Amedisys Reports Second Quarter 2024 Financial Results

BATON ROUGE, La., July 24, 2024 (GLOBE NEWSWIRE) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2024.

Three-Month Periods Ended June 30, 2024 and 2023

  • Net service revenue increased $38.2 million to $591.2 million compared to $553.0 million in 2023.
  • Net income attributable to Amedisys, Inc. of $32.3 million, which is inclusive of merger-related expenses totaling $11.9 million ($11.5 million, net of tax) compared to net loss attributable to Amedisys, Inc. of $80.3 million, which is inclusive of merger-related expenses totaling $125.5 million ($125.5 million, net of tax) in 2023.
  • Net income attributable to Amedisys, Inc. per diluted share of $0.98 compared to net loss attributable to Amedisys, Inc. per diluted share of $2.46 in 2023.

Adjusted Quarterly Results*

  • Adjusted EBITDA of $73.2 million compared to $74.6 million in 2023.
  • Adjusted net income attributable to Amedisys, Inc. of $43.5 million compared to $44.9 million in 2023.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.32 compared to $1.37 in 2023.

Six-Month Periods Ended June 30, 2024 and 2023

  • Net service revenue increased $53.2 million to $1,162.6 million compared to $1,109.4 million in 2023.
  • Net income attributable to Amedisys, Inc. of $46.7 million, which is inclusive of merger-related expenses totaling $32.6 million ($31.3 million, net of tax) compared to net loss attributable to Amedisys, Inc. of $55.0 million, which is inclusive of merger-related expenses totaling $126.2 million ($126.2 million, net of tax) in 2023.
  • Net income attributable to Amedisys, Inc. per diluted share of $1.42 compared to net loss attributable to Amedisys, Inc. per diluted share of $1.69 in 2023.

Adjusted Year to Date Results*

  • Adjusted EBITDA of $133.0 million compared to $132.5 million in 2023.
  • Adjusted net income attributable to Amedisys, Inc. of $77.5 million compared to $77.6 million in 2023.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.35 compared to $2.38 in 2023.

* See pages 2 and 13 – 14 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

The supplemental slides provided in connection with the second quarter 2024 earnings release can be found on the Investor Relations page of our website. In light of the pending merger of the Company with UnitedHealth Group Incorporated, Amedisys will not conduct a quarterly earnings call to discuss the second quarter results.

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 (loss) attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items; and (3) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share calculated in accordance with GAAP 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 high acuity care services. Amedisys is focused on delivering the care that is best for our patients, whether that is in-patient hospital, palliative and skilled nursing facility (“SNF”) care in their homes, home-based 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 110,000 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 approximately 18,800 employees in 519 care centers within 37 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 469,000 patients 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: disruption from the proposed merger with UnitedHealth Group with patient, payor, provider, referral source, supplier or management and employee relationships; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with UnitedHealth Group or the inability to complete the proposed transaction on the anticipated terms and timetable; the risk that necessary regulatory approvals for the proposed merger with UnitedHealth Group are delayed, are not obtained or are obtained subject to conditions that are not anticipated; the failure of the conditions to the proposed merger to be satisfied; the costs related to the proposed merger; the diversion of management time on merger-related issues; the risk that termination fees may be payable by the Company in the event that the merger agreement is terminated under certain circumstances; reputational risk related to the proposed merger; the risk of litigation or regulatory action related to the proposed merger; changes in Medicare and other medical payment levels; changes in payments and covered services by federal and state governments; future cost containment initiatives undertaken by third-party payors; changes in the episodic versus non-episodic mix of our payors, the case mix of our patients and payment methodologies; staffing shortages driven by the competitive labor market; our ability to attract and retain qualified personnel; competition in the healthcare industry; our ability to maintain or establish new patient referral sources; 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 estimates and judgments associated with critical accounting policies; our ability to consistently provide high-quality care; our ability to keep our patients and employees safe; our access to financing; our ability to meet debt service requirements and comply with covenants in debt agreements; business disruptions due to natural or man-made disasters, climate change or acts of terrorism, widespread protests or civil unrest; our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; our ability to integrate, manage and keep our information systems secure; the impact of inflation; and changes in laws 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:
Amedisys, Inc.
Nick Muscato
Chief Strategy Officer
(615) 928- 5452
[email protected] 
Media Contact:
Amedisys, Inc.
Kendra Kimmons
Vice President, Marketing & Communications
(225) 299-3720
[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 June 30,
  For the Six-Month
Periods Ended June 30,
    2024       2023       2024       2023  
Net service revenue $ 591,187     $ 552,968     $ 1,162,601     $ 1,109,357  
Operating expenses:              
Cost of service, inclusive of depreciation   326,933       297,455       648,470       612,465  
General and administrative expenses:              
Salaries and benefits   129,323       125,504       257,269       251,843  
Non-cash compensation   7,828       9,083       15,261       12,356  
Merger-related expenses   11,901       19,451       32,568       20,171  
Depreciation and amortization   4,386       4,725       8,657       9,168  
Other   58,602       58,955       116,543       123,180  
Total operating expenses   538,973       515,173       1,078,768       1,029,183  
Operating income   52,214       37,795       83,833       80,174  
Other income (expense):              
Interest income   1,617       742       3,344       1,148  
Interest expense   (7,895 )     (7,502 )     (16,014 )     (15,019 )
Equity in earnings from equity method investments   1,515       7,991       2,425       8,114  
Merger termination fee         (106,000 )           (106,000 )
Miscellaneous, net   1,779       4,743       2,869       4,061  
Total other expense, net   (2,984 )     (100,026 )     (7,376 )     (107,696 )
Income (loss) before income taxes   49,230       (62,231 )     76,457       (27,522 )
Income tax expense   (16,657 )     (18,250 )     (29,290 )     (28,050 )
Net income (loss)   32,573       (80,481 )     47,167       (55,572 )
Net (income) loss attributable to noncontrolling interests   (272 )     206       (466 )     543  
Net income (loss) attributable to Amedisys, Inc. $ 32,301     $ (80,275 )   $ 46,701     $ (55,029 )
Basic earnings per common share:              
Net income (loss) attributable to Amedisys, Inc. common stockholders $ 0.99     $ (2.46 )   $ 1.43     $ (1.69 )
Weighted average shares outstanding   32,706       32,579       32,688       32,568  
Diluted earnings per common share:              
Net income (loss) attributable to Amedisys, Inc. common stockholders $ 0.98     $ (2.46 )   $ 1.42     $ (1.69 )
Weighted average shares outstanding   33,047       32,579       32,992       32,568  
 
AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
 
  June 30, 2024
(unaudited)
  December 31,
2023
ASSETS      
Current assets:      
Cash and cash equivalents $ 149,883     $ 126,450  
Restricted cash   7,475       12,413  
Patient accounts receivable   356,909       313,373  
Prepaid expenses   15,510       14,639  
Other current assets   26,125       30,060  
Total current assets   555,902       496,935  
Property and equipment, net of accumulated depreciation of $98,850 and $92,422   44,654       41,845  
Operating lease right of use assets   84,692       88,939  
Goodwill   1,244,679       1,244,679  
Intangible assets, net of accumulated amortization of $16,259 and $14,008   100,832       102,675  
Other assets   86,609       85,097  
Total assets $ 2,117,368     $ 2,060,170  
LIABILITIES AND EQUITY      
Current liabilities:      
Accounts payable $ 26,626     $ 28,237  
Payroll and employee benefits   136,118       136,835  
Accrued expenses   147,038       140,049  
Termination fee paid by UnitedHealth Group   106,000       106,000  
Current portion of long-term obligations   37,747       36,314  
Current portion of operating lease liabilities   26,447       26,286  
Total current liabilities   479,976       473,721  
Long-term obligations, less current portion   351,442       361,862  
Operating lease liabilities, less current portion   59,007       62,751  
Deferred income tax liabilities   47,212       40,635  
Other long-term obligations   845       1,418  
Total liabilities   938,482       940,387  
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; 38,248,917 and 38,131,478 shares issued; 32,739,526 and 32,667,631 shares outstanding   38       38  
Additional paid-in capital   803,361       787,177  
Treasury stock, at cost, 5,509,391 and 5,463,847 shares of common stock   (472,821 )     (468,626 )
Retained earnings   794,626       747,925  
Total Amedisys, Inc. stockholders’ equity   1,125,204       1,066,514  
Noncontrolling interests   53,682       53,269  
Total equity   1,178,886       1,119,783  
Total liabilities and equity $ 2,117,368     $ 2,060,170  
 
