EX-99.1 2 d200315dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contact:    Investor Contact:    Media Contact:
   Amedisys, Inc.    Amedisys, Inc.
   David Castille    Kendra Kimmons
   Managing Director, Treasury/Finance    Managing Director, Marketing & Communications
   (225) 299-3391    (225) 299-3720
   david.castille@amedisys.com    kendra.kimmons@amedisys.com

AMEDISYS REPORTS SECOND QUARTER FINANCIAL RESULTS

ANNOUNCES EXECUTIVE RETIREMENT

TO HOST CONFERENCE CALL AUGUST 3, 2016 AT 11:00 A.M. ET

BATON ROUGE, Louisiana (August 2, 2016) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the three and six-month periods ended June 30, 2016.

Three-Month Periods Ended June 30, 2016 and 2015

 

    Net service revenue increased $46.6 million to $360.7 million compared to $314.1 million in 2015.

 

    Net income attributable to Amedisys, Inc. of $10.7 million compared to $10.6 million in 2015.

 

    Net income attributable to Amedisys, Inc. per diluted share remained at $0.32 per diluted share when compared to 2015.

Adjusted Results*

 

    Adjusted net service revenue of $361.7 million compared to $314.1 million in 2015.

 

    Adjusted net income attributable to Amedisys, Inc. of $14.1 million compared to $14.5 million in 2015.

 

    Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.42 compared to $0.43 in 2015.

 

    Adjusted EBITDA (defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization excluding certain items) of $29.8 million compared to $31.7 million in 2015.

Six-Month Periods Ended June 30, 2016 and 2015

 

    Net service revenue increased $93.8 million to $709.5 million compared to $615.7 million in 2015.

 

    Net income attributable to Amedisys, Inc. of $16.9 million compared to $24.4 million net loss in 2015.

 

    Net income attributable to Amedisys, Inc. per diluted share increased $1.24 to $0.50 compared to $0.74 net loss per diluted share in 2015.

Adjusted Results*

 

    Adjusted net service revenue of $710.5 million compared to $615.7 million in 2015.

 

    Adjusted net income attributable to Amedisys, Inc. of $25.0 million compared to $24.3 million in 2015.

 

    Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.74 compared to $0.73 in 2015.

 

    Adjusted EBITDA of $53.8 million compared to $58.0 million in 2015.

 

* See pages 11 and 12 for the reconciliations of non-GAAP financial measures to GAAP measures.

Executive Retirement

On August 2, 2016, Ronald A. LaBorde, the Vice Chairman and Chief Financial Officer of the Company, announced his intention to retire from the Company and the Board of Directors as of January 2, 2017.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am proud of the strong results our team delivered in the second quarter, even as we incurred deeper than anticipated software implementation disruption costs. We delivered strong growth across the board in all segments, drove improving clinical quality metrics and saw reduced employee turnover. We are continuing to progress successfully through our technology transformation and remain confident in our ability to deliver on the efficiencies that we have promised to our shareholders.”

Kusserow continued, “Lastly, while five months away, I would like to thank Ronnie LaBorde for his contribution to Amedisys which has been invaluable, particularly during the turnaround in 2014. I appreciate his contribution as a trusted colleague and friend. He will leave the company in a strong and stable position with a great future trajectory. You couldn’t ask for a better legacy.”

 

1


We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through September 3, 2016 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13641920.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com.

Amedisys, Inc. (the “Company”) is headquartered in Baton Rouge, Louisiana and our common stock trades on the NASDAQ Global Select Market under the symbol “AMED”.

Additional information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst 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. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. 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,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “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: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, 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, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law 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.

 

2


Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures as defined under SEC rules: (1) EBITDA, defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization; (2) adjusted EBITDA, defined as EBITDA excluding certain items; (3) adjusted net service revenue, defined as net service revenue excluding certain items; (4) adjusted net income attributable to Amedisys, Inc., defined as net income (loss) attributable to Amedisys, Inc. excluding certain items; and (5) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. In accordance with SEC rules, we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP. Management believes that these are useful gauges of our performance and are common measures used in our industry to assess relative financial performance among companies.

