Amedisys Reports Second Quarter 2020 Financial Results - Reissues 2020 Guidance

BATON ROUGE, La., July 28, 2020 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month period ended June 30, 2020.

Three-Month Periods Ended June 30, 2020 and 2019

  • Net service revenue decreased $8.0 million to $485.0 million compared to $493.0 million in 2019.
  • Net income attributable to Amedisys, Inc. of $34.7 million compared to $33.7 million in 2019.
  • Net income attributable to Amedisys, Inc. per diluted share of $1.04 compared to $1.02 in 2019.

Adjusted Quarterly Results*

  • Adjusted EBITDA of $66.4 million compared to $61.4 million in 2019.
  • Adjusted net service revenue of $485.0 million compared to $498.5 million in 2019.
  • Adjusted net income attributable to Amedisys, Inc. of $44.5 million compared to $39.9 million in 2019.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.34 compared to $1.21 in 2019.

Six-Month Periods Ended June 30, 2020 and 2019

  • Net service revenue increased $16.4 million to $976.7 million compared to $960.3 million in 2019.
  • Net income attributable to Amedisys, Inc. of $66.5 million compared to $65.0 million in 2019.
  • Net income attributable to Amedisys, Inc. per diluted share of $2.00 compared to $1.98 in 2019.

Adjusted Year to Date Results*

  • Adjusted EBITDA of $119.7 million compared to $116.2 million in 2019.
  • Adjusted net service revenue of $976.7 million compared to $966.3 million in 2019.
  • Adjusted net income attributable to Amedisys, Inc. of $79.3 million compared to $76.3 million in 2019.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.39 compared to $2.32 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 second quarter results which have allowed us to reissue our full year 2020 guidance ranges, but once again, more proud of our employees that delivered these results during such a momentous and unprecedented time in our nation’s history. Our front-line heroes continue to provide the highest quality care to our patients, wherever they call home even in the face of this Public Health Emergency. They have adapted to our COVID-19 policies and procedures, utilized PPE to protect both themselves and our patients, quickly implemented telehealth for additional patient touch points and have gone above and beyond to be great partners to our referral sources. The pandemic continues to highlight the importance of caring for people in their homes, wherever they call home, and as such has positioned Amedisys for continued growth in the future. A special thank you to all our essential healthcare workers - you are true heroes and none of this would be possible without you.”

2020 Guidance

  • Net service revenue is anticipated to be in the range of $2.040 billion to $2.070 billion.
  • Adjusted EBITDA is anticipated to be in the range of $245 million to $255 million.
  • Adjusted diluted earnings per share is anticipated to be in the range of $4.84 to $5.06 based on an estimated 33.4 million 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 December 31, 2019, subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov, and our internet website, http://www.amedisys.com

Earnings Call and Webcast Information

Amedisys will host a conference call on Wednesday, July 29, 2020, at 11:00 a.m. ET to discuss its second quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through August 29, 2020 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13706583.

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 company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering 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 526 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 
 Vice President, Strategic Finance Vice President, Marketing & 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)

 For the Three-Month
Periods Ended June 30,
 
 For the Six-Month
Periods Ended June 30, 

  2020     2019     2020     2019   
Net service revenue$  485,059  $  492,984  $  976,744  $  960,324 
Other operating income   22,780     —     22,780     — 
Cost of service, excluding depreciation and amortization   295,228     290,752     580,965     566,026 
General and administrative expenses:    
Salaries and benefits   105,617     98,356     207,183     193,186 
Non-cash compensation   6,725     5,538     12,634     12,153 
Other   44,003     48,408     93,268     91,810 
Depreciation and amortization   6,334     5,179     11,672     8,074 
Operating expenses   457,907     448,233     905,722     871,249 
Operating income   49,932     44,751     93,802     89,075 
Other income (expense):    
Interest income   214     20     227     44 
Interest expense   (2,752)    (4,332)    (5,983)    (7,681)
Equity in earnings from equity method investments   487     3,716     964     4,932 
Miscellaneous, net   (2,703)    193     (2,440)    429 
    Total other expense, net   (4,754)    (403)    (7,232)    (2,276)
Income before income taxes   45,178     44,348     86,570     86,799 
Income tax expense   (10,031)    (10,308)    (19,377)    (21,186)
Net income   35,147     34,040     67,193     65,613 
Net income attributable to noncontrolling interests   (473)    (298)    (717)    (567)
Net income attributable to Amedisys, Inc$  34,674  $  33,742  $  66,476  $  65,046 
Basic earnings per common share:    
Net income attributable to Amedisys, Inc. common stockholders$  1.07  $  1.05  $  2.05  $  2.03 
Weighted average shares outstanding   32,412     32,075     32,371     32,038 
Diluted earnings per common share:    
Net income attributable to Amedisys, Inc. common stockholders$  1.04  $  1.02  $  2.00  $  1.98 
Weighted average shares outstanding   33,285     32,933     33,259     32,913 


