EX-99.1 2 a20233009_991exhibit.htm EX-99.1 Document

Exhibit 99.1
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AMEDISYS REPORTS THIRD QUARTER 2023 FINANCIAL RESULTS

BATON ROUGE, Louisiana (October 24, 2023) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and nine-month periods ended September 30, 2023.
Three-Month Periods Ended September 30, 2023 and 2022

◦Net service revenue decreased $1.8 million to $556.2 million compared to $558.0 million in 2022. Prior year included $16.6 million of net service revenue from our personal care business which was divested on March 31, 2023.
◦Net income attributable to Amedisys, Inc. of $26.0 million compared to $25.6 million in 2022.
◦Net income attributable to Amedisys, Inc. per diluted share of $0.79 compared to $0.79 in 2022.

Adjusted Quarterly Results*

•Adjusted EBITDA of $57.9 million compared to $61.5 million in 2022.
•Adjusted net service revenue of $556.2 million compared to $558.9 million in 2022. Prior year included $16.6 million of adjusted net service revenue from our personal care business which was divested on March 31, 2023.
•Adjusted net income attributable to Amedisys, Inc. of $32.2 million compared to $37.4 million in 2022.
•Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.98 compared to $1.15 in 2022.

Nine-Month Periods Ended September 30, 2023 and 2022

◦Net service revenue increased $4.5 million to $1,665.6 million compared to $1,661.1 million in 2022. Prior year included $30.5 million of incremental net service revenue from our personal care business which was divested on March 31, 2023.
◦Net loss attributable to Amedisys, Inc. of $29.1 million, which is inclusive of $131.2 million in costs associated with our merger transactions, compared to net income attributable to Amedisys, Inc. of $86.9 million in 2022.
◦Net loss attributable to Amedisys, Inc. per diluted share of $0.89 compared to net income attributable to Amedisys, Inc. per diluted share of $2.66 in 2022.

Adjusted Year to Date Results*

•Adjusted EBITDA of $190.4 million compared to $202.2 million in 2022.
•Adjusted net service revenue of $1,665.6 million compared to $1,670.4 million in 2022. Prior year included $30.5 million of incremental adjusted net service revenue from our personal care business which was divested on March 31, 2023.
•Adjusted net income attributable to Amedisys, Inc. of $109.8 million compared to $125.5 million in 2022.
•Adjusted net income attributable to Amedisys, Inc. per diluted share of $3.36 compared to $3.84 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 third quarter 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 third quarter results.
1

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 102,000 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 18,600 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 455,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.
We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.
Forward-Looking Statements
When included in this press release, words like “believes,” “belief,” “expects,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “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 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; the impact of the novel coronavirus pandemic ("COVID-19") on our business, financial condition and results of operations; 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.
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Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.
Contact:    Investor Contact:                Media Contact:            
Amedisys, Inc.                    Amedisys, Inc.
        Nick Muscato                    Kendra Kimmons
        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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
 For the Three-Month 
Periods Ended September 30,		For the Nine-Month
Periods Ended September 30,
 2023202220232022
Net service revenue$556,237 $557,988 $1,665,594 $1,661,135 
Operating expenses:
Cost of service, inclusive of depreciation311,628 322,227 924,093 943,258 
General and administrative expenses:
Salaries and benefits129,083 125,550 380,926 376,788 
Non-cash compensation6,612 3,495 18,968 15,990 
Merger-related expenses4,980 — 25,151 — 
Depreciation and amortization4,436 5,477 13,604 19,705 
Investment impairment— 3,009 — 3,009 
Other57,287 59,299 180,467 167,851 
Total operating expenses514,026 519,057 1,543,209 1,526,601 
Operating income42,211 38,931 122,385 134,534 
Other income (expense):
Interest income1,304 59 2,452 108 
Interest expense(8,021)(4,963)(23,040)(16,447)
Equity in earnings (loss) from equity method investments1,252 302 9,366 (442)
Merger termination fee— — (106,000)— 
Miscellaneous, net1,201 491 5,262 1,155 
Total other expense, net(4,264)(4,111)(111,960)(15,626)
Income before income taxes37,947 34,820 10,425 118,908 
Income tax expense(12,331)(9,417)(40,381)(32,755)
Net income (loss)25,616 25,403 (29,956)86,153 
Net loss attributable to noncontrolling interests344 239 887 739 
Net income (loss) attributable to Amedisys, Inc.$25,960 $25,642 $(29,069)$86,892 
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders$0.80 $0.79 $(0.89)$2.67 
Weighted average shares outstanding32,624 32,482 32,587 32,519 
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders$0.79 $0.79 $(0.89)$2.66 
Weighted average shares outstanding32,831 32,616 32,587 32,680 

