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): April 27, 2022

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 April 27, 2022, Amedisys, Inc. (“we,” “us,” “our,” or “the Company”) issued a press release (the “Press Release”) announcing its financial results for the first quarter ended March 31, 2022. 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. Eastern Time on Thursday, April 28, 2022 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibits 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1	Press release dated April 27, 2022 announcing the Company’s results for the first quarter ended March 31, 2022 (furnished only)
99.2	Supplemental slides provided in connection with the first quarter 2022 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
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)
DATE:	April 27, 2022

2

EX-99.1

Exhibit 99.1

AMEDISYS REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS

AND REAFFIRMS 2022 GUIDANCE

BATON ROUGE, Louisiana (April 27, 2022) — Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period ended March 31, 2022.

Three-Month Periods Ended March 31, 2022 and 2021

• Net service revenue increased $8.2 million to $545.3 million compared to $537.1 million in 2021.

• Net income attributable to Amedisys, Inc. of $31.7 million compared to $49.9 million in 2021.

• Net income attributable to Amedisys, Inc. per diluted share of $0.97 compared to $1.50 in 2021.

Adjusted Quarterly Results*

• Adjusted EBITDA of $66.3 million compared to $78.6 million in 2021.

• Adjusted net income attributable to Amedisys, Inc. of $40.1 million compared to $51.1 million in 2021.

• Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.23 compared to $1.54 in 2021.

* See pages 2 and 11 - 12 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Chris Gerard, President and Chief Executive Officer stated, “The start of 2022 saw continuation of the COVID driven challenges we and the industry faced over the past few years and further highlighted how Amedisys’ differentiated strategy presents us with significant opportunities as we navigate an ever-changing landscape. We saw Omicron impact our business and the number of clinicians on quarantine in January; we signed two home health acquisitions and are well on our way to additional inorganic growth; we saw discharge rates in our hospice business reach new highs and subsequently have begun to pull back; and we continued to field a tremendous amount of interest for Hospital at Home and other high-acuity care products. The competitive landscape continues to evolve as COVID impacts linger, yet we still delivered financial results this quarter that I am very proud of. Through the ups and downs, our 21,000 employees continued to do what they do best: providing (or enabling our clinicians to provide) the highest quality care to patients wherever they call home. A sincere thank you to all our employees; it is your care, passion and effort that continues to propel us forward.”

2022 Guidance

We are reaffirming our previously issued guidance:

• Adjusted net service revenue is anticipated to be in the range of $2.330 billion to $2.365 billion.

• Adjusted EBITDA is anticipated to be in the range of $275 million to $285 million.

• Adjusted diluted earnings per share is anticipated to be in the range of $5.23 to $5.45 based on an estimated 33.2 million shares outstanding.

This guidance excludes the effects of any future acquisitions, if any are made. COVID-19 has continued to impact the operating metrics typically used to forecast both growth and cost assumptions for both core Amedisys and Contessa. We are basing our guidance on our current operating environment. COVID-19 continues to evolve in both the disease itself as well as disruptions to the healthcare systems and the economy. Any future regulations or government interventions, spike in clinicians and business development staff on quarantine, staffing shortages due to current and proposed federal, state and local vaccine mandates, reduction in elective procedures, change in patient behavior and further decline in senior living occupancy could impact our ability to achieve this guidance.

We urge caution in considering the current trends and 2022 guidance disclosed in this press release. The home health, hospice, personal care and high acuity 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, 2021, 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, April 28, 2022, at 11:00 a.m. Eastern Time to discuss its first quarter results. To participate on the conference call, please call before 11:00 a.m. Eastern Time to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through May 28, 2022 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13729119.