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

 June 30, 2020
(unaudited)
 
 December 31,
2019 

ASSETS  
Current assets:  
Cash and cash equivalents$  177,278  $  30,294 
Restricted cash   3,049     66,196 
Patient accounts receivable   249,030     237,596 
Prepaid expenses   10,788     8,243 
Other current assets   9,395     8,225 
    Total current assets   449,540     350,554 
Property and equipment, net of accumulated depreciation of $100,963 and $96,137   25,007     28,113 
Operating lease right of use assets   92,904     84,791 
Goodwill   937,088     658,500 
Intangible assets, net of accumulated amortization of $12,649 and $7,044   81,813     64,748 
Deferred income taxes   25,463     21,427 
Other assets   33,673     54,612 
    Total assets$  1,645,488  $  1,262,745 
   
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$  33,383  $  31,259 
Payroll and employee benefits   128,275     120,877 
Accrued expenses   169,722     137,111 
Provider relief fund advance   70,000     — 
Current portion of long-term obligations   10,718     9,927 
Current portion of operating lease liabilities   29,950     27,769 
    Total current liabilities   442,048     326,943 
Long-term obligations, less current portion   392,713     232,256 
Operating lease liabilities, less current portion   61,611     56,128 
Other long-term obligations   26,857     5,905 
    Total liabilities   923,229     621,232 
   
Equity:  
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding   —     — 
Common stock, $0.001 par value, 60,000,000 shares authorized; 36,831,298 and 36,638,021 shares issued; and 32,442,719 and 32,284,051 shares outstanding   37     37 
Additional paid-in capital   665,580     645,256 
Treasury stock, at cost 4,388,579 and 4,353,970 shares of common stock   (257,625)    (251,241)
Accumulated other comprehensive income   —     15 
Retained earnings   312,859     246,383 
    Total Amedisys, Inc. stockholders’ equity   720,851     640,450 
Noncontrolling interests   1,408     1,063 
    Total equity   722,259     641,513 
    Total liabilities and equity$  1,645,488  $  1,262,745 
   


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

 For the Three-Month
Periods Ended June 30,
 
 For the Six-Month
Periods Ended June 30, 
  2020   2019   2020   2019 
Cash Flows from Operating Activities:    
Net income$  35,147  $  34,040  $  67,193  $  65,613 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization   6,334     5,179     11,672     8,074 
Non-cash compensation   6,725     5,538     12,634     12,153 
Non-cash 401(k) employer match   —     2,307     —     4,686 
Amortization and impairment of operating lease right of use assets   9,500     9,150     18,558     17,495 
(Gain) loss on disposal of property and equipment   (149)    2     (94)    (2)
Loss on sale of equity method investment   2,980     —     2,980     — 
Write-off of other comprehensive income   —     —     (15)    — 
Deferred income taxes   (5,264)    2,606     (4,036)    5,875 
Equity in earnings from equity method investments   (487)    (3,716)    (964)    (4,932)
Amortization of deferred debt issuance costs/debt discount   217     220     437     433 
Return on equity investment   375     117     2,744     842 
Changes in operating assets and liabilities, net of impact of acquisitions:    
Patient accounts receivable   34,456     (1,832)    8,997     (24,165)
Other current assets   2,287     2,292     (3,469)    (8,343)
Other assets   (1,092)    282     (675)    (56)
Accounts payable   (3,779)    1,665     (6,452)    (9,475)
Accrued expenses   38,326     10,424     27,990     29,262 
Other long-term obligations   17,686     (37)    20,746     (181)
Operating lease liabilities   (8,233)    (8,061)    (16,365)    (16,200)
Operating lease right of use assets   (1,107)    (910)    (1,924)    (1,754)
Net cash provided by operating activities   133,922     59,266     139,957     79,325 
     
