• Amedisys Reports Second Quarter 2022 Financial Results and Updates 2022 Revenue Guidance

    来源: Nasdaq GlobeNewswire / 27 7月 2022 16:06:00   America/New_York

    BATON ROUGE, La., July 27, 2022 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2022.

    Three-Month Periods Ended June 30, 2022 and 2021

    • Net service revenue decreased $6.3 million to $557.9 million compared to $564.2 million in 2021.
    • Net income attributable to Amedisys, Inc. of $29.6 million compared to $80.1 million in 2021.
    • Net income attributable to Amedisys, Inc. per diluted share of $0.91 compared to $2.43 in 2021.

    Adjusted Quarterly Results*

    • Adjusted EBITDA of $74.4 million compared to $83.8 million in 2021.
    • Adjusted net service revenue of $566.3 million compared to $557.6 million in 2021.
    • Adjusted net income attributable to Amedisys, Inc. of $48.0 million compared to $55.7 million in 2021.
    • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.47 compared to $1.69 in 2021.

    Six-Month Periods Ended June 30, 2022 and 2021

    • Net service revenue increased $1.8 million to $1,103.1 million compared to $1,101.3 million in 2021.
    • Net income attributable to Amedisys, Inc. of $61.3 million compared to $130.0 million in 2021.
    • Net income attributable to Amedisys, Inc. per diluted share of $1.87 compared to $3.93 in 2021.

    Adjusted Year to Date Results*

    • Adjusted EBITDA of $140.7 million compared to $162.4 million in 2021.
    • Adjusted net service revenue of $1,111.5 million compared to $1,094.8 million in 2021.
    • Adjusted net income attributable to Amedisys, Inc. of $88.1 million compared to $106.9 million in 2021.
    • Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.69 compared to $3.23 in 2021.

    * See pages 2 and 14 - 17 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

    Chris Gerard, President and Chief Executive Officer stated, “Our second quarter 2022 results reflect the continued COVID impacts in all of our lines of business but also show how we as an organization continue to successfully navigate an environment unlike anything we have operated in before. We have once again increased our Home Health Quality of Patient Care Stars score and now have 100% of our care centers at 4 stars or above. In Hospice, we posted the first quarter of ADC growth since Q3 2020 and remain very pleased with the trends in our Hospice business. We closed two acquisition in Home Health and signed two new marquee system partnerships in our High Acuity Care business with Baylor, Scott & White and Memorial Hermann Health System. On the regulatory front, the 2023 proposed Home Health rule is extremely disappointing, and we are baffled by the initial stance CMS has taken. In the coming weeks and months, we will continue working with our bipartisan Congressional supporters to align reimbursement with the congressional intent of the Bipartisan Budget Act of 2018 and the actual impacts to the industry over the past two years. We, and the industry, are urging CMS to provide data and clarity on how they calculated and formulated the proposed rule which will allow us to better understand the proposed rule and respond with formal comments. Finally, a heartfelt thank you to all of the Amedisys family for your continued hard work, perseverance and compassion for our patients.”

    Updated 2022 Guidance

    We are updating our previously issued revenue guidance:

    • Adjusted net service revenue is anticipated to be in the range of $2.290 billion to $2.310 billion.

    We are reaffirming our previously issued EBITDA and earnings per share guidance:

    • Adjusted EBITDA is anticipated to be in the range of $275 million to $285 million.
    • Adjusted diluted earnings per share is anticipated to be in the range of $5.23 to $5.45 based on an estimated 32.8 million shares outstanding.

    This guidance excludes the effects of any future acquisitions and potential share repurchases, if any are made. COVID-19 has continued to impact the operating metrics typically used to forecast both growth and cost assumptions for both core Amedisys and Contessa. We are basing our guidance on our current operating environment. COVID-19 continues to evolve in both the disease itself as well as disruptions to the healthcare systems and the economy. Any future regulations or government interventions, spike in clinicians and business development staff on quarantine, staffing shortages due to current and proposed federal, state and local vaccine mandates, reduction in elective procedures, change in patient behavior and further decline in senior living occupancy could impact our ability to achieve this guidance.

    We urge caution in considering the current trends and 2022 guidance disclosed in this press release. The home health, hospice, personal care and high acuity 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, 2021, 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 Thursday, July 28, 2022, at 11:00 a.m. Eastern Time to discuss its second quarter results. To participate on the conference call, please call before 11:00 a.m. Eastern Time to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through August 28, 2022 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13731294.