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 net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted other operating income, defined as other operating income 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, personal care and high acuity care services. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care, inpatient hospital, palliative and skilled nursing facility (“SNF”) care in their homes, 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 3,000 hospitals and 90,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. With approximately 21,000 employees in 548 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 445,000 patients 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,” “will,” “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; the impact of current and proposed federal, state and local vaccine mandates, including potential staff shortages; 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, widespread protests or civil unrest; our ability to integrate, manage and keep our information systems secure; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

2

Contact:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	Nick Muscato	Kendra Kimmons
	Chief Strategy Officer	Vice President, Marketing & Communications
	(615) 928- 5452	(225) 299-3720
	IR@amedisys.com	kendra.kimmons@amedisys.com

3

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,
	2022			2021
Net service revenue	$	545,257		$	537,144
Other operating income		—			8,701
Cost of service, excluding depreciation and amortization		304,820			297,203
General and administrative expenses:
Salaries and benefits		123,480			115,825
Non-cash compensation		7,347			7,307
Other		53,640			49,106
Depreciation and amortization		8,008			7,555
Operating expenses		497,295			476,996
Operating income		47,962			68,849
Other income (expense):
Interest income		13			24
Interest expense		(3,173	)		(2,072	)
Equity in (loss) earnings from equity method investments		(1,403	)		1,118
Miscellaneous, net		333			288
Total other expense, net		(4,230	)		(642	)
Income before income taxes		43,732			68,207
Income tax expense		(12,019	)		(17,915	)
Net income		31,713			50,292
Net income attributable to noncontrolling interests		(42	)		(422	)
Net income attributable to Amedisys, Inc.	$	31,671		$	49,870
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.97		$	1.52
Weighted average shares outstanding		32,555			32,780
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders	$	0.97		$	1.50
Weighted average shares outstanding		32,766			33,190

4

AMEDISYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

	March 31, 2022 (unaudited)			December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	67,834		$	42,694
Restricted cash		3,075			3,075
Patient accounts receivable		293,579			274,961
Prepaid expenses		17,221			10,356
Other current assets		10,776			25,598
Total current assets		392,485			356,684
Property and equipment, net of accumulated depreciation of $98,573 and $96,937		17,295			18,435
Operating lease right of use assets		102,801			101,257
Goodwill		1,204,638			1,196,090
Intangible assets, net of accumulated amortization of $18,590 and $19,900		106,534			111,190
Deferred income tax assets		—			289
Other assets		84,639			73,023
Total assets	$	1,908,392		$	1,856,968
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	36,621		$	38,217
Payroll and employee benefits		151,279			141,001
Accrued expenses		148,044			150,836
Current portion of long-term obligations		12,309			12,995
Current portion of operating lease liabilities		31,901			31,233
Total current liabilities		380,154			374,282
Long-term obligations, less current portion		429,453			432,075
Operating lease liabilities, less current portion		70,295			69,309
Deferred income tax liabilities		2,915			—
Other long-term obligations		4,923			4,979
Total liabilities		887,740			880,645
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; 37,763,705 and 37,674,868 shares issued; and 32,566,636 and 32,509,969 shares outstanding		38			38
Additional paid-in capital		736,536			728,118
Treasury stock, at cost 5,197,069 and 5,164,899 shares of common stock		(440,550	)		(435,868	)
Retained earnings		670,734			639,063
Total Amedisys, Inc. stockholders’ equity		966,758			931,351
Noncontrolling interests		53,894			44,972
Total equity		1,020,652			976,323
Total liabilities and equity	$	1,908,392		$	1,856,968