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,
    2024       2023       2024       2023  
Cash Flows from Operating Activities:              
Net income (loss) $ 32,573     $ (80,481 )   $ 47,167     $ (55,572 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization (inclusive of depreciation included in cost of service)   6,358       6,199       12,496       11,893  
Non-cash compensation   8,298       9,108       16,184       12,381  
Amortization and impairment of operating lease right of use assets   8,534       8,349       17,100       16,971  
(Gain) loss on disposal of property and equipment   (23 )     426       (19 )     356  
Loss on personal care divestiture                     2,186  
Merger termination fee         106,000             106,000  
Deferred income taxes   3,983       5,332       6,577       8,104  
Equity in earnings from equity method investments   (1,515 )     (7,991 )     (2,425 )     (8,114 )
Amortization of deferred debt issuance costs   247       247       495       495  
Return on equity method investments   548       966       718       2,753  
Changes in operating assets and liabilities, net of impact of acquisitions:              
Patient accounts receivable   2,449       15,338       (44,357 )     7,862  
Other current assets   4,823       5,817       3,127       1,689  
Operating lease right of use assets   (1,027 )     (1,019 )     (2,069 )     (1,937 )
Other assets   215       355       370       244  
Accounts payable   (10,345 )     (1,274 )     (1,693 )     (4,731 )
Accrued expenses   4,066       4,034       7,095       4,775  
Other long-term obligations   18       (3,151 )     (573 )     (3,179 )
Operating lease liabilities   (6,897 )     (7,496 )     (14,429 )     (15,456 )
Net cash provided by operating activities   52,305       60,759       45,764       86,720  
Cash Flows from Investing Activities:              
Proceeds from the sale of deferred compensation plan assets         6       21       25  
Proceeds from the sale of property and equipment         100             100  
Purchases of property and equipment   (1,385 )     (1,394 )     (4,055 )     (2,744 )
Investments in technology assets   (186 )     (6,457 )     (409 )     (6,667 )
Investment in equity method investee               (196 )      
Proceeds from personal care divestiture                     47,787  
Acquisitions of businesses, net of cash acquired                     (350 )
Net cash (used in) provided by investing activities   (1,571 )     (7,745 )     (4,639 )     38,151  
Cash Flows from Financing Activities:              
Proceeds from issuance of stock upon exercise of stock options         75             75  
Proceeds from issuance of stock under employee stock purchase plan         938             1,754  
Shares withheld to pay taxes on non-cash compensation   (3,578 )     (2,180 )     (4,195 )     (3,488 )
Noncontrolling interest contributions   147       376       1,911       376  
Noncontrolling interest distributions   (1,208 )     (427 )     (1,964 )     (712 )
Purchase of noncontrolling interest                     (800 )
Proceeds from borrowings under revolving line of credit         15,000             23,000  
Repayments of borrowings under revolving line of credit         (15,000 )           (23,000 )
Principal payments of long-term obligations   (9,441 )     (5,680 )     (18,382 )     (60,993 )
Payment of accrued contingent consideration         (4,055 )           (4,055 )
Net cash used in financing activities   (14,080 )     (10,953 )     (22,630 )     (67,843 )
Net increase in cash, cash equivalents and restricted cash   36,654       42,061       18,495       57,028  
Cash, cash equivalents and restricted cash at beginning of period   120,704       69,100       138,863       54,133  
Cash, cash equivalents and restricted cash at end of period $ 157,358     $ 111,161     $ 157,358     $ 111,161  
               
               
  For the Three-Month 
Periods Ended June 30,
  For the Six-Month 
Periods Ended June 30,
    2024       2023       2024       2023  
Supplemental Disclosures of Cash Flow Information:              
Cash paid for interest $ 7,319     $ 6,377     $ 15,507     $ 13,031  
Cash paid for income taxes, net of refunds received $ 17,565     $ 15,468     $ 18,393     $ 15,820  
Cash paid for operating lease liabilities $ 7,924     $ 8,516     $ 16,498     $ 17,394  
Cash paid for finance lease liabilities $ 4,875     $ 2,864     $ 7,111     $ 5,321  
Supplemental Disclosures of Non-Cash Activity:              
Right of use assets obtained in exchange for operating lease liabilities $ 3,774     $ 7,719     $ 10,947     $ 14,802  
Right of use assets obtained in exchange for finance lease liabilities $ 5,691     $ 7,154     $ 10,017     $ 27,944  
Reductions to right of use assets resulting from reductions to operating lease liabilities $     $ 14,994     $ 168     $ 15,135  
Reductions to right of use assets resulting from reductions to finance lease liabilities $ 623     $ 525     $ 1,119     $ 894  
Days revenue outstanding (1)   52.1       43.4       52.1       43.4  

(1) Our calculation of days revenue outstanding at June 30, 2024 and 2023 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 2024 and 2023, 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,
    2024       2023  
Financial Information (in millions):      
Medicare $ 216.1     $ 219.8  
Non-Medicare   161.3       130.0  
Net service revenue   377.4       349.8  
Cost of service, inclusive of depreciation   216.0       194.5  
Gross margin   161.4       155.3  
General and administrative expenses   92.4       90.2  
Depreciation and amortization   1.9       1.2  
Operating income $ 67.1     $ 63.9  
Same Store Growth(1):      
Medicare revenue   (2 %)     (1 %)
Non-Medicare revenue   24 %     10 %
Total admissions   13 %     4 %
Total volume(2)   9 %     3 %
Key Statistical Data – Total(3):      
Admissions   110,188       97,453  
Recertifications   46,170       45,808  
Total volume   156,358       143,261  
       
