BATON ROUGE, La., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three month period and year ended December 31, 2019.

Three Month Periods Ended December 31, 2019 and 2018

• Net service revenue increased $66.3 million to $500.7 million compared to $434.4 million in 2018.
• Net income attributable to Amedisys, Inc. of $27.7 million compared to $27.5 million in 2018.
• Net income attributable to Amedisys, Inc. per diluted share of $0.83 compared to $0.84 in 2018.

Adjusted Quarterly Results*

• Adjusted EBITDA of $52.2 million compared to $43.9 million in 2018.
• Adjusted net service revenue of $500.7 million compared to $434.4 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. of $31.1 million compared to $29.8 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.94 compared to $0.91 in 2018.

Years Ended December 31, 2019 and 2018

• Net service revenue increased $293.0 million to $1,955.6 million compared to $1,662.6 million in 2018.
• Net income attributable to Amedisys, Inc. of $126.8 million compared to $119.3 million in 2018.
• Net income attributable to Amedisys, Inc. per diluted share of $3.84 compared to $3.55 in 2018.

Adjusted Year End Results*

• Adjusted EBITDA of $225.3 million compared to $180.6 million in 2018.
• Adjusted net service revenue of $1,961.6 million compared to $1,664.3 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. of $145.2 million compared to $122.1 million in 2018.
• Adjusted net income attributable to Amedisys, Inc. per diluted share of $4.40 compared to $3.63 in 2018.

* See pages 12-14 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, Chairman, President and Chief Executive Officer stated, “I am very proud of our fourth quarter and year end results as we continued our trend of outperformance this year. We have stayed true to our mission of providing clinically excellent care to our patients no matter where they call home, and it has once again translated into stellar financial results. None of this would be possible without the unwavering dedication of our over 21,000 employees, and I thank each and every one of you for your continued commitment to our patients. We are set up for a great 2020 as we navigate the waters of PDGM, and I look forward to another year of outperformance.”

2020 Guidance

• Net service revenue is anticipated to be in the range of $2.115 billion to $2.160 billion.
• Adjusted EBITDA is anticipated to be in the range of $250 million to $260 million.
• Adjusted diluted earnings per share is anticipated to be in the range of $4.90 to $5.13 based on an estimated 33.4 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 2020 guidance disclosed in this press release. The home health, hospice and personal care industries are 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, 2019, 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, February 19, 2020, at 11:00 a.m. ET to discuss its fourth quarter and year end 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 March 19, 2020 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13698548.

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 2,600 hospitals and 67,000 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 479 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 415,000 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,” “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 CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data)
	For the Three-Month Period Ended December 31								For the Year Ended December 31
	2019				2018				2019				2018
	(Unaudited)
Net service revenue	$	500,678			$	434,378			$	1,955,633			$	1,662,578
Cost of service, excluding depreciation and amortization		295,603				262,251				1,150,337				992,863
General and administrative expenses:
Salaries and benefits		101,325				84,309				394,452				316,522
Non-cash compensation		6,589				5,234				25,040				17,887
Other		48,150				42,778				188,434				166,897
Depreciation and amortization		5,988				3,379				18,428				13,261
Asset impairment charge		1,470				—				1,470				—
Operating expenses		459,125				397,951				1,778,161				1,507,430
Operating income		41,553				36,427				177,472				155,148
Other income (expense):
Interest income		19				15				78				278
Interest expense		(3,056	)			(1,536	)			(14,515	)			(7,370	)
Equity in earnings from equity method investments		1,218				1,231				5,338				7,692
Miscellaneous, net		(367	)			458				2,037				3,240
Total other (expense) income, net		(2,186	)			168				(7,062	)			3,840
Income before income taxes		39,367				36,595				170,410				158,988
Income tax expense		(11,398	)			(8,875	)			(42,503	)			(38,859	)
Net income		27,969				27,720				127,907				120,129
Net income attributable to noncontrolling interests		(314	)			(259	)			(1,074	)			(783	)
Net income attributable to Amedisys, Inc.	$	27,655			$	27,461			$	126,833			$	119,346
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.86			$	0.86			$	3.95			$	3.64
Weighted average shares outstanding		32,278				31,916				32,142				32,791
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.83			$	0.84			$	3.84			$	3.55
Weighted average shares outstanding		33,123				32,805				32,990				33,609

AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
	As of December 31,
	2019				2018
ASSETS
Current assets:
Cash and cash equivalents	$	30,294			$	20,229
Restricted cash		66,196				—
Patient accounts receivable		237,596				188,972
Prepaid expenses		8,243				7,568
Other current assets		8,225				7,349
Total current assets		350,554				224,118
Property and equipment, net of accumulated depreciation of $96,137 and $95,472		28,113				29,449
Operating lease right of use assets		84,791				—
Goodwill		658,500				329,480
Intangible assets, net of accumulated amortization of $7,044 and $693		64,748				44,132
Deferred income taxes		21,427				35,794
Other assets		54,612				54,145
Total assets	$	1,262,745			$	717,118
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	31,259			$	28,531
Payroll and employee benefits		120,877				92,858
Accrued expenses		137,111				99,475
Current portion of long-term obligations		9,927				1,612
Current portion of operating lease liabilities		27,769				—
Total current liabilities		326,943				222,476
Long-term obligations, less current portion		232,256				5,775
Operating lease liabilities, less current portion		56,128				—
Other long-term obligations		5,905				6,234
Total liabilities		621,232				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; 36,638,021 and 36,252,280 shares issued; and 32,284,051 and 31,973,505 shares outstanding		37				36
Additional paid-in capital		645,256				603,666
Treasury stock at cost 4,353,970 and 4,278,775 shares of common stock		(251,241	)			(241,685	)
Accumulated other comprehensive income		15				15
Retained earnings		246,383				119,550
Total Amedisys, Inc. stockholders’ equity		640,450				481,582
Noncontrolling interests		1,063				1,051
Total equity		641,513				482,633
Total liabilities and equity	$	1,262,745			$	717,118

AMEDISYS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information)
	For the Three-Month Period Ended December 31								For the Year Ended December 31
	2019				2018				2019				2018
	(Unaudited)
Cash Flows from Operating Activities:
Net income	$	27,969			$	27,720			$	127,907			$	120,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,988				3,379				18,428				13,261
Non-cash compensation		6,589				5,234				25,040				17,887
401(k) employer match		2,964				2,042				10,509				8,976
Amortization and impairment of operating lease right of use assets		8,891				—				35,905				—
Loss (gain) on disposal of property and equipment		135				(24	)			141				714
Deferred income taxes		(4,332	)			5,355				13,466				20,271
Equity in earnings from equity method investments		(1,218	)			(1,231	)			(5,338	)			(7,692	)
Amortization of deferred debt issuance costs/debt discount		220				201				873				797
Return on equity investment		1,228				1,785				4,955				6,158
Asset impairment charge		1,470				—				1,470				—
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		15,323				6,058				(24,146	)			12,224
Other current assets		7,512				8,711				(2,682	)			8,679
Other assets		630				2,221				832				2,947
Accounts payable		(3,184	)			3,835				(11,329	)			3,165
Accrued expenses		14,193				(1,234	)			42,096				13,524
Other long-term obligations		(98	)			(19	)			(329	)			2,443
Operating lease liabilities		(8,179	)			—				(32,295	)			—
Operating lease right of use assets		(881	)			—				(3,503	)			—
Net cash provided by operating activities		75,220				64,033				202,000				223,483
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		161				152				448				715
Proceeds from the sale of property and equipment		4				3				162				54
Purchases of property and equipment		(1,551	)			(874	)			(7,888	)			(6,558	)
Investments in equity method investees		—				(3,667	)			(210	)			(7,144	)
Acquisitions of businesses, net of cash acquired		—				(5,186	)			(345,460	)			(9,260	)
Net cash used in investing activities		(1,386	)			(9,572	)			(352,948	)			(22,193	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		223				3,204				3,611				5,953
Proceeds from issuance of stock to employee stock purchase plan		803				642				3,187				2,429
Shares withheld upon stock vesting		(171	)			(1,149	)			(9,556	)			(6,570	)
Non-controlling interest distribution		(152	)			(560	)			(1,062	)			(1,090	)
Proceeds from borrowings under term loan		—				—				175,000				—
Proceeds from borrowings under revolving line of credit		70,000				10,500				262,500				138,000
Repayments of borrowings under revolving line of credit		(67,000	)			(60,500	)			(200,000	)			(130,500	)
Principal payments of long-term obligations		(1,804	)			(379	)			(5,624	)			(91,450	)
Debt issuance costs		—				—				(847	)			(2,433	)
Purchase of company stock		—				—				—				(181,402	)
Repurchase of noncontrolling interest		—				—				—				(361	)
Net cash provided by (used in) financing activities		1,899				(48,242	)			227,209				(267,424	)
Net increase (decrease) in cash, cash equivalents and restricted cash		75,733				6,219				76,261				(66,134	)
Cash, cash equivalents and restricted cash at beginning of period		20,757				14,010				20,229				86,363
Cash, cash equivalents and restricted cash at end of period	$	96,490			$	20,229			$	96,490			$	20,229
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,872			$	533			$	9,628			$	3,522
Cash paid for income taxes, net of refunds received	$	11,866			$	3,261			$	29,522			$	14,278
Supplemental Disclosures of Non-Cash Financing Activities:
Note payable issued for software licenses	$	—			$	—			$	—			$	418
Days revenue outstanding (1)		40.9				38.0				40.9				38.0

(1) Our calculation of days revenue outstanding at December 31, 2019 and 2018 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended December 31, 2019 and 2018, respectively.