    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 net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted other operating income, defined as other operating income excluding certain items; (4) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (5) 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, personal care and high acuity care services. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care, inpatient hospital, palliative and skilled nursing facility ("SNF") care in their homes, recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease, or hospice care at the end of life. More than 3,000 hospitals and 90,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. With approximately 21,000 employees in 550 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 445,000 patients in need every year. For more information about the Company, please visit: www.amedisys.com.

    We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

    Forward-Looking Statements

    When included in this press release, words like “believes,” “belief,” “expects,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “will,” “could,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: the impact of the novel coronavirus pandemic ("COVID-19"), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations; the impact of current and proposed federal, state and local vaccine mandates, including potential staff shortages; 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; our ability to keep our patients and employees safe; 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, widespread protests or civil unrest; our ability to integrate, manage and keep our information systems secure; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; 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
     Chief Strategy OfficerVice President, Marketing & Communications
     (615) 928- 5452(225) 299-3720
     IR@amedisys.comkendra.kimmons@amedisys.com



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

     For the Three-Month
    Periods Ended June 30,
     For the Six-Month
    Periods Ended June 30,
      2022   2021   2022   2021 
    Net service revenue$557,890  $564,166  $1,103,147  $1,101,310 
    Other operating income    4,603      13,304 
    Cost of service, excluding depreciation and amortization 316,211   308,691   621,031   605,894 
    General and administrative expenses:       
    Salaries and benefits 127,758   114,335   251,238   230,160 
    Non-cash compensation 5,148   6,156   12,495   13,463 
    Other 54,912   54,731   108,552   103,837 
    Depreciation and amortization 6,220   6,721   14,228   14,276 
    Operating expenses 510,249   490,634   1,007,544   967,630 
    Operating income 47,641   78,135   95,603   146,984 
    Other income (expense):       
    Interest income 36   25   49   49 
    Interest expense (8,311)  (1,932)  (11,484)  (4,004)
    Equity in earnings (loss) from equity method investments 659   1,370   (744)  2,488 
    Gain on equity method investments    31,092      31,092 
    Miscellaneous, net 331   475   664   763 
    Total other (expense) income, net (7,285)  31,030   (11,515)  30,388 
    Income before income taxes 40,356   109,165   84,088   177,372 
    Income tax expense (11,319)  (28,546)  (23,338)  (46,461)
    Net income 29,037   80,619   60,750   130,911 
    Net loss (income) attributable to noncontrolling interests 542   (470)  500   (892)
    Net income attributable to Amedisys, Inc.$29,579  $80,149  $61,250  $130,019 
    Basic earnings per common share:       
    Net income attributable to Amedisys, Inc. common stockholders$0.91  $2.46  $1.88  $3.98 
    Weighted average shares outstanding 32,522   32,588   32,538   32,684 
    Diluted earnings per common share:       
    Net income attributable to Amedisys, Inc. common stockholders$0.91  $2.43  $1.87  $3.93 
    Weighted average shares outstanding 32,681   32,981   32,722   33,085 



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

     June 30, 2022
    (Unaudited)
     December 31,
    2021
    ASSETS   
    Current assets:   
    Cash and cash equivalents$26,566  $42,694 
    Restricted cash 22,198   3,075 
    Patient accounts receivable 305,413   274,961 
    Prepaid expenses 15,199   10,356 
    Other current assets 25,493   25,598 
    Total current assets 394,869   356,684 
    Property and equipment, net of accumulated depreciation of $100,265 and $96,937 17,847   18,435 
    Operating lease right of use assets 107,723   101,257 
    Goodwill 1,289,672   1,196,090 
    Intangible assets, net of accumulated amortization of $9,109 and $19,900 106,189   111,190 
    Deferred income tax assets    289 
    Other assets 84,686   73,023 
    Total assets$2,000,986  $1,856,968 
    LIABILITIES AND EQUITY   
    Current liabilities:   
    Accounts payable$43,509  $38,217 
    Payroll and employee benefits 161,068   141,001 
    Accrued expenses 176,239   150,836 
    Current portion of long-term obligations 12,521   12,995 
    Current portion of operating lease liabilities 34,035   31,233 
    Total current liabilities 427,372   374,282 
    Long-term obligations, less current portion 442,413   432,075 
    Operating lease liabilities, less current portion 72,619   69,309 
    Deferred income tax liabilities 6,179    
    Other long-term obligations 13,408   4,979 
    Total liabilities 961,991   880,645 
    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; 37,780,242 and 37,674,868 shares issued; and 32,432,527 and 32,509,969 shares outstanding 38   38 
    Additional paid-in capital 743,276   728,118 
    Treasury stock, at cost 5,347,715 and 5,164,899 shares of common stock (457,981)  (435,868)
    Retained earnings 700,313   639,063 
    Total Amedisys, Inc. stockholders’ equity 985,646   931,351 
    Noncontrolling interests 53,349   44,972 
    Total equity 1,038,995   976,323 
    Total liabilities and equity$2,000,986  $1,856,968 



