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Amedisys Reports Second Quarter 2017 Financial Results

BATON ROUGE, La., July 26, 2017 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED) today reported its financial results for the three and six-month periods ended June 30, 2017.

Three Month Periods Ended June 30, 2017 and 2016

  • Net service revenue increased $18.1 million to $378.8 million compared to $360.7 million in 2016.
  • Net income attributable to Amedisys, Inc. of $4.5 million compared to $10.7 million in 2016.
  • Net income attributable to Amedisys, Inc. per diluted share of $0.13 compared to $0.32 in 2016.

Adjusted Quarterly Results*

  • Adjusted EBITDA of $36.1 million compared to $29.8 million in 2016.
  • Adjusted net service revenue of $378.8 million compared to $361.7 million in 2016.
  • Adjusted net income attributable to Amedisys, Inc. of $21.4 million compared to $14.1 million in 2016.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.62 compared to $0.42 in 2016.

Six Month Periods Ended June 30, 2017 and 2016

  • Net service revenue increased $39.7 million to $749.3 million compared to $709.6 million in 2016.
  • Net income attributable to Amedisys, Inc. of $19.6 million compared to $16.9 million in 2016.
  • Net income attributable to Amedisys, Inc. per diluted share of $0.57 compared to $0.50 in 2016.

Adjusted Year to Date Results*

  • Adjusted EBITDA of $68.1 million compared to $53.8 million in 2016.
  • Adjusted net service revenue of $749.3 million compared to $710.5 million in 2016.
  • Adjusted net income attributable to Amedisys, Inc. of $37.4 million compared to $25.0 million in 2016.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.09 compared to $0.74 in 2016.

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

Paul B. Kusserow, President and Chief Executive Officer stated, “Overall, I am satisfied with our second quarter results. Our hospice segment continues to exceed expectations and our personal care segment is progressing well as they continue to integrate acquisitions and scale up. We have also made early progress with our strategies to recruit, retain, train and properly incentivize our home health business development staff. While home health volume was expectedly soft, we have identified the issues driving this trend and are executing upon the solutions. In home health, we anticipate returning to organic episodic admission growth in the third quarter. Most importantly, our clinical and outcomes metrics continued to improve across the board as we pursue our goal of clinical distinction to bring value to our patients, their families, our referral sources and payors. Finally, the operational efficiencies we have targeted are being reflected in increased adjusted EBITDA margins and strong cash flow, providing us with a flexible balance sheet to take advantage of strategic, inorganic opportunities. Thanks to our tremendous team, over 16,000 strong, for their continued dedication to serving our patients.”

We urge caution in considering the current trends disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com.

Earnings Call and Webcast Information

Amedisys will host a conference call on Thursday, July 27, 2017, at 11:00 a.m. ET to discuss its second 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 August 27, 2017 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13666366.

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

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income 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 them to manage a chronic disease; or hospice care at the end of life. More than 2,200 hospitals and 61,900 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 approximately 16,000 employees, in 426 care centers in 34 states, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 385,000 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,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the healthcare industry, our ability to integrate our personal care segment into our business efficiently, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to comply with requirements stipulated in our corporate integrity agreement 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.


AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)
For the Three Month Period
Ended June 30,
For the Six Month Period
Ended June 30,

