EX-99.1 2 a20233112_991exhibit.htm EX-99.1 Document

Exhibit 99.1
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AMEDISYS REPORTS FOURTH QUARTER AND YEAR-END 2023 FINANCIAL RESULTS

BATON ROUGE, Louisiana (February 21, 2024) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2023.
Three-Month Periods Ended December 31, 2023 and 2022

◦Net service revenue increased $8.8 million to $570.8 million compared to $562.0 million in 2022. Prior year included $15.9 million of net service revenue from our personal care business which was divested on March 31, 2023.
◦Net income attributable to Amedisys, Inc. of $19.3 million, which is inclusive of $11.5 million in costs associated with with our merger transactions, compared to $31.7 million in 2022.
◦Net income attributable to Amedisys, Inc. per diluted share of $0.59 compared to $0.97 in 2022.

Adjusted Quarterly Results*

•Adjusted EBITDA of $56.7 million compared to $59.9 million in 2022.
•Adjusted net service revenue of $570.8 million compared to $562.0 million in 2022. Prior year included $15.9 million of net service revenue from our personal care business which was divested on March 31, 2023.
•Adjusted net income attributable to Amedisys, Inc. of $30.8 million compared to $38.0 million in 2022.
•Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.94 compared to $1.16 in 2022.

Years Ended December 31, 2023 and 2022

◦Net service revenue increased $13.2 million to $2,236.4 million compared to $2,223.2 million in 2022. Prior year included $61.4 million of net service revenue from our personal care business which was divested on March 31, 2023 compared to $15.0 million in 2023.
◦Net loss attributable to Amedisys, Inc. of $9.7 million, which is inclusive of $142.7 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $118.6 million in 2022.
◦Net loss attributable to Amedisys, Inc. per diluted share of $0.30 compared to net income attributable to Amedisys, Inc. per diluted share of $3.63 in 2022.

Adjusted Year End Results*

•Adjusted EBITDA of $247.0 million compared to $262.1 million in 2022.
•Adjusted net service revenue of $2,236.4 million compared to $2,232.5 million in 2022. Prior year included $61.4 million of net service revenue from our personal care business which was divested on March 31, 2023 compared to $15.0 million in 2023.
•Adjusted net income attributable to Amedisys, Inc. of $140.6 million compared to $163.4 million in 2022.
•Adjusted net income attributable to Amedisys, Inc. per diluted share of $4.30 compared to $5.01 in 2022.



* See pages 2 and 14-16 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.
The supplemental slides provided in connection with the fourth quarter and year ended December 31, 2023 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 fourth quarter and year ended December 31, 2023 results.
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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 service revenue, defined as net service revenue excluding certain items; (3) 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 (4) 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 19,000 employees in 521 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,” “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 transaction; 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
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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
Chief Strategy Officer             Vice President, Marketing & Communications
(615) 928-5452             (225) 299-3720
IR@amedisys.com             kendra.kimmons@amedisys.com

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AMEDISYS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
 For the Three-Month 
Periods Ended December 31,		For the Years Ended
December 31,
2023202220232022
(Unaudited)
Net service revenue$570,788 $562,064 $2,236,382 $2,223,199 
Operating expenses:
Cost of service, inclusive of depreciation321,416 317,167 1,245,509 1,260,425 
General and administrative expenses:
Salaries and benefits140,603 132,003 521,529 508,791 
Non-cash compensation7,114 570 26,082 16,560 
Merger-related expenses11,521 — 36,672 — 
Depreciation and amortization4,143 5,230 17,747 24,935 
Investment impairment— — — 3,009 
Other51,982 60,856 232,449 228,707 
Total operating expenses536,779 515,826 2,079,988 2,042,427 
Operating income34,009 46,238 156,394 180,772 
Other income (expense):
Interest income818 70 3,270 178 
Interest expense(8,234)(5,781)(31,274)(22,228)
Equity in earnings (loss) from equity method investments1,394 397 10,760 (45)
Merger termination fee— — (106,000)— 
Miscellaneous, net1,211 412 6,473 1,567 
Total other expense, net(4,811)(4,902)(116,771)(20,528)
Income before income taxes29,198 41,336 39,623 160,244 
Income tax expense(10,178)(9,790)(50,559)(42,545)
Net income (loss)19,020 31,546 (10,936)117,699 
Net loss attributable to noncontrolling interests302 171 1,189 910 
Net income (loss) attributable to Amedisys, Inc.$19,322 $31,717 $(9,747)$118,609 
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders$0.59 $0.98 $(0.30)$3.65 
Weighted average shares outstanding32,635 32,511 32,599 32,517 
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders$0.59 $0.97 $(0.30)$3.63 
Weighted average shares outstanding32,913 32,602 32,599 32,653 

