EX-99.1 2 a20243103_991exhibit.htm EX-99.1 Document

Exhibit 99.1
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AMEDISYS REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS

BATON ROUGE, Louisiana (April 24, 2024) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period ended March 31, 2024.

Three-Month Periods Ended March 31, 2024 and 2023

◦Net service revenue increased $15.0 million to $571.4 million compared to $556.4 million in 2023. Prior year included $15.0 million of net service revenue from our personal care business which was divested on March 31, 2023.
◦Net income attributable to Amedisys, Inc. of $14.4 million, which is inclusive of merger-related expenses totaling $20.7 million ($19.8 million, net of tax), compared to $25.2 million in 2023.
◦Net income attributable to Amedisys, Inc. per diluted share of $0.44 compared to $0.77 in 2023.

Adjusted Quarterly Results*

•Adjusted EBITDA of $59.9 million compared to $57.8 million in 2023.
•Adjusted net income attributable to Amedisys, Inc. of $33.9 million compared to $32.7 million in 2023.
•Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.03 compared to $1.00 in 2023.



* See pages 11 - 12 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.
The supplemental slides provided in connection with the first 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 first 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 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 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 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.
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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 18,700 employees in 520 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:                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 INCOME STATEMENTS
(Amounts in thousands, except per share data)
(Unaudited)
 For the Three-Month 
Periods Ended March 31,
 20242023
Net service revenue$571,414 $556,389 
Operating expenses:
Cost of service, inclusive of depreciation321,537 315,010 
General and administrative expenses:
Salaries and benefits127,946 126,339 
Non-cash compensation7,433 3,273 
Merger-related expenses20,667 720 
Depreciation and amortization4,271 4,443 
Other57,941 64,225 
Total operating expenses539,795 514,010 
Operating income31,619 42,379 
Other income (expense):
Interest income1,727 406 
Interest expense(8,119)(7,517)
Equity in earnings from equity method investments910 123 
Miscellaneous, net1,090 (682)
Total other expense, net(4,392)(7,670)
Income before income taxes27,227 34,709 
Income tax expense(12,633)(9,800)
Net income14,594 24,909 
Net (income) loss attributable to noncontrolling interests(194)337 
Net income attributable to Amedisys, Inc.$14,400 $25,246 
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$0.44 $0.78 
Weighted average shares outstanding32,670 32,558 
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders$0.44 $0.77 
Weighted average shares outstanding32,979 32,643 

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AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
March 31, 2024 (unaudited)December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$108,234 $126,450 
Restricted cash12,470 12,413 
Patient accounts receivable359,359 313,373 
Prepaid expenses20,332 14,639 
Other current assets26,053 30,060 
Total current assets526,448 496,935 
Property and equipment, net of accumulated depreciation of $96,056 and $92,42242,684 41,845 
Operating lease right of use assets88,425 88,939 
Goodwill1,244,679 1,244,679 
Intangible assets, net of accumulated amortization of $15,128 and $14,008101,778 102,675 
Other assets85,857 85,097 
Total assets$2,089,871 $2,060,170 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$36,249 $28,237 
Payroll and employee benefits131,631 136,835 
Accrued expenses147,464 140,049 
Termination fee paid by UnitedHealth Group106,000 106,000 
Current portion of long-term obligations37,232 36,314 
Current portion of operating lease liabilities26,284 26,286 
Total current liabilities484,860 473,721 
Long-term obligations, less current portion356,080 361,862 
Operating lease liabilities, less current portion62,220 62,751 
Deferred income tax liabilities43,229 40,635 
Other long-term obligations828 1,418 
Total liabilities947,217 940,387 
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; 38,146,546 and 38,131,478 shares issued; 32,676,115 and 32,667,631 shares outstanding38 38 
Additional paid-in capital
795,063 787,177 
Treasury stock, at cost, 5,470,431 and 5,463,847 shares of common stock(469,243)(468,626)
Retained earnings762,325 747,925 
Total Amedisys, Inc. stockholders’ equity1,088,183 1,066,514 
Noncontrolling interests54,471 53,269 
Total equity1,142,654 1,119,783 
Total liabilities and equity$2,089,871 $2,060,170 


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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 March 31,
 20242023
Cash Flows from Operating Activities:
Net income$14,594 $24,909 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of service)6,138 5,694 
Non-cash compensation7,886 3,273 
Amortization and impairment of operating lease right of use assets8,566 8,622 
Loss (gain) on disposal of property and equipment4 (70)
Loss on personal care divestiture— 2,186 
Deferred income taxes2,594 2,772 
Equity in earnings from equity method investments(910)(123)
Amortization of deferred debt issuance costs248 248 
Return on equity method investments170 1,787 
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable(46,806)(7,476)
Other current assets(1,696)(4,128)
Operating lease right of use assets(1,042)(918)
Other assets155 (111)
Accounts payable8,652 (3,457)
Accrued expenses3,029 741 
Other long-term obligations(591)(28)
Operating lease liabilities(7,532)(7,960)
Net cash (used in) provided by operating activities(6,541)25,961 
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets21 19 
Purchases of property and equipment(2,670)(1,350)
Investments in technology assets(223)(210)
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(3,068)45,896 
Cash Flows from Financing Activities:
Proceeds from issuance of stock under employee stock purchase plan— 816 
Shares withheld to pay taxes on non-cash compensation(617)(1,308)
Noncontrolling interest contributions1,764 — 
Noncontrolling interest distributions(756)(285)
Purchase of noncontrolling interest— (800)
Proceeds from borrowings under revolving line of credit— 8,000 
Repayments of borrowings under revolving line of credit — (8,000)
Principal payments of long-term obligations(8,941)(55,313)
Net cash used in financing activities(8,550)(56,890)
Net (decrease) increase in cash, cash equivalents and restricted cash(18,159)14,967 
Cash, cash equivalents and restricted cash at beginning of period138,863 54,133 
Cash, cash equivalents and restricted cash at end of period$120,704 $69,100 
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For the Three-Month 
Periods Ended March 31,
20242023
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$8,188 $6,654 
Cash paid for income taxes, net of refunds received$828 $352 
Cash paid for operating lease liabilities$8,574 $8,878 
Cash paid for finance lease liabilities$2,236 $2,457 
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities$7,173 $7,083 
Right of use assets obtained in exchange for finance lease liabilities$4,326 $20,790 
Reductions to right of use assets resulting from reductions to operating lease liabilities$168 $141 
Reductions to right of use assets resulting from reductions to finance lease liabilities$496 $369 
Days revenue outstanding (1)54.1 46.3 

