Amedisys (AMED) 8-K Amedisys Reports Fourth Quarter Financial Results

Exhibit 99.1

Contacts:	Investor Contact:	Media Contact:
	Amedisys, Inc.	Amedisys, Inc.
	Kevin LeBlanc	Jacqueline Chen Valencia
	Director of Investor Relations	Senior Vice President – Marketing & Communications
	(225) 292-2031	(225) 299-3688
	kevin.leblanc@amedisys.com	jacqueline.chen@amedisys.com

AMEDISYS REPORTS FOURTH QUARTER FINANCIAL RESULTS

ISSUES 2013 GUIDANCE

AMEDISYS TO HOST CONFERENCE CALL TODAY AT 10:00 A.M. ET

BATON ROUGE, Louisiana (March 12, 2013) — Amedisys, Inc. (NASDAQ: AMED), a leading home health and hospice company, today reported its financial results for the fourth quarter and year ended December 31, 2012 and issued 2013 guidance.

Three-Month Periods Ended December 31, 2012 and 2011

• After adding back $153.4 million and $11.3 million ($113.9 million and $7.1 million, net of income tax ) or $3.75 and $0.24 per diluted share for certain items* in 2012 and 2011, the following would have been our adjusted results**:

• Net service revenue of $362.9 million compared to $370.3 million in 2011, a decrease of $7.4 million or 2.0%.

• Net income from continuing operations attributable to Amedisys, Inc., of $7.2 million compared to $14.5 million in 2011, a decrease of 50.5%.

• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $0.23 compared to $0.49 per diluted share in 2011, a decrease of 53.1%.

• Earnings before interest, taxes, depreciation and amortization attributable to continuing operations (“EBITDA”) of $23.3 million compared to $35.9 million in 2011, a decrease of 35.1%.

Twelve-Month Periods Ended December 31, 2012 and 2011

• After adding back $159.5 million and $588.7 million ($115.1 million and $441.7 million, net of income tax) or $3.83 and $15.36 per diluted share for certain items* in 2012 and 2011, the following would have been our adjusted results**:

• Net service revenue of $1,487.9 million compared to $1,463.6 million in 2011, an increase of $24.3 million or 1.7%.

• Net income from continuing operations attributable to Amedisys, Inc., of $32.8 million compared to $66.8 million in 2011, a decrease of 50.9%.

• Net income from continuing operations attributable to Amedisys, Inc. per diluted share of $1.08 compared to $2.29 per diluted share in 2011, a decrease of 52.8%.

• EBITDA of $103.2 million compared to $157.1 million in 2011, a decrease of 34.3%.

William F. Borne, Chief Executive Officer stated, “I’m pleased to report that after appropriate adjustments, we generated $1.00 in earnings per diluted share for the year, falling within the guidance we provided at both the beginning of the year and on our last earnings call. To better reflect core operations and as a basis to present adjusted results going forward, we have further adjusted earnings for legal costs associated with governmental investigations which were incurred in each quarter of the year and tax credits earned in the third quarter. On this basis, we earned $1.08 in earnings per diluted share for the year, compared to $2.29 per diluted share in 2011. In 2012, we faced another year of significant reimbursement cuts, slow industry growth, and limited acquisition opportunities. Yet, in addition to achieving guidance, we had a number of accomplishments including stabilizing our Medicare home health admissions, increasing our managed care business, lowering operating costs in the face of declining volumes, continuing development of our next generation operating system, and improving our capital structure.”

“Moving into 2013, in addition to a focus on growth, operational efficiency, and clinical excellence, we are making significant investments in technology and evolving our model of care. This differentiating strategy recognizes the changes taking place within the health care industry. We believe these investments will yield positive long-term results for our patients, our partners, employees and shareholders.”

2013 Guidance

• Net service revenue is anticipated to be in the range of $1.425 billion to $1.45 billion.

• Diluted earnings per share is expected to be in the range of $0.60 to $0.70 based on an estimated 31.5 million shares outstanding.

This guidance includes an estimate of legal costs associated with our on-going government investigations and anticipates that the 2% Medicare sequestration goes into effect April 1, 2013 on any admissions starting on or after that date.

We urge caution in considering the current trends and 2013 guidance disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends and guidance 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

* See footnote 2 on page 10 for explanation of these certain items.