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AMEDISYS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
As of December 31,
20232022
ASSETS
Current assets:
Cash and cash equivalents$126,450 $40,540 
Restricted cash12,413 13,593 
Patient accounts receivable313,373 296,785 
Prepaid expenses14,639 11,628 
Other current assets30,060 26,415 
Total current assets496,935 388,961 
Property and equipment, net of accumulated depreciation of $92,422 and $101,36441,845 16,026 
Operating lease right of use assets88,939 102,856 
Goodwill1,244,679 1,287,399 
Intangible assets, net of accumulated amortization of $14,008 and $14,604102,675 101,167 
Other assets85,097 79,836 
Total assets$2,060,170 $1,976,245 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$28,237 $43,735 
Payroll and employee benefits136,835 125,387 
Accrued expenses140,049 137,390 
Termination fee paid by UnitedHealth Group106,000 — 
Current portion of long-term obligations36,314 15,496 
Current portion of operating lease liabilities26,286 33,521 
Total current liabilities473,721 355,529 
Long-term obligations, less current portion361,862 419,420 
Operating lease liabilities, less current portion62,751 69,504 
Deferred income tax liabilities40,635 20,411 
Other long-term obligations1,418 4,808 
Total liabilities940,387 869,672 
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; 38,131,478 and 37,891,186 shares issued; and 32,667,631 and 32,511,465 shares outstanding38 38 
Additional paid-in capital787,177 755,063 
Treasury stock at cost, 5,463,847 and 5,379,721 shares of common stock(468,626)(461,200)
Retained earnings747,925 757,672 
Total Amedisys, Inc. stockholders’ equity1,066,514 1,051,573 
Noncontrolling interests53,269 55,000 
Total equity1,119,783 1,106,573 
Total liabilities and equity$2,060,170 $1,976,245 


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AMEDISYS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING
(Amounts in thousands, except statistical information)
 For the Three-Month 
Periods Ended December 31,		For the Years Ended
December 31,
 2023202220232022
(Unaudited)
Cash Flows from Operating Activities:
Net income (loss)$19,020 $31,546 $(10,936)$117,699 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of service)5,891 5,230 23,847 24,935 
Non-cash compensation
9,400 570 29,024 16,560 
Amortization and impairment of operating lease right of use assets
8,569 11,247 33,996 46,029 
(Gain) loss on disposal of property and equipment(27)12 319 519 
Deferred income taxes5,238 4,346 20,655 23,377 
Loss on personal care divestiture— — 2,186 — 
Merger termination fee— — 106,000 — 
Equity in (earnings) loss from equity method investments(1,394)(397)(10,760)45 
Amortization of deferred debt issuance costs248 248 991 991 
Return on equity method investments764 1,365 5,073 5,163 
Investment impairment— — — 3,009 
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable6,207 4,036 (26,727)(14,230)
Other current assets8,796 16,404 (6,638)(3,525)
Operating lease right of use assets(983)(919)(3,786)(3,242)
Other assets(84)155 189 438 
Accounts payable(6,977)(992)(15,816)4,894 
Accrued expenses13,354 (12,592)23,694 (39,382)
Other long-term obligations(234)(9,065)(3,390)(8,822)
Operating lease liabilities(7,477)(10,311)(30,733)(41,175)
Net cash provided by operating activities60,311 40,883 137,188 133,283 
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets29 163 54 252 
Proceeds from the sale of property and equipment36 — 136 66 
Purchases of property and equipment(1,892)(1,827)(5,620)(6,165)
Investments in technology assets(212)(202)(7,093)(1,050)
Investment in equity method investee— — — (637)
Purchase of cost method investment— — — (15,000)
Return of investment— — 150 — 
Proceeds from personal care divestiture— — 47,787 — 
Acquisitions of businesses, net of cash acquired— — (350)(71,952)
Net cash (used in) provided by investing activities(2,039)(1,866)35,064 (94,486)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options— 1,226 100 2,304 
Proceeds from issuance of stock to employee stock purchase plan— 991 2,602 3,848 
Shares withheld to pay taxes on non-cash compensation(2,116)(32)(6,529)(7,981)
Noncontrolling interest contributions220 1,401 1,452 3,501 
Noncontrolling interest distributions(259)(136)(1,873)(1,561)
Proceeds from sale of noncontrolling interest— 1,876 — 5,817 
Purchase of noncontrolling interest— — (800)— 
Proceeds from borrowings under revolving line of credit— 50,500 23,000 534,500 
Repayments of borrowings under revolving line of credit— (69,000)(23,000)(534,500)
Principal payments of long-term obligations(8,900)(3,170)(76,013)(13,296)
Purchase of company stock— — — (17,351)
Payment of accrued contingent consideration(2,370)— (6,461)(5,714)
Net cash used in financing activities(13,425)(16,344)(87,522)(30,433)
Net increase in cash, cash equivalents and restricted cash44,847 22,673 84,730 8,364 
Cash, cash equivalents and restricted cash at beginning of period94,016 31,460 54,133 45,769 
Cash, cash equivalents and restricted cash at end of period$138,863 $54,133 $138,863 $54,133 
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For the Three-Month 
Periods Ended December 31,		For the Years Ended
December 31,
2023202220232022
(Unaudited)
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$7,888 $5,786 $29,766 $14,939 
Cash paid for Infinity ZPIC interest$— $1,211 $— $12,755 
Cash paid for income taxes, net of refunds received$4,809 $431 $29,127 $24,013 
Supplemental Disclosures of Non-Cash Activity:
Accrued contingent consideration$— $— $— $19,195 
Noncontrolling interest contribution$— $— $— $8,900 
Days revenue outstanding (1)47.7 46.1 47.7 46.1 

