8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 27, 2019

Commission File Number: 0-24260

AMEDISYS, INC.

(Exact Name of Registrant as specified in its Charter)

Delaware	11-3131700
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3854 American Way, Suite A, Baton Rouge, LA 70816

(Address of principal executive offices, including zip code)

(225) 292-2031 or (800) 467-2662

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

SECTION 2 — FINANCIAL INFORMATION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On February 27, 2019, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing our financial results for the fourth quarter and year ended December 31, 2018. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information presented in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

SECTION 7 – REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

In addition, a copy of the supplemental slides which will be discussed during the Company’s earnings call at 10:00 a.m. ET on Thursday, February 28, 2019 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered “filed” under the Exchange Act or specifically incorporate it by reference in any filing under the Securities Act or the Exchange Act.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated February 27, 2019 announcing the Company’s financial results for the fourth quarter and year ended December 31, 2018 (furnished only)
99.2	Supplemental slides provided in connection with the fourth quarter 2018 earnings call of the Company (furnished only)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMEDISYS, INC.
(Registrant)
By:	/s/ Scott G. Ginn
	Scott G. Ginn
	Chief Financial Officer
	(Principal Financial Officer)

DATE: February 27, 2019

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FOURTH QUARTER AND YEAR END 2018 FINANCIAL RESULTS

ISSUES 2019 GUIDANCE

BATON ROUGE, Louisiana (February 27, 2019) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three month period and year ended December 31, 2018.

Three Month Periods Ended December 31, 2018 and 2017

• Net service revenue increased $36.4 million to $434.4 million compared to $398.0 million in 2017 ⁽¹⁾.

• Net income attributable to Amedisys, Inc. of $27.5 million compared to net loss attributable to Amedisys, Inc. of $3.8 million in 2017.

• Net income attributable to Amedisys, Inc. per diluted share of $0.84 per diluted share compared to net loss attributable to Amedisys, Inc. of $0.11 in 2017.

Adjusted Quarterly Results*

• Adjusted EBITDA of $43.9 million compared to $37.1 million in 2017.

• Adjusted net service revenue of $434.4 million compared to $398.0 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. of $29.8 million compared to $19.4 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.91 compared to $0.56 in 2017.

Years Ended December 31, 2018 and 2017

• Net service revenue increased $151.3 million to $1,662.6 million compared to $1,511.3 million in 2017 ⁽¹⁾.

• Net income attributable to Amedisys, Inc. of $119.3 million compared to $30.3 million in 2017.

• Net income attributable to Amedisys, Inc. per diluted share of $3.55 per diluted share compared to $0.88 in 2017.

Adjusted Year End Results*

• Adjusted EBITDA of $180.6 million compared to $142.2 million in 2017.

• Adjusted net service revenue of $1,664.3 million compared to $1,517.8 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. of $122.1 million compared to $75.9 million in 2017.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $3.63 compared to $2.21 in 2017.

* See pages 12 and 13 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

⁽¹⁾  Subsequent to our adoption of Accounting Standards Updates 2014-09 and 2015-14 on January 1, 2018, using the full retrospective method, amounts previously classified as provision for doubtful accounts are now classified as price concessions in determining the transaction price of our net service revenue.

1

Paul B. Kusserow, President and Chief Executive Officer stated, “Our fourth quarter results are a fitting cap to what has been by all accounts an incredible year for Amedisys. In 2018, we treated approximately 400,000 patients making more than 10 million visits across our three lines of business while continuing to execute and make excellent progress on our strategic pillars of clinical distinction, becoming the employer of choice, operational efficiency and growth. Providing our clinically distinct care to as many patients wherever they call home is, and will always be, our first priority and to that point, our home health and hospice quality measures continue to be at or near the top of the industry. After a year of rebuilding, our home health segment returned to growth and exceeded margin expectations. Hospice continued its stellar performance with another strong quarter and year of ADC growth and we continued to grow our personal care platform, completing two acquisitions during the year. Finally, thanks to our team of over 21,000 employees for continuing to do all that you do to drive such impressive results and provide such incredible care.”

2019 Guidance

• Net service revenue is anticipated to be in the range of $1.94 billion to $1.98 billion.

• Adjusted EBITDA is anticipated to be in the range of $205 million to $210 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $3.98 to $4.09 based on an estimated 33.1 million shares outstanding.

This guidance excludes the effects of any future acquisitions, if any are made.

We urge caution in considering the current trends and 2019 guidance 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, 2018, 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.

Earnings Call and Webcast Information

Amedisys will host a conference call on Thursday, February 28, 2019, at 10:00 a.m. ET to discuss its fourth quarter and year end results. To participate on the conference call, please call before 10:00 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 March 28, 2019 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13687280.

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.

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 provision for income taxes, net interest expense 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. 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 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.

2

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 3,000 hospitals and 65,000 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 more than 21,000 employees, in 472 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 376,000 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,” “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 healthcare 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 consistently provide high-quality care, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, 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, manage and keep our information systems secure, our ability to comply with requirements stipulated in our corporate integrity agreement, our ability to realize the anticipated benefits of the acquisition of Compassionate Care Hospice, 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.

Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	Nick Muscato	Kendra Kimmons
	Vice President, Strategic Finance	Vice President, Marketing & Communications
	(855) 259-2046	(225) 299-3720
	IR@amedisys.com	kendra.kimmons@amedisys.com

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AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

	For the Three-Month Period Ended December 31						For the Year Ended December 31
	2018			2017			2018			2017
	(Unaudited)
Net service revenue	$	434,378		$	397,961		$	1,662,578		$	1,511,272
Cost of service, excluding depreciation and amortization		262,251			239,238			992,863			903,377
General and administrative expenses:
Salaries and benefits		84,309			79,406			316,522			305,938
Non-cash compensation		5,234			4,507			17,887			16,295
Other		42,778			39,757			166,897			159,980
Depreciation and amortization		3,379			3,984			13,261			17,123
Asset impairment charge		—			1,323			—			1,323
Securities Class Action Lawsuit settlement, net		—			—			—			28,712
Operating expenses		397,951			368,215			1,507,430			1,432,748
Operating income		36,427			29,746			155,148			78,524
Other income (expense):
Interest income		15			54			278			158
Interest expense		(1,536	)		(1,431	)		(7,370	)		(5,031	)
Equity in earnings from equity method investments		1,231			232			7,692			3,381
Miscellaneous, net		458			487			3,240			3,769
Total other income (expense), net		168			(658	)		3,840			2,277
Income before income taxes		36,595			29,088			158,988			80,801
Income tax expense		(8,875	)		(32,794	)		(38,859	)		(50,118	)
Net income (loss)		27,720			(3,706	)		120,129			30,683
Net income attributable to noncontrolling interests		(259	)		(142	)		(783	)		(382	)
Net income (loss) attributable to Amedisys, Inc.	$	27,461		$	(3,848	)	$	119,346		$	30,301
Basic earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.86		$	(0.11	)	$	3.64		$	0.90
Weighted average shares outstanding		31,916			33,898			32,791			33,704
Diluted earnings per common share:
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.84		$	(0.11	)	$	3.55		$	0.88
Weighted average shares outstanding		32,805			33,898			33,609			34,304

4

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	As of December 31,
	2018			2017
ASSETS
Current assets:
Cash and cash equivalents	$	20,229		$	86,363
Patient accounts receivable		188,972			201,196
Prepaid expenses		7,568			7,329
Other current assets		7,349			16,268
Total current assets		224,118			311,156
Property and equipment, net of accumulated depreciation of $95,472 and $146,814		29,449			31,122
Goodwill		329,480			319,949
Intangible assets, net of accumulated amortization of $33,050 and $30,610		44,132			46,061
Deferred income taxes		35,794			56,064
Other assets		54,145			49,130
Total assets	$	717,118		$	813,482
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	28,531		$	25,384
Payroll and employee benefits		92,858			89,936
Accrued expenses		99,475			89,104
Current portion of long-term obligations		1,612			10,638
Total current liabilities		222,476			215,062
Long-term obligations, less current portion		5,775			78,203
Other long-term obligations		6,234			3,791
Total liabilities		234,485			297,056
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; 36,252,280 and 35,747,134 shares issued; and 31,973,505 and 33,964,767 shares outstanding		36			35
Additional paid-in capital		603,666			568,780
Treasury stock at cost 4,278,775 and 1,782,367 shares of common stock		(241,685	)		(53,713	)
Accumulated other comprehensive income		15			15
Retained earnings		119,550			204
Total Amedisys, Inc. stockholders’ equity		481,582			515,321
Noncontrolling interests		1,051			1,105
Total equity		482,633			516,426
Total liabilities and equity	$	717,118		$	813,482

5

AMEDISYS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING

(Amounts in thousands, except statistical information)

