8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 3, 2021

LHC GROUP, INC.

(Exact name of registrant as specified in charter)

Delaware	001-33989	71-0918189
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

901 Hugh Wallis Road South, Lafayette, LA 70508

(Address of Principal Executive Offices) (Zip Code)

(337) 233-1307
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	LHCG	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐

Item 2.02 Results of Operations and Financial Condition.

On November 3, 2021, the Company issued a press release announcing its financial results for the third quarter ended September 30, 2021.  A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information furnished pursuant to Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

Item 2.02 of this Current Report on Form 8-K is incorporated herein by reference.

In addition, a copy of the supplemental slides which will be discussed during the Company’s earnings call at 9:00 a.m. ET on Thursday, November 4, 2021, is attached to this report as Exhibit 99.2 and incorporated herein by reference.

In addition, a copy of the third quarter 2021 earnings overview, which will serve as the Company’s prepared remarks for its earnings call at 9:00 a.m. ET on Thursday, November 4, 2021, is attached to this report as Exhibit 99.3 and incorporated herein by reference.

The information furnished pursuant to Item 7.01, Exhibit 99.2 and Exhibit 99.3 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d)       Exhibits

The following exhibits are furnished with this Current Report on Form 8-K:

EXHIBIT NO.	DESCRIPTION
99.1	Press Release, dated November 3, 2021, announcing the Company’s financial results for the third quarter ended September 30, 2021 (furnished only).
99.2 99.3 104	Third Quarter 2021 Supplemental Financial Information (furnished only). Third Quarter 2021 Earnings Overview (furnished only). Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	LHC GROUP, INC.
Date: November 4, 2021	By:	/s/ Dale Mackel
		Name:	Dale Mackel
		Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

LHC Group announces third quarter 2021 financial results

Increases full year 2021 revenue guidance

LAFAYETTE, La., Nov. 3, 2021 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced its financial results for the quarter ended September 30, 2021.

Third Quarter 2021 Financial Results

• Net service revenue increased 6.6% to $565.5 million.
• Net income attributable to LHC Group's common stockholders was $27.7 million, or $0.88 per diluted share.
• Adjusted net income attributable to LHC Group's common stockholders was $45.7 million, or $1.45 adjusted earnings per diluted share.
• Adjusted EBITDA, less non-controlling interest, was $68.8 million.

A reconciliation of all non-GAAP financial results in this release appears on pages 11-12.

Operational and Strategic Highlights

• Year-to-date, LHC Group has closed on the acquisition of approximately $300 million in annualized revenue. This M&A activity, which brought the Company's national footprint to 917 locations in 37 states and the District of Columbia, compares favorably to $37.8 million acquired in 2020 and $114.3 million acquired in 2019.
• The Company currently expects the $300 million of acquired annualized revenue in 2021 to generate an incremental EBITDA contribution in 2022 in a range of $20 million to $25 million.
• LHC Group increased its 2021 revenue guidance previously issued on October 18, 2021 to reflect the completion of the acquisition of home health, hospice, and therapy assets from the HCA Healthcare and Brookdale Healthcare Services Venture on November 1, 2021. The Company now expects net service revenue of $2.215 billion to $2.220 billion (compared with $2.200 billion to $2.205 billion previously). The Company affirmed its expectations for adjusted EBITDA, less non-controlling interest, of $265 million to $270 million, and adjusted earnings per diluted share of $5.75 to $5.85.
• Organic growth in home health admissions increased 3.6% in the third quarter of 2021 as compared to the third quarter of 2020.
• Non-Medicare episodic organic growth in home health admissions increased by 11.6% in the third quarter of 2021 compared with the same period in 2020.
• Organic growth in hospice admissions increased 0.1% in the third quarter of 2021 as compared to the third quarter of 2020 and increased sequentially by 3.3% in the third quarter of 2021 over the second quarter of 2021.
• LHC Group has experienced improving operating trends to date in the fourth quarter of 2021. All locations temporarily closed due to Hurricane Ida have reopened; the percentage of clinicians on quarantine has declined to 1.8% as of November 1, 2021; new COVID cases have quickly declined after spiking in the third quarter of 2021; and average daily Home Health census for October 2021 increased 1,164 to 85,422, up 1.4% compared with the third quarter of 2021.
• LHC Group continues to be an industry leader in quality and patient satisfaction. Recent data provided in September 2021 by Strategic Healthcare Programs (SHP) shows that the company's overall home health quality star rating improved to 4.43 as compared to 4.39 in June 2021 and to an overall home health quality star rating of 4.23 in the last published data from the Centers for Medicare and Medicaid Services (CMS) in October 2020.

Commenting on the results, Keith G. Myers, LHC Group's Chairman and Chief Executive Officer, said, "Despite the temporary headwinds we encountered in the third quarter, our improving operating trends to date in the fourth quarter, combined with a record level of M&A activity, have positioned us to deliver strong year-over-year growth for 2021 and beyond. There is a fundamental shift underway that is rapidly transforming and prioritizing the delivery of high-quality care in patients' homes or places of residence. Consumer preference, along with the rapidly increasing recognition that high quality services provided in a patient's home or place of residence can deliver equal or better outcomes at significantly lower costs than alternative inpatient post-acute settings, will continue to provide significant growth opportunities for our industry. We are confident that LHC Group, with our industry leading quality outcomes and patient satisfaction along with our strong financial position, will benefit from continued M&A activity and substantially increasing organic growth in patient admissions across our expanding footprint for many years to come."

Revenues in the third quarter of 2021 totaled $565.5 million, compared to $530.7 million in the third quarter of 2020. Net income attributable to LHC Group, Inc. totaled $27.7 million, or $0.88 per diluted share, compared to $14.5 million, or $0.46 per diluted share, in the third quarter of 2020.

For the third quarter of 2021, adjusted net income attributable to LHC Group's common stockholders totaled $45.7 million, or $1.45 per diluted share, compared to $51.3 million, or $1.63 per diluted share, in the third quarter of 2020. For the third quarter of 2021, Adjusted EBITDA totaled $68.8 million, compared to $74.5 million in the third quarter of 2020. Adjusted net income attributable to LHC Group's common stockholders and Adjusted EBITDA are non-GAAP financial measures. A table providing reconciliation of these non-GAAP financial results is provided in this release on pages 11-12.

Full Year 2021 Guidance
The Company increased its 2021 revenue guidance previously issued on October 18, 2021 to reflect the completion of the acquisition of home health, hospice, and therapy assets from the HCA Healthcare and Brookdale Healthcare Services Venture on November 1, 2021. The Company now expects net service revenue of $2.215 billion to $2.220 billion (compared with $2.200 billion to $2.205 billion previously). The Company affirmed its expectations for adjusted EBITDA, less non-controlling interest, of $265 million to $270 million, and adjusted earnings per diluted share of $5.75 to $5.85. At the midpoint, the full year 2021 guidance implies a 7.5% increase in net service revenue, a 12.1% increase in adjusted EBITDA, and a 15.8% increase in adjusted EPS compared with 2020.

The Company's guidance ranges reflect a number of assumptions that are subject to change based on uncertainties related to the impact of the COVID-19 pandemic. The Company's guidance ranges do not take into account the impact of future COVID-19 related costs and expenses. The Company is estimating COVID-19 related costs and expenses of approximately $45 million in the full year of 2021.

The Company's guidance ranges also do not take into account reimbursement changes if any, future acquisitions if made, de novo locations if opened, location closures if any, or future legal expenses if necessary. Please refer to the supplemental information that can be found under Financial Results on the Company's Investor Relations page to access more detailed guidance assumptions.

Conference Call
LHC Group will host a conference call on Thursday, November 4, 2021, at 9:00 a.m. Eastern time to discuss its third quarter 2021 results. The toll-free number to call for this interactive teleconference is (877) 407-9208 (international callers: (201) 493-6784). A telephonic replay of the conference call will be available through midnight on Thursday, November 11, 2021, by dialing (844) 512-2921 (international callers: (412) 317-6671) and entering confirmation number 13723484.

The Company has posted supplemental financial information on the third quarter results that it will reference during the conference call. The supplemental information can be found under Quarterly Results on the Company's Investor Relations page. A live webcast of LHC Group's conference call will be available under the Investor Relations section of the Company's website, www.LHCGroup.com. A one-year online replay will be available approximately one hour following the conclusion of the live broadcast.

About LHC Group, Inc.
LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 30,000 employees deliver home health, hospice, home and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.

