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): May 6, 2020

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	AMED	The NASDAQ Global Select Market

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 May 6, 2020, Amedisys, Inc. (“we,” “us,” “our” or the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2020. 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 11:00 a.m. ET on Thursday, May 7, 2020 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 May 6, 2020 announcing the Company’s financial results for the first quarter ended March 31, 2020 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2020 earnings call of the Company (furnished only)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: May 6, 2020

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS

BATON ROUGE, Louisiana (May 6, 2020) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period ended March 31, 2020.

Three-Month Periods Ended March 31, 2020 and 2019

• Net service revenue increased $24.4 million to $491.7 million compared to $467.3 million in 2019.

• Net income attributable to Amedisys, Inc. of $31.8 million compared to $31.3 million in 2019.

• Net income attributable to Amedisys, Inc. per diluted share of $0.96 compared to $0.95 in 2019.

Adjusted Quarterly Results*

• Adjusted EBITDA of $53.3 million compared to $54.9 million in 2019.

• Adjusted net service revenue of $491.7 million compared to $467.8 million in 2019.

• Adjusted net income attributable to Amedisys, Inc. of $34.8 million compared to $36.4 million in 2019.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.05 compared to $1.11 in 2019.

* See pages 10 and 11 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am very proud of our first quarter results and even more proud of the way our employees on the front lines have battled through the Public Health Emergency. COVID-19 impacted our volumes and costs beginning the second half of March, and though we do expect near term disruption, this pandemic has only strengthened the medium and long-term value proposition of all of our lines of business. Caring for patients in wherever they call home and doing it by delivering the highest quality care is more important now than ever and will continue to be at the forefront of how care is delivered in the United States. A special thank you to all our essential healthcare workers. You are true heroes and none of this would be possible without you.”

2020 Guidance

Given the rapidly changing operating conditions related to the novel coronavirus pandemic (“COVID-19”), we have decided to withdraw our full-year 2020 guidance as we cannot accurately estimate the effects that COVID-19 will have on our annual financial results.

We urge caution in considering the current trends disclosed in this press release. The home health, hospice and personal care industries are 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, 2019, 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, May 7, 2020, at 11:00 a.m. ET to discuss its first quarter results. To participate on the conference call, please call 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 June 7, 2020 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13702263.

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.

1

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 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 attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income 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.

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 our patients to manage a chronic disease; or hospice care at the end of life. More than 2,600 hospitals and 67,000 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 480 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 415,000 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,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “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: the impact of the novel coronavirus pandemic (“COVID-19”), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, 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 Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, 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, our ability to keep our patients and employees safe, 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 realize the anticipated benefits of acquisitions 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

2

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

	For the Three-Month Periods Ended March 31,
	2020			2019
Net service revenue	$	491,685		$	467,340
Cost of service, excluding depreciation and amortization		285,737			275,274
General and administrative expenses:
Salaries and benefits		101,566			94,830
Non-cash compensation		5,909			6,615
Other		49,265			43,402
Depreciation and amortization		5,338			2,895
Operating expenses		447,815			423,016
Operating income		43,870			44,324
Other income (expense):
Interest income		13			24
Interest expense		(3,231	)		(3,349	)
Equity in earnings from equity method investments		477			1,216
Miscellaneous, net		263			236
Total other expense, net		(2,478	)		(1,873	)
Income before income taxes		41,392			42,451
Income tax expense		(9,346	)		(10,878	)
Net income		32,046			31,573
Net income attributable to noncontrolling interests		(244	)		(269	)
Net income attributable to Amedisys, Inc.	$	31,802		$	31,304
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.98		$	0.98
Weighted average shares outstanding		32,331			32,001
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.96		$	0.95
Weighted average shares outstanding		33,234			32,893