5

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,
	2022			2021
Cash Flows from Operating Activities:
Net income	$	31,713		$	50,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,008			7,555
Non-cash compensation		7,347			7,307
Amortization and impairment of operating lease right of use assets		10,096			9,850
Loss on disposal of property and equipment		5			14
Deferred income taxes		3,205			7,411
Equity in loss (earnings) from equity method investments		1,403			(1,118	)
Amortization of deferred debt issuance costs/debt discount		248			216
Return on equity method investments		1,710			1,500
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable		(18,618	)		(20,448	)
Other current assets		7,882			(2,874	)
Other assets		247			(115	)
Accounts payable		(2,115	)		(3,374	)
Accrued expenses		7,483			8,370
Other long-term obligations		(57	)		(808	)
Operating lease liabilities		(9,187	)		(9,014	)
Operating lease right of use assets		(749	)		(762	)
Net cash provided by operating activities		48,621			54,002
Cash Flows from Investing Activities:
Proceeds from the sale of deferred compensation plan assets		22			19
Proceeds from the sale of property and equipment		37			42
Purchases of property and equipment		(902	)		(1,618	)
Investments in technology assets		(236	)		—
Other investments		(15,000	)		—
Net cash used in investing activities		(16,079	)		(1,557	)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options		86			364
Proceeds from issuance of stock to employee stock purchase plan		985			1,048
Shares withheld to pay taxes on non-cash compensation		(4,682	)		(6,774	)
Noncontrolling interest contributions		652			—
Noncontrolling interest distributions		(672	)		(518	)
Proceeds from borrowings under revolving line of credit		—			215,200
Repayments of borrowings under revolving line of credit		—			(186,200	)
Principal payments of long-term obligations		(3,771	)		(2,692	)
Purchase of company stock		—			(72,886	)
Provider relief fund advance		—			(5,000	)
Net cash used in financing activities		(7,402	)		(57,458	)
Net increase (decrease) in cash, cash equivalents and restricted cash		25,140			(5,013	)
Cash, cash equivalents and restricted cash at beginning of period		45,769			83,357
Cash, cash equivalents and restricted cash at end of period	$	70,909		$	78,344
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	1,864		$	1,011
Cash paid for income taxes, net of refunds received	$	551		$	971
Cash paid for operating lease liabilities	$	9,936		$	9,776
Cash paid for finance lease liabilities	$	357		$	503
Supplemental Disclosures of Non-Cash Activity:
Right of use assets obtained in exchange for operating lease liabilities	$	11,203		$	10,548
Right of use assets obtained in exchange for finance lease liabilities	$	216		$	177
Reductions to right of use assets resulting from reductions to operating lease liabilities	$	299		$	279
Noncontrolling interest contribution	$	8,900		$	—
Days revenue outstanding (1)		46.3			43.9

(1) Our calculation of days revenue outstanding at March 31, 2022 and 2021 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended March 31, 2022 and 2021, 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,
	2022			2021
Financial Information (in millions):
Medicare	$	224.1		$	221.4
Non-Medicare		111.4			107.2
Net service revenue		335.5			328.6
Other operating income		—			5.0
Cost of service		185.0			183.0
Gross margin		150.5			150.6
Other operating expenses		83.2			80.1
Depreciation and amortization		0.9			1.0
Operating income	$	66.4		$	69.5
Same Store Growth (1):
Medicare revenue		1	%		9	%
Non-Medicare revenue		4	%		8	%
Total admissions		2	%		5	%
Total volume (2) (6)		—	%		6	%
Key Statistical Data - Total (3):
Admissions		91,714			89,830
Recertifications (6)		42,850			43,811
Total volume (6)		134,564			133,641
Medicare completed episodes		74,406			75,332
Average Medicare revenue per completed episode (4)	$	3,013		$	2,931
Medicare visits per completed episode (5)		13.0			13.9
Visiting clinician cost per visit	$	97.26		$	90.32
Clinical manager cost per visit		10.62			9.50
Total cost per visit	$	107.88		$	99.82
Visits		1,715,144			1,832,912

(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. 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, start-ups 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 reflects the suspension of sequestration effective May 1, 2020.

(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,
	2022			2021
Financial Information (in millions):
Medicare	$	182.5		$	181.5
Non-Medicare		10.6			10.0
Net service revenue		193.1			191.5
Other operating income		—			3.7
Cost of service		106.4			101.6
Gross margin		86.7			93.6
Other operating expenses		51.3			46.5
Depreciation and amortization		0.6			0.6
Operating income	$	34.8		$	46.5
Same Store Growth (1):
Medicare revenue		1	%		(2	%)
Hospice admissions		2	%		5	%
Average daily census		(3	%)		(4	%)
Key Statistical Data - Total (2):
Hospice admissions		13,886			13,683
Average daily census		12,920			13,321
Revenue per day, net	$	166.04		$	159.76
Cost of service per day	$	91.48		$	84.80
Average discharge length of stay		89			94

(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. 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.