(1) Our calculation of days revenue outstanding at December 31, 2023 and 2022 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended December 31, 2023 and 2022, respectively.
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AMEDISYS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited)

Segment Information - Home Health

 For the Three-Month Periods
Ended December 31,
 20232022
Financial Information (in millions)(6):
Medicare$221.1 $224.8 
Non-Medicare137.8 120.1 
Net service revenue358.9 344.9 
Cost of service, inclusive of depreciation208.0 197.3 
Gross margin150.9 147.6 
General and administrative expenses92.8 90.0 
Depreciation and amortization1.9 0.7 
Operating income$56.2 $56.9 
Same Store Growth(1):
Medicare revenue(1 %)(6 %)
Non-Medicare revenue15 %8 %
Total admissions7 %5 %
Total volume(2)
5 %1 %
Key Statistical Data - Total(3)(6):
Admissions101,809 95,006 
Recertifications44,893 44,670 
Total volume146,702 139,676 
Medicare completed episodes73,892 76,357 
Average Medicare revenue per completed episode(4)
$2,997 $2,995 
Medicare visits per completed episode(5)
12.2 12.6 
Visiting clinician cost per visit$108.64 $104.12 
Clinical manager cost per visit12.12 11.77 
Total cost per visit$120.76 $115.89 
Visits1,721,985 1,702,334 







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 For the Years Ended
December 31,
 20232022
Financial Information (in millions)(6):
Medicare$874.2 $896.5 
Non-Medicare529.4 465.2 
Net service revenue1,403.6 1,361.7 
Cost of service, inclusive of depreciation801.1 773.9 
Gross margin602.5 587.8 
General and administrative expenses363.5 351.1 
Depreciation and amortization6.0 4.0 
Operating income$233.0 $232.7 
Same Store Growth(1):
Medicare revenue(3 %)(5 %)
Non-Medicare revenue13 %2 %
Total admissions6 %3 %
Total volume(2)
4 %— %
Key Statistical Data - Total(3)(6):
Admissions399,752 376,399 
Recertifications179,719 178,445 
Total volume579,471 554,844 
Medicare completed episodes295,017 305,455 
Average Medicare revenue per completed episode(4)
$2,998 $3,013 
Medicare visits per completed episode(5)
12.4 12.9 
Visiting clinician cost per visit$103.31 $100.03 
Clinical manager cost per visit11.58 11.19 
Total cost per visit$114.89 $111.22 
Visits6,972,929 6,958,541 
(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 de novos.
(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 May 1, 2020 through March 31, 2022 and the reinstatement of sequestration at 1% effective April 1, 2022 and at 2% effective July 1, 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.
(6)Prior year has been recast to conform to the current year presentation.