 

3


AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION

(Amounts in thousands, except share, per share data and statistical information)

Balance Sheet Information

 

     June 30, 2016     December 31, 2015  
     (Unaudited)        
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 9,968     $ 27,502  

Patient accounts receivable, net of allowance for doubtful accounts of $15,950 and $16,526

     152,213       125,010  

Prepaid expenses

     7,931       8,110  

Other current assets

     9,407       14,641  
  

 

 

   

 

 

 

Total current assets

     179,519       175,263  

Property and equipment, net of accumulated depreciation of $139,433 and $141,793

     44,617       42,695  

Goodwill

     280,349       261,663  

Intangible assets, net of accumulated amortization of $26,525 and $25,386

     47,728       44,047  

Deferred income taxes

     121,014       125,245  

Other assets, net

     37,875       32,802  
  

 

 

   

 

 

 

Total assets

   $ 711,102     $ 681,715  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY     

Current liabilities:

    

Accounts payable

   $ 35,070     $ 25,682  

Payroll and employee benefits

     86,075       72,546  

Accrued expenses

     63,641       71,965  

Current portion of long-term obligations

     5,000       5,000  
  

 

 

   

 

 

 

Total current liabilities

     189,786       175,193  

Long-term obligations, less current portion

     89,500       91,630  

Other long-term obligations

     3,991       4,456  
  

 

 

   

 

 

 

Total liabilities

     283,277       271,279  
  

 

 

   

 

 

 

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; 35,136,248 and 34,786,966 shares issued; and 33,499,944 and 33,607,282 shares outstanding

     35       35  

Additional paid-in capital

     523,583       504,290  

Treasury stock at cost, 1,636,304 and 1,179,684 shares of common stock

     (45,829     (26,966

Accumulated other comprehensive income

     15       15  

Retained earnings

     (50,897     (67,806
  

 

 

   

 

 

 

Total Amedisys, Inc. stockholders’ equity

     426,907       409,568  

Noncontrolling interests

     918       868  
  

 

 

   

 

 

 

Total equity

     427,825       410,436  
  

 

 

   

 

 

 

Total liabilities and equity

   $ 711,102     $ 681,715  
  

 

 

   

 

 

 

 

4


Statement of Operations Information (Unaudited)

 

     For the Three-Month Periods
Ended June 30,
    For the Six-Month Periods
Ended June 30,
 
     2016     2015     2016     2015  

Net service revenue

   $ 360,746     $ 314,152     $ 709,563     $ 615,724  

Cost of service, excluding depreciation and amortization

     206,505       175,699       408,342       346,660  

General and administrative expenses:

        

Salaries and benefits

     77,343       71,249       154,060       139,804  

Non-cash compensation

     3,736       2,193       7,806       4,577  

Other

     45,576       42,113       92,293       75,183  

Provision for doubtful accounts

     4,253       2,756       8,193       5,732  

Depreciation and amortization

     4,975       4,615       9,448       11,152  

Asset impairment charge

     —         —         —         75,193  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

     342,388       298,625       680,142       658,301  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     18,358       15,527       29,421       (42,577

Other (expense) income:

        

Interest income

     9       4       31       26  

Interest expense

     (1,303     (2,416     (2,415     (4,842

Equity in earnings from equity method investments

     363       4,826       358       6,777  

Miscellaneous, net

     658       498       1,393       2,632  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other (expense) income, net

     (273     2,912       (633     4,593  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     18,085       18,439       28,788       (37,984

Income tax (expense) benefit

     (7,242     (7,566     (11,630     14,025  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     10,843       10,873       17,158       (23,959

Net income attributable to noncontrolling interests

     (147     (236     (249     (413
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Amedisys, Inc.