    AMEDISYS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING
    (Amounts in thousands, except statistical information)
    (Unaudited)

     For the Three-Month
    Periods Ended June 30,
     For the Six-Month
    Periods Ended June 30,
      2022   2021   2022   2021 
    Cash Flows from Operating Activities:       
    Net income$29,037  $80,619  $60,750  $130,911 
    Adjustments to reconcile net income to net cash provided by operating activities:       
    Depreciation and amortization 6,220   6,721   14,228   14,276 
    Non-cash compensation 5,148   6,156   12,495   13,463 
    Amortization and impairment of operating lease right of use assets 12,367   9,852   22,463   19,702 
    Loss (gain) on disposal of property and equipment 526   (6)  531   8 
    Gain on equity method investments    (31,092)     (31,092)
    Deferred income taxes 2,798   15,305   6,003   22,716 
    Equity in (earnings) loss from equity method investments (659)  (1,370)  744   (2,488)
    Amortization of deferred debt issuance costs/debt discount 247   216   495   432 
    Return on equity method investments 718   1,183   2,428   2,683 
    Changes in operating assets and liabilities, net of impact of acquisitions:       
    Patient accounts receivable (2,726)  (2,339)  (21,344)  (22,787)
    Other current assets (12,350)  6,434   (4,468)  3,560 
    Other assets (27)  63   220   (52)
    Accounts payable 6,613   (3,156)  4,498   (6,530)
    Accrued expenses 22,046   (9,997)  29,529   (1,627)
    Other long-term obligations (166)  (928)  (223)  (1,736)
    Operating lease liabilities (11,470)  (8,941)  (20,657)  (17,955)
    Operating lease right of use assets (913)  (762)  (1,662)  (1,524)
    Net cash provided by operating activities 57,409   67,958   106,030   121,960 
    Cash Flows from Investing Activities:       
    Proceeds from the sale of deferred compensation plan assets 6   6   28   25 
    Proceeds from the sale of property and equipment       37   42 
    Purchases of property and equipment (1,880)  (1,325)  (2,782)  (2,943)
    Investments in technology assets (323)     (559)   
    Other investments       (15,000)   
    Acquisitions of businesses, net of cash acquired (73,311)  (2,503)  (73,311)  (2,503)
    Net cash used in investing activities (75,508)  (3,822)  (91,587)  (5,379)
    Cash Flows from Financing Activities:       
    Proceeds from issuance of stock upon exercise of stock options 686   259   772   623 
    Proceeds from issuance of stock to employee stock purchase plan 906   913   1,891   1,961 
    Shares withheld to pay taxes on non-cash compensation (80)  (170)  (4,762)  (6,944)
    Noncontrolling interest contributions 300      952    
    Noncontrolling interest distributions (303)  (276)  (975)  (794)
    Proceeds from borrowings under revolving line of credit 298,500   174,000   298,500   389,200 
    Repayments of borrowings under revolving line of credit (283,500)  (224,000)  (283,500)  (410,200)
    Principal payments of long-term obligations (3,204)  (2,700)  (6,975)  (5,392)
    Purchase of company stock (17,351)  (1,188)  (17,351)  (74,074)
    Provider relief fund advance    3,328      (1,672)
    Net cash used in financing activities (4,046)  (49,834)  (11,448)  (107,292)
    Net (decrease) increase in cash, cash equivalents and restricted cash (22,145)  14,302   2,995   9,289 
    Cash, cash equivalents and restricted cash at beginning of period 70,909   78,344   45,769   83,357 
    Cash, cash equivalents and restricted cash at end of period$48,764  $92,646  $48,764  $92,646 
            
            
            