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Segment Information - Hospice
 For the Three-Month Periods
Ended December 31,
 20232022
Financial Information (in millions):
Medicare$194.2 $186.3 
Non-Medicare11.8 11.3 
Net service revenue206.0 197.6 
Cost of service, inclusive of depreciation107.8 103.3 
Gross margin98.2 94.3 
General and administrative expenses48.9 51.3 
Depreciation and amortization0.9 0.6 
Operating income$48.4 $42.4 
Same Store Growth(1):
Medicare revenue4 %(4 %)
Hospice admissions(3 %)(8 %)
Average daily census— %(2 %)
Key Statistical Data - Total(2):
Hospice admissions12,226 12,629 
Average daily census12,859 12,878 
Revenue per day, net$174.10 $166.82 
Cost of service per day$91.18 $87.21 
Average discharge length of stay97 94 
 For the Years Ended
December 31,
 20232022
Financial Information (in millions):
Medicare$754.0 $744.1 
Non-Medicare44.8 43.7 
Net service revenue798.8 787.8 
Cost of service, inclusive of depreciation412.2 426.5 
Gross margin386.6 361.3 
General and administrative expenses193.1 203.3 
Depreciation and amortization3.0 2.3 
Operating income$190.5 $155.7 
Same Store Growth(1):
Medicare revenue1 %(1 %)
Hospice admissions(5 %)(1 %)
Average daily census(1 %)(1 %)
Key Statistical Data - Total(2):
Hospice admissions49,587 52,656 
Average daily census12,863 13,091 
Revenue per day, net$170.14 $164.88 
Cost of service per day$87.80 $89.26 
Average discharge length of stay93 91 
(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 de novos.

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Segment Information - Personal Care(1)
 For the Three-Month Periods
Ended December 31,
 20232022
Financial Information (in millions):
Medicare$— $— 
Non-Medicare— 15.9 
Net service revenue— 15.9 
Cost of service, inclusive of depreciation— 12.3 
Gross margin— 3.6 
General and administrative expenses— 2.3 
Depreciation and amortization— — 
Operating income$— $1.3 
Key Statistical Data - Total:
Billable hours— 453,644 
Clients served— 7,720 
Shifts— 193,220 
Revenue per hour$— $35.07 
Revenue per shift$— $82.34 
Hours per shift— 2.3 
 For the Years Ended
December 31,
 20232022
Financial Information (in millions):
Medicare$— $— 
Non-Medicare15.0 61.4 
Net service revenue15.0 61.4 
Cost of service, inclusive of depreciation11.1 46.7 
Gross margin3.9 14.7 
General and administrative expenses2.3 9.2 
Depreciation and amortization— 0.1 
Operating income$1.6 $5.4 
Key Statistical Data - Total:
Billable hours440,464 1,851,563 
Clients served7,892 10,448 
Shifts191,379 791,596 
Revenue per hour$33.97 $33.15 
Revenue per shift$78.19 $77.55 
Hours per shift2.3 2.3 

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











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Segment Information - High Acuity Care
For the Three-Month Periods
Ended December 31,
20232022
Financial Information (in millions)(1):
Medicare$— $— 
Non-Medicare5.9 3.6 
Net service revenue5.9 3.6 
Cost of service, inclusive of depreciation5.6 4.3 
Gross margin0.3 (0.7)
General and administrative expenses5.4 5.0 
Depreciation and amortization0.8 0.9 
Operating loss$(5.9)$(6.6)
Key Statistical Data - Total:
Full risk admissions105 108 
Limited risk admissions600 374 
Total admissions705 482 
Full risk revenue per episode$10,919 $12,282 
Limited risk revenue per episode$6,901 $5,545 
Number of admitting joint ventures10 8 
For the Years Ended December 31,
20232022
Financial Information (in millions)(1):
Medicare$— $— 
Non-Medicare19.0 12.3 
Net service revenue19.0 12.3 
Cost of service, inclusive of depreciation21.1 13.3 
Gross margin(2.1)(1.0)
General and administrative expenses20.4 19.7 
Depreciation and amortization3.1 3.3 
Investment impairment— 3.0 
Operating loss$(25.6)$(27.0)
Key Statistical Data - Total:
Full risk admissions648 448 
Limited risk admissions1,804 1,142 
Total admissions2,452 1,590 
Full risk revenue per episode$10,565 $11,273 
Limited risk revenue per episode$6,187 $5,553 
Number of admitting joint ventures10 8 
(1)Prior year has been recast to conform to the current year presentation.