** See page 9 for the reconciliations of non-GAAP financial measures.

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filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website,http://www.sec.gov, and our internet website,http://www.amedisys.com. We disclaim any obligations to update disclosed information on trends.

Earnings Call and Webcast Information

To participate in the conference call, please call a few minutes before 10:00 a.m. ET on Tuesday, March 12, 2013, to either (877) 490-9717 (Toll free) or (704) 385-4855 (Toll), use conference ID #15174665. A replay of the conference call will be available through March 19, 2013. The replay dial in number is (855) 859-2056 (Toll free) or (404) 537-3406 (Toll), use conference ID #15174665.

The call will also be available through our website and for seven days thereafter at the following web address:http://investors.amedisys.com.

We are headquartered in Baton Rouge, Louisiana. Our common stock trades on the NASDAQ Global Select Market under the symbol “AMED.”

Additional information

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

Forward-Looking Statements

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

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

Non-GAAP Financial Measures

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

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AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED FINANCIAL STATEMENT DATA AND SUPPLEMENTAL INFORMATION

(Amounts in thousands, except share, per share data and statistical information)

(Unaudited)

Balance Sheet Information

	As of December 31,
	2012			2011
ASSETS
Current assets:
Cash and cash equivalents	$	14,545		$	48,004
Patient accounts receivable, net of allowance for doubtful accounts of $20,994 and $17,438		169,172			148,061
Prepaid expenses		10,631			11,321
Other current assets		11,440			24,630
Total current assets		205,788			232,016
Property and equipment, net of accumulated depreciation of $113,154, and $94,266		156,709			148,536
Goodwill		209,594			334,695
Intangible assets, net of accumulated amortization of $23,457 and $20,611		47,050			50,067
Deferred tax asset		92,804			68,649
Other assets, net		18,650			24,322
Total assets	$	730,595		$	858,285
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	29,175		$	25,475
Payroll and employee benefits		79,341			82,130
Accrued expenses		54,855			68,493
Current portion of long-term obligations		35,807			33,888
Current portion of deferred income taxes		5,609			11,748
Total current liabilities		204,787			221,734
Long-term obligations, less current portion		66,904			111,551
Other long-term obligations		4,671			4,852
Total liabilities		276,362			338,137
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; 31,876,508 and 30,328,549 shares issued; and 31,086,619 and 29,639,735 shares outstanding		32			30
Additional paid-in capital		450,792			432,390
Treasury stock at cost, 789,889 and 688,814 shares of common stock		(17,116	)		(15,770	)
Accumulated other comprehensive income		15			13
Retained earnings		18,617			102,205
Total Amedisys, Inc. stockholders’ equity		452,340			518,868
Noncontrolling interests		1,893			1,280
Total equity		454,233			520,148
Total liabilities and equity	$	730,595		$	858,285

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Statement of Operations Information

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2012			2011			2012			2011
Net service revenue	$	362,949		$	370,279		$	1,487,905		$	1,468,305
Cost of service, excluding depreciation and amortization		206,243			201,783			841,146			780,606
General and administrative expenses:
Salaries and benefits		84,325			85,361			339,528			332,536
Non-cash compensation		1,152			27			7,217			8,292
Other		48,573			48,591			188,514			184,819
Provision for doubtful accounts		5,441			3,780			21,676			13,514
Depreciation and amortization		10,004			10,169			39,926			38,558
Goodwill and other intangibles impairment charge		162,103			5,841			162,103			579,955
Operating expenses		517,841			355,552			1,600,110			1,938,280
Operating income (loss)		(154,892	)		14,727			(112,205	)		(469,975	)
Other (expense) income:
Interest income		13			6			65			231
Interest expense		(6,111	)		(2,129	)		(12,169	)		(8,822	)
Equity in earnings from equity investments		604			380			1,695			1,494
Miscellaneous, net		3,636			6			3,917			(837	)
Total other expense, net		(1,858	)		(1,737	)		(6,492	)		(7,934	)
(Loss) income before income taxes		(156,750	)		12,990			(118,697	)		(477,909	)
Income tax (expense) benefit		34,808			(5,555	)		21,397			103,076
(Loss) income from continuing operations		(121,942	)		7,435			(97,300	)		(374,833	)
Discontinued operations, net of tax		(65	)		(3,115	)		(1,283	)		(7,509	)
Net (loss) income		(122,007	)		4,320			(98,583	)		(382,342	)
Net loss (income) attributable to noncontrolling interests		15,195			(6	)		14,995			(122	)
Net (loss) income attributable to Amedisys, Inc.	$	(106,812	)	$	4,314		$	(83,588	)	$	(382,464	)
Basic earnings per common share:
(Loss) income from continuing operations attributable to Amedisys, Inc. common stockholders	$	(3.52	)	$	0.26		$	(2.75	)	$	(13.07	)
Discontinued operations, net of tax		—			(0.11	)		(0.04	)		(0.26	)
Net (loss) income attributable to Amedisys, Inc. common stockholders	$	(3.52	)	$	0.15		$	(2.79	)	$	(13.33	)
Weighted average shares outstanding		30,358			29,011			29,896			28,693
Diluted earnings per common share:
(Loss) income from continuing operations attributable to Amedisys, Inc. common stockholders	$	(3.52	)	$	0.25		$	(2.75	)	$	(13.07	)
Discontinued operations, net of tax		—			(0.10	)		(0.04	)		(0.26	)
Net (loss) income attributable to Amedisys, Inc. common stockholders	$	(3.52	)	$	0.15		$	(2.79	)	$	(13.33	)
Weighted average shares outstanding		30,358			29,415			29,896			28,693
Amounts attributable to Amedisys, Inc. common stockholders:
(Loss) income from continuing operations	$	(106,747	)	$	7,429		$	(82,305	)	$	(374,955	)
Discontinued operations, net of tax		(65	)		(3,115	)		(1,283	)		(7,509	)
Net (loss) income	$	(106,812	)	$	4,314		$	(83,588	)	$	(382,464	)

