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Amedisys Reports Fourth Quarter and Year End 2024 Financial Results

1. AMED reported Q4 2024 net revenue increased by $27.3 million. 2. Net loss attributable to AMED was $20.4 million, including merger expenses. 3. Adjusted net income rose to $32 million, showing operational strength. 4. Pending merger with UnitedHealth Group remains a focus for stakeholders. 5. Total assets increased to $2.14 billion, showing solid financial backing.

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Why Bearish?

Despite revenue increase, net loss and merger-related costs raise investor concerns. Historical patterns show that significant merger expenses typically result in short-term price drops.

How important is it?

The article addresses key financial metrics and future strategies with implications for AMED's price. Revenue metrics indicate growth potential, but losses raise valid concerns among investors.

Why Short Term?

Immediate market reactions to losses and merger uncertainties tend to affect stock prices quickly. Short-term volatility can arise from ongoing merger discussions and expenses.

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BATON ROUGE, La., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three-month period and year ended December 31, 2024. Three-Month Periods Ended December 31, 2024 and 2023 Net service revenue increased $27.3 million to $598.1 million compared to $570.8 million in 2023.Net loss attributable to Amedisys, Inc. of $20.4 million, which is inclusive of merger-related expenses totaling $17.4 million ($15.9 million, net of tax) and a non-cash goodwill and other intangibles impairment charge totaling $48.4 million ($38.4 million, net of noncontrolling interest and tax) compared to net income attributable to Amedisys, Inc. of $19.3 million, which is inclusive of merger-related expenses totaling $11.5 million ($9.6 million, net of tax) in 2023.Net loss attributable to Amedisys, Inc. per diluted share of $0.62 compared to net income attributable to Amedisys, Inc. per diluted share of $0.59 in 2023. Adjusted Quarterly Results* Adjusted EBITDA of $54.6 million compared to $56.7 million in 2023.Adjusted net income attributable to Amedisys, Inc. of $32.0 million compared to $30.8 million in 2023.Adjusted net income attributable to Amedisys, Inc. per diluted share of $0.96 compared to $0.94 in 2023. Years Ended December 31, 2024 and 2023 Net service revenue increased $111.9 million to $2,348.3 million compared to $2,236.4 million in 2023.Net income attributable to Amedisys, Inc. of $43.2 million, which is inclusive of merger-related expenses totaling $66.6 million ($64.0 million, net of tax) and a non-cash goodwill and other intangibles impairment charge totaling $48.4 million ($38.4 million, net of noncontrolling interest and tax) compared to net loss attributable to Amedisys, Inc. of $9.7 million, which is inclusive of merger-related expenses totaling $142.7 million ($140.5 million, net of tax) in 2023.Net income attributable to Amedisys, Inc. per diluted share of $1.31 compared to net loss attributable to Amedisys, Inc. per diluted share of $0.30 in 2023. Adjusted Year End Results* Adjusted EBITDA of $245.8 million compared to $247.0 million in 2023.Adjusted net income attributable to Amedisys, Inc. of $142.7 million compared to $140.6 million in 2023.Adjusted net income attributable to Amedisys, Inc. per diluted share of $4.32 compared to $4.30 in 2023. * See pages 2 and 13 - 14 for the definition and reconciliations of non-GAAP financial measures to GAAP measures. The supplemental slides provided in connection with the fourth quarter and year end 2024 earnings release can be found on the Investor Relations page of our website. In light of the pending merger of the Company with UnitedHealth Group Incorporated, Amedisys will not conduct a quarterly earnings call to discuss the fourth quarter and year end results. 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 (loss) income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items; (2) adjusted net income attributable to Amedisys, Inc., defined as net (loss) income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items; and (3) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net (loss) income attributable to Amedisys, Inc. common stockholders per diluted share calculated in accordance with GAAP excluding certain items. Certain items include merger-related expenses, impairment charges, acquisition and integration costs, unusual or non-recurring expenses and certain non-operational 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 services company, delivering personalized home health, hospice and high acuity care services in the home. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based recovery and rehabilitation after an operation or injury, care focused on empowering our patients to manage a chronic disease, hospice care at the end of life or in-patient hospital, palliative and skilled nursing facility ("SNF") care in their homes. More than 3,300 hospitals and 114,000 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 approximately 19,000 employees in 519 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 499,000 patients every year. For more information about the Company, please visit: www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website. Forward-Looking Statements When included in this press release, words like “believes,” “belief,” “expects,” “strategy,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “will,” “could,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to, the following: disruption from the proposed merger with UnitedHealth Group with patient, payor, provider, referral source, supplier or management and employee relationships; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with UnitedHealth Group or the inability to complete the proposed transaction on the anticipated terms or by the outside date under the merger agreement; the risk that necessary regulatory approvals for the proposed merger with UnitedHealth Group are delayed, are not obtained or are obtained subject to conditions that are not anticipated; the failure of the conditions to the proposed merger to be satisfied; the costs related to the proposed transaction; the diversion of management time on merger-related issues; the risk that termination fees may be payable by the Company in the event that the merger agreement is terminated under certain circumstances; reputational risk related to the proposed merger; the risk of litigation or regulatory action related to the proposed merger, including among other things, the action by the Department of Justice to block the merger; changes in Medicare and other medical payment levels; changes in payments and covered services by federal and state governments; future cost containment initiatives undertaken by third-party payors; changes in the episodic versus non-episodic mix of our payors, the case mix of our patients and payment methodologies; staffing shortages driven by the competitive labor market; our ability to attract and retain qualified personnel; competition in the healthcare industry; our ability to maintain or establish new patient referral sources; 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 estimates and judgments associated with critical accounting policies; our ability to consistently provide high-quality care; our ability to keep our patients and employees safe; our access to financing; our ability to meet debt service requirements and comply with covenants in debt agreements; business disruptions due to natural or man-made disasters, climate change or acts of terrorism, widespread protests or civil unrest; our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively; our ability to realize the anticipated benefits of acquisitions, investments and joint ventures; our ability to integrate, manage and keep our information systems secure; the impact of inflation; the impact of new or increased tariffs; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence ("AI") and generative AI and changes in laws 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:             Amedisys, Inc.                  