EX-99.2 3 dex992.htm RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures

Exhibit 99.2

AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA

 

     For the years ended December 31,    For the three-month periods ended March 31,
     2008    2009    2009    2010

Net income attributable to Amedisys, Inc.

    $ 86,682    $ 135,837    $ 27,022    $ 36,646

Add:

            

Provision for income taxes

      54,743      86,171      17,286      23,547

Interest expense, net

      15,600      11,457      3,374      2,326

Depreciation and amortization

      20,406      28,312      6,282      8,186
                           

EBITDA (1)

    $ 177,431    $ 261,777    $ 53,964    $ 70,705

Add:

            

Certain TLC acquisition costs (2)

      3,991      —        —        —  
                           

Adjusted EBITDA (3)

    $ 181,422    $ 261,777    $ 53,964    $ 70,705
                           

Adjusted Diluted Earnings Per Share Reconciliation

     For the years ended December 31,    For the three-month periods ended March 31,
     2008    2009    2009    2010

Diluted earnings per share

    $ 3.22    $ 4.89    $ 0.99    $ 1.29

Add:

            

Certain TLC acquisition costs (2)

      0.09      —        —        —  
                           

Adjusted diluted earnings per share (4)

    $ 3.31    $ 4.89    $ 0.99    $ 1.29
                           

 

(1)

EBITDA is defined as net income attributable to Amedisys, Inc. 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. 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 financial measure in the same manner.

(2)

Certain TLC integration costs incurred primarily for the payment of severances for TLC employees and for the conversion of the acquired TLC agencies to our operating systems including our Point of Care network. These costs amounted to $4.0 million ($2.4 million, net of income tax) or $0.09 per diluted share for the twelve-month period ended December 31, 2008.

(3)

Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization plus certain TLC integration costs. Adjusted 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. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(4)

Adjusted diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain TLC acquisition costs. Adjusted diluted earnings per share 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. This calculation of adjusted diluted earnings per share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.