AMEDISYS, INC. AND SUBSIDIARIES SEGMENT INFORMATION(Amounts in millions, except statistical information)(Unaudited)
Segment Information - Home Health
	For the Three-Month Period Ended December 31,
	2019				2018
Financial Information (in millions):
Medicare	$	215.2			$	211.5
Non-Medicare		101.0				92.5
Net service revenue		316.2				304.0
Cost of service		191.7				189.4
Gross margin		124.5				114.6
Asset impairment charge		1.5				—
Other operating expenses		77.4				72.2
Operating income	$	45.6			$	42.4
Same Store Growth (1):
Medicare revenue		2	%			3	%
Non-Medicare revenue		10	%			20	%
Total admissions		4	%			6	%
Total volume (2)		4	%			6	%
Key Statistical Data - Total (3):
Medicare:
Admissions		48,028				47,864
Recertifications		27,909				28,555
Total volume		75,937				76,419
Completed episodes		75,916				75,497
Visits		1,272,381				1,328,025
Average revenue per completed episode (4)	$	2,916			$	2,891
Visits per completed episode (5)		17.0				17.7
Non-Medicare:
Admissions		32,996				30,092
Recertifications		16,163				14,874
Total volume		49,159				44,966
Visits		762,169				722,677
Total (3):
Visiting Clinician Cost per Visit	$	85.82			$	84.27
Clinical Manager Cost per Visit		8.44				8.09
Total Cost per Visit	$	94.26			$	92.36
Visits		2,034,550				2,050,702

	For the Year Ended December 31,
	2019				2018
Financial Information (in millions):
Medicare	$	859.2			$	830.8
Non-Medicare		397.2				343.7
Net service revenue		1,256.4				1,174.5
Cost of service		754.1				722.1
Gross margin		502.3				452.4
Asset impairment charge		1.5				—
Other operating expenses		301.4				279.8
Operating income	$	199.4			$	172.6
Same Store Growth (1):
Medicare revenue		4	%			6	%
Non-Medicare revenue		16	%			18	%
Total admissions		7	%			5	%
Total volume (2)		5	%			7	%
Key Statistical Data - Total (3):
Medicare:
Admissions		195,513				190,748
Recertifications		110,460				112,773
Total volume		305,973				303,521
Completed episodes		300,551				296,223
Visits		5,207,563				5,261,315
Average revenue per completed episode (4)	$	2,920			$	2,854
Visits per completed episode (5)		17.3				17.6
Non-Medicare:
Admissions		133,180				118,577
Recertifications		62,108				55,736
Total volume		195,288				174,313
Visits		3,065,745				2,772,339
Total (3):
Visiting Clinician Cost per Visit	$	83.11			$	81.88
Clinical Manager Cost per Visit		8.04				8.01
Total Cost per Visit	$	91.15			$	89.89
Visits		8,273,308				8,033,654

(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. 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 includes acquisitions and de novos. (4) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. (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.

Segment Information - Hospice
	For the Three-Month Period Ended December 31,
	2019				2018
Financial Information (in millions):
Medicare	$	156.6			$	103.5
Non-Medicare		8.0				5.3
Net service revenue		164.6				108.8
Cost of service		89.2				56.8
Gross margin		75.4				52.0
Other operating expenses		38.2				23.2
Operating income	$	37.2			$	28.8
Same Store Growth (1):
Medicare revenue		9	%			11	%
Hospice admissions		1	%			12	%
Average daily census		8	%			9	%
Key Statistical Data - Total (2):
Hospice admissions		10,139				7,152
Average daily census		11,660				7,809
Revenue per day, net	$	153.42			$	151.46
Cost of service per day	$	83.13			$	79.02
Average discharge length of stay		100				103

	For the Year Ended December 31,
	2019				2018
Financial Information (in millions):
Medicare	$	586.6			$	390.2
Non-Medicare		30.6				20.7
Net service revenue		617.2				410.9
Cost of service		335.1				212.0
Gross margin		282.1				198.9
Other operating expenses		139.1				85.7
Operating income	$	143.0			$	113.2
Same Store Growth (1):
Medicare revenue		7	%			11	%
Hospice admissions		4	%			8	%
Average daily census		7	%			11	%
Key Statistical Data - Total (2):
Hospice admissions		40,194				27,596
Average daily census		11,164				7,588
Revenue per day, net	$	151.47			$	148.36
Cost of service per day	$	82.24			$	76.53
Average discharge length of stay		98				100