Nick Muscato                   Chief Strategy Officer  (615) 928- 5452                 IR@amedisys.com           Media Contact:                               Amedisys, Inc.Kendra KimmonsVice President, Marketing & Communications(225) 299-3720 kendra.kimmons@amedisys.com AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except per share data)  For the Three-MonthPeriods Ended December 31, For the Years Ended December 31,  2024   2023   2024   2023 Net service revenue$598,052  $570,788  $2,348,324  $2,236,382 Operating expenses:       Cost of service, inclusive of depreciation 344,614   321,416   1,330,647   1,245,509 General and administrative expenses:       Salaries and benefits 137,646   135,123   529,748   516,049 Non-cash compensation 7,041   7,114   29,028   26,082 Merger-related expenses 17,401   11,521   66,638   36,672 Depreciation and amortization 4,566   4,143   17,997   17,747 Impairment 48,391   —   48,391   — Other 58,017   57,462   231,337   237,929 Total operating expenses 617,676   536,779   2,253,786   2,079,988 Operating (loss) income (19,624)  34,009   94,538   156,394 Other income (expense):       Interest income 2,749   818   8,110   3,270 Interest expense (6,978)  (8,234)  (30,764)  (31,274)Equity in earnings from equity method investments 1,951   1,394   6,267   10,760 Merger termination fee —   —   —   (106,000)Miscellaneous, net 2,674   1,211   8,065   6,473 Total other income (expense), net 396   (4,811)  (8,322)  (116,771)(Loss) income before income taxes (19,228)  29,198   86,216   39,623 Income tax expense (6,291)  (10,178)  (48,054)  (50,559)Net (loss) income (25,519)  19,020   38,162   (10,936)Net loss attributable to noncontrolling interests 5,138   302   5,069   1,189 Net (loss) income attributable to Amedisys, Inc.$(20,381) $19,322  $43,231  $(9,747)Basic earnings per common share:       Net (loss) income attributable to Amedisys, Inc. common stockholders$(0.62) $0.59  $1.32  $(0.30)Weighted average shares outstanding 32,751   32,635   32,718   32,599 Diluted earnings per common share:       Net (loss) income attributable to Amedisys, Inc. common stockholders$(0.62) $0.59  $1.31  $(0.30)Weighted average shares outstanding 32,751   32,913   33,051   32,599  AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except share data) As of December 31,  2024   2023 ASSETS   Current assets:   Cash and cash equivalents$303,242  $126,450 Restricted cash —   12,413 Patient accounts receivable 296,075   313,373 Prepaid expenses 13,072   14,639 Other current assets 19,694   30,060 Total current assets 632,083   496,935 Property and equipment, net of accumulated depreciation of $100,890 and $92,422 42,108   41,845 Operating lease right of use assets 81,500   88,939 Goodwill 1,213,888   1,244,679 Intangible assets, net of accumulated amortization of $18,787 and $14,008 81,155   102,675 Other assets 87,980   85,097 Total assets$2,138,714  $2,060,170 LIABILITIES AND EQUITY   Current liabilities:   Accounts payable$39,956  $28,237 Payroll and employee benefits 151,995   136,835 Accrued expenses 152,564   140,049 Termination fee paid by UnitedHealth Group 106,000   106,000 Current portion of long-term obligations 37,968   36,314 Current portion of operating lease liabilities 25,909   26,286 Total current liabilities 514,392   473,721 Long-term obligations, less current portion 339,313   361,862 Operating lease liabilities, less current portion 56,111   62,751 Deferred income tax liabilities 48,051   40,635 Other long-term obligations 882   1,418 Total liabilities 958,749   940,387 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; 38,307,521 and 38,131,478 shares issued; and 32,776,148 and 32,667,631 shares outstanding 38   38 Additional paid-in capital 818,201   787,177 Treasury stock at cost, 5,531,373 and 5,463,847 shares of common stock (474,854)  (468,626)Retained earnings 791,156   747,925 Total Amedisys, Inc. stockholders’ equity 1,134,541   1,066,514 Noncontrolling interests 45,424   53,269 Total equity 1,179,965   1,119,783 Total liabilities and equity$2,138,714  $2,060,170  AMEDISYS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING(Amounts in thousands, except statistical information)  For the Three-MonthPeriods Ended December 31, For the Years Ended December 31,  2024   2023   2024   2023 Cash Flows from Operating Activities:       Net (loss) income$(25,519) $19,020  $38,162  $(10,936)Adjustments to reconcile net (loss) income to net cash provided by operating activities:       Depreciation and amortization (inclusive of depreciation included in cost of service) 6,708   5,891   26,039   23,847 Non-cash compensation 8,249   9,400   30,639   29,024 Amortization and impairment of operating lease right of use assets 8,702   8,569   34,422   33,996 (Gain) loss on disposal of property and equipment (6)  (27)  (28)  319 Gain on deconsolidation of joint venture (1,626)  —   (1,626)  — Deferred income taxes 34   5,238   7,416   20,655 Loss on personal care divestiture —   —   —   2,186 Merger termination fee —   —   —   106,000 Equity in earnings from equity method