	For the Three-Month Period Ended December 31						For the Year Ended December 31
	2018			2017			2018			2017
	(Unaudited)
Cash Flows from Operating Activities:
Net income (loss)	$	27,720		$	(3,706	)	$	120,129		$	30,683
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		3,379			3,984			13,261			17,123
Non-cash compensation		5,234			4,507			17,887			16,295
401(k) employer match		2,042			2,207			8,976			8,754
(Gain) loss on disposal of property and equipment		(24	)		22			714			—
Deferred income taxes		5,355			34,950			20,271			52,178
Equity in earnings from equity method investments		(1,231	)		(232	)		(7,692	)		(3,381	)
Amortization of deferred debt issuance costs/debt discount		201			180			797			735
Return on equity investment		1,785			665			6,158			5,321
Asset impairment charge		—			1,323			—			1,323
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		6,058			(23,826	)		12,224			(34,672	)
Other current assets		8,711			956			8,679			(4,940	)
Other assets		2,221			(547	)		2,947			(12,749	)
Accounts payable		3,835			2,587			3,165			(2,843	)
Accrued expenses		(1,234	)		9,259			13,524			31,843
Other long-term obligations		(19	)		(140	)		2,443			61
Net cash provided by operating activities		64,033			32,189			223,483			105,731
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		152			—			715			622
Proceeds from the sale of property and equipment		3			131			54			249
Purchases of property and equipment		(874	)		(1,633	)		(6,558	)		(10,707	)
Investments in equity method investees		(3,667	)		(40	)		(7,144	)		(476	)
Acquisitions of businesses, net of cash acquired		(5,186	)		(9,587	)		(9,260	)		(33,715	)
Net cash used in investing activities		(9,572	)		(11,129	)		(22,193	)		(44,027	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		3,204			340			5,953			4,554
Proceeds from issuance of stock to employee stock purchase plan		642			584			2,429			2,382
Shares withheld upon stock vesting		(1,149	)		(485	)		(6,570	)		(6,939	)
Non-controlling interest distribution		(560	)		—			(1,090	)		(216	)
Proceeds from borrowings under revolving line of credit		10,500			—			138,000			—
Repayments of borrowings under revolving line of credit		(60,500	)		—			(130,500	)		—
Principal payments of long-term obligations		(379	)		(1,250	)		(91,450	)		(5,319	)
Debt issuance costs		—			—			(2,433	)		—
Purchase of company stock		—			—			(181,402	)		—
Repurchase of noncontrolling interest		—			—			(361	)		—
Net cash used in financing activities		(48,242	)		(811	)		(267,424	)		(5,538	)
Net increase (decrease) in cash and cash equivalents		6,219			20,249			(66,134	)		56,166
Cash and cash equivalents at beginning of period		14,010			66,114			86,363			30,197
Cash and cash equivalents at end of period	$	20,229		$	86,363		$	20,229		$	86,363
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	533		$	509		$	3,522		$	2,697
Cash paid for income taxes, net of refunds received	$	3,261		$	—		$	14,278		$	315
Supplemental Disclosures of Non-Cash Financing Activities:
Note payable issued for software licenses	$	—		$	—		$	418		$	—
Capital leases	$	929		$	—		$	2,936		$	—
Days revenue outstanding (1)		38.0			44.0			38.0			44.0

(1) Our calculation of days revenue outstanding at December 31, 2018 and 2017 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended December 31, 2018 and 2017, 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 Period Ended December 31,
	2018			2017
Financial Information (in  millions):
Medicare	$	211.5		$	205.0
Non-Medicare		92.5			76.9
Net service revenue		304.0			281.9
Cost of service		189.4			174.9
Gross margin		114.6			107.0
Asset impairment charge		—			1.3
Other operating expenses		72.2			71.3
Operating income	$	42.4		$	34.4
Same Store Growth (1):
Medicare revenue		3	%		2	%
Non-Medicare revenue		20	%		24	%
Total admissions		6	%		3	%
Total volume (2)		6	%		7	%
Total Episodic admissions (3)		5	%		2	%
Total Episodic volume (4)		5	%		5	%
Key Statistical Data - Total (5):
Medicare:
Admissions		47,864			46,421
Recertifications		28,555			27,896
Total volume		76,419			74,317
Completed episodes		75,497			73,037
Visits		1,328,025			1,273,435
Average revenue per completed episode (6)	$	2,891		$	2,858
Visits per completed episode (7)		17.7			17.6
Non-Medicare:
Admissions		30,092			27,421
Recertifications		14,874			12,415
Total volume		44,966			39,836
Visits		722,677			619,745
Total (5):
Visiting Clinician Cost per Visit	$	84.27		$	83.88
Clinical Manager Cost per Visit		8.09			8.49
Total Cost per Visit	$	92.36		$	92.37
Visits		2,050,702			1,893,180

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	For the Year Ended December 31,
	2018			2017
Financial Information (in  millions):
Medicare	$	830.8		$	793.3
Non-Medicare		343.7			290.6
Net service revenue		1,174.5			1,083.9
Cost of service		722.1			670.9
Gross margin		452.4			413.0
Asset impairment charge		—			1.3
Other operating expenses		279.8			281.9
Operating income	$	172.6		$	129.8
Same Store Growth (1):
Medicare revenue		6	%		(4	%)
Non-Medicare revenue		18	%		17	%
Total admissions		5	%		2	%
Total volume (2)		7	%		4	%
Total Episodic admissions (3)		4	%		1	%
Total Episodic volume (4)		5	%		3	%
Key Statistical Data - Total (5):
Medicare:
Admissions		190,748			190,132
Recertifications		112,773			106,774
Total volume		303,521			296,906
Completed episodes		296,223			290,227
Visits		5,261,315			5,067,436
Average revenue per completed episode (6)	$	2,854		$	2,823
Visits per completed episode (7)		17.6			17.3
Non-Medicare:
Admissions		118,577			107,665
Recertifications		55,736			46,364
Total volume		174,313			154,029
Visits		2,772,339			2,347,363
Total (5):
Visiting Clinician Cost per Visit	$	81.88		$	82.04
Clinical Manager Cost per Visit		8.01			8.44
Total Cost per Visit	$	89.89		$	90.48
Visits		8,033,654			7,414,799

(1) Same store information represents the percent increase (decrease) in our Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume of the prior period.