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Cash Flow Information

	For the Three-Month Periods Ended December 31,						For the Years Ended December 31,
	2012			2011			2012			2011
Net cash provided by operating activities	$	12,590		$	36,917		$	69,494		$	141,210
Net cash used in investing activities		(19,744	)		(12,047	)		(59,993	)		(180,710	)
Net cash used in financing activities		(17,407	)		(6,328	)		(42,960	)		(32,791	)
Net (decrease) increase in cash and cash equivalents		(24,561	)		18,542			(33,459	)		(72,291	)
Cash and cash equivalents at beginning of period		39,106			29,462			48,004			120,295
Cash and cash equivalents at end of period	$	14,545		$	48,004		$	14,545		$	48,004

Supplemental Information—Home Health

	For the Three-Month Periods Ended												For the Year Ended December 31, 2012
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Financial Information (in millions):
Medicare	$	242.4		$	241.0		$	236.0		$	233.2		$	952.6
Non-Medicare		59.0			63.8			65.1			57.5			245.4
Net service revenue		301.4			304.8			301.1			290.7			1,198.0
Cost of service		172.0			174.3			175.9			168.9			691.1
Gross margin		129.4			130.5			125.2			121.8			506.9
Provision for doubtful accounts		5.0			4.1			4.8			3.9			17.8
Depreciation and amortization		3.5			3.6			3.7			3.1			13.9
Other operating expenses		89.3			86.5			87.3			87.7			350.8
Operating income before impairment (1)	$	31.6		$	36.3		$	29.4		$	27.1		$	124.4
Key Statistical Data:
Medicare:
Same Store Volume (2)
Revenue		(8	)%		(9	)%		(6	)%		(7	)%		(7	)%
Admissions		(2	)%		2	%		0	%		1	%		0	%
Recertifications		(5	)%		(7	)%		(6	)%		(12	)%		(8	)%
Admissions		51,153			50,490			49,395			49,552			200,590
Recertifications		35,794			35,299			35,217			32,732			139,042
Completed Episodes		82,204			83,403			81,745			82,223			329,575
Visits		1,625,473			1,620,174			1,571,071			1,490,536			6,307,254
Average revenue per completed episode (3)	$	2,882		$	2,891		$	2,869		$	2,853		$	2,874
Visits per completed episode (4)		18.6			19.1			18.8			18.4			18.7
Non-Medicare:
Admissions:
Episodic		8,721			8,578			8,592			4,366			30,257
Non-episodic		14,471			15,248			15,570			17,470			62,759
Total		23,192			23,826			24,162			21,836			93,016
Recertifications:
Episodic		5,005			5,211			5,317			2,434			17,967
Non-episodic		4,726			5,560			6,238			7,909			24,433
Total		9,731			10,771			11,555			10,343			42,400
Visits:
Episodic		254,679			253,395			251,670			151,303			911,047
Non-episodic		249,719			288,663			298,524			326,493			1,163,399
Total		504,398			542,058			550,194			477,796			2,074,446
Total:
Cost per Visit	$	80.76		$	80.61		$	82.90		$	85.83		$	82.45
Visits		2,129,871			2,162,232			2,121,265			1,968,332			8,381,700