3

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	March 31, 2020 (unaudited)			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	174,756		$	30,294
Restricted cash		3,056			66,196
Patient accounts receivable		268,551			237,596
Prepaid expenses		12,487			8,243
Other current assets		9,278			8,225
Total current assets		468,128			350,554
Property and equipment, net of accumulated depreciation of $98,472 and $96,137		26,477			28,113
Operating lease right of use assets		83,693			84,791
Goodwill		721,049			658,500
Intangible assets, net of accumulated amortization of $9,341 and $7,044		68,251			64,748
Deferred income taxes		20,199			21,427
Other assets		52,287			54,612
Total assets	$	1,440,084		$	1,262,745
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	31,147		$	31,259
Payroll and employee benefits		109,713			120,877
Accrued expenses		136,659			137,111
Current portion of long-term obligations		11,122			9,927
Current portion of operating lease liabilities		27,465			27,769
Total current liabilities		316,106			326,943
Long-term obligations, less current portion		379,942			232,256
Operating lease liabilities, less current portion		54,926			56,128
Other long-term obligations		8,966			5,905
Total liabilities		759,940			621,232
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; 36,746,554 and 36,638,021 shares issued; and 32,370,345 and 32,284,051 shares outstanding		37			37
Additional paid-in capital		656,266			645,256
Treasury stock, at cost 4,376,209 and 4,353,970 shares of common stock		(255,291	)		(251,241	)
Accumulated other comprehensive income		—			15
Retained earnings		278,185			246,383
Total Amedisys, Inc. stockholders’ equity		679,197			640,450
Noncontrolling interests		947			1,063
Total equity		680,144			641,513
Total liabilities and equity	$	1,440,084		$	1,262,745

4

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,
	2020			2019
Cash Flows from Operating Activities:
Net income	$	32,046		$	31,573
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,338			2,895
Non-cash compensation		5,909			6,615
401(k) employer match		3,291			2,379
Amortization and impairment of operating lease right of use assets		9,058			8,345
Loss (gain) on disposal of property and equipment		55			(4	)
Write-off of other comprehensive income		(15	)		—
Deferred income taxes		1,228			3,269
Equity in earnings from equity method investments		(477	)		(1,216	)
Amortization of deferred debt issuance costs/debt discount		220			213
Return on equity investment		2,369			725
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(25,459	)		(22,333	)
Other current assets		(5,756	)		(10,635	)
Other assets		417			(338	)
Accounts payable		(2,673	)		(11,140	)
Accrued expenses		(13,627	)		18,838
Other long-term obligations		3,060			(144	)
Operating lease liabilities		(8,132	)		(8,139	)
Operating lease right of use assets		(817	)		(844	)
Net cash provided by operating activities		6,035			20,059
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets		16			208
Proceeds from the sale of property and equipment		12			65
Purchases of property and equipment		(1,434	)		(1,198	)
Investments in equity method investees		—			(120	)
Acquisitions of businesses, net of cash acquired		(69,349	)		(327,867	)
Net cash used in investing activities		(70,755	)		(328,912	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		1,184			356
Proceeds from issuance of stock to employee stock purchase plan		860			782
Shares withheld upon stock vesting		(4,050	)		(2,688	)
Noncontrolling interest distribution		(360	)		(366	)
Proceeds from borrowings under term loan		—			175,000
Proceeds from borrowings under revolving line of credit		187,500			161,500
Repayments of borrowings under revolving line of credit		(37,500	)		(34,000	)
Principal payments of long-term obligations		(1,592	)		(559	)
Debt issuance costs		—			(847	)
Net cash provided by financing activities		146,042			299,178
Net increase (decrease) in cash, cash equivalents and restricted cash		81,322			(9,675	)
Cash, cash equivalents and restricted cash at beginning of period		96,490			20,229
Cash, cash equivalents and restricted cash at end of period	$	177,812		$	10,554

5

Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,755	$	725
Cash paid for income taxes, net of refunds received	$	5,272	$	404
Cash paid for operating lease liabilities	$	8,949	$	8,983
Cash paid for finance lease liabilities	$	499	$	384
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities	$	6,437	$	91,743
Right of use assets obtained in exchange for finance lease liabilities	$	254	$	808
Reductions to right of use assets resulting from reductions to operating lease liabilities	$	159	$	625
Days revenue outstanding (1)		46.6		41.2

(1) Our calculation of days revenue outstanding at March 31, 2020 and 2019 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended March 31, 2020 and 2019, respectively.

