GlobeNewswire Inc | Oct 28, 2020 04:05PM EDT

October 28, 2020

BATON ROUGE, La., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and nine-month periods ended September30, 2020.

Three-Month Periods Ended September30, 2020 and 2019

-- Net service revenue increased $49.5million to $544.1million compared to $494.6million in 2019. -- Net income attributable to Amedisys, Inc. of $72.0million compared to $34.1million in 2019. -- Net income attributable to Amedisys, Inc. per diluted share of $2.16 (inclusive of $0.72 income tax benefit related to executive stock option exercise) compared to $1.03 in 2019.

Adjusted Quarterly Results*

-- Adjusted EBITDA of $75.7million compared to $56.8million in 2019. -- Adjusted net service revenue of $544.1million compared to $494.6million in 2019. -- Adjusted net income attributable to Amedisys, Inc. of $74.6million compared to $37.9million in 2019. -- Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.24 (inclusive of $0.72 income tax benefit related to executive stock option exercise) compared to $1.15 in 2019.

Nine-Month Periods Ended September30, 2020 and 2019

-- Net service revenue increased $65.9million to $1,520.8million compared to $1,454.9million in 2019. -- Net income attributable to Amedisys, Inc. of $138.5million compared to $99.2million in 2019. -- Net income attributable to Amedisys, Inc. per diluted share of $4.16 (inclusive of $0.72 income tax benefit related to executive stock option exercise) compared to $3.01 in 2019.

Adjusted Year to Date Results*

-- Adjusted EBITDA of $195.4million compared to $173.0million in 2019. -- Adjusted net service revenue of $1,520.8million compared to $1,460.9million in 2019. -- Adjusted net income attributable to Amedisys, Inc. of $153.9million compared to $114.2million in 2019. -- Adjusted net income attributable to Amedisys, Inc. per diluted share of $4.63 (inclusive of $0.72 income tax benefit related to executive stock option exercise) compared to $3.47 in 2019.

*See pages 13-15 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, I am very proud of our third quarter results which have bested both our internal and external expectations and have allowed us to increase our full year 2020 guidance ranges. Home health and hospice have shown strong recoveries and returned to growth this quarter which is no small feat given the continued impact of COIVD-19. We are well underway with our integration of Aseracare, have paid down a large portion of our already low debt and continue to drive prodigious amounts of cash flow. Most importantly, we have done all of this while delivering the highest quality care and continuing our relentless focus on clinical quality. The importance of caring for people in their homes, wherever they call home, has never been more evident, and as such, we are well positioned for continued success. A special thank you to all of our clinician staff for continuing to do what you do best. It is because of your compassion, bravery and tireless efforts that we are able to deliver another great quarter.

Updated 2020 Guidance

-- Net service revenue is anticipated to be in the range of $2.067billion to $2.072billion. -- Adjusted EBITDA is anticipated to be in the range of $269million to $272million. -- Adjusted diluted earnings per share is anticipated to be in the range of $6.02 to $6.08 (inclusive of $0.72 income tax benefit related to executive stock option exercise) based on an estimated 33.4million shares outstanding.

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

We urge caution in considering the current trends and 2020 guidance disclosed in this press release. The home health, hospice and personal care industries are highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (SEC) including our Annual Report on Form 10-K for the fiscal year ended December31, 2019, subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SECs 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, October29, 2020, at 11:00 a.m. ET to discuss its third 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 November29, 2020 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13712002.

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 other operating income, defined as other operating income excluding certain items; (4)adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (5)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 companys financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional Information

Amedisys, Inc. (the Company) is a leading healthcare at home company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering our patients to manage a chronic disease; or hospice care at the end of life. More than 2,600 hospitals and 67,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With more than 21,000 employees in 516 care centers within 39 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 415,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com.

