37				36
Additional paid-in capital		634,854				603,666
Treasury stock, at cost 4,352,698 and 4,278,775 shares of common stock		(251,070	)			(241,685	)
Accumulated other comprehensive income		15				15
Retained earnings		218,728				119,550
Total Amedisys, Inc. stockholders’ equity		602,564				481,582
Noncontrolling interests		901				1,051
Total equity		603,465				482,633
Total liabilities and equity	$	1,212,380			$	717,118

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
	2019				2018				2019				2018
Cash Flows from Operating Activities:
Net income	$	34,325			$	31,548			$	99,938			$	92,409
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,366				3,164				12,440				9,882
Non-cash compensation		6,298				4,842				18,451				12,653
401(k) employer match		2,859				2,040				7,545				6,934
Amortization and impairment of operating lease right of use assets		9,519				—				27,014				—
Loss on disposal of property and equipment		8				88				6				738
Deferred income taxes		11,923				5,771				17,798				14,916
Equity in losses (earnings) from equity method investments		812				(1,625	)			(4,120	)			(6,461	)
Amortization of deferred debt issuance costs/debt discount		220				203				653				596
Return on equity investment		2,885				2,169				3,727				4,373
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(15,304	)			2,562				(39,469	)			6,166
Other current assets		(1,851	)			11,648				(10,194	)			(32	)
Other assets		258				38				202				726
Accounts payable		1,330				(4,293	)			(8,145	)			(670	)
Accrued expenses		(1,359	)			10,210				27,903				14,758
Other long-term obligations		(50	)			115				(231	)			2,462
Operating lease liabilities		(7,916	)			—				(24,116	)			—
Operating lease right of use assets		(868	)			—				(2,622	)			—
Net cash provided by operating activities		47,455				68,480				126,780				159,450
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		74				92				287				563
Proceeds from the sale of property and equipment		12				40				158				51
Investments in equity method investees		—				(3,477	)			(210	)			(3,477	)
Purchases of property and equipment		(3,644	)			(4,073	)			(6,337	)			(5,684	)
Acquisitions of businesses, net of cash acquired		(46	)			—				(345,460	)			(4,074	)
Net cash used in investing activities		(3,604	)			(7,418	)			(351,562	)			(12,621	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		2,045				140				3,388				2,749
Proceeds from issuance of stock to employee stock purchase plan		850				630				2,384				1,787
Shares withheld upon stock vesting		(4,895	)			(2,589	)			(9,385	)			(5,421	)
Noncontrolling interest distribution		(453	)			(180	)			(910	)			(530	)
Proceeds from borrowings under term loan		—				—				175,000				—
Proceeds from borrowings under revolving line of credit		8,000				—				192,500				127,500
Repayments of borrowings under revolving line of credit		(41,000	)			(70,000	)			(133,000	)			(70,000	)
Principal payments of long-term obligations		(1,543	)			(596	)			(3,820	)			(91,071	)
Debt issuance costs		—				—				(847	)			(2,433	)
Purchase of company stock		—				—				—				(181,402	)
Repurchase of noncontrolling interest		—				(361	)			—				(361	)
Net cash (used in) provided by financing activities		(36,996	)			(72,956	)			225,310				(219,182	)
Net increase (decrease) in cash and cash equivalents		6,855				(11,894	)			528				(72,353	)
Cash and cash equivalents at beginning of period		13,902				25,904				20,229				86,363
Cash and cash equivalents at end of period	$	20,757			$	14,010			$	20,757			$	14,010
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	3,569			$	909			$	7,756			$	2,989
Cash paid for income taxes, net of refunds received	$	9,807			$	4,868			$	17,656			$	11,017
Days revenue outstanding (1)		44.5				40.6				44.5				40.6

(1) Our calculation of days revenue outstanding at September 30, 2019 and 2018 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended September 30, 2019 and 2018, respectively.