            
    Supplemental Disclosures of Cash Flow Information:       
    Cash paid for interest$2,625  $903  $4,489  $1,914 
    Cash paid for income taxes, net of refunds received$22,426  $7,696  $22,977  $8,667 
    Cash paid for operating lease liabilities$12,383  $9,703  $22,319  $19,479 
    Cash paid for finance lease liabilities$378  $514  $735  $1,017 
    Supplemental Disclosures of Non-Cash Activity:       
    Right of use assets obtained in exchange for operating lease liabilities$15,387  $10,141  $26,590  $20,689 
    Right of use assets obtained in exchange for finance lease liabilities$1,100  $350  $1,316  $527 
    Reductions to right of use assets resulting from reductions to operating lease liabilities$2,464  $625  $2,763  $904 
    Accrued contingent consideration$19,195  $  $19,195  $ 
    Noncontrolling interest contribution$  $  $8,900  $ 
    Days revenue outstanding (1) 46.8   42.7   46.8   42.7 

    (1) Our calculation of days revenue outstanding at June 30, 2022 and 2021 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 2022 and 2021, respectively.



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

    Segment Information - Home Health

     For the Three-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$222.0  $234.8 
    Non-Medicare 118.2   114.5 
    Net service revenue 340.2   349.3 
    Other operating income    2.3 
    Cost of service 193.0   190.4 
    Gross margin 147.2   161.2 
    Other operating expenses 87.9   81.3 
    Depreciation and amortization 1.5   1.2 
    Operating income$57.8  $78.7 
    Same Store Growth (1):   
    Medicare revenue (9%)  22%
    Non-Medicare revenue (3%)  18%
    Total admissions %  20%
    Total volume (2) (2%)  12%
    Key Statistical Data - Total (3):   
    Admissions 93,560   89,371 
    Recertifications 45,720   46,014 
    Total volume 139,280   135,385 
        
    Medicare completed episodes 77,880   79,188 
    Average Medicare revenue per completed episode (4)$3,048  $2,986 
    Medicare visits per completed episode (5) 13.2   14.2 
        
    Visiting clinician cost per visit$97.41  $91.24 
    Clinical manager cost per visit 10.67   9.31 
    Total cost per visit$108.08  $100.55 
    Visits 1,785,763   1,894,006 



     For the Six-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$446.1  $456.2 
    Non-Medicare 229.5   221.7 
    Net service revenue 675.6   677.9 
    Other operating income    7.3 
    Cost of service 378.0   373.4 
    Gross margin 297.6   311.8 
    Other operating expenses 171.1   161.4 
    Depreciation and amortization 2.4   2.2 
    Operating income$124.1  $148.2 
    Same Store Growth (1):   
    Medicare revenue (4%)  15%
    Non-Medicare revenue %  13%
    Total admissions 1%  12%
    Total volume (2) (1%)  9%
    Key Statistical Data - Total (3):   
    Admissions 185,274   179,201 
    Recertifications 88,570   89,825 
    Total volume 273,844   269,026 
        
    Medicare completed episodes 152,286   154,520 
    Average Medicare revenue per completed episode (4)$3,031  $2,959 
    Medicare visits per completed episode (5) 13.1   14.1 
        
    Visiting clinician cost per visit$97.31  $90.79 
    Clinical manager cost per visit 10.67   9.40 
    Total cost per visit$107.98  $100.19 
    Visits 3,500,907   3,726,918 

    (1) Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.
    (2) Total volume includes all admissions and recertifications.
    (3) Total includes acquisitions, start-ups and denovos.
    (4) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode reflects the suspension of sequestration for the period January 1, 2021 through March 31, 2022 and the reinstatement of sequestration at 1% for the period April 1, 2022 through June 30, 2022.
    (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 Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$187.5  $186.9 
    Non-Medicare 10.9   11.0 
    Net service revenue 198.4   197.9 
    Other operating income    2.3 
    Cost of service 107.4   105.2 
    Gross margin 91.0   95.0 
    Other operating expenses 51.6   48.4 
    Depreciation and amortization 0.6   0.7 
    Operating income$38.8  $45.9 
    Same Store Growth (1):   
    Medicare revenue %  2%
    Hospice admissions 6%  2%
    Average daily census %  (3%)
    Key Statistical Data - Total (2):   
    Hospice admissions 13,359   12,675 
    Average daily census 13,249   13,254 
    Revenue per day, net$164.55  $164.10 
    Cost of service per day$89.05  $87.17 
    Average discharge length of stay 87   97 