We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled Investors on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like believes, belief, expects, strategy, plans, anticipates, intends, projects, estimates, may, might, could, would, should and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: the impact of the novel coronavirus pandemic (COVID-19), including the measures that have been and may be taken by governmental authorities to mitigate it, on our business, financial condition and results of operations, changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, our ability to keep our patients and employees safe, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disaster, acts of terrorism, widespread protest or civil unrest, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of acquisitions and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

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

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

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (Unaudited)

FortheThree-Month FortheNine-Month PeriodsEndedSeptember30, PeriodsEndedSeptember30, 2020 2019 2020 2019 Net service revenue $ 544,070 $ 494,631 $ 1,520,814 $ 1,454,955 Other operating 4,812 ? 27,592 ? incomeCost of service,excluding 297,668 288,708 878,633 854,734 depreciation andamortizationGeneral andadministrative expenses:Salaries and 123,146 99,941 330,329 293,127 benefitsNon-cash 7,124 6,298 19,758 18,451 compensationOther 49,348 48,474 142,616 140,284 Depreciation and 8,283 4,366 19,955 12,440 amortizationOperating expenses 485,569 447,787 1,391,291 1,319,036 Operating income 63,313 46,844 157,115 135,919 Other income (expense):Interest income 31 15 258 59 Interest expense (2,692 ) (3,778 ) (8,675 ) (11,459 )Equity in earningsfrom equity method 1,435 (812 ) 2,399 4,120 investmentsMiscellaneous, net 122 1,975 (2,318 ) 2,404 Total other (1,104 ) (2,600 ) (8,336 ) (4,876 )expense, netIncome before 62,209 44,244 148,779 131,043 income taxesIncome tax benefit 10,202 (9,919 ) (9,175 ) (31,105 )(expense)Net income 72,411 34,325 139,604 99,938 Net incomeattributable to (430 ) (193 ) (1,147 ) (760 )noncontrollinginterestsNet incomeattributable to $ 71,981 $ 34,132 $ 138,457 $ 99,178 Amedisys, Inc. Basic earnings per common share:Net incomeattributable to $ 2.20 $ 1.06 $ 4.26 $ 3.09 Amedisys, Inc.common stockholdersWeighted average 32,662 32,211 32,469 32,096 shares outstandingDiluted earnings per common share:Net incomeattributable to $ 2.16 $ 1.03 $ 4.16 $ 3.01 Amedisys, Inc.common stockholdersWeighted average 33,260 33,002 33,267 32,944 shares outstanding

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)

September30, December31, 2020 2019 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 112,904 $ 30,294 Restricted cash 2,549 66,196 Patient accounts receivable 250,777 237,596 Prepaid expenses 14,906 8,243 Other current assets 30,114 8,225 Total current assets 411,250 350,554 Property and equipment, net of accumulated 24,104 28,113 depreciation of $101,512 and $96,137Operating lease right of use assets 94,273 84,791 Goodwill 931,483 658,500 Intangible assets, net of accumulated 84,143 64,748 amortization of $17,165 and $7,044Deferred income taxes 24,189 21,427 Other assets 33,278 54,612 Total assets $ 1,602,720 $ 1,262,745 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 39,037 $ 31,259 Payroll and employee benefits 126,543 120,877 Accrued expenses 170,743 137,111 Provider relief fund advance 60,000 ? Current portion of long-term obligations 10,711 9,927 Current portion of operating lease liabilities 30,462 27,769 Total current liabilities 437,496 326,943 Long-term obligations, less current portion 300,576 232,256 Operating lease liabilities, less current portion 62,519 56,128 Other long-term obligations 44,386 5,905 Total liabilities 844,977 621,232 Equity: Preferred stock, $0.001 par value, 5,000,000 ? ? shares authorized; none issued or outstandingCommon stock, $0.001 par value, 60,000,000 sharesauthorized; 37,457,444 and 36,638,021 shares 37 37 issued; and 32,802,785 and 32,284,051 sharesoutstandingAdditional paid-in capital 690,099 645,256 Treasury stock, at cost 4,654,659 and 4,353,970 (318,771 ) (251,241 )shares of common stockAccumulated other comprehensive income ? 15 Retained earnings 384,840 246,383 Total Amedisys, Inc. stockholders? equity 756,205 640,450 Noncontrolling interests 1,538 1,063 Total equity 757,743 641,513 Total liabilities and equity $ 1,602,720 $ 1,262,745