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AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
September 30, 2023
(unaudited)		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$78,112 $40,540 
Restricted cash15,904 13,593 
Patient accounts receivable319,580 296,785 
Prepaid expenses20,534 11,628 
Other current assets33,097 26,415 
Total current assets467,227 388,961 
Property and equipment, net of accumulated depreciation of $93,909 and $101,36439,631 16,026 
Operating lease right of use assets87,834 102,856 
Goodwill1,244,679 1,287,399 
Intangible assets, net of accumulated amortization of $12,838 and $14,604103,634 101,167 
Other assets84,412 79,836 
Total assets$2,027,417 $1,976,245 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$34,555 $43,735 
Payroll and employee benefits126,989 125,387 
Accrued expenses139,100 137,390 
Termination fee paid by UnitedHealth Group106,000 — 
Current portion of long-term obligations35,364 15,496 
Current portion of operating lease liabilities26,111 33,521 
Total current liabilities468,119 355,529 
Long-term obligations, less current portion366,853 419,420 
Operating lease liabilities, less current portion61,878 69,504 
Deferred income tax liabilities35,398 20,411 
Other long-term obligations1,651 4,808 
Total liabilities933,899 869,672 
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; 38,065,853 and 37,891,186 shares issued; 32,633,599 and 32,511,465 shares outstanding38 38 
Additional paid-in capital
776,880 755,063 
Treasury stock, at cost, 5,432,254 and 5,379,721 shares of common stock(465,613)(461,200)
Retained earnings728,603 757,672 
Total Amedisys, Inc. stockholders’ equity1,039,908 1,051,573 
Noncontrolling interests53,610 55,000 
Total equity1,093,518 1,106,573 
Total liabilities and equity$2,027,417 $1,976,245 


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AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING
(Amounts in thousands, except statistical information)
(Unaudited)
 For the Three-Month
Periods Ended September 30,		For the Nine-Month
Periods Ended September 30,
 2023202220232022
Cash Flows from Operating Activities:
Net income (loss)$25,616 $25,403 $(29,956)$86,153 
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of service)6,063 5,477 17,956 19,705 
Non-cash compensation7,243 3,495 19,624 15,990 
Amortization and impairment of operating lease right of use assets8,456 12,319 25,427 34,782 
(Gain) loss on disposal of property and equipment(10)(24)346 507 
Loss on personal care divestiture— — 2,186 — 
Merger termination fee— — 106,000 — 
Deferred income taxes7,313 13,028 15,417 19,031 
Equity in (earnings) loss from equity method investments(1,252)(302)(9,366)442 
Amortization of deferred debt issuance costs248 248 743 743 
Return on equity method investments1,556 1,370 4,309 3,798 
Investment impairment— 3,009 — 3,009 
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable(40,796)3,078 (32,934)(18,266)
Other current assets(17,123)(15,461)(15,434)(19,929)
Operating lease right of use assets(866)(661)(2,803)(2,323)
Other assets29 63 273 283 
Accounts payable(4,108)1,388 (8,839)5,886 
Accrued expenses5,565 (56,319)10,340 (26,790)
Other long-term obligations23 466 (3,156)243 
Operating lease liabilities(7,800)(10,207)(23,256)(30,864)
Net cash (used in) provided by operating activities(9,843)(13,630)76,877 92,400 
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets— 61 25 89 
Proceeds from the sale of property and equipment— 29 100 66 
Purchases of property and equipment(984)(1,556)(3,728)(4,338)
Investments in technology assets(214)(289)(6,881)(848)
Investment in equity method investee— (637)— (637)
Purchase of cost method investment— — — (15,000)
Return of investment150 — 150 — 
Proceeds from personal care divestiture— — 47,787 — 
Acquisitions of businesses, net of cash acquired— 1,359 (350)(71,952)
Net cash (used in) provided by investing activities(1,048)(1,033)37,103 (92,620)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options25 306 100 1,078 
Proceeds from issuance of stock under employee stock purchase plan848 966 2,602 2,857 
Shares withheld to pay taxes on non-cash compensation(925)(3,187)(4,413)(7,949)
Noncontrolling interest contributions856 1,148 1,232 2,100 
Noncontrolling interest distributions(902)(450)(1,614)(1,425)
Proceeds from sale of noncontrolling interest— 3,941 — 3,941 
Proceeds from borrowings under revolving line of credit— 185,500 23,000 484,000 
Repayments of borrowings under revolving line of credit — (182,000)(23,000)(465,500)
Principal payments of long-term obligations(6,120)(3,151)(67,113)(10,126)
Purchase of company stock— — — (17,351)
Payment of accrued contingent consideration(36)(5,714)(4,091)(5,714)
Purchase of noncontrolling interest— — (800)— 
Net cash used in financing activities(6,254)(2,641)(74,097)(14,089)
Net (decrease) increase in cash, cash equivalents and restricted cash(17,145)(17,304)39,883 (14,309)
Cash, cash equivalents and restricted cash at beginning of period111,161 48,764 54,133 45,769 
Cash, cash equivalents and restricted cash at end of period$94,016 $31,460 $94,016 $31,460 
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For the Three-Month 
Periods Ended September 30,		For the Nine-Month 
Periods Ended September 30,
2023202220232022
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$6,756 $4,664 $19,787 $9,153 
Cash paid for Infinity ZPIC interest$— $11,544 $— $11,544 
Cash paid for income taxes, net of refunds received$8,498 $605 $24,318 $23,582 
Cash paid for operating lease liabilities$8,665 $10,868 $26,059 $33,187 
Cash paid for finance lease liabilities$3,141 $339 $8,462 $1,074 
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities$10,459 $10,390 $25,261 $36,980 
Right of use assets obtained in exchange for finance lease liabilities$7,020 $530 $34,964 $1,846 
Reductions to right of use assets resulting from reductions to operating lease liabilities$— $624 $15,135 $3,387 
Reductions to right of use assets resulting from reductions to finance lease liabilities$315 $564 $1,209 $564 
Accrued contingent consideration$— $— $— $19,195 
Noncontrolling interest contribution$— $— $— $8,900 
Days revenue outstanding (1)49.8 47.3 49.8 47.3 