   $ 10,696     $ 10,637     $ 16,909     $ (24,372
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per common share:

        

Net income (loss) attributable to Amedisys, Inc. common stockholders

   $ 0.32     $ 0.32     $ 0.51     $ (0.74

Weighted average shares outstanding

     33,197       33,004       33,059       32,871  

Diluted earnings per common share:

        

Net income (loss) attributable to Amedisys, Inc. common stockholders

   $ 0.32     $ 0.32     $ 0.50     $ (0.74

Weighted average shares outstanding

     33,708       33,459       33,641       32,871  

 

5


Cash Flow and Days Revenue Outstanding, Net Information

 

     For the Three-Month Periods
Ended June 30,
    For the Six-Month Periods
Ended June 30,
 
     2016     2015     2016     2015  

Net cash provided by operating activities

   $ 14,651     $ 42,554     $ 26,895     $ 57,037  

Net cash used in investing activities

     (3,597     (9,754     (37,751     (11,822

Net cash used in financing activities

     (8,910     (2,731     (6,678     (20,046
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     2,144       30,069       (17,534     25,169  

Cash and cash equivalents at beginning of period

     7,824       3,132       27,502       8,032  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 9,968     $ 33,201     $ 9,968     $ 33,201  
  

 

 

   

 

 

   

 

 

   

 

 

 

Days revenue outstanding, net (1)

     37.2       31.0       37.2       31.0  

 

(1) Our calculation of days revenue outstanding, net at June 30, 2016 and 2015 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three-month period ended June 30, 2016 and 2015, respectively.

 

6


Supplemental Information - Home Health

 

     For the Three-Month Periods Ended June 30,  
     2016     2015  

Financial Information (in millions):

    

Medicare

   $ 208.4     $ 188.3  

Non-Medicare

     67.1       59.5  
  

 

 

   

 

 

 

Net service revenue

     275.5       247.8  

Cost of service

     160.3       142.3  
  

 

 

   

 

 

 

Gross margin

     115.2       105.5  

Other operating expenses

     77.4       67.1  
  

 

 

   

 

 

 

Operating income

   $ 37.8     $ 38.4  
  

 

 

   

 

 

 

Key Statistical Data:

    

Medicare:

    

Same Store Volume (1):

    

Revenue

     4     (1 %) 

Admissions

     4     0

Recertifications

     2     (6 %) 

Total (2):

    

Admissions

     48,982       44,188  

Recertifications

     26,020       24,607  

Completed episodes

     74,027       67,702  

Visits

     1,315,417       1,203,648  

Average revenue per completed episode (3)

   $ 2,850     $ 2,828  

Visits per completed episode (4)

     17.7       17.5  

Non-Medicare:

    

Same Store Volume (1):

    

Revenue

     13     16

Admissions

     2     15

Recertifications

     12     8

Total (2):

    

Admissions

     24,237       23,792  

Recertifications

     9,640       8,637  

Visits

     515,062       482,689  

Total (2):

    

Cost per Visit

   $ 87.56     $ 84.43  

Visits

     1,830,479       1,686,337  

 

7


     For the Six-Month Periods Ended June 30,  
     2016     2015  

Financial Information (in millions):

    

Medicare

   $ 415.2     $ 375.5  

Non-Medicare

     133.0       113.7  
  

 

 

   

 

 

 

Net service revenue

     548.2       489.2  

Cost of service

     321.1       281.0  
  

 

 

   

 

 

 

Gross margin

     227.1       208.2  

Other operating expenses

     153.1       134.0  
  

 

 

   

 

 

 

Operating income

   $ 74.0     $ 74.2  
  

 

 

   

 

 

 

Key Statistical Data:

    

Medicare:

    

Same Store Volume (1):

    

Revenue

     4     2

Admissions

     4     1

Recertifications

     3     (3 %) 

Total (2):

    

Admissions

     99,400       89,539  

Recertifications

     52,043       48,966  

Completed episodes

     146,059       133,013  

Visits

     2,626,788       2,371,898  

Average revenue per completed episode (3)

   $ 2,831     $ 2,811  

Visits per completed episode (4)

     17.6       17.4  

Non-Medicare:

    

Same Store Volume (1):

    

Revenue

     17     18

Admissions

     6     16

Recertifications

     17     12

Total (2):

    

Admissions

     49,804       46,941  

Recertifications

     19,466       16,625  

Visits

     1,043,031       920,154  

Total (2):

    

Cost per Visit

   $ 87.51     $ 85.36  

Visits

     3,669,819       3,292,052  

 

(1) Same store Medicare and Non-Medicare revenue, admissions or recertifications growth (decline) is the percent increase (decrease) in our Medicare and Non-Medicare revenue, admissions or recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions or recertifications of the prior period.
(2) Total includes acquisitions.
(3) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.
(4) 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.