Medicare completed episodes   73,000       74,848  
Average Medicare revenue per completed episode(4) $ 3,036     $ 3,005  
Medicare visits per completed episode(5)   12.2       12.5  
       
Visiting clinician cost per visit $ 106.00     $ 99.81  
Clinical manager cost per visit   11.89       11.14  
Total cost per visit $ 117.89     $ 110.95  
Visits   1,831,990       1,752,449  
  For the Six-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
Medicare $ 431.9     $ 435.2  
Non-Medicare   309.5       257.9  
Net service revenue   741.4       693.1  
Cost of service, inclusive of depreciation   426.4       391.5  
Gross margin   315.0       301.6  
General and administrative expenses   183.4       179.3  
Depreciation and amortization   3.7       2.3  
Operating income $ 127.9     $ 120.0  
Same Store Growth(1):      
Medicare revenue   (1 %)     (4 %)
Non-Medicare revenue   20 %     11 %
Total admissions   12 %     6 %
Total volume(2)   8 %     4 %
Key Statistical Data – Total(3):      
Admissions   222,403       199,416  
Recertifications   90,131       89,133  
Total volume   312,534       288,549  
       
Medicare completed episodes   145,998       148,411  
Average Medicare revenue per completed episode(4) $ 3,017     $ 2,990  
Medicare visits per completed episode(5)   12.0       12.4  
       
Visiting clinician cost per visit $ 105.68     $ 99.83  
Clinical manager cost per visit   11.95       11.13  
Total cost per visit $ 117.63     $ 110.96  
Visits   3,624,619       3,527,655  

(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.
(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,
    2024       2023  
Financial Information (in millions):      
Medicare $ 193.7     $ 188.2  
Non-Medicare   10.3       11.0  
Net service revenue   204.0       199.2  
Cost of service, inclusive of depreciation   104.6       98.8  
Gross margin   99.4       100.4  
General and administrative expenses   48.7       47.9  
Depreciation and amortization   0.8       0.7  
Operating income $ 49.9     $ 51.8  
Same Store Growth(1):      
Medicare revenue   3 %     %
Hospice admissions   (2 %)     (6 %)
Average daily census   %     (2 %)
Key Statistical Data – Total(2):      
Hospice admissions   12,124       12,395  
Average daily census   12,968       12,918  
Revenue per day, net $ 172.88     $ 169.47  
Cost of service per day $ 88.65     $ 84.03  
Average discharge length of stay   90       90  
  For the Six-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
Medicare $ 383.7     $ 370.9  
Non-Medicare   21.3       21.7  
Net service revenue   405.0       392.6  
Cost of service, inclusive of depreciation   209.9       200.2  
Gross margin   195.1       192.4  
General and administrative expenses   96.8       95.8  
Depreciation and amortization   1.5       1.3  
Operating income $ 96.8     $ 95.3  
Same Store Growth(1):      
Medicare revenue   3 %     %
Hospice admissions   (2 %)     (6 %)
Average daily census   %     (1 %)
Key Statistical Data – Total(2):      
Hospice admissions   24,781       25,393  
Average daily census   12,867       12,825  
Revenue per day, net $ 172.96     $ 169.15  
Cost of service per day $ 89.63     $ 86.24  
Average discharge length of stay   91       90  

(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 (1)

  For the Six-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
Medicare $     $  
Non-Medicare         15.0  
Net service revenue         15.0  
Cost of service, inclusive of depreciation         11.1  
Gross margin         3.9  
General and administrative expenses         2.3  
Depreciation and amortization          
Operating income $     $ 1.6  
Key Statistical Data – Total:      
Billable hours         440,464  
Clients served         7,892  
Shifts         191,379  
Revenue per hour $     $ 33.97  
Revenue per shift $     $ 78.19  
Hours per shift         2.3  

(1) We completed the sale of our personal care business on March 31, 2023.