(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 Period Ended December 31,
	2019				2018
Financial Information (in millions):
Medicare	$	—			$	—
Non-Medicare		19.9				21.6
Net service revenue		19.9				21.6
Cost of service		14.7				16.1
Gross margin		5.2				5.5
Other operating expenses		3.0				3.4
Operating income	$	2.2			$	2.1
Key Statistical Data:
Billable hours		802,225				890,696
Clients served		12,300				13,054
Shifts		359,255				406,119
Revenue per hour	$	24.88			$	24.24
Revenue per shift	$	55.56			$	53.16
Hours per shift		2.2				2.2
	For the Year Ended December 31,
	2019				2018
Financial Information (in millions):
Medicare	$	—			$	—
Non-Medicare		82.0				77.2
Net service revenue		82.0				77.2
Cost of service		61.1				58.8
Gross margin		20.9				18.4
Other operating expenses		12.5				13.1
Operating income	$	8.4			$	5.3
Key Statistical Data:
Billable hours		3,308,338				3,248,304
Clients served		17,364				17,981
Shifts		1,488,175				1,468,541
Revenue per hour	$	24.80			$	23.75
Revenue per shift	$	55.13			$	52.54
Hours per shift		2.2				2.2

Segment Information - Corporate
	For the Three-Month Period Ended December 31,
	2019				2018
Financial Information (in millions):
Other operating expenses	$	38.9			$	35.0
Depreciation and amortization		4.5				1.9
Total operating expenses	$	43.4			$	36.9
	For the Year Ended December 31,
	2019				2018
Financial Information (in millions):
Other operating expenses	$	160.9			$	127.6
Depreciation and amortization		12.4				8.4
Total operating expenses	$	173.3			$	136.0

AMEDISYS, INC. AND SUBSIDIARIESRECONCILIATION 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 Period Ended December 31,								For the Year Ended December 31,
	2019				2018				2019				2018
Net income attributable to Amedisys, Inc.	$	27,655			$	27,461			$	126,833			$	119,346
Add:
Income tax expense		11,398				8,875				42,503				38,859
Interest expense, net		3,037				1,521				14,437				7,092
Depreciation and amortization		5,988				3,379				18,428				13,261
Certain items (1)		4,618				3,124				24,877				3,739
Interest component of certain items (1)		(451	)			(451	)			(1,789	)			(1,731	)
Adjusted EBITDA (2) (6)	$	52,245			$	43,909			$	225,289			$	180,566
Adjusted Net Service Revenue Reconciliation:
	For the Three- Month Period Ended December 31,								For the Year Ended December 31,
	2019				2018				2019				2018
Net service revenue	$	500,678			$	434,378			$	1,955,633			$	1,662,578
Add:
Certain items (1)		6				—				5,999				1,687
Adjusted net service revenue (3) (6)	$	500,684			$	434,378			$	1,961,632			$	1,664,265

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
	For the Three- Month Period Ended December 31,								For the Year Ended December 31,
	2019				2018				2019				2018
Net income attributable to Amedisys, Inc.	$	27,655			$	27,461			$	126,833			$	119,346
Add:
Certain items (1)		3,417				2,312				18,409				2,767
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	31,072			$	29,773			$	145,242			$	122,113
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:
	For the Three- Month Period Ended December 31,								For the Year Ended December 31,
	2019				2018				2019				2018
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.83			$	0.84			$	3.84			$	3.55
Add:
Certain items (1)		0.10				0.07				0.56				0.08
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	0.94			$	0.91			$	4.40			$	3.63

(1) The following details the certain items for the three month periods and years ended December 31, 2019 and 2018:

Certain Items:
	For the Three-Month Period Ended December 31, 2019				For the Year Ended December 31, 2019
	(Income) Expense				(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual	$	—			$	6,541
Planned closures (7)		6				(542	)
Certain Items Impacting Cost of Service:
Planned closures (7)		2				1,174
Certain Items Impacting Operating Expenses:
Planned closures (7)		2				187
Acquisition and integration costs		1,718				16,111
Legal fees - non-routine		604				977
Asset impairment		1,470				1,470
Certain Items Impacting Total Other Income (Expense):
Legal settlements		—				(1,437	)
Other (income) expense, net		816				396
Total	$	4,618			$	24,877
Net of tax	$	3,417			$	18,409
Diluted EPS	$	0.10			$	0.56
	For the Three-Month Period Ended December 31, 2018				For the Year Ended December 31, 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		1,025				2,757
Legal fees - non-routine		56				1,465
Indemnity receivable adjustment		2,143				2,143
Certain Items Impacting Total Other Income (Expense):
Legal settlements		—				(1,437	)
Other (income) expense, net		(100	)			(2,876	)
Total	$	3,124			$	3,739
Net of tax	$	2,312			$	2,767
Diluted EPS	$	0.07			$	0.08

(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.

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Amedisys (AMED) Tops Q4 EPS by 1c, Revs MissFebruary 18, 2020 4:17 PM