Amedisys: Amedisys : First Quarter 2025 Earnings Release Supplemental Slides

Amedisys First Quarter 2025 Earnings Release Supplemental Slides April 23, 2025 1 HIGHLIGHTS AND SUMMARY FINANCIAL RESULTS (ADJUSTED): 1Q'25 (1) Amedisys Consolidated Revenue: +4% EBITDA: +15% EBITDA Margin: 11.6% Net Leverage ratio: 0.3x Revolver availability: $508.0M CFFO: $(3.7)M DSO: 45.7 (vs. Q4'24 of 43.0 and down 8.4 days vs prior year) Adjusted Financial Results $ in Millions, except EPS 1Q24 1Q25 Home Health $ 364.0 $ 379.2 Hospice 201.0 206.2 High Acuity Care 6.4 9.4 Total Revenue $ 571.4 $ 594.8 Gross Margin % 44.1% 44.2% Adjusted EBITDA $ 59.9 $ 68.8 10.5% 11.6% Adjusted EPS $ 1.03 $ 1.25 Free cash flow (4) $ (16.6) $ (14.6) Regulatory 2025 Reimbursement Final Hospice industry rule - industry estimated impact +2.9% increase (effective 10/1/24) Final Home Health industry rule - industry estimated impact +0.5% increase (effective 1/1/25) 2026 Reimbursement Proposed Hospice industry rule - industry estimated impact +2.4% increase (effective 10/1/25) Home Health Same Store (3) : Admissions: +7% Volume (2) : +5% Other Statistics : Medicare Revenue per Episode: $3,008 (+0.3%) Cost per Visit: $119.99 (+2.9%) Hospice Same Store (3) : Admissions: +3.6% ADC: -0.1% Other Statistics: Revenue per Day: $179.48 (+3.7%) Cost per day: $92.14 (+2.2%) High Acuity Care Growth Metrics: Total Admissions: 999 (+31%) Number of admitting JVs: 8 Other Statistics: Patient Satisfaction: 90% 1. The financial results for the three-month periods ended March 31, 2024 and 2025 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 2. Same Store volume - Includes admissions and recertifications. 3 3. Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. 4. Free cash flow is defined as cash flow from operations less routine capital expenditures and required debt repayments. OUR REVENUE SOURCES: 1Q'25 Amedisys Consolidated Revenue Home Health Revenue Hospice Revenue 1.6% 4.5% 34.6% 26.7% 55.7% 63.8% 17.6% 95.5% Home Health Hospice High Acuity Care Medicare FFS Private Episodic & Case Rate Per Visit Medicare FFS Private Home Health : 347 care centers; 34 states & D.C. Hospice : 164 care centers; 31 states High Acuity Care: 8 admitting joint ventures; 7 states; 32 referring hospitals Total: 519 care centers/joint ventures; 38 states and D.C. Medicare FFS : Reimbursed for a 30-day period of care Private Episodic : MA and Commercial plans who reimburse us for a 30-day period of care or 60-day episode of care, majority of which range from 90% - 100% of Medicare rates Case Rate : Managed care payors who reimburse us per admission Per Visit : Managed care, Medicaid and private payors who reimburse us per visit performed Hospice Per Day Reimbursement: Routine Care: Patient at home with symptoms controlled, ~ 96% of the Hospice care provided Continuous Care: Patient at home with uncontrolled symptoms Inpatient Care: Patient in facility with uncontrolled symptoms Respite Care: Patient at facility with symptoms controlled 4 HOME HEALTH AND HOSPICE SEGMENT (ADJUSTED) - 1Q'25 (1) HOME HEALTH $ in Millions 1Q24 1Q25 Medicare $ 215.8 $ 211.2 Non-Medicare 148.2 168.0 Home Health Revenue $364.0 $379.2 Gross Margin % 42.6% 42.3% (2) $63.9 $66.1 Pre-Corporate EBITDA 17 .6% 17 .4% Operating Statistics Same Store Growth (3)(4) Admissions 10% 7% Volume 8% 5% Medicare revenue per episode $2,998 $3,008 Medicare recert rate 31.7% 31.4% Total cost per visit $116.64 $119.99 Home Health Highlights Medicare revenue per episode up 0.3% primarily due to the 0.5% rate increase effective 1/1/2025. Y/Y Total CPV up $3.35 (+2.9%) primarily due to raises, wage inflation and an increase in salaried clinicians and clinical managers. EBITDA margin decreased 20 basis points. HOSPICE $ in Millions 1Q24 1Q25 Medicare $190.0 $ 196.9 Non-Medicare 11.0 9.3 Hospice Revenue $201.0 $206.2 Gross Margin % 47 .9% 48.7% (2) $48.8 $51.3 Pre-Corporate EBITDA 24.3% 24.9% Operating Statistics -3% 4% Admit growth - same store (3)(4) 0.3% -0.1% ADC growth - same store (3)(4) ADC 12,767 12,759 Avg. discharge length of stay 92 94 Revenue per day (net) $173.04 $179.48 Cost per day $90.16 $92.14 Hospice Highlights Net revenue per day +3.7% due to the +2.9% Hospice rate update effective 10/1/2024 and the mix in days. Cost per day up $1.98 (+2.2%) primarily due to raises. EBITDA margin up 60 basis points primarily due to the 2025 rate increase (effective 10/1/2024) partially offset by raises . The financial results for the three-month periods ended March 31, 2024 and 2025 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. Pre-Corporate EBITDA does not include any corporate G&A expenses. Same Store information represents the percent change in volume, admissions or ADC for the period as a percent of the volume, admissions or ADC of the prior period. 