Cash Flows from Investing Activities:    
Proceeds from sale of deferred compensation plan assets   5     5     21     213 
Proceeds from the sale of property and equipment   68     81     80     146 
Purchases of property and equipment   (267)    (1,495)    (1,701)    (2,693)
Investments in equity method investees   (875)    (90)    (875)    (210)
Proceeds from sale of equity method investment   17,876     —     17,876     — 
Acquisitions of businesses, net of cash acquired   (230,374)    (17,547)    (299,723)    (345,414)
Net cash used in investing activities   (213,567)    (19,046)    (284,322)    (347,958)
     
Cash Flows from Financing Activities:    
Proceeds from issuance of stock upon exercise of stock options   1,763     987     2,947     1,343 
Proceeds from issuance of stock to employee stock purchase plan   826     752     1,686     1,534 
Shares withheld to pay taxes on non-cash compensation   (2,334)    (1,802)    (6,384)    (4,490)
Noncontrolling interest distribution   (12)    (91)    (372)    (457)
Proceeds from borrowings under term loan   —     —     —     175,000 
Proceeds from borrowings under revolving line of credit   237,000     23,000     424,500     184,500 
Repayments of borrowings under revolving line of credit   (222,000)    (58,000)    (259,500)    (92,000)
Principal payments of long-term obligations   (3,083)    (1,718)    (4,675)    (2,277)
Debt issuance costs   —     —     —     (847)
Provider relief fund advance   70,000     —     70,000     — 
Net cash provided by (used in) financing activities   82,160     (36,872)    228,202     262,306 
Net increase (decrease) in cash, cash equivalents and restricted cash   2,515     3,348     83,837     (6,327)
Cash, cash equivalents and restricted cash at beginning of period   177,812     10,554     96,490     20,229 
Cash, cash equivalents and restricted cash at end of period$  180,327  $  13,902  $  180,327  $  13,902 


Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest$  1,537  $  3,462  $  3,292  $  4,187 
Cash paid for income taxes, net of refunds received$  2,881  $  7,445  $  8,153  $  7,849 
Cash paid for operating lease liabilities$  9,340  $  8,971  $  18,289  $  17,954 
Cash paid for finance lease liabilities$  487  $  408  $  986  $  792 
     
Supplemental Disclosures of Non-Cash Activity:    
Right of use assets obtained in exchange for operating lease liabilities$  12,454  $  10,488  $  18,891  $  102,231 
Right of use assets obtained in exchange for finance lease liabilities$  233  $  998  $  487  $  1,806 
Reductions to right of use assets resulting from reductions to operating lease liabilities$  248  $  286  $  407  $  911 
Days revenue outstanding (1)   42.0     41.1     42.0     41.1 

(1) Our calculation of days revenue outstanding at June 30, 2020 and 2019 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three-month periods ended June 30, 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 June 30,
 
  2020   2019 
Financial Information (in millions):  
Medicare$  192.9  $  219.1 
Non-Medicare   97.3     99.5 
Net service revenue   290.2     318.6 
Other operating income   15.1     —  
Cost of service   184.0     187.8 
Gross margin   121.3     130.8 
Other operating expenses   73.1     75.1 
Operating income$  48.2  $  55.7 
   
Same Store Growth (1):  
Medicare revenue   (12%)    6%
Non-Medicare revenue   (2%)    17%
Total admissions   (9%)    7%
Total volume (2)   (2%)    6%
Key Statistical Data - Total (3):  
Admissions   74,327     81,763 
Recertifications   47,628     43,361 
Total volume   121,955     125,124 
   
Medicare completed episodes (6)   68,660     77,939 
Average Medicare revenue per completed episode (4) (6)$  2,818  $  2,885 
Medicare visits per completed episode (5) (6)   15.4     17.3 
   
Visiting Clinician Cost per Visit$  93.17  $  81.97 
Clinical Manager Cost per Visit$  9.42  $  7.65 
Total Cost per Visit$  102.59  $  89.62 
Visits   1,793,652     2,096,486 


 For the Six-Month Periods
Ended June 30,
 
  2020   2019 
Financial Information (in millions):  
Medicare$  396.8  $  432.5 
Non-Medicare   197.0     196.2 
Net service revenue   593.8     628.7 
Other operating income   15.1     —  
Cost of service   363.8     373.5 
Gross margin   245.1     255.2 
Other operating expenses   149.8     147.5 
Operating income$  95.3  $  107.7 
   