Segment Information – High Acuity Care

  For the Three-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
Medicare $     $  
Non-Medicare   9.8       4.0  
Net service revenue   9.8       4.0  
Cost of service, inclusive of depreciation   6.4       4.2  
Gross margin   3.4       (0.2 )
General and administrative expenses   5.4       5.3  
Depreciation and amortization   0.8       0.8  
Operating loss $ (2.8 )   $ (6.3 )
Key Statistical Data – Total:      
Full risk admissions   157       186  
Limited risk admissions   675       348  
Total admissions   832       534  
Total admissions growth   56 %     55 %
       
Full risk revenue per episode $ 10,124     $ 9,303  
Limited risk revenue per episode $ 6,816     $ 6,098  
Number of admitting joint ventures   9       10  
  For the Six-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
Medicare $     $  
Non-Medicare   16.2       8.7  
Net service revenue   16.2       8.7  
Cost of service, inclusive of depreciation   12.2       9.7  
Gross margin   4.0       (1.0 )
General and administrative expenses   11.3       9.7  
Depreciation and amortization   1.7       1.6  
Operating loss $ (9.0 )   $ (12.3 )
Key Statistical Data – Total:      
Full risk admissions   296       344  
Limited risk admissions   1,297       807  
Total admissions   1,593       1,151  
Total admissions growth   38 %     70 %
       
Full risk revenue per episode $ 10,100     $ 10,236  
Limited risk revenue per episode $ 6,799     $ 5,878  
Number of admitting joint venture markets   9       10  

Segment Information – Corporate

  For the Three-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
General and administrative expenses $ 61.1     $ 69.6  
Depreciation and amortization   0.9       2.0  
Total operating expenses $ 62.0     $ 71.6  
  For the Six-Month Periods
Ended June 30,
    2024       2023  
Financial Information (in millions):      
General and administrative expenses $ 130.1     $ 120.4  
Depreciation and amortization   1.8       4.0  
Total operating expenses $ 131.9     $ 124.4  

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,
    2024       2023       2024       2023  
Net income (loss) attributable to Amedisys, Inc. $ 32,301     $ (80,275 )   $ 46,701     $ (55,029 )
Add:              
Income tax expense   16,657       18,250       29,290       28,050  
Interest expense, net   6,278       6,760       12,670       13,871  
Depreciation and amortization   6,358       6,199       12,496       11,893  
Certain items(1)   11,566       123,704       31,862       133,691  
Adjusted EBITDA(2)(5) $ 73,160     $ 74,638     $ 133,019     $ 132,476  

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

  For the Three-Month Periods
Ended June 30,
  For the Six-Month Periods
Ended June 30,
    2024       2023       2024       2023  
Net income (loss) attributable to Amedisys, Inc. $ 32,301     $ (80,275 )   $ 46,701     $ (55,029 )
Add:              
Certain items(1)   11,240       125,153       30,788       132,642  
Adjusted net income attributable to Amedisys, Inc.(3)(5) $ 43,541     $ 44,878     $ 77,489     $ 77,613  

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,
    2024       2023       2024       2023  
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share $ 0.98     $ (2.46 )   $ 1.42     $ (1.69 )
Add:              
Certain items(1)   0.34       3.83       0.93       4.06  
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(4)(5) $ 1.32     $ 1.37     $ 2.35     $ 2.38  

(1)   The following details the certain items for the three and six-month periods ended June 30, 2024 and 2023:

Certain Items (in thousands):

  For the Three-Month Periods
Ended June 30, 2024
  For the Six-Month Periods
Ended June 30, 2024
  (Income) Expense   (Income) Expense
Certain Items Impacting General and Administrative Expenses:      
Merger-related expenses $ 11,901     $ 32,568  
Certain Items Impacting Total Other Income (Expense):      
Other (income) expense, net   (335 )     (706 )
Total $ 11,566     $ 31,862  
Net of tax $ 11,240     $ 30,788  
Diluted EPS $ 0.34     $ 0.93  
  For the Three-Month Periods
Ended June 30, 2023
  For the Six-Month Periods
Ended June 30, 2023
  (Income) Expense   (Income) Expense
Certain Items Impacting Cost of Service, Inclusive of Depreciation:      
Clinical optimization and reorganization costs $       114  
Certain Items Impacting General and Administrative Expenses:      
Acquisition and integration costs   1,101       2,768  
CEO transition   3,435       4,185  
Merger-related expenses   19,451       20,171  
Clinical optimization and reorganization costs   567       3,737  
Personal care divestiture   11       525  
Certain Items Impacting Total Other Income (Expense):      
Other (income) expense, net (includes $106,000 merger termination fee)   99,139       102,191  
Total $ 123,704     $ 133,691  
Net of tax $ 125,153     $ 132,642  
Diluted EPS $ 3.83     $ 4.06  

(2) Adjusted EBITDA is defined as net income (loss) 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 income attributable to Amedisys, Inc. is defined as net income (loss) attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.
(4)   Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1.
(5)   Adjusted EBITDA, 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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