(1) Our calculation of days revenue outstanding at September 30, 2023 and 2022 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended September 30, 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 September 30,
 20232022
Financial Information (in millions) (6):
Medicare$217.9 $225.6 
Non-Medicare133.7 113.6 
Net service revenue351.6 339.2 
Cost of service, inclusive of depreciation201.6 196.7 
Gross margin150.0 142.5 
General and administrative expenses91.4 89.1 
Depreciation and amortization1.8 0.9 
Operating income$56.8 $52.5 
Same Store Growth(1):
Medicare revenue(2 %)(6 %)
Non-Medicare revenue17 %(1 %)
Total admissions4 %5 %
Total volume(2)
3 %1 %
Key Statistical Data - Total(3)(6):
Admissions98,527 95,566 
Recertifications45,693 45,098 
Total volume144,220 140,664 
Medicare completed episodes72,714 76,334 
Average Medicare revenue per completed episode(4)
$3,015 $2,992 
Medicare visits per completed episode(5)
12.4 12.7 
Visiting clinician cost per visit$105.06 $101.33 
Clinical manager cost per visit11.98 11.44 
Total cost per visit$117.04 $112.77 
Visits1,723,289 1,744,385 
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 For the Nine-Month Periods
Ended September 30,
 20232022
Financial Information (in millions) (6):
Medicare$653.1 $671.7 
Non-Medicare391.6 345.1 
Net service revenue1,044.7 1,016.8 
Cost of service, inclusive of depreciation593.1 576.6 
Gross margin451.6 440.2 
General and administrative expenses270.5 261.1 
Depreciation and amortization4.3 3.3 
Operating income$176.8 $175.8 
Same Store Growth(1):
Medicare revenue(3 %)(5 %)
Non-Medicare revenue13 %— %
Total admissions5 %2 %
Total volume(2)
3 %— %
Key Statistical Data - Total(3)(6):
Admissions297,943 281,393 
Recertifications134,826 133,775 
Total volume432,769 415,168 
Medicare completed episodes221,125 229,098 
Average Medicare revenue per completed episode(4)
$2,998 $3,019 
Medicare visits per completed episode(5)
12.4 13.0 
Visiting clinician cost per visit$101.55 $98.72 
Clinical manager cost per visit11.41 10.99 
Total cost per visit$112.96 $109.71 
Visits5,250,944 5,256,207 
(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, startups 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 at 2% and 1% for the three-month periods ended March 31, 2022 and June 30, 2022, respectively, and the reinstatement of sequestration 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 September 30,
 20232022
Financial Information (in millions):
Medicare$188.9 $187.8 
Non-Medicare11.3 10.9 
Net service revenue200.2 198.7 
Cost of service, inclusive of depreciation104.2 109.4 
Gross margin96.0 89.3 
General and administrative expenses48.4 49.1 
Depreciation and amortization0.8 0.5 
Operating income$46.8 $39.7 
Same Store Growth(1):
Medicare revenue1 %— %
Hospice admissions(6 %)(3 %)
Average daily census(2 %)1 %
Key Statistical Data - Total(2):
Hospice admissions11,968 12,782 
Average daily census12,943 13,314 
Revenue per day, net$168.11 $162.24 
Cost of service per day$87.48 $89.36 
Average discharge length of stay94 92 
 For the Nine-Month Periods
Ended September 30,
 20232022
Financial Information (in millions):
Medicare$559.8 $557.8 
Non-Medicare33.0 32.4 
Net service revenue592.8 590.2 
Cost of service, inclusive of depreciation304.4 323.2 
Gross margin288.4 267.0 
General and administrative expenses144.1 152.1 
Depreciation and amortization2.2 1.7 
Operating income$142.1 $113.2 
Same Store Growth(1):
Medicare revenue— %— %
Hospice admissions(6 %)1 %
Average daily census(2 %)(1 %)
Key Statistical Data - Total(2):
Hospice admissions37,361 40,027 
Average daily census12,864 13,163 