(2) Total volume includes all admissions and recertifications.

(3) Total Episodic admissions includes admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.

(4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.

(5) Total includes acquisitions.

(6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.

(7) 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

Segment Information - Hospice

	For the Three- Month Period Ended December 31,
	2018			2017
Financial Information (in  millions):
Medicare	$	103.5		$	92.7
Non-Medicare		5.3			5.2
Net service revenue		108.8			97.9
Cost of service		56.8			50.6
Gross margin		52.0			47.3
Other operating expenses		23.2			20.8
Operating income	$	28.8		$	26.5
Same Store Growth (1):
Medicare revenue		11	%		14	%
Non-Medicare revenue		5	%		131	%
Hospice admissions		12	%		8	%
Average daily census		9	%		12	%
Key Statistical Data - Total (2):
Hospice admissions		7,152			6,371
Average daily census		7,809			7,162
Revenue per day, net	$	151.46		$	148.62
Cost of service per day	$	79.02		$	76.81
Average discharge length of stay		103			96

	For the Year Ended December 31,
	2018			2017
Financial Information (in  millions):
Medicare	$	390.2		$	350.7
Non-Medicare		20.7			17.1
Net service revenue		410.9			367.8
Cost of service		212.0			187.5
Gross margin		198.9			180.3
Other operating expenses		85.7			77.5
Operating income	$	113.2		$	102.8
Same Store Growth (1):
Medicare revenue		11	%		17	%
Non-Medicare revenue		21	%		20	%
Hospice admissions		8	%		11	%
Average daily census		11	%		15	%
Key Statistical Data - Total (2):
Hospice admissions		27,596			25,381
Average daily census		7,588			6,820
Revenue per day, net	$	148.36		$	147.75
Cost of service per day	$	76.53		$	75.31
Average discharge length of stay		100			93

(1) Same store information represents 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

Segment Information - Personal Care

	For the Three- Month Period Ended December 31,
	2018		2017
Financial Information (in  millions):
Medicare	$	—	$	—
Non-Medicare		21.6		18.1
Net service revenue		21.6		18.1
Cost of service		16.1		13.7
Gross margin		5.5		4.4
Other operating expenses		3.4		3.1
Operating income	$	2.1	$	1.3
Key Statistical Data:
Billable hours		890,696		782,140
Clients served		13,054		12,646
Shifts		406,119		365,360
Revenue per hour	$	24.24	$	23.07
Revenue per shift	$	53.16	$	49.39
Hours per shift		2.2		2.1
	For the Year Ended December 31,
	2018		2017
Financial Information (in  millions):
Medicare	$	—	$	—
Non-Medicare		77.2		59.6
Net service revenue		77.2		59.6
Cost of service		58.8		45.0
Gross margin		18.4		14.6
Other operating expenses		13.1		9.7
Operating income	$	5.3	$	4.9
Key Statistical Data:
Billable hours		3,248,304		2,604,794
Clients served		17,981		16,774
Shifts		1,468,541		1,195,511
Revenue per hour	$	23.75	$	22.86
Revenue per shift	$	52.54	$	49.80
Hours per shift		2.2		2.2

10

Segment Information - Corporate

	For the Three- Month Period Ended December 31,
	2018		2017
Financial Information (in  millions):
Other operating expenses	$	35.0	$	29.6
Depreciation and amortization		1.9		2.9
Total operating expenses	$	36.9	$	32.5
	For the Year Ended December 31,
	2018		2017
Financial Information (in  millions):
Other operating expenses	$	127.6	$	117.8
Depreciation and amortization		8.4		12.5
Total operating expenses before Securities Class Action Lawsuit settlement, net		136.0		130.3
Securities Class Action Lawsuit settlement, net		—		28.7
Total operating expenses	$	136.0	$	159.0

11

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”):

	For the Three- Month Period Ended December 31,						For the Year Ended December 31,
	2018			2017			2018			2017
Net income (loss) attributable to Amedisys, Inc.	$	27,461		$	(3,848	)	$	119,346		$	30,301
Add:
Income tax expense		8,875			32,794			38,859			50,118
Interest expense, net		1,521			1,377			7,092			4,873
Depreciation and amortization		3,379			3,984			13,261			17,123
Certain items (1)		3,124			24,414			3,739			61,429
Interest component of certain items (1)		(451	)		(168	)		(1,731	)		(263	)
Tax component of certain items (1)		—			(21,424	)		—			(21,424	)
Adjusted EBITDA (2) (6)	$	43,909		$	37,129		$	180,566		$	142,157

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Period Ended December 31,				For the Year Ended December 31,
	2018		2017		2018		2017
Net service revenue	$	434,378	$	397,961	$	1,662,578	$	1,511,272
Add:
Certain items (1)		—		—		1,687		6,506
Adjusted net service revenue (3) (6)	$	434,378	$	397,961	$	1,664,265	$	1,517,778