2017 2016 2017 2016
Net service revenue$ 378,821 $ 360,746 $ 749,279 $ 709,563
Cost of service, excluding depreciation and amortization 219,765 206,505 435,550 408,342
General and administrative expenses:
Salaries and benefits 74,943 77,343 149,402 154,060
Non-cash compensation 4,356 3,736 8,230 7,806
Other 41,617 45,576 82,034 92,293
Provision for doubtful accounts 4,651 4,253 10,992 8,193
Depreciation and amortization 4,537 4,975 8,954 9,448
Securities Class Action Lawsuit settlement, net 28,712 28,712
Operating expenses 378,581 342,388 723,874 680,142
Operating income 240 18,358 25,405 29,421
Other income (expense):
Interest income 41 9 60 31
Interest expense (1,197) (1,303) (2,265) (2,415)
Equity in earnings from equity method investments 2,355 363 2,249 358
Miscellaneous, net 1,127 658 2,239 1,393
Total other income (expense), net 2,326 (273) 2,283 (633)
Income before income taxes 2,566 18,085 27,688 28,788
Income tax benefit (expense) 1,963 (7,242) (7,960) (11,630)
Net income 4,529 10,843 19,728 17,158
Net income attributable to noncontrolling interests (68) (147) (137) (249)
Net income attributable to Amedisys, Inc.$ 4,461 $ 10,696 $ 19,591 $ 16,909
Basic earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders $ 0.13 $ 0.32 $ 0.58 $ 0.51
Weighted average shares outstanding 33,637 33,197 33,540 33,059
Diluted earnings per common share:
Net income attributable to Amedisys, Inc. common stockholders $ 0.13 $ 0.32 $ 0.57 $ 0.50
Weighted average shares outstanding 34,329 33,708 34,203 33,641


AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in thousands, except share data)
June 30, 2017 December 31, 2016
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$ 59,164 $ 30,197
Patient accounts receivable, net of allowance for doubtful accounts of $17,865 and $17,716 173,388 166,056
Prepaid expenses 8,800 7,397
Other current assets 31,789 11,260
Total current assets 273,141 214,910
Property and equipment, net of accumulated depreciation of $144,708 and $138,650 34,420 36,999
Goodwill 313,663 288,957
Intangible assets, net of accumulated amortization of $29,254 and $27,864 45,523 46,755
Deferred income taxes 100,806 107,940
Other assets, net 38,320 38,468
Total assets $ 805,873 $ 734,029
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 29,119 $ 30,358
Payroll and employee benefits 81,331 82,480
Accrued charge related to Securities Class Action Lawsuit settlement 43,750
Accrued expenses 62,981 63,290
Current portion of long-term obligations 8,137 5,220
Total current liabilities 225,318 181,348
Long-term obligations, less current portion 83,157 87,809
Other long-term obligations 4,337 3,730
Total liabilities 312,812 272,887
Equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued
or outstanding
Common stock, $0.001 par value, 60,000,000 shares authorized; 35,609,934 and 35,253,577 shares issued; and 33,850,633 and 33,597,215 shares outstanding 36 35
Additional paid-in capital 555,029 537,472
Treasury stock at cost, 1,759,301 and 1,656,362 shares of common stock (52,500) (46,774)
Accumulated other comprehensive income 15 15
Retained deficit (10,505) (30,545)
Total Amedisys, Inc. stockholders’ equity 492,075 460,203
Noncontrolling interests 986 939
Total equity 493,061 461,142
Total liabilities and equity$ 805,873 $ 734,029


AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING, NET
(Amounts in thousands, except statistical information)
(Unaudited)
For the Three Month Period Ended
June 30,
For the Six Month Period Ended
June 30,

