Amedisys to Host Conference Call March 9, 2016 at 11:00 a.m. ET

BATON ROUGE, La., March 08, 2016 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ:AMED), a leading home health and hospice company, today reported its financial results for the three-month period and year ended December 31, 2015.

Three-Month Periods Ended December 31, 2015 and 2014

• After adjusting for the 2015 period, $0.1 million ($0.5 million, net of income tax ) or $0.02 per diluted share and for the 2014 period $0.2 million ($0.1 million, net of income tax) or $0.01 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
  
  
  • Net service revenue of $337.3 million compared to $300.5 million in 2014.
    
    
  • Net income from continuing operations attributable to Amedisys, Inc. of $13.4 million compared to net income from continuing operations of $9.0 million in 2014. (Net income from continuing operations attributable to Amedisys, Inc. of $12.9 million compared to net income from continuing operations attributable to Amedisys, Inc. of $9.1 million in 2014 on a GAAP basis.)
    
    
  • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.40 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.27 per diluted share in 2014. (Net income from continuing operations attributable to Amedisys, Inc. per diluted share $0.38 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.28 per diluted share in 2014 on a GAAP basis.)
    
    
  • Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $27.6 million compared to $22.9 million in 2014.

Years Ended December 31, 2015 and 2014

• After adjusting for the 2015 period, $85.4 million ($51.9 million, net of income tax ) or $1.57 per diluted share and for the 2014 period $17.7 million ($10.9 million, net of income tax) or $0.33 per diluted share for certain items*, our adjusted results from continuing operations were as follows:
  
  
  • Net service revenue of $1,279.5 million compared to $1,204.5 million in 2014.
    
    
  • Net income from continuing operations attributable to Amedisys, Inc. of $48.9 million compared to net income from continuing operations of $23.9 million in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. of $3.0 million compared to net income from continuing operations attributable to Amedisys, Inc. of $13.0 million in 2014 on a GAAP basis.)
    
    
  • Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.48 compared to net income from continuing operations attributable to Amedisys, Inc. of $0.73 per diluted share in 2014. (Net loss from continuing operations attributable to Amedisys, Inc. per diluted share $0.09 compared to net income from continuing operations attributable to Amedisys Inc. per diluted share of $0.40 per diluted share in 2014 on a GAAP basis.)
    
    
  • EBITDA of $112.0 million compared to $74.3 million in 2014.

 

Paul B. Kusserow, President and Chief Executive Officer stated, “We are extremely pleased with our results in the fourth quarter and 2016 overall, as we continued to demonstrate strong organic revenue and earnings growth. In 2015, we generated $112 million in EBITDA, $108 million in cash flow from operations, strengthened our balance sheet and closed the acquisition of Infinity HomeCare in Florida. Since the end of the year, we also announced our acquisition of Associated Home Care, our first acquisition in the personal care space.”

“In 2016, we will continue to invest in quality and complete our transition to HomeCare HomeBase. We believe both will be key differentiators for Amedisys as our industry continues to evolve toward outcomes-based reimbursement and away from a fee-for-service model. Finally, we will continue with a disciplined capital allocation strategy, pursuing accretive acquisitions, such as our recently announced Associated Home Care deal, and executing under our share repurchase program where appropriate. Congratulations to our employees for delivering these outstanding results and welcome to our new team members from Infinity and Associated.”

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

*   See table Reconciliation Of Non-GAAP Financial Measures To GAAP Financial Statements for explanation of these certain items and the reconciliations of non-GAAP financial measures.

Earnings Call and Webcast Information

To participate on the conference call, please call a few minutes before 11:00 a.m. ET, Wednesday, March 9, 2016 to either (877) 524-8416 (Toll free) or (412) 902-1028 (Toll). A replay of the conference call will be available through April 5, 2016 by dialing (877) 660-6853 (Toll free) or (201) 612-7415 (Toll) and entering conference ID #13629864.