     For the Six-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$370.0  $368.4 
    Non-Medicare 21.4   21.0 
    Net service revenue 391.4   389.4 
    Other operating income    6.0 
    Cost of service 213.8   206.8 
    Gross margin 177.6   188.6 
    Other operating expenses 102.9   94.9 
    Depreciation and amortization 1.3   1.3 
    Operating income$73.4  $92.4 
    Same Store Growth (1):   
    Medicare revenue %  %
    Hospice admissions 4%  3%
    Average daily census (1%)  (3%)
    Key Statistical Data - Total (2):   
    Hospice admissions 27,245   26,358 
    Average daily census 13,086   13,287 
    Revenue per day, net$165.28  $161.93 
    Cost of service per day$90.24  $85.99 
    Average discharge length of stay 88   95 

    (1) Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.
    (2) Total includes acquisitions and denovos.



    Segment Information - Personal Care

     For the Three-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$  $ 
    Non-Medicare 14.9   17.0 
    Net service revenue 14.9   17.0 
    Other operating income     
    Cost of service 11.4   13.1 
    Gross margin 3.5   3.9 
    Other operating expenses 2.3   3.2 
    Depreciation and amortization     
    Operating income$1.2  $0.7 
    Key Statistical Data - Total:   
    Billable hours 472,523   609,301 
    Clients served 7,759   9,371 
    Shifts 201,996   260,897 
    Revenue per hour$31.59  $27.95 
    Revenue per shift$73.89  $65.29 
    Hours per shift 2.3   2.3 


     For the Six-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$  $ 
    Non-Medicare 28.9   34.0 
    Net service revenue 28.9   34.0 
    Other operating income     
    Cost of service 22.2   25.7 
    Gross margin 6.7   8.3 
    Other operating expenses 4.5   6.2 
    Depreciation and amortization 0.1   0.1 
    Operating income$2.1  $2.0 
    Key Statistical Data - Total:   
    Billable hours 923,555   1,216,738 
    Clients served 8,591   10,908 
    Shifts 395,738   518,506 
    Revenue per hour$31.27  $27.96 
    Revenue per shift$72.99  $65.60 
    Hours per shift 2.3   2.3 



    Segment Information - High Acuity Care

     For the Three-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$1.7  $ 
    Non-Medicare 2.7    
    Net service revenue 4.4    
    Other operating income     
    Cost of service 4.4    
    Gross margin     
    Other operating expenses 8.9    
    Depreciation and amortization 0.8    
    Operating loss$(9.7) $ 
    Key Statistical Data - Total:   
    Full risk admissions 104    
    Limited risk admissions 241    
    Total admissions 345    
        
    Full risk revenue per episode$11,278  $ 
    Limited risk revenue per episode$5,316  $ 
        
    Number of admitting joint ventures 9    


     For the Six-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Medicare$1.7  $ 
    Non-Medicare 5.5    
    Net service revenue 7.2    
    Other operating income     
    Cost of service 7.0    
    Gross margin 0.2    
    Other operating expenses 15.9    
    Depreciation and amortization 1.6    
    Operating loss$(17.3) $ 
    Key Statistical Data - Total:   
    Full risk admissions 210    
    Limited risk admissions 468    
    Total admissions 678    
        
    Full risk revenue per episode$10,672  $ 
    Limited risk revenue per episode$5,541  $ 
        
    Number of admitting joint ventures 9    




    Segment Information - Corporate

     For the Three-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Other operating expenses$37.2  $42.4 
    Depreciation and amortization 3.3   4.8 
    Total operating expenses$40.5  $47.2 


     For the Six-Month Periods
    Ended June 30,
      2022   2021 
    Financial Information (in millions):   
    Other operating expenses$77.9  $84.9 
    Depreciation and amortization 8.8   10.7 
    Total operating expenses$86.7  $95.6 



    AMEDISYS, INC. AND SUBSIDIARIES
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
    (Amounts in thousands)
    (Unaudited)

    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") Reconciliation:

     For the Three-Month Periods
    Ended June 30,
     For the Six-Month Periods
    Ended June 30,
      2022   2021   2022   2021 
    Net income attributable to Amedisys, Inc.$29,579  $80,149  $61,250  $130,019 
    Add:       
    Income tax expense 11,319   28,546   23,338   46,461 
    Interest expense, net 8,275   1,907   11,435   3,955 
    Depreciation and amortization 6,220   6,721   14,228   14,276 
    Certain items (1) 23,609   (33,010)  35,059   (31,298)
    Interest component of certain items (1) (4,652)  (469)  (4,652)  (986)
    Adjusted EBITDA (2) (6)$74,350  $83,844  $140,658  $162,427 