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Supplemental Information—Home Health (continued)

	For the Three-Month Periods Ended												For the Year  Ended December 31, 2011
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Financial Information (in millions):
Medicare	$	268.1		$	267.2		$	252.9		$	249.5		$	1,037.7
Non-Medicare		52.7			54.4			53.1			52.6			212.8
Net service revenue		320.8			321.6			306.0			302.1			1,250.5
Cost of service		167.1			164.2			167.2			165.5			664.0
Gross margin		153.7			157.4			138.8			136.6			586.5
Provision for doubtful accounts		3.2			2.1			3.9			3.1			12.3
Depreciation and amortization		3.1			3.8			3.6			3.5			14.0
Other operating expenses		85.2			83.0			85.1			86.9			340.2
Operating income before impairment (1)	$	62.2		$	68.5		$	46.2		$	43.1		$	220.0
Key Statistical Data:
Medicare:
Same Store Volume (2)
Revenue		(16	)%		(16	)%		(15	)%		(15	)%		(15	)%
Admissions		(1	)%		(5	)%		(6	)%		(7	)%		(5	)%
Recertifications		(13	)%		(6	)%		(3	)%		(5	)%		(7	)%
Admissions		53,401			50,385			49,835			48,982			202,603
Recertifications		38,183			38,575			37,949			37,411			152,118
Completed Episodes		86,373			87,528			84,454			84,481			342,836
Visits		1,675,730			1,659,890			1,644,181			1,586,743			6,566,544
Average revenue per completed episode (3)	$	3,055		$	3,049		$	2,994		$	3,010		$	3,027
Visits per completed episode (4)		18.5			18.9			18.6			18.9			18.7
Non-Medicare:
Admissions:
Episodic		8,006			7,510			7,377			7,903			30,796
Non-episodic		10,546			10,456			10,930			11,152			43,084
Total		18,552			17,966			18,307			19,055			73,880
Recertifications:
Episodic		5,078			5,217			5,378			5,154			20,827
Non-episodic		4,241			4,380			4,277			4,535			17,433
Total		9,319			9,597			9,655			9,689			38,260
Visits:
Episodic		233,065			244,558			236,855			235,412			949,890
Non-episodic		197,808			201,081			203,667			201,809			804,365
Total		430,873			445,639			440,522			437,221			1,754,255
Total:
Cost per Visit	$	79.31		$	77.98		$	80.24		$	81.75		$	79.80
Visits		2,106,603			2,105,529			2,084,703			2,023,964			8,320,799

(1) Operating loss of $134.5 million and $37.2 million on a GAAP basis for the quarter and year ended December 31, 2012, respectively. Operating loss of $527.8 million, operating income of $37.3 million and operating loss of $359.9 million on a GAAP basis for the quarter ended September 30, 2011, the quarter ended December 31, 2011 and the year ended December 31, 2011, respectively.

(2) Medicare revenue, admissions or recertifications growth is the percent increase (decrease) in our Medicare revenue, admissions or recertifications for the period as a percent of the Medicare revenue, admissions or recertifications of the prior period.

(3) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.

(4) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

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Supplemental Information – Hospice

	For the Three-Month Periods Ended												For the Year Ended December 31, 2012
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Financial Information (in millions):
Medicare	$	65.3		$	69.8		$	70.6		$	68.1		$	273.8
Non-Medicare		4.1			3.9			3.9			4.2			16.1
Net service revenue		69.4			73.7			74.5			72.3			289.9
Cost of service		36.5			38.0			38.2			37.3			150.0
Gross margin		32.9			35.7			36.3			35.0			139.9
Provision for doubtful accounts		0.8			0.6			1.0			1.5			3.9
Depreciation and amortization		0.3			0.3			0.5			0.4			1.5
Other operating expenses		16.6			18.0			19.2			18.6			72.4
Operating income before impairment (1)	$	15.2		$	16.8		$	15.6		$	14.5		$	62.1
Key Statistical Data:
Same store Medicare revenue growth (2)		17	%		22	%		13	%		3	%		13	%
Hospice admits		4,902			4,891			4,706			4,662			19,161
Average daily census		5,190			5,497			5,615			5,405			5,427
Revenue per day	$	147.07		$	147.36		$	144.17		$	145.31		$	145.94
Cost of service per day	$	77.10		$	75.78		$	74.03		$	74.92		$	75.43
Average length of stay		91			95			102			105			99