4. Same Store is defined as care centers that we have operated for at least the last 12 months and startups that are an expansion of a same store care center. 5 GENERAL & ADMINISTRATIVE EXPENSES - ADJUSTED (1,2) Impacted by raises and employee-related insurance costs. $ in Millions 1Q24 2Q24 3Q24 4Q24 1Q25 Home Health Segment - Total $ 91.0 $ 92.4 $ 93.3 $ 95.5 $ 94.6 % of HH Revenue 25.0% 24.5% 25.0% 25.3% 24.9% Hospice Segment - Total 48.0 48.7 49.7 50.6 49.8 % of HSP Revenue 23.9% 23.9% 23.9% 23.8% 24.2% High Acuity Care Segment - Total 5.9 5.4 5.7 5.7 5.0 % of HAC Revenue 92.5% 55.1% 74.2% 70.4% 53.2% Total Corporate Expenses 48.4 49.2 49.6 50.8 46.7 % of Total Revenue 8.5% 8.3% 8.4% 8.5% 7.9% Total $ 193.3 $ 195.7 $ 198.3 $ 202.7 $ 196.1 % of Total Revenue 33.8% 33.1% 33.7% 33.9% 33.0% 1Q24 2Q24 3Q24 4Q24 1Q25 Salary and Benefits $ 27.6 $ 27.4 $ 29.9 $ 30.3 $ 27.5 Other 16.6 17.4 15.6 16.3 15.4 Corp. G&A Subtotal 44.2 44.8 45.5 46.6 42.9 Non-cash comp 4.2 4.4 4.1 4.2 3.8 Adjusted Corporate G&A $ 48.4 $ 49.2 $ 49.6 $ 50.8 $ 46.7 Total G&A as a Percent of Revenue 36.0% 33.8% 33.7% 33.9% 34.0% 33.1% 33.0% 32.0% 1Q24 2Q24 3Q24 4Q24 1Q25 G&A as a Percent of Revenue Notes: Year over year total G&A as a percentage of revenue decreased 80 basis points $2.8 million increase in total G&A is primarily due to planned wage increases, employee-related insurance costs and higher information technology fees partially offset by lower legal fees and incentive compensation costs. Total G&A decreased ~$7 million sequentially primarily due to a seasonality driven decrease in health insurance costs and lower incentive compensation costs. 1. The financial results for the three-month periods ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025 are adjusted for certain items and should be considered a non-GAAP financial measure. A reconciliation of these non-GAAP financial measures is included in the corresponding 8-K detailing quarterly results for each respective reporting period. 6 2. Adjusted G&A expenses do not include depreciation and amortization. INDUSTRY LEADING QUALITY SCORES Quality of Patient Care (QPC) Patient Satisfaction (PS) Metric Apr 24 Jul 24 Oct 24 Jan 25 Final Final Final Final Quality of Patient 4.35 4.32 4.24 4.18 Care Entities at 4+ 95% 93% 89% 88% Stars QPC Industry Performance 4.50 4.00 3.50 3.00 Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 Amedisys QPC Industry Avg QPC Top Competitor Metric Apr 24 July 24 Oct 24 Jan 25 Final Final Final Final Patient 3.72 3.77 3.78 4.02 Satisfaction Star Performance Over +2% +3% +3% +4% Industry PS Industry Performance 4.50 4.00 3.50 3.00 Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 Amedisys PS Industry Avg PS Top Competitor Amedisys maintains a 4-Star average in the Jan 2025 HHC Final release with 88% of our providers (representing 88% of care centers) at 4+ Stars and 46% of our providers (representing 42% of care centers) at 4.5+ Stars. 7 Amedisys providers (representing 11 care centers) rated at 5 Stars. Notes : Jan 2025 QPC Star Final performance period = Apr 2023 - Mar 2024. Jan 2025 PS Final performance period = Jul 2023 - Jun 2024. QPC Star and PS Results for Amedisys Legacy providers only. (4) Only currently active care centers included in care center results. 7 HOSPICE QUALITY: AMEDISYS HOSPICE CONTINUES TO MOVE TOWARDS BEST-IN-CLASS Hospice Quality Notes: Included in the above analysis are only active providers. CMS Nat is an average of all providers nationally, excluding active AMED providers. 8 DEBT AND LIQUIDITY METRICS Net leverage ~0.3x Outstanding Debt As of: 3/31/25 Outstanding Term Loan $ 343.8 Outstanding Revolver - Finance Leases 28.0 Total Debt Outstanding 371.8 Less: Deferred Debt Issuance Costs (1.3) Total Debt - Balance Sheet 370.5 Total Debt Outstanding 371.8 Less Cash & Cash Equivalents (284.9) Net Debt (1 ) $ 86.9 Leverage Ratio (net) (2) 0.3 Credit Facility As of: 3/31/25 Term Loan $ 450.0 Revolver Size 550.0 Borrowing Capacity 1,000.0 Revolver Size 550.0 Outstanding Revolver - Letters of Credit (42.0) Available Revolver 508.0 Plus Cash & Cash Equivalents 284.9 Total Liquidity (3) $ 792.9 1. Net debt defined as total debt outstanding ($371.8M) less cash and cash equivalents ($284.9M). 2. Leverage ratio (net) is defined as net debt divided by last twelve months adjusted EBITDA ($254.7M). 9 3. Liquidity defined as the sum of cash balance and available revolving line of credit. CASH FLOW STATEMENT HIGHLIGHTS (1) 1Q'25 operating cash flow impacted by the timing of the payment of accounts payable and accrued expenses and a buildup in accounts receivable