    Adjusted Net Service Revenue Reconciliation:

     For the Three-Month Periods
    Ended June 30,
     For the Six-Month Periods
    Ended June 30,
      2022   2021   2022   2021 
    Net service revenue$557,890  $564,166  $1,103,147  $1,101,310 
    Add:       
    Certain items (1) 8,374   (6,541)  8,374   (6,541)
    Adjusted net service revenue (3) (7)$566,264  $557,625  $1,111,521  $1,094,769 



    Adjusted Other Operating Income Reconciliation:

     For the Three-Month Periods
    Ended June 30,
     For the Six-Month Periods
    Ended June 30,
      2022   2021   2022   2021 
    Other operating income$  $4,603  $  $13,304 
    Add:       
    Certain items (1)    (4,603)     (13,304)
    Adjusted other operating income (4) (7)$  $  $  $ 



    Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

     For the Three-Month Periods
    Ended June 30,
     For the Six-Month Periods
    Ended June 30,
      2022   2021   2022   2021 
    Net income attributable to Amedisys, Inc.$29,579  $80,149  $61,250  $130,019 
    Add:       
    Certain items (1) 18,373   (24,428)  26,847   (23,161)
    Adjusted net income attributable to Amedisys, Inc. (5) (7)$47,952  $55,721  $88,097  $106,858 



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

     For the Three-Month Periods
    Ended June 30,
     For the Six-Month Periods
    Ended June 30,
      2022   2021   2022   2021 
    Net income attributable to Amedisys, Inc. common stockholders per diluted share$0.91  $2.43  $1.87  $3.93 
    Add:       
    Certain items (1) 0.56   (0.74)  0.82   (0.70)
    Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)$1.47  $1.69  $2.69  $3.23 

    (1) The following details the certain items for the three and six-month periods ended June 30, 2022 and 2021:



    Certain Items:

     For the Three-Month Periods
    Ended June 30, 2022
     For the Six-Month Periods
    Ended June 30, 2022
     (Income) Expense (Income) Expense
    Certain Items Impacting Net Service Revenue:   
    Contingency accrual$8,374  $8,374 
    Certain Items Impacting Cost of Service:   
    COVID-19 costs 1,803   5,536 
    Severance - reduction in staffing levels 195   195 
    Fuel supplement 1,016   1,353 
    Integration costs 1,401   1,401 
    Certain Items Impacting Operating Expenses:   
    Acquisition and integration costs 5,323   6,701 
    COVID-19 costs 84   237 
    Executive Board of Directors transition award    3,500 
    Legal fees - non-routine 190   241 
    Severance - reduction in staffing levels 810   810 
    Planned closures - lease terminations 59   59 
    Legal settlement (1,058)  (1,058)
    Certain Items Impacting Total Other Income (Expense):   
    Interest component of certain items 4,652   4,652 
    Other (income) expense, net 760   3,058 
    Total$23,609  $35,059 
    Net of tax$18,373  $26,847 
    Diluted EPS$0.56  $0.82 


     For the Three-Month Periods
    Ended June 30, 2021
     For the Six-Month Periods
    Ended June 30, 2021
     (Income) Expense (Income) Expense
    Certain Items Impacting Net Service Revenue:   
    Contingency accrual$(6,541) $(6,541)
    Certain Items Impacting Other Operating Income:   
    CARES Act funds (4,603)  (13,304)
    Certain Items Impacting Cost of Service:   
    COVID-19 costs 4,464   12,944 
    Certain Items Impacting Operating Expenses:   
    Acquisition and integration costs 2,293   3,492 
    COVID-19 costs 160   377 
    Pre-acquisition legal settlement 1,825   1,825 
    Certain Items Impacting Total Other Income (Expense):   
    Interest component of certain items 469   986 
    Other (income) expense, net (31,077)  (31,077)
    Total$(33,010) $(31,298)
    Net of tax$(24,428) $(23,161)
    Diluted EPS$(0.74) $(0.70)

    (2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1.
    (3) Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1.
    (4) Adjusted other operating income is defined as other operating income excluding certain items as described in footnote 1.
    (5) 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.
    (6) 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.
    (7) Adjusted EBITDA, adjusted net service revenue, adjusted other operating income, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measures calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.


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