(1) Our calculation of days revenue outstanding at March 31, 2024 and 2023 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended March 31, 2024 and 2023, 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 March 31,
 20242023
Financial Information (in millions):
Medicare$215.8 $215.4 
Non-Medicare148.2 127.9 
Net service revenue364.0 343.3 
Cost of service, inclusive of depreciation210.4 197.0 
Gross margin153.6 146.3 
General and administrative expenses91.0 89.1 
Depreciation and amortization1.8 1.1 
Operating income$60.8 $56.1 
Same Store Growth(1):
Medicare revenue— %(7 %)
Non-Medicare revenue16 %12 %
Total admissions10 %8 %
Total volume(2)
8 %5 %
Key Statistical Data - Total(3):
Admissions112,215 101,963 
Recertifications43,961 43,325 
Total volume156,176 145,288 
Medicare completed episodes72,998 73,563 
Average Medicare revenue per completed episode(4)
$2,998 $2,974 
Medicare visits per completed episode(5)
11.9 12.4 
Visiting clinician cost per visit$105.38 $100.00 
Clinical manager cost per visit11.99 10.97 
Total cost per visit$117.37 $110.97 
Visits1,792,629 1,775,206 

(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.
(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.

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Segment Information - Hospice
 For the Three-Month Periods
Ended March 31,
 20242023
Financial Information (in millions):
Medicare$190.0 $182.7 
Non-Medicare11.0 10.7 
Net service revenue201.0 193.4 
Cost of service, inclusive of depreciation105.3 101.4 
Gross margin95.7 92.0 
General and administrative expenses48.1 47.9 
Depreciation and amortization0.7 0.6 
Operating income$46.9 $43.5 
Same Store Growth(1):
Medicare revenue4 %— %
Hospice admissions(3 %)(5 %)
Average daily census— %(1 %)
Key Statistical Data - Total(2):
Hospice admissions12,657 12,998 
Average daily census12,767 12,730 
Revenue per day, net$173.04 $168.83 
Cost of service per day$90.64 $88.21 
Average discharge length of stay92 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 March 31,
 20242023
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.
































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Segment Information - High Acuity Care

 For the Three-Month Periods
Ended March 31,
 20242023
Financial Information (in millions):
Medicare$— $— 
Non-Medicare6.4 4.7 
Net service revenue6.4 4.7 
Cost of service, inclusive of depreciation5.8 5.5 
Gross margin0.6 (0.8)
General and administrative expenses5.9 4.4 
Depreciation and amortization0.9 0.8 
Operating loss$(6.2)$(6.0)
Key Statistical Data - Total:
Full risk admissions139 158 
Limited risk admissions622 459 
Total admissions761 617 
Total admissions growth23 %85 %
Full risk revenue per episode$10,073 $11,343 
Limited risk revenue per episode$6,780 $5,711 
Number of admitting joint ventures9 9 



Segment Information - Corporate
 
 For the Three-Month Periods
Ended March 31,
 20242023
Financial Information (in millions):
General and administrative expenses$69.0 $50.9 
Depreciation and amortization0.9 1.9 
Total operating expenses$69.9 $52.8 





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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 March 31,
20242023
Net income attributable to Amedisys, Inc.$14,400 $25,246 
Add:
        Income tax expense12,633 9,800 
        Interest expense, net6,392 7,111 
        Depreciation and amortization6,138 5,694 
        Certain items(1)
20,296 9,987 
Adjusted EBITDA(2)(5)
$59,859 $57,838 

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:
For the Three-Month Periods
Ended March 31,
20242023
Net income attributable to Amedisys, Inc.$14,400 $25,246 
Add:
        Certain items(1)
19,548 7,489 
Adjusted net income attributable to Amedisys, Inc.(3)(5)
$33,948 $32,735 

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:
For the Three-Month Periods
Ended March 31,
20242023
Net income attributable to Amedisys, Inc. common stockholders per diluted share$0.44 $0.77 
Add:
        Certain items(1)
0.59 0.23 
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(4)(5)
$1.03 $1.00 

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(1)    The following details the certain items for the three-month periods ended March 31, 2024 and 2023:

Certain Items (in thousands):
For the Three-Month Periods
Ended March 31,
20242023
(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— 1,667 
CEO transition— 750 
Merger-related expenses20,667 720 
Clinical optimization and reorganization costs— 3,170 
Personal care divestiture— 514 
Certain Items Impacting Total Other Income (Expense):
Other (income) expense, net(371)3,052 
Total$20,296 $9,987 
Net of tax$19,548 $7,489 
Diluted EPS$0.59 $0.23 



(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1.
(3)    Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.
(4)    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.
(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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