Forward-looking Statements
This press release contains "forward-looking statements" (as defined in the Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of the Company, or anticipated benefits of the transaction. Words such as "anticipate," "expect," "project," "intend," "believe," "will," "estimates," "may," "could," "should" and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to: our 2021 revenue and earnings guidance, statements about the benefits of the acquisition, including anticipated earnings accretion, synergies and cost savings and the timing thereof; the Company's plans, objectives, expectations, projections and intentions; and other statements relating to the transaction that are not historical facts. Forward-looking statements are based on information currently available to the Company and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties, and important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the acquisition, these risks, uncertainties and factors include, but are not limited to: the risk that the businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on integration-related issues; and the risk that costs associated with the integration of the businesses are higher than anticipated. With respect to the Company's businesses, these risks, uncertainties and factors include, but are not limited to: changes in, or failure to comply with, existing government regulations that impact the Company's businesses; legislative proposals for healthcare reform; the impact of changes in future interpretations of fraud, anti-kickback, or other laws; changes in Medicare and Medicaid reimbursement levels; changes in laws and regulations with respect to Accountable Care Organizations; changes in the marketplace and regulatory environment for Health Risk Assessments; decrease in demand for the Company's services; the potential impact of the transaction on relationships with customers, joint venture and other partners, competitors, management and other employees, including the loss of significant contracts or reduction in revenues associated with major payor sources; ability of customers to pay for services; risks related to any current or future litigation proceedings; potential audits and investigations by government and regulatory agencies, including the impact of any negative publicity or litigation; the ability to attract new customers and retain existing customers in the manner anticipated; the ability to hire and retain key personnel; increased competition from other entities offering similar services as offered by the Company; reliance on and integration of information technology systems; ability to protect intellectual property rights; impact of security breaches, cyber-attacks or fraudulent activity on the Company's reputation; the risks associated with assumptions the parties make in connection with the parties' critical accounting estimates and legal proceedings; the risks associated with the Company's expansion strategy, the successful integration of recent acquisitions, and if necessary, the ability to relocate or restructure current facilities; and the potential impact of an economic downturn or effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, benefit or retirement plan costs, or other regulatory compliance costs.

Many of these risks, uncertainties and assumptions are beyond the Company's ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the information currently available to the Company on the date they are made, and the Company does not undertake any obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. The Company does not give any assurance (1) that the Company will achieve its guidance or expectations, or (2) concerning any result or the timing thereof. All subsequent written and oral forward-looking statements concerning the transaction or other matters and attributable to the Company or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data) (Unaudited)
	September 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash	$	29,516	$	286,569
Receivables:
Patient accounts receivable	333,088		301,209
Other receivables	21,543		11,522
Total receivables	354,631		312,731
Prepaid taxes	12,509		—
Prepaid income taxes	11,575		—
Prepaid expenses	22,048		22,058
Other current assets	21,320		25,664
Total current assets	451,599		647,022
Property, building and equipment, net of accumulated depreciation of $94,344 and $82,721, respectively	150,909		138,366
Goodwill	1,603,360		1,259,147
Intangible assets, net of accumulated amortization of $18,701 and $17,659, respectively	350,528		315,355
Assets held for sale	—		1,900
Operating lease right of use asset	111,550		100,046
Other assets	44,740		21,518
Total assets	$	2,712,686	$	2,483,354
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other accrued liabilities	$	83,159	$	64,864
Salaries, wages, and benefits payable	82,994		88,666
Self-insurance reserves	35,094		35,103
Income tax payable	—		21,464
Government stimulus advance	—		93,257
Contract liabilities - deferred revenue	176,333		317,962
Current operating lease liabilities	35,964		32,676
Amounts due to governmental entities	785		1,516
Current liabilities - deferred employer payroll tax	26,774		25,928
Total current liabilities	441,103		681,436
Deferred income taxes	70,593		47,237
Income taxes payable	6,848		6,203
Revolving credit facility	355,000		20,000
Other long term liabilities	26,774		25,928
Long-term operating lease liabilities	78,445		70,275
Total liabilities	978,763		851,079
Noncontrolling interest — redeemable	17,730		18,921
Commitments and contingencies
Stockholders' equity:
LHC Group, Inc. stockholders' equity:
Preferred stock – $0.01 par value; 5,000,000 shares authorized; none issued or outstanding	—		—
Common stock — $0.01 par value; 60,000,000 shares authorized; 36,540,219 and 36,355,497 shares issued, and 31,263,385 and 31,139,840 shares outstanding, respectively	365		364
Treasury stock —  5,276,834 and  5,215,657 shares at cost, respectively	(80,605)		(69,011)
Additional paid-in capital	974,680		962,120
Retained earnings	735,333		635,297
Total LHC Group, Inc. stockholders' equity	1,629,773		1,528,770
Noncontrolling interest — non-redeemable	86,420		84,584
Total stockholders' equity	1,716,193		1,613,354
Total liabilities and stockholders' equity	$	2,712,686	$	2,483,354

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
	Three Months Ended September 30, 2021				Nine Months Ended September 30,
	2021		2020		2021		2020
Net service revenue	$	565,451	$	530,684	$	1,636,193	$	1,530,875
Cost of service revenue (excluding depreciation and amortization)	343,862		305,246		972,006		933,160
Gross margin	221,589		225,438		664,187		597,715
General and administrative expenses	176,444		161,463		506,754		469,903
Impairment of intangibles and other	—		22		937		622
Government stimulus (income) expense	—		44,435		—		—
Operating income	45,145		19,518		156,496		127,190
Interest expense	(1,135)		(431)		(1,541)		(4,040)
Income before income taxes and noncontrolling interest	44,010		19,087		154,955		123,150
Income tax expense	10,150		4,595		32,909		23,181
Net income	33,860		14,492		122,046		99,969
Less net income (loss) attributable to noncontrolling interests	6,126		(8)		22,010		18,753
Net income attributable to LHC Group, Inc.'s common stockholders	$	27,734	$	14,500	$	100,036	$	81,216
Earnings per share:
Basic	$	0.89	$	0.47	$	3.21	$	2.61
Diluted	$	0.88	$	0.46	$	3.18	$	2.59
Weighted average shares outstanding:
Basic	31,238		31,121		31,205		31,080
Diluted	31,434		31,411		31,422		31,334

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands) (Unaudited)
	Nine Months Ended September 30,
	2021		2020
Operating activities:
Net income	$	122,046	$	99,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	14,899		15,601
Amortization of operating lease right of use asset	27,526		25,799
Stock-based compensation expense	11,717		11,133
Deferred income taxes	23,356		15,038
(Gain) loss on disposal of assets	(1,190)		291
Impairment of intangibles and other	937		622
Changes in operating assets and liabilities, net of acquisitions:
Receivables	(27,038)		(36,194)
Prepaid expenses	397		(1,487)
Other assets	(6,368)		(3,183)
Prepaid income taxes	(11,575)		(10,035)
Prepaid taxes	(12,509)		—
Accounts payable and accrued expenses	6,626		(17,085)
Salaries, wages, and benefits payable	(9,687)		25,913
Contract liabilities - deferred revenue	(141,629)		317,938
Other long term liabilities	—		33,632
Operating lease liabilities	(27,472)		(25,485)
Income taxes payable	(20,819)		2,721
Net amounts due to/from governmental entities	(833)		555
Net cash (used in) provided by operating activities	(51,616)		455,743
Investing activities:
Purchases of property, building and equipment	(23,548)		(51,241)
Proceeds from sale of property, building and equipment	3,350		7,142
Cash received (paid) for acquisitions, net of cash acquired	(383,475)		2,326
Proceeds from sale of an entity	1,531		—
Minority interest investments	(10,100)		—
Net cash used in investing activities	(412,242)		(41,773)
Financing activities:
Proceeds from line of credit	544,056		276,229
Payments on line of credit	(209,056)		(509,229)
Government stimulus advance	(93,257)		93,257
Proceeds from employee stock purchase plan	1,877		1,679
Payments on deferred financing fees	(2,855)		—
Noncontrolling interest distributions	(22,187)		(22,505)
Withholding taxes paid on stock-based compensation	(11,594)		(9,854)
Purchase of additional controlling interest	(2,113)		(23,575)
Sale of noncontrolling interest	1,934		2,120
Net cash provided by (used in) financing activities	206,805		(191,878)
Change in cash	(257,053)		222,092
Cash at beginning of period	286,569		31,672
Cash at end of period	$	29,516	$	253,764
Supplemental disclosures of cash flow information:
Interest paid	$	1,532	$	4,556
Income taxes paid	$	42,036	$	15,583
Non-Cash Operating Activity:
Operating right of use assets in exchange for lease obligations	$	41,776	$	25,633
Reduction to right of use assets and liabilities	$	2,746	—
Non-Cash Investing Activity:
Accrued capital expenditures	$	1,807	$	5,851

LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
	Three Months Ended September 30, 2021
	Home health services		Hospice services		Home and community- based services		Facility- based services		HCI		Total
Net service revenue	$	386,699	$	82,653	$	45,800	$	32,415	$	17,884	$	565,451
Cost of service revenue (excluding depreciation and amortization)	230,839		51,631		34,386		23,725		3,281		343,862
General and administrative expenses	126,695		22,548		11,764		11,050		4,387		176,444
Operating income (loss)	29,165		8,474		(350)		(2,360)		10,216		45,145
Interest expense	(811)		(139)		(109)		(54)		(22)		(1,135)
Income (loss) before income taxes and noncontrolling interest	28,354		8,335		(459)		(2,414)		10,194		44,010
Income tax expense (benefit)	6,407		1,874		(99)		(554)		2,522		10,150
Net income (loss)	21,947		6,461		(360)		(1,860)		7,672		33,860
Less net income (loss) attributable to non controlling interests	5,157		1,085		77		(187)		(6)		6,126
Net income (loss) attributable to LHC Group, Inc.'s common stockholder	$	16,790	$	5,376	$	(437)	$	(1,673)	$	7,678	$	27,734
Total assets	$	1,632,670	$	681,954	$	239,452	$	83,276	$	75,334	$	2,712,686
	Three Months Ended September 30, 2020
	Home health services		Hospice services		Home and community- based services		Facility- based services		HCI		Total
Net service revenue	$	373,450	$	59,801	$	48,387	$	33,344	$	15,702	$	530,684
Cost of service revenue (excluding depreciation and amortization)	205,523		37,180		36,664		22,213		3,666		305,246
General and administrative expenses	118,792		16,668		10,937		11,439		3,627		161,463
Impairment of intangibles and other	22		—		—		—		—		22
Government stimulus (income) expense	35,019		4,731		2,865		1,656		164		44,435
Operating income (loss)	14,094		1,222		(2,079)		(1,964)		8,245		19,518
Interest expense	(310)		(51)		(37)		(22)		(11)		(431)
Income (loss) before income taxes and noncontrolling interest	13,784		1,171		(2,116)		(1,986)		8,234		19,087
Income tax expense (benefit)	3,403		247		(440)		(435)		1,820		4,595
Net income (loss)	10,381		924		(1,676)		(1,551)		6,414		14,492
Less net income (loss) attributable to noncontrolling interests	(157)		321		(153)		(12)		(7)		(8)
Net income (loss) attributable to LHC Group, Inc.'s common stockholders	$	10,538	$	603	$	(1,523)	$	(1,539)	$	6,421	$	14,500
Total assets	$	1,721,278	$	277,358	$	263,414	$	108,118	$	86,168	$	2,456,336

LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)
	Nine Months Ended September 30, 2021
	Home health services		Hospice services		Home and community- based services		Facility- based services		HCI		Total
Net service revenue	$	1,157,061	$	209,191	$	143,332	$	96,814	$	29,795	$	1,636,193
Cost of service revenue (excluding depreciation and amortization)	663,137		129,848		103,941		65,360		9,720		972,006
General and administrative expenses	369,337		58,789		35,216		33,213		10,199		506,754
Impairment of intangibles and other	937		—		—		—		—		937
Operating income (loss)	123,650		20,554		4,175		(1,759)		9,876		156,496
Interest expense	(1,099)		(195)		(143)		(73)		(31)		(1,541)
Income (loss) before income taxes and noncontrolling interest	122,551		20,359		4,032		(1,832)		9,845		154,955
Income tax expense (benefit)	26,003		4,221		889		(649)		2,445		32,909
Net income (loss)	96,548		16,138		3,143		(1,183)		7,400		122,046
Less net income (loss) attributable to non controlling interests	17,506		3,308		441		792		(37)		22,010
Net income (loss) attributable to LHC Group, Inc.'s common stockholder	$	79,042	$	12,830	$	2,702	$	(1,975)	$	7,437	$	100,036
	Nine Months Ended September 30, 2020
	Home health services		Hospice services		Home and community- based services		Facility- based services		HCI		Total
Net service revenue	$	1,081,143	$	181,387	$	144,526	$	96,664	$	27,155	$	1,530,875
Cost of service revenue (excluding depreciation and amortization)	631,109		112,485		113,864		64,340		11,362		933,160
General and administrative expenses	345,024		49,560		33,520		31,984		9,815		469,903
Impairment of intangibles and other	22		600		—		—		—		622
Government stimulus (income) expense	—		—		—		—		—		—
Operating income (loss)	104,988		18,742		(2,858)		340		5,978		127,190
Interest expense	(2,804)		(451)		(382)		(288)		(115)		(4,040)
Income (loss) before income taxes and noncontrolling interest	102,184		18,291		(3,240)		52		5,863		123,150
Income tax expense (benefit)	19,499		3,294		(658)		(261)		1,307		23,181
Net income (loss)	82,685		14,997		(2,582)		313		4,556		99,969
Less net income (loss) attributable to noncontrolling interests	14,371		3,452		(275)		1,228		(23)		18,753
Net income (loss) attributable to LHC Group, Inc.'s common stockholders	$	68,314	$	11,545	$	(2,307)	$	(915)	$	4,579	$	81,216

LHC GROUP, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED KEY STATISTICAL AND FINANCIAL DATA
(Unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
Key Data:	2021			2020			2021			2020
Home Health Services:
Locations	532			549			532			549
Acquired	2			2			3			8
De novo	—			—			—			—
Divested/consolidated	(1)			(6)			(2)			(14)
Total new admissions	108,492			104,304			325,496			305,968
Medicare new admissions	52,527			55,907			161,930			166,332
Average daily census	84,258			82,254			84,583			78,920
Average Medicare daily census	43,675			47,120			44,682			46,008
Medicare completed and billed episodes	84,550			88,970			254,823			260,415
Average Medicare case mix for completed and billed Medicare episodes	1.02			1.01			1.02			1.02
Average reimbursement per completed and billed Medicare episodes	$	2,850		$	2,824		$	2,870		$	2,798
Total visits	2,113,205			2,081,418			6,322,502			6,181,133
Total Medicare visits	1,063,086			1,149,577			3,216,843			3,474,314
Average visits per completed and billed Medicare episodes	12.6			12.9			12.6			13.3
Organic growth: (1)
Net revenue	4.5		%	(4.1)		%	8.0		%	(6.5)		%
Net Medicare revenue	(2.6)		%	(8.9)		%	1.2		%	(11.3)		%
Total new admissions	3.6		%	4.7		%	6.1		%	2.4		%
Medicare new admissions	(5.7)		%	(4.4)		%	(2.5)		%	(7.0)		%
Average daily census	2.5		%	4.9		%	7.7		%	(0.4)		%
Average Medicare daily census	(7.4)		%	(5.7)		%	(2.6)		%	(9.2)		%
Medicare completed and billed episodes	(4.0)		%	(3.5)		%	(0.5)		%	(8.1)		%
Hospice Services:
Locations	155			111			155			111
Acquired	24			—			26			4
De novo	—			—			1			—
Divested/consolidated	—			(1)			(2)			(2)
Admissions	6,466			5,077			16,884			15,006
Average daily census	5,697			4,393			4,859			4,338
Patient days	524,099			404,214			1,326,412			1,192,866
Average revenue per patient day	$	161.51		$	155.76		$	160.71		$	154.59
Organic growth: (1)
Total new admissions	0.1		%	12.8		%	2.9		%	4.8		%
Home and Community-Based Services:
Locations (2)	130			122			130			122
Acquired	—			—			1			4
De novo	—			13			7			19
Divested/consolidated	(3)			(2)			(3)			(2)
Average daily census	12,978			14,455			13,436			14,391
Billable hours	1,817,711			1,942,706			5,597,129			5,865,309
Revenue per billable hour	$	25.50		$	26.31		$	25.81		$	25.87
Facility-Based Services:
Long-term Acute Care
Locations	12			12			12			12
Acquired	—			—			—			—
Divested/consolidated	—			(1)			—			(1)
Patient days	22,722			24,275			64,081			68,094
Average revenue per patient day	$	1,386		$	1,346		$	1,471		$	1,362
Average Daily Census	247			264			235			249

(1)	Organic growth is calculated as the sum of same store plus de novo for the period divided by total from the same period in the prior year.
(2)	The number of locations for HCBS has been updated to not only include the physical standalone locations but also the locations that are part of a home health provider.

RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO LHC GROUP, INC.
(Amounts in thousands)
(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income attributable to LHC Group, Inc.'s common stockholders	$	27,734	$	14,500	$	100,036	$	81,216
Add (net of tax):
Acquisition, de novo and legal expenses (1)	6,875		1,829		10,352		3,345
Closures/relocations/consolidations (2)	369		—		1,548		866
COVID-19 impact:
PPE, supplies and other expenses (3)	10,290		7,689		27,141		29,967
CARES Act tax benefit (4)	—		—		—		(2,210)
Provider Relief Fund (PRF) (5)	—		32,882		—		—
NCI associated with PRF (6)	—		(5,643)		—		—
ERP implementation (7)	498		—		1,226		—
Hurricane Ida (8)	844		—		844		—
Gain on sale of asset (9)	(951)		—		(951)		—
Adjusted net income attributable to LHC Group, Inc.'s common stockholders	$	45,659	$	51,257	$	140,196	$	113,184

RECONCILIATION OF ADJUSTED NET INCOME
ATTRIBUTABLE TO LHC GROUP, INC. PER DILUTED SHARE
(Amounts in thousands)
(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income attributable to LHC Group, Inc.'s common stockholders	$	0.88	$	0.46	$	3.18	$	2.59
Add (net of tax):
Acquisition, de novo and legal expenses (1)	0.22		0.05		0.33		0.11
Closures/relocations/consolidations (2)	0.01		—		0.05		0.03
COVID-19 impact:
PPE, supplies and other expenses (3)	0.33		0.25		0.87		0.95
CARES Act tax benefit (4)	—		—		—		(0.07)
Provider Relief Fund (PRF) (5)	—		1.05		—		—
NCI associated with PRF (6)	—		(0.18)		—		—
ERP implementation (7)	0.01		—		0.03		—
Hurricane Ida (8)	0.03		—		0.03		—
Gain on sale of asset (9)	(0.03)		—		(0.03)		—
Adjusted net income attributable to LHC Group, Inc.'s common stockholders	$	1.45	$	1.63	$	4.46	$	3.61