 

8


Supplemental Information - Hospice

 

     For the Three-Month Periods Ended June 30,  
     2016     2015  

Financial Information (in millions):

    

Medicare

   $ 71.3     $ 62.5  

Non-Medicare

     4.5       3.8  
  

 

 

   

 

 

 

Net service revenue

     75.8       66.3  

Cost of service

     39.4       33.4  
  

 

 

   

 

 

 

Gross margin

     36.4       32.9  

Other operating expenses

     18.4       16.0  
  

 

 

   

 

 

 

Operating income

   $ 18.0     $ 16.9  
  

 

 

   

 

 

 

Key Statistical Data:

    

Same Store Volume (1):

    

Medicare revenue

     14     10

Non-Medicare revenue

     15     5

Hospice admissions

     18     11

Average daily census

     16     7

Total (2):

    

Hospice admissions

     5,576       4,713  

Average daily census

     5,730       4,944  

Revenue per day, net

   $ 145.40     $ 147.53  

Cost of service per day

   $ 75.69     $ 74.07  

Average length of stay

     94       86  

 

     For the Six-Month Periods Ended June 30,  
     2016     2015  

Financial Information (in millions):

    

Medicare

   $ 140.0     $ 118.9  

Non-Medicare

     8.8       7.6  
  

 

 

   

 

 

 

Net service revenue

     148.8       126.5  

Cost of service

     78.2       65.7  
  

 

 

   

 

 

 

Gross margin

     70.6       60.8  

Other operating expenses

     36.3       31.2  
  

 

 

   

 

 

 

Operating income

   $ 34.3     $ 29.6  
  

 

 

   

 

 

 

Key Statistical Data:

    

Same Store Volume (1):

    

Medicare revenue

     18     6

Non-Medicare revenue

     15     9

Hospice admissions

     19     9

Average daily census

     19     4

Total (2):

    

Hospice admissions

     11,006       9,277  

Average daily census

     5,618       4,744  

Revenue per day, net

   $ 145.52     $ 147.39  

Cost of service per day

   $ 76.51     $ 76.47  

Average length of stay

     95       88  

 

(1) Same store Medicare and Non-Medicare revenue, Hospice admissions or average daily census growth (decline) is the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admissions or average daily census of the prior period.
(2) Total includes acquisitions.

 

9


Supplemental Information - Corporate

 

     For the Three-Month Periods Ended June 30,  
     2016      2015  

Financial Information (in millions):

     

Other operating expenses

   $ 34.7      $ 36.8  

Depreciation and amortization

     3.1        3.0  
  

 

 

    

 

 

 

Total

   $ 37.8      $ 39.8  
  

 

 

    

 

 

 

 

     For the Six-Month Periods Ended June 30,  
     2016      2015  

Financial Information (in millions):

     

Other operating expenses

   $ 73.7      $ 63.6  

Depreciation and amortization

     6.0        7.6  
  

 

 

    

 

 

 

Total before impairment (1)

   $ 79.7      $ 71.2  
  

 

 

    

 

 

 

 

1) Total of $146.4 million on a GAAP basis for the six-month period ended June 30, 2015 (including $75.2 million asset impairment charge).

 

10


AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

(Unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA:

 

     For the Three-Month Periods
Ended June 30,
     For the Six-Month Periods
Ended June 30,
 
     2016      2015      2016      2015  

Net income (loss) attributable to Amedisys, Inc.