6

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,
	2020			2019
Financial Information (in millions):
Medicare	$	203.9		$	213.4
Non-Medicare		99.7			96.7
Net service revenue		303.6			310.1
Cost of service		179.8			185.7
Gross margin		123.8			124.4
Other operating expenses		76.7			72.4
Operating income	$	47.1		$	52.0
Same Store Growth (1):
Medicare revenue		(4	%)		4	%
Non-Medicare revenue		3	%		22	%
Total admissions		3	%		6	%
Total volume (2)		1	%		6	%
Key Statistical Data - Total (3):
Admissions		85,975			83,969
Recertifications		40,541			41,795
Total volume		126,516			125,764
Medicare completed episodes (6)		75,636			75,483
Average Medicare revenue per completed episode (4) (6)	$	2,734		$	2,838
Medicare visits per completed episode (5) (6)		15.8			17.2
Visiting Clinician Cost per Visit	$	84.01		$	81.05
Clinical Manager Cost per Visit	$	8.97		$	8.01
Total Cost per Visit	$	92.98		$	89.06
Visits		1,933,445			2,085,088

(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. Effective July 1, 2019, 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 and denovos.

(4) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode for the three-month period ended March 31, 2020 reflects the transition to PDGM during the quarter and therefore includes reimbursement under both the 60-day episode of care (pre-PDGM) payment rate and the 30-day period of care (PDGM) payment rate.

(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.

(6) Prior year amounts have been recast to conform to the current year calculation.

7

Segment Information - Hospice

	For the Three-Month Periods Ended March 31,
	2020			2019
Financial Information (in millions):
Medicare	$	160.5		$	130.7
Non-Medicare		8.9			6.3
Net service revenue		169.4			137.0
Cost of service		91.8			74.1
Gross margin		77.6			62.9
Other operating expenses		39.3			29.4
Operating income	$	38.3		$	33.5
Same Store Growth (1):
Medicare revenue		5	%		9	%
Hospice admissions		1	%		5	%
Average daily census		4	%		8	%
Key Statistical Data - Total (2):
Hospice admissions		11,318			9,711
Average daily census		12,046			9,982
Revenue per day, net	$	154.55		$	152.56
Cost of service per day	$	83.78		$	82.43
Average discharge length of stay		98			98

(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. Effective July 1, 2019, 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 denovos.

Segment Information - Personal Care

	For the Three-Month Periods Ended March 31,
	2020		2019
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		18.7		20.2
Net service revenue		18.7		20.2
Cost of service		14.1		15.5
Gross margin		4.6		4.7
Other operating expenses		3.4		3.2
Operating income	$	1.2	$	1.5
Key Statistical Data - Total (1):
Billable hours		752,077		833,617
Clients served		11,770		12,801
Shifts		333,464		376,182
Revenue per hour	$	24.87	$	24.19
Revenue per shift	$	56.09	$	53.60
Hours per shift		2.3		2.2

(1) Total includes acquisitions.

8

Segment Information - Corporate

	For the Three-Month Periods Ended March 31,
	2020		2019
Financial Information (in millions):
Other operating expenses	$	39.0	$	41.3
Depreciation and amortization		3.7		1.4
Total operating expenses	$	42.7	$	42.7

9

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,
	2020			2019
Net income attributable to Amedisys, Inc.	$	31,802		$	31,304
Add:
Income tax expense		9,346			10,878
Interest expense, net		3,218			3,325
Depreciation and amortization		5,338			2,895
Certain items (1)		4,036			6,914
Interest component of certain items (1)		(446	)		(441	)
Adjusted EBITDA (2) (6)	$	53,294		$	54,875

Adjusted Net Service Revenue Reconciliation:

	For the Three- Month Periods Ended March 31,
	2020		2019
Net service revenue	$	491,685	$	467,340
Add:
Certain items (1)		—		478
Adjusted net service revenue (3) (6)	$	491,685	$	467,818

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three- Month Periods Ended March 31,
	2020		2019
Net income attributable to Amedisys, Inc.	$	31,802	$	31,304
Add:
Certain items (1)		2,987		5,141
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	34,789	$	36,445

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

	For the Three- Month Periods Ended March 31,
	2020		2019
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.96	$	0.95
Add:
Certain items (1)		0.09		0.16
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	1.05	$	1.11