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA
(Amounts in thousands)
(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income attributable to LHC Group, Inc.'s common stockholders	$	27,734	$	14,500	$	100,036	$	81,216
Add:
Income tax expense	10,150		4,595		32,909		23,181
Interest expense, net	1,135		431		1,541		4,040
Depreciation and amortization	5,358		5,217		14,899		15,601
Adjustment items	24,415		49,775		54,524		46,339
Adjusted EBITDA	$	68,792	$	74,518	$	203,909	$	170,377
Adjustment items (pre-tax):
Acquisition, de novo and legal expenses (1)	9,364		2,492		14,072		4,556
Closures/relocation/consolidations (2)	502		—		2,098		1,174
COVID-19 PPE, supplies and other expenses (3)	14,016		10,474		36,835		40,609
Provider Relief Fund (PRF) (5)	—		44,435		—		—
NCI associated with PRF (6)	—		(7,626)		—		—
ERP implementation (7)	679		—		1,665		—
Hurricane Ida (8)	1,150		—		1,150		—
Gain on sale of asset (9)	(1,296)		—		(1,296)		—
Total adjustments	$	24,415	$	49,775	$	54,524	$	46,339

1.	Expenses and other costs associated with recently announced or completed acquisitions, de novos and legal expenses ($9.4 million and $14.1 million pre-tax in the three and nine months ended September 30, 2021, respectively; $2.5 million and $4.6 million pre-tax in the three and nine months ended September 30, 2020, respectively).
2.	Loss on the sale of an asset and other expenses associated with a closure or consolidation, including impairment ($0.5 million and $2.1 million pre-tax in the three and nine months ended September 30, 2021, respectively; $1.1 million in the nine months ended September 30, 2020).
3.	COVID-19 related expenses for purchases of personal protective equipment (PPE), supplies, wage adjustments and employee healthcare costs ($14.0 million and $36.8 million pre-tax in the three and nine months ended September 30, 2021, respectively; $10.5 million and $40.6 million pre-tax in the three and nine months ended September 30, 2020, respectively).
4.	Tax benefit related to new legislation in the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") which lifts certain tax deduction limitations and eliminates 80% of taxable income limitations for Net Operating Losses ("NOL"), which we are now able to fully utilize NOLs associated with Almost Family prior to the merger.
5.	The reversal of government stimulus income related to general distribution funds received from the Provider Relief Fund ("PRF") under the CARES Act ($44.4 million pre-tax).
6.	Non-controlling interest distributed to our Joint Venture partners in association with the Government stimulus income recognized during the second quarter of 2020 ($7.6 million pre-tax) was reversed in the three months ended September 30, 2020 as noted above.
7.	Expenses and other costs associated with the implementation of an Enterprise Resource Planning software ($0.7 million and $1.7 million pre-tax in the three and nine months ended September 30, 2021, respectively).
8.	Direct recovery costs associated with Hurricane Ida ($1.2 million pre-tax).
9.	As of December 31, 2020, the Company's assets held for sale was $1.9 million, which consisted of one hospice facility in Knoxville, Tennessee.  The Company sold the property during the third quarter of 2021 for $3.2 million.

Contact:	Eric Elliott
	Senior Vice President of Finance
	(337) 233-1307
	eric.elliott@lhcgroup.com

EX-99.2

Supplemental Financial Information Third Quarter Ended September 30, 2021 November 3, 2021 1 Exhibit 99.2

FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” (as defined in the Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of the Company.  Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “will,” “estimate,” “may,” “could,” “should,” “outlook,” and “guidance” and words and terms of similar substance used in connection with any discussion of future plans, actions, events or results identify forward-looking statements.   Forward-looking statements are based on information currently available to the Company and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including, but not limited to, the risks and uncertainties related to the COVID-19 pandemic and those otherwise described in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Many of these risks, uncertainties and assumptions are beyond the Company’s ability to control or predict. Because of these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements. Non-GAAP Financial Information   This presentation includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including EBITDA and Adjusted EBITDA. The company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items. The company presents these financial measures to investors because they believe they are useful to investors in evaluating the primary factors that drive the company's operating performance. The items excluded from these non-GAAP measures are important in understanding LHC Group’s financial performance, and any non-GAAP measures presented should not be considered in isolation of, or as an alternative to, GAAP financial measures. Since these non-GAAP financial measures are not measures determined in accordance with GAAP, have no standardized meaning prescribed by GAAP and are susceptible to varying calculations, these measures, as presented, may not be comparable to other similarly titled measures of other companies.  EBITDA of LHC Group is defined as net income (loss) before income tax benefit (expense), interest expense, and depreciation and amortization expense. Adjusted EBITDA of LHC Group is defined as net income (loss) before income tax expense benefit (expense), depreciation and amortization expense, and transaction costs related to previous transactions. Please visit the Investors section on our website at Investor.LHCgroup.com for additional information on LHC Group and the industry. Nasdaq: LHCG 2

TABLE OF CONTENTS Business & Legislative Overview 4 - 11 Differentiated Strategies 12 - 27 2021 Consolidated Results Segment Results Guidance, Liquidity & Outlook Appendix LHC Group Overview Commentary on Q3 2021 and Q4 2021 Trends Choose Home Care Act of 2021 Policies on Home Care Unprecedented Support for Homecare Differentiated Strategy Leading to Quality Growth Multiple Organic and Inorganic Growth Levers Building Blocks of Long-Term Earnings Growth Recruiting and Retention New COVID Cases Declining in Q4 2021 Sequential Operational Trends Home Health and Hospice Clinicians on Quarantine Trend Home Health Labor Cost per Visit Home Health and Hospice Growth Industry-Leading Quality and Patient Satisfaction M&A Activity Sets the Stage for 2022 HCI Segment Supports Advanced Care@Home Programs Advanced Care @ Home Partnership with SCP Health 28 - 32 2021 Adjusted Consolidated Results Adjusted Consolidated Results – 2021 vs 2020 Adjustments to Net Income 33 - 40 Three and Nine Months Ended September 30, 2021 Home Health Hospice Home and Community Based Services Facility-Based Services Health Care Innovations 41 - 44 Full Year 2021 Guidance Debt and Liquidity Metrics Focus for 2021 45 - 48 Non-GAAP Reconciliations 3

BUSINESS & LEGISLATIVE OVERVIEW 4

Home Health Hospice HCBS Home Health & Hospice Home Health & HCBS Home Health, Hospice, & HCBS LHC GROUP OVERVIEW AS OF NOVEMBER 1, 2021 LEGEND: 556 home health locations 167 hospice locations 130 home & community based services locations 12 long term acute care hospital locations 52 other service locations 435 leading hospital JV partners 60% (37 states & the District of Columbia) 12M+ annual patient encounters 3,600 referral hospitals 64,000 referral physicians of the U.S. population aged 65+ included in service area 5

Hurricane Ida and the capacity constraints caused by the Delta variant’s impact on clinicians on quarantine – particularly in the Southeast which comprises two-thirds of total revenue – caused significant headwinds for Q3 compared with Q3 2020 and Q2 2021. A total of 39 home health and three hospice locations were temporarily closed during the quarter due to Hurricane Ida, for a total of 120 lost operating days, resulting in an estimated impact to revenue of $3.1 million and EBITDA of $1.2 million. The percentage of clinicians on quarantine increased from 0.25% at the end of the second quarter of 2021 to 3.0% by the end of the third quarter of 2021, with a peak of 4.0% in the Southeastern states, resulting in an estimated impact to revenue of $12.0 million and EBITDA of $4.8 million. Due to the high numbers of quarantined staff, the Company utilized more contract labor, unfavorably impacting EBITDA by $3.4 million in the third quarter of 2021 compared to the second quarter of 2021. Organic growth in admissions for home health locations increased 3.6% for Q3 compared to the same period in 2020. Our Home Health non-Medicare episodic same store admissions increased 11.6% in Q3 as compared to the same period in 2020. Organic growth in admissions for hospice increased 0.1% in Q3 compared to the same period in 2020. COMMENTARY ON Q3 2021 6

Momentum from new physician referral sources continues with 4,773 new and unique home health referral sources added in Q3 which is a 4.2% increase over the same period in 2020. Home Health average daily census of 84,258 in Q3 2021 was 2.4% higher than 82,254 in Q3 2020 but down 1.5% sequentially from Q2 2021. Hospice average daily census of 5,697 in Q3 2021 was 29.7% higher than 4,393 in Q3 2020 and up 27.9% sequentially from Q2 2021 due to the Heart of Hospice acquisition which was completed on September 1, 2021. Adjusted net income attributable to LHC Group’s common stockholders was $45.7 million, or $1.45 adjusted earnings per diluted share, in Q3 2021 as compared to $51.3 million, or $1.63 adjusted earnings per diluted share in Q3 2020. Adjusted EBITDA was $68.8 million in Q3 2021 compared to $74.5 million in Q3 2020. Operating trends in October 2021 continue to improve: Average daily Home Health census for October 2021 increased 1,164 to 85,422, up 1.4% compared with the third quarter of 2021. Company wide, clinicians on quarantine percentage has declined 120 basis points to 1.8% as of November 1, 2021 In our Southeastern states, clinicians on quarantine percentage has declined 230 basis points to 1.7% as of November 1, 2021 Hospice experienced five consecutive months of normalized length of stay resulting in continuing sequential and year-over-year growth in average daily census. COMMENTARY ON Q3 2021 AND Q4 2021 TO DATE 7