Same Store Growth (1):  
Medicare revenue   (8%)    5%
Non-Medicare revenue   —%    20%
Total admissions   (3%)    7%
Total volume (2)   (1%)    6%
Key Statistical Data - Total (3):  
Admissions   160,302     165,732 
Recertifications   88,169     85,156 
Total volume   248,471     250,888 
   
Medicare completed episodes (6)   144,296     153,422 
Average Medicare revenue per completed episode (4) (6)$  2,774  $  2,862 
Medicare visits per completed episode (5) (6)   15.6     17.2 
   
Visiting Clinician Cost per Visit$  88.41  $  81.51 
Clinical Manager Cost per Visit$  9.19  $  7.83 
Total Cost per Visit$  97.60  $  89.34 
Visits   3,727,097     4,181,574 

(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 July 1, 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 six-month periods ended June 30, 2020 reflects the suspension of sequestration effective May 1, 2020. Additionally, average Medicare revenue per completed episode for the six-month period ended June 30, 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

 For the Three-Month Periods
Ended June 30,
 
  2020   2019 
Financial Information (in millions):  
Medicare$  167.0  $  145.8 
Non-Medicare   10.1     7.4 
Net service revenue   177.1     153.2 
Other operating income   7.2     —  
Cost of service   97.2     87.3 
Gross margin   87.1     65.9 
Other operating expenses   41.4     35.3 
Operating income$  45.7  $  30.6 
   
Same Store Growth (1):  
Medicare revenue   4%    1%
Hospice admissions   (1%)    7%
Average daily census   —%    5%
Key Statistical Data - Total (2):  
Hospice admissions   11,411     10,430 
Average daily census   12,513     11,427 
Revenue per day, net$  155.51  $  147.27 
Cost of service per day$  85.34  $  83.96 
Average discharge length of stay   94     98 


 For the Six-Month Periods
Ended June 30,
 
  2020   2019 
Financial Information (in millions):  
Medicare$  327.5  $  276.5 
Non-Medicare   19.0     13.7 
Net service revenue   346.5     290.2 
Other operating income   7.2     —  
Cost of service   189.0     161.4 
Gross margin   164.7     128.8 
Other operating expenses   80.7     64.7 
Operating income$  84.0  $  64.1 
   
Same Store Growth (1):  
Medicare revenue   5%    5%
Hospice admissions   —%    6%
Average daily census   2%    7%
Key Statistical Data - Total (2):  
Hospice admissions   22,729     20,141 
Average daily census   12,279     10,709 
Revenue per day, net$  155.04  $  149.72 
Cost of service per day$  84.58  $  83.25 
Average discharge length of stay   96     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 July 1, 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

 For the Three-Month Periods
Ended June 30,  
  2020  2019
Financial Information (in millions):  
Medicare$  — $  —
Non-Medicare   17.7    21.2
Net service revenue   17.7    21.2
Other operating income   0.5    —
Cost of service   14.1    15.6
Gross margin   4.1    5.6
Other operating expenses   3.0    3.2
Operating income$  1.1 $  2.4
   
Key Statistical Data - Total (1):  
Billable hours   642,720    848,245
Clients served   9,956    12,962
Shifts   282,207    382,287
Revenue per hour$  27.58 $  25.01
Revenue per shift$  62.80 $  55.49
Hours per shift   2.3    2.2


 For the Six-Month Periods
Ended June 30,
 
  2020  2019
Financial Information (in millions):  
Medicare$  — $  —
Non-Medicare   36.4    41.4
Net service revenue   36.4    41.4
Other operating income   0.5    —
Cost of service   28.2    31.1
Gross margin   8.7    10.3
Other operating expenses   6.4    6.4
Operating income$  2.3 $  3.9
   
Key Statistical Data - Total (1):  
Billable hours   1,394,797    1,681,862
Clients served   12,936    14,687
Shifts   615,671    758,469
Revenue per hour$  26.12 $  24.60
Revenue per shift$  59.17 $  54.56
Hours per shift   2.3    2.2

(1) Total includes acquisitions.