10

(1) The following details the certain items for the three-month periods ended March 31, 2020 and 2019:

Certain Items:

	For the Three-Month Period Ended March 31, 2020		For the Three-Month Period Ended March 31, 2019
	(Income) Expense		(Income) Expense
Certain Items Impacting Net Service Revenue:
Contingency accrual	$	—	$	1,018
Planned closures (7)		—		(540	)
Certain Items Impacting Cost of Service:
Planned closures (7)		—		844
COVID-19 costs		1,017		—
Certain Items Impacting Operating Expenses:
Planned closures (7)		—		88
Acquisition and integration costs		2,336		5,758
Legal fees - non-routine		—		(132	)
COVID-19 costs		12		—
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		446		441
Other (income) expense, net		225		(563	)
Total	$	4,036	$	6,914
Net of tax	$	2,987	$	5,141
Diluted EPS	$	0.09	$	0.16

(2) Adjusted EBITDA is defined as net income 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 excluding certain items as described in footnote 1.

(4) 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.

(5) 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.

(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.

(7) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

11

EX-99.2

Amedisys First Quarter 2020 Earnings Call Supplemental Slides May 7th, 2020 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

Q1 2020 Results

Our Key Areas of Focus Strategic areas of focus and progress made during Q1’20 Home Health*: Total same store admissions +3%. Total same store volume +1% Hospice: Admissions +1%, ADC +4% Personal Care: Billable hours / quarter -10% 1 Organic Growth CMS has determined they will not update the Home Health Compare site in July 2020; thus no refresh was issued in March. Publicly reported home health data published for April 2020 will remain in place until the October 2020 refresh. We will receive our preview in late June 2020 for the October 2020 refresh Hospice quality – outperforming industry average in all hospice item set (HIS) categories 3 Clinical Initiatives Focusing on optimizing RN / LPN & PT / PTA staffing ratios. Current LPN Ratio: 45.0% (vs. 39.2% in 1Q’19) Current PTA Ratio: 46.3% (vs. 42.1% in 1Q’19) 4 Capacity and Productivity Aseracare deal signed 4/23 $235M purchase price ($203M net of tax asset) 44 care centers 14 states $117M annual revenue Anticipated close: 6/1 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories Current total voluntary turnover ~19.5% (turnover impacted by inclusion of CCH in calculation) Focus on reduction of clinical turnover with heavy focus on clinicians and “early exits” *Note: Home Health same store volume is defined as admissions plus recertifications 2020 Hospice rate update for AMED (in effect 10/1/19) ~0.5% 2021 proposed Hospice industry rule net +2.6% increase (+3.0% market based less 0.4% multifactor productivity adjustment) 2021 CAP amount will increase by 2.6% to $30,743.86 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 1Q 2020(1) Home Health total same store volume +1%, total same store admissions +3%. Hospice same store admissions +1% Amedisys Consolidated Revenue Growth: +5% EBITDA: $53M (-3%) EBITDA Margin: 11% (-90 bps) EPS: $1.05 (-5%) 1Q’20 Net debt: $216.5M Net Leverage ratio: 1.0x CFFO: $6.0M Free cash flow (4): $3.2M DSO: 46.6 (vs. Q4’19 of 40.9) Balance Sheet & Cash Flow 1Q’20 Same Store (2)(3): Total Volume: +1% Total Admissions: +3% Other Statistics: Revenue per Episode: $2,734 (-3.7%) Total Cost per Visit: $92.53 (+3.9%) Medicare Recert Rate: 33.6% (-230 bps) Home Health Growth Metrics (5): Billable hours/quarter: -10% Clients served: -8% Personal Care Same Store Volume (3): Admissions: +1% ADC: +4% Other Statistics: Revenue per Day: $154.55 (+0.9%) Cost per day: $83.64 (+2.6%) Hospice 1Q’20 1Q’20 1Q’20 Adjusted Financial Results(1) 1Q’20 The financial results for the three-month periods ended March 31, 2019 and March 31, 2020 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. Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. Free cash flow defined as cash flow from operations less routine capital expenditures and required debt repayments. Includes acquisitions.