Revenue per day, net$168.80 $164.24 
Cost of service per day$86.66 $89.94 
Average discharge length of stay91 90 
(1)Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.
(2)Total includes acquisitions and de novos.
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Segment Information - Personal Care (1)
 For the Three-Month Periods
Ended September 30,
 20232022
Financial Information (in millions):
Medicare$— $— 
Non-Medicare— 16.6 
Net service revenue— 16.6 
Cost of service, inclusive of depreciation— 12.2 
Gross margin— 4.4 
General and administrative expenses— 2.4 
Depreciation and amortization— — 
Operating income$— $2.0 
Key Statistical Data - Total:
Billable hours— 474,365 
Clients served— 7,771 
Shifts— 202,638 
Revenue per hour$— $34.98 
Revenue per shift$— $81.89 
Hours per shift— 2.3
 For the Nine-Month Periods
Ended September 30,
 20232022
Financial Information (in millions):
Medicare$— $— 
Non-Medicare15.0 45.5 
Net service revenue15.0 45.5 
Cost of service, inclusive of depreciation11.1 34.5 
Gross margin3.9 11.0 
General and administrative expenses2.3 6.8 
Depreciation and amortization— 0.1 
Operating income$1.6 $4.1 
Key Statistical Data - Total:
Billable hours440,464 1,397,919 
Clients served7,892 9,530 
Shifts191,379 598,376 
Revenue per hour$33.97 $32.53 
Revenue per shift$78.19 $76.00 
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 September 30,
 20232022
Financial Information (in millions) (1):
Medicare$— $— 
Non-Medicare4.4 3.5 
Net service revenue4.4 3.5 
Cost of service, inclusive of depreciation5.8 3.9 
Gross margin(1.4)(0.4)
General and administrative expenses5.3 5.2 
Depreciation and amortization0.7 0.8 
Investment impairment— 3.0 
Operating loss$(7.4)$(9.4)
Key Statistical Data - Total:
Full risk admissions150 130 
Limited risk admissions430 300 
Total admissions580 430 
Full risk revenue per episode$10,168 $11,615 
Limited risk revenue per episode$6,242 $5,580 
Number of admitting joint venture markets11 8 
 For the Nine-Month Periods
Ended September 30,
 20232022
Financial Information (in millions) (1):
Medicare$— $— 
Non-Medicare13.1 8.6 
Net service revenue13.1 8.6 
Cost of service, inclusive of depreciation15.5 9.0 
Gross margin(2.4)(0.4)
General and administrative expenses15.0 14.6 
Depreciation and amortization2.3 2.4 
Investment impairment— 3.0 
Operating loss$(19.7)$(20.4)
Key Statistical Data - Total:
Full risk admissions468 339 
Limited risk admissions1,263 768 
Total admissions1,731 1,107 
Full risk revenue per episode$10,783 $11,018 
Limited risk revenue per episode$5,881 $5,556 
Number of admitting joint venture markets11 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 September 30,
 20232022
Financial Information (in millions) (1):
General and administrative expenses$52.9 $42.6 
Depreciation and amortization1.1 3.3 
Total operating expenses$54.0 $45.9 
 For the Nine-Month Periods
Ended September 30,
 20232022
Financial Information (in millions) (1):
General and administrative expenses$173.6 $126.0 
Depreciation and amortization4.8 12.2 
Total operating expenses$178.4 $138.2 
(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 September 30, 		For the Nine-Month Periods
Ended September 30,
2023202220232022
Net income (loss) attributable to Amedisys, Inc.$25,960 $25,642 $(29,069)$86,892 
Add:
        Income tax expense12,331 9,417 40,381 32,755 
        Interest expense, net6,717 4,904 20,588 16,339 
        Depreciation and amortization6,063 5,477 17,956 19,705 
        Certain items(1)
6,807 15,861 140,498 50,920 
        Interest component of certain items(1)
— 207 — (4,445)
Adjusted EBITDA(2)(6)
$57,878 $61,508 $190,354 $202,166 