investments (1,951)  (1,394)  (6,267)  (10,760)Amortization of deferred debt issuance costs 248   248   991   991 Return on equity method investments 1,471   764   3,631   5,073 Impairment 48,391   —   48,391   — Changes in operating assets and liabilities, net of impact of acquisitions:       Patient accounts receivable 4,974   6,207   16,477   (26,727)Other current assets 458   8,796   11,700   (6,638)Operating lease right of use assets (1,061)  (983)  (4,196)  (3,786)Other assets 146   (84)  744   189 Accounts payable 8,043   (6,977)  12,210   (15,816)Accrued expenses 20,571   13,354   33,066   23,694 Other long-term obligations (4)  (234)  (536)  (3,390)Operating lease liabilities (7,551)  (7,477)  (29,570)  (30,733)Net cash provided by operating activities 70,277   60,311   221,665   137,188 Cash Flows from Investing Activities:       Proceeds from the sale of deferred compensation plan assets 34   29   55   54 Proceeds from the sale of property and equipment —   36   —   136 Purchases of property and equipment (1,110)  (1,892)  (6,550)  (5,620)Investments in technology assets (204)  (212)  (823)  (7,093)Investments in equity method investees —   —   (1,046)  — Return of investment —   —   —   150 Proceeds from personal care divestiture —   —   —   47,787 Acquisitions of businesses, net of cash acquired —   —   —   (350)Net cash (used in) provided by investing activities (1,280)  (2,039)  (8,364)  35,064 Cash Flows from Financing Activities:       Proceeds from issuance of stock upon exercise of stock options 221   —   309   100 Proceeds from issuance of stock under employee stock purchase plan —   —   —   2,602 Shares withheld to pay taxes on non-cash compensation (1,312)  (2,116)  (6,152)  (6,529)Noncontrolling interest contributions 301   220   2,212   1,452 Noncontrolling interest distributions (788)  (259)  (3,362)  (1,873)Purchase of noncontrolling interest —   —   —   (800)Proceeds from borrowings under revolving line of credit —   —   —   23,000 Repayments of borrowings under revolving line of credit —   —   —   (23,000)Principal payments of long-term obligations (9,627)  (8,900)  (37,357)  (76,013)Payment of accrued contingent consideration —   (2,370)  (4,572)  (6,461)Net cash used in financing activities (11,205)  (13,425)  (48,922)  (87,522)Net increase in cash, cash equivalents and restricted cash 57,792   44,847   164,379   84,730 Cash, cash equivalents and restricted cash at beginning of period 245,450   94,016   138,863   54,133 Cash, cash equivalents and restricted cash at end of period$303,242  $138,863  $303,242  $138,863          For the Three-MonthPeriods Ended December 31, For the Years Ended December 31,  2024   2023   2024   2023 Supplemental Disclosures of Cash Flow Information:       Cash paid for interest$6,769  $7,888  $29,989  $29,766 Cash paid for income taxes, net of refunds received$12,102  $4,809  $40,095  $29,127 Days revenue outstanding (1) 43.0   47.7   43.0   47.7  (1) Our calculation of days revenue outstanding at December 31, 2024 and 2023 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended December 31, 2024 and 2023, respectively. AMEDISYS, INC. AND SUBSIDIARIESSEGMENT INFORMATION(Amounts in millions, except statistical information)(Unaudited) Segment Information - Home Health For the Three-Month PeriodsEnded December 31,  2024   2023 Financial Information(in millions):   Medicare$212.4  $221.1 Non-Medicare 164.6   137.8 Net service revenue 377.0   358.9 Cost of service, inclusive of depreciation 226.3   208.0 Gross margin 150.7   150.9 General and administrative expenses 95.5   92.8 Depreciation and amortization 2.0   1.9 Operating income$53.2  $56.2 Same Store Growth(1):   Medicare revenue (4%)  (1%)Non-Medicare revenue 19%  15%Total admissions 8%  7%Total volume(2) 7%  5%Key Statistical Data - Total(3):   Admissions 109,686   101,809 Recertifications 47,051   44,893 Total volume 156,737   146,702     Medicare completed episodes 72,173   73,892 Average Medicare revenue per completed episode(4)$3,030  $2,997 Medicare visits per completed episode(5) 12.0   12.2     Visiting clinician cost per visit$111.75  $108.64 Clinical manager cost per visit 13.13   12.12 Total cost per visit$124.88  $120.76 Visits 1,812,048   1,721,985   For the YearsEnded December 31,  2024   2023 Financial Information(in millions):   Medicare$856.4  $874.2 Non-Medicare 634.1   529.4 Net service revenue 1,490.5   1,403.6 Cost of service, inclusive