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

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

Additional information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. We also use our website to expedite public access to time-critical information regarding our company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. Therefore, investors should look to the Investor Relations subpage of our website for important and time-critical information. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, changes in or our failure to comply with existing Federal and State laws or regulations or the inability to comply with new government regulations on a timely basis, competition in the home health industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to attract and retain qualified personnel, changes in payments and covered services due to the economic downturn and deficit spending by Federal and State governments, future cost containment initiatives undertaken by third-party payors, our access to financing due to the volatility and disruption of the capital and credit markets, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate and manage our information systems, our ability to comply with requirements stipulated in our corporate integrity agreement and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

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

Non-GAAP Financial Measures

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

AMEDISYS, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION
(Amounts in thousands, except share, per share data and statistical information)
(Unaudited)
Balance Sheet Information
		December 31, 2015				December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	27,502			$	8,032
Patient accounts receivable, net of allowance for doubtful accounts of $16,526 and $14,317		125,010				99,325
Prepaid expenses		8,110				8,493
Other current assets		14,641				19,708
Total current assets		175,263				135,558
Property and equipment, net of accumulated depreciation of $141,793 and $146,438		42,695				137,455
Goodwill		261,663				205,587
Intangible assets, net of accumulated amortization of $25,386 and $25,374		44,047				33,193
Deferred income taxes		125,245				124,788
Other assets, net		36,172				33,161
Total assets	$	685,085			$	669,742
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	25,682			$	16,056
Payroll and employee benefits		72,546				75,553
Accrued expenses		71,965				56,329
Current portion of long-term obligations		5,000				12,000
Current portion of deferred income taxes		—				2,385
Total current liabilities		175,193				162,323
Long-term obligations, less current portion		95,000				104,372
Other long-term obligations		4,456				5,285
Total liabilities		274,649				271,980
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; 34,786,966 and 34,569,526 shares issued; and 33,607,282 and 33,594,572 shares outstanding		35				35
Additional paid-in capital		504,290				481,762
Treasury stock at cost, 1,179,684 and 974,954 shares of common stock		(26,966	)			(19,860	)
Accumulated other comprehensive income		15				15
Retained earnings		(67,806	)			(64,785	)
Total Amedisys, Inc. stockholders’ equity		409,568				397,167
Noncontrolling interests		868				595
Total equity		410,436				397,762
Total liabilities and equity	$	685,085			$	669,742

Statement of Operations Information
	For the Three-Month Periods Ended December 31,										For the Years Ended December 31,
		2015				2014					2015				2014
Net service revenue	$	338,367			$	300,528				$	1,280,541			$	1,204,554
Cost of service, excluding depreciation and amortization		192,483				171,375					725,915				691,061
General and administrative expenses:
Salaries and benefits		69,628				68,465					279,425				292,497
Non-cash compensation		4,187				2,400					11,824				5,597
Other		46,452				33,404					161,186				143,644
Provision for doubtful accounts		4,683				2,976					14,053				16,294
Depreciation and amortization		4,238				6,198					20,036				28,307
Asset impairment charge		—				899					77,268				3,107
Operating expenses		321,671				285,717					1,289,707				1,180,507
Operating income (loss)		16,696				14,811					(9,166	)			24,047
Other income (expense):
Interest income		38				48					71				94
Interest expense		(1,005	)			(2,614	)				(10,783	)			(8,217	)
Equity in earnings from equity method investments		1,122				757					9,823				2,991
Miscellaneous, net		5,785				1,517					9,747				2,061
Total other income (expense), net		5,940				(292	)				8,858				(3,071	)
Income (loss) before income taxes		22,636				14,519					(308	)			20,976
Income tax expense		(9,564	)			(5,188	)				(2,004	)			(7,671	)
Income (loss) from continuing operations		13,072				9,331					(2,312	)			13,305
Discontinued operations, net of tax		—				—					—				(216	)
Net income (loss)		13,072				9,331					(2,312	)			13,089
Net income attributable to noncontrolling interests		(161	)			(196	)				(709	)			(313	)
Net income (loss) attributable to Amedisys, Inc.	$	12,911			$	9,135				$	(3,021	)		$	12,776
Basic earnings per common share:
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders	$	0.39			$	0.28				$	(0.09	)		$	0.40
Discontinued operations, net of tax		—				—					—				(0.01	)
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.39			$	0.28				$	(0.09	)		$	0.39
Weighted average shares outstanding		33,202				32,621					33,018				32,301
Diluted earnings per common share:
Income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders	$	0.38			$	0.28				$	(0.09	)		$	0.40
Discontinued operations, net of tax		—				—					—				(0.01	)
Net income (loss) attributable to Amedisys, Inc. common stockholders	$	0.38			$	0.28				$	(0.09	)		$	0.39
Weighted average shares outstanding		33,743				33,188					33,018				32,823
Amounts attributable to Amedisys, Inc. common stockholders:
Income (loss) from continuing operations	$	12,911			$	9,135				$	(3,021	)		$	12,992
Discontinued operations, net of tax		—				—					—				(216	)
Net income (loss)	$	12,911			$	9,135				$	(3,021	)		$	12,776