For the first time, allows Medicare seniors to choose to recover at home as opposed to an in-patient healthcare facility after a hospitalization and who meet the eligibility for Skilled Nursing Facility (SNF). Introduced July 29, 2021 in the Senate (S-2562) with bipartisan sponsorship led by Sens. Stabenow (D-MI) and Young (R-IN) and now 12 additional co-sponsors from both parties and committees of healthcare and aging jurisdictions. Same bill (HR5514) introduced in the U.S. House on October 8, 2021 by Cong. Cuellar (D-TX) and Comer (R-KY) with 15 co-sponsors now from both parties and House committees of healthcare jurisdiction. Bill has been sent to CBO (Congressional Budget Office) for scoring/review of budget implications and for consideration in a legislative vehicle this Congress. It has also been received by CMS for technical advice to Congress. For a more robust discussion of the Choose Home Care Act of 2021, please see the Q2 Supplemental dated August 4, 2021 and found on our Investor Relations page for: Description of the new benefit, how it will work and how it will save money on page 7. Polling data and third-party research on support and validation of at home care on pages 8-9. Section by section analysis of Choose Home Care Act of 2021 provided on pages 44-45. The full Dobson DaVanzo memorandum on savings estimate calculations can be found on pages 46-55. CHOOSE HOME CARE ACT OF 2021 8

The Biden administration continues to promote the expansion of home health services, including HCBS services, as a portion of its infrastructure proposal known currently as the American Jobs Plan. Discussion is now ongoing within Congress as to the possible inclusion of this expansion of HCBS services as part of the infrastructure package that could be considered under the two-step budget reconciliation process. On October 18, Sec. of Health and Human Services Becerra signed an Administrative Order extending the declaration of the Public Health Emergency for an additional 90 days through January 16, 2022, thereby extending significant flexibilities for the provision of home health services previously afforded administratively. Flexibilities including telehealth and remote patient certifications. Extends the suspension of site neutral payment for LTCHs. Telehealth – Congress continues to support amending the ‘originating site’ statutory language which currently does not allow home health agencies to offer and be reimbursed for Medicare services delivered by means of telehealth. Legislation introduced by numerous Senate and House members aim to change that prohibition, addressing reimbursement as is done by face-to-face visits, regardless of geography, and in public health emergencies. Both temporary and permanent provisions are considered. S. 1309 / HR 3371 - Home Health Emergency Access to Telehealth (HEAT) Act HR 341 - Ensuring Telehealth Expansion Act S. 1512 / HR 2903 - CONNECT for Health Act POLICIES ON HOME CARE 9

Home Health Final Rule for FY22 posted on November 2, 2021: No cuts for 2022 and an aggregate increase of payment rates of 2.5% ($445 million) which includes a decrease in payments due to reduction in rural add-on payments mandated by BBA 2018. (The payment update is based on a 3.1% market basket, reduced by 0.5% productivity adjustment or a net of 2.6% this is further reduced by 0.1% for the reduction in rural add-on percentages for a net of 2.5%.) The 2022 national standardized 30-day payment will be $2,031.64 versus the $1,901.12 from 2021. The rule includes a proposal to expand nationally the Home Health Value Based Payment demonstration from 9 states to all 50 states and territories beginning Jan. 1, 2023, with a baseline year of 2019 and an initial performance year of 2023. The rule provides for a maximum payment adjustment of plus or minus 5% reflected in 2025 payments. Hospice survey and enforcement: Based on the Consolidated Appropriations Act of 2021 (passed late Dec. 2020) the rule proposes changes to hospice survey and enforcement actions to address oversight and consistency in survey process. The Better Care Better Jobs Act: Senators Casey (D-PA), Wyden (D-OR), Schumer (D-NY), Murray (D-WA), Duckworth (D-IL), Hassan (D-NH) and Brown (D-OH) are introducing the Better Care Better Jobs Act, a key element of President Biden’s American Jobs Plan. Representatives Dingell (D-MI-12), Pallone (D-NJ-6), Schakowsky (D-IL-9) and Matsui (D-CA-6) introduced the House companion. This legislation would make a historic investment in home and community-based services by strengthening and expanding access to quality home care services and lifting up the caregiving workforce that provides them. Specifically, the bill would: Enhance Medicaid funding for HCBS, strengthen and expand access to HCBS, strengthen and expand the HCBS workforce, show improvement over time, encourage innovative models that benefit direct care workers and care recipients, support quality and accountability, facilitate state planning, permanent spousal impoverishment protections and make permanent Make Money Follows the Person. POLICIES ON HOME CARE CONTINUED 10

UNPRECEDENTED SUPPORT FOR HOMECARE 11 “The Biden-Harris administration recognizes the value and dignity that come with access to home- and community-based services. Thanks to the American Rescue Plan, we can support states working to expand access to home- and community-based services for Medicaid beneficiaries.” Xavier Becerra, Secretary of U.S. Department of Health and Human Services (10.21.21)   “We want to design models that give providers those tools that enable the delivery of integrated, whole-person care in the settings beneficiaries prefer, such as in the home or community.” Purva Rawal, Chief Strategy Officer for U.S. Centers for Medicare & Medicaid Services (10.20.21)   “We’re going to expand services for seniors in the home and for families to help them take care of their parents at home. It’s a matter of dignity and pride they want to live at home independently and for millions of Americans this is the most important issue they are facing.” President Joe Biden (10.28.21)   “AARP supports the investments (in the American Rescue Plan) that allow more people to get care at home and stay out of nursing homes when they so choose. For each person getting nursing home care, Medicaid can fund three people getting home- and community-based services.” Jo Ann Jenkins, CEO of the American Association of Retired Persons (3.1.21)   “COVID-19 is prompting hospitals and health care systems to reconsider how and where they deliver care to patients. Many see the patient’s home as the safest and most effective option for certain conditions and patients.” American Hospital Association “The Value Initiative” (12.1.20)   “Seniors deserve the best healthcare possible. After a hospitalization, people are often more comfortable in their own homes. Medicare needs to allow individuals the freedom to make the health care decisions best for them including recovery in their homes. My legislation HR5514 allows my constituents the option of home care and keeps them closer to loved ones and saves her from infectious diseases.” Congressman Henry Cuellar (D-TX) Lead Sponsor in the U.S. House of HR5514: The Choose Home Care Act of 2021 (10.8.21) “I'm proud to join Congressman Cuellar in introducing HR5514, this bipartisan measure. Medicare’s existing home health benefit doesn’t always offer the services necessary to ensure the best care for patients, which is what our bill seeks to change. Our proposal is safe, cost effective and will enhance the quality of life of senior citizens who would rather receive care in a familiar home setting.” Congressman Jamie Comer (R-KY) Lead Republican U.S. House Sponsor of HR5514: The Choose Home Care Act of 2021 (10.11.21)

DIFFERENTIATED STRATEGIES 12

Joint ventures drive organic growth and margin improvement Same store growth for JV locations averaged 200 basis points higher than non-JV locations for the years 2016-2019. Revenue growth rate for JVs average 10% to 15% in year 2 and 3. Margins for JV locations average 100 to 200 basis points higher than non-JV locations. Continued focus on inorganic growth through acquisitions and organic growth on previous acquisitions. Acquired $300 million in annual revenue in 2021 which will add $20 million to $25 million in EBITDA to 2022 Acquired $369.6 million in annual revenue from 2017 through 2020 which had $16.0 million in contribution margin 2021 estimated revenue on these acquisitions is $416.4 million. 2021 estimated contribution margin on these acquisitions is $86.0 million. Continued focus on growth in episodic admissions and rate improvement on non-Medicare admissions Non-Medicare episodic admissions grew by 12.7% in the third quarter of 2021 compared to 2020; and by 23.2% in the first nine months of 2021 as compared to 2020. Rate-per-visit improved by 4.1% in the third quarter of 2021 compared to 2020; and by 4.7% in the first nine months of 2021 as compared to 2020. DIFFERENTIATED STRATEGY LEADING TO QUALITY GROWTH 13

Continued focus on quality and patient satisfaction to drive higher referrals Increased new home health physician referral sources by 22.0% in 2020 over 2019; by 23.0% in the first nine months of 2021 as compared to 2020 and by 4.3% in Q3 of 2021. Untapped growth in home health and hospice co-locations remains top priority 86 hospice locations co-located with home health out of 155 total hospice locations, or 55%. Up from 77 locations in 2020, 63 locations in 2019 and 58 locations in 2018. Currently averaging 15% to 16% of home health census that gets discharged to hospice. Continue with strategic rollout strategy for HCBS 55 HCBS locations co-located with home health out of 133 total HCBS locations, or 41%. Grow HCBS in markets with value-based arrangements with JV partners and payors. DIFFERENTIATED STRATEGY LEADING TO QUALITY GROWTH CONTINUED 14

MULTIPLE ORGANIC AND INORGANIC GROWTH LEVERS Organic Growth Acquisition Growth Upside Opportunities Move to taking risk on total cost of HH from MA plans and health systems Grow Imperium ACOs and extend proven record of managing post-acute network building Create high performing post-acute networks for ACO partners and increase utilization of LHC platform Extend use of data analytics to gain insight on cost of post-acute care Core Market Growth Market Share Gains JVs with Hospital and Health Systems New Acquisitions Value Based Strategy New acquisitions in home health, hospice and home and community based care Expand geographic reach in untapped markets Capitalize on highly fragmented provider base with historic consolidation opportunity Top 5 providers account for only ~21% of home health market Only in-home healthcare provider with track record of JV’s Expand into new markets along with partners’ footprint Leverage value proposition and unmatched national scale to pursue strong pipeline of new JV partners nationwide COVID-19 experience is real-time value demonstration Industry leadership in quality and accreditation driving unique physician referral growth Smaller operators are capital constrained Drive untapped growth in personal care and hospice businesses across expanded geographic footprint Supportive recent payment reform Near to medium-term reimbursement a known quantity In demand from referral sources, partners & patients Home health a net beneficiary of value-based purchasing 1 2 3 4 5 15