AMEDISYS, INC. AND SUBSIDIARIESSEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited)
Segment Information - Home Health
	For the Three-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Medicare	$	211.5			$	208.0
Non-Medicare		100.0				86.9
Net service revenue		311.5				294.9
Cost of service		188.9				181.8
Gross margin		122.6				113.1
Other operating expenses		76.5				69.6
Operating income	$	46.1			$	43.5
Same Store Growth (1):
Medicare revenue		2	%			10	%
Non-Medicare revenue		16	%			20	%
Total admissions		9	%			4	%
Total volume (2)		6	%			6	%
Total Episodic admissions (3)		8	%			3	%
Total Episodic volume (4)		5	%			5	%
Key Statistical Data - Total (5):
Medicare:
Admissions		48,295				46,371
Recertifications		27,662				28,551
Total volume		75,957				74,922
Completed episodes		74,355				73,114
Visits		1,281,380				1,301,090
Average revenue per completed episode (6)	$	2,909			$	2,855
Visits per completed episode (7)		17.1				17.6
Non-Medicare:
Admissions		33,642				29,325
Recertifications		15,678				14,539
Total volume		49,320				43,864
Visits		775,804				698,181
Total (5):
Visiting Clinician Cost per Visit	$	83.68			$	82.78
Clinical Manager Cost per Visit		8.09				8.18
Total Cost per Visit	$	91.77			$	90.96
Visits		2,057,184				1,999,271

	For the Nine-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Medicare	$	644.0			$	619.3
Non-Medicare		296.2				251.2
Net service revenue		940.2				870.5
Cost of service		562.4				532.7
Gross margin		377.8				337.8
Other operating expenses		224.0				207.6
Operating income	$	153.8			$	130.2
Same Store Growth (1):
Medicare revenue		4	%			7	%
Non-Medicare revenue		18	%			18	%
Total admissions		7	%			4	%
Total volume (2)		6	%			7	%
Total Episodic admissions (3)		6	%			3	%
Total Episodic volume (4)		4	%			6	%
Key Statistical Data - Total (5):
Medicare:
Admissions		147,485				142,884
Recertifications		82,551				84,218
Total volume		230,036				227,102
Completed episodes		224,635				220,726
Visits		3,935,182				3,933,290
Average revenue per completed episode (6)	$	2,922			$	2,841
Visits per completed episode (7)		17.4				17.5
Non-Medicare:
Admissions		100,184				88,485
Recertifications		45,945				40,862
Total volume		146,129				129,347
Visits		2,303,576				2,049,662
Total (5):
Visiting Clinician Cost per Visit	$	82.23			$	81.06
Clinical Manager Cost per Visit		7.91				7.98
Total Cost per Visit	$	90.14			$	89.04
Visits		6,238,758				5,982,952

(1) Same store information represents the percent change 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. Effective July 1, 2019, 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 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 and denovos. (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,
	2019				2018
Financial Information (in millions):
Medicare	$	153.5			$	98.0
Non-Medicare		8.9				5.4
Net service revenue		162.4				103.4
Cost of service		84.5				53.4
Gross margin		77.9				50.0
Other operating expenses		36.2				21.7
Operating income	$	41.7			$	28.3
Same Store Growth (1):
Medicare revenue		10	%			7	%
Hospice admissions		4	%			8	%
Average daily census		5	%			11	%
Key Statistical Data - Total (2):
Hospice admissions		9,914				6,765
Average daily census		11,565				7,768
Revenue per day, net	$	152.67			$	144.71
Cost of service per day	$	79.51			$	74.72
Average discharge length of stay		98				101
	For the Nine-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Medicare	$	430.0			$	286.7
Non-Medicare		22.6				15.4
Net service revenue		452.6				302.1
Cost of service		245.9				155.2
Gross margin		206.7				146.9
Other operating expenses		100.9				62.5
Operating income	$	105.8			$	84.4
Same Store Growth (1):
Medicare revenue		6	%			11	%
Hospice admissions		5	%			7	%
Average daily census		6	%			12	%
Key Statistical Data - Total (2):
Hospice admissions		30,055				20,444
Average daily census		10,997				7,514
Revenue per day, net	$	150.77			$	147.28
Cost of service per day	$	81.92			$	75.65
Average discharge length of stay		98				98