AMEDISYS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING (Amounts in thousands, except statistical information) (Unaudited)

FortheThree-Month FortheNine-Month PeriodsEndedSeptember30, PeriodsEndedSeptember30, 2020 2019 2020 2019 Cash Flows fromOperating Activities:Net income $ 72,411 $ 34,325 $ 139,604 $ 99,938 Adjustments toreconcile netincome to net cash provided byoperatingactivities:Depreciation and 8,283 4,366 19,955 12,440 amortizationNon-cash 7,124 6,298 19,758 18,451 compensationNon-cash 401(k) ? 2,859 ? 7,545 employer matchAmortization andimpairment of 10,591 9,519 29,149 27,014 operating leaseright of use assetsLoss (gain) ondisposal of 17 8 (77 ) 6 property andequipmentLoss on sale ofequity method ? ? 2,980 ? investmentWrite-off of othercomprehensive ? ? (15 ) ? incomeDeferred income 1,274 11,923 (2,762 ) 17,798 taxesEquity in earningsfrom equity method (1,435 ) 812 (2,399 ) (4,120 )investmentsAmortization ofdeferred debt 216 220 653 653 issuance costs/debtdiscountReturn on equity 1,175 2,885 3,919 3,727 investmentChanges inoperating assetsand liabilities, net of impact ofacquisitions:Patient accounts (2,511 ) (15,304 ) 6,486 (39,469 )receivableOther current (24,748 ) (1,851 ) (28,217 ) (10,194 )assetsOther assets 584 258 (91 ) 202 Accounts payable 4,825 1,330 (1,627 ) (8,145 )Accrued expenses (2,396 ) (1,359 ) 25,594 27,903 Other long-term 17,735 (50 ) 38,481 (231 )obligationsOperating lease (9,211 ) (7,916 ) (25,576 ) (24,116 )liabilitiesOperating lease (851 ) (868 ) (2,775 ) (2,622 )right of use assetsNet cash providedby operating 83,083 47,455 223,040 126,780 activities Cash Flows fromInvesting Activities:Proceeds from saleof deferred 73 74 94 287 compensation planassetsProceeds from thesale of property ? 12 80 158 and equipmentPurchases ofproperty and (1,294 ) (3,644 ) (2,995 ) (6,337 )equipmentInvestments inequity method ? ? (875 ) (210 )investeesProceeds from saleof equity method ? ? 17,876 ? investmentAcquisitions ofbusinesses, net of ? (46 ) (299,723 ) (345,460 )cash acquiredNet cash used ininvesting (1,221 ) (3,604 ) (285,543 ) (351,562 )activities Cash Flows fromFinancing Activities:Proceeds fromissuance of stock 3,123 2,045 6,070 3,388 upon exercise ofstock optionsProceeds fromissuance of stock 914 850 2,600 2,384 to employee stockpurchase planShares withheld topay taxes on (47,788 ) (4,895 ) (54,172 ) (9,385 )non-cashcompensationNoncontrollinginterest (300 ) (453 ) (672 ) (910 )distributionProceeds fromborrowings under ? ? ? 175,000 term loanProceeds fromborrowings under 7,500 8,000 432,000 192,500 revolving line ofcreditRepayments ofborrowings under (97,500 ) (41,000 ) (357,000 ) (133,000 )revolving line ofcreditPrincipal paymentsof long-term (2,685 ) (1,543 ) (7,360 ) (3,820 )obligationsDebt issuance costs ? ? ? (847 )Provider relief (10,000 ) ? 60,000 ? fund advanceNet cash providedby (used in) (146,736 ) (36,996 ) 81,466 225,310 financingactivitiesNet (decrease)increase in cash, (64,874 ) 6,855 18,963 528 cash equivalentsand restricted cashCash, cashequivalents and 180,327 13,902 96,490 20,229 restricted cash atbeginning of periodCash, cashequivalents and $ 115,453 $ 20,757 $ 115,453 $ 20,757 restricted cash atend of period