   $ 10,696      $ 10,637      $ 16,909      $ (24,372

Add:

           

Income tax expense (benefit)

     7,242        7,566        11,630        (14,025

Interest expense, net

     1,294        2,412        2,384        4,816  

Depreciation and amortization

     4,975        4,615        9,448        11,152  
  

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA (1)(7)

     24,207        25,230        40,371        (22,429

Add:

           

Certain items (2)

     5,636        6,427        13,402        80,467  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA (3)(7)

   $ 29,843      $ 31,657      $ 53,773      $ 58,038  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Net Service Revenue Reconciliation:

 

     For the Three-Month Periods
Ended June 30,
     For the Six-Month Periods
Ended June 30,
 
     2016      2015      2016      2015  

Net service revenue

   $ 360,746      $ 314,152      $ 709,563      $ 615,724  

Add:

           

Certain items (2)

     948        —          948        —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted net service revenue (4)(7)

   $ 361,694      $ 314,152      $ 710,511      $ 615,724  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:

 

     For the Three-Month Periods
Ended June 30,
     For the Six-Month Periods
Ended June 30,
 
     2016      2015      2016      2015  

Net income (loss) attributable to Amedisys, Inc.

   $ 10,696      $ 10,637      $ 16,909      $ (24,372

Add:

           

Certain items (2)

     3,410        3,888        8,108        48,682  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted net income attributable to Amedisys, Inc. (5)(7)

   $ 14,106      $ 14,525      $ 25,017      $ 24,310  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:

 

     For the Three-Month Periods
Ended June 30,
     For the Six-Month Periods
Ended June 30,
 
     2016      2015      2016      2015  

Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share

   $ 0.32      $ 0.32      $ 0.50      $ (0.74

Add:

           

Certain items (2)

     0.10        0.12        0.24        1.48  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6)(7)

   $ 0.42      $ 0.43      $ 0.74      $ 0.73  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) EBITDA is defined as net income (loss) attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization.

 

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(2) The following details the certain items for the three and six-month periods ended June 30, 2016 and 2015:

 

     For the Three-Month Period
Ended June 30, 2016
     For the Six-Month Period
Ended June 30, 2016
 
     (Income) Expense      (Income) Expense  

HCHB implementation

   $ 2,593      $ 5,033  

Acquisition costs

     337        2,042  

Legal fees - non-routine

     459        1,976  

Legal settlements

     (265      (806

Restructuring activity

     1,494        3,703  

Third party audit reserve

     948        948  

Miscellaneous, other (income) expense, net

     70        506  
  

 

 

    

 

 

 

Total

   $ 5,636      $ 13,402  
  

 

 

    

 

 

 

Net of tax

     3,410        8,108  
  

 

 

    

 

 

 

Diluted EPS

     0.10        0.24  
  

 

 

    

 

 

 

 

     For the Three-Month Period
Ended June 30, 2015
     For the Six-Month Period
Ended June 30, 2015
 
     (Income) Expense      (Income) Expense  

Wage and Hour litigation

   $ 8,000      $ 8,000  

Legal settlements

     (307      (1,125

Inventory and Data Security Reporting

     —          2,121  

Asset impairment

     —          75,193  

Restructuring activity

     2,679        2,679  

Miscellaneous, other (income) expense, net

     (3,945      (6,401
  

 

 

    

 

 

 

Total

   $ 6,427      $ 80,467  
  

 

 

    

 

 

 

Net of tax

   $ 3,888      $ 48,682  
  

 

 

    

 

 

 

Diluted EPS

   $ 0.12      $ 1.48  
  

 

 

    

 

 

 

 

(3) Adjusted EBITDA is defined as EBITDA, as defined in footnote 1, excluding certain items as described in footnote 2.
(4) Adjusted net service revenue is defined as net service revenue plus certain items as described in footnote 2.
(5) Adjusted net income attributable to Amedisys, Inc. is defined as net income (loss) attributable to Amedisys, Inc. excluding certain items as described in footnote 2.
(6) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) per share excluding the earnings per share effect of certain items as described in footnote 2.
(7) EBITDA, 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, cash flow from operating activities, or other traditional indicators of operating performance. 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.

 

12