(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. Effective July 1, 2019, 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
	For the Three-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Medicare	$	—			$	—
Non-Medicare		20.7				19.0
Net service revenue		20.7				19.0
Cost of service		15.3				14.5
Gross margin		5.4				4.5
Other operating expenses		3.1				3.1
Operating income	$	2.3			$	1.4
Key Statistical Data - Total (1):
Billable hours		824,251				810,427
Clients served		12,687				12,380
Shifts		370,451				357,382
Revenue per hour	$	25.12			$	23.40
Revenue per shift	$	55.90			$	53.06
Hours per shift		2.2				2.3
	For the Nine-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Medicare	$	—			$	—
Non-Medicare		62.1				55.6
Net service revenue		62.1				55.6
Cost of service		46.4				42.7
Gross margin		15.7				12.9
Other operating expenses		9.5				9.7
Operating income	$	6.2			$	3.2
Key Statistical Data - Total (1):
Billable hours		2,506,113				2,357,608
Clients served		16,134				15,731
Shifts		1,128,920				1,062,422
Revenue per hour	$	24.77			$	23.57
Revenue per shift	$	55.00			$	52.30
Hours per shift		2.2				2.2

(1) Total includes acquisitions.

Segment Information - Corporate
	For the Three-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Other operating expenses	$	40.4			$	31.3
Depreciation and amortization		2.9				2.0
Total operating expenses	$	43.3			$	33.3
	For the Nine-Month Periods Ended September 30,
	2019				2018
Financial Information (in millions):
Other operating expenses	$	122.0			$	92.6
Depreciation and amortization		7.9				6.5
Total operating expenses	$	129.9			$	99.1

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,
	2019				2018				2019				2018
Net income attributable to Amedisys, Inc.	$	34,132			$	31,377			$	99,178			$	91,885
Add:
Income tax expense		9,919				9,825				31,105				29,984
Interest expense, net		3,763				1,962				11,400				5,571
Depreciation and amortization		4,366				3,164				12,440				9,882
Certain items (1)		5,088				(609	)			20,259				615
Interest component of certain items (1)		(451	)			(451	)			(1,338	)			(1,280	)
Adjusted EBITDA (2) (6)	$	56,817			$	45,268			$	173,044			$	136,657

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Period Ended September 30,								For the Nine- Month Period Ended September 30,
	2019				2018				2019				2018
Net service revenue	$	494,631			$	417,335			$	1,454,955			$	1,228,200
Add:
Certain items (1)		—				—				5,993				1,687
Adjusted net service revenue (3) (6)	$	494,631			$	417,335			$	1,460,948			$	1,229,887

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Period Ended September 30,								For the Nine- Month Period Ended September 30,
	2019				2018				2019				2018
Net income attributable to Amedisys, Inc.	$	34,132			$	31,377			$	99,178			$	91,885
Add:
Certain items (1)		3,765				(450	)			14,992				455
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	37,897			$	30,927			$	114,170			$	92,340

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,
	2019				2018				2019				2018
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	1.03			$	0.96			$	3.01			$	2.71
Add:
Certain items (1)		0.11				(0.01	)			0.46				0.01
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	1.15			$	0.95			$	3.47			$	2.73

(1) The following details the certain items for the three and nine-month periods ended September 30, 2019 and 2018:

Certain Items:
	For the Three-Month Period Ended September 30, 2019				For the Nine-Month Period Ended September 30, 2019
	(Income) Expense				(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual	$	—			$	6,541
Planned closures (7)		—				(548	)
Certain Items Impacting Cost of Service:
Planned closures (7)		15				1,172
Certain Items Impacting Operating Expenses:
Planned closures (7)		28				185
Acquisition and integration costs		4,141				14,393
Legal fees - non-routine		397				373
Certain Items Impacting Total Other Income (Expense):
Legal settlements		(1,437	)			(1,437	)
Miscellaneous, other (income) expense, net		1,944				(420	)
Total	$	5,088			$	20,259
Net of tax	$	3,765			$	14,992
Diluted EPS	$	0.11			$	0.46
	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

(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 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. (7) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

Source: Amedisys, Inc.

Globe Newswire Press Releases

Amedisys (AMED) Tops Q3 EPS by 26cOctober 29, 2019 4:09 PM