Cash Flow and Days Revenue Outstanding, Net Information
	For the Three- Month Periods Ended December 31,									For the Years Ended December 31,
		2015				2014				2015				2014
Net cash provided by (used in) operating activities	$	20,044			$	4,595			$	107,785			$	(65,534	)
Net cash used in investing activities		(47,562	)			(5,138	)			(67,421	)			(14,300	)
Net cash (used in) provided by financing activities		(2,031	)			3,033				(20,894	)			70,563
Net (decrease) increase in cash and cash equivalents		(29,549	)			2,490				19,470				(9,271	)
Cash and cash equivalents at beginning of period		57,051				5,542				8,032				17,303
Cash and cash equivalents at end of period	$	27,502			$	8,032			$	27,502			$	8,032
Days revenue outstanding, net (1)		31.9				29.4				31.9				29.4

(1)      Our calculation of days revenue outstanding, net at December 31, 2015 and 2014 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three-month period ended December 31, 2015 and 2014, respectively. Days revenue outstanding, net at December 31, 2015 does not include Infinity HomeCare.

Supplemental Information - Home Health
	For the Three- Month Periods Ended December 31,
		2015				2014
Financial Information (in millions):
Medicare	$	195.7			$	186.0
Non-Medicare		66.9				53.5
Net service revenue		262.6				239.5
Cost of service		153.2				138.7
Gross margin		109.4				100.8
Other operating expenses		76.6				68.0
Operating income	$	32.8			$	32.8
Key Statistical Data:
Medicare:
Same Store Volume (1):
Revenue		5	%			4	%
Admissions		3	%			1	%
Recertifications		3	%			2	%
Total (2):
Admissions		44,253				42,926
Recertifications		25,376				24,795
Completed episodes		68,926				66,925
Visits		1,216,983				1,173,830
Average revenue per completed episode (3)	$	2,855			$	2,791
Visits per completed episode (4)		17.7				17.5
Non-Medicare:
Same Store Volume (1):
Revenue		25	%			26	%
Admissions		15	%			22	%
Recertifications		16	%			22	%
Total (2):
Admissions		25,201				21,344
Recertifications		9,798				8,328
Visits		529,948				433,086
Total (2):
Cost per Visit	$	87.71			$	86.29
Visits		1,746,931				1,606,916

	For the Years Ended December 31,
		2015				2014
Financial Information (in millions):
Medicare	$	761.4			$	751.5
Non-Medicare		243.7				205.4
Net service revenue		1,005.1				956.9
Cost of service		584.2				559.4
Gross margin		420.9				397.5
Other operating expenses		280.6				294.4
Operating income	$	140.3			$	103.1
Key Statistical Data:
Medicare:
Same Store Volume (1):
Revenue		3	%			1	%
Admissions		3	%			0	%
Recertifications		(1	%)			1	%
Total (2):
Admissions		178,226				177,243
Recertifications		99,762				102,263
Completed episodes		269,227				272,864
Visits		4,797,734				4,794,609
Average revenue per completed episode (3)	$	2,825			$	2,768
Visits per completed episode (4)		17.5				17.3
Non-Medicare:
Same Store Volume (1):
Revenue		21	%			19	%
Admissions		18	%			17	%
Recertifications		14	%			13	%
Total (2):
Admissions		96,934				83,940
Recertifications		35,870				32,074
Visits		1,954,543				1,651,745
Total (2):
Cost per Visit	$	86.52			$	86.77
Visits		6,752,277				6,446,354

(1)      Same store Medicare and Non-Medicare revenue, admissions or recertifications volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue,
admissions or recertifications for the period as a percent of the Medicare and Non-Medicare revenue, admissions or recertifications of the prior period.
(2)      Based on continuing operations for all periods presented.
(3)      Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care which includes the impact of sequestration.
(4)      Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