BUILDING BLOCKS OF LONG-TERM EARNINGS GROWTH Developing alternative reimbursement models (PMPM; Case Rate; episodic) with regional and national payors, demonstrating continued progression beyond fee-for-service and per visit relationships Revising contracts and developing processes with major payors to optimize administrative efficiencies Leveraging participation with JV and non-JV ACO’s to capture increasing share of HH eligible admissions 10% share today Value based awards with annual run-rate of $15M Core Market Growth Market Share Gains JVs with Hospital and Health Systems New Acquisitions Value Based Strategy Pursue new acquisitions in home health, hospice and HCBS $300 million in acquired annual revenue in 2021 Annual revenue acquired in 2021 will add in the range of $20 to $25 million in EBITDA in 2022 Acquired $369.6M in annual revenue and $16.0 million in contribution margin during 2017-2020 excluding AFAM. These acquisitions currently pacing to $416.4M in annual revenue and $86.0 million in contribution margin in 2021. Acquire revenue with JV’s $65M-$70M/year on average (2017-2020) Target corporate EBITDA profile within 12-18 months Organic admission growth typically outperforms wholly owned locations by 100 to 200 bps Drive untapped growth in HH, hospice and HCBS locations Avg HH agency = $2-$3M annual revenue Avg hospice agency = $2-3M annual revenue HH/hospice co-location = $400,000 - $500,000 incremental annual revenue per hospice location 55% of HH/hospice co-locations Drive organic growth as lowest cost of incremental revenue and margin HH organic admission growth target of 5% to 7% for 2021 and increasing back to mid- to high- single digits Hospice organic admission growth target of 2% to 4% for 2021 and increasing back to mid- to high- single digits 1 2 3 4 5 Organic Growth Acquisition Growth Upside Opportunities 16

RECRUITING AND RETENTION We continue to see positive trends in recruiting and retention. We have three consecutive quarters in which we have hired a record number of employees while our turnover continues to be well below industry averages. Our headcount statistics are a direct correlation and validation to our company’s continued census growth and focus on patient satisfaction and quality. Voluntary Turnover for full time employees company wide for the twelve months ended September 30, 2021: 16.1% Voluntary Turnover for full time clinical staff in Home Health and Hospice for the twelve months ended September 30, 2021: 17.6% Net Hiring Trend 17

NEW COVID CASES DECLINING IN Q4 2021 18 Source: Center for Systems Science and Engineering at Johns Hopkins University https://systems.jhu.edu/research/public-health/ncov/ The table below illustrates the changes in new COVID cases in the Company’s 1,781 service counties across its 35-state (and District of Columbia) footprint:

NEW COVID CASES DECLINING IN Q4 2021 19 Source: Center for Systems Science and Engineering at Johns Hopkins University https://systems.jhu.edu/research/public-health/ncov/ The table below illustrates the changes in new COVID cases in the Company’s 839 service counties across its footprint in 10 Southeastern states which comprise approximately two-thirds of the Company’s revenue:

SEQUENTIAL OPERATIONAL TRENDS Home Health, Hospice and HCBS Trends 20 * Completed the Heart of Hospice acquisition on September 1, 2021

Home Health and Hospice Clinicians on Quarantine Trend 21

HOME HEALTH LABOR COST PER VISIT 22

HOME HEALTH AND HOSPICE GROWTH Same Store Organic Admission Growth over Prior-Year Periods Sequential Same Store Organic Admission Growth New Physician Home Health Referral Sources 23

INDUSTRY-LEADING QUALITY AND PATIENT SATISFACTION 85% of LHC Group same-store providers have CMS 4 stars or greater for quality 100% of LHC Group home health and hospice agencies are Joint Commission accredited or are in the accreditation process within 12 to 18 months after acquisition. Approximately 15% of all Medicare certified home health agencies nationwide are Joint Commission accreditation. 90% of LHC Group same-store providers have CMS 4 stars or greater for patient satisfaction September 2021 quality data is from Strategic Healthcare Partners (SHP). Please note that the October 2020 refresh of the quality and patient satisfaction star ratings is the last scheduled refresh of this data by CMS until January 2022.     24

M&A ACTIVITY SETS THE STAGE FOR 2022 GROWTH The acquired annual revenue of approximately $300 million for 2021 would contribute in the range of $20 million to $25 million in EBITDA to 2022. 25

LHCG’s unique value-based assets are fully on display with SCP Health’s national team of 7,500 emergency department physicians and hospitalists Imperium Health – ACO ownership, management and enablement Advanced Care House Calls – primary care services Long Term Solutions – elder care guidance CareJourney – clinical analytics and insights Closest peers to the HCI segment are now Landmark Health and Aspire Health. SCP partnership is a natural progression of LHCG’s SNF@Home model first deployed in 2014 for Ochsner Health CMS recommendation for national expansion of value-based program places premium on ability to quickly take on risk and deliver proven value on a national scale Imperium Health has generated $300+ million in total savings; $150+ million in total CMS payouts HCI SEGMENT STRONGLY SUPPORTS ADVANCED CARE@HOME PROGRAMS 26

765 current collective hospital partnerships 70 existing hospitals in which both LHC Group and SCP Health have partnerships 109 additional hospitals in which SCP Health is partnered and LHC Group operates a home health agency in the market Over 20 million combined patient encounters annually ADVANCED CARE@HOME PARTNERSHIP WITH SCP HEALTH 27

2021 CONSOLIDATED RESULTS 28

2021 ADJUSTED CONSOLIDATED RESULTS 29

ADJUSTED CONSOLIDATED RESULTS – 2021 VS 2020 30

ADJUSTMENTS TO NET INCOME *See footnotes on page 32 31

ADJUSTMENTS TO NET INCOME CONTINUED Expenses and other costs associated with recently announced or completed acquisitions, de novos and legal expenses ($9.4 million and $14.1 million pre-tax in the three and nine months ended September 30, 2021, respectively; $2.5 million and $4.6 million pre-tax in the three and nine months ended September 30, 2020, respectively). Loss on the sale of an asset and other expenses associated with a closure or consolidation, including impairment ($0.5 million and $2.1 million pre-tax in the three and nine months ended September 30, 2021, respectively; $1.1 million in the nine months ended September 30, 2020) . COVID-19 related expenses for purchases of personal protective equipment (PPE), supplies, wage adjustments and employee healthcare costs ($14.0 million and $36.8 million pre-tax in the three and nine months ended September 30, 2021, respectively; $10.5 million and $40.6 million pre-tax in the three and nine months ended September 30, 2020, respectively) . Tax benefit related to new legislation in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which lifts certain tax deduction limitations and eliminates 80% of taxable income limitations for Net Operating Losses (“NOL”), which we are now able to fully utilize NOLs associated with Almost Family prior to the merger. The reversal of government stimulus income related to general distribution funds received from the Provider Relief Fund (“PRF”) under the CARES Act ($44.4 million pre-tax) . Non-controlling interest distributed to our Joint Venture partners in association with the Government stimulus income recognized during the second quarter of 2020 ($7.6 million pre-tax) was reversed in the three months ended September 30, 2020 as noted above . Expenses and other costs associated with the implementation of an Enterprise Resource Planning software ($0.7 million and $1.7 million pre-tax in the three and nine months ended September 30, 2021, respectively). Direct recovery costs associated with Hurricane Ida ($1.2 million pre-tax). As of December 31, 2020, the Company's assets held for sale was $1.9 million, which consisted of one hospice facility in Knoxville, Tennessee. The Company sold the property during the third quarter of 2021 for $3.2 million. . 32

SEGMENT RESULTS 33

THREE MONTHS ENDED SEP. 30, 2021 ADJUSTED SEGMENT RESULTS 34

NINE MONTHS ENDED SEP. 30, 2021 ADJUSTED SEGMENT RESULTS 35

HOME HEALTH SEGMENT ADJUSTED SEGMENT RESULTS – 2021 VS 2020 36 For the three months ended September 30, 2021, Revenue increased by $13 million or 3.5% as compared to Q3 2020. The increase is due to a 2.4% increase in census, coupled with an increase in Revenue per Completed Medicare Episode of approximately 1.0%. For the three months ended September 30, 2021, Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) decreased $10.7 million, or 330 basis points as a percentage of revenue, as compared to Q3 2020. The decrease is primarily due to the recent surge in new COVID cases and Hurricane Ida. The COVID case surge created staffing shortages and cost pressures owing to clinicians being quarantined, resulting in higher utilization of contract labor, more overtime and higher shift premium pay. Cost per Visit increased 8.5% as compared to Q3 2020. Hurricane Ida resulted in 120 lost operating days during the quarter. Revenue from sequestration suspension in the third quarter of 2021 was $4.8 million and $14.7 million for the nine months ended September 30, 2021.

HOSPICE SEGMENT ADJUSTED SEGMENT RESULTS – 2021 VS 2020 37 For the three months ended September 30, 2021, Revenue increased $22.9 million and EBITDA increased $3.1 million. The increase in revenue is due to approximately $21 million of inorganic revenue from recent acquisitions, approximately $1 million from same store growth and approximately $1 million in lower implicit price concession. Gross Margin % and EBITDA % both increased year-over-year due to higher revenue per day and favorable Implicit Price Concession, which more than offset the year-over-year increase in cost per day of +5.9%. Revenue from sequestration suspension in the third quarter of 2021 was $1.6 million and $4.0 million for the nine months ended September 30, 2021.

