Net service revenue increased $45.4 million to $537.1 million compared to $491.7 million in 2020.

Net income attributable to Amedisys, Inc. of $49.9 million compared to $31.8 million in 2020.

Net income attributable to Amedisys, Inc. per diluted share of $1.50 compared to $0.96 in 2020.

Adjusted EBITDA of $78.6 million compared to $53.3 million in 2020.

Adjusted net income attributable to Amedisys, Inc. of $51.1 million compared to $34.8 million in 2020.

Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.54 compared to $1.05 in 2020.

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

Net service revenue is anticipated to be in the range of $2.302 billion to $2.342 billion.

Adjusted EBITDA is anticipated to be in the range of $342 million to $352 million.

Adjusted diluted earnings per share is anticipated to be in the range of $6.85 to $7.07 based on an estimated 33.4 million shares outstanding.

Net service revenue

Other operating income

Cost of service, excluding depreciation and amortization

General and administrative expenses:

Salaries and benefits

Non-cash compensation

Other

Depreciation and amortization

Operating expenses

Operating income

Other income (expense):

Interest income

Interest expense

Equity in earnings from equity method investments

Miscellaneous, net

Total other expense, net

Income before income taxes

Income tax expense

Net income

Net income attributable to noncontrolling interests

Net income attributable to Amedisys, Inc.

Basic earnings per common share:

Net income attributable to Amedisys, Inc. common stockholders

Weighted average shares outstanding

Diluted earnings per common share:

Net income attributable to Amedisys, Inc. common stockholders

Weighted average shares outstanding

Current assets:

Cash and cash equivalents

Restricted cash

Patient accounts receivable

Prepaid expenses

Other current assets

Total current assets

Property and equipment, net of accumulated depreciation of $97,698 and $95,024

Operating lease right of use assets

Goodwill

Intangible assets, net of accumulated amortization of $12,738 and $22,973

Deferred income taxes

Other assets

Total assets

Current liabilities:

Accounts payable

Payroll and employee benefits

Accrued expenses

Provider relief fund advance

Current portion of long-term obligations

Current portion of operating lease liabilities

Total current liabilities

Long-term obligations, less current portion

Operating lease liabilities, less current portion

Other long-term obligations

Total liabilities

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; 37,538,837 and 37,470,212 shares issued; and 32,567,712 and 32,814,278 shares outstanding

Additional paid-in capital

Treasury stock, at cost 4,971,125 and 4,655,934 shares of common stock

Retained earnings

Total Amedisys, Inc. stockholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

Cash Flows from Operating Activities:

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

Non-cash compensation

Amortization and impairment of operating lease right of use assets

Loss on disposal of property and equipment

Write-off of other comprehensive income

Deferred income taxes

Equity in earnings from equity method investments

Amortization of deferred debt issuance costs/debt discount

Return on equity investment

Changes in operating assets and liabilities, net of impact of acquisitions:

Patient accounts receivable

Other current assets

Other assets

Accounts payable

Accrued expenses

Other long-term obligations

Operating lease liabilities

Operating lease right of use assets

Net cash provided by operating activities

Cash Flows from Investing Activities:

Proceeds from sale of deferred compensation plan assets

Proceeds from the sale of property and equipment

Purchases of property and equipment

Acquisitions of businesses, net of cash acquired

Net cash used in investing activities

Cash Flows from Financing Activities:

Proceeds from issuance of stock upon exercise of stock options

Proceeds from issuance of stock to employee stock purchase plan

Shares withheld to pay taxes on non-cash compensation

Noncontrolling interest distribution

Proceeds from borrowings under revolving line of credit

Repayments of borrowings under revolving line of credit

Principal payments of long-term obligations

Purchase of company stock

Provider relief fund advance

Net cash (used in) provided by financing activities

Net (decrease) increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

Supplemental Disclosures of Cash Flow Information:

Cash paid for interest

Cash paid for income taxes, net of refunds received

Cash paid for operating lease liabilities

Cash paid for finance lease liabilities

Supplemental Disclosures of Non-Cash Activity:

Right of use assets obtained in exchange for operating lease liabilities

Right of use assets obtained in exchange for finance lease liabilities

Reductions to right of use assets resulting from reductions to operating lease liabilities

Days revenue outstanding (1)

Our calculation of days revenue outstanding, net is derived by dividing our ending patient accounts receivable at March 31, 2021 and 2020 by our average daily net patient service revenue for the three-month periods ended March 31, 2021 and 2020, respectively.

Financial Information (in millions):

Medicare

Non-Medicare

Net service revenue

Other operating income

Cost of service

Gross margin

Other operating expenses

Operating income

Same Store Growth (1):

Medicare revenue

Non-Medicare revenue

Total admissions

Total volume (2)

Key Statistical Data—Total (3):

Admissions

Recertifications (6)

Total volume (6)

Medicare completed episodes

Average Medicare revenue per completed episode (4)

Medicare visits per completed episode (5)

Visiting Clinician Cost per Visit

Clinical Manager Cost per Visit

Total Cost per Visit

Visits

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.

Total volume includes all admissions and recertifications.

Total includes acquisitions, start-ups and denovos.

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 transition to PDGM effective January 1, 2020 and the suspension of sequestration effective May 1, 2020.

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.

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

Financial Information (in millions):

Medicare

Non-Medicare

Net service revenue

Other operating income

Cost of service

Gross margin

Other operating expenses

Operating income

Same Store Growth (1):

Medicare revenue

Hospice admissions

Average daily census

Key Statistical Data - Total (2):

Hospice admissions

Average daily census

Revenue per day, net

Cost of service per day

Average discharge length of stay

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.

Total includes acquisitions, start-ups and denovos.

Financial Information (in millions):

Medicare

Non-Medicare

Net service revenue

Other operating income

Cost of service

Gross margin

Other operating expenses

Operating income

Key Statistical Data - Total (1):

Billable hours

Clients served

Shifts

Revenue per hour

Revenue per shift

Hours per shift

Total includes acquisitions, start-ups and denovos.

Financial Information (in millions):

Other operating expenses

Depreciation and amortization

Total operating expenses

Net income attributable to Amedisys, Inc.

Add:

Income tax expense

Interest expense, net

Depreciation and amortization

Certain items (1)

Interest component of certain items (1)

Adjusted EBITDA (2) (6)

Other operating income

Add:

Certain items (1)

Adjusted other operating income (3) (6)

Net income attributable to Amedisys, Inc.

Add:

Certain items (1)

Adjusted net income attributable to Amedisys, Inc. (4) (6)

Net income attributable to Amedisys, Inc. common stockholders per diluted share

Add:

Certain items (1)

Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6)

The following details the certain items for the three-month periods ended March 31, 2021 and 2020:

Certain Items Impacting Other Operating Income:

CARES Act & State COVID-19 grants

Certain Items Impacting Cost of Service:

COVID-19 costs

Certain Items Impacting Operating Expenses:

Acquisition and integration costs

COVID-19 costs

Certain Items Impacting Total Other Income (Expense):

Interest component of certain items

Other (income) expense, net

Total

Net of tax

Diluted EPS

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.

Adjusted other operating income is defined as other operating income excluding certain items as described in footnote 1.

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.

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.

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.