Reconciliations of Non-GAAP Financial Measurements to GAAP

EX-99.2 2 dex992.htm RECONCILIATIONS OF NON-GAAP FINANCIAL MEASUREMENTS TO GAAP Reconciliations of Non-GAAP Financial Measurements to GAAP

Exhibit 99.2

Amedisys, Inc.

Reconciliation of Non-GAAP Financial Measurements to GAAP Financial Statements

(In thousands)


	For the Years Ended								Nine-Month Period Ended September 30,
	2005			2004			2003		2006		2005
Net income	$	30,102		$	20,504		$	8,407	$	26,896	$	22,800
Add:
Provision for Income Taxes		18,638			12,855			5,220		17,052		14,824
Interest expense, net		1,468			(40	)		1,202		2,484		684
Depreciation and amortization		6,973			4,126			3,072		7,337		4,984

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”)¹	$	57,181		$	37,445		$	17,901	$	53,769	$	43,292


	Three-Month Period Ended										Full Year
	March 31, 2005			June 30, 2005			September 30, 2005		December 31, 2005		2005
Net income	$	7,110		$	7,930		$	7,760	$	7,302	$	30,102
Add:
Provision for Income Taxes		4,623			5,156			5,045		3,814		18,638
Interest expense, net		(236	)		(377	)		1,297		784		1,468
Depreciation and amortization		1,332			1,530			2,122		1,989		6,973

EBITDA¹	$	12,829		$	14,239		$	16,224	$	13,889	$	57,181


	Three-Month Period Ended								Year to Date 2006
	March 31, 2006			June 30, 2006			September 30, 2006		Year to Date 2006
Net income	$	7,284		$	9,053		$	10,559	$	26,896
Add:
Provision for Income Taxes		4,618			5,739			6,695		17,052
Interest expense, net		918			902			664		2,484
Depreciation and amortization		2,373			2,477			2,487		7,337

EBITDA¹	$	15,193		$	18,171		$	20,405	$	53,769

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is defined as net income before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. Rather, EBITDA is presented because it is a widely accepted supplemental financial measure that the Company believes provides relevant and useful information. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.

Amedisys, Inc.

Reconciliation of Non-GAAP Financial Measurements to GAAP Financial Statements

(In thousands)


	September 30, 2006
Net debt / LTM EBITDA

Total Debt and capital lease obligations	$	47,929

Less:
Cash and cash equivalents		9,855


Net debt	$	38,074


4Q 2005 EBITDA	$	13,889
1Q 2006 EBITDA		15,193
2Q 2006 EBITDA		18,171
3Q 2006 EBITDA		20,405


Last Twelve Months EBITDA	$	67,658


Net debt / LTM EBITDA		0.56