Our revenue sources: 1Q’20 Medicare FFS: Reimbursed over a 30-day period of care Private Episodic: MA and Commercial plans who reimburse us over a 30-day period of care. Generally at rates ~90% – 100% of Medicare Per Visit: Managed care, Medicaid and private payors reimbursing us per visit performed Hospice Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled – 97% of the Hospice care AMED provides, in line with overall hospice industry provision of care 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: 322 care centers; 34 states & DC Hospice: 146 care centers; 33 states Personal Care: 12 care centers; 3 states Total AMED: 480 care centers; 38 states and D.C.

Home Health and Hospice Segment (Adjusted) – 1Q 2020(1) Revenue per Episode down 3.7% Recert rate down 230 bps Y/Y CPV up +$3.47 (+3.9%, raises effective 8/1) Visits per Episode decreased 1.4 Home Health Highlights Same store average daily census (ADC) up 4% Net revenue per day +0.9% ~$0.4M cap expense for 1Q CCH revenue contribution: $43.6M CCH segment EBITDA contribution $3.6M ($2.1M net of corporate) Hospice Highlights The financial results for the three-month periods ended March 31, 2019 and March 31, 2020 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. Pre-Corporate EBITDA does not include any corporate G&A expenses. Same store information represents the percent change in volume or admissions for the period as a percent of the volume or admissions of the prior period Effective July 1, 2019, same store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. Home health total volume growth (+1%); Hospice ADC growth (+4%)

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue increased 170 basis points Home Health segment G&A: 200 bps increase as % of revenue primarily due to raises and the addition of business development resources; 40 bps due to change in staffing model (reclass of Clinical Manager Assistant role from Cost of Revenue to G&A) Hospice segment G&A: 180 bps increase as % of revenue – including $6.5M from acquisitions; remaining increase due to raises and the addition of resources to support growth Personal Care segment G&A: 200 bps increase as % of revenue Corporate G&A: 10 bps decrease as a % of revenue – including $1.3M from acquisitions Total G&A as a percentage of revenue increased 70 bps sequentially The financial results for the three-month periods ended March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020 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. Impacted by acquisitions and investments to drive volume growth

Industry Leading Quality Scores Note: Top Competitor Avg weighted by CCN count and includes LHC, Kindred, AFAM, EHC and BKD Metric JUL 19 Release OCT 19 Release JAN 20 Release APR 20 PREVIEW Quality of Patient Care 4.27 4.28 4.27 4.26 Entities at 4+ Stars 85% 88% 86% 86% Metric APR 19 Release JUL 19 Release OCT 19 Release JAN 20 Release Patient Satisfaction Star 4.19 3.87 3.97 3.71 Performance Over Industry +8% +6% +6% +6% Quality of Patient Care (QPC) Patient Satisfaction (PS) Amedisys maintains a 4-Star average in the April 2020 HHC preview with 86% of our providers (representing 91% of care centers) at 4+ Stars and 52% of our providers (representing 60% of care centers) at 4.5+ Stars 29 Amedisys providers (representing 48 care centers) rated at 5-Stars in the April HHC 2020 preview In April 19 Preview for QPC, new measure introduced: Improvement in Management of Oral Meds CMS has determined they will not update the Home Health Compare site in July 2020; thus no refresh was issued in March. Publicly reported home health data published for April 2020 will remain in place until the October 2020 refresh. We will receive our preview in late June 2020 for the October 2020 refresh

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

Components 1Q19 4Q’19 1Q’20 YoY Variance Detail Initiatives Salaries $61.54 $64.18 $64.42 $2.88 YoY increase due to planned wage increases and increased costs related to changes to our staffing model partially offset by optimization of discipline mix. Also, YoY increase due to fixed costs (training, PTO, etc.) on lower visits Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome planned salary increases Contractors $3.08 $2.72 $2.47 ($0.61) YoY utilization improvement driving reduction in CPV Focused efforts on filling positions with full-time clinicians Benefits $10.30 $12.45 $9.98 ($0.32) YoY decrease primarily due to health insurance Focus on cost containment and spend optimization with specific focus on high cost claims Transportation & Supplies $6.13 $6.47 $6.69 $0.56 *Visiting Clinician CPV $81.05 $85.82 $83.56 $2.51 Clinical Managers $8.01 $8.44 $8.97 $0.96 Fixed cost associated with non-visiting clinicians and planned wage increases: increase driven by lower visit volumes Unit cost reduced as volume increases Total CPV $89.06 $94.26 $92.53 $3.47 Operational Excellence: Home Health Cost Per Visit (CPV)-Adjusted Total CPV impacted by planned wage increases *Note: Direct comparison with industry competitors CPV calculation $81.05 $85.82 $83.56