Adjusted Net Service Revenue Reconciliation:
For the Three-Month Periods
Ended September 30,		For the Nine-Month Periods
Ended September 30,
2023202220232022
Net service revenue$556,237 $557,988 $1,665,594 $1,661,135 
Add:
        Certain items(1)
— 931 — 9,305 
Adjusted net service revenue(3) (6)
$556,237 $558,919 $1,665,594 $1,670,440 


Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
For the Three-Month Periods
Ended September 30,		For the Nine-Month Periods
Ended September 30,
2023202220232022
Net income (loss) attributable to Amedisys, Inc.$25,960 $25,642 $(29,069)$86,892 
Add:
        Certain items(1)
6,242 11,740 138,884 38,587 
Adjusted net income attributable to Amedisys, Inc.(4)(6)
$32,202 $37,382 $109,815 $125,479 

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:
For the Three-Month Periods
Ended September 30,		For the Nine-Month Periods
Ended September 30,
2023202220232022
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share$0.79 $0.79 $(0.89)$2.66 
Add:
        Certain items(1)
0.19 0.36 4.25 1.18 
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(5)(6)
$0.98 $1.15 $3.36 $3.84 

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(1)    The following details the certain items for the three and nine-month periods ended September 30, 2023 and 2022:

Certain Items (in thousands):
For the Three-Month Periods
Ended September 30, 2023		For the Nine-Month Periods
Ended September 30, 2023
(Income) Expense(Income) Expense
Certain Items Impacting Cost of Service, Inclusive of Depreciation:
Clinical optimization and reorganization costs$282 $396 
Certain Items Impacting General and Administrative Expenses:
Acquisition and integration costs338 3,106 
CEO transition1,094 5,279 
Merger-related expenses4,980 25,151 
Clinical optimization and reorganization costs466 4,203 
Personal care divestiture— 525 
Certain Items Impacting Total Other Income (Expense):
Other (income) expense, net (includes $106,000 merger termination fee)(353)101,838 
Total$6,807 $140,498 
Net of tax$6,242 $138,884 
Diluted EPS$0.19 $4.25 
For the Three-Month Periods
Ended September 30, 2022		For the Nine-Month Periods
Ended September 30, 2022
(Income) Expense(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual$931 $9,305 
Certain Items Impacting Cost of Service:
COVID-19 costs1,701 7,237 
Clinical optimization and reorganization costs1,154 1,349 
Fuel supplement1,962 3,315 
Integration costs311 1,712 
Certain Items Impacting General and Administrative Expenses:
Acquisition and integration costs3,154 9,855 
COVID-19 costs159 396 
CEO transition— 3,500 
Legal fees - non-routine— 241 
Clinical optimization and reorganization costs2,676 3,545 
Legal settlement— (1,058)
Fuel supplement218 218 
Investment impairment3,009 3,009 
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items(207)4,445 
Other expense, net793 3,851 
Total$15,861 $50,920 
Net of tax$11,740 $38,587 
Diluted EPS$0.36 $1.18 


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