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Period Ended December 31,					For the Year Ended December 31,
	2018		2017			2018		2017
Net income (loss) attributable to Amedisys, Inc.	$	27,461	$	(3,848	)	$	119,346	$	30,301
Add:
Certain items (1)		2,312		23,233			2,767		45,627
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	29,773	$	19,385		$	122,113	$	75,928

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

	For the Three- Month Period Ended December 31,					For the Year Ended December 31,
	2018		2017			2018		2017
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share	$	0.84	$	(0.11	)	$	3.55	$	0.88
Add:
Certain items (1)		0.07		0.67			0.08		1.33
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	0.91	$	0.56		$	3.63	$	2.21

(1) The following details the certain items for the three month periods and years ended December 31, 2018 and 2017:

12

Certain Items:

	For the Three-Month Period Ended December 31, 2018			For the Year Ended December 31, 2018
	(Income) Expense			(Income) Expense
Certain Items Impacting Net Service Revenue:
Florida self-audit (pre-acquisition)	$	—		$	1,687
Certain Items Impacting Operating Expenses:
Acquisition costs		1,025			2,757
Legal fees - non-routine		56			1,465
Indemnity receivable adjustment		2,143			2,143
Certain Items Impacting Total Other Income (Expense):
Legal settlements		—			(1,437	)
Miscellaneous, other (income) expense, net		(100	)		(2,876	)
Total	$	3,124		$	3,739
Net of tax	$	2,312		$	2,767
Diluted EPS	$	0.07		$	0.08

	For the Three-Month Period Ended December 31, 2017		For the Year Ended December 31, 2017
	(Income) Expense		(Income) Expense
Certain Items Impacting Net Service Revenue:
Florida ZPIC audit	$	—	$	6,506
Certain Items Impacting Operating Expenses:
Acquisition costs		48		1,025
Legal fees - non-routine		358		1,768
Securities Class Action Lawsuit settlement, net		—		28,712
Restructuring activity		648		2,318
Data center relocation		—		940
Asset impairment		1,323		1,323
Certain Items Impacting Total Other Income (Expense):
Legal settlements		—		(2,014	)
Miscellaneous, other (income) expense, net		613		(573	)
Certain Items Impacting Income Tax Expense:
Remeasurement of deferred tax assets and liabilities		21,424		21,424
Total	$	24,414	$	61,429
Net of tax	$	23,233	$	45,627
Diluted EPS	$	0.67	$	1.33

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

(3) Adjusted net service revenue is defined as net service revenue plus 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.

(5) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) 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.

13

EX-99.2

Amedisys Fourth Quarter and Full Year 2018 Earnings Call Supplemental Slides February 28th, 2019 Exhibit 99.2

This presentation may include forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon current expectations and assumptions about our business that are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those described in this presentation. You should not rely on forward-looking statements as a prediction of future events. Additional information regarding factors that could cause actual results to differ materially from those discussed in any forward-looking statements are described in reports and registration statements we file with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, copies of which are available on the Amedisys internet website http://www.amedisys.com or by contacting the Amedisys Investor Relations department at (225) 292-2031. We disclaim any obligation to update any 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. www.amedisys.com NASDAQ: AMED We encourage everyone to visit the Investors Section of our website at www.amedisys.com, where we have posted additional important information such as press releases, profiles concerning our business and clinical operations and control processes, and SEC filings. Forward-looking statements

A Look Back FY 2018 Accomplishments (as compared to FY 2017 unless otherwise noted) Employer of Choice Reduced total voluntary turnover from 22.0% to 19.8% Successfully executed upon our Business Development strategy, exceeding 800 BD headcount (up from 759 as of 12/31/17) Outperformed industry benchmarks on engagement - scoring 75 on overall satisfaction Clinical Distinction Improved Quality of Patient Care star score from 4.22 to 4.40 (Jan Preview) Outperformed industry on all hospice item set (HIS) quality metrics Invested in predictive analytics company Medalogix Operational Excellence and Efficiency Grew EBITDA from $142.2M to $180.6M, an increase of 27% Expanded consolidated EBITDA margin 140 bps to 10.8% G&A as a percent of revenue decreased from 30.8% to 29.7% Increased free cash flow from $95M in 2017 to $214M in 2018 Reduced DSO 6 days to 38 days Driving Growth Organic Total admissions +5% vs. +2% Total volume growth of 7% vs. 4% Grew Hospice ADC by +11% Inorganic Signed Compassionate Care Hospice deal (closed in 2019) Closed 2 personal care deals Launched de novo process (7-9 planned for 2019)