	For the Three-Month Periods Ended												For the Year Ended December 31, 2011
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Financial Information (in millions):
Medicare	$	36.1		$	43.7		$	60.4		$	64.3		$	204.5
Non-Medicare		2.4			3.1			3.9			3.9			13.3
Net service revenue		38.5			46.8			64.3			68.2			217.8
Cost of service		20.2			25.2			34.9			36.3			116.6
Gross margin		18.3			21.6			29.4			31.9			101.2
Provision for doubtful accounts		(0.1	)		0.2			0.4			0.7			1.2
Depreciation and amortization		0.1			0.2			0.2			0.2			0.7
Other operating expenses		9.4			10.8			14.5			15.3			50.0
Operating income	$	8.9		$	10.4		$	14.3		$	15.7		$	49.3
Key Statistical Data:
Same store Medicare revenue growth (2)		20	%		21	%		17	%		17	%		19	%
Hospice admits		3,163			3,702			4,589			4,435			15,889
Average daily census		3,126			3,746			4,879			5,010			4,197
Revenue per day	$	136.87		$	137.34		$	143.17		$	147.91		$	142.14
Cost of service per day	$	71.89		$	73.99		$	77.32		$	78.20		$	75.85
Average length of stay		88			86			86			93			88

(1) Operating income of $14.0 million and $61.6 million on a GAAP basis for the quarter and year ended December 31, 2012, respectively.

(2) Same store Medicare revenue growth is the percent increase in our Medicare revenue for the period as a percent of the Medicare revenue of the period.

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Supplemental Information – Corporate

	For the Three-Month Periods Ended												For the Year Ended December 31, 2012
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012
Financial Information (in millions):
Depreciation and amortization		6.3			6.0			5.8			6.4			24.5
Other operating expenses		28.0			31.6			24.6			27.9			112.1
Operating income	$	(34.3	)	$	(37.6	)	$	(30.4	)	$	(34.3	)	$	(136.6	)

	For the Three-Month Periods Ended												For the Year Ended December 31, 2011
	March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Financial Information (in millions):
Depreciation and amortization		6.0			5.6			5.9			6.4			23.9
Other operating expenses		35.1			33.2			35.4			31.8			135.5
Operating income	$	(41.1	)	$	(38.8	)	$	(41.3	)	$	(38.2	)	$	(159.4	)

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AMEDISYS, INC. AND SUBSIDIARIES

SELECT CONSOLIDATED KEY STATISTICAL DATA AND

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands, except key statistical data)

(Unaudited)

	For the Three-Month Periods Ended December 31,				For the Year Ended December 31,
	2012		2011		2012		2011
Key Statistical Data:
General
Number of home health care centers		435		439		435		439
Number of hospice care centers		97		87		97		87
Number of care centers acquired (1)		—		1		11		23
Number of care centers opened as start-up locations (1)		4		2		7		12
Days revenue outstanding, net (2)		41.5		35.3		41.5		35.3

(1) Includes both home health and hospice care centers.

(2) Our calculation of days revenue outstanding, net at December 31, 2012 and 2011 is derived by dividing our ending patient accounts receivable (i.e., net of estimated revenue adjustments and allowance for doubtful accounts) by our average daily net patient revenue for the three month-period ended December 31, 2012 and 2011, respectively.