Segment Information - Corporate

 For the Three-Month Periods
Ended June 30,  
  2020  2019
Financial Information (in millions):  
Other operating expenses$  40.3 $  40.2
Depreciation and amortization   4.8    3.7
Total operating expenses$  45.1 $  43.9
   


 For the Six-Month Periods
Ended June 30,  
  2020  2019
Financial Information (in millions):  
Other operating expenses$  79.2 $  81.5
Depreciation and amortization   8.6    5.1
Total operating expenses$  87.8 $  86.6
   


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 Periods
Ended June 30,  
 For the Six-
Month Periods
Ended June 30, 

  2020   2019   2020   2019 
Net income attributable to Amedisys, Inc.$  34,674  $  33,742  $  66,476  $  65,046 
Add:    
Income tax expense   10,031     10,308     19,377     21,186 
Interest expense, net   2,538     4,312     5,756     7,637 
Depreciation and amortization   6,334     5,179     11,672     8,074 
Certain items (1)   13,313     8,257     17,349     15,171 
Interest component of certain items (1)   (446)    (446)    (892)    (887)
Adjusted EBITDA (2) (7)$  66,444  $  61,352  $  119,738  $  116,227 
     

Adjusted Net Service Revenue Reconciliation:

 For the Three-
Month Periods
Ended June 30,  
 For the Six-
Month Periods
Ended June 30, 

  2020  2019  2020  2019
Net service revenue$  485,059 $  492,984 $  976,744 $  960,324
Add:    
Certain items (1)   —     5,515    —     5,993
Adjusted net service revenue (3) (7)$  485,059 $  498,499 $  976,744 $  966,317
     

Adjusted Other Operating Income Reconciliation:

 For the Three-
Month Periods
Ended June 30,  
 For the Six-
Month Periods
Ended June 30, 

  2020   2019  2020   2019
Other operating income$  22,780  $  — $  22,780  $  —
Add:    
Certain items (1)   (22,780)    —    (22,780)    —
Adjusted other operating income (4) (7)$  —  $   — $  —  $   —
     

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

 For the Three-
Month Periods
Ended June 30,  
 For the Six-
Month Periods
Ended June 30, 

  2020  2019  2020  2019
Net income attributable to Amedisys, Inc.$  34,674 $  33,742 $  66,476 $  65,046
Add:    
Certain items (1)   9,852    6,110    12,839    11,226
Adjusted net income attributable to Amedisys, Inc. (5) (7)$  44,526 $  39,852 $  79,315 $  76,272
     

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

 For the Three-
Month Periods
Ended June 30,
 
 For the Six-
Month Periods
Ended June 30, 

  2020  2019  2020  2019
Net income attributable to Amedisys, Inc. common stockholders per diluted share$  1.04 $  1.02 $  2.00 $  1.98
Add:    
Certain items (1)   0.30    0.19    0.39    0.34
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (6) (7)$  1.34 $  1.21 $  2.39 $  2.32
     

(1) The following details the certain items for the three and six-month periods ended June 30, 2020 and 2019:

Certain Items:

 For the Three -Month Period
Ended June 30, 2020  
 For the Six-Month Period
Ended June 30, 2020 

 (Income) Expense (Income) Expense
Certain Items Impacting Other Operating Income:  
CARES Act & State COVID-19 grants$  (22,780) $  (22,780)
Certain Items Impacting Cost of Service:  
COVID-19 costs   21,993     23,010 
Severance-reductions in staffing levels   5,183     5,183 
Certain Items Impacting Operating Expenses:  
Acquisition and integration costs   3,599     5,935 
COVID-19 costs   1,051     1,063 
Severance-reductions in staffing levels   271     271 
Certain Items Impacting Total Other Income (Expense):  
Interest component of certain items   446     892 
Other (income) expense, net   3,550     3,775 
Total$  13,313  $  17,349 
Net of tax   9,852     12,839 
Diluted EPS$  0.30  $  0.39 
   


 For the Three-Month Period
Ended June 30, 2019  
 For the Six-Month Period
Ended June 30, 2019 
 (Income) Expense   (Income) Expense 
Certain Items Impacting Net Service Revenue:  
Contingency accrual$  5,523  $  6,541 
Planned closures (8)   (8)    (548)
Certain Items Impacting Cost of Service:  
Planned closures (8)   313     1,157 
Certain Items Impacting Operating Expenses:  
Planned closures (8)   69     157 
Acquisition and integration costs   4,494     10,252 
Legal fees - non-routine   108     (24)
Certain Items Impacting Total Other Income (Expense):  
Interest component of certain items   446     887 
Other (income) expense, net   (2,688)    (3,251)
Total$  8,257  $  15,171 
Net of tax   6,110     11,226 
Diluted EPS$  0.19  $  0.34 
   

(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.

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