8

Segment Information - Personal Care

	For the Three-Month Periods Ended March 31,
	2022		2021
Financial Information (in millions):
Medicare	$	—	$	—
Non-Medicare		14.0		17.0
Net service revenue		14.0		17.0
Other operating income		—		—
Cost of service		10.8		12.6
Gross margin		3.2		4.4
Other operating expenses		2.2		3.0
Depreciation and amortization		0.1		0.1
Operating income	$	0.9	$	1.3
Key Statistical Data - Total:
Billable hours		451,032		607,437
Clients served		7,479		9,759
Shifts		193,742		257,609
Revenue per hour	$	30.95	$	27.95
Revenue per shift	$	72.04	$	65.92
Hours per shift		2.3		2.4

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Segment Information - High Acuity Care

	For the Three-Month Periods Ended March 31,
	2022			2021
Financial Information (in millions):
Medicare	$	—		$	—
Non-Medicare		2.7			—
Net service revenue		2.7			—
Other operating income		—			—
Cost of service		2.6			—
Gross margin		0.1			—
Other operating expenses		7.1			—
Depreciation and amortization		0.8			—
Operating loss	$	(7.8	)	$	—
Key Statistical Data - Total:
Full risk admissions		106			—
Limited risk admissions		227			—
Total admissions		333			—
Number of joint ventures		9			—

Segment Information - Corporate

	For the Three-Month Periods Ended March 31,
	2022		2021
Financial Information (in millions):
Other operating expenses	$	40.7	$	42.6
Depreciation and amortization		5.6		5.9
Total operating expenses	$	46.3	$	48.5

10

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,
	2022		2021
Net income attributable to Amedisys, Inc.	$	31,671	$	49,870
Add:
Income tax expense		12,019		17,915
Interest expense, net		3,160		2,048
Depreciation and amortization		8,008		7,555
Certain items (1)		11,450		1,712
Interest component of certain items (1)		—		(517	)
Adjusted EBITDA (2) (6)	$	66,308	$	78,583

Adjusted Other Operating Income Reconciliation:

	For the Three-Month Periods Ended March 31,
	2022		2021
Other operating income	$	—	$	8,701
Add:
Certain items (1)		—		(8,701	)
Adjusted other operating income (3) (6)	$	—	$	—

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

	For the Three-Month Periods Ended March 31,
	2022		2021
Net income attributable to Amedisys, Inc.	$	31,671	$	49,870
Add:
Certain items (1)		8,473		1,267
Adjusted net income attributable to Amedisys, Inc. (4) (6)	$	40,144	$	51,137

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

	For the Three-Month Periods Ended March 31,
	2022		2021
Net income attributable to Amedisys, Inc. common stockholders per diluted share	$	0.97	$	1.50
Add:
Certain items (1)		0.26		0.04
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)	$	1.23	$	1.54

11

(1) The following details the certain items for the three-month periods ended March 31, 2022 and 2021:

Certain Items:

	For the Three-Month Periods Ended March 31,
	2022		2021
	(Income) Expense		(Income) Expense
Certain Items Impacting Other Operating Income:
CARES Act funds	$	—	$	(8,701	)
Certain Items Impacting Cost of Service:
COVID-19 costs		3,733		8,480
Fuel supplement		337		—
Certain Items Impacting Operating Expenses:
Acquisition and integration costs		1,378		1,199
COVID-19 costs		153		217
Executive Board of Directors transition award		3,500		—
Legal fees - non-routine		51		—
Certain Items Impacting Total Other Income (Expense):
Interest component of certain items		—		517
Other (income) expense, net		2,298		—
Total	$	11,450	$	1,712
Net of tax	$	8,473	$	1,267
Diluted EPS	$	0.26	$	0.04

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

(3) Adjusted other operating income is defined as other operating income 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 other operating income, 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.