Our Key Areas of Focus Strategic areas of focus for Q4 2018 and beyond Home Health*: Total same store admission +6%. Total same store volume +6%. Total same store Medicare admits +3% Hospice: Admissions +12%, ADC +9% Personal Care: Double digit growth in billable hours / quarter +14% (including acquisitions) 1 Organic Growth Quality: Amedisys April 2019 STARS score of 4.28 reflects CMS change in measurement (added Improvement in Mgmt. of Oral Meds while removing Drug Education) 53 Amedisys care centers rated at 5-Stars in the April’19 Preview Hospice quality – outperforming industry average in all hospice item set (HIS) categories Continued focus on 30-Day and 60-Day ACH rate reduction 3 Clinical Initiatives Productivity driving continued CPV control (visiting clinician CPV up only $0.39 year over year, in spite of $1.15 cpv impact from annual raises) Focusing on optimizing RN / LPN & PT / PTA staffing ratios 4 Capacity and Productivity Closed Compassionate Care Hospice acquisition 2/1/19 10.7x net purchase price multiple 7.8x fully synergized Signed definitive agreement to acquire RoseRock Healthcare on 2/14/19 200 ADC Hospice in Tulsa, OK Expected closing: 4/1/19 Tuck-in pipeline remains full Targeting increased de novo activity in 2019 (7-9 planned) 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories –Full time voluntary turnover currently at 16.8% Focus on reduction of clinical turnover with heavy focus on RN’s Continued improvement on engagement - overall satisfaction score of 75 (currently above industry average) *Note: Home Health same store volume is defined as admissions plus recertifications 2019 Home Health industry impact per Proposed Rule +2.2%; AMED home health specific impact +1.2% AMED hospice specific impact +1.6% (effective 10/1/18) Working with CMS and Congress to address “behavioral assumptions” language in PDGM Three bills introduced aimed at mitigating “behavioral assumptions” 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 4Q 2018(1) Home Health total same store volume +6%, total same store admissions +6%. Hospice same store admissions +12%. Personal Care +14% billable hours Amedisys Consolidated Revenue Growth: +9% EBITDA: $44M (+18%) EBITDA Margin: 10% (+80 bps) EPS: $0.91 (+63%) 4Q’18 Net debt: $(9.3)M Net Leverage ratio: -0.1x CFFO: $64.0M (FY $223.5M) Free cash flow (4): $62.8M DSO: 38.0 (vs. Q4’17 of 44.0 and Q3’18 of 40.6) Balance Sheet & Cash Flow 4Q’18 Same Store Volume (2): Total: +6% Episodic (3): +5% Same Store Admissions: Total: +6% Episodic (3): +5% Other Statistics: Revenue per Episode: $2,891 (+$33) Total Cost per Visit: $92.36 (flat) Medicare Recert Rate: 37.8% (40) bps Home Health Growth Metrics (5): Billable hours/quarter: +14% Clients served: +3% Personal Care Same Store Volume: Admissions: +12% ADC: +9% Other Statistics: Revenue per Day: $151.46 (+1.9%) Cost per day: +2.9% Hospice 4Q’18 4Q’18 4Q’18 Adjusted Financial Results(1) 4Q’18 The financial results for the three-month periods and years ended December 31, 2017 and December 31, 2018 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Same Store volume – Includes admissions and recertifications. Episodic admissions and volume – Includes Medicare and non-Medicare payors that bill on a 60-day episode of care basis. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Includes acquisitions.

Our revenue sources: 4Q18 Medicare FFS: Paid episodically over a 60 day episode Private Episodic: MA and Commercial plans who pay us over a 60 day episode. Generally at rates ~90% – 100% of Medicare Per Visit: Managed care, Medicaid and private payors reimbursing us per visit provided Hospice Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled – 97% of the Hospice care AMED provides Continuous Care: Patient at home with uncontrolled symptoms Inpatient Care: Patient in facility with uncontrolled symptoms Respite Care: Patient at facility with symptoms controlled Home Health: 323 care centers; 34 states & DC Hospice: 84 care centers; 22 states Personal Care: 12 care centers; 3 states Total AMED: 419 care centers; 34 states and D.C. Post acquisition of Compassionate Care Hospice Hospice: 137 care centers; 33 states Total AMED: 472 care centers; 38 states and D.C.

Home Health and Hospice Segment (Adjusted) – 4Q 2018(1) Medicare FFS growth +3.2% Revenue per Episode up +$33 Recert rate down 40 bps; +130 bps FY CPV flat in Q4’18 EBITDA as a % percentage of revenue: +110bps Q4; +190 bps FY’18 Home Health Highlights Same store average daily census (ADC) up 9% in 4Q Net revenue per day +1.9% in 4Q Three providers over cap as of Q4’18: ~$0.4M liability for 2019 cap year Total cap expense for 2018: $1.1M Hospice Highlights The financial results for the three-month periods and years ended December 31, 2017 and December 31, 2018 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Segment EBITDA does not include any corporate G&A expenses. Same store admissions and volume exclude 7 closed and consolidated care centers in FL during 2017. Home health total volume growth strong (+6%); Hospice continues strong ADC growth (+9%)