Supplemental Disclosures of Cash Flow Information:Cash paid for interest $ 1,610 $ 3,569 $ 4,902 $ 7,756 Cash paid for income taxes, net of $ 22,137 $ 9,807 $ 30,290 $ 17,656 refunds receivedCash paid for operating lease $ 10,062 $ 8,784 $ 28,351 $ 26,738 liabilitiesCash paid for finance lease $ 497 $ ? $ 1,483 $ 792 liabilities Supplemental Disclosures of Non-Cash Activity:Right of use assets obtained inexchange for operating lease $ 10,982 $ 4,635 $ 29,876 $ 110,304 liabilitiesRight of use assets obtained inexchange for finance lease $ 335 $ 845 $ 822 $ 1,806 liabilitiesReductions to right of use assetsresulting from reductions to $ 360 $ 324 $ 767 $ 1,235 operating lease liabilitiesDays revenue outstanding (1) 40.0 44.5 40.0 44.5

(1)Our calculation of days revenue outstanding at September30, 2020 and 2019 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended September30, 2020 and 2019, respectively.

AMEDISYS, INC. AND SUBSIDIARIES SEGMENT INFORMATION (Amounts in millions, except statistical information) (Unaudited)

Segment Information - Home Health

For the Three-Month Periods Ended September30, 2020 2019 Financial Information (in millions): Medicare $ 222.2 $ 211.5 Non-Medicare 103.8 100.0 Net service revenue 326.0 311.5 Other operating income 2.6 ? Cost of service 180.0 188.9 Gross margin 148.6 122.6 Other operating expenses 79.8 76.5 Operating income $ 68.8 $ 46.1 Same Store Growth (1): Medicare revenue 5 % 2 %Non-Medicare revenue 4 % 16 %Total admissions 5 % 9 %Total volume (2) 6 % 6 %Key Statistical Data - Total (3): Admissions 85,578 81,937 Recertifications 47,094 43,340 Total volume 132,672 125,277 Medicare completed episodes (6) 77,552 75,807 Average Medicare revenue per completed episode (4) $ 2,886 $ 2,836 (6)Medicare visits per completed episode (5) (6) 14.4 16.9 Visiting Clinician Cost per Visit $ 89.10 $ 83.68 Clinical Manager Cost per Visit $ 8.91 $ 8.09 Total Cost per Visit $ 98.01 $ 91.77 Visits 1,836,895 2,057,184

FortheNine-MonthPeriods Ended September30, 2020 2019 Financial Information (in millions): Medicare $ 619.0 $ 644.0 Non-Medicare 300.8 296.2 Net service revenue 919.8 940.2 Other operating income 17.7 ? Cost of service 543.8 562.4 Gross margin 393.7 377.8 Other operating expenses 229.6 224.0 Operating income $ 164.1 $ 153.8 Same Store Growth (1): Medicare revenue (4 %) 4 %Non-Medicare revenue 2 % 18 %Total admissions (1 %) 7 %Total volume (2) 2 % 6 %Key Statistical Data - Total (3): Admissions 245,880 247,669 Recertifications 135,263 128,496 Total volume 381,143 376,165 Medicare completed episodes (6) 221,848 229,229 Average Medicare revenue per completed episode (4) $ 2,811 $ 2,853 (6)Medicare visits per completed episode (5) (6) 15.2 17.1 Visiting Clinician Cost per Visit $ 88.64 $ 82.23 Clinical Manager Cost per Visit $ 9.10 $ 7.91 Total Cost per Visit $ 97.74 $ 90.14 Visits 5,563,992 6,238,758

(1)Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Effective July1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center. (2)Total volume includes all admissions and recertifications. (3)Total includes acquisitions and denovos. (4)Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. Average Medicare revenue per completed episode for the three and nine-month periods ended September30, 2020 reflects the suspension of sequestration effective May1, 2020. Additionally average Medicare revenue per completed episode for the nine-month period ended September30, 2020 reflects the transition to PDGM during the year and therefore includes reimbursement under both the 60-day episode of care (pre-PDGM) payment rate and the 30-day period of care (PDGM) payment rate. (5)Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period. (6)Prior year amounts have been recast to conform to the current year calculation.