HOME AND COMMUNITY BASED SERVICES SEGMENT ADJUSTED SEGMENT RESULTS – 2021 VS 2020 38 For the three months ended September 30, 2021, Net Service Revenue decreased $2.6 million or 5.3% as compared to Q3 2020. The decrease in revenue is due to a 6.4% decline in billable hours owing to ongoing staffing constraints due to the COVID-19 pandemic. For the three months ended September 30, 2021, the HCBS segment EBITDA decreased $0.2 million and declined 20 basis points as a percentage of revenue as compared to Q3 2020. The decrease is due to the impact of fixed costs on lower revenue.

FACILITY-BASED SERVICES SEGMENT ADJUSTED SEGMENT RESULTS – 2021 VS 2020 39 Facility-Based Revenue decreased $0.9 million or 2.8% as compared to Q3 2020, driven by a 2.4 day decrease in average length of stay. The impact to patient days of the lower average length of stay was partially offset by a 2.9% increase in revenue per patient day and favorable Implicit Price Concession. Facility-Based Adjusted EBITDA increased $0.2 million or 60 basis points in the third quarter of 2021, compared to the same period in 2020, due to lower fixed costs. Impact from Hurricane Ida was approximately $200,000 in lower revenue and $600,000 in lower EBITDA. Revenue from sequestration suspension in the third quarter of 2021 was $0.4 million and $1.0 million for the nine months ended September 30, 2021.

HEALTH CARE INNOVATIONS SEGMENT ADJUSTED SEGMENT RESULTS – 2021 VS 2020 The increase in revenue and EBITDA in the third quarter of 2021, as compared to the third quarter of 2020, is due to the receipt of a higher Medicare Shared Savings Payment (MSSP) of $11.7 million in the current quarter as compared to $9.6 million in the third quarter of 2020. 40

GUIDANCE, LIQUIDITY & OUTLOOK 41

Assumptions Guidance updated for extension of the Public Health Emergency through January 16, 2022. Estimated effective tax rate of 25.5% to 26.0% for full year 2021. 5% to 7% organic growth in home health admissions for the year; 2% to 4% organic growth in hospice admissions for the year. Gross margin as a percent of revenue range 42.0% to 43.0%. General and administrative expense as a percent of revenue range 29.0% to 30.0%. Fully diluted shares of 31.6 million. We are estimating COVID-19 related cost in 2021 to be approximately $45 million, which is down from $53 million in 2020. FULL YEAR 2021 GUIDANCE 42

DEBT AND LIQUIDITY METRICS 43

APPENDIX 44

NON-GAAP RECONCILIATIONS (Amounts in thousands, unaudited) *Footnotes are on page 48 45

NON-GAAP RECONCILIATIONS (Amounts in thousands, unaudited) *Footnotes are on page 48 46

NON-GAAP RECONCILIATIONS (Amounts in thousands, unaudited) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) Expenses and other costs associated with recently announced or completed acquisitions and de novos ($2.1 million pre-tax in the three and six months ended June 30, 2021; $0.5 million pre-tax in the three months ended June 30, 2020 and $2.1 million pre-tax in the six months ended June 30, 2020). Loss on the sale of an asset and other expenses associated with a closure or consolidation, including impairment ($1.4 million pre-tax in the three months ended June 30, 2021 and $1.6 million in the six months ended June 30, 2021; ($0.7 million pre-tax in the three months ended June 30, 2020 and $1.2 million pre-tax in the six months ended June 30, 2020). COVID-19 related expenses for purchases of personal protective equipment (PPE), supplies and wage adjustments ($10.8 million pre-tax in the three months ended June 30, 2021 and $22.8 million pre-tax in the three months ended June 30, 2020; ($27.3 million pre-tax in the three months ended June 30, 2020 and $30.1 million pre-tax in the six months ended June 30, 2020). Tax benefit related to new legislation in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which lifts certain tax deduction limitations and eliminates 80% of taxable income limitations for Net Operating Losses (“NOL”), which we are now able to fully utilize NOLs associated with Almost Family prior to the merger. Government stimulus income recognized during the second quarter of 2020 related to general distribution funds received from the Provider Relief Fund ($44.4 million pre-tax in the three and six months ended June 30, 2020). Non-controlling interest distributed to our Joint Venture partners in association with the Government stimulus income recognized during the second quarter of 2020 ($7.6 million pre-tax in the three months ended June 30, 2020). Expenses and other costs associated with the implementation of an Enterprise Resource Planning software ($1.0 million pre-tax in the second quarter and first half of 2020). Expenses and other costs associated with legal expense ($2.6 million pre-tax in the second quarter and first half of 2020). 47 Expenses and other costs associated with recently announced or completed acquisitions, de novos and legal expenses ($9.4 million and $14.1 million pre-tax in the three and nine months ended September 30, 2021, respectively; $2.5 million and $4.6 million pre-tax in the three and nine months ended September 30, 2020, respectively). Loss on the sale of an asset and other expenses associated with a closure or consolidation, including impairment ($0.5 million and $2.1 million pre-tax in the three and nine months ended September 30, 2021, respectively; $1.1 million in the nine months ended September 30, 2020) . COVID-19 related expenses for purchases of personal protective equipment (PPE), supplies, wage adjustments and employee healthcare costs ($14.0 million and $36.8 million pre-tax in the three and nine months ended September 30, 2021, respectively; $10.5 million and $40.6 million pre-tax in the three and nine months ended September 30, 2020, respectively) . Tax benefit related to new legislation in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which lifts certain tax deduction limitations and eliminates 80% of taxable income limitations for Net Operating Losses (“NOL”), which we are now able to fully utilize NOLs associated with Almost Family prior to the merger. The reversal of government stimulus income related to general distribution funds received from the Provider Relief Fund (“PRF”) under the CARES Act ($44.4 million pre-tax) . Non-controlling interest distributed to our Joint Venture partners in association with the Government stimulus income recognized during the second quarter of 2020 ($7.6 million pre-tax) was reversed in the three months ended September 30, 2020 as noted above. Expenses and other costs associated with the implementation of an Enterprise Resource Planning software ($0.7 million and $1.7 million pre-tax in the three and nine months ended September 30, 2021, respectively). Direct recovery costs associated with Hurricane Ida ($1.2 million pre-tax). As of December 31, 2020, the Company's assets held for sale was $1.9 million, which consisted of one hospice facility in Knoxville, Tennessee. The Company sold the property during the third quarter of 2021 for $3.2 million. .

48

EX-99.3

Exhibit 99.3

LHC GROUP

Q3 2021 EARNINGS CONFERENCE CALL

Thursday, NOVEMBER 4, 2021

8:00 A.M. CT

BUSINESS AND LEGISLATIVE OVERVIEW

• There is a fundamental shift underway that is rapidly transforming and prioritizing the delivery of high-quality care to the home. This acceleration in demand is providing a resounding case for long-term growth and optimism and should drive our organic growth as well as the future contributions from acquisitions and partnerships for many years to come.

o Home health referrals are up 14% YTD in 2021 to 476,505 on top of an 8% increase in 2020

o Hospice referrals are up 21% YTD in 2021 to 24,277 on top of a 10% increase in 2020

o Home Health Final Rule for FY 22 posted on November 2, 2021

▪ No cuts for 2022 and an aggregate increase of payment rates of 2.5% (2.6% payment update less 0.1% adjustment for rural add on).

▪ CMS estimates the overall impact to be +3.2% or an aggregate increase in payment of by $570 million due to the payment increase and other policy changes in the Rule.

▪ HHVBP was expanded from demonstration from nine states to all 50 states and territories beginning January 1, 2023 with the first payment year in 2025

• The baseline year is 2019 and the initial performance year is 2023

• Provides a maximum payment adjustment of +/- 5%

• HHVBP is very supportive of our advanced care @ home service line expansion with SCP Health

• We’ve been operating under the current demonstration in seven states

• This is a substantial opportunity as we have a number of highly successful SNF diversion programs with hospital partners

o Choose Home Care Act of 2021

▪ Would provide clinically appropriate Medicare beneficiaries the option to safely recover in their homes vs. more costly and restrictive inpatient post-acute care settings

▪ Introduced in the Senate (S.2562) in July 2021 with sponsorship by Sens. Stabenow (D-MI) and Young (R-IN)

▪ Since that time, 12 additional co-sponsors have been added from both parties and from committees of healthcare and aging jurisdictions

▪ The same bill (HR5514) introduced in the House in October 2021 by Cong. Cuellar (D-TX) and Comer (R-KY) with 15 co-sponsors now from both parties and committees of healthcare jurisdiction

▪ CBO is scoring/reviewing it now for budget implications and CMS has already reviewed it for technical advice

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▪ The more likely vehicles for passage are in the budget reconciliation process or other year end legislative packages

o We are the partner of choice for 435 leading hospitals and health systems across the country

▪ Our JV strategy is a true differentiator for us, the core of our overall strategy, and a top priority for us in 2022 and beyond

▪ The advanced care @ home partnership with SCP Health provides another opportunity to work closely with our partners, leverage our 765 collective relationships, and provide the missing link that these programs have needed for highly coordinated care and taking risks on post-acute cost and care management