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Segment Information - Corporate

 For the Three-Month Periods
Ended December 31,
 20232022
Financial Information (in millions)(1):
General and administrative expenses$64.1 $44.7 
Depreciation and amortization0.6 3.0 
Total operating expenses$64.7 $47.7 


 For the Years Ended
December 31,
 20232022
Financial Information (in millions)(1):
General and administrative expenses$237.5 $170.8 
Depreciation and amortization5.6 15.2 
Total operating expenses$243.1 $186.0 
(1)Prior year has been recast to conform to the current year presentation.
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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 December 31,		For the Years Ended
December 31,
2023202220232022
Net income (loss) attributable to Amedisys, Inc.$19,322 $31,717 $(9,747)$118,609 
Add:
        Income tax expense10,178 9,790 50,559 42,545 
        Interest expense, net7,416 5,711 28,004 22,050 
        Depreciation and amortization5,891 5,230 23,847 24,935 
        Certain items(1)
13,846 7,441 154,344 58,361 
        Interest component of certain items(1)
— — — (4,445)
Adjusted EBITDA(2)(6)
$56,653 $59,889 $247,007 $262,055 

Adjusted Net Service Revenue Reconciliation:
For the Three-Month Periods
Ended December 31,		For the Years Ended
December 31,
2023202220232022
Net service revenue$570,788 $562,064 $2,236,382 $2,223,199 
Add:
        Certain items(1)
— — — 9,305 
Adjusted net service revenue(3)(6)
$570,788 $562,064 $2,236,382 $2,232,504 

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
For the Three-Month Periods
Ended December 31,		For the Years Ended
December 31,
2023202220232022
Net income (loss) attributable to Amedisys, Inc.$19,322 $31,717 $(9,747)$118,609 
Add:
        Certain items(1)
11,500 6,251 150,384 44,838 
Adjusted net income attributable to Amedisys, Inc.(4)(6)
$30,822 $37,968 $140,637 $163,447 

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:
For the Three-Month Periods
Ended December 31,		For the Years Ended
December 31,
2023202220232022
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share$0.59 $0.97 $(0.30)$3.63 
Add:
        Certain items(1)
0.35 0.19 4.60 1.37 
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(5)(6)
$0.94 $1.16 $4.30 $5.01 

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(1) The following details the certain items for the three-month periods and years ended December 31, 2023 and 2022:

Certain Items:
For the Three-Month Period
Ended December 31, 2023		For the Year Ended
December 31, 2023
(Income) Expense(Income) Expense
Certain Items Impacting Cost of Service, Inclusive of Depreciation:
Clinical optimization and reorganization costs199 595 
Certain Items Impacting General and Administrative Expenses:
Acquisition and integration costs180 3,286 
CEO transition661 5,940 
Merger-related expenses11,521 36,672 
Clinical optimization and reorganization costs1,819 6,022 
Personal care divestiture— 525 
Certain Items Impacting Total Other Income (Expense):
Other (income) expense, net*(534)101,304 
Total$13,846 $154,344 
Net of tax$11,500 $150,384 
Diluted EPS$0.35 $4.60 
*Includes $106,000 merger termination fee for the year ended December 31, 2023
For the Three-Month Period
Ended December 31, 2022		For the Year Ended
December 31, 2022
(Income) Expense(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual$— $9,305 
Certain Items Impacting Cost of Service:
COVID-19 costs1,510 8,747 
Clinical optimization and reorganization costs33 1,382 
Fuel supplement261 3,576 
Integration costs— 1,712 
Certain Items Impacting General and Administrative Expenses:
Acquisition and integration costs1,443 11,298 
COVID-19 costs107 503 
CEO transition— 3,500 
Severance993 993 
Legal fees - non-routine— 241 
Clinical optimization and reorganization costs2,247 5,792 
Legal settlement— (1,058)
Fuel supplement33 251 
Investment impairment— 3,009 
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items— 4,445 
Other expense, net814 4,665 
Total$7,441 $58,361 
Net of tax$6,251 $44,838 
Diluted EPS$0.19 $1.37 
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(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 service revenue is defined as net service revenue excluding certain items as described in footnote 1.
(4)    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.
(5)    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.
(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.

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