2017 2016 2017 2016
Cash Flows from Operating Activities:
Net income $ 4,529 $ 10,843 $ 19,728 $ 17,158
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,537 4,975 8,954 9,448
Provision for doubtful accounts 4,651 4,253 10,992 8,193
Non-cash compensation 4,356 3,736 8,230 7,806
401(k) employer match 2,140 1,703 4,367 3,440
Loss on disposal of property and equipment 163 162 147 522
Deferred income taxes (1,863) 7,324 7,582 11,362
Equity in earnings from equity method investments (2,355) (363) (2,249) (358)
Amortization of deferred debt issuance costs 185 185 370 370
Return on equity investment 3,266 3,416 362
Changes in operating assets and liabilities, net of impact of acquisitions:
Patient accounts receivable (5,332) (2,660) (17,825) (30,349)
Other current assets (3,489) (2,294) (6,892) 5,551
Other assets (158) (9,168) (1,148) (11,943)
Accounts payable 1,000 (490) 1,093 8,608
Securities Class Action Lawsuit settlement accrual, net 28,712 28,712
Accrued expenses (4,129) (3,612) (2,743) (2,811)
Other long-term obligations 31 57 607 (464)
Net cash provided by operating activities 36,244 14,651 63,341 26,895
Cash Flows from Investing Activities:
Proceeds from sale of deferred compensation plan assets 565 230
Purchase of investment (180) (432) (436) (432)
Purchases of property and equipment (3,064) (3,213) (7,449) (9,915)
Acquisitions of businesses, net of cash acquired (20,029) 48 (24,128) (27,634)
Net cash used in investing activities (23,273) (3,597) (31,448) (37,751)
Cash Flows from Financing Activities:
Proceeds from issuance of stock upon exercise of stock options and warrants 3,550 4,203
Proceeds from issuance of stock to employee stock
purchase plan
575 569 1,187 1,207
Shares withheld upon stock vesting (4,968) (5,726)
Tax benefit from stock options exercised and restricted stock vesting 6,971 7,130
Non-controlling interest distribution (48) (200) (90) (200)
Proceeds from revolving line of credit 43,500 84,000
Repayments of revolving line of credit (58,500) (84,000)
Principal payments of long-term obligations (1,250) (1,250) (2,500) (2,500)
Purchase of company stock (12,315)
Net cash used in financing activities (2,141) (8,910) (2,926) (6,678)
Net increase (decrease) in cash and cash equivalents 10,830 2,144 28,967 (17,534)
Cash and cash equivalents at beginning of period 48,334 7,824 30,197 27,502
Cash and cash equivalents at end of period$ 59,164 $ 9,968 $ 59,164 $ 9,968
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest$ 466 $ 711 $ 1,172 $ 1,359
Cash paid for income taxes, net of refunds received $ $ 832 $ 284 $ 825
Days revenue outstanding, net (1) 40.2 37.2 40.2 37.2
(1) Our calculation of days revenue outstanding, net at June 30, 2017 and 2016 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three month periods ended June 30, 2017 and 2016, respectively.


AMEDISYS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited)
Segment Information - Home Health
For the Three Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Medicare $ 198.3 $ 208.4
Non-Medicare 75.4 67.1
Net service revenue 273.7 275.5
Cost of service 164.8 160.3
Gross margin 108.9 115.2
Other operating expenses 73.3 77.4
Operating income $ 35.6 $ 37.8
Same Store Growth (1):
Medicare revenue (5%) 4%
Non-Medicare revenue 12% 13%
Medicare admissions (4%) 4%
Total Episodic admissions (1%) 5%
Total admissions % 3%
Key Statistical Data - Total (2):
Medicare:
Admissions 47,260 48,982
Recertifications 26,839 26,020
Completed episodes 73,872 74,027
Visits 1,271,747 1,315,417
Average revenue per completed episode (3)$ 2,829 $ 2,850
Visits per completed episode (4) 17.5 17.7
Non-Medicare:
Admissions 26,225 24,237
Recertifications 11,462 9,640
Visits 579,328 515,062
Visiting Clinician Cost per Visit $ 80.61 $ 79.44
Clinical Manager Cost per Visit $ 8.44 $ 8.12
Total Cost per Visit $ 89.05 $ 87.56
Visits 1,851,075 1,830,479