Driving Top Line Growth Continuing growth in all three lines of business Home Health Total Volume Hospice ADC Personal Care Total Hours / Quarter

Debt and Liquidity Metrics ~1.0x net leverage. Proforma for Aseracare, net leverage ~2.1x Net debt defined as total debt outstanding ($394.3M) less cash & restricted cash balance ($177.8M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($223.7M). Liquidity defined as the sum of cash balance and available revolving line of credit. Outstanding Debt As of: 3/31/20 Pro Forma for Aseracare Adjustments as of 3/31/20 42460 Adjustments Pro Forma #REF! Total Debt Outstanding 394.3 253 647.29999999999995 #REF! Less: Deferred Debt Issuance Costs -3.3 0 -3.3 Total Debt - Balance Sheet 391 253 644 #REF! #REF! Total Debt Outstanding 394.3 253 647.29999999999995 #REF! Less: Cash & Restricted Cash -,177.8 0 -,177.8 Net Debt (1) 216.5 253 469.49999999999994 Leverage Ratio (net) (2) 0.96781403665623611 2.0987930263746088 #REF! #REF! Credit Facility As of: 3/31/20 Pro Forma for Aseracare Adjustments as of 3/31/20 #REF! Adjustments Pro Forma Term Loan 175 0 175 #REF! Revolver Size 550 0 550 #REF! Borrowing Capacity 725 0 725 #REF! Revolver Size 550 0 550 Oustanding Revolver -,220 -,253 -,473 #REF! Letters of Credit -30.2 0 -30.2 #REF! Available Revolver 299.8 -,253 46.8 38.9 Plus: Cash & Restricted Cash 177.8 0 177.8 1.0x Total Liquidity (3) 477.6 -,253 224.60000000000002 216.5 223.7 0.96781403665623611

Cash Flow Statement Highlights (1) 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, 2019, June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020 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. Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019. $000s Income Statement Line Item Q414 2Q15 3Q15 4Q15 1Q16 2Q16 2Q17 3Q17 2Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Revenue Contingency Accrual Net Service Revenue $1,018 $5,523 $0 $0 $0 Planned Closures (2) Net Service Revenue -540 -8 0 6 0 Cost of Service Planned Closures (2) Cost of Service, Excluding Depreciation & Amortization -1059 844 313 15 2 0 COVID-19 costs Cost of Service, Excluding Depreciation & Amortization 0 0 0 0 1017 G&A Planned Closures (2) G&A, Salaries and benefits 37 6 0 2 0 Acquisition and integration costs G&A, Salaries and benefits 4026 1565 1105 273 662 Planned Closures (2) G&A, Other 51 63 28 0 0 Acquisition and integration costs G&A, Other 1046 1202 183 294 440 1732 2929 3036 1445 1674 Legal fees - non-routine G&A, Other 8000 286 2824 616 459 1111 176 543 -132 108 397 604 0 COVID-19 costs G&A, Other 0 0 0 0 12 Other Items Asset impairment Asset impairment 0 0 0 1470 0 Legal settlements Total other (expense) income, net -1,113 -307 -1014 -5314 -541 -265 -693 -647 0 0 -1437 0 0 Interest component of certain items Interest expense 441 446 451 451 446 Other (income) expense, net Total other (expense) income, net -3945 -1563 436 70 -1692 -115 -1635 -563 -2688 1493 365 225 Total -214 3748 2996 -3562 2614 447 27732 -586 1035 $6,914 $8,257 $5,088 $4,618 $4,036 EPS Impact -0.01 0.12 9.1387688013335661E-2 0.02 0.14000000000000001 0.1 0.49 0.13 $0.02 $0.16 $0.19 $0.11 $0.1 $0.09