Supplemental Information - Hospice
	For the Three-Month Periods Ended December 31,
		2015				2014
Financial Information (in millions):
Medicare	$	70.9			$	57.5
Non-Medicare		4.9				3.5
Net service revenue		75.8				61.0
Cost of service		39.3				32.7
Gross margin		36.5				28.3
Other operating expenses		17.8				15.0
Operating income	$	18.7			$	13.3
Key Statistical Data:
Same Store Volume (1):
Medicare revenue		24	%			(1	%)
Non-Medicare revenue		40	%			7	%
Hospice admits		21	%			2	%
Average daily census		24	%			(3	%)
Total (2):
Hospice admits		4,966				4,134
Average daily census		5,576				4,522
Revenue per day	$	147.75			$	146.77
Cost of service per day	$	76.54			$	78.62
Discharge average length of stay		98				102
	For the Years Ended December 31,
		2015				2014
Financial Information (in millions):
Medicare	$	258.5			$	232.6
Non-Medicare		16.9				15.0
Net service revenue		275.4				247.6
Cost of service		141.7				131.7
Gross margin		133.7				115.9
Other operating expenses		66.0				63.4
Operating income	$	67.7			$	52.5
Key Statistical Data:
Same Store Volume (1):
Medicare revenue		13	%			(2	%)
Non-Medicare revenue		18	%			6	%
Hospice admits		16	%			(3	%)
Average daily census		12	%			(4	%)
Total (2):
Hospice admits		19,205				17,081
Average daily census		5,105				4,632
Revenue per day	$	147.78			$	146.51
Cost of service per day	$	76.06			$	77.93
Discharge average length of stay		92				100

(1)      Same store Medicare and Non-Medicare revenue, Hospice admits or average daily census volume is the percent increase (decrease) in our Medicare and Non-Medicare revenue, Hospice admits or average daily census for the period as a percent of the Medicare and Non-Medicare revenue, Hospice admits or average daily census of the prior period.
(2)      Based on continuing operations for all periods presented.

Supplemental Information - Corporate
	For the Three-Month Periods Ended December 31,
		2015				2014
Financial Information (in millions):
Other operating expenses	$	32.2			$	27.6
Depreciation and amortization		2.6				3.7
Total	$	34.8			$	31.3
	For the Years Ended December 31,
		2015				2014
Financial Information (in millions):
Other operating expenses	$	126.5			$	114.4
Depreciation and amortization		13.4				17.2
Total before impairment (1)	$	139.9			$	131.6

(1)      Total of $217.2 million on a GAAP basis for the year ended December 31, 2015 (including $77.3 million asset impairment charge).

AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL STATEMENTS
(Amounts in thousands)
(Unaudited)
Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA
		For the Three-Month Periods Ended December 31,								For the Years Ended December 31,
		2015				2014				2015				2014
Net income (loss) attributable to Amedisys, Inc.	$	12,911			$	9,135			$	(3,021	)		$	12,776
Less:
Discontinued operations, net of tax		—				—				—				(216	)
Net income (loss) from continuing operations attributable to Amedisys, Inc.		12,911				9,135				(3,021	)			12,992
Add:
Income tax expense		9,564				5,188				2,004				7,671
Interest expense, net		967				2,566				10,712				8,123
Depreciation and amortization		4,238				6,198				20,036				28,307
EBITDA (1)		27,680				23,087				29,731				57,093
Add:
Certain items (2)		(120	)			(214	)			85,447				17,673
Debt refinance costs (2)		—				—				(3,212	)			(488	)
Adjusted EBITDA (3)	$	27,560			$	22,873			$	111,966			$	74,278
Adjusted Net Service Revenue Reconciliation
		For the Three-Month Periods Ended December 31,								For the Years Ended December 31,
		2015				2014				2015				2014
Net service revenue	$	338,367			$	300,528			$	1,280,541			$	1,204,554
Add:
Certain items (2)		(1,059	)			—				(1,059	)			—
Adjusted net service revenue (4)	$	337,308			$	300,528			$	1,279,482			$	1,204,554
Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:
		For the Three-Month Periods Ended December 31,								For the Years Ended December 31,
		2015				2014				2015				2014
Net income (loss) attributable to Amedisys, Inc.	$	12,911			$	9,135			$	(3,021	)		$	12,776
Less:
Discontinued operations, net of tax		—				—				—				(216	)
Net income (loss) from continuing operations attributable to Amedisys, Inc.		12,911				9,135				(3,021	)			12,992
Add:
Certain items (2)		543				(138	)			51,898				10,880
Adjusted net income from continuing operations attributable to Amedisys, Inc. (5)	$	13,454			$	8,997			$	48,877			$	23,872

Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:
		For the Three-Month Periods Ended December 31,								For the Years Ended December 31,
		2015				2014				2015				2014
Net income (loss) attributable to Amedisys, Inc. common stockholders per diluted share	$	0.38			$	0.28			$	(0.09	)		$	0.39
Less:
Discontinued operations, net of tax		—				—				—				(0.01	)
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share		0.38				0.28				(0.09	)			0.40
Add:
Certain items (2)		0.02				(0.01	)			1.57				0.33
Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share (6)	$	0.40			$	0.27			$	1.48			$	0.73

(1)      EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(2)      The following details the certain other items for the three-month periods and years ended December 31, 2015 and 2014:

		For the Three-Month Period Ended December 31, 2015													For the Year Ended December 31, 2015
		(Income) Expense				Net				Diluted EPS				(Income) Expense						Net				Diluted EPS
HCHB implementation	$	2,383			$	1,442			$	0.04				$	4,431				$	2,681			$	0.08
Acquisition costs		1,046				633				0.02					1,046					633				0.02
Exit and restructuring activity		—				—				—					2,735					1,654				0.05
Legal fees - CID		459				278				0.01					745					451				0.01
OIG Self-Disclosure		4,674				3,443				0.10					4,674					3,443				0.10
Legal settlements		(5,314	)			(3,215	)			(0.10	)				(7,453	)				(4,509	)			(0.14	)
Inventory and Data Security Reporting		—				—				—					2,121					1,283				0.04
Wage and Hour litigation		(2,309	)			(1,397	)			(0.04	)				5,691					3,443				0.10
Asset impairment		—				—				—					77,268					46,747				1.42
Reduction of cost report reserve		(1,059	)			(641	)			(0.02	)				(1,059	)				(641	)			(0.02	)
Debt refinance costs		—				—				—					3,212					1,944				0.06
Miscellaneous, other (income) expense, net		—				—				—					(7,964	)				(5,231	)			(0.15	)
Total	$	(120	)		$	543			$	0.02				$	85,447				$	51,898			$	1.57

		For the Three-Month Period Ended December 31, 2014												For the Year Ended December 31, 2014
	(Income) Expense					Net				Diluted EPS				(Income) Expense				Net				Diluted EPS
Exit and restructuring activity	$	—			$	—			$	—			$	9,954			$	6,132			$	0.19
OIG Self-Disclosure		—				—				—				1,450				893				0.03
Legal settlements		(1,113	)			(716	)			(0.02	)			(1,113	)			(716	)			(0.02	)
Asset impairment		899				578				0.01				3,107				1,938				0.05
Relator fees		—				—				—				3,938				2,426				0.07
Loss on disposal of in-patient facility		—				—				—				515				317				0.01
Debt refinance costs		—				—				—				488				301				0.01
Miscellaneous, other (income) expense, net		—				—				—				(666	)			(411	)			(0.01	)
Total	$	(214	)		$	(138	)		$	(0.01	)		$	17,673			$	10,880			$	0.33

(3)      Adjusted EBITDA is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. before provision for income taxes, net interest expense, depreciation and amortization excluding certain other items as described in footnote 2. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.
(4)      Adjusted net service revenue is defined as net service revenue plus certain items as described in footnote 2. Adjusted net service revenue should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net service revenue may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(5)      Adjusted net income from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. excluding certain other items as described in footnote 2. Adjusted net income from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.
(6)      Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income (loss) from continuing operations per share excluding the earnings per share effect of certain other items as described in footnote 2. Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators or operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

Contact:

Investor Contact:
Amedisys, Inc.
David Castille
Managing Director, Treasury/Finance
(225) 299-3391
david.castille@amedisys.com

Media Contact:
Amedisys, Inc.
Kendra Kimmons
Managing Director, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com

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