For the Six Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Medicare $ 397.0 $ 415.2
Non-Medicare 148.0 133.0
Net service revenue 545.0 548.2
Cost of service 327.8 321.1
Gross margin 217.2 227.1
Other operating expenses 145.9 153.1
Operating income $ 71.3 $ 74.0
Same Store Growth (1):
Medicare revenue (4%) 4%
Non-Medicare revenue 12% 17%
Medicare admissions (2%) 4%
Total Episodic admissions 1% 5%
Total admissions 1% 5%
Key Statistical Data - Total (2):
Medicare:
Admissions 96,888 99,400
Recertifications 51,882 52,043
Completed episodes 145,736 146,059
Visits 2,534,845 2,626,788
Average revenue per completed episode (3)$ 2,750 $ 2,831
Visits per completed episode (4) 17.2 17.6
Non-Medicare:
Admissions 53,558 49,804
Recertifications 21,686 19,466
Visits 1,134,876 1,043,031
Visiting Clinician Cost per Visit $ 80.84 $ 79.29
Clinical Manager Cost per Visit $ 8.49 $ 8.22
Total Cost per Visit $ 89.33 $ 87.51
Visits 3,669,721 3,669,819


(1) Same store information represents the percent increase (decrease) in our Medicare and Non-Medicare revenue or admissions for the period as a percent of the Medicare and Non-Medicare revenue or admissions of the prior period.
(2) Total includes acquisitions.
(3) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.
(4) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.


Segment Information - Hospice
For the Three Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Medicare$ 85.8 $ 71.3
Non-Medicare 4.9 4.5
Net service revenue 90.7 75.8
Cost of service 44.7 39.4
Gross margin 46.0 36.4
Other operating expenses 20.4 18.4
Operating income$ 25.6 $ 18.0
Same Store Growth (1):
Medicare revenue 19% 14%
Non-Medicare revenue 8% 15%
Hospice admissions 11% 18%
Average daily census 16% 16%
Key Statistical Data - Total (2):
Hospice admissions 6,248 5,576
Average daily census 6,717 5,730
Revenue per day, net$ 148.39 $ 145.40
Cost of service per day$ 73.08 $ 75.69
Average discharge length of stay 89 94
For the Six Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Medicare$ 166.5 $ 140.0
Non-Medicare 9.8 8.8
Net service revenue 176.3 148.8
Cost of service 87.1 78.2
Gross margin 89.2 70.6
Other operating expenses 41.2 36.3
Operating income$ 48.0 $ 34.3
Same Store Growth (1):
Medicare revenue 18% 18%
Non-Medicare revenue 11% 15%
Hospice admissions 15% 19%
Average daily census 16% 19%
Key Statistical Data - Total (2):
Hospice admissions 12,753 11,006
Average daily census 6,542 5,618
Revenue per day, net$ 148.88 $ 145.52
Cost of service per day$ 73.56 $ 76.51
Average discharge length of stay 90 95


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


Segment Information - Personal Care

For the Three Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Medicare $$
Non-Medicare 14.4 9.4
Net service revenue 14.4 9.4
Cost of service 10.3 6.8
Gross margin 4.1 2.6
Other operating expenses 3.1 2.3
Operating income $ 1.0$ 0.3
Key Statistical Data:
Billable hours 618,401 404,374
Clients served 8,470 5,940
For the Six Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Medicare $$
Non-Medicare 28.0 12.5
Net service revenue 28.0 12.5
Cost of service 20.7 9.0
Gross margin 7.3 3.5
Other operating expenses 6.5 2.7
Operating income $ 0.8$ 0.8
Key Statistical Data:
Billable hours 1,206,618 542,257
Clients served 10,169 6,866


Segment Information - Corporate
For the Three Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Other operating expenses $ 30.0$ 34.7
Depreciation and amortization 3.3 3.1
Total operating expenses before Securities Class Action Lawsuit settlement, net 33.3 37.8
Securities Class Action Lawsuit settlement, net 28.7
Total operating expenses $ 62.0$ 37.8
For the Six Month Period Ended June 30,
2017 2016
Financial Information (in millions):
Other operating expenses $ 59.5$ 73.7
Depreciation and amortization 6.5 6.0
Total operating expenses before Securities Class Action Lawsuit settlement, net 66.0 79.7
Securities Class Action Lawsuit settlement, net 28.7
Total operating expenses $ 94.7$ 79.7



AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
(Amounts in thousands)
(Unaudited)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”):
For the Three Month Period
Ended June 30,
For the Six Month Period
Ended June 30,
2017 2016 2017 2016
Net income attributable to Amedisys, Inc.$ 4,461 $ 10,696$ 19,591$ 16,909
Add:
Income tax (benefit) expense (1,963) 7,242 7,960 11,630
Interest expense, net 1,156 1,294 2,205 2,384
Depreciation and amortization 4,537 4,975 8,954 9,448
Certain items (1) 27,958 5,636 29,424 13,402
Adjusted EBITDA (2) (6)$ 36,149 $ 29,843$ 68,134$ 53,773
Adjusted Net Service Revenue Reconciliation:
For the Three Month Period
Ended June 30,
For the Six Month Period
Ended June 30,
2017 2016 2017 2016
Net service revenue $ 378,821 $ 360,746$ 749,279$ 709,563
Add:
Certain items (1) 948 948
Adjusted net service revenue (3) (6)$ 378,821 $ 361,694$ 749,279$ 710,511
Adjusted Net Income Attributable to Amedisys, Inc. Reconciliation:
For the Three Month Period
Ended June 30,
For the Six Month Period
Ended June 30,
2017 2016 2017 2016
Net income attributable to Amedisys, Inc.$ 4,461 $ 10,696$ 19,591$ 16,909
Add:
Certain items (1) 16,915 3,410 17,802 8,108
Adjusted net income attributable to Amedisys, Inc. (4) (6) $ 21,376 $ 14,106$ 37,393$ 25,017
Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:
For the Three Month Period
Ended June 30,
For the Six Month Period
Ended June 30,
2017 2016 2017 2016
Net income attributable to Amedisys, Inc. common stockholders per diluted share $ 0.13 $ 0.32$ 0.57$ 0.50
Add:
Certain items (1) 0.49 0.10 0.52 0.24
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)$ 0.62 $ 0.42$ 1.09$ 0.74
(1) The following details the certain items for the three and six month periods ended June 30, 2017 and 2016:


Certain Items:
For the Three Month Period
Ended June 30, 2017

For the Six Month Period
Ended June 30, 2017

(Income) Expense
(Income) Expense
Certain Items Impacting Operating Expenses:
Acquisition costs 294 976
Legal fees - non-routine 1,111 1,234
Securities Class Action Lawsuit settlement accrual, net 28,712 28,712
Data center relocation 226 940
Certain Items Impacting Total Other Income (Expense):
Legal settlements (693) (1,367)
Miscellaneous, other (income) expense, net (1,692) (1,071)
Total $ 27,958 $ 29,424
Net of tax $ 16,915 $ 17,802
Diluted EPS $ 0.49 $ 0.52
For the Three Month Period
Ended June 30, 2016

For the Six Month Period
Ended June 30, 2016
(Income) Expense
(Income) Expense
Certain Items Impacting Net Service Revenue:
Third party audit reserve$ 948 $ 948
Certain Items Impacting Operating Expenses:
HCHB implementation 2,593 5,033
Acquisition costs 337 2,042
Legal fees - non-routine 459 1,976
Restructuring activity 1,485 3,247
Data center relocation 9 456
Certain Items Impacting Total Other Income (Expense):
Legal settlements (265) (806)
Miscellaneous, other (income) expense, net 70 506
Total $ 5,636 $ 13,402
Net of tax $ 3,410 $ 8,108
Diluted EPS $ 0.10 $ 0.24


(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 plus 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 measure 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.


Contact: Investor Contact: Amedisys, Inc. David Castille Managing Director, Treasury/Finance 855-259-2046 IR@amedisys.com Media Contact: Amedisys, Inc. Kendra Kimmons Vice President, Marketing & Communications (225) 299-3720 kendra.kimmons@amedisys.com

Source:Amedisys, Inc.