Segment Information - Hospice

FortheThree-MonthPeriods Ended September30, 2020 2019 Financial Information (in millions): Medicare $ 189.0 $ 153.5 Non-Medicare 10.7 8.9 Net service revenue 199.7 162.4 Other operating income 1.7 ? Cost of service 104.1 84.5 Gross margin 97.3 77.9 Other operating expenses 48.4 36.2 Operating income $ 48.9 $ 41.7 Same Store Growth (1): Medicare revenue 3 % 10 %Hospice admissions 9 % 4 %Average daily census ? % 5 %Key Statistical Data - Total (2): Hospice admissions 13,026 9,914 Average daily census 13,953 11,565 Revenue per day, net $ 155.57 $ 152.67 Cost of service per day $ 81.05 $ 79.51 Average discharge length of stay 101 98

FortheNine-MonthPeriods Ended September30, 2020 2019 Financial Information (in millions): Medicare $ 516.5 $ 430.0 Non-Medicare 29.7 22.6 Net service revenue 546.2 452.6 Other operating income 8.9 ? Cost of service 293.1 245.9 Gross margin 262.0 206.7 Other operating expenses 129.1 100.9 Operating income $ 132.9 $ 105.8 Same Store Growth (1): Medicare revenue 4 % 6 %Hospice admissions 3 % 5 %Average daily census 1 % 6 %Key Statistical Data - Total (2): Hospice admissions 35,755 30,055 Average daily census 12,841 10,997 Revenue per day, net $ 155.23 $ 150.77 Cost of service per day $ 83.29 $ 81.92 Average discharge length of stay 98 98

(1)Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Effective July1, 2019, same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center. (2)Total includes acquisitions and denovos.

Segment Information - Personal Care

FortheThree-MonthPeriods Ended September30, 2020 2019 Financial Information (in millions): Medicare $ ? $ ?Non-Medicare 18.4 20.7Net service revenue 18.4 20.7Other operating income 0.5 ?Cost of service 13.5 15.3Gross margin 5.4 5.4Other operating expenses 3.2 3.1Operating income $ 2.2 $ 2.3 Key Statistical Data - Total (1): Billable hours 673,161 824,251Clients served 10,153 12,687Shifts 280,470 370,451Revenue per hour $ 27.33 $ 25.12Revenue per shift $ 65.59 $ 55.90Hours per shift 2.4 2.2

For the Nine-Month Periods Ended September30, 2020 2019 Financial Information (in millions): Medicare $ ? $ ?Non-Medicare 54.8 62.1Net service revenue 54.8 62.1Other operating income 1.0 ?Cost of service 41.7 46.4Gross margin 14.1 15.7Other operating expenses 9.6 9.5Operating income $ 4.5 $ 6.2 Key Statistical Data - Total (1): Billable hours 2,067,958 2,506,113Clients served 14,057 16,134Shifts 896,141 1,128,920Revenue per hour $ 26.51 $ 24.77Revenue per shift $ 61.18 $ 55.00Hours per shift 2.3 2.2

(1)Total includes acquisitions.

Segment Information - Corporate

FortheThree-MonthPeriods Ended September30, 2020 2019 Financial Information (in millions): Other operating expenses $ 49.9 $ 40.4Depreciation and amortization 6.7 2.9Total operating expenses $ 56.6 $ 43.3

FortheNine-MonthPeriods Ended September30, 2020 2019 Financial Information (in millions): Other operating expenses $ 129.2 $ 122.0Depreciation and amortization 15.2 7.9Total operating expenses $ 144.4 $ 129.9

AMEDISYS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (Amounts in thousands) (Unaudited)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) Reconciliation:

For the Three- For the Nine- Month Periods Month Periods Ended September30, Ended September30, 2020 2019 2020 2019 Net income attributable $ 71,981 $ 34,132 $ 138,457 $ 99,178 to Amedisys, Inc.Add: Income tax (benefit) (10,202 ) 9,919 9,175 31,105 expenseInterest expense, net 2,661 3,763 8,417 11,400 Depreciation and 8,283 4,366 19,955 12,440 amortizationCertain items (1) 3,494 5,088 20,843 20,259 Interest component of (558 ) (451 ) (1,450 ) (1,338 )certain items (1)Adjusted EBITDA (2) (7) $ 75,659 $ 56,817 $ 195,397 $ 173,044