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue decreased 110 basis points Home Health segment G&A: 140 bps decrease as % of revenue Hospice segment G&A: 20 bps increase as % of revenue Personal Care segment G&A: 240 bps decrease as % of revenue Corporate G&A: Percent of total revenue flat versus prior year Total G&A sequential increase driven by planned wage increases and anticipated health insurance increases The financial results for the three-month periods ended December 31, 2017, March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Adjusted G&A expenses do not include depreciation and amortization. Impact of G&A cost control materializing as operational efficiencies are realized; Adding investments to Hospice segment

Industry Leading Quality Scores Note: Top Competitor Avg weighted by CCN count and include LHC, Kindred, AFAM, HLS and BKD Metric OCT 18 Release JAN 19 Release APR 19 PREVIEW Quality of Patient Care 4.43 4.40 4.28 Entities at 4+ Stars 94% 94% 86% Metric JUL 18 Release OCT 18 Release JAN 19 Release Patient Satisfaction Star 3.96 3.66 3.75 Performance Over Industry +7% +5% +6% Quality of Patient Care (QPC) Patient Satisfaction (PS) Amedisys maintains a 4-Star average in the Apr 2019 HHC preview with 86% of our providers at 4+ Stars and 53% at 4.5+ Stars 29 Amedisys providers (representing 53 care centers) rated at 5-Stars in the Apr HHC 2019 preview In April 19 Preview for QPC, new measure introduced: Improvement in Management of Oral Meds AMED received ~$1M in bonus payments related to Value Based Purchasing (VBP) YTD through 4Q’18

Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class Hospice Quality

Components 4Q’17 3Q’18 4Q’18 YoY Variance Detail Mitigation Plan Salaries $61.80 $61.93 $62.79 $0.99 YoY increase due to planned wage increases offset by volume growth and increased productivity Staffing mix optimization, productivity and scheduling improvement initiatives in place helped us overcome planned salary increases Contractors $2.93 $3.35 $3.38 $0.45 YoY increased demand due to increasing volumes Focused efforts on filling positions with full-time clinicians Benefits $12.35 $11.14 $11.60 ($0.75) YoY reduction driven by decrease in workers comp expense. Sequential increase driven by seasonality of health insurance claims Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.80 $6.36 $6.50 ($0.30) YoY decrease primarily due to supplies costs More effective medical supply contracting cost initiatives are underway *Visiting Clinician CPV $83.88 $82.78 $84.27 $0.39 Clinical Managers $8.49 $8.18 $8.09 ($0.40) Fixed cost associated with non-visiting clinicians Unit cost reduced as volume increases Total CPV $92.37 $90.96 $ 92.36 ($0.01) Operational Excellence: Home Health Cost Per Visit (CPV) Total CPV impacted by planned wage increases *Note: Direct comparison with industry competitors CPV calculation $83.88 $82.78 $84.27

Driving Top Line Growth All three lines of business continue to grow. Hospice delivers another quarter of ADC growth and Home Health total same store volume continues to trend in the mid-single digits Home Health Total Same Store Volume* Hospice ADC Personal Care Total Hours / Quarter *Total Home Health Same Store Volumes exclude 7 closed and consolidated care centers in Florida in 2017 Volume *Includes impact of Intercity (10/2/17), East Tennessee (5/1/18) and Bring Care Home (10/1/18) acquisitions

Amedisys to acquire compassionate care hospice Deal Summary Overview Metrics Integration Amedisys closes on its acquisition of Compassionate Care Hospice 100% stock purchase Compassionate Care Hospice: Founded in 1993 100% founder owned Average Daily Census: 3,300 Revenue: $188M Adj. EBITDA: $27M (TTM May’18) Care Centers: 53 FTE’s: ~2,300 States: 24 Proforma for acquisitions, AMED becomes the 3rd largest hospice provider in America Adds 11 new states to AMED hospice organization $340M gross price (12.6x) $290M net price (10.7x) Net of $50M dollar for dollar payment related to tax asset and working capital Synergized Multiple: 7.8x ~$10M in synergies Overlap: Minimal overlap ~10% of ADC Balance sheet remains very flexible for continued inorganic growth opportunities: Initial leverage ratio: ~1.6x Proforma company will have significant cash generation Conversion to HCHB to begin March 1 and projected to take ~180 days Expect to see integration and HCHB implementation disruption during 1Q’19 and 2Q’19 impacting census and costs AMED will invest in the business during 2019 to grow low ADC care centers and expand margin in large care centers Adding sales resources to accelerate growth in 2H’19 and 2020 Retention packages for key employees Care center staffing model and regional infrastructure Expect significant margin improvement throughout 2020 2021 expect margin profile similar to AMED hospice

Debt and Liquidity Metrics Our debt levels remain very low at (0.1)x net leverage. Pro forma for Compassionate Care Hospice, our leverage still remains low at ~1.6x net leverage Net debt defined as total debt outstanding ($10.9M) less cash balance ($20.2M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($181M); Pro Forma for CCH ($208M). Liquidity defined as the sum of cash balance and available revolving line of credit.

Cash Flow Statement Highlights (1) $62.8M in free cash flow for the quarter; $223.5M in cash flow from operations for the year up ~$118M from 2017 Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments.