of depreciation 874.9   801.1 Gross margin 615.6   602.5 General and administrative expenses 372.2   363.5 Depreciation and amortization 7.8   6.0 Operating income$235.6  $233.0 Same Store Growth(1):   Medicare revenue (2%)  (3%)Non-Medicare revenue 20%  13%Total admissions 11%  6%Total volume(2) 8%  4%Key Statistical Data - Total(3):   Admissions 441,945   399,752 Recertifications 184,613   179,719 Total volume 626,558   579,471     Medicare completed episodes 289,289   295,017 Average Medicare revenue per completed episode(4)$3,021  $2,998 Medicare visits per completed episode(5) 12.0   12.4     Visiting clinician cost per visit$108.01  $103.31 Clinical manager cost per visit 12.41   11.58 Total cost per visit$120.42  $114.89 Visits 7,265,742   6,972,929  (1)  Same store information represents the percent change in our Medicare, Non-Medicare and Total revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare and Total revenue, admissions or volume of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.(2)  Total volume includes all admissions and recertifications.(3)  Total includes acquisitions, start-ups and de novos.(4)  Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care. (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. Segment Information - Hospice  For the Three-Month PeriodsEnded December 31,  2024   2023 Financial Information(in millions):   Medicare$202.4  $194.2 Non-Medicare 10.5   11.8 Net service revenue 212.9   206.0 Cost of service, inclusive of depreciation 112.2   107.8 Gross margin 100.7   98.2 General and administrative expenses 50.6   48.9 Depreciation and amortization 0.8   0.9 Operating income$49.3  $48.4 Same Store Growth(1):   Medicare revenue 4%  4%Hospice admissions (1%)  (3%)Average daily census 1%  —%Key Statistical Data - Total(2):   Hospice admissions 12,157   12,226 Average daily census 12,925   12,859 Revenue per day, net$179.02  $174.10 Cost of service per day$94.38  $91.18 Average discharge length of stay 95   97   For the YearsEnded December 31,  2024   2023 Financial Information(in millions):   Medicare$783.9  $754.0 Non-Medicare 41.9   44.8 Net service revenue 825.8   798.8 Cost of service, inclusive of depreciation 429.7   412.2 Gross margin 396.1   386.6 General and administrative expenses 197.1   193.1 Depreciation and amortization 3.1   3.0 Operating income$195.9  $190.5 Same Store Growth(1):   Medicare revenue 4%  1%Hospice admissions (2%)  (5%)Average daily census —%  (1%)Key Statistical Data - Total(2):   Hospice admissions 48,426   49,587 Average daily census 12,916   12,863 Revenue per day, net$174.68  $170.14 Cost of service per day$90.90  $87.80 Average discharge length of stay 94   93  (1)   Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period. Same store is defined as care centers that we have operated for at least the last twelve months and startups that are an expansion of a same store care center.(2)   Total includes acquisitions and de novos. Segment Information - High Acuity Care For the Three-Month PeriodsEnded December 31,  2024   2023 Financial Information(in millions):   Medicare$—  $— Non-Medicare 8.1   5.9 Net service revenue 8.1   5.9 Cost of service, inclusive of depreciation 6.1   5.6 Gross margin 2.0   0.3 General and administrative expenses 5.7   5.4 Depreciation and amortization 0.9   0.8 Impairment 48.4   — Operating loss$(53.0) $(5.9)Key Statistical Data - Total:   Full risk admissions 248   105 Limited risk admissions 659   600 Total admissions 907   705     Full risk revenue per episode$11,327  $10,919 Limited risk revenue per episode$6,525  $6,901     Number of admitting joint ventures 8   10   For the YearsEnded December 31,  2024   2023 Financial Information(in millions):   Medicare$—  $— Non-Medicare 32.0   19.0 Net service revenue 32.0   19.0 Cost of service, inclusive of depreciation 26.0   21.1 Gross margin 6.0   (2.1)General and administrative expenses 22.7   20.4 Depreciation and amortization 3.4   3.1 Impairment 48.4   — Operating loss$(68.5) $(25.6)Key Statistical Data - Total:   Full risk admissions 761   648 Limited risk admissions 2,612   1,804 Total admissions 3,373   2,452     Full risk revenue per episode$10,470  $10,565 Limited risk revenue per episode$6,685  $6,187     Number of admitting joint ventures 8   10  Segment Information - Personal Care(1) For the YearsEnded December 31,  2024  2023Financial Information(in millions):   Medicare$— $—Non-Medicare —  