Adjusted Net Service Revenue Reconciliation:

For the Three- For the Nine- Month Periods Month Periods Ended September30, Ended September30, 2020 2019 2020 2019Net service revenue $ 544,070 $ 494,631 $ 1,520,814 $ 1,454,955Add: Certain items (1) ? ? ? 5,993Adjusted net service revenue $ 544,070 $ 494,631 $ 1,520,814 $ 1,460,948(3) (7)

Adjusted Other Operating Income Reconciliation:

For the Three- For the Nine- Month Periods Month Periods EndedSeptember30, EndedSeptember30, 2020 2019 2020 2019Other operating income $ 4,812 $ ? $ 27,592 $ ?Add: Certain items (1) (4,812 ) ? (27,592 ) ?Adjusted other operating income (4) $ ? $ ? $ ? $ ?(7)

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

For the Three- For the Nine- Month Periods Month Periods Ended September30, Ended September30, 2020 2019 2020 2019Net income attributable to $ 71,981 $ 34,132 $ 138,457 $ 99,178Amedisys, Inc.Add: Certain items (1) 2,585 3,765 15,424 14,992Adjusted net incomeattributable to Amedisys, $ 74,566 $ 37,897 $ 153,881 $ 114,170Inc. (5) (7)

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

For the Three- For the Nine- Month Periods Month Periods EndedSeptember30, EndedSeptember30, 2020 2019 2020 2019Net income attributable toAmedisys, Inc. common $ 2.16 $ 1.03 $ 4.16 $ 3.01stockholders per diluted shareAdd: Certain items (1) 0.08 0.11 0.46 0.46Adjusted net income attributableto Amedisys, Inc. common $ 2.24 $ 1.15 $ 4.63 $ 3.47stockholders per diluted share(6) (7)

(1)The following details the certain items for the three and nine-month periods ended September30, 2020 and 2019:

Certain Items:

FortheThree-MonthPeriod FortheNine-MonthPeriod Ended September30, 2020 Ended September30, 2020 (Income) Expense (Income) Expense Certain ItemsImpacting Other Operating Income:CARES Act& State $ (4,812 ) $ (27,592 )COVID-19 grantsCertain ItemsImpacting Cost of Service:COVID-19 costs 4,389 27,399 Severance - reductions (550 ) 4,633 in staffing levelsCertain ItemsImpacting Operating Expenses:Acquisition and 3,626 9,561 integration costsCOVID-19 costs 322 1,385 Severance - reductions ? 271 in staffing levelsCertain ItemsImpacting Total Other Income (Expense):Interest component of 558 1,450 certain itemsOther (income) (39 ) 3,736 expense, netTotal $ 3,494 $ 20,843 Net of tax 2,585 15,424 Diluted EPS $ 0.08 $ 0.46

FortheThree-MonthPeriod FortheNine-MonthPeriod Ended September30, 2019 Ended September30, 2019 (Income) Expense (Income) Expense Certain ItemsImpacting Net Service Revenue:Contingency accrual $ ? $ 6,541 Planned closures (8) ? (548 )Certain ItemsImpacting Cost of Service:Planned closures (8) 15 1,172 Certain ItemsImpacting Operating Expenses:Planned closures (8) 28 185 Acquisition and 4,141 14,393 integration costsLegal fees - 397 373 non-routineCertain ItemsImpacting Total Other Income (Expense):Interest component of 451 1,338 certain itemsOther (income) 56 (3,195 )expense, netTotal $ 5,088 $ 20,259 Net of tax 3,765 14,992 Diluted EPS $ 0.11 $ 0.46

(2)Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1. (3)Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1. (4)Adjusted other operating income is defined as other operating income excluding certain items as described in footnote 1. (5)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. (6)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. (7)Adjusted EBITDA, adjusted net service revenue, 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. (8)Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.