12

EX-99.2

Amedisys First Quarter 2022 Earnings Call Supplemental Slides April 28th, 2022 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, clinical operations and control processes and SEC filings. Forward-looking statements

Our Key Areas of Focus Strategic areas of focus and progress made during Q1’22 Home Health*: Total same store admissions +2% Hospice: Total same store admissions +2%, ADC -3% Personal Care: PC Network drove ~$345K in revenue to Home Health and Hospice via care coordination 1 Organic Growth Quality: Amedisys Jan’22 release STARS score of 4.33 (SHP: 4.5 STARS) 99% of care centers at 4+ Stars based on July 2022 preview 43 Amedisys care centers rated at 5 Stars in the July 2022 preview 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: 47.8% (vs. 47.6% in 1Q’21) Current PTA Ratio: 53.4% (vs. 52.5% in 1Q’21) 4 Capacity and Productivity Acquired Evolution Health on 4/1/22 expanding our footprint in TX, OK and OH (15 care centers) Acquired 2 care centers from Assisted Care Home Health in North Carolina on 4/1/22 5 M&A 2 Recruiting / Retention Targeting industry leading employee retention amongst all employee categories Q1’22 Voluntary Turnover 19.4% 514 Hospice BD FTE’s as of Q1’22 (+38 over PY) 851 Home Health BD FTE’s as of Q1’22 (+30 over PY) *Note: Home Health same store volume is defined as admissions plus recertifications 2022 Reimbursement Final Home Health industry rule net +3.2% increase Final Hospice industry rule net +2.0% increase (effective 10/1/21) Sequestration suspension extended until 6/30/22. Full 2% through 3/31/22, reduced to 1% through 6/30/22 2023 Reimbursement Proposed FY’23 Hospice industry rule net +2.7% increase (effective 10/1/22) 6 Regulatory

Highlights and Summary Financial Results (Adjusted): 1Q 2022(1) Home Health total same store admissions +2%; Hospice same store admissions +2%; EBITDA margin decline driven by the addition of Contessa, Hospice ADC decline and labor costs The financial results for the three-month periods ended March 31, 2021 and March 31, 2022 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. 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 is defined as cash flow from operations less routine capital expenditures and required debt repayments. Medicare sequestration suspended 5/1/20. Growth Metrics: Total Admissions: 333 Number of JV’s: 9 Other Statistics: Patient Satisfaction: 97% High Acuity Care Adjusted Financial Results Growth Metrics: Billable hours/quarter: -26% Clients served: -23% Other Statistics: Revenue per hour: +11% Cost per hour: +16% Personal Care Same Store Volume (3): Admissions: +2% ADC: -3% Other Statistics: Revenue per Day: $166.04 (+3.9%) Cost per day: $90.43 (+10.5%) Hospice Home Health Same Store (2)(3) : Total Admissions: +2% Total Volume: Flat Other Statistics: Revenue per Episode(5): $3,013 (+2.8%) Total Cost per Visit: $106.26 (+9.4%) Medicare VPE decreased 0.9 Amedisys Consolidated Revenue Growth: +2% EBITDA: $66M (-16%, ex. Contessa -7%) EBITDA Margin: 12.2% (ex. Contessa: 13.4%) EPS: $1.23 (-20%) Amedisys Consolidated Amedisys Consolidated Balance Sheet & Cash Flow Net debt: $375.2M Net Leverage ratio: 1.3x Revolver availability: $522.5M CFFO: $48.6M Free cash flow (4): $43.9M DSO: 46.3 (vs. Q1’21 of 43.9 and up 3.1 days since Q4)

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, majority of which range from 95% - 100% of Medicare rates 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: 333 care centers; 34 states & D.C. Hospice: 175 care centers; 34 states Personal Care: 14 care centers; 3 states High Acuity Care: 9 Joint Ventures; 6 states; 24 referring hospitals Total AMED: 531 care centers; 38 states and D.C. Our Revenue Sources: 1Q’22