Income Statement Adjustments (1) The financial results for the three-month periods ended March 31, 2018, June 30, 2018, September 30, 2018 and December 31, 2018, and year ended December 31, 2018 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period.

2019 Guidance

Amedisys 2019 Preliminary Guidance Targeting ~16% - 19% growth in revenue, ~13% - 16% growth in EBITDA and ~10% - 13% growth in EPS 2018 Actual Performance 2019 Guidance Revenue Adjusted EBITDA $180.6M $1.66B Adjusted Earnings per Share $3.63 $205M - $210M $1.94B - $1.98B $3.98 – $4.09

Amedisys 2019 Guidance Considerations Amedisys Consolidated Tax rate ~26% Cash tax rate ~17% Diluted share count ~33.1 million shares Capital Expenditures ~$8-$10 million Salary increase ~2% - 3% Benefits increase ~12% (8% growth / headcount, 4% pricing / claims costs) Overall ~$6 million investment in business development resources Excludes future acquisitions and related integration costs Home Health Personal Care Hospice Total same store admission growth ~5% Focus on business development staffing strategy ~$3 million (Y/Y increase) Continue focus on Quality of Care (Stars and Acute Care Hospitalization rates) Continued positive progress on underperforming care centers Total same store admission growth ~7% Addition of business development resources to maintain organic growth ~ $3 million Includes contribution of CCH acquisition of ~$12M-$14M Decline in exit rate TTM ($25M vs. $27M) ADC Disruption of ~100 (~3%) Total billable hours growth ~13% Employer Medical Assistance Contribution (EMAC) ~$1 million Project solid revenue and earnings growth while investing in our people and the business to prepare for PDGM and beyond. Executing inorganic growth strategy and ramping up de novos 2019 Investments Total Investments in business of ~$7M IT Security – Investments in IT security enhancements for web, ID, data and e-mail protection etc. Pay Practice Redesign – Incentivizing our clinical staff to work at the top of their license (right people, doing the right visits) Staffing Model Redesign – Optimizing our care centers and field infrastructure to maximize operational efficiency PDGM Resources – Investments in teams, projects, processes needed to thrive in PDGM De Novos – 7 to 9 de novos planned for 2019

Compassionate Care Hospice (CCH) EBITDA Improvement HCHB disruption and investments in the business will impact EBITDA in 2019. EBITDA margin in 2020 and beyond will reflect legacy Amedisys hospice margin and growth trajectory Category Description ADC Disruption Negative impact on ADC as HCHB is installed. Expect ADC to recover in 3Q’19 Investment Investments needed in regional infrastructure and BD staff to grow low ADC care centers and improve margin in large ADC care centers. Current CCH EBITDA margin approximately half of legacy AMED and growth rate ~20% of AMED ADC growth Synergies and Other Efficiencies Cost savings, duplicative contract optimization and sunset of current IT system; cannot begin to pull costs out until HCHB is installed. Realize 100% of run rate synergies of ~$10M in 2H’2020 Planned disruption from HCHB implementation of ~100 ADC BD staff & regional infrastructure needed to grow low ADC care centers and improve margin Assuming no revenue growth and EBITDA margin equal to AMED legacy hospice margin, CCH can contribute ~$50M+ in EBITDA ~$24M - $26M of total 2020 EBITDA driven by recovery from ADC disruption and realization of synergies ~$10M of 2020 EBITDA driven by ADC growth and margin expansion ~$34 - $36

Reimbursement Outlook 2019 Reimbursement Impact for Home Health and Hospice Home Health Hospice 2019 Market Basket Update 3.0% Productivity Adjustment (0.8)0 Estimated Industry Impact +2.2% Estimated AMED-Specific Impact +1.2% 2019* Market Basket Update 2.9% Productivity / Other Adjustment (1.1) Estimated Industry Impact +1.8% Estimated AMED-Specific Impact +1.6% Note: +2.2% industry impact compared to +1.2% AMED specific impact ~($8M) *Hospice rate increase effective October 1, 2018

EBITDA Seasonality: As Reported Q1 Q2 Q3 Q4 Drivers of Seasonality Weather disruption Lower RPE (LUPA) Payroll tax reset Short Month (Feb.) Lower Hospice ADC & Higher Salary Cost per Day Highest Completed Episodes Stronger revenue per episode (RPE) Incremental holiday vs. 1H High PTO Lower Volumes Health Insurance Increases Raises Incremental holiday vs. 1H Health Insurance Increases Better Volumes Raises

EBITDA Seasonality: Excluding Health Insurance and Workers Compensation Q1 Q2 Q3 Q4 Drivers of Seasonality Weather disruption Lower RPE (LUPA) Payroll tax reset Short Month (Feb.) Lower Hospice ADC & Higher Salary Cost per Day Highest Completed Episodes Stronger revenue per episode (RPE) Incremental holiday vs. 1H High PTO Lower Volumes Health Insurance Increases Raises Incremental holiday vs. 1H Health Insurance Increases Better Volumes Raises