Earnings From Continuing Operations Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA

	For the Three-Month Periods Ended December 31,						For the Year Ended December 31,
	2012			2011			2012			2011
Net (loss) income from continuing operations attributable to Amedisys, Inc.	$	(106,747	)	$	7,429		$	(82,305	)	$	(374,955	)
Add:
Provision for income taxes		(34,808	)		5,555			(21,397	)		(103,076	)
Interest expense, net		6,098			2,123			12,104			8,591
Depreciation and amortization		10,004			10,169			39,926			38,558
EBITDA (1)	$	(125,453	)	$	25,276		$	(51,672	)	$	(430,882	)
Add:
Certain items (2)		153,417			11,314			159,507			588,734
Debt fees (2)		(4,681	)		—			(4,681	)		—
Intangible write-off (2)		—			(737	)		—			(737	)
Adjusted EBITDA (3)	$	23,283		$	35,853		$	103,154		$	157,115

Adjusted Net Service Revenue Reconciliation

	For the Three-Month Periods Ended December 31,				For the Year Ended December 31,
	2012		2011		2012		2011
Net service revenue	$	362,949	$	370,279	$	1,487,905	$	1,468,305
Add:
Certain items (2)		—		—		—		(4,733	)
Adjusted net service revenue (4)	$	362,949	$	370,279	$	1,487,905	$	1,463,572

Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. Reconciliation:

	For the Three-Month Periods Ended December 31,					For the Year Ended December 31,
	2012			2011		2012			2011
Net income (loss) from continuing operations attributable to Amedisys, Inc.	$	(106,747	)	$	7,429	$	(82,305	)	$	(374,955	)
Add:
Certain items (2)		113,944			7,097		115,065			441,739
Adjusted net income from continuing operations attributable to Amedisys, Inc. (5)	$	7,197		$	14,526	$	32,760		$	66,784

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Adjusted Net Income From Continuing Operations Attributable to Amedisys, Inc. per Diluted Share:

	For the Three-Month Periods Ended December 31,					For the Year Ended December 31,
	2012			2011		2012			2011
Net income (loss) from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share	$	(3.52	)	$	0.25	$	(2.75	)	$	(13.07	)
Add:
Certain items(2)		3.75			0.24		3.83			15.36
Adjusted net income from continuing operations attributable to Amedisys, Inc. common stockholders per diluted share(6)	$	0.23		$	0.49	$	1.08		$	2.29

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

(2) The following details the certain items for the three-months and years ended December 31, 2012 and 2011 (amounts in thousands, except per share data):

	For the Three-Month Periods Ended December 31, 2012									For the Twelve-Month Periods Ended December 31, 2012
	(Income) Expense			Net			Diluted EPS			(Income) Expense			Net			Diluted EPS
Goodwill and other intangibles impairment charge	$	162,103			125,130			4.12			162,103			125,130			4.17
Non-controlling interests portion of impairment charges		(14,874	)		(14,874	)		(0.49	)		(14,874	)		(14,874	)		(0.50	)
Severance		2,244			1,337			0.04			2,244			1,318			0.04
Lease terminations		463			276			0.01			463			272			0.01
Debt costs		4,681			2,790			0.09			4,681			2,750			0.09
Lawsuit settlement		(3,604	)		(2,148	)		(0.06	)		(3,604	)		(2,117	)		(0.06	)
Legal fees		2,404			1,433			0.04			8,494			4,990			0.16
State tax credits		—			—			—			—			(2,404	)		(0.08	)
Total	$	153,417		$	113,944		$	3.75		$	159,507		$	115,065		$	3.83
	For the Three-Month Periods Ended December 31, 2011									For the Twelve-Month Periods Ended December 31, 2011
	(Income) Expense			Net			Diluted EPS			Income (Expense)			Net			Diluted EPS
CMS Bonus	$	—		$	—		$	—		$	(4,733	)	$	(2,864	)	$	(0.10	)
Goodwill and other intangibles impairment charge		5,841			3,897			0.13			579,955			438,464			15.25
Valuation allowance adjustment		—			—			—			—			(1,924	)		(0.07	)
Severance		1,559			898			0.04			3,268			1,949			0.07
Exit activities related to continuing operations		2,502			1,489			0.05			3,370			2,014			0.07
Legal fees		1,412			813			0.02			7,125			4,250			0.15
Certain costs		—			—			—			(251	)		(150	)		(0.01	)
Total	$	11,314		$	7,097		$	0.24		$	588,734		$	441,739		$	15.36

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

(4) Adjusted net service revenue is defined as net service revenue plus certain items as described in footnote 2. Adjusted net service revenue should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net service revenue may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.

(5) Adjusted net income from continuing operations attributable to Amedisys, Inc. is defined as net income (loss) from continuing operations attributable to Amedisys, Inc. plus certain items as described in footnote 2. Adjusted net income from continuing operations attributable to Amedisys, Inc. should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of adjusted net income from continuing operations attributable to Amedisys, Inc. may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP measure in the same manner.

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

10