Home Health and Hospice Segment (Adjusted) – 1Q 2022(1) Revenue per Episode up 2.8% (primarily due to +3.2% rate increase effective 1/1/2022 partially offset by higher LUPAs and LBPs driven by Omicron and a shift in patient mix) Y/Y CPV up $9.09 (+9.4%, primarily due to planned wage increases, wage inflation, sign-on bonuses, higher new hire pay and the impact of lower visits) Visits per episode decreased 0.9 (Medicare) Cost per episode +2.4% (Medicare) Home Health Highlights Net revenue per day +3.9% (primarily due to +2.0% Hospice rate update effective 10/1/2021 and lower revenue adjustments) Cost per day up $8.58 (+10.5% primarily due to fixed costs associated with salaried employees on a lower census, planned wage increases, wage inflation, sign-on bonuses and higher visits performed by hourly employees as prior year was impacted by access restrictions due to COVID-19) Hospice Highlights The financial results for the three-month periods ended March 31, 2021 and March 31, 2022 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, admissions or ADC for the period as a percent of the volume or admissions of the prior period. 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. Average Medicare revenue per completed episode reflects the suspension of sequestration effective May 1, 2020. HOSPICE $ in Millions 1Q21 1Q22 Medicare $181.5 $182.5 Non-Medicare 10 10.6 Hospice Revenue $191.5 $193.1 Gross Margin % 0.48799999999999999 0.45500000000000002 Pre-Corporate EBITDA (2) $47.5 $36.9 0.248 0.19109269808389434 Operating Statistics Admit growth - same store (4) 0.05 0.02 ADC growth - same store (4) -0.04 -0.03 ADC 13321 12920 Avg. discharge length of stay 94 89 Revenue per day (net) $159.76 $166.04 Cost per day $81.849999999999994 $90.43 HOME HEALTH $ in Millions 1Q21 1Q22 2021 Medicare $221.4 $224.1 914.5 Non-Medicare 107.2 111.4 439.3 Home Health Revenue $328.6 $335.5 $1,353.8 Gross Margin % 0.45800000000000002 0.45700000000000002 0.45100000000000001 Pre-Corporate EBITDA (2) $70.900000000000006 $70.3 $281.60000000000002 0.21576384662203288 0.21 0.20799999999999999 Operating Statistics Same Store Growth (3)(4) Total admissions 0.05 0.02 0.06 Total volume 0.06 0 0.05 Medicare revenue per episode (5) $2,931 $3,013 $2,959 Medicare recert rate 0.35499999999999998 0.34200000000000003 0.35099999999999998 Total cost per visit $97.17 $106.26 $101.46

General & Administrative Expenses – Adjusted (1,2) Notes: Year over year total G&A as a percentage of revenue increased 110 basis points ($9 million); $2 million increase excluding Contessa (G&A as a % of revenue excluding Contessa = 31.8%) Increases due to the addition of resources to support growth, planned wage increases, higher travel and training spend and increased information technology fees partially offset by lower non-cash compensation costs. Total G&A decreased $4 million sequentially The financial results for the three-month periods ended March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 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 COVID-19, acquisitions and investments to drive volume growth

Operational Excellence: Home Health Cost Per Visit (CPV)-Adjusted YOY Total CPV impacted by planned wage increases, wage inflation (primarily sign-on bonuses) and an increase in new hire pay *Note: Direct comparison with industry competitors CPV calculation $87.67 $96.28 $95.64 Components 1Q’21 4Q’21 1Q’22 YoY Variance Detail Initiatives Salaries $64.54 $69.73 $70.30 $5.76 YoY increase due to planned wage increases, wage inflation, sign-on bonuses (1.8%) and new hire pay (1.7%) Sequential increase due to higher sign-on bonuses partially offset by one less holiday Staffing mix optimization, productivity and scheduling improvement initiatives in place to help overcome salary increases Contractors $5.37 $4.93 $5.61 $0.24 YoY and Sequential variances due to higher costs on relatively consistent utilization – Contractor visits down 14% y/y Focused efforts on filling positions with full-time clinicians Benefits $10.95 $14.52 $12.42 $1.47 YoY increase due to higher payroll taxes on the salary increases/bonuses described above, higher workers compensation costs and the impact of lower visits on relatively flat health insurance costs Sequential decrease due to the seasonality of claims Focus on cost containment and spend optimization with specific focus on high-cost claims Transportation & Supplies $6.81 $7.10 $7.31 $0.50 *Visiting Clinician CPV $87.67 $96.28 $95.64 $7.97 Clinical Managers $9.50 $10.39 $10.62 $1.12 Fixed cost associated with non-visiting clinicians YoY increase driven by additional staff, planned wage increases and impact of fixed costs on lower visit volumes Unit cost reduced as volume increases Total CPV $97.17 $106.67 $106.26 $9.09