• The inbound calls began almost immediately after our announcement in July

• We are working on active proposals with current JV partners

• We are planning for an early 2022 official launch of this service line

o Hospital-at-home program has gained momentum throughout COVID

▪ Over 175 hospitals have received waivers since Q4 2020

▪ These hospitals want to use their beds for higher acuity patients

▪ This movement is an alternative to building more brick-and-mortar facilities

▪ Choose Home Care Act of 2021 is an extension of that momentum targeting the lowest acuity patients in a SNF, freeing up the capacity in a SNF to accept higher-acuity patients from the hospital

o Value-based care plays to our strengths with our experience and data analytics capabilities across the HCI segment

▪ We generated another significant value-based bonus payment of $11.7 million in Q3 2021

• M&A activity during 2021 sets the stage for another strong year of growth in 2022

o We’ve had a record year so far in 2021 with approximately $300 million of acquired annual revenue

o Our largest transaction was the purchase of 47 locations from the HCA/Brookdale joint venture which is expected to represent approximately $130 million in annual revenue

▪ Home health, hospice and therapy services agencies are located in 22 states, two of which (MN and NM) are new to LHC Group

▪ This transaction closed on November 1

o We anticipate the incremental EBITDA contribution from our M&A activity to be in a range of $20 million to $25 million in 2022

• LHC Group is an industry leader in quality and patient satisfaction

o Strategic Healthcare Programs (SHP) data shows our overall home health quality star ratings have continued to improve

▪ 4.43 published in September 2021 (SHP)

▪ 4.39 published in June 2021 (SHP)

▪ 4.23 published in October 2020 (CMS – this reflects the last refresh by CMS until January 2022)

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OPERATIONAL OVERVIEW

KEY METRICS

• Our Q3 2021 key metrics continue to show year-over-year growth with a sequential decline from Q2 2021 in home health due to the headwinds we cited in our October 18, 2021 business preview

o Home health organic admission growth

▪ 3.6% in Q3 2021

▪ 4.7% in Q3 2020

▪ 16.4% in Q2 2021

▪ 6.1% for the nine months ended September 30, 2021

▪ Admissions in October were 3% higher than the monthly average for Q3 2021

o Home health average daily census

▪ 84,258 in Q3 2021

▪ 82,254 in Q3 2020

▪ 85,553 in Q2 2021

▪ 85,422 in October 2021

o Home health non-Medicare episodic same store admissions

▪ 12,176 in Q3 2021

▪ 10,804 in Q3 2020

▪ 13,748 in Q2 2021

o Hospice organic admission growth

▪ 0.1% in Q3 2021

▪ 12.8% in Q3 2020

▪ 1.1% in Q2 2021

▪ 2.9% for the nine months ended September 30, 2021

▪ Admissions in October were approximately 1% higher than the monthly average for Q3 2021

o Hospice average daily census

▪ 5,697 in Q3 2021

▪ 4,393 in Q3 2021

▪ 4,454 in Q2 2021

▪ 6,739 in October 2021

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THIRD AND FOURTH QUARTER TRENDS

• The headwinds we faced in Q3 2021 are primarily temporary in nature, and we have experienced improving operating trends to date in Q4 2021

o Of the 39 home health and 3 hospice locations temporarily closed due to Hurricane Ida, all were open by the end of Q3 2021

o Company wide, clinicians on quarantine percentage has declined 120 basis points to 1.8% as of November 1, 2021

o In our Southeastern states, clinicians on quarantine percentage has declined 230 basis points to 1.7% as of November 1, 2021

o Across our national footprint, new COVID cases have quickly declined after spiking in Q3 2021

▪ 48,378 in October 2021

▪ 95,283 in September 2021

▪ 99,318 in August 2021

▪ 29,609 in July 2021

o Our Southeastern states (representing over 60% of annual revenues) have seen a rapid decline in new COVID cases as well

▪ 15,247 in October 2021

▪ 48,233 in September 2021

▪ 59,791 in August 2021

▪ 19,572 in July 2021

• Labor costs and availability remain a challenge for LHC Group and for the industry

o Labor supply is tightening with increasing use of nursing contract labor for contract visits

▪ 4.0% of total nursing visits in Q3 2021

▪ 2.2% of total nursing visits in Q3 2020

▪ 1.1% of total nursing visits in Q3 2019

▪ 3.1% of total nursing visits in Q2 2021

RECRUITING AND RETENTION

• Recruiting and retention are top priorities, and we continue to experience net positive hiring across all service lines

o We have had three consecutive quarters of hiring a record number of employees

o Voluntary turnover continues to be well below industry averages

▪ 16.1% voluntary turnover for TTM ended September 30, 2021 for FTE’s company wide

▪ 17.6% voluntary turnover for TTM ended September 30, 2021 for full time home health and Hospice clinical staff

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FINANCIAL OVERVIEW

Q3 RECAP

• Q3 2021 results were consistent with our Q3 business preview release on October 18, 2021

o A total of 39 home health and three hospice locations were temporarily closed during the quarter due to Hurricane Ida, for a total of 120 lost operating days, resulting in an impact to revenue of approximately $3.1 million and EBITDA of $1.2 million.

o The percentage of clinicians on quarantine increased from 0.25% at the end of Q2 2021 to 3.0% by the end of Q3 2021, with a peak of 4.0% in the Southeastern states, resulting in an impact to revenue of approximately $12.0 million and EBITDA of $4.8 million.

o Due to the high numbers of quarantined staff, we utilized more contract labor, unfavorably impacting EBITDA by $3.4 million in Q3 2021 compared to Q2 2021.

o None of the impact to revenue and EBITDA noted in these headwinds were included in the adjustments for Q3 2021.

HOME HEALTH SEGMENT

• Net Service Revenue up 3.5% versus 3Q 2020, driven by non-Medicare admission and census growth, coupled with a 90 bps increase in Revenue per Completed Medicare Episode

o non-Medicare Episodic admissions up 12.7% and census up 20.5% versus last year

• EBITDA Margin of 11.7% down from 15.0% in 3Q 2020, due to higher cost per visit

• Home Health Cost per Visit increased 8.5% versus last year’s 3Q and increased 5.5% sequentially

o Employed Direct Labor Cost per Visit +5.7% year-over-year and +5.5% sequentially

o Contract Labor Cost per Visit +23.5% year-over-year and +10.0% sequentially

▪ Contract Labor Cost per Visit up $23.00 year-over-year and up $11.00 sequentially

HOSPICE SEGMENT

• Net Service Revenue of $82.7M, up 38.2% versus 3Q 2020, driven by acquisition of Heart of Hospice, which closed on 9/1/21, coupled with a higher revenue per patient day rate of +3.7%

• Hospice EBITDA Margins improved 80 bps year-over-year and 50 bps sequentially as Discharge LOS improved both sequentially and year-over-year

▪ Q3 2021 = 85.3 Days

▪ Q3 2020 = 83.6 Days

▪ Q2 2021 = 77.9 Days

• Hospice Cost per Day increased 5.9% versus last year’s 3Q and was up a modest 50 bps sequentially

o Contract Labor responsible for 140 bps of the year-over-year CPD increase

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PERSONAL CARE BUSINESS SEGMENT

• Personal Care business continues to deal with labor supply headwinds, with Billable hours down 6.4% year-over-year and down 3.2% sequentially

▪ Q3 2021 = 1,817,711

▪ Q3 2020 = 1,942,706

▪ Q2 2021 = 1,878,138

HCI SEGMENT

• Net Medicare Shared Savings Program payment of $11.7M in 3Q 2021 versus 3Q 2020 payment of $9.6M

CASH FLOW AND LIQUIDITY

o Balance sheet and liquidity remain strong and continue to support our organic and inorganic growth opportunities

o Adjusted Free Cash Flow in 3Q of $40.7M and $104.5M YTD

o Net debt to Adjusted EBITDA at 1.2x as of September 30, 2021

o Medicare Advance Payment recoveries were $76.6M in 3Q and $141.6M Year-to-Date

o DSO flat versus last year and modestly lower sequentially

▪ Q3 2021 = 54.2 days

▪ Q3 2020 = 54.3 days

▪ Q2 2021 = 54.9 days

o Total Liquidity stands at $773M as of 9/30/21

FULL YEAR 2021 GUIDANCE

o Net service revenue of $2.215B to $2.220B

o Adjusted EBITDA, less NCI, of $265M to $270M

o Adjusted EPS of $5.75 to $5.85

o Full Year Assumptions include:

▪ Estimated effective tax rate of 25.5% to 26.0%

▪ 5% to 7% organic growth in Home Health admissions for the year

▪ 2% to 4% organic growth in Hospice admissions for the year

▪ Gross Margin as a percent of revenue at 42.0% to 43.0%

▪ General and Administrative expense as a percent of revenue at 29.0% to 30.0%

▪ Fully diluted shares outstanding of 31.6 million

▪ Estimated COVID-19 related spend of $45 million, down from $53 million in 2020

6

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Cover	Nov. 03, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 03, 2021
Entity File Number	001-33989
Entity Registrant Name	LHC GROUP, INC.
Entity Central Index Key	0001303313
Entity Tax Identification Number	71-0918189
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	901 Hugh Wallis Road South
Entity Address, City or Town	Lafayette
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70508
City Area Code	337
Local Phone Number	233-1307
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LHCG
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false