COVID-19

COVID-19: Total Q1’20 Impact = $3.2M (reported = $4.2M) Impact on volume, rate and gross margin as compared to internal forecast HH & HOSP Total Admits PC Billable Hours Home Health Hospice Actual 2.7% 3.9% Forecast 6.1% 1.2% Impact (3.4%) (2.7%) COVID Impact to Revenue, Cost and Gross Margin Volume Impact (4.6) Rate Impact (1.0) Total Home Health Revenue Impact (5.6) Total Hospice Revenue Impact (0.6) Total Personal Care Revenue Impact (0.3) Total Consolidated Revenue Impact $(6.5) COVID-19 Costs Actual ($M) Training $0.6 Quarantine Pay $0.2 Supplies $0.2 Total $1.0 COVID-19 Costs Q1’20

COVID-19 Impact on March and Q1’20 Home health referrals and admissions hit their low point the week of 4/5 and have begun to recover. Hospice referrals hit their low point week of 3/22 and have begun to recover *Baseline defined as referrals and admits from pre-Covid-19 timeframe of 1/5/20 – 3/14/20 PPE Item Units Cost ($M) Avg. Per Unit Normalized Avg. Per Unit Months on Hand N95 418,200 $2.3 $5.56 $0.60 6 Earloop Surgical Mask 1,460,200 $1.5 $1.02 $0.06 4 Isolation Gown 165,406 $0.8 $4.75 $0.48 3 Exam Glove 2,394,200 $0.2 $0.08 $0.04 2 Goggles / Face Shield 40,630 $0.2 $5.45 $2.52 6 Paper Bag 1,225,000 $0.1 $0.06 $0.06 2 Total - ~$5.1 - - - PPE Received & On Order HH: Consolidated Same Store HOSP: AMED + CCH (ex. Asana) *Baseline defined as referrals and admits from pre-Covid-19 timeframe of 1/5/20 – 3/14/20

PPE Graphs PPE inventory at care centers – not including centralized PPE supply. We have made significant progress providing our care centers with all critical PPE needed to care for COVID-19 symptomatic and COVID-19 positive patients

COVID-19: Financial Impacts from Recent Regulatory Actions The CARES Act and CMS Waivers provided quantifiable financial impacts to Amedisys; below is a summary of select key provisions Topic Impact Sequestration Holiday Suspension of 2% sequestration from May 1 – Dec. 31, 2020 AMED Impact: ~$21M impact Advanced Accelerated Payments CMS is authorized to provide accelerated or advance payments during the period of the PHE to any Medicare provider/supplier who submits a request to the appropriate MAC and meets the required qualifications Submit a specific amount up to 100% of Medicare payment amount for a three-month period Repayment begins 120 days after the date of issuance of payment and must be completed within 210 days from the date of the accelerated or advance payment was made AMED Advanced Payment Opportunity: ~$359M – AMED decided not to apply for Advanced Accelerated Payments due to lack of need and additional application provisions Payroll Tax Deferral The CARES Act allows employers and self-employed individuals to defer payment of the employer share (6.2%) of the social security tax they otherwise are responsible for paying in 2020, effective for payments due after the date of enactment. Fifty percent (50%) of the deferred payroll taxes are due on December 31, 2021, and the remaining amounts are due on December 31, 2022. AMED Impact: ~$50M $100B Emergency Funding Provides access to $100B in Emergency Funding for eligible healthcare providers Funds can be used to cover lost revenue and costs associated with COVID-19 AMED Impact: ~$100M out of first $30B disbursements or ~6% of 2019 Medicare FFS revenue Treatment of funds continues to be under review

XML

Document and Entity Information	May 06, 2020
Cover [Abstract]
Entity Registrant Name	AMEDISYS INC
Amendment Flag	false
Entity Central Index Key	0000896262
Document Type	8-K
Document Period End Date	May 06, 2020
Entity File Number	0-24260
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	11-3131700
Entity Address, Address Line One	3854 American Way
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70816
City Area Code	225
Local Phone Number	292-2031
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	AMED
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false