15.0Net service revenue —  15.0Cost of service, inclusive of depreciation —  11.1Gross margin —  3.9General and administrative expenses —  2.3Depreciation and amortization —  —Operating income$— $1.6Key Statistical Data - Total:   Billable hours —  440,464Clients served —  7,892Shifts —  191,379Revenue per hour$— $33.97Revenue per shift$— $78.19Hours per shift —  2.3 (1) We completed the sale of our personal care business on March 31, 2023. Segment Information - Corporate For the Three-Month PeriodsEnded December 31,  2024  2023Financial Information(in millions):   General and administrative expenses$68.2 $64.1Depreciation and amortization 0.9  0.6Total operating expenses$69.1 $64.7  For the YearsEnded December 31,  2024  2023Financial Information(in millions):   General and administrative expenses$264.8 $237.5Depreciation and amortization 3.7  5.6Total operating expenses$268.5 $243.1       AMEDISYS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES (Amounts in thousands) (Unaudited) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") Reconciliation:  For the Three-Month PeriodsEnded December 31, For the YearsEnded December 31,  2024   2023  2024  2023 Net (loss) income attributable to Amedisys, Inc.$(20,381) $19,322 $43,231 $(9,747)Add:       Income tax expense 6,291   10,178  48,054  50,559 Interest expense, net 4,229   7,416  22,654  28,004 Depreciation and amortization 6,708   5,891  26,039  23,847 Certain items(1) 57,802   13,846  105,795  154,344 Adjusted EBITDA(2)(5)$54,649  $56,653 $245,773 $247,007  Adjusted Net Income Attributable to Amedisys, Inc Reconciliation: For the Three-Month PeriodsEnded December 31, For the YearsEnded December 31,  2024   2023  2024  2023 Net (loss) income attributable to Amedisys, Inc.$(20,381) $19,322 $43,231 $(9,747)Add:       Certain items(1) 52,337   11,500  99,458  150,384 Adjusted net income attributable to Amedisys, Inc.(3)(5)$31,956  $30,822 $142,689 $140,637  Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share Reconciliation:     For the Three-Month PeriodsEnded December 31, For the YearsEnded December 31,  2024   2023  2024  2023 Net (loss) income attributable to Amedisys, Inc. common stockholders per diluted share$(0.62) $0.59 $1.31 $(0.30)Add:       Certain items(1) 1.58   0.35  3.01  4.60 Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share(4)(5)$0.96  $0.94 $4.32 $4.30                (1) The following details the certain items for the three-month periods and years ended December 31, 2024 and 2023: Certain Items (in thousands): For the Three-Month PeriodEnded December 31, 2024 For the Year EndedDecember 31, 2024 (Income) Expense (Income) ExpenseCertain Items Impacting General and Administrative Expenses:   Merger-related expenses$17,401  $66,638 Impairment 48,391   48,391 Certain Items Impacting Other Income (Expense):   Other (income) expense, net (2,123)  (3,367)Certain Items Impacting Net Loss Attributable to Noncontrolling Interests:   Impairment (5,867)  (5,867)Total$57,802  $105,795 Net of tax$52,337  $99,458 Diluted EPS$1.58  $3.01   For the Three-Month PeriodEnded December 31, 2023 For the Year EndedDecember 31, 2023 (Income) Expense (Income) ExpenseCertain Items Impacting Cost of Service, Inclusive of Depreciation:   Clinical optimization and reorganization costs$199  $595Certain Items Impacting General and Administrative Expenses:   Acquisition and integration costs 180   3,286CEO transition 661   5,940Merger-related expenses 11,521   36,672Clinical optimization and reorganization costs 1,819   6,022Personal care divestiture —   525Certain Items Impacting Other Income (Expense):   Other (income) expense, net* (534)  101,304Total$13,846  $154,344Net of tax$11,500  $150,384Diluted EPS$0.35  $4.60 *Includes $106,000 merger termination fee recorded during the year ended December 31, 2023 (2) Adjusted EBITDA is defined as net (loss) income attributable to Amedisys, Inc. before net interest expense, provision for income taxes and depreciation and amortization, excluding certain items as described in footnote 1. (3) Adjusted net income attributable to Amedisys, Inc. is defined as net (loss) income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1. (4) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted (loss) income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1. (5) Adjusted EBITDA, 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.

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