Driving Top Line Growth Home Health total volume, Hospice admissions and ADC, as well as Personal Care billable hours lagging due to prolonged COVID-19 impacts (staffing challenges and increase in hospice discharge rate) Home Health Total Volume Hospice Growth Personal Care Total Hours / Quarter

Industry Leading Quality Scores Amedisys maintains a 4-Star average in the Jul 2022 HHC Preview with 99% of our providers (representing 99% of care centers) at 4+ Stars and 76% of our providers (representing 81% of care centers) at 4.5+ Stars. 29 Amedisys providers (representing 43 care centers) rated at 5 Stars. Notes: (1) CMS did not provide QPC Star and HH-CAHPS performance releases in 2021 due to COVID-19 PHE. (2) Jul 2022 QPC Star Preview performance period = Oct 2020 – Sep 2021 (Jul 2019 - Mar 2020 for ACH). (3) Apr 2022 HH-CAHPS Preview performance period = Oct 2020 – Sep 2021 (4) Recent acquisitions excluded from latest QPC and HH-CAHPs results. Metric OCT 20 Release JAN 22 Release APR 22 Preview Jul 22 Preview Quality of Patient Care 4.33 4.33 4.38 4.46 Entities at 4+ Stars 92% 92% 97% 99% Metric APR 20 Release OCT 20 Release JAN 22 Release APR 22 Preview Patient Satisfaction Star 3.79 4.28 3.61 3.73 Performance Over Industry +6% +7% +3% N/A Quality of Patient Care (QPC) Patient Satisfaction (PS) CMS Blind Period CMS Blind Period

Hospice Quality: Amedisys Hospice Continues to Move Towards Best-in-Class Hospice Quality Notes: Included in the above analysis are active care centers. Acquired locations were only included if their acquisition date was before the start of the reporting window. Above excludes Asana, Aseracare, and CCH acquisitions. * Hospice Visits When Death is Imminent, Measure 1 is referencing discharges from Jan 2019 through Dec 2019

Debt and Liquidity Metrics Net leverage ~1.3x Net debt defined as total debt outstanding ($446.1M) less cash ($70.9M). Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($287.3M). Liquidity defined as the sum of cash balance and available revolving line of credit.

Cash Flow Statement Highlights (1) COVID-19 relief payroll tax deferral of ~$55M (half paid in December 2021; remainder due in December 2022). 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, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 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. Other (income) expense, net includes ~$31.1 million gain on Medalogix equity method investment for the three-month period ended June 30, 2021. $000s Income Statement Line Item Q414 2Q15 3Q15 4Q15 1Q16 2Q16 2Q17 3Q17 2Q18 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Revenue Contingency accrual Net Service Revenue $0 $0 $-6,541 $0 $0 $0 Other Operating Income CARES Act funds Other Operating Income -6,780 -8,701 -4,603 4 0 0 Cost of Service COVID-19 costs Cost of Service, Excluding Depreciation & Amortization 6568 8480 4464 3513 4323 3733 Fuel supplement Cost of Service, Excluding Depreciation & Amortization 0 0 0 0 0 337 G&A Acquisition and integration costs G&A, Salaries and benefits 507 196 510 1071 419 316 COVID-19 costs G&A, Salaries and benefits 45 25 9 60 9 24 Executive Board of Directors transition award G&A, Salaries and benefits 0 0 0 0 0 3,500 Acquisition and integration costs G&A, Other 1046 1202 183 294 440 727 1003 1783 1686 891 1062 Legal fees - non-routine G&A, Other 8000 286 2824 616 459 1111 176 543 0 0 0 0 0 51 COVID-19 costs G&A, Other 132 192 151 139 131 129 Pre-acquisition legal settlement G&A, Other 0 0 1,825 0 0 0 Other Items Interest component of certain items Interest expense 464 517 469 451 451 0 Other (income) expense, net (2) Total other (expense) income, net -3945 -1563 436 70 -1692 -115 -1635 0 0 ,-31,077 -66 188 2,298 Total -214 3748 2996 -2503 2614 447 27732 -586 -652 $5,815 $1,712 $,-33,010 $6,858 $6,412 $11,450 EPS Impact -0.01 0.12 9.1387688013335661E-2 0.02 0.14000000000000001 0.1 0.49 0.13 $0.02 $0.13 $0.04 $-0.74 $0.17 $0.15 $0.26

2022 Guidance

Amedisys 2022 Guidance Revenue, EBITDA and EPS guidance ranges for FY 2022 ($M except for EPS) AMED Core Performance High Acuity Care Total AMED Adjusted Revenue $2,274 - $2,309 $56 $2,330 - $2,365 Adjusted EBITDA $301 - $311 ($26) $275 - $285 Adjusted EPS $5.88 - $6.10 ($0.65) $5.23 - $5.45 Guidance Disclaimer COVID-19 has impacted the operating metrics typically used to forecast both growth and cost assumptions for both core Amedisys and Contessa. We are basing our guidance on our current operating environment. COVID-19 continues to evolve in both the disease itself as well as disruptions to the healthcare systems and the economy. Any future regulations or government interventions, spike in clinicians and BD staff on quarantine, staffing shortages due to current and proposed federal, state and local vaccine mandates, reduction in elective procedures, change in patient behavior and further decline in senior living occupancy could impact our ability to achieve this guidance. Additional impact from Contessa related to resources needed to service expanded Hospital @ Home JV pipeline, along with resources allocated to new Palliative Care business line. 2022 EBITDA Impacts: Incentive Comp: ~$16M Incremental Contessa: ~$17M Omicron impact: ~$7M De Novos: ~$5M Investments: ~$3M Total: ~$48M

Environmental, Social, Governance (E.S.G.) Considerations

Environmental, Social, Governance (E.S.G.) Considerations Sustainable, high-quality, patient focused, home-based care model Environmental, Social, Governance Environmental Amedisys is dedicated to the sustainability of our business and the communities in which we serve Environmental health has a strong correlation with physical health A greener fleet – newer vehicles, in circulation for a shorter time, optimize fuel usage. Sophisticated scheduling practices reduce our clinicians’ driving time and fuel usage helping to minimize our carbon footprint Virtual care centers, along with flexible working schedules and locations, have created fewer emissions Social Amedisys strives to create an organizational culture and climate in which every individual is valued, all team members have a sense of belonging with one another and to the organization and feel empowered to do their best work Provider of Home Health and Hospice services to frail, elderly patients in their most preferred care location – their homes Highest quality Home Health company as measured by Quality of Patient Care Star scores (4.46 Stars) The Amedisys Foundation was formed to provide support to our patients and employees. The Amedisys Foundation has two funds: the Patients’ Special Needs Fund and the Amedisys Employees 1st Fund. The Patients’ Special Needs Fund provides financial assistance to our home health, hospice and personal care patients during a difficult time Governance Amedisys has a culture of compliance starting with oversight from the Board of Directors and cascading down to the care center level Our Board of Directors operates several sub-committees including: Quality of Care Committee Compliance & Ethics Committee Audit Committee Compensation Committee Nominating & Corporate Governance Committee Nominating and Corporate Governance Committee oversees our strategy on corporate social responsibility, including evaluating the impact of Company practices on communities and individuals, and develops and recommends to our Board of Directors for approval matters relating to the Company’s corporate social responsibility and ESG considerations

XML

Document and Entity Information	Apr. 27, 2022
Cover [Abstract]
Entity Registrant Name	AMEDISYS INC
Amendment Flag	false
Entity Central Index Key	0000896262
Document Type	8